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CLEMENT v. SECURITIES AND EXCHANGE COM'N

No. 81-1583.

674 F.2d 641 (1982)

Charles B. CLEMENT, Petitioner, v. SECURITIES AND EXCHANGE COMMISSION, Respondent, Chicago Board Options Exchange, Inc., Intervenor-Respondent.

United States Court of Appeals, Seventh Circuit.

Decided April 5, 1982.

Attorney(s) appearing for the Case

Alton B. Harris, Coffield, Ungaretti, Harris & Slayings, Chicago, Ill., for petitioner.

Anne Chafer, Securities & Exchange Comm., Washington, D. C., Arne R. Rode, Chgo. Bd. Options Exchange, Chicago, Ill., for respondent.

Before PELL and BAUER, Circuit Judges, and MORGAN, Chief District Judge.

PELL, Circuit Judge.

Charles B. Clement petitions for review of an order of the Securities and Exchange Commission (Commission or SEC) approving, pursuant to section 19(b)(2) of the Securities Exchange Act of 1934, 15 U.S.C. § 78s(b)(2) (1976) (Act), a rule change proposed by the Chicago Board Options Exchange, Inc. (CBOE). The rule change eliminates supplemental appointments for market makers on the CBOE and requires that the lesser of 75% of a market maker...

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