The Securities and Exchange Commission has approved rule amendments filed by the Chicago Board Options Exchange, Philadelphia Stock Exchange and NYSE Arca Inc. (together Exchanges) to allow listing of options on issues that fail to meet the original listing requirements of the Exchanges, if the options are listed on another securities exchange and the underlying security meets the continued listing requirements of the Exchanges, respectively. Under the previous rules, if the underlying security failed to meet the Exchanges’ original listing requirement, the Exchange could not list an option on that security. However, if another exchange had already listed an option it could continue trading options on that security if the issuer met the continued listing requirement. This created trading monopolies in certain options. The Exchanges argued that the combination of requirements that the option be listed on another securities exchange and that the underlying securitymeet the Exchange’s continued listing requirements would correct this limit on competition.