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Form 19B-4 Amendment No OMB APPROVAL OMB Number: 3235-0045 Expires: June 30, 2007 Estimated average burden hours per response............38 Page 1 of 29 SECURITIES AND EXCHANGE COMMISSION File No. SR - 2005 - 10 WASHINGTON, D.C. 20549 Form 19b-4 Amendment No. Proposed Rule Change by Boston Stock Exchange Pursuant to Rule 19b-4 under the Securities Exchange Act of 1934 Initial Amendment Withdrawal Section 19(b)(2) Section 19(b)(3)(A) Section 19(b)(3)(B) Rule Extension of Time Period 19b-4(f)(1) 19b-4(f)(4) Pilot Date Expires for Commission Action 19b-4(f)(2) 19b-4(f)(5) 19b-4(f)(3) 19b-4(f)(6) Exhibit 2 Sent As Paper Document Exhibit 3 Sent As Paper Document Description Provide a brief description of the proposed rule change (limit 250 characters). The purpose of the rule is to amend Section 7 (Position Limits), Section 8 (Exemptions from Position Limits), and Section 9 (Exercise Limits) of Chapter III of the Rules of the Boston Options Exchange ("BOX") to increase the standard position and exercise limits for equity options contracts and options on the Nasdaq-100 Index Tracking Contact Information Provide the name, telephone number and e-mail address of the person on the staff of the self-regulatory organization prepared to respond to questions and comments on the proposed rule change. First Name Annah Last Name Kim Title Chief Regulatory Officer, BOXR E-mail [email protected] Telephone (781) 759-1420 Fax Signature Pursuant to the requirements of the Securities Exchange Act of 1934, has duly caused this filing to be signed on its behalf by the undersigned thereunto duly authorized. Date 03/01/2005 By Maura Looney Assistant Vice-President (Name) Regulation and Enforcement (Title) NOTE: Clicking the button at right will digitally sign and lock this form. A digital signature is as legally binding as a physical Maura A. Looney, signature, and once signed, this form cannot be changed. SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 For complete Form 19b-4 instructions please refer to the EFFS website. Form 19b-4 Information The self-regulatory organization must provide all required information, presented in a clear and comprehensible manner, to enable the public to provide meaningful Add Remove View comment on the proposal and for the Commission to determine whether the proposal is consistent with the Act and applicable rules and regulations under the Act. Exhibit 1 - Notice of Proposed Rule Change The Notice section of this Form 19b-4 must comply with the guidelines for publication in the Federal Register as well as any requirements for electronic filing as published by the Commission (if applicable). The Office of the Federal Register Add Remove View (OFR) offers guidance on Federal Register publication requirements in the Federal Register Document Drafting Handbook, October 1998 Revision. For example, all references to the federal securities laws must include the corresponding cite to the United States Code in a footnote. All references to SEC rules must include the corresponding cite to the Code of Federal Regulations in a footnote. All references to Securities Exchange Act Releases must include the release number, release date, Federal Register cite, Federal Register date, and corresponding file number (e.g., SR-[SRO]-xx-xx). A material failure to comply with these guidelines will result in the proposed rule change being deemed not properly filed. See also Rule 0-3 under the Act (17 CFR 240.0-3) Exhibit 2 - Notices, Written Comments, Copies of notices, written comments, transcripts, other communications. If such Transcripts, Other Communications documents cannot be filed electronically in accordance with Instruction F, they shall be filed in accordance with Instruction G. Add Remove View Exhibit Sent As Paper Document Exhibit 3 - Form, Report, or Questionnaire Copies of any form, report, or questionnaire that the self-regulatory organization proposes to use to help implement or operate the proposed rule change, or that is Add Remove View referred to by the proposed rule change. Exhibit Sent As Paper Document Exhibit 4 - Marked Copies The full text shall be marked, in any convenient manner, to indicate additions to and deletions from the immediately preceding filing. The purpose of Exhibit 4 is to permit Add Remove View the staff to identify immediately the changes made from the text of the rule with which it has been working. Exhibit 5 - Proposed Rule Text The self-regulatory organization may choose to attach as Exhibit 5 proposed changes to rule text in place of providing it in Item I and which may otherwise be Add Remove View more easily readable if provided separately from Form 19b-4. Exhibit 5 shall be considered part of the proposed rule change. Partial Amendment If the self-regulatory organization is amending only part of the text of a lengthy proposed rule change, it may, with the Commission's permission, file only those Add Remove View portions of the text of the proposed rule change in which changes are being made if the filing (i.e. partial amendment) is clearly understandable on its face. Such partial amendment shall be clearly identified and marked to show deletions and additions. File No. SR-BSE-2005-10 Submitted: March 1, 2005 Page 3 of 29 Item 1. Text of Proposed Rule Change a) The Boston Stock Exchange (“Exchange” or “BSE”) proposes to amend Section 7 (Position Limits), Section 8 (Exemptions from Position Limits), and Section 9 (Exercise Limits) of Chapter III of the Rules of the Boston Options Exchange (“BOX”) to increase the standard position and exercise limits for equity options contracts and options on the Nasdaq- 100 Index Tracking Stock (“QQQQ”). The text of the proposed rule change is attached as Exhibit 5. b) Not applicable to application of any other Exchange rule. c) Not applicable. Item 2. The Procedures of the Self-Regulatory Organization a) The proposed rule change was approved by the Executive Committee of the Board of Governors of the Exchange, on February 22, 2005. a) Questions and comments on the proposed rule change should be directed to Annah Kim at (781) 759-1420. Item 3. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change a) The Exchange is proposing several changes to Section 7 (Position Limits), Section 8 (Exemptions from Position Limits), and Section 9 (Exercise Limits) of Chapter III of the BOX Rules. Section 7 of Chapter III of the BOX Rules subjects equity options to one of five different position limits depending on the trading volume and outstanding shares of the underlying security. Section 8 of Chapter III of the BOX Rules establishes certain qualified hedging transactions and positions that are exempt from established options position limits as prescribed under Section 7 of Chapter III of the BOX rules. Section 9 of Chapter III of the BOX Rules establishes exercise limits for the corresponding options at the LITDOCS/590694.3 File No. SR-BSE-2005-10 Submitted: March 1, 2005 Page 4 of 29 same levels as the corresponding security’s position limits. On February 23, 2005, the Commission granted accelerated approval of a rule change proposed by the Chicago Board Options Exchange, Inc. (“CBOE”) relating to position and exercise limits.1 Standard Position and Exercise Limits The Exchange is proposing to adopt for BOX a pilot program for a period of six months during which the standard position and exercise limits for options on the QQQQ and for equity option classes traded on BOX would be increased to the following levels: Current Equity Option Contract Limit Proposed Equity Option Contract Limit 13,500 contracts 25,000 contracts 22,500 contracts 50,000 contracts 31,500 contracts 75,000 contracts 60,000 contracts 200,000 contracts 75,000 contracts 250,000 contracts Current QQQQ Option Contract Limit Proposed QQQQ Option Contract Limit 300,000 contracts 900,000 contracts BOX’s standard position limits have been in effect since BOX commenced trading in February 2004. These standard position limits are the same as the standard position limits at the other options exchanges at that time, which were last increased on December 31, 1998.2 Since that time, there has been a steady increase in the number of accounts on the options exchanges that, (a) approach the position limit; (b) exceed the position limit; and (c) are granted an exemption to the standard limit. Several member firms have petitioned the options exchanges to either eliminate position limits, or in lieu of total elimination, increase the current levels and expand the available hedge 1 See Securities Exchange Act Rel. No. 51244 (February 23, 2005). 2 See Securities Exchange Act Release No. 40875 (December 31, 1998), 64 FR 1842 (January 12, 1999) (SR-CBOE-98-25) (approval of increase in position limits and exercise limits) LITDOCS/590694.3 File No. SR-BSE-2005-10 Submitted: March 1, 2005 Page 5 of 29 exemptions. A review of available data indicates that the majority of accounts that maintain sizable positions are in those option classes subject to the 60,000 and 75,000 tier limits. There also has been an increase in the number of accounts that maintain sizable positions in the lower three tiers. In addition, overall volume in the options market has consistently increased over the past five years. The Exchange believes that the increase in options volume and lack of evidence of market manipulation occurrences during that same period justifies the proposed increases in the position and exercise limits. The Exchange also proposes the adoption of a new equity hedge exemption to the existing exemptions currently provided under Section 8 of Chapter III of the BOX Rules.
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