May 6, 2005
Exchange
Bulletin
Volume 33, Number 18
The Constitution and Rules of the Chicago Board Options Exchange, Incorporated (“Exchange”), in certain specific instances,
require the Exchange to provide notice to the Exchange membership. To satisfy this requirement, a complimentary copy of the
Exchange Bulletin, including the Regulatory Bulletin, is delivered by hard copy or e-mail to all effective members on a weekly
basis.
CBOE members are encouraged to receive the Exchange and Regulatory Bulletin and Information Circulars via e-mail. E-mail
subscriptions may be obtained by submitting your name, firm if applicable, mailing address, e-mail address, and phone number, to
members@cboe.com, or, by contacting the Membership Department by phone, at 312-786-7449. There is no charge for e-mail
delivery of the Exchange and Regulatory Bulletin or for Information Circulars. If you do sign up for e-mail delivery, please remember to inform the Membership Department of e-mail address changes.
Additional subscriptions for hard copy delivery after the first complimentary copy may be obtained by submitting your name, firm
if any, mailing address, e-mail address and telephone number to: Chicago Board Options Exchange, Accounting Department, 400
South LaSalle, Chicago, Illinois 60605, Attention: Bulletin Subscriptions. The cost of an annual subscription (July 1 through June
30) is $200.00 ($100.00 after January 1), payable in advance. The Exchange reserves the right to limit subscriptions by nonmembers.
For up-to-date Seat Market Quotes, call 312-786-7456 or refer to CBOE.com and click “Seat Market Information” under the “About
CBOE” tab. For access to the CBOE Member Web Site, please also notify the Membership Department by sending an e-mail to
members@cboe.com or by phone at 312-786-7449.
Copyright © 2005 Chicago Board Options Exchange, Incorporated
SEAT MARKET QUOTES AS OF FRIDAY, MAY 6, 2005
CLASS
CBOE/FULL
CBOT/FULL
BID
$480,000.00
$1,610,000.00
OFFER
$495,000.00
$1,695,000.00
LAST SALE AMOUNT
$485,000.00
$1,660,000.00
LAST SALE DATE
May 5, 2005
May 5, 2005
MEMBERSHIP SALES AND TRANSFERS
From
Citigroup Global Markets Inc.
Citigroup Global Markets Inc.
Citigroup Global Markets Inc.
Citigroup Global Markets Inc.
Citigroup Global Markets Inc.
Pax Acquisition Corporation
Citadel Derivatives Group LLC
Merrill Lynch Professional Clearing Corp.
To
Citigroup Derivatives Markets Inc.
Citigroup Derivatives Markets Inc.
Citigroup Derivatives Markets Inc.
Citigroup Derivatives Markets Inc.
Citigroup Derivatives Markets Inc.
Merrill Lynch Professional Clearing Corp.
Geneva Stock LLC
Credit Suisse First Boston LLC
Price/Transfer
$475,100.00
$475,100.00
$475,100.00
$475,100.00
$475,100.00
Transfer
$494,000.00
$485,000.00
Date
4/28/05
4/28/05
4/28/05
4/28/05
4/28/05
4/29/05
5/5/05
5/5/05
DPM APPOINTMENT TRANSFER APPROVAL - May 3, 2005
The MTS Committee has conditionally approved pursuant to CBOE Rule 8.89 a proposal from Equitec-Feldman, LLC (“Equitec-Feldman”),
a member organization operating as a DPM, regarding a transfer of ownership interest percentages. The Equitec-Feldman DPM is
located on the main trading floor at Post - 2 Station 4.
Currently, the Class A ownership structure of Equitec-Feldman is as follows: Equitec Group, LLC (“Equitec”) – 100%.
Under the proposal: (1) Rightside Trading, LP (“Rightside”) would be added as a Class B member; (2) Rightside will manage the trading
activity and other day-to-day affairs of Equitec-Feldman; and (3) Equitec-Feldman’s name would be changed to “Equitec RS, LLC.”
Page 2
May 6, 2005
Volume 33, Number 18
Chicago Board Options Exchange
MEMBERSHIP INFORMATION FOR 4/28/05 THROUGH 5/4/05
MEMBERSHIPAPPLICATIONS RECEIVED FOR
WHICH A POSTING PERIOD IS REQUIRED
Individual Membership Applicants
Date Posted
Andrew G. Bruce, CBT Registered For
Samurai Trading, LLC
5116 Kenilworth Pl. NE
Seattle, WA 98105
5/3/05
MEMBERSHIP LEASES
Effective Date
Lessor: Bruce H. Johnson
Lessee: Bluefin Chicago LLC
Sagy S. Sharon, NOMINEE
Rate:
1.00%
Term: Monthly
5/2/05
Lessor: Gabriel Inc.
Lessee: Bluefin Chicago LLC
Yoav Sharon, NOMINEE
Rate:
1.00%
Term: Monthly
5/2/05
Lessor: Robert M. Trackman
Lessee: TD Options, LLC
Miguel Rosales, NOMINEE
Rate:
0.875%
Term: Monthly
5/2/05
5/2/05
New Leases
Effective Date
Lessor: William Toll & Co.
Lessee: Geneva Trading LLC
Rate:
0.8128%
Term: Monthly
4/28/05
Lessor: TRO Trading Group LLC
Lessee: Susquehanna Investment Group
Kathleen A. McCullough, NOMINEE
Rate:
0.875%
Term: Monthly
4/28/05
Lessor: Terrel W. Brostoff
Lessee: T.S. Obinger Corporation
Todd S. Obinger, NOMINEE
Rate:
1.00%
Term: Monthly
5/2/05
Lessor:
Merrill Lynch Professional
Clearing Corp.
Lessee: Gelber Securities, LLC
Brian R. Gelber, NOMINEE
Rate:
1.00%
Term: Monthly
4/29/05
Lessor: Cherie N. Natenberg
Lessee: CTC LLC
Stacey Albrecht, NOMINEE
Rate:
1.00%
Term: Monthly
Lessor: UBS Securities, LLC
Lessee: Jane Street Options, LLC
Richard Emmet, NOMINEE
Rate:
1.00%
Term: Monthly
5/2/05
Lessor: Herchel Portman
Lessee: Zydeco Trading LLC
Jonathan A. Jacobs, NOMINEE
Rate:
0.875%
Term: Monthly
4/29/05
Lessor: Lehman Brothers Inc.
Lessee: Panos Trading Limited Partnership
Michael T. Kalchbrenner, NOMINEE
Rate:
1.00%
Term: Monthly
5/2/05
Lessor: Gloria And David Company
Lessee: Zydeco Trading LLC
Christopher J. McHugh, NOMINEE
Rate:
0.875%
Term: Monthly
4/29/05
Lessor: Rothschild Investment Corporation
Lessee: KC-CO Equity Trading, LLC
Anthony L. Williams, NOMINEE
Rate:
1.00%
Term: Monthly
5/2/05
Lessor: Charles J. Peres
Lessee: Zydeco Trading LLC
Christopher M. Quander, NOMINEE
Rate:
0.875%
Term: Monthly
4/29/05
Lessor: Elliott N. Mirman
Lessee: Sallerson-Troob LLC
Daniel M. Overmyer, NOMINEE
Rate:
1.00%
Term: Monthly
5/2/05
Lessor: Berton Rubin
Lessee: Zydeco Trading LLC
Mark Wolicki, NOMINEE
Rate:
0.875%
Term: Monthly
4/29/05
Lessor: Justin Steinberg
Lessee: Vintage Capital LLC
James L. McLaughlin, NOMINEE
Rate:
0.875%
Term: Monthly
5/2/05
Lessor: TD Options, LLC
Lessee: TD Professional Execution Inc.
Patrick M. Seguin, NOMINEE
Rate:
0.875%
Term: Monthly
4/29/05
Lessor: TRO Trading Group LLC
Lessee: Wolverine Trading LLC
Rate:
0.8128%
Term: Monthly
5/2/05
Lessor: John R. Power
Lessee: Zydeco Trading LLC
Matthew J. Sheldon, NOMINEE
Rate:
0.875%
Term: Monthly
4/29/05
Lessor: Lee A. Weiss
Lessee: Ronin Capital, LLC
Daniel C. Malone, NOMINEE
Rate:
1.00%
Term: Monthly
5/4/05
Lessor: DTC International Trading Co. Ltd.
Lessee: Corey L. Fisher
Rate:
0.875%
Term: Monthly
4/29/05
Terminated Leases
Termination Date
Lessor: Rickie R. Lockwood
Lessee: Citadel Derivatives Group LLC
Rate:
0.875%
Term: Monthly
5/2/05
Lessor: Robert A. Barr
4/28/05
Lessee: Susquehanna Investment Group
Kathleen A. McCullough (KTM), NOMINEE
4/28/05
Lessor: R. Whiting, Incorporated
Lessee: Citadel Derivatives Group LLC
Rate:
0.875%
Term: Monthly
5/2/05
Lessor: William Toll & Co.
Lessee: Chvell Trading, LLC
Christopher Vella (COD), NOMINEE
Lessor: DTC International Trading Co. Ltd.
Lessee: Pax Clearing Corporation
Corey L. Fisher (CLF), NOMINEE
4/29/05
Page 3
May 6, 2005
Volume 33, Number 18
Chicago Board Options Exchange
Termination Date
Lessor: Pax Acquisition Corporation
Lessee: Gelber Securities, LLC
Brian R. Gelber (GEL), NOMINEE
4/29/05
Lessor: Herchel Portman
4/29/05
Lessee: BOTTA Capital Management LLC
Jonathan A. Jacobs (JXJ), NOMINEE
Lessor: Gloria And David Company
4/29/05
Lessee: BOTTA Capital Management LLC
Christopher J. McHugh (CMQ), NOMINEE
Lessor: John R. Power
4/29/05
Lessee: BOTTA Capital Management LLC
Matthew J. Sheldon (SHL), NOMINEE
Lessor: Charles J. Peres
4/29/05
Lessee: BOTTA Capital Management LLC
Christopher M. Quander (IQI), NOMINEE
Lessor: Terrel W. Brostoff
Lessee: CTC LLC
Stacey Albrecht (STC), NOMINEE
Termination Date
5/2/05
Lessor: Cherie N. Natenberg
Lessee: CMZ Trading, LLC
5/2/05
Lessor: Citigroup Global Markets Inc.
Lessee: Citigroup Derivatives Markets Inc.
5/2/05
Lessor: Citigroup Global Markets Inc.
Lessee: Citigroup Derivatives Markets Inc.
5/2/05
Lessor: Citigroup Global Markets Inc.
Lessee: Citigroup Derivatives Markets Inc.
5/2/05
Lessor: Citigroup Global Markets Inc.
Lessee: Citigroup Derivatives Markets Inc.
5/2/05
4/29/05
Lessor: Citigroup Global Markets Inc.
Lessee: Citigroup Derivatives Markets Inc.
Eric A. Ganser (GNZ), NOMINEE
5/2/05
Lessor: Berton Rubin
Lessee: BOTTA Capital Management LLC
Mark Wolicki (IKI), NOMINEE
5/2/05
Lessor: Citigroup Global Markets Inc.
Lessee: Citigroup Derivatives Markets Inc.
Jeffrey M. Carity (JEF), NOMINEE
5/2/05
Lessor: Bruce H. Johnson
Lessee: STR Trading Partners LLC
Sagy S. Sharon (SAS), NOMINEE
5/2/05
Lessor: Lee A. Weiss
Lessee: Optional Strategies LLC
Daniel C. Malone (MNE), NOMINEE
5/4/05
Lessor: Gabriel Inc.
Lessee: STR Trading Partners LLC
Yoav Sharon (YOA), NOMINEE
Lessor: Lehman Brothers Inc.
Lessee: TBMP, LLC
Paul E. Stone (SNE), NOMINEE
5/2/05
MEMBERSHIP TERMINATIONS
Lessor: Lehman Brothers Inc.
5/2/05
Lessee: Vintage Capital LLC
James L. McLaughlin (JMZ), NOMINEE
Lessor: Justin Steinberg
Lessee: AB Financial LLC
John A. Possidoni (JAP), NOMINEE
5/2/05
Lessor: UBS Securities, LLC
5/2/05
Lessee: KC-CO Equity Trading, LLC
Timothy J. Drechsel (TMO), NOMINEE
Lessor: Robert M. Trackman
5/2/05
Lessee: TD Professional Execution Inc.
Edward J. Barry Jr. (EJB), NOMINEE
Lessor: Lehman Brothers Inc.
Lessee: T.S. Obinger Corporation
Todd S. Obinger (TOX), NOMINEE
5/2/05
Lessor: Lehman Brothers Inc.
Lessee: Third Millennium Trading, LLC
Ian T. Farnung (ITF), NOMINEE
5/2/05
Lessor: Lehman Brothers Inc.
5/2/05
Lessee: Sallerson-Troob LLC
Daniel M. Overmyer (DNL), NOMINEE
Lessor: Lehman Brothers Inc.
Lessee: Prospect Trading LLC
Martin L. Dim (MLD), NOMINEE
5/2/05
Lessor: Rothschild Investment Corporation 5/2/05
Lessee: KC-CO II LLC
Anthony L. Williams (ALW), NOMINEE
Lessor: Lehman Brothers Inc.
Lessee: TD Options, LLC
Miguel Rosales (MIG), NOMINEE
5/2/05
Individual Members
CBT Exercisers:
Termination Date
Kevin Berninger (KWB)
440 S. LaSalle, Ste. #2101
Chicago, IL 60605
5/2/05
Mark E. Kalas (OLO)
1101 Reddington Drive
Aurora, IL 60504
5/2/05
CBT Registered For:
Termination Date
Elizabeth C. Steigmann (LBY)
Susquehanna Investment Group
175 W. Jackson - Ste. 1700
Chicago, IL 60604
5/2/05
Anthony S. Panzeca (APA)
B.O.G.H. Panzeca, LLC
900 Forestview Ave.
Park Ridge, IL 60068-2112
5/2/05
Michael D. Coyle (COY)
Citigroup Derivatives Markets Inc.
4501 Basswood Dr.
Lisle, IL 60532
5/3/05
Nominee(s) / Inactive Nominee(s):
Termination Date
Reid R. Phillips (UPR)
Ronin Capital, LLC
230 S. LaSalle - 4th Floor
Chicago, IL 60604
4/28/05
Anthony M. Pape (APX)
TD Options, LLC
230 S. LaSalle - Ste. 688
Chicago, IL 60604
4/28/05
Page 4
May 6, 2005
Volume 33, Number 18
Termination Date
Michael T. Kalchbrenner (MTK)
TBMP, LLC
440 S. LaSalle, Suite 743
Chicago, IL 60605
4/29/05
Jeffrey J. Bryk (RGB)
Bear Wagner Specialists LLC
281 E. Fullerton Ave.
Elmhurst, IL 60126
4/29/05
Andrew M. Woods (WDZ)
Bear Wagner Specialists LLC
141 W. Jackson - Ste. 4132
Chicago, IL 60604
4/29/05
Warren O. Mayshak (ONI)
Susquehanna Investment Group
175 W. Jackson Blvd., Suite 1700
Chicago, IL 60604
4/29/05
Michael E. Shields (MXS)
CMZ Trading, LLC
230 S. LaSalle, 7th Floor
Chicago, IL 60604
4/29/05
Kevin J. Kearns (KJK)
Man Securities Inc.
440 S. LaSalle - Ste. 2000
Chicago, IL 60605
4/29/05
Basilios T. Papanastoy (BTP)
Prospect Trading LLC
440 S. LaSalle - Ste. 721
Chicago, IL 60605
5/2/05
Adam K. Miller (MIL)
Platinum Financial LLC
440 S. LaSalle - St.e 713
Chicago, IL 60605
5/2/05
Timothy J. Drechsel (TMO)
KC-CO Equity Trading, LLC
10 S. LaSalle St., Ste. #2300
Chicago, IL 60603
5/2/05
John A. Possidoni (JAP)
AB Financial LLC
440 S. LaSalle - Ste. 3100
Chicago, IL 60605
5/2/05
Michael W. Solberg (TGA)
Timber Hill LLC
209 S. LaSalle - 10th Floor
Chicago, IL 60604
5/2/05
Kenneth E. Kwalik (KLK)
RightSide Trading LP
440 S. LaSalle Street, Ste. 2101
Chicago, IL 60605
5/4/05
Chicago Board Options Exchange
Lessee(s):
Termination Date
Pax Clearing Corporation
440 S. LaSalle - Ste. 3100
Chicago, IL 60605
4/29/05
STR Trading Partners LLC
111 Broadway - 2nd Fl.
New York, NY 10006
5/2/05
Optional Strategies LLC
230 S. LaSalle - Ste. 400
Chicago, IL 60604
5/4/05
Lessor(s):
Termination Date
Pax Acquisition Corporation
440 S. LaSalle - Ste. 3100
Chicago, IL 60605
4/29/05
EFFECTIVE MEMBERSHIPS
Individual Members
Nominee(s) / Inactive Nominee(s):
Member Organizations
CBT Registered For:
Termination Date
B.O.G.H. Panzeca, LLC
900 Forestview Ave.
Park Ridge, IL 60068-2112
5/2/05
Effective Date
Joseph P. Wall (AWA)
4/29/05
Equitec Proprietary Markets, LLC
111 W. Jackson - 20th Floor
Chicago, IL 60604
Type of Business to be Conducted: Market Maker/Floor Broker
Patrick Doherty (PDY)
4/29/05
Susquehanna Investment Group
175 W. Jackson Blvd. - Suite 1700
Chicago, IL 60604
Type of Business to be Conducted: Market Maker/Floor Broker
Steve H. Kats (CAT)
4/29/05
Bear Wagner Specialists LLC
141 W. Jackson, Ste. 4131
Chicago, IL 60605
Type of Business to be Conducted: Market Maker/Floor Broker
Ted M. Piotrowski (PIO)
5/2/05
LaBranche Structured Products LLC
440 S. LaSalle - Ste. 1943
Chicago, IL 60605
Type of Business to be Conducted: Market Maker/Floor Broker
Michael T. Kalchbrenner (MTK)
5/2/05
Panos Trading Limited Partnership
440 S. LaSalle, Suite 743
Chicago , IL 60605
Type of Business to be Conducted: Market Maker
Richard Emmet
5/2/05
Jane Street Options, LLC
111 Broadway, Ste. 2102
New York, NY 10006
Type of Business to be Conducted: Market Maker
Member Organizations
Lessee(s):
Effective Date
Bluefin Chicago LLC
5/2/05
1 Barker Avenue
White Plains, NY 10601
Type of Business to be Conducted: Market Maker
Jane Street Options, LLC
5/2/05
111 Broadway, Ste. 2102
New York, NY 10006
Type of Business to be Conducted: Market Maker
Page 5
May 6, 2005
Volume 33, Number 18
JOINT ACCOUNTS
New Participants
Acronym
Effective Date
Kelly C. Luthringshausen
QKX
4/29/05
Kevin M. Luthringshausen QKX
4/29/05
Christopher J. McHugh
QKX
4/29/05
Christopher M. Quander
QKX
4/29/05
Matthew J. Sheldon
QKX
4/29/05
Mark Wolicki
QKX
4/29/05
Patrick Doherty
QGS
4/29/05
Steve H. Kats
QWS
4/29/05
Michael T. Kalchbrenner
QVV
5/2/05
Michael T. Kalchbrenner
QTF
5/2/05
David Plandowski
QZK
5/2/05
Simon B. Gold
QGK
5/3/05
New Accounts
Acronym
Effective Date
Jonathan A. Jacobs
QZK
4/29/05
James M. Kittrell
QZK
4/29/05
Kelly C. Luthringshausen
QZK
4/29/05
Kevin M. Luthringshausen QZK
4/29/05
Christopher J. McHugh
QZK
4/29/05
Christopher M. Quander
QZK
4/29/05
Matthew J. Sheldon
QZK
4/29/05
Mark Wolicki
QZK
4/29/05
Sagy S. Sharon
QMB
5/2/05
Yoav Sharon
QMB
5/2/05
James M. Kittrell
QDZ
5/4/05
Kelly C. Luthringshausen
QDZ
5/4/05
Kevin M. Luthringshausen QDZ
5/4/05
Christopher M. Quander
5/4/05
QDZ
Terminated Participants Acronym
Termination Date
Reid R. Phillips
QSA
4/28/05
Anthony M. Pape
QHO
4/28/05
Anthony M. Pape
QBB
4/28/05
Michael T. Kalchbrenner
QSS
4/29/05
Patrick M. Seguin
QBB
4/29/05
Patrick M. Seguin
QHO
4/29/05
Jeffrey J. Bryk
QBW
4/29/05
Jeffrey J. Bryk
QWS
4/29/05
Chicago Board Options Exchange
Terminated Participants Acronym
Termination Date
Andrew M. Woods
QBW
4/29/05
Andrew M. Woods
QWS
4/29/05
Warren O. Mayshak
QGS
4/29/05
Warren O. Mayshak
QLO
4/29/05
Warren O. Mayshak
QZT
4/29/05
Michael E. Shields
QWQ
4/29/05
Kevin Berninger
QWB
5/2/05
Elizabeth C. Steigmann
QDP
5/2/05
Elizabeth C. Steigmann
QEW
5/2/05
Elizabeth C. Steigmann
QFS
5/2/05
Elizabeth C. Steigmann
QIG
5/2/05
Elizabeth C. Steigmann
QJY
5/2/05
Elizabeth C. Steigmann
QMD
5/2/05
Elizabeth C. Steigmann
QNA
5/2/05
Elizabeth C. Steigmann
QPN
5/2/05
Elizabeth C. Steigmann
QSM
5/2/05
Basilios T. Papanastoy
QRP
5/2/05
Basilios T. Papanastoy
QPV
5/2/05
Basilios T. Papanastoy
QGR
5/2/05
Elizabeth C. Steigmann
QZT
5/2/05
Elizabeth C. Steigmann
QYH
5/2/05
Elizabeth C. Steigmann
QYS
5/2/05
Elizabeth C. Steigmann
QUT
5/2/05
Elizabeth C. Steigmann
QPO
5/2/05
Elizabeth C. Steigmann
QNY
5/2/05
Elizabeth C. Steigmann
QMP
5/2/05
Elizabeth C. Steigmann
QLO
5/2/05
Elizabeth C. Steigmann
QIS
5/2/05
Elizabeth C. Steigmann
QGS
5/2/05
Elizabeth C. Steigmann
QVA
5/2/05
Adam K. Miller
QZA
5/2/05
David Plandowski
QEK
5/2/05
Timothy J. Drechsel
QII
5/2/05
Timothy J. Drechsel
QQD
5/2/05
Timothy J. Drechsel
QVK
5/2/05
John A. Possidoni
QBH
5/2/05
John A. Possidoni
QNI
5/2/05
Michael W. Solberg
QTH
5/2/05
Page 6
May 6, 2005
Volume 33, Number 18
Terminated Participants Acronym
Termination Date
Michael D. Coyle
QCX
5/3/05
Michael D. Coyle
QNT
5/3/05
Michael D. Coyle
QPZ
5/3/05
Michael D. Coyle
QUN
5/3/05
Michael D. Coyle
QXK
5/3/05
Kenneth E. Kwalik
QQR
5/4/05
Terminated Accounts
Acronym
Termination Date
Sagy S. Sharon
QRS
5/2/05
Yoav Sharon
QRS
5/2/05
CHANGES IN MEMBERSHIP STATUS
Individual Members
Effective Date
Christopher Vella
4/28/05
From:
Nominee For Chvell Trading, LLC; Market Maker
To:
CBT Registered For Chvell Trading, LLC; Market Maker
Robert A. Barr
4/28/05
From:
Lessor/ Nominee For Susquehanna Investment Group;
Market Maker/ Floor Broker
To:
Nominee For Susquehanna Investment Group; Market
Maker/ Floor Broker
Christopher J. McHugh
4/29/05
From:
Nominee For BOTTA Capital Management LLC; Market
Maker
To:
Nominee For Zydeco Trading LLC; Market Maker
Patrick M. Seguin
4/29/05
From:
Nominee For TD Options, LLC; Market Maker/ Floor
Broker
To:
Nominee For TD Professional Execution Inc.; Market
Maker/ Floor Broker
Matthew J. Sheldon
4/29/05
From:
Nominee For BOTTA Capital Management LLC; Market
Maker
To:
Nominee For Zydeco Trading LLC; Market Maker
Chicago Board Options Exchange
Effective Date
Sagy S. Sharon
5/2/05
From:
Nominee For STR Trading Partners LLC; Market Maker
To:
Nominee For Bluefin Chicago LLC; Market Maker
Christopher Barer
5/2/05
From:
Nominee For Group One Trading, LP; Market Maker/
Floor Broker
To:
CBT Registered For Group One Trading, LP; Market
Maker
Kenneth A. Coghill
5/2/05
From:
CBT Registered For Platinum Financial LLC; Market
Maker
To:
Nominee For Platinum Financial LLC; Market Maker
Yoav Sharon
5/2/05
From:
Nominee For STR Trading Partners LLC; Market Maker
To:
Nominee For Bluefin Chicago LLC; Market Maker
Anthony L. Williams
5/2/05
From:
Nominee For KC-CO II LLC; Market Maker
To:
Nominee For KC-CO Equity Trading, LLC; Market
Maker
David Plandowski
5/2/05
From:
Nominee For BOTTA Capital Management LLC; Market
Maker
To:
Nominee For Zydeco Trading LLC; Market Maker
Anthony P. Arciero
5/2/05
From:
Lessor/ CBT Registered For Citadel Derivatives Group
LLC; Market Maker
To:
Lessor
Daniel C. Malone
5/4/05
From:
Nominee For Optional Strategies LLC; Market Maker
To:
Nominee For Ronin Capital, LLC; Market Maker
Joseph DiMaggio
5/4/05
From:
CBT Registered For Optional Strategies LLC; Market
Maker
To:
CBT Registered For Ronin Capital, LLC; Market Maker
Member Organizations
Effective Date
Jonathan A. Jacobs
4/29/05
From:
Nominee For BOTTA Capital Management LLC; Market
Maker
To:
Nominee For Zydeco Trading LLC; Market Maker
Citigroup Global Markets Inc.
5/2/05
From:
Lessor/ Owner/ Lessee/ Non-Member Customer
Business/ Member Organization Affiliated with a CBT
Registered For; Associated with a Floor Broker
To:
Owner/ Lessee/ Non-Member Customer Business/
Member Organization Affiliated with a CBT Registered
For; Associated with a Floor Broker
Christopher M. Quander
4/29/05
From:
Nominee For BOTTA Capital Management LLC; Market
Maker/ Floor Broker
To:
Nominee For Zydeco Trading LLC; Market Maker
Platinum Financial LLC
5/2/05
From:
Lessee/ Member Organization Affiliated with a CBT
Registered For; Associated with a Market Maker
To:
Lessee; Associated with a Market Maker
Corey L. Fisher
4/29/05
From:
Nominee For Pax Clearing Corporation; Market Maker
To:
Lessee; Market Maker
Chvell Trading, LLC
4/28/05
From:
Lessee; Associated with a Market Maker
To:
Member Organization Affiliated with a CBT Registered
For; Associated with a Market Maker
Mark Wolicki
4/29/05
From:
Nominee For BOTTA Capital Management LLC; Market
Maker
To:
Nominee For Zydeco Trading LLC; Market Maker
Matthew G. Ziol
5/2/05
From:
Nominee For Group One Trading, LP; Market Maker/
Floor Broker
To:
CBT Registered For Group One Trading, LP; Market
Maker
MEMBER ADDRESS CHANGES
Individual Members
Effective Date
Maureen A. Malloy
3042 Monterey
Flossmoor, IL 60422
5/3/05
Page 7
May 6, 2005
Volume 33, Number 18
Chicago Board Options Exchange
MEMBER NAME CHANGES
Member Organizations
Effective Date
From:
4/29/05
To:
Keiwana-Lime Investment
Company, LLC
Zydeco Trading LLC
POSITION LIMIT CIRCULARS
Pursuant to Exchange Rule 4.11, the Exchange issued the below listed Position Limit Circulars on May 4, 2005. The complete circulars are available
from the Department of Market Regulation, in the data information bins on the 2nd Floor of the Exchange, and on the CBOE website at cboe.com under
the “Market Data” tab.
To receive regular updates of the position limit list via fax, contact Candice Nickrand at (312) 786-7730. Questions concerning position and exercise
limits may be directed to the Department of Market Regulation to Rich Pedraza at (312) 786-7077 or Tim Mac Donald at (312) 786-7706.
Position Limit Circular PL05-17
May 4, 2005
Adjusted Position and Exercise Limits for certain
Equity Option Classes will revert to their Applicable
Standard Position and Exercise Limits effective May 23, 2005
RESEARCH CIRCULARS
The following Research Circulars were distributed between April 29 and May 4, 2005. If you wish to read the entire document, please refer to
the CBOE website at www.cboe.com and click on the “Trading Tools” Tab. New listings and series information is also available in the Trading
Tools section of the website. For questions regarding information discussed in a Research Circular, please call The Options Clearing Corporation at 1-888-OPTIONS.
Research Circular #RS05-284
April 29, 2005
*****REVISION*****REVISION*****REVISION*****
MGM MIRAGE (“MGG”)
Stock and Option Symbol Change to (“MGM”)
Stock Symbol Change - Effective Date: May 2, 2005
Option Symbol Change - Effective Date: May 3, 2005
Research Circular #RS05-287
April 29, 2005
Ascential Software Corporation (“ASCL/IFQ/YIR/VIF”)
Merger COMPLETED with International Business
Machines Corporation (“IBM/WCX/WIB/VIB”)
Research Circular #RS05-290
April 29, 2005
chinadotcom corporation Class A (“CHINA/UIH”)
Name Change to: CDC Corporation Class A
Effective Date: May 2, 2005
Research Circular #RS05-292
May 2, 2005
CTI Molecular Imaging, Inc. (“CTMI/QPQ”)
Subsequent Tender Offer by MI Merger Co.
Research Circular #RS05-294
May 3, 2005
NeighborCare, Inc. (“NCRX/QNY”)
Tender Offer FURTHER EXTENDED by Omnicare, Inc. (“OCR”)
Research Circular #RS05-295
May 3, 2005
Riggs National Corporation (“RIGS/RNQ”) Proposed
Election Merger with The PNC Financial Services
Group, Inc. (“PNC/WYL/VSM”)
Research Circular #RS05-297
May 3, 2005
ADC Telecommunications, Inc. (“ADCT/YVV”)
1-for-7 Reverse Stock Split
Ex-Distribution Date: May 10, 2005
Research Circular #RS05-298
May 3, 2005
Quicksilver, Inc. (“ZQK”)
2-for-1 Stock Split
Ex-Distribution Date: May 12, 2005
Research Circular #RS05-299
May 4, 2005
Silicon Image, Inc. (“SIMG/QSI”)
Underlying Symbol Change to “SIMGE”
Effective Date: May 5, 2005
Research Circular #RS05-300
May 4, 2005
PEC Solutions, Inc. (“PECS/PQD”)
Tender Offer by PS Merger Sub, Inc.
Research Circular #RS05-301
May 4, 2005
Ultra Petroleum Corp. (“UPL/WSS/OZH”)
2-for-1 Stock Split
Ex-Distribution Date: May 10, 2005
Research Circular #RS05-302
May 4, 2005
Constellation Brands, Inc. Class A (“STZ/YEZ/ODD”)
2-for-1 Stock Split
Ex-Distribution Date: May 16, 2005
May 11, 2005
Volume RB16, Number 19
Regulatory
Bulletin
The Constitution and Rules of the Chicago Board Options Exchange, Incorporated
(“Exchange”), in certain specific instances, require the Exchange to provide notice to the membership. The weekly Regulatory Bulletin is delivered to all effective members to satisfy this
requirement.
Copyright © 2004 Chicago Board Options Exchange, Incorporated
Regulatory
Circulars
Regulatory Circular RG05-42
To:
Membership
From: Equity Options Procedure Committee
Date:
April 28, 2005
Re:
Direct Booking of M and N Orders
Effective April 29, 2005, routing parameters will be changed to allow direct booking of all
bookable Market-Maker limit orders, in all equity Hybrid classes. The change affects orders
from CBOE Market-Makers (origin “M”) and away or non-CBOE Market-Makers (origin “N”).
Prior to this change, non-marketable M/N limit orders that improved the displayed CBOE
market by more than 1 tick were routed to the clearing firm’s booth/BART. With this change,
non-marketable limit orders that improve the displayed market, even by more than 1 tick, will
be eligible to route directly into the book, as long as they do not lock or invert an away
market. Those limit orders that do lock or invert an away market will continue to route to the
clearing firm’s booth/BART.
Marketable M and N orders will continue to automatically execute against the displayed
CBOE quote as long as CBOE is on the NBBO. NBBO rejects will continue to route to the
clearing firm’s booth/BART.
Questions regarding this matter may be directed to Anthony Montesano at (312) 786-7365,
the CBOE Help Desk at (312)786-7100, or any member of the Equity Options Procedure
Committee.
Regulatory Circular RG05-43
To:
Membership
From: Equity Options Procedure Committee
Date:
April 28, 2005
Re:
Execution of Complex Orders and Routing of Orders to the Complex Order
Book
On April 1, 2005, CBOE implemented the CBOEdirect Complex Order Book (COB) in selected Hybrid classes. On April 29, 2005, rollout will be expanded to each trading crowd,
with between 1-3 classes in each station being included. Members and staff will discuss the
details of the COB with each crowd, and signs will be posted in each crowd identifying the
classes in which the COB will be activated.
Regulatory Circulars
continued
Regulatory Circular RG05-43 continued
As established by the Equity Options Procedure Committee (EOPC), complex orders will
continue to route initially to PAR where the PAR broker will represent the orders in open
outcry. If an order is not filled in open outcry, the PAR broker may use the <BOOK> button
to re-route qualifying DAY and GTC orders to the COB. EOPC has determined that qualifying complex orders that are not executed in open outcry are to be booked by the PAR
broker within 30 seconds of PAR receipt.
Which orders qualify for booking?:
1)
Only customer orders may be booked. Firm/BD/Market-Maker orders are
not currently bookable.
2)
Orders with a ratio of 1:1, 1:2, 1:1:1, 1:2:1 and 1:1:1:1 are bookable.
Other ratios are not currently bookable.
3)
Orders partially executed/endorsed on PAR are not bookable.
4)
Market orders are not bookable.
5)
Orders with a stock leg are not bookable.
Once in the COB, the order will electronically execute if:
1)
the individual series quotes line up to make the resting order marketable;
2)
a Hybrid quoter submits a strategy quote or I-order that touches the resting order;
3)
the PAR broker books an opposing order that touches the resting order.
Through the Hybrid API, CBOEdirect provides functionality for quoters to both read the
resting COB market and send strategy quotes or I-orders to trade against orders in the
COB. The API specifications are available on the CBOE web-site at www.cboe.com. Those
with proprietary systems who are interested in this API functionality should contact Mike
Trees at (312)786-8408, Anthony Montesano at (312)786-7365 or the API Client Relations
group at (312)786-7300. Those quoters using a third-party vendor as their auto-quote provider should contact their vendor for a status.
CBOEdirect workstations are available in each crowd where the COB has been activated.
These workstations may be used by brokers and Market-Makers to display COB orders on
a class-by-class basis. Later this summer, PAR will be modified to display COB orders for
strategies that match a PAR order.
General questions regarding the COB may be directed to Mike Trees at (312)786-8408,
Anthony Montesano at (312)786-7365 or the Help Desk at (312)786-7100.
Regulatory Circular RG05-44
Date:
April 29, 2005
To:
The Membership
From:
Financial Planning Committee
Subject:
Fee Reductions for May 2005
CBOE has averaged approximately 1,540,000 contracts per day (CPD) during the period
July 2004 through April 2005.
Per the Prospective Fee Reduction Program, Market-Maker and DPM transaction fees and
floor brokerage fees will be reduced by 20% per contract from standard rates during May
2005 (April 2005 discounts were also 20%).
RB2
May 11, 2005, Volume RB16, Number 19
Regulatory Circulars
continued
Regulatory Circular RG05-44 continued
Fee
Standard
Rate
May ‘05
Rate
Equities Market-Maker Trans. Fee
Equities DPM Trans. Fee
QQQQ, SPY & Indexes Mrkt. Maker/DPM Trans. Fee (1)
Floor Brokerage Fee
22 cents
17.6 cents
12 cents
9.6 cents
24 cents (1) 19.2 cents
4 cents
3.2 cents
(1) Above rates exclude a 10 cents license fee surcharge for the following products:
•
Dow Jones indexes
•
Mini Nasdaq 100 (MNX)
•
Nasdaq 100 (NDX)
•
Russell 2000 cash settled index (RUT)
Please call Ermer Love (312-786-7032) or Don Patton (312-786-7026) if you have any questions.
Regulatory Circular RG05-45
Date:
April 28, 2005
To:
Members and Member Firms
From:
Market Operations Department
Re:
Restrictions on Transactions in
aaiPharma Inc. (AAIE/IUQ)
aaiPharma Inc. (AAIIE) on April 15, 2005, announced that its common stock would be
delisted from the Nasdaq Stock Market effective upon the open of business on Monday,
April 18, 2005, as a result of its failure to timely file its 2004 annual report on Form 10-K.
As previously announced by CBOE, trading on CBOE in existing series of IUQ options has
been subject to the following restrictions. Only closing transactions may be affected in any
series of IUQ options except for (i) opening transactions by Market-Makers executed to
accommodate closing transactions of other market participants and (ii) opening transactions by CBOE member organizations to facilitate the closing transactions of public customers executed as crosses pursuant to and in accordance with CBOE Rule 6.74(b) or (d).
The execution of opening transactions in IUQ options, except as permitted above, and/or
the misrepresentation as to whether an order is opening or closing, will constitute a violation
of CBOE rules, and may result in disciplinary action. Member organizations should ensure
that they have appropriate procedures in place to prevent their customers from entering
opening orders in this restricted option class.
There are no restrictions in place with respect to the exercise of IUQ options. The provisions
of this circular apply to any options on aaiPharma Inc traded on CBOE.
Any questions regarding this circular may directed to Kerry Winters at (312) 786-7312 or
Joanne Heenan-Hustad at (312) 786-7786.
May 11, 2005, Volume RB16, Number 19
RB3
Regulatory Circulars
continued
Regulatory Circular RG05-46
Date:
May 2, 2005
To:
Members and Member Organizations
From:
Division of Regulatory Services
Subject:
Regulation SHO (Short Sales)
•
•
Exchange
Contacts:
Robert Gardner
James Adams
Pilot Program Temporarily Suspending Short Sale
Price Test for Certain Securities Commences on
May 2, 2005
SEC No-Action Letter Concerning Marking of Short
Sale Orders in Pilot Securities
(312) 786-7937
(312) 786-7718
This Regulatory Circular supplements three previous Regulatory Circulars concerning Regulation SHO1 (RG04-113, RG04-127 & RG05-20). These Regulatory Circulars may be found
on the CBOE website at:
http://www.cboe.org/publish/RegCir/RG04-113.pdf
http://www.cboe.org/publish/RegCir/RG04-127.pdf
http://www.cboe.org/publish/RegCir/RG05-020.pdf
KEY POINTS
1.
A pilot program established by the Securities and Exchange Commission (“SEC”) to allow short sales of a limited number of stocks without
regard to any price test will commence on May 2, 2005, and end on April
28, 2006.2
2.
Under the pilot program, the SEC determined to temporarily suspend
short sale price tests, including any SRO imposed price tests, for 986
stocks selected from among stocks in the Russell 3000 Index as of June
25, 2004, and specifically identified in the SEC’s order (Category A Pilot
Securities – no price test at any time).
3.
In addition, the SEC has temporarily suspended all short sale price tests
for any stock in the Russell 1000 Index as of June 25, 2004 (not included
in the Category A Pilot Securities) from 4:15 PM ET until the opening of
the consolidated tape the following day (Category B Pilot Securities – no
price test from 4:15 PM ET until 4:00 AM ET next day).
4.
Additionally, under the SEC’s order, there will be no price test for any
securities when the consolidated tape is closed (Category C Pilot Securities – no price test from 8:00 PM ET until 4:00 AM ET next day).
5.
A list of Category A Pilot Securities as of April 13, 2005, may be found on
the SEC’s website at:
www.sec.gov/spotlight/shopilot/currentpilota41305.txt.
1
Reg. SHO is described in Exchange Act Release No. 34-50103 (July 28, 2004), 69 FR 48008 (August
6, 2004). An online copy can be found at: www.sec.gov/rules/final/34-50103.htm.
2
The SEC’s orders concerning the pilot program are found in Exchange Act Release No. 34-50104 (July
28, 2004), 69 FR 48032 (August 6, 2004) and Exchange Act Release No. 34-50747 (November 29,
2004), 69 FR 70480 (December 6, 2004).
RB4
May 11, 2005, Volume RB16, Number 19
Regulatory Circulars
continued
Regulatory Circular RG05-46 continued
A list of Category B Pilot Securities as of April 13, 2005, may be found on the
SEC’s website at:
www.sec.gov/spotlight/shopilot/currentpilotb41305.txt.
6.
Both of the above-referenced lists have been updated by the SEC as of
April 13, 2005, to reflect name changes and mergers and acquisitions
since the SEC first compiled them on June 25, 2004.
7.
Name changes of securities included in the pilot will not affect their status.
Going forward, mergers and acquisitions can affect pilot status.
8.
The following examples demonstrate how mergers and acquisitions will
generally be handled:
•
•
9.
merger of two Category A Pilot Securities - resulting security will
be a Category A Pilot Security
merger of a Category A Pilot Security and a Category B or Category C Pilot Security - resulting security will have the same pilot
category status as the security of the corporation that had the
largest market capitalization as of the close of trading on the day
before the merger was announced.
When the pilot commences on May 2, 2005, the New York Stock Exchange, American Stock Exchange and NASD will be responsible for
monitoring Category A and B Pilot Securities for name changes and mergers and acquisitions. Each organization will monitor only the stocks for
which it is the primary listing market and maintain an up-to-date listing of
those stocks on its website. The websites are as follows:
www.nyse.com/regshopilot
www.amex.com.amextrader
www.nasdaqtrader.com/trader/tradingservices.mktregulation.stm#regsho
10.
The SEC has issued a no-action letter concerning pilot securities and the
Regulation SHO requirement to mark a short sale order “short exempt”
when relying on an exemption from a price test. The letter provides that
the SEC will not recommend enforcement action if short sales in pilot
securities are marked “short” rather than “short exempt.” The no-action
letter may be found on the SEC’s website at:
www.sec.gov/divisions/marketreg/mr-noaction/sia041505.htm.
11.
May 11, 2005, Volume RB16, Number 19
Based on the letter, short sales of pilot securities can be marked “short”
rather than “short exempt” provided the order is routed to a market center
that:
• has instituted procedures to mask (i.e., remove) the short sale
character of such transactions so that they are executed without
regard to the applicable price test;
• reactivates the price test if the security ceases to be included in
the pilot; and
• makes, keeps and furnishes promptly upon request, the books
and records of such activities as required under applicable rules
and regulations.
RB5
Regulatory Circulars
continued
Regulatory Circular RG05-46 continued
12.
Additionally, the no-action letter requires that short sales eligible for the
relief must be marked “short” and may not be marked “long.”
*****
The SEC has prepared a in-depth explanation of the pilot program, including responses to
frequently asked questions, which may be found on the SEC’s website at: www.sec.gov/
spotlight/shopilot.htm.
Questions concerning Regulation SHO may be directed to Robert Gardner, (312) 7867937, or James Adams, (312) 786-7718, in the Exchange’s Department of Member Firm
Regulation.
Regulatory Circular RG05-47
Date:
May 2, 2005
To:
CBOE Members
From: Equity Options Procedure Committee
Re:
Hybrid Quote Trigger/Book Timer
The Equity Options Procedure Committee has approved the reduction of the “n-second”
joining period (Quote Trigger timer) for trades that are done against resting book orders. As
such, effective May 4, 2005, the Quote Trigger timer will be changed from its current
setting of 5 seconds to 3 seconds, in all equity classes.
Note that the Quote Trigger is only initiated when an auto-quote or single-sided quote (Iorder) engages the book. M and N orders, as opposed to I-orders, will continue to trade
against the book without any Quote Trigger joining period.
Questions regarding this change may be directed to Anthony Montesano at (312) 7867365, the Help Desk at (312) 786-7100, or any member of the Equity Options Procedure
Committee.
RB6
May 11, 2005, Volume RB16, Number 19
Regulatory Circulars
continued
Regulatory Circular RG05-48
Date:
May 4, 2005
To:
Membership
From: Regulatory Services Division
Legal Division
Re:
Competitive Quote Obligations and Quote Widths in Hybrid Classes
CBOE Market-Makers are obligated by rule to compete with other Market-Makers to improve markets in all series of appointed options classes as part of their obligations for a fair
and orderly market. CBOE rules provide guidance to members with respect to their market
obligations and these rules distinguish between open outcry and electronic quote widths.
Specifically, Market-Makers who quote hybrid classes electronically may do so provided
their quote width does not exceed $5.00. However, the rules do not provide a safe-harbor
that Market-Maker quotes that are consistently $5-wide will otherwise satisfy the requirements of Rule 8.7(b), including the requirement to compete with other Market-Makers to
improve markets in all series of option classes at the station where the Market-Maker is
present and to update market quotations in response to changed market conditions. Members are cautioned that they may be subject to regulatory review, disciplinary action and/or
Market Performance Committee action if their quotes are found to be inconsistent with the
requirements of this rule.
Maximum Electronic Quote Width (Rule 8.7(b)(iv)(A)):
•
Market-Maker electronic quotes may be no wider that $5, regardless of the premium value & regardless of the width of market for the underlying security. For
example, a $1.00 - $6.00 quote is permissible however a $1.00 – $6.20 quote is not.
•
Market-makers may not establish a legal width quote through a combination of a
quote that exceeds $5 and an I-order. For example, an electronic quote of $1.00 6.20 combined with an I-order to sell at $6.00 does not constitute a $5-wide twosided quote.
Maximum Open Outcry and Opening Quote Widths (Rule 8.7(b)(iv)):
$0.25
$0.40
$0.50
$0.80
$1.00
Bid price is less than $2
Bid price is at least $2 and less than or equal to $5
Bid price is above $5 and less than or equal to $10
Bid price is above $10 and less than or equal to $20
Bid price is above $20
•
Opening rotation quotes MUST be consistent with the width requirements under
Rule 8.7(b)(iv). After the opening rotation, quotes may be $5 wide.
•
Quotes given in open outcry must conform with the width requirements of Rule
8.7(b)(iv) and may not be $5 wide.
Questions regarding the Market-Maker quoting obligations should be addressed to Dan
Earner of the Regulatory Services Division at (312) 786-7059 or to Patrick Sexton, Legal
Division, at (312) 786-7467, or any member of the Equity Market Performance Committee.
May 11, 2005, Volume RB16, Number 19
RB7
Rule Changes,
Interpretations
and Policies
APPROVED RULE CHANGE(S)
The Securities and Exchange Commission (“SEC”) has approved the following change(s)
to Exchange Rules pursuant to Section 19(b) of the Securities Exchange Act of 1934, as
amended (“the Act”). Copies are available on the CBOE public website at www.cboe.com/
legal/effectivefiling.aspx.
The effective date of the rule change is the date of approval unless otherwise noted.
SR-CBOE-2005-10
Amended Exchange Membership Rules
On April 21, 2005, the SEC approved Rule Change File No. SR-CBOE-2005-10, which
filing clarifies CBOE membership rules that relate to membership status categories, and
amends CBOE rules to provide that nominees of member organizations that are approved
solely as Clearing Members are not required to attend CBOE’s Member Orientation Program and pass CBOE’s Trading Member Qualification Exam (Securities Exchange Act
Release No. 51590, 70 FR 22162 (April 28, 2005)). Any questions regarding the rule
change may be directed to Dave Doherty, Legal Division, at 312-786-7466. The text of the
amended rules is set forth below. New language is italicized.
Rule 3.2
Qualifications and Membership Statuses of Individual
Members
(a) No change
(b) The individual membership statuses that are approved by the Membership
Committee (along with the primary Exchange Rule that provides for such approval if it is not Rule 3.9) include: (i) owner; (ii) lessor; (iii) lessee; (iv) Chicago
Board of Trade exerciser; (v) sole proprietor; (vi) individual with a membership that
has been registered for a member organization; (vii) nominee of a member organization; (viii) Market-Maker (Rule 8.2); (ix) Floor Broker (Rule 6.71); (x) member
eligible to trade securities traded pursuant to Chapter XXX (Rule 30.2); and (xi)
Trust Member (Rule 3.25).
(c) No change
…Interpretations and Policies:
No change
*****
Rule 3.3
(a)
Qualifications and Membership Statuses of Member
Organizations
No change
(b)
The member organization membership statuses that are approved by
the Membership Committee (along with the primary Exchange Rule that provides
for such approval if it is not Rule 3.9) include: (i) owner; (ii) lessor; (iii) lessee; (iv)
member organization for which an individual member has registered his or her
membership; (v) member organization approved to transact business with the
public (Rule 9.1); (vi) Clearing Member; and (vii) order service firm (Rule 6.77).
(c) – (d) No change
…Interpretations and Policies:
RB8
May 11, 2005, Volume RB16, Number 19
Rule Changes,
Interpretations and
Policies continued
SR-CBOE-2005-10 continued
No change
*****
Rule 3.8
Nominees and Members Who Register Their Memberships
for Member Organizations
(a)(i) – (ii)
No change
(iii) each nominee of a member organization designated pursuant to subparagraph
(a)(i) of this Rule, except for a nominee of a member organization approved solely
as a Clearing Member and/or to transact business with the public pursuant to Rule
9.1, is required to have an authorized trading function;
(iv) – (v) No change
(b) – (g) No change
…Interpretations and Policies:
No change
SR-CBOE-2005-34
Amended Marketing Fee
On April 25, 2005, the Exchange filed Rule Change File No. SR-CBOE-2005-34, which
amends the CBOE Marketing Fee to impose the fee on Remote Market-Maker transactions.
The filing was submitted as being effective on filing. Any questions regarding the rule
change may be directed to Andrew Spiwak, Legal Division, at 312-786-7483. The text of the
amended Fee Schedule is available from the Legal Division, or can be accessed online at
https://www.cboe.org/publish/RegCir/RG05-039.pdf.
PROPOSED RULE CHANGE(S)
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934, as amended (“the
Act”), and Rule 19b-4 thereunder, the Exchange has filed the following proposed rule change(s)
with the Securities and Exchange Commission (“SEC”). Copies of the rule change filing(s)
are available at www.cboe.com/legal/submittedsecfilings.aspx. Members may submit written comments to the Legal Division.
The effective date of a proposed rule change will be the date of approval by the SEC, unless
otherwise noted.
SR-CBOE-2005-36
Amended Fee Schedule
On May 2, 2005, the Exchange filed Rule Change File No. SR-CBOE-2005-36 for immediate
effectiveness, which filing proposes to amend the Fee Schedule to waive May 2005 member dues for CBOE Market-Makers who automatically execute 2000 contracts or more
during May 2005 in Hybrid options classes. Any questions regarding the rule change may
be directed to Jaime Galvan, Legal Division, at 312-786-7058. The text of the amended Fee
Schedule is available from the Legal Division, or can be accessed online at https://
www.cboe.org/publish/RegCir/RG05-044.pdf.
May 11, 2005, Volume RB16, Number 19
RB9