Re: File No. SR-CBOE-2006-106
I BELIEVE THE SEC SHOULD DISAPPROVE THE CBOE's PROPOSED RULE CHANGE
Dear Securities and Exchange Commissioners,
I have been a Chicago Board of Trade Associate Member since 1977 and will not recover any of the money that I personally paid in dues to the CBOT that were used to finance the building of the CBOE Trading Floor. I feel that it is not right that CBOT full members will loose their trading rights so that the CBOE and its members can receive more stock.
The Trading Right issue is not just about money but is about the people that worked hard to create the CBOE. The SEC should take into consideration that the CBOT full members worked hard, took financial risks using their own money and time and energy to start trading the new option contracts. They started the groundwork which has made the CBOE prosper and become a major exchange. They paid dues to finance the building (twice) of the option trading floor, advertising, hiring, security, membership department, and other needs.
Why should the CBOE be allowed to void a long term contract? This doesn't seem legal. Yes, we did merge from CBOT to CBOT Holdings and possibly CME/ CBOT Holdings. The CBOE presently is also merging from CBOE to CBOE Holdings.
Thank you for considering the CBOT full member's contractual rights under Article Fifth (b).
Joyce Selander, Associate Member CBOT