On June 3rd, the SEC instituted proceedings to determine whether to approved or disapprove C2 Options Exchange's proposed rule change to permit the listing and trading of P.M.-settled options on the Standard & Poor's 500 index. The SEC believes that the proposal to allow P.M. settlement of an option on the S&P 500 index raises questions as to the potential effects on the underlying cash equities markets, and thus as to whether it is consistent with the requirements of Section 6(b)(5) of the Securities Exchange Act, including whether the proposal is designed to prevent manipulation, promote just and equitable principles of trade, perfect the mechanism of a free and open market and the national market system, and protect investors and the public interest. Comments should be submitted on or before July 11, 2011. SEC Release No. 34-64599.