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11178 Federal Register / Vol. 73, No.

41 / Friday, February 29, 2008 / Notices

burden on competition that is not arguments concerning the foregoing, SECURITIES AND EXCHANGE
necessary or appropriate in furtherance including whether the proposed rule COMMISSION
of the purposes of the Act. change is consistent with the Act.
[Release No. 34–57359; File No. SR–Phlx–
Comments may be submitted by any of
C. Self-Regulatory Organization’s 2008–07]
the following methods:
Statement on Comments on the
Proposed Rule Change Received From Electronic Comments Self-Regulatory Organizations;
Members, Participants or Others Philadelphia Stock Exchange, Inc.;
• Use the Commission’s Internet Notice of Filing and Immediate
Written comments were neither comment form (http://www.sec.gov/ Effectiveness of Proposed Rule
solicited nor received. rules/sro.shtml); or Change To Create a Delta Hedging
III. Date of Effectiveness of the • Send an e-mail to rule- Exemption From Equity Options
Proposed Rule Change and Timing for comments@sec.gov. Please include File Position Limits
Commission Action No. SR–NYSEArca–2008–19 on the
subject line. February 20, 2008.
Because the foregoing proposed rule Pursuant to Section 19(b)(1) of the
change does not: (i) Significantly affect Paper Comments Securities Exchange Act of 1934
the protection of investors or the public (‘‘Act’’) 1 and Rule 19b–4 thereunder,2
interest; (ii) impose any significant • Send paper comments in triplicate
to Nancy M. Morris, Secretary, notice is hereby given that on February
burden on competition; and (iii) become 12, 2008, the Philadelphia Stock
operative for 30 days from the date on Securities and Exchange Commission,
Station Place, 100 F Street, NE., Exchange, Inc. (‘‘Phlx’’ or ‘‘Exchange’’)
which it was filed, or such shorter time filed with the Securities and Exchange
as the Commission may designate, it has Washington, DC 20549–1090.
Commission (‘‘Commission’’) the
become effective pursuant to section All submissions should refer to File proposed rule change as described in
19(b)(3)(A) of the Act 12 and Rule 19b– Number SR–NYSEArca–2008–19. This Items I and II below, which Items have
4(f)(6) thereunder.13 file number should be included on the been substantially prepared by Phlx.
A proposed rule change filed under subject line if e-mail is used. To help the The Exchange has filed the proposal as
19b–4(f)(6) normally may not become Commission process and review your a ‘‘non-controversial’’ rule change
operative prior to 30 days after the date comments more efficiently, please use pursuant to Section 19(b)(3)(A) of the
of filing.14 However, Rule 19b– only one method. The Commission will Act 3 and Rule 19b–4(f)(6) thereunder,4
4(f)(6)(iii) 15 permits the Commission to post all comments on the Commission’s which renders it effective upon filing
designate a shorter time if such action Internet Web site (http://www.sec.gov/ with the Commission. The Commission
is consistent with the protection of rules/sro.shtml). Copies of the
investors and the public interest. The is publishing this notice to solicit
submission, all subsequent comments on the proposed rule change
Exchange has requested that the amendments, all written statements
Commission waive the 30-day operative from interested persons.
with respect to the proposed rule
delay. The Commission believes that change that are filed with the I. Self-Regulatory Organization’s
waiving the 30-day operative delay is Commission, and all written Statement of the Terms of Substance of
consistent with the protection of communications relating to the the Proposed Rule Change
investors and the public interest.16 The proposed rule change between the The Exchange proposes to amend
Commission hereby grants the Commission and any person, other than Phlx Rule 1001 to establish a delta
Exchange’s request and designates the those that may be withheld from the hedge exemption from equity options
proposal as operative upon filing. public in accordance with the position limits.5 The text of the
At any time within 60 days of the
provisions of 5 U.S.C. 552, will be proposed rule change is available at
filing of the proposed rule change, the
available for inspection and copying in Phlx, the Commission’s Public
Commission may summarily abrogate
the Commission’s Public Reference Reference Room, and http://
such rule change if it appears to the
Room, on official business days between www.phlx.com.
Commission that such action is
the hours of 10 a.m. and 3 p.m. Copies
necessary or appropriate in the public II. Self-Regulatory Organization’s
of such filing also will be available for
interest, for the protection of investors, Statement of the Purpose of, and
inspection and copying at the principal
or otherwise in furtherance of the Statutory Basis for, the Proposed Rule
office of NYSE Arca. All comments
purposes of the Act. Change
received will be posted without change;
IV. Solicitation of Comments the Commission does not edit personal In its filing with the Commission,
Interested persons are invited to identifying information from Phlx included statements concerning
submit written data, views, and submissions. You should submit only the purpose of and basis for the
information that you wish to make proposed rule change and discussed any
12 15 U.S.C. 78s(b)(3)(A). available publicly. All submissions comments it received on the proposed
13 CFR 240.19b–4(f)(6). should refer to File Number SR–
1 15 U.S.C. 78s(b)(1).
14 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– NYSEArca–2008–19 and should be
2 17 CFR 240.19b–4.
4(f)(6)(iii) requires a self-regulatory organization to submitted on or before March 21, 2008.
give the Commission written notice of its intent to 3 15 U.S.C. 78s(b)(3)(A).
file the proposed rule change at least five business For the Commission, by the Division of 4 17 CFR 240.19b–4(f)(6).
days prior to the date of filing of the proposed rule Trading and Markets, pursuant to delegated 5 The proposed filing is being done pursuant to
change, or such shorter time as designated by the authority.17 an industry-wide initiative, under the auspices of
Commission. NYSE Arca has complied with this the Intermarket Surveillance Group (‘‘ISG’’), to
requirement.
Florence E. Harmon,
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establish comparable delta hedge exemption rules


15 Id. Deputy Secretary. among exchanges. ISG is a regulatory information-
16 For purposes only of waiving the 30-day [FR Doc. E8–3890 Filed 2–28–08; 8:45 am] sharing organization comprised of all U.S. national
operative delay of this proposal, the Commission BILLING CODE 8011–01–P
securities exchanges and national securities
has considered the proposed rule’s impact on associations, most U.S. futures exchanges, and non-
efficiency, competition, and capital formation. 15 U.S. exchanges and associations trading securities
U.S.C. 78c(f). 17 17 CFR 200.30–3(a)(12). and related products.

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Federal Register / Vol. 73, No. 41 / Friday, February 29, 2008 / Notices 11179

rule change. The text of these statements adopt a new exemption from equity Commentary .09(c) to mean the pricing
may be examined at the places specified options position and exercise limits 9 for model maintained and operated by The
in Item IV below. Phlx has prepared positions held by Phlx members and Options Clearing Corporation (‘‘OCC’’)
summaries, set forth in Sections A, B, certain of their affiliates that are ‘‘delta and the pricing models used by: (i) A
and C below, of the most significant neutral’’ 10 under a ‘‘permitted pricing member or its affiliate subject to
aspects of such statements. model’’ (as defined below), subject to consolidated supervision by the
certain conditions (‘‘Exemption’’). The Commission pursuant to Appendix E of
A. Self-Regulatory Organization’s
proposed Exemption would apply only Rule 15c3–1 under the Act; (ii) a
Statement of the Purpose of, and
to equity options (stock options and financial holding company (‘‘FHC’’) or a
Statutory Basis for, the Proposed Rule
options on exchange-traded funds company treated as an FHC under the
Change
(‘‘ETFs’’)).11 Bank Holding Company Act of 1956, or
1. Purpose Any equity option position that is not its affiliate subject to consolidated
The purpose of the proposed rule delta neutral would be subject to holding company group supervision; 13
change is to permit expanded hedge position and exercise limits, subject to (iii) a Commission-registered OTC
positions pursuant to a carefully crafted the availability of other exemptions. derivatives dealer; 14 and (iv) a national
delta hedge exemption from equity Only the ‘‘option contract equivalent of bank.15
options position limits in Phlx Rule the net delta’’ of such position would be Aggregation of Accounts. Members
1001. subject to the appropriate position and non-member affiliates relying on
Background. All options traded on the limit.12 the Exemption would be required to
Exchange are subject to position and Only financial instruments relating to ensure that the permitted pricing model
exercise limits, as provided under Phlx the security underlying an equity is applied to all positions in or relating
Rules 1001 and 1002, respectively.6 options position could be included in to the security underlying the relevant
Position limits are imposed, generally, any determination of an equity options options position that are owned or
to maintain fair and orderly markets for position’s net delta or whether the controlled by the member, or its
options and other securities by limiting options position is delta neutral. In affiliates.
the amount of control one or more addition, members could not use the However, the net delta of an options
affiliated persons or entities may have same equity or other financial position held by an entity entitled to
over one particular options class or the instrument position in connection with rely on the Exemption, or by a separate
security or securities that underlie that more than one hedge exemption.
options class. Therefore, a stock position used as part 13 The pricing model of an FHC or of an affiliate

of a delta hedging strategy could not of an FHC would have to be consistent with: (i) The
Over the years, Phlx has increased the requirements of the Board of Governors of the
size of options position and exercise also serve as the basis for any other Federal Reserve System (‘‘Fed’’), as amended from
limits, as well as the size and scope of equity hedge exemption. time to time, in connection with the calculation of
Permitted Pricing Model. Under the risk-based adjustments to capital for market risk
available hedge exemptions to the
proposed rule, the calculation of the under capital requirements of the Fed, provided
applicable position limits.7 These hedge that the member or affiliate of a member relying on
delta for any equity option position, and
exemptions generally require a one-to- this exemption in connection with the use of such
the determination of whether a
one hedge (e.g., one stock option model is an entity that is part of such company’s
particular equity option position is delta consolidated supervised holding company group; or
contract must be hedged by the number
neutral, must be made using a permitted (ii) the standards published by the Basel Committee
of shares underlying the options on Banking Supervision, as amended from time to
pricing model. A ‘‘permitted pricing
contract, typically 100 shares). In time and as implemented by such company’s
model’’ is defined in proposed
practice, however, many firms do not principal regulator, in connection with the
hedge their options positions in this calculation of risk-based deductions or adjustments
9 Phlx Rule 1002 establishes exercise limits for an
to or allowances for the market risk capital
manner. Instead, these firms engage in option at the same level as the option’s position requirements of such principal regulator applicable
what is commonly known as ‘‘delta limit under Phlx Rule 1001; therefore, no changes to such company—where ‘‘principal regulator’’
hedging.’’ Delta hedging varies the are proposed to Rule 1002. means a member of the Basel Committee on
10 The term ‘‘delta neutral’’ is defined in proposed Banking Supervision that is the home country
number of shares of the underlying
Commentary .09(a) to Phlx Rule 1001 as referring consolidated supervisor of such company—
security used to hedge an options to an equity option position that is hedged, in provided that the member or affiliate of a member
position based upon the relative accordance with a permitted pricing model, by a relying on this exemption in connection with the
sensitivity of the value of the option position in the underlying security or one or more use of such model is an entity that is part of such
contract to a change in the price of the instruments relating to the underlying security, for company’s consolidated supervised holding
the purpose of offsetting the risk that the value of company group. See proposed Commentary
underlying security.8 The Exchange the option position will change with incremental .09(c)(3) to Phlx Rule 1001.
believes that delta hedging is a widely changes in the price of the security underlying the 14 The pricing model of a Commission-registered

accepted method for risk management. option position. OTC derivatives dealer would have to be consistent
11 The Exchange intends to submit a separate with the requirements of Appendix F to Rule 15c3–
Delta Neutral-Based Equity Hedge
proposed rule change, in conjunction with an 1 and Rule 15c3–4 under the Act, as amended from
Exemption. The Exchange proposes to industry initiative, to adopt a delta neutral-based time to time, in connection with the calculation of
hedge exemption for certain index options and to risk-based deductions from capital for market risk
6 Position and exercise limits for index options
expand the delta neutral-based hedge exemption for thereunder. Only an OTC derivatives dealer and no
are provided separately under Phlx Rules 1001A ETF options to allow highly correlated instruments other affiliated entity (including a member) would
and 1002A. to be included in any ETF option net delta be able to rely on this part of the Exemption. See
7 See Securities Exchange Act Release Nos. 51071 calculation. proposed Commentary. 09(c)(4) to Phlx Rule 1001.
(January 21, 2005), 70 FR 4911 (January 31, 2005) 12 Under proposed Commentary .09(b) to Phlx 15 The pricing model of a national bank would
(SR–Phlx–2005–05); 55285 (February 13, 2007), 72 Rule 1001, the term ‘‘options contract equivalent of have to be consistent with the requirements of the
FR 8053 (February 22, 2007) (SR–Phlx–2007–10); the net delta’’ is defined as the net delta divided Office of the Comptroller of the Currency, as
45899 (May 9, 2002), 67 FR 34980 (May 16, 2002) by the number of shares underlying the option amended from time to time, in connection with the
(SR–Phlx–2002–33); 42386 (February 4, 2000), 65
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contract, and the term ‘‘net delta’’ is defined as, at calculation of risk-based adjustments to capital for
FR 6680 (February 10, 2000) (SR–Phlx–98–55); and any time, the number of shares (either long or short) market risk under capital requirements of the Office
40400 (September 3, 1998), 63 FR 48777 (September required to offset the risk that the value of an equity of the Comptroller of the Currency. Only a national
11, 1998) (SR–Phlx–98–36). option position will change with incremental bank and no other affiliated entity (including a
8 To illustrate, a stock option contract with a delta changes in the price of the security underlying the member) would be able to rely on this part of the
of .5 will move $0.50 for every $1.00 move in the option position, as determined in accordance with Exemption. See proposed Commentary .09(c)(5) to
underlying stock. a permitted pricing model. Phlx Rule 1001.

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11180 Federal Register / Vol. 73, No. 41 / Friday, February 29, 2008 / Notices

and distinct trading unit of such entity, of the accuracy of any net delta non-member affiliate of the member
may be calculated without regard to calculation under this exemption.18 relying on the exemption retains, a list
positions in or relating to the security The options positions of a non- of the options, securities and other
underlying the option position held by member affiliate relying on the instruments underlying each options
an affiliated entity or by another trading Exemption must be carried by a member position net delta calculation reported
unit within the same entity, provided with whom it is affiliated. A member to the Exchange hereunder, and (ii)
that: (i) The entity demonstrates to the carrying an account that includes an produce such information to the
Exchange’s satisfaction that no control equity option position for a non-member Exchange upon request.21
relationship, as defined in Commentary affiliate that intends to rely on the Reliance on Federal Oversight. As
.06 to Phlx Rule 1001, exists between Exemption would be required to obtain provided under proposed Commentary
such affiliates or trading units, and (ii) from such non-member affiliate a .09(c) of Phlx Rule 1001, a permitted
the entity has provided the Exchange written certification that it is using a pricing model includes proprietary
written notice in advance that it intends permitted pricing model as defined in pricing models used by members and
to be considered separate and distinct the rule for purposes of the affiliates that have been approved by the
from any affiliate, or, as applicable, Exemption.19 Commission, the Fed or another federal
Reporting. Under proposed financial regulator. In adopting the
which trading units within the entity
Commentary .09(f) to Phlx Rule 1001, proposed Exemption, the Exchange
are to be considered separate and
each member relying on the Exemption would be relying upon the rigorous
distinct from each other for purposes of
would be required to report, in approval processes and ongoing
the Exemption.16 accordance with Phlx Rule 1003,20 (i) all oversight of a federal financial regulator.
The Exchange has set forth, in Phlx equity option positions (including those The Exchange notes that it would not be
Memorandum No. 0025–08 that are delta neutral) that are reportable under any obligation to verify whether
(‘‘Aggregation Memo’’), the conditions thereunder, and (ii) on its own behalf or a member’s or its affiliate’s use of a
under which it will deem no control on behalf of a designated aggregation proprietary pricing model is appropriate
relationship to exist between affiliated unit pursuant to Commentary .09(d), for or yielding accurate results.
broker-dealers, and between separate each such account that holds an equity The Exchange will announce the
and distinct trading units within the option position subject to the operative date of the proposed rule
same broker-dealer. Subsequent to this Exemption in excess of the levels change in a regulatory circular to be
proposal the Exchange intends to specified in Phlx Rule 1001, the net published no later than 30 days after the
update the Aggregation Memo to clarify delta and the options contract Commission issues a release regarding
the inclusion of affiliated entities, not equivalent of the net delta of such the proposal herein. The operative date
only affiliated broker-dealers as in the position. shall be no later than 15 days after
current version of the Aggregation The Exchange and other self-
publication of the regulatory circular.
Memo. regulatory organizations are working on
modifying the Large Options Position 2. Statutory Basis
Any member or non-member affiliate
Report (‘‘LOPR’’) system and/or OCC The Exchange believes the proposed
relying on the Exemption must
reports to allow a member to indicate rule change is consistent with Section
designate, by prior written notice to the
that an equity options position is delta 6(b) of the Act,22 in general, and furthers
Exchange, each trading unit or entity
neutral. the objectives of Section 6(b)(5) of the
whose options positions are required by Records. Under proposed
Exchange rules to be aggregated with the Act,23 in particular, in that it is designed
Commentary .09(g) to Phlx Rule 1001,
options positions of such member or to promote just and equitable principles
each member relying on the Exemption
non-member affiliate relying on the of trade, to prevent fraudulent and
would be required to (i) retain, and
Exemption for purposes of compliance manipulative acts and practices, to
would be required to undertake
with Exchange position or exercise remove impediments to and perfect the
reasonable efforts to ensure that any
limits.17 mechanism of a free and open market
and a national market system, and, in
Obligations of Members and 18 See proposed Commentary .09(e) to Phlx Rule

1001. general, to protect investors and the


Affiliates. Any member relying on the
19 In addition, the member would be required to public interest. The Exchange believes
Exemption would be required to obtain from such non-member affiliate a written the proposed delta neutral-based hedge
provide a written certification to the statement confirming that such non-member exemption from equity options position
Exchange that it is using a permitted affiliate: (a) Is relying on the Exemption; (b) will use
and exercise limits is appropriate in that
pricing model as defined in the rule for only a permitted pricing model for purposes of
calculating the net delta of its option positions for it is based on a widely accepted risk
purposes of the Exemption. In addition, purposes of the Exemption; (c) will promptly notify management method used in options
by such reliance, such member would the member if it ceases to rely on the Exemption; trading. Also, the Commission has
authorize any other person carrying for (d) authorizes the member to provide to the
previously stated its support for
such member an account including, or Exchange or the OCC such information regarding
positions of the non-member affiliate as the recognizing options positions hedged on
with whom such member has entered Exchange or OCC may request as part of the a delta neutral basis as properly
into, a position in or relating to a Exchange’s confirmation or verification of the exempted from position limits.24
security underlying the relevant option accuracy of any net delta calculation under the
position to provide to the Exchange or Exemption; and (e) if the non-member affiliate is
21 A member would be authorized to report
using the OCC Model, has duly executed and
OCC such information regarding such delivered to the Exchange such documents as the position information of its non-member affiliate
account or position as the Exchange or Exchange may require to be executed and delivered pursuant to the written statement required under
OCC may request as part of the to the Exchange as a condition to reliance on the proposed Commentary .09(e)(3)(ii) to Phlx Rule
Exemption. See proposed Commentary .09(e)(3)(ii) 1001.
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Exchange’s confirmation or verification 22 15 U.S.C. 78f(b).


to Phlx Rule 1001.
20 Phlx Rule 1003 requires, among other things, 23 15 U.S.C. 78f(b)(5).
16 See proposed Commentary .09(d) to Phlx Rule
that members report to the Exchange aggregate long 24 See Securities Exchange Act Release No. 40594
1001. or short positions on the same side of the market (October 23, 1998), 63 FR 59362, 59380 (November
17 See proposed Commentary .09(d)(3) to Phlx of 200 or more contracts of any single class of 3, 1998) (S7–30–97) (adopting rules relating to OTC
Rule 1001. options contracts dealt in on the Exchange. Derivatives Dealers).

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Federal Register / Vol. 73, No. 41 / Friday, February 29, 2008 / Notices 11181

B. Self-Regulatory Organization’s options position limits raises no new between the hours of 10 a.m. and 3 p.m.
Statement on Burden on Competition issues. For these reasons, the Copies of the filing also will be available
The Exchange does not believe that Commission designates the proposed for inspection and copying at the
the proposed rule change will impose rule change to be operative upon filing principal office of Phlx. All comments
any burden on competition that is not with the Commission.30 received will be posted without change;
necessary or appropriate in furtherance At any time within 60 days of the the Commission does not edit personal
of the purposes of the Act. filing of such proposed rule change the identifying information from
Commission may summarily abrogate submissions. You should submit only
C. Self-Regulatory Organization’s such rule change if it appears to the information that you wish to make
Statement on Comments on the Commission that such action is available publicly. All submissions
Proposed Rule Change Received From necessary or appropriate in the public should refer to File Number SR–Phlx–
Members, Participants or Others interest, for the protection of investors 2008–07 and should be submitted on or
No written comments were either or otherwise in furtherance of the before March 21, 2008.
solicited or received. purposes of the Act. For the Commission, by the Division of
IV. Solicitation of Comments Trading and Markets, pursuant to delegated
III. Date of Effectiveness of the
authority.31
Proposed Rule Change and Timing for Interested persons are invited to Florence E. Harmon,
Commission Action submit written data, views, and Deputy Secretary.
Because the foregoing rule change arguments concerning the foregoing,
[FR Doc. E8–3843 Filed 2–28–08; 8:45 am]
does not: (1) Significantly affect the including whether the proposed rule
BILLING CODE 8011–01–P
protection of investors or the public change is consistent with the Act.
interest; (2) impose any significant Comments may be submitted by any of
burden on competition; and (3) become the following methods:
operative for 30 days after the date of SMALL BUSINESS ADMINISTRATION
Electronic Comments
this filing, or such shorter time as the [Disaster Declaration #11176 and #11177]
Commission may designate, it has • Use the Commission’s Internet
become effective pursuant to Section comment form (http://www.sec.gov/ Alabama Disaster Number AL–00012
19(b)(3)(A) of the Act 25 and Rule 19b– rules/sro.shtml); or
• Send an e-mail to rule- AGENCY: U.S. Small Business
4(f)(6) thereunder.26
A proposed rule change filed under comments@sec.gov. Please include File Administration.
19b–4(f)(6) normally may not become Number SR–Phlx–2008–07 on the ACTION: Notice.
operative prior to 30 days after the date subject line.
SUMMARY: This is a notice of an
of filing.27 However, Rule
Paper Comments Administrative declaration of a disaster
19b–4(f)(6)(iii) 28 permits the
• Send paper comments in triplicate for the State of Alabama dated 02/21/
Commission to designate a shorter time
to Nancy M. Morris, Secretary, 2008.
if such action is consistent with the
Securities and Exchange Commission, Incident: Severe storm and tornadoes.
protection of investors and the public
100 F Street, NE., Washington, DC Incident Period: 02/05/2008 through
interest. The Exchange has requested
20549–1090. 02/06/2008.
that the Commission waive the 30-day
operative delay. The Commission DATES: Effective Date: 02/21/2008.
All submissions should refer to File
believes that waiving the 30-day Number SR–Phlx–2008–07. This file Physical Loan Application Deadline
operative delay is consistent with the number should be included on the Date: 04/21/2008.
protection of investors and the public subject line if e-mail is used. To help the Economic Injury (EIDL) Loan
interest because such waiver would Commission process and review your Application Deadline Date: 11/21/2008.
allow the Exchange to implement the comments more efficiently, please use ADDRESSES: Submit completed loan
delta hedging exemption from equity only one method. The Commission will applications to: U.S. Small Business
options position limits without needless post all comments on the Commission’s Administration, Processing And
delay. The Commission notes that it Internet Web site (http://www.sec.gov/ Disbursement Center, 14925 Kingsport
recently approved a substantially rules/sro.shtml). Copies of the Road, Fort Worth, TX 76155.
similar proposal filed by the Chicago submission, all subsequent FOR FURTHER INFORMATION CONTACT: A.
Board Options Exchange, amendments, all written statements Escobar, Office of Disaster Assistance,
Incorporated.29 The Commission with respect to the proposed rule U.S. Small Business Administration,
believes that Phlx’s proposal to create a change that are filed with the 409 3rd Street, SW., Suite 6050,
delta hedging exemption from equity Commission, and all written Washington, DC 20416.
communications relating to the SUPPLEMENTARY INFORMATION: Notice is
25 15 U.S.C. 78s(b)(3)(A). proposed rule change between the hereby given that as a result of the
26 17 CFR 240.19b–4(f)(6). Commission and any person, other than Administrator’s disaster declaration,
27 17 CFR 240.19b–4(f)(6)(iii). In addition, Rule
those that may be withheld from the applications for disaster loans may be
19b–4(f)(6)(iii) requires that a self-regulatory
organization submit to the Commission written public in accordance with the filed at the address listed above or other
notice of its intent to file the proposed rule change, provisions of 5 U.S.C. 552, will be locally announced locations.
along with a brief description and text of the available for inspection and copying in The following areas have been
proposed rule change, at least five business days the Commission’s Public Reference
prior to the date of filing of the proposed rule determined to be adversely affected by
change, or such shorter time as designated by the Room, 100 F Street, NE., Washington, the disaster:
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Commission. The Exchange has satisfied the five- DC 20549, on official business days Primary Counties:
day pre-filing notice requirement.
28 Id. 30 For the purposes only of waiving the 30-day
Lawrence Walker
29 See Securities Exchange Act Release No. 56970 operative delay, the Commission has considered the Contiguous Counties:
(December 14, 2007), 72 FR 72428 (December 20, proposed rule’s impact on efficiency, competition,
2007) (SR–CBOE–2007–99). and capital formation. See 15 U.S.C. 78c(f). 31 17 CFR 200.30–3(a)(12).

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