
[Federal Register Volume 77, Number 192 (Wednesday, October 3, 2012)]
[Notices]
[Pages 60496-60500]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-24289]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-67938; File No. SR-CBOE-2012-093]


Self-Regulatory Organizations; Chicago Board Options Exchange, 
Incorporated; Notice of Filing and Immediate Effectiveness of a 
Proposed Rule Change Related to AIM, SAM, FLEX AIM, FLEX SAM and FLEX 
Electronic RFQs

September 27, 2012.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given 
that on September 21, 2012, Chicago Board Options Exchange, 
Incorporated (the ``Exchange'' or ``CBOE'') filed with the Securities 
and Exchange Commission (the ``Commission'') the proposed rule change 
as described in Items I, II and III below, which Items have been 
prepared by the Exchange. The Exchange has designated the proposal as a 
``non-controversial'' proposed rule change pursuant to Section 
19(b)(3)(A) of the Act \3\ and Rule 19b-4(f)(6) thereunder.\4\ The 
Commission is publishing this notice to solicit comments on the 
proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A).
    \4\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange is proposing to make certain amendments to its rules 
for trading FLEX Options \5\ and Non-FLEX

[[Page 60497]]

Options. The text of the proposed rule change is available on the 
Exchange's Web site (www.cboe.org/Legal), at the Exchange's Office of 
the Secretary, and at the Commission.
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    \5\ FLEX Options provide investors with the ability to customize 
basic option features including size, expiration date, exercise 
style, and certain exercise prices. FLEX Options can be FLEX Index 
Options or FLEX Equity Options. In addition, other products are 
permitted to be traded pursuant to the FLEX trading procedures. For 
example, credit options are eligible for trading as FLEX Options 
pursuant to the FLEX rules in Chapters XXIVA and XXIVB. See CBOE 
Rules 24A.1(e) and (f), 24A.4(b)(1) and (c)(1), 24B.1(f) and (g), 
24B.4(b)(1) and (c)(1), and 28.17. The rules governing the trading 
of FLEX Options on the FLEX Request for Quote (``RFQ'') System 
platform (which is limited to open outcry trading only) are 
contained in Chapter XXIVA. The rules governing the trading of FLEX 
Options on the FLEX Hybrid Trading System platform (which combines 
both open outcry and electronic trading) are contained in Chapter 
XXIVB. The Exchange notes that, currently, all FLEX Options are 
traded on the FLEX Hybrid Trading System platform.
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II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, the Exchange included statements 
concerning the purpose of and basis for the proposed rule change and 
discussed any comments it received on the proposed rule change. The 
text of those statements may be examined at the places specified in 
Item IV below. The Exchange has prepared summaries, set forth in 
sections A, B, and C below, of the most significant parts of such 
statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange recently received approval of a rule change filing, 
SR-CBOE-2011-123, which adopted certain rules pertaining to the 
electronic auction trading of FLEX Options on the Exchange's FLEX 
Hybrid Trading System platform.\6\ In particular, the Exchange adopted 
rules to make modified versions of the Automated Improvement Mechanism 
(``AIM'') and the Solicitation Auction Mechanism (``SAM'')--which were 
already available for Non-FLEX Options under Rules 6.74A and 6.74B, 
respectively--available for FLEX Options under new Rules 24B.5A and 
24B.5B, respectively. Under the FLEX AIM auction, a FLEX Trader that 
represents agency orders may electronically execute an order it 
represents as agency (an ``Agency Order'') against principal interest 
and/or against solicited orders provided it submits the Agency Order 
for execution into the AIM auction process. Under the FLEX SAM auction, 
a FLEX Trader that represents agency orders may electronically execute 
an Agency Order against solicited orders provided it submits the Agency 
Order for electronic execution into the SAM auction process, under 
which both the Agency Order and the solicited order will be designated 
in the FLEX Hybrid Trading System as all-or-none. Prior to launching 
the new FLEX AIM and FLEX SAM auctions, the Exchange is proposing to 
make certain changes detailed below to the FLEX auction trading rules, 
as well as corresponding changes to the Non-FLEX auction trading rules. 
The Exchange is also proposing certain other corresponding changes to 
various FLEX rules.
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    \6\ Securities Exchange Act No. 66702 (March 30, 2012), 77 FR 
20675 (April 5, 2012) (SR-CBOE-2011-123 Approval Order).
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    First, the existing FLEX AIM provisions in Rule 24B.5A(b)(1) 
provide in relevant part that auction responses cannot cross the 
Exchange's best bid or offer (``BBO'') on the opposite side of the 
market. The Exchange is proposing to amend these provisions to describe 
what the system does in the event a response does cross the market. In 
particular, the text will be amended to provide that a FLEX AIM auction 
response that crosses the BBO on the opposite side of the market will 
be capped at the BBO price. (For example, if the BBO is $1.00-$1.20 and 
a response is entered to sell at a price of $0.99, the response will be 
capped at a price of $1.00.) The existing FLEX SAM provisions in Rule 
24B.5B(b)(1) are silent on what happens if an auction response crosses 
the BBO on the opposite side of the market; however, the FLEX SAM 
auction also operates in a fashion that is similar to the FLEX AIM 
auction. Therefore, the Exchange is proposing to amend these provisions 
to provide that a FLEX SAM auction response cannot cross the BBO on the 
opposite side of the market and a response that does cross the BBO on 
the opposite side of the market will be capped at the BBO price.
    Second, currently the AIM, SAM, FLEX AIM, and FLEX SAM auctions 
each in relevant part provide that auction responses may be modified or 
canceled during the auction response period. The only way to modify a 
response would be for a Trading Permit Holder to cancel a prior 
response then submit a new response. As a result, the Exchange believes 
that the references to modifying responses in the rule text are 
unnecessary. Therefore, the Exchange is proposing to delete references 
to modifying responses in Rules 6.74A(b)(1), 6.74B(b)(1), 24B.5A(b)(1), 
and 24B.5B(b)(1), respectively. (The Exchange is also taking this 
opportunity to correct a numbering error in the text of Rule 
24B.5A(b)(1) (changing a paragraph number from ``(ix)'' to 
``(viii)'').)
    Third, normally an auction would conclude after 1 second in the 
case of AIM and SAM, or after 3 seconds (or whatever longer period of 
time the Exchange may designate) in the case of FLEX AIM and FLEX SAM. 
In addition, respective AIM, SAM, FLEX AIM and FLEX SAM auction 
provisions set out various circumstances during which an auction would 
conclude early. Currently, the provisions are silent on what would 
happen in the event the option series is subject to a trading halt 
while an auction is ongoing. In such an event, the relevant auction 
would conclude early and the Agency Order would execute (or not 
execute) in accordance with the allocation provisions set out in the 
relevant rules. Therefore, the Exchange is proposing to amend Rules 
6.74A(b)(2), 6.74B(b)(2), 24B.5A(b)(2) and 24B.5B(b)(2), respectively, 
to indicate that an auction would conclude early in the event of a 
trading halt in the series on the Exchange and the Agency Order would 
execute (or not execute) in accordance with the allocation provisions 
set out in the relevant rules.\7\
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    \7\ The Exchange notes that NASDAQ OMX PHLX LLC (``Phlx'') has a 
similar provision within its electronic auction rules related to the 
early conclusion of an auction due to a trading halt. See Phlx Rule 
1080(n).
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    Fourth, the Exchange is proposing to make some clarifications 
regarding the application of certain provisions in the FLEX AIM and 
FLEX SAM auction rules to complex orders. The Exchange is also 
proposing to make similar clarifications to the FLEX electronic Request 
for Quote (``RFQ'') auction rules. By way of background, the existing 
FLEX AIM and FLEX SAM auctions each respectively provide in relevant 
part, for simple orders, that only one auction may be ongoing at any 
given time in a series and auctions in the same series may not queue or 
overlap in any manner. Further, unrelated FLEX Orders may not be 
submitted to the electronic book for the duration of an auction. For 
complex orders, the same conditions apply. In addition, certain other 
conditions also apply.\8\ For instance, the complex order processing 
provisions currently provide that, in the event there are bids (offers) 
in any of the individual component series legs represented in the 
electronic book when an Agency Order is submitted to the auction, the 
auction will not commence. The complex order processing provisions also 
currently provide that, in the event an unrelated FLEX Order in any of 
the individual series legs is received during the

[[Page 60498]]

duration of the auction response period, such FLEX Order will not be 
considered in the auction allocation. The Exchange believes this later 
provision is unnecessary and potentially confusing, since the rules 
also include a condition that unrelated FLEX Orders may not be 
submitted to the electronic book for the duration of an auction.
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    \8\ Complex orders are only eligible to trade with other complex 
orders through the FLEX AIM and FLEX SAM auctions. (As a result, to 
the extent the Exchange determines to make an electronic book 
available for resting FLEX Orders, there is no ``legging'' of 
complex orders with FLEX Orders that may be represented in the 
individual series legs represented in the electronic book.) Order 
allocation is the same as would be applicable for simple orders. See 
Rules 24B.5A.05 and 24B.5B.01.
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    In order to provide more clarity on the application of these 
various provisions to complex orders, the Exchange is proposing to 
revise the FLEX AIM and FLEX SAM rules to further describe how these 
``unrelated auction/order'' provisions apply to complex orders. In 
particular, the proposed revisions will make clear that only one FLEX 
AIM auction (or FLEX SAM auction, as applicable) may be ongoing at any 
given time for a given complex order strategy and FLEX AIM auctions (or 
FLEX SAM auctions, as applicable) involving any of the same individual 
series legs of the strategy may not queue or overlap in any manner. In 
the event there are bids (offers) in any of the individual component 
series legs represented in the electronic book when an Agency Order is 
submitted to the auction, the auction will not commence. In addition, 
unrelated FLEX Orders in any of the individual series legs may not be 
submitted to the electronic book for the duration of auction response 
period.\9\
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    \9\ In discussing the FLEX AIM and FLEX SAM auctions, the 
Exchange had previously indicated that the individual series legs of 
a complex order would not trade through equivalent bids (offers) in 
the individual series legs represented in the electronic book and at 
least one leg must better the corresponding bid (offer) of public 
customers and non-Trading Permit Holder broker-dealers in the 
electronic book. See Securities Exchange Act Release No. 66052 
(December 23, 2011), 77 FR 306 (January 4, 2012) (SR-CBOE-2011-123 
Proposal Notice). The Exchange notes that these scenarios would not 
occur when a complex order is traded via the FLEX AIM or FLEX SAM 
auction. Because the FLEX AIM and FLEX SAM auctions each include a 
condition that the auction is not permitted to commence when there 
is a FLEX Order resting in the electronic book in any individual 
component series legs and a condition that unrelated orders are not 
accepted for the duration of the auction, there would be no scenario 
where there would be a complex order traded in a FLEX AIM or FLEX 
SAM auction when there are corresponding bids (offers) in the 
electronic book.
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    The Exchange is also taking this opportunity to propose similar 
clarifications to the FLEX electronic RFQ process. In particular, the 
Exchange is proposing to amend the electronic RFQ provisions for simple 
orders to provide that only one electronic RFQ may be ongoing at any 
given time in a series and electronic RFQs in the same series may not 
queue or overlap in any manner. (The electronic RFQ provisions for 
simple orders are currently silent on the topic of multiple RFQs 
involving the same series.) The Exchange is also proposing to amend the 
electronic RFQ provisions for complex orders to make clear that only 
one electronic RFQ may be ongoing at any given time for a given complex 
order strategy and electronic RFQs involving any of the same individual 
series legs of the strategy may not queue or overlap in any manner. In 
the event there are bids (offers) in any of the individual component 
series legs represented in the electronic book when an electronic RFQ 
is submitted, the electronic RFQ will not commence. In addition, 
unrelated FLEX Orders in any of the individual series legs may not be 
submitted to the electronic book for the duration of electronic RFQ 
response period. (The Exchange is also taking this opportunity to 
correct a typographical error in the text (changing the phrase 
``automated cancelled'' to ``automatically cancelled'').)
    Fifth, the Exchange is proposing to make some changes to further 
describe the process for trading FLEX Options that have special 
exercise prices and premium terms based on a method for fixing such a 
number or based a percentage.\10\ The Exchange is proposing to amend 
the FLEX Index Options provisions in Rules 24A.4(b)(2) and 24B.4(b)(2) 
to provide that exercise prices may be specified in terms of a 
percentage of the price of the underlying security at the time of the 
trade. This description of one particular method for fixing exercise 
prices for FLEX Index Options is parallel to an existing provision for 
FLEX Equity Options. The Exchange is proposing to amend the FLEX Index 
Options provisions to provide that premiums may be specified in terms 
of (i) a dollar amount, (ii) a method for fixing such a number at the 
time a FLEX Request for Quote or FLEX Order is traded, or (iii) a 
percentage of the index value calculated at the time of the trade or as 
of the close of trading on the Exchange on the trade date. This 
description of premium terms for FLEX Index Options is parallel to the 
existing terms for FLEX Equity Options.
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    \10\ For FLEX Index Options, exercise prices shall be specified 
in terms of (i) a specific index value number, (ii) a method for 
fixing such a number at the time a FLEX Request for Quote or FLEX 
Order is traded, or (iii) a percentage of index value calculated as 
of the close of trading on the Exchange on the trade date. For FLEX 
Equity Options, exercise prices and premiums may be stated in (i) a 
dollar amount, (ii) a method for fixing such a number at the time a 
FLEX Request for Quote or FLEX Order is traded, or (iii) a 
percentage of the price of the underlying security at the time of 
the trade or as of the close of trading on the Exchange on the trade 
date. See existing Rules 24A.4(b)(2) and (c)(2) and 24B.4(b)(2) and 
(c)(2).
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    In addition, the Exchange notes that, currently for FLEX Options, 
exercise prices and premiums that are stated using a percentage-based 
methodology (e.g., an exercise price based on the percentage of the 
close of the underlying stock or a method for fixing the number based 
on the gross-weighted average of the underlying stock) may be stated in 
a percentage increment that is no smaller than 0.01%. The existing 
rules do not currently provide this level of detail, so the Exchange is 
proposing to include a description within the rules. In particular, the 
Exchange is proposing to amend the descriptions in Rules 24A.4(b)(2) 
and (c)(2) and 24B.4(b)(2) and (c)(2) to provide that exercise prices 
and premiums stated using a percentage-based methodology may be stated 
in a percentage increment determined by the Exchange on a class-by-
class basis that may not be smaller than 0.01% and that the percentage 
increments will be rounded as provided within the rules. Corresponding 
changes are also being proposed to Rules 24A.5(f) and 24B.5(e), which 
pertain to incremental changes to bids and offers for FLEX Options 
trading via the electronic and open outcry RFQs, and to Rules 
24B.5A(b)(1) and 24B.5B(a)(3), which pertain to incremental changes to 
bids and offers for FLEX Options trading via FLEX AIM and FLEX SAM.
    The Exchange notes that the existing rules provide for FLEX Equity 
Options that exercise prices may be rounded to the nearest minimum tick 
or other decimal increment determined by the Exchange on a class-by-
class basis that may not be smaller than $0.01, and that premiums will 
be rounded to the nearest minimum tick.\11\ The existing rules are 
silent with respect to rounding for FLEX Index Option exercise prices. 
Therefore, as with FLEX Equity Options, the Exchange is proposing to 
provide that FLEX Index Option exercise prices may be rounded to the 
nearest minimum tick or other decimal increment determined by the 
Exchange on a class-by-class basis that may not be smaller than $0.01.
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    \11\ In this regard, the Exchange notes that exercise price and 
premium values equal to or higher than 0.005 will be rounded up and 
less than 0.005 will be rounded down.
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    The Exchange is also proposing to adopt new Interpretation and 
Policy .02 to Rule 24B.5, which will provide that there is no 
electronic book for FLEX Options with exercise prices and premiums that 
are based on a methodology for fixing such a number or based on a 
percentage as provided in Rules 24B.2(b)(2) and 24B.2(c)(2). Similar to 
FLEX Option complex orders, these types of FLEX Options may only trade 
in open outcry or electronically

[[Page 60499]]

via one of the three electronic auction mechanisms, i.e., the 
electronic RFQ process, FLEX AIM or FLEX SAM.
    Sixth, the Exchange is also proposing to adopt new Interpretation 
and Policy .03 to Rule 24B.5 (pertaining to electronic RFQs), new 
Interpretation and Policy .06 to Rule 24B.5A (pertaining to FLEX AIM), 
and new Interpretation and Policy .02 to Rule 24B.5B (pertaining to 
FLEX SAM). These Interpretations and Policies will describe the post-
trade verification procedures that apply to electronic RFQ, FLEX AIM 
and FLEX SAM transactions involving multi-part complex order strategies 
or exercise prices and premiums that are based on a methodology for 
fixing such a number or based on a percentage. By way of example, when 
a FLEX Option complex order is traded, the transaction execution is 
based on an overall net price and then, post-trade, the individual 
component series legs are reported at prices that equal the overall net 
price. As another example, when an exercise price is based on a 
percentage of the price of the underlying security as of the close of 
trading on the Exchange on the trade date, the transaction execution is 
based on the percentage formula and then, post-trade, the values are 
updated to reflect the actual exercise price after the closing price is 
available.
    The rules currently do not describe the post-trade verification 
process for electronic trading, and the Exchange believes the 
additional detail may be helpful to market participants. The Exchange 
notes that the process for post-trade verification for electronic 
trades generally takes the manual process that has existed for open 
outcry transactions and adapts it to an electronic environment. The 
proposed Interpretations and Policies describe that the party that 
initiated the transaction shall input the applicable complex order leg 
price, exercise price and/or premium information into the FLEX Hybrid 
Trading System. Once the information is inputted into the System, the 
contra-party(ies) to the transaction shall then have a designated 
period of time to notify FLEX Officials of any inaccuracies in the 
content of a transaction and of the corrections to any inaccurate 
information, which designated period of time will be determined by the 
Exchange and will not be less than 5 minutes or more than 30 minutes 
from the time the initiating party inputs the information into the 
System. (Currently, the Exchange has set this period in the System at 
10 minutes.)
    Finally, seventh, the Exchange is proposing non-substantive changes 
to reorganize certain text within Rules 24B.5A and 24B.5B to be 
consistent with the format of other rules. Specifically, the Exchange 
is proposing to amend Rule 24B.5A to relocate the sentence ``This rule 
supersedes Exchange Rule 6.74A.'' to a location above Rule 24B.5A's 
Interpretations and Policies, and to amend Rule 24B.5B to relocate the 
sentence ``This rule supersedes Exchange Rule 6.74B.'' to a location 
above Rule 24B.5B's Interpretations and Policies. Again, these changes 
are not substantive. They are merely being made so the rules are 
formatted consistently with other rules contained in Chapter XXIVB.
2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with 
Section 6(b) of the Act \12\ in general and furthers the objectives of 
Section 6(b)(5) of the Act \13\ in particular in that it should promote 
just and equitable principles of trade, serve to remove impediments to 
and perfect the mechanism of a free and open market and a national 
market system, and protect investors and the public interest. In 
particular, the Exchange believes that the use of FLEX Options provides 
CBOE Trading Permit Holders and investors with additional tools to 
trade customized options in an exchange environment \14\ and greater 
opportunities to manage risk. The Exchange believes that the FLEX AIM 
and FLEX SAM auctions adopted under rule change filing SR-CBOE-2011-123 
should serve to further those objectives and encourage use of FLEX 
Options by making auctions mechanisms available for FLEX Options 
trading that are similar to auction mechanisms already available for 
Non-FLEX Options trading, which the Exchange believes should make the 
FLEX Hybrid Trading System more efficient and effective and easier for 
users to understand. The Exchange believes that the further refinements 
being proposed in this instant rule change filing, and corresponding 
changes to the AIM and SAM auctions for Non-FLEX Options, as well as 
similar changes to the FLEX electronic RFQ process, should also serve 
to further those objectives by more clearly and fully describing 
certain aspects of the operation of the FLEX Hybrid Trading System and 
of the aforementioned auction processes.
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    \12\ 15 U.S.C. 78f(b).
    \13\ 15 U.S.C. 78f(b)(5).
    \14\ FLEX Options provide Trading Permit Holders and investors 
with an improved but comparable alternative to the over-the-counter 
(``OTC'') market in customized options, which can take on contract 
characteristics similar to FLEX Options but are not subject to the 
same restrictions. The Exchange believes that making these changes 
will make the FLEX Hybrid Trading System an even more attractive 
alternative when market participants consider whether to execute 
their customized options in an exchange environment or in the OTC 
market. CBOE believes market participants benefit from being able to 
trade customized options in an exchange environment in several ways, 
including, but not limited to the following: (i) enhanced efficiency 
in initiating and closing out positions; (ii) increased market 
transparency; and (iii) heightened contra-party creditworthiness due 
to the role of The Options Clearing Corporation as issuer and 
guarantor of FLEX Options.
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B. Self-Regulatory Organization's Statement on Burden on Competition

    CBOE does not believe that the proposed rule change will impose any 
burden on competition that is not necessary or appropriate in 
furtherance of the purposes of the Act.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    The Exchange neither solicited nor received comments on the 
proposal.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    Because the foregoing rule does not (i) Significantly affect the 
protection of investors or the public interest; (ii) impose any 
significant burden on competition; and (iii) become operative for 30 
days from the date on which it was filed, or such shorter time as the 
Commission may designate if consistent with the protection of investors 
and the public interest, provided that the self-regulatory organization 
has given the Commission written notice of its intent to file the 
proposed rule change at least five business days prior to the date of 
filing of the proposed rule change or such shorter time as designated 
by the Commission, the proposed rule change has become effective 
pursuant to Section 19(b)(3)(A) of the Act \15\ and Rule 19b-4(f)(6) 
thereunder.\16\ At any time within 60 days of the filing of such 
proposed rule change, the Commission summarily may temporarily suspend 
such rule change if it appears to the Commission that such action is 
necessary or appropriate in the public interest, for the protection of 
investors, or otherwise in furtherance of the purposes of the Act.
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    \15\ 15 U.S.C. 78s(b)(3)(A).
    \16\ 17 CFR 240.19b-4(f)(6).
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IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act.

[[Page 60500]]

Comments may be submitted by any of the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to rule-comments@sec.gov. Please include 
File Number SR-CBOE-2012-093 on the subject line.

Paper Comments

     Send paper comments in triplicate to Elizabeth M. Murphy, 
Secretary, Securities and Exchange Commission, 100 F Street NE., 
Washington, DC 20549-1090.

All submissions should refer to File Number SR-CBOE-2012-093. This file 
number should be included on the subject line if email is used. To help 
the Commission process and review your comments more efficiently, 
please use only one method. The Commission will post all comments on 
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all 
written statements with respect to the proposed rule change that are 
filed with the Commission, and all written communications relating to 
the proposed rule change between the Commission and any person, other 
than those that may be withheld from the public in accordance with the 
provisions of 5 U.S.C. 552, will be available for Web site viewing and 
printing in the Commission's Public Reference Room, 100 F Street NE., 
Washington, DC 20549, on official business days between the hours of 
10:00 a.m. and 3:00 p.m. Copies of the filing also will be available 
for inspection and copying at the principal office of the Exchange. All 
comments received will be posted without change; the Commission does 
not edit personal identifying information from submissions. You should 
submit only information that you wish to make available publicly. All 
submissions should refer to File Number SR-CBOE-2012-093 and should be 
submitted on or before October 24, 2012.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\17\
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    \17\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-24289 Filed 10-2-12; 8:45 am]
BILLING CODE 8011-01-P


