CBOE Rule Change Increases Fines For Minor Slips

Law360, New York (February 20, 2008, 12:00 AM EST) -- Individual traders and organizational members of the Chicago Board Options Exchange will face harsher penalties for minor rule violations, under a rule change approved last week by the U.S. Securities and Exchange Commission.

The change, published Wednesday in the Federal Register, imposes fines for individuals and member organizations who fail to submit “advice cancel,” or instructions relating to the exercise of a noncash-settled equity option, to the CBOE in a timely manner.

Additionally, the rule change extends the “surveillance” period relating to these infractions from 12...
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