Subject: File No. SR-CBOE-2011-100
From: Ron March

December 8, 2011

I don't know if anyone followed the closing of the SPX last Friday, but I did.

These were the final prints:

2:59 1244.96
3:00 1244.23
3:00 1244.22
3:00 1244.25
3:00 1244.24
3:00 1244.25
3:01 1244.27
3:01 1244.26
3:02 1244.27
3:02 1244.28

The fact is that the index dropped 73 cents at 3:00 and NO ONE could make a trade. Friday was a relatively calm trading day and the index still moved that much. The 1245 calls were still .25 bid on the close and could have been traded.

So I still don't know what is being accomplished here. You are allowing the elimination of liquidity, volume and increasing risk at the same time.

Shouldn't the SEC and the CBOE be promoting the opposite????