Board of Governors; Sunshine Act Meeting, 26736 [2020-09714]
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26736
Federal Register / Vol. 85, No. 87 / Tuesday, May 5, 2020 / Notices
in the captioned docket(s) are consistent
with the policies of title 39. For
request(s) that the Postal Service states
concern market dominant product(s),
applicable statutory and regulatory
requirements include 39 U.S.C. 3622, 39
U.S.C. 3642, 39 CFR part 3030, and 39
CFR part 3040, subpart B. For request(s)
that the Postal Service states concern
competitive product(s), applicable
statutory and regulatory requirements
include 39 U.S.C. 3632, 39 U.S.C. 3633,
39 U.S.C. 3642, 39 CFR part 3035, and
39 CFR part 3040, subpart B. Comment
deadline(s) for each request appear in
section II.
meeting may be closed under the
Government in the Sunshine Act.
II. Docketed Proceeding(s)
1. Docket No(s).: MC2020–123 and
CP2020–131; Filing Title: USPS Request
to Add Priority Mail Contract 611 to
Competitive Product List and Notice of
Filing Materials Under Seal; Filing
Acceptance Date: April 29, 2020; Filing
Authority: 39 U.S.C. 3642, 39 CFR
3040.130 et seq., and 39 CFR 3035.105;
Public Representative: Christopher C.
Mohr; Comments Due: May 7, 2020.
2. Docket No(s).: MC2020–124 and
CP2020–132; Filing Title: USPS Request
to Add Priority Mail Contract 612 to
Competitive Product List and Notice of
Filing Materials Under Seal; Filing
Acceptance Date: April 29, 2020; Filing
Authority: 39 U.S.C. 3642, 39 CFR
3040.130 et seq., and 39 CFR 3035.105;
Public Representative: Christopher C.
Mohr; Comments Due: May 7, 2020.
This Notice will be published in the
Federal Register.
[Release No. 34–88768; File No. SR–CBOE–
2020–015]
Erica A. Barker,
Secretary.
[FR Doc. 2020–09557 Filed 5–4–20; 8:45 am]
BILLING CODE P
POSTAL SERVICE
Board of Governors; Sunshine Act
Meeting
May 1, 2020, at 1:15 p.m.
Washington, DC.
STATUS: Closed.
MATTERS TO BE CONSIDERED:
1. Administrative Issues.
2. Strategic Issues.
On May 1, 2020, a majority of the
members of the Board of Governors of
the United States Postal Service voted
unanimously to hold and to close to
public observation a special meeting in
Washington, DC, via teleconference. The
Board determined that no earlier public
notice was practicable.
General Counsel Certification: The
General Counsel of the United States
Postal Service has certified that the
TIME AND DATE:
khammond on DSKJM1Z7X2PROD with NOTICES
PLACE:
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19:16 May 04, 2020
Jkt 250001
CONTACT PERSON FOR MORE INFORMATION:
Michael J. Elston, Secretary of the
Board, U.S. Postal Service, 475 L’Enfant
Plaza SW, Washington, DC 20260–1000.
Telephone: (202) 268–4800.
Michael J. Elston,
Secretary.
[FR Doc. 2020–09714 Filed 5–1–20; 4:15 pm]
BILLING CODE 7710–12–P
SECURITIES AND EXCHANGE
COMMISSION
Self-Regulatory Organizations; Cboe
Exchange, Inc.; Notice of Filing of
Amendment No. 1 and Order Granting
Accelerated Approval of a Proposed
Rule Change, as Modified by
Amendment No. 1, To Increase
Position Limits for Options on Certain
Exchange-Traded Funds and Indexes
April 29, 2020.
I. Introduction
On February 26, 2020, Cboe
Exchange, Inc. (‘‘Exchange’’ or ‘‘Cboe’’)
filed with the Securities and Exchange
Commission (‘‘Commission’’), pursuant
to Section 19(b)(1) of the Securities
Exchange Act of 1934 (‘‘Act’’) 1 and Rule
19b–4 thereunder,2 a proposed rule
change to amend Interpretation and
Policy .07 of Exchange Rule 8.30,
Position Limits, and Rule 8.31, Position
Limits for Broad-Based Index Options,
to increase the position limits for
options on the following exchangetraded funds (‘‘ETFs’’) and indexes: The
Standard and Poor’s Depositary Receipts
Trust (‘‘SPY’’), iShares China Large-Cap
ETF (‘‘FXI’’), iShares MSCI EAFE ETF
(‘‘EFA’’), iShares iBoxx High Yield
Corporate Bond Fund (‘‘HYG’’),
Financial Select Sector SPDR Fund
(‘‘XLF’’), Market Vectors Oil Services
ETF (‘‘OIH’’),3 MSCI Emerging Markets
Index (‘‘MXEF’’), and MSCI EAFE Index
(‘‘MXEA’’). The proposed rule change
was published for comment in the
Federal Register on March 16, 2020.4
On April 16, 2020, the Exchange
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 As noted below, the Exchange subsequently
amended its proposal to remove the proposed
increase in position limits for options on OIH. See
infra note 5.
4 See Securities Exchange Act Release No. 88350
(March 10, 2020), 85 FR 15003 (‘‘Notice’’).
Comments on the proposed rule change can be
found at: https://www.sec.gov/comments/sr-cboe2020-015/srcboe2020015.htm.
2 17
PO 00000
Frm 00081
Fmt 4703
Sfmt 4703
submitted Amendment No. 1 to the
proposed rule change.5 The Commission
is publishing this notice to solicit
comment on Amendment No. 1, and is
approving the proposed rule change, as
modified by Amendment No. 1, on an
accelerated basis.
II. Description of the Proposal, as
Modified by Amendment No. 1
Currently, position limits for options
on ETFs such as those subject to the
proposal, as amended,6 are determined
pursuant to Rule 8.30, and, with certain
exceptions, vary by tier according to the
number of outstanding shares and past
six-month trading volume of the
underlying security.7 Options in the
highest tier—i.e., options that overlie
securities with the largest numbers of
outstanding shares and trading
volume—have a standard option
position limit of 250,000 contracts (with
adjustments for splits, re-capitalizations,
etc.) on the same side of the market.8 In
addition, Interpretation and Policy .07
of Rule 8.30 currently sets forth separate
position limits for options on certain
ETFs, including 1,800,000 contracts for
options on SPY, and 500,000 contracts
for options on FXI and EFA. Similarly,
position limits for options on broadbased indexes such as those subject to
the proposal, as amended,9 are
determined pursuant to Rule 8.31,
which provides a position limit of
25,000 contracts for options, restricted
to no more than 15,000 near-term, on all
broad-based indexes except those
specifically listed under Rule 8.31 for
5 In Amendment No. 1, the Exchange: (1)
Provided additional justification and analysis in
support of the proposal, which is summarized
below; (2) revised its proposal to eliminate the
proposed increase to position limits for options on
OIH; and (3) made technical, corrective, and
clarifying changes. The full text of Amendment No.
1 is available on the Commission’s website at:
https://www.sec.gov/comments/sr-cboe-2020-015/
srcboe2020015-7081714-215592.pdf.
6 See Notice, supra note 4, at 15005–06, for
descriptions provided by the Exchange regarding
the composition and design of the underlying ETFs
of each of the ETF options subject to this proposal.
7 Pursuant to Rule 8.42, Interpretation and Policy
.02, which provides that the exercise limits for ETF
options are equivalent to their position limits, the
exercise limits for each of these options would be
increased to the level of the new position limits.
8 To be eligible for this tier, either the recent sixmonth trading volume of the underlying security
must have totaled at least 100,000,000 shares; or the
most recent six-month trading volume of the
underlying security must have totaled at least
75,000,000 shares and the underlying security must
have at least 300,000,000 shares currently
outstanding. See Rule 8.30, Interpretation and
Policy .02(e). Options on XLF and HYG currently
fall into this tier.
9 See Notice, supra note 4, at 15006–07, for
descriptions provided by the Exchange regarding
the composition and design of the underlying
indexes of each of the index options subject to this
proposal.
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05MYN1
Agencies
[Federal Register Volume 85, Number 87 (Tuesday, May 5, 2020)]
[Notices]
[Page 26736]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-09714]
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POSTAL SERVICE
Board of Governors; Sunshine Act Meeting
TIME AND DATE: May 1, 2020, at 1:15 p.m.
PLACE: Washington, DC.
STATUS: Closed.
MATTERS TO BE CONSIDERED:
1. Administrative Issues.
2. Strategic Issues.
On May 1, 2020, a majority of the members of the Board of Governors
of the United States Postal Service voted unanimously to hold and to
close to public observation a special meeting in Washington, DC, via
teleconference. The Board determined that no earlier public notice was
practicable.
General Counsel Certification: The General Counsel of the United
States Postal Service has certified that the meeting may be closed
under the Government in the Sunshine Act.
CONTACT PERSON FOR MORE INFORMATION: Michael J. Elston, Secretary of
the Board, U.S. Postal Service, 475 L'Enfant Plaza SW, Washington, DC
20260-1000. Telephone: (202) 268-4800.
Michael J. Elston,
Secretary.
[FR Doc. 2020-09714 Filed 5-1-20; 4:15 pm]
BILLING CODE 7710-12-P