On December 17th, the SEC approved the Chicago Board Options Exchange's proposed a new term, "Professional," which would be defined in proposed CBOE Rule 1.1(ggg) as a person or entity that is not a broker or dealer in securities, and places for its own beneficial account(s) more than 390 orders in listed options per day, on average, during a calendar month. A Professional will be treated in the same manner as a broker or dealer for purposes of specified order execution rules of the CBOE. SEC Release No. 34-61198.