From: Tom Zarse
Sent: February 21, 2007
Subject: File No. SR-CBOE-2006-106

I oppose the proposed rule change by the CBOE that seeks to extinguish the exercise right that full members of the CBOT, like me, have had since the CBOE was created. I traded on the floor, and made markets, at the CBOE from April 1981 through September of 1996. My CBOT membership is currently being used by a delegate to trade at the CBOE. I am currently trading options as a public customer. I am planning to return to the CBOE as a floor trader sometime in the future. I came close to returning to the CBOE as a floor trader in 2006. I updated my broker dealer license at that time, but decided, for personal reasons, to delay my return.

Extinguishing my exercise right would strip me of a valuable position that provides me with income today, and a chance to resume my career as an option market maker in the future.


Thomas A. Zarse