The Securities and Exchange Commission has approved a proposal by the Chicago Board Options Exchange (CBOE) to amend the CBOE’s “obvious error rules” to permit the President of the CBOE or the President’s designee, on either person’s own motion or upon request, to review any transaction occurring on the CBOE that is believed to be erroneous. A transaction reviewed under the amended rules may be nullified or adjusted only if the President or the President’s designee determines that the transaction is erroneous. The President or the President’s designee will ordinarily be expected to act as soon as possible on the day it receives notification of a transaction but may act no later than 8:30 a.m. (CT) on the next trading day for a transaction that occurs near the close of trading or due to unusual circumstances. The amended rules do not replace a party’s obligation to request a review of any transaction believed to meet the criteria for an obvious error.  

http://www.cboe.org/publish/RegCir/RG09-029.pdf