[ by Melanie Gretchen ] CBOE's top compliance officer was placed on leave in the wake of an SEC investigation into the exchange's oversight of traders.  The SEC is looking into whether the SRO, which operates the largest U.S. options exchange, properly supervises the activities of its member firms and their traders. Patrick Fay, CBOE's SVP of member and regulatory services was placed on administrative  leave, according to people familiar with the matter.  Mr. Fay has been with CBOE for 24 years.  While neither he nor the exchange has been accused of any wrongdoing, the SEC probe was prompted by CBOE's handling of MF Global.  The SRO was the designated examining authority ("DEA") for MF Global's broker-dealer unit, enforcing securities-market regulations;  the CME regulated MF Global's futures-trading business. More on Patrick Fay. Mr. Fay is one of the exchange's 10 executive officers and has led its regulatory division since 2006.  Prior to that, he worked on trading operations and marketing for the exchange. For more details, go to [WSJ, 3/5/12].