The Securities and Exchange Commission is seeking comments on NYSE Arca’s proposed rule change to increase the maximum term for Flexible Exchange (FLEX) Options. The maximum term generally is three years for FLEX Equity Options and five years for FLEX Index Options. NYSE Arca proposes to increase the maximum term for all FLEX Options to 15 years and to eliminate the requirement that a FLEX Post Official make a liquidity assessment. NYSE Arca believes that expanding the eligible term for FLEX Options will meet investor interest in expanding the maximum term and accommodate investor desire to bring trades that are otherwise conducted in the over-the-counter market to an exchange environment.

Comments are due by February 24.  

http://www.sec.gov/rules/sro/nysearca/2009/34-59305.pdf