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SEC COMMISSION OPINION
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EXTRACTED KEY WORDS
EXCHANGE ACCOUNT TRADING VIOLATION DISCRETION MEMBER TRADE DISCIPLINARY ACTION EQUITABLE PRINCIPLES CHICAGO BOARD OPTIONS CUSTOMER REGISTERED OPTIONS CBOE SECURITIES EXCHANGE ACT COMMISSION EXCHANGE ACT INCONSISTENT FIRM WRITTEN AUTHORIZATION MACIOROWSKI STOCK PURCHASES OPPENHEIMER PROCEEDING PRIOR WRITTEN AUTHORIZATION TRANSACTIONS JURISDICTION RIVERSIDE PLAZA NATIONAL OPTIONS EXCHANGE MEMBER ORGANIZATION |
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
SECURITIES EXCHANGE ACT OF 1934
Rel. No. 34-41804 / August 27, 1999
Admin. Proc. File No. 3-9682
_________________________________________________________________
In the Matter of the Application of
WILLIAM J. MURPHY
c/o James J. Moylan, Esq.
Arnstein & Lehr
120 S. Riverside Plaza
Suite 1200
Chicago IL 60606-3913
For Review of Disciplinary Action Taken by the
CHICAGO BOARD OPTIONS EXCHANGE, INC.
_________________________________________________________________
OPINION OF THE COMMISSION
REGISTERED OPTIONS EXCHANGE -- REVIEW OF DISCIPLINARY PROCEEDING
Violations of Exchange Rules
Conduct Inconsistent with Just and Equitable Principles of Trade
Failure to Obtain Advance Written Approval for Discretionary Trading
in Options
Former associated person of member of national options exchange failed
to obtain advance written approval from customer and firm for
discretionary trading in customer account. Held, review proceeding is
sustained.
APPEARANCES
James J. Moylan, of Arnstein & Lehr, for William J. Murphy.
Andrew D. Spiwak and Christopher R. Hill, for the Chicago Board
Options Exchange, Inc.
Appeal filed February 26, 1998
Last brief received December 18, 1998
I.
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