CBOE Exchange, Inc. (CBOE) recently filed a proposal to amend its Rule 6.49A to delete the provisions therein related to on-floor position transfers and amend the provision regarding presidential exemptions. Generally, CBOE Rule 6.49(a) requires that transactions of option contracts listed on the exchange for a premium in excess of $1.00 to be effected on the floor of the exchange or on another exchange. However, Rule 6.49A specifies certain circumstances in which CBOE Trading Permit Holders (TPHs) may nonetheless effect transfers of positions, both on and off the trading floor. CBOE proposes to eliminate entirely the procedure for on-floor position transfers, as it is administratively burdensome on the exchange and is not widely utilized. The proposed amendments would make no changes to the procedures for permissible off-floor position transfers.

The rule filing is available here.