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Notice

You may be interested in this older document that published on 02/22/2006 with action 'Order entry firms may not execute as principal against orders they represent as agent unless: (i) Agency orders are first exposed on the Hybrid System for at least [ten (10)]three (3) seconds, (ii) the order entry firm has been bidding or offering for at least [ten (10)]three (3) seconds prior to receiving an agency order that is executable against such bid or offer, or (iii) the order entry firm proceeds in accordance with the crossing rules contained in Rule 6.74.'
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Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Order Approving Proposed Rule Change Relating to the Exposure Period for Crossing Orders in the Hybrid Trading System

A Notice by the Securities and Exchange Commission on 04/06/2006

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Published Document: E6-5034 (71 FR 17529)

This document has been published in the Federal Register. Use the PDF linked in the document sidebar for the official electronic format.

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Securities and Exchange Commission
  1. [Release No. 34-53567; File No. SR-CBOE-2006-09]

On January 30, 2006, the Chicago Board Options Exchange, Incorporated (“CBOE” or “Exchange”), filed with the Securities and Exchange Commission (“Commission”) a proposed rule change pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”) [1] and Rule 19b-4 thereunder,[2] to decrease the exposure period for crossing orders in its Hybrid Trading System (“Hybrid”) from 10 seconds to 3 seconds. The proposed rule change was published for comment in the Federal Register on February 22, 2006.[3] The Commission received no comments on the proposal.

After careful consideration, the Commission finds that the proposed rule change is consistent with the requirements of Section 6(b) of the Act [4] and the rules and regulations thereunder applicable to a national securities exchange,[5] and in particular with Section 6(b)(5) of the Act.[6] The Commission believes that, in the electronic environment of Hybrid, reducing the exposure period to 3 seconds could facilitate the prompt execution of orders, while providing participants in Hybrid with an adequate opportunity to compete for exposed bids and offers.

It is therefore ordered, pursuant to Section 19(b)(2) of the Act,[7] that the proposed rule change (SR-CBOE-2006-09) is hereby approved.

March 29, 2006.

For the Commission, by the Division of Market Regulation, pursuant to delegated authority.[8]

Nancy M. Morris,

Secretary.

Footnotes

3.   See Securities Exchange Act Release No. 53278 (February 13, 2006), 71 FR 9184.

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5.  In approving this proposal, the Commission has considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f).

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[FR Doc. E6-5034 Filed 4-5-06; 8:45 am]

BILLING CODE 8010-01-P

Published Document: E6-5034 (71 FR 17529)