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Federal Register / Vol. 70, No.

137 / Tuesday, July 19, 2005 / Notices 41451

ADDRESSES: Send or deliver comments ADDRESSES: Send or deliver comments Budget, New Executive Office Building,
to—Curtis Rumbaugh, CFC Operations to—Pamela S. Israel, Chief, Operations NW., Room 10235, Washington, DC
Manager, Office of CFC Operations, U.S. Support Group, Retirement Services 20503.
Office of Personnel Management, 1900 E Programs, U.S. Office of Personnel For Information Regarding
Street, NW., Room 5450, Washington, Management. 1900 E Street, NW., Room Administrative Coordination Contact:
DC 20415. 3349, Washington, DC 20415. Cyrus S. Benson, Team Leader,
U.S. Office of Personnel Management. For Information Regarding Publications Team, Administrative
Linda M. Springer,
Administrative Coordination Contact: Services Branch, (202) 606–0623.
Cyrus S. Benson, Team Leader, U.S. Office of Personnel Management.
Director.
Publications Team, RIS Support Linda M. Springer,
[FR Doc. 05–14112 Filed 7–18–05; 8:45 am] Services/Support Group, (202) 606–
BILLING CODE 6325–46–P Director.
0623.
[FR Doc. 05–14114 Filed 7–18–05; 8:45 am]
U.S. Office of Personnel Management.
BILLING CODE 6325–38–P
OFFICE OF PERSONNEL Linda M. Springer,
MANAGEMENT Director.
[FR Doc. 05–14113 Filed 7–18–05; 8:45 am] SECURITIES AND EXCHANGE
Proposed Collection; Comment BILLING CODE 6325–38–P COMMISSION
Request for Review of a Currently
Approved Information Collection: RI [Release No. 34–52011; File No. SR–CBOE–
38–107 OFFICE OF PERSONNEL 2004–63]

AGENCY: Office of Personnel MANAGEMENT


Self-Regulatory Organizations;
Management. Submission for OMB Review; Chicago Board Options Exchange,
ACTION: Notice. Comment Request for Review of a Incorporated; Order Approving a
Revised Information Collection: RI 20– Proposed Rule Change and Notice of
SUMMARY: In accordance with the Filing and Order Granting Accelerated
80
Paperwork Reduction Act of 1995 (Pub. Approval to Amendment No. 2 Thereto
L. 104–13, May 22, 1995), this notice AGENCY: Office of Personnel To List and Trade Short Term Option
announces that the Office of Personnel Management. Series
Management (OPM) intends to submit to ACTION: Notice.
the Office of Management and Budget July 12, 2005.
(OMB) a request for review of a SUMMARY: In accordance with the I. Introduction
currently approved information Paperwork Reduction Act of 1995 (Pub.
collection. RI 38–107, Verification of L. 104–13, May 22, 1995), this notice On October 12, 2004, the Chicago
Who is Getting Payments, is used to announces that the Office of Personnel Board Options Exchange, Incorporated
verify that the entitled person is indeed Management (OPM) has submitted to (‘‘CBOE’’ or ‘‘Exchange’’) filed with the
receiving the monies payable. Failure to the Office of Management and Budget Securities and Exchange Commission
collect this information would cause (OMB) a request for review of a revised (‘‘Commission’’), pursuant to Section
OPM to pay monies absent the information collection. RI 20–80, 19(b)(1) of the Securities Exchange Act
assurance of the correct payee. Alternative Annuity Election, is used for of 1934 (‘‘Act’’) 1 and Rule 19b–4
Comments are particularly invited on: individuals who are eligible to elect thereunder,2 a proposed rule change to
Whether this collection of information whether to receive a reduced annuity initiate a one-year pilot program that
is necessary for the proper performance and a lump-sum payment equal to their would allow the Exchange to list and
of functions of the Office of Personnel retirement contributions (alternative trade option series that expire one week
Management, and whether it will have form of annuity) or an unreduced after being opened (‘‘Short Term Option
practical utility; whether our estimate of annuity and no lump sum. Series’’). The Exchange filed
the public burden of this collection of Approximately 200 annuitants and Amendment No. 1 with the Commission
information is accurate, and based on survivors request reconsideration on January 21, 2005.3 The amended
valid assumptions and methodology; annually. We estimate it takes proposal was published for comment in
and ways in which we can minimize the approximately 20 minutes to apply. The the Federal Register on February 16,
burden of the collection of information annual burden is 67 hours. 2005.4 The Commission received one
on those who are to respond, through For copies of this proposal, contact comment letter regarding the proposal.5
the use of appropriate technological Mary Beth Smith-Toomey on (202) 606– The Exchange filed Amendment No. 2
techniques or other forms of information 8358, FAX (202) 418–3251 or via e-mail with the Commission on April 26,
technology. to mbtoomey@opm.gov. Please include a 2005.6 This notice and order requests
Approximately 25,400 forms are mailing address with your request.
1 15 U.S.C. 78s(b)(1).
completed annually. Each form takes DATES: Comments on this proposal 2 17 CFR 240.19b–4.
approximately 10 minutes to complete. should be received within 30 calendar 3 Amendment No. 1 replaced the original filing in
The annual estimated burden is 4,234 days from the date of this publication. its entirety.
hours. ADDRESSES: Send or deliver comments
4 See Securities Exchange Act Release No. 51172

For copies of this proposal, contact (February 9, 2005), 70 FR 7979.


to—Pamela Israel, Chief, Operations 5 See letter from Michael J. Ryan, Executive Vice
Mary Beth Smith-Toomey on (202) 606– Support Group, Retirement Services President and General Counsel, American Stock
8358, FAX (202) 418–3251 or via e-mail Program, U.S. Office of Personnel Exchange, to Jonathan G. Katz, Secretary,
to mbtoomey@opm.gov. Please include a Management, 1900 E Street, NW., Room Commission, dated March 10, 2005 (‘‘Amex
mailing address with your request. 3349, Washington, DC 20415; and Letter’’).
6 Amendment No. 2 replaced the original filing
DATES: Comments on this proposal Brenda Aguilar, OPM Desk Officer, and Amendment No. 1 in their entirety.
should be received within 60 calendar Office of Information and Regulatory Amendment No. 2 proposes that Short Term Option
days from the date of this publication. Affairs, Office of Management and Continued

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41452 Federal Register / Vol. 70, No. 137 / Tuesday, July 19, 2005 / Notices

comment on Amendment No. 2 and class also would be P.M.-settled. managing their risk exposures and
approves the proposal, as amended, on Similarly, Short Term Option Series for carrying out their investment objectives.
an accelerated basis. a particular class would be physically The Commission also believes that the
settled or cash-settled in the same pilot program strikes a reasonable
II. Description of Proposed Rule
manner as the monthly option contract balance between the Exchange’s desire
CBOE proposes to amend its rules to in that class. The Exchange usually to offer a wider array of investment
establish a pilot program to list and would open five Short Term Option opportunities and the need to avoid
trade Short Term Option Series, which Series for each expiration date in that unnecessary proliferation of option
would expire one week after the date on class. The strike price of each Short series that could compromise options
which a series is opened. Under the Term Option Series would be fixed at a quotation capacity. The Commission
proposal, the Exchange could select up price per share, with at least two strike expects CBOE to monitor the trading
to five approved option classes 7 on prices above and two strike prices below and quotation volume associated with
which Short Term Option Series could the value of the underlying stock or the additional option series created
be opened. A series could be opened on calculated index value at about the time under the pilot program and the effect
any Friday that is a business day and that the Short Term Option Series is of these additional series on the
would expire at the close of business on opened. CBOE would not open a Short capacity of the Exchange’s, OPRA’s, and
the next Friday that is a business day. Term Option Series in the same week vendors’ systems.
If a Friday were not a business day, the that the corresponding monthly option The Commission received one
series could be opened (or would series is expiring, because the monthly comment letter on the proposed rule
expire) on the first business day option series in its last week before change.11 The commenter questioned
immediately prior to that Friday. expiration is functionally equivalent to the appropriateness of P.M. settlement
Under the pilot program, the the Short Term Option Series. The for Short Term Option Series on
Exchange also could list and trade Short interval between strike prices on Short indexes, given the Commission’s
Term Option Series on any option class Term Option Series would be the same historical concern that P.M.-settled
that is selected by another exchange that as with the corresponding monthly index options have the potential to
employs a similar pilot program. option series. CBOE would aggregate a increase volatility in the underlying
Limiting the number of such option Short Term Option Series with its equity market.
classes would ensure that the addition corresponding monthly option series for The Commission shares the
of new series through the pilot program purposes of the Exchange’s rules on commenter’s concern. In Amendment
would have only a negligible impact on position limits. No. 2, CBOE revised its proposal so that
the Exchange’s and the Options Price The Exchange represented that it has all Short Term Option Series will be
Reporting Authority’s (‘‘OPRA’’) quoting the system capacity to adequately settled in the same manner as the
capacity. Also, limiting the term of the handle the new option series corresponding monthly expiration series
pilot program to a period of one year contemplated by this proposal. The in the same class. Consequently, the
would allow the Exchange and the Exchange provided to the Commission majority of Short Term Option Series on
Commission to determine whether the information in a confidential indexes will be A.M.-settled, as are the
Short Term Option Series program submission to support that majority of regular index options. The
should be extended, expanded, and/or representation. Commission believes that this
made permanent. CBOE proposed that the pilot program amendment adequately addresses any
As originally proposed, all Short extend one year from the date of this concerns regarding settlement time.
Term Option Series would be P.M.- approval. Pursuant to Section 19(b)(2) of the
settled. However, in Amendment No. 2, Act,12 the Commission finds good cause
CBOE revised the proposal so that a III. Discussion
for approving the amended proposal
Short Term Option Series would be After careful review, the Commission prior to the thirtieth day after the
settled in the same manner as the finds that the proposal, as amended, is publication of Amendment No. 2 in the
monthly expiration series in the same consistent with the requirements of the Federal Register. Amendment No. 2
class. If the monthly option contract for Act and the rules and regulations proposes that Short Term Option Series
a particular class were A.M.-settled, as thereunder applicable to a national listed on currently approved option
most index options are,8 the Short Term securities exchange.9 In particular, the classes will settle in the same manner
Option Series for that class also would Commission believes that the proposal (i.e., with respect to A.M. or P.M.
be A.M.-settled; if the monthly option is consistent with the requirements of settlement and cash or physical
contract for a particular class were P.M.- Section 6(b)(5) of the Act,10 which settlement) as do their corresponding
settled, as most non-index options are, requires, among other things, that the monthly expiration series in the same
the Short Term Option Series for that rules of a national securities exchange option class. The Commission finds
be designed to remove impediments to good cause to accelerate approval of the
Series listed on currently approved option classes and perfect the mechanism of a free and amended proposal because CBOE’s
would settle in the same manner (i.e., with respect open market and a national market approach to settlement times for the
to A.M. or P.M. settlement and cash or physical system and, in general, to protect
settlement) as do the monthly expiration series in new Short Term Option Series is
the same option class. investors and the public interest. consistent with prior Commission
7 A Short Term Option Series could be opened in The Commission believes that listing
guidance regarding options settlement
any option class that satisfied the applicable listing and trading Short Term Option Series,
times generally.
criteria under CBOE rules (i.e., stock options, under the terms described in CBOE’s
options on exchange-traded funds as defined under proposal, will further the public interest IV. Solicitation of Comments
Interpretation and Policy .06 to CBOE Rule 5.3, or
options on indexes). by offering investors new means of Concerning Amendment No. 2
8 The Exchange notes, however, that certain
9 In approving this proposed rule change, the
Interested persons are invited to
monthly expiration index options—specifically,
American- and European-style options on the S&P Commission has considered the proposed rule’s
submit written data, views, and
100 Index (OEX and XEO, respectively)—are P.M.- impact on efficiency, competition, and capital
formation. See 15 U.S.C. 78c(f). 11 See Amex Letter, supra note 5.
settled. Therefore, the Short Term Option Series in
these index options would also be P.M.-settled. 10 15 U.S.C. 78f(b)(5). 12 15 U.S.C. 78s(b)(2).

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Federal Register / Vol. 70, No. 137 / Tuesday, July 19, 2005 / Notices 41453

arguments concerning Amendment No. CBOE–2004–63), as amended, is Chicago Board Options Exchange,
2, including whether it is consistent approved, and that Amendment No. 2 Incorporated Rules
with the Act. Comments may be thereto is approved on an accelerated * * * * *
submitted by any of the following basis, as a pilot program, through July
methods: 12, 2006. Rule 6.7. Exchange Liability

Electronic Comments For the Commission, by the Division of (a)–(c) No Change.


Market Regulation, pursuant to delegated * * * Interpretations and Policies:
• Use the Commission’s Internet authority.14 .01 Rule 7.11 governs the liability of
comment form (http://www.sec.gov/ Jill M. Peterson the Exchange for claims arising out of
rules/sro.shtml); or errors or omissions of an Order Book
• Send an e-mail to rule- Assistant Secretary
[FR Doc. E5–3812 Filed 7–18–05; 8:45 am] Official or his/her assistants or clerks or
comments@sec.gov. Please include File a PAR Official or his/her assistants or
Number SR–CBOE–2004–63 on the BILLING CODE 8010–01–P
clerks.
subject line. .02–.04 No Change.
Paper Comments SECURITIES AND EXCHANGE * * * * *
• Send paper comments in triplicate COMMISSION Rule 6.8. RAES Operations
to Jonathan G. Katz, Secretary,
Securities and Exchange Commission, [Release No. 34–52017; File No. SR–CBOE–
No Change.
Station Place, 100 F Street, NE., 2005–46] * * * Interpretations and Policies:
Washington, DC 20549–9303. .01 No Change.
All submissions should refer to File Self-Regulatory Organizations; .02 (a) No Change.
Number SR–CBOE–2004–63. This file Chicago Board Options Exchange, (b) In respect of those classes of
number should be included on the Incorporated; Notice of Filing of a options that have been specifically
subject line if e-mail is used. To help the Proposed Rule Change and designated by the appropriate Floor
Commission process and review your Amendment No. 1 Thereto Relating to Procedure Committee as coming within
comments more efficiently, please use the Establishment of PAR Officials the scope of this sentence (‘‘automatic
only one method. The Commission will step-up classes’’), under circumstances
July 12, 2005. where the Exchange’s best bid or offer
post all comments on the Commission’s
Internet Web site (http://www.sec.gov/ Pursuant to Section 19(b)(1) of the is inferior to the current best bid or offer
rules/sro.shtml). Copies of the Securities Exchange Act of 1934 in another market by no more than the
submission, all subsequent (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 ‘‘step-up amount’’ as defined below,
amendments, all written statements notice is hereby given that on June 10, such orders will be automatically
with respect to the proposed rule 2005, the Chicago Board Options executed on RAES at the current best
change that are filed with the Exchange, Incorporated (‘‘CBOE’’ or bid or offer in the other market.
Commission, and all written ‘‘Exchange’’) filed with the Securities (i) In respect of automatic step-up
communications relating to the and Exchange Commission classes of options under circumstances
proposed rule change between the (‘‘Commission’’) the proposed rule where the Exchange’s best bid or offer
Commission and any person, other than change as described in Items I, II, and is inferior to the current best bid or offer
those that may be withheld from the III below, which Items have been in another market by more than the
public in accordance with the prepared by the Exchange. On July 1, step-up amount, or
provisions of 5 U.S.C. 552, will be 2005, CBOE submitted Amendment No. (ii) In respect of series of option
available for inspection and copying in 1 to the proposed rule change.3 The classes designated by the appropriate
the Commission’s Public Reference Commission is publishing this notice to Floor Procedure Committee or its
Room. Copies of such filing also will be solicit comments on the proposed rule Chairman under circumstances where
available for inspection and copying at change, as amended, from interested the NBBO for one of the series is crossed
the principal office of the Exchange. All persons. (e.g., 6.10 bid, 6 asked) or locked (e.g.,
comments received will be posted 6 bid, 6 asked), or
I. Self-Regulatory Organization’s (iii) In respect of specified automatic
without change; the Commission does Statement of the Terms of Substance of
not edit personal identifying step-up classes or series of options or
the Proposed Rule Change specified markets under circumstances
information from submissions. You
should submit only information that The Exchange proposes to amend its where the Chairman of the appropriate
you wish to make available publicly. All rules relating to Designated Primary Floor Procedure Committee or his
submissions should refer to File Market Makers (‘‘DPMs’’). The text of designee has determined that automatic
Number SR–CBOE–2004–63 and should the proposed rule change, as amended, step-up should not apply because
be submitted on or before August 9, is below. Proposed new language is in quotes in such options or markets are
2005. italics; deletions are in brackets. deemed not to be reliable, or
(iv) In respect of classes of equity
V. Conclusion * * * * * options other than automatic step-up
For the foregoing reasons, the classes where the Exchange’s best bid or
14 17CFR 200.30–3(a)(12).
Commission finds that the proposed 1 15
offer is inferior to the current best bid
U.S.C. 78s(b)(1).
rule change, as amended, is consistent 2 17 CFR 240.19b–4.
or offer in another market by any
with the requirements of the Act and the 3 Amendment No. 1 replaced the original rule amount, such orders will be rerouted for
rules and regulations thereunder. filing in its entirety. In Amendment No. 1, CBOE non-automated handling to [the DPM or
It is therefore ordered, pursuant to added amendments to certain Exchange Rules OBO] a PAR workstation in the trading
Section 19(b)(2) of the Act,13 that the relating to the operation of the Plan for the Purpose crowd for that class of options, or to any
of Creating and Operating an Intermarket Option
proposed rule change (File No. SR– Linkage (‘‘Linkage Plan’’) to accommodate the
other location in the event of system
implementation of the proposed PAR Official Rules problems or contrary routing
13 Id. and other proposed rule changes described herein. instructions from the firm that

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