The U.S. options exchanges, the Chicago Board Options Exchange, the American Stock Exchange, NYSE Arca, the International Securities Exchange, the Boston Options Exchange and the Philadelphia Stock Exchange, have all submitted rule changes to the Securities and Exchange Commission proposing the extension of their “penny pilot” programs, as well as a two-phase expansion of the program to include fifty additional options series between September 28, 2007 and March 27, 2009. The industry-wide penny pilot program currently permits thirteen options series to be quoted and traded in increments of $.01, and is scheduled to expire on September 27, 2007.