Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 19.6.05 To Allow Monday and Wednesday Expirations for Options Listed Pursuant to the Short Term Option Series Program on the iShares Russell 2000 ETF (“IWM”), 56335-56338 [2021-21993]
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Federal Register / Vol. 86, No. 193 / Friday, October 8, 2021 / Notices
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
• Use the Commission’s internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
CBOE–2021–057 on the subject line.
Paper Comments
jspears on DSK121TN23PROD with NOTICES1
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549–1090.
All submissions should refer to File
Number SR–CBOE–2021–057. This file
number should be included on the
subject line if email is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
internet website (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for website viewing and
printing in the Commission’s Public
Reference Room, 100 F Street NE,
Washington, DC 20549 on official
business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the
filing also will be available for
inspection and copying at the principal
office of the Exchange. All comments
received will be posted without change.
Persons submitting comments are
cautioned that we do not redact or edit
personal identifying information from
comment submissions. You should
submit only information that you wish
to make available publicly. All
submissions should refer to File
Number SR–CBOE–2021–057 and
should be submitted on or before
October 29, 2021.
17:07 Oct 07, 2021
[FR Doc. 2021–21985 Filed 10–7–21; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
Electronic Comments
VerDate Sep<11>2014
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.27
J. Matthew DeLesDernier,
Assistant Secretary.
Jkt 256001
[Release No. 34–93254; File No. SR–
CboeBZX–2021–069]
Self-Regulatory Organizations; Cboe
BZX Exchange, Inc.; Notice of Filing
and Immediate Effectiveness of a
Proposed Rule Change To Amend Rule
19.6.05 To Allow Monday and
Wednesday Expirations for Options
Listed Pursuant to the Short Term
Option Series Program on the iShares
Russell 2000 ETF (‘‘IWM’’)
October 4, 2021.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on October
1, 2021, Cboe BZX Exchange, Inc. (the
‘‘Exchange’’ or ‘‘BZX’’) filed with the
Securities and Exchange Commission
(the ‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been prepared
by the Exchange. The Exchange filed the
proposal as a ‘‘non-controversial’’
proposed rule change pursuant to
Section 19(b)(3)(A)(iii) of the Act 3 and
Rule 19b–4(f)(6) thereunder.4 The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
Cboe BZX Exchange, Inc. (the
‘‘Exchange’’ or ‘‘BZX Options’’)
proposes to amend Rule 19.6.05 to allow
Monday and Wednesday expirations for
options listed pursuant to the Short
Term Option Series Program on the
iShares Russell 2000 ETF (‘‘IWM’’). The
text of the proposed rule change is
provided in Exhibit 5.
The text of the proposed rule change
is also available on the Exchange’s
website (https://markets.cboe.com/us/
equities/regulation/rule_filings/bzx/), at
the Exchange’s Office of the Secretary,
and at the Commission’s Public
Reference Room.
27 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(iii).
4 17 CFR 240.19b–4(f)(6).
1 15
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56335
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange included statements
concerning the purpose of and basis for
the proposed rule change and discussed
any comments it received on the
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below. The
Exchange has prepared summaries, set
forth in sections A, B, and C below, of
the most significant aspects of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to amend
Rule 19.6.05 to allow Monday and
Wednesday expirations for options
listed pursuant to the Short Term
Option Series Program on IWM. The
Exchange notes that this proposed rule
change is substantively identical to a
rule change recently adopted by Nasdaq
Phlx LLC. (‘‘Phlx’’) 5 and approved by
the Securities and Exchange
Commission (‘‘Commission’’).6
Rule 19.6.05 7 currently governs the
Exchange’s Short Term Option Series
Program. The term ‘‘Short Term Option
Series’’ means a series in an option class
that is approved for listing and trading
on the Exchange in which the series is
opened for trading on any Monday,
Tuesday, Wednesday, Thursday or
Friday that is a business day and that
expires on the Monday, Wednesday or
Friday of the next business week, or, in
the case of a series that is listed on a
Friday and expires on a Monday, is
listed one business week and one
business day prior to that expiration. If
a Tuesday, Wednesday, Thursday or
Friday is not a business day, the series
may be opened (or shall expire) on the
first business day immediately prior to
that Tuesday, Wednesday, Thursday or
Friday, respectively. For a series listed
pursuant to this section for Monday
5 See Securities Exchange Release No. 92655
(August 12, 2021), 86 FR 46304 (August 18, 2021)
(SR–Phlx–2021–43) (Notice of Filing of Proposed
Rule Change To Permit Monday and Wednesday
Expirations for Options Listed Pursuant to the Short
Term Option Series Program on the iShares Russell
2000 ETF (‘‘IWM’’)).
6 See Securities Exchange Release No. 93157
(September 28, 2021) (SR–Phlx–2021–43) (Order
Approving a Proposed Rule Change to Permit
Monday and Wednesday Expirations for Options
Listed Pursuant to the Short Term Options Program
on the iShares Russell 2000 ETF (IWM)).
7 The proposed rule change corrects an incorrect
cross-reference in Rule 19.05 [sic].
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Federal Register / Vol. 86, No. 193 / Friday, October 8, 2021 / Notices
jspears on DSK121TN23PROD with NOTICES1
expiration, if a Monday is not a business
day, the series shall expire on the first
business day immediately following that
Monday.8 Rule 19.6.05(h) provides that
the Exchange may open weekly series
for options on the SPDR S&P 500 ETF
Trust (‘‘SPY’’) and the Invesco QQQ
Trust (‘‘QQQ’’) with Monday and
Wednesday expirations.
The proposed rule change amends
Rule 19.6.05(h) to also allow Monday
and Wednesday expirations for options
on IWM. Specifically, the proposed rule
change amends Rule 19.6.05(h) to
provide that the Exchange may open for
trading on any Friday or Monday that is
a business day series of options on the
SPDR S&P 500 ETF Trust (‘‘SPY’’), the
iShares Russell 2000 ETF (‘‘IWM’’) and 9
the Invesco QQQ Trust (‘‘QQQ’’) to
expire on any Monday of the month that
is a business day and is not a Monday
on which Quarterly Options Series
expire (‘‘Monday SPY Expirations’’,
‘‘Monday IWM Expirations’’ and
‘‘Monday QQQ Expirations’’), provided
that any Friday on which the Exchange
opens for trading a Monday SPY, IWM
and QQQ Expiration is one business
week and one business day prior to
expiration. The Exchange may also open
for trading on any Tuesday or
Wednesday that is a business day series
of SPY options, IWM options and QQQ
options to expire on any Wednesday of
the month that is a business day and is
not a Wednesday on which Quarterly
Options Series expire (‘‘Wednesday SPY
Expirations’’, ‘‘Wednesday IWM
Expirations’’ and ‘‘Wednesday QQQ
Expirations’’). The Exchange may list up
to five consecutive series of each
Monday SPY, IWM and QQQ
Expirations and up to five consecutive
series of each Wednesday SPY, IWM
and QQQ Expirations at one time; the
Exchange may have no more than a total
of five of each Monday SPY, IWM and
QQQ Expirations and no more than a
total of five of each Wednesday SPY,
IWM and QQQ Expirations. Monday
and Wednesday SPY, IWM and QQQ
Expirations will be subject to the
provisions of this Rule.10 Additionally,
the proposed rule change amends Rule
19.6.05(b), which currently excepts
Monday and Wednesday SPY and QQQ
Expirations from the prohibition on
Short Term Option Series expiring in
the same week in which monthly option
8 See Rule 16.1, definition of ‘‘Short Term Option
Series’’.
9 The proposed rule change makes a
nonsubstantive change in order to simplify the rule
language.
10 The proposed rule change also updates a
reference to ‘‘Monday or Wednesday SPY and QQQ
Expirations’’ in Rule 19.6.05 to refer to ‘‘Monday or
Wednesday SPY, IWM and QQQ Expirations’’.
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17:07 Oct 07, 2021
Jkt 256001
series on the same class expire, to
provide that, with the exception of
Monday and Wednesday SPY, IWM and
QQQ Expirations, no Short Term Option
Series may expire in the same week in
which monthly option series on the
same class expire.
Similar to SPY and QQQ, the
Exchange believes that the introduction
of IWM Monday and Wednesday
Expirations will expand hedging tools
available to market participants and
continue to assist in reducing the
premium cost of buying protection. By
offering Monday and Wednesday IWM
Expirations, the proposed rule change
will allow market participants to
purchase IWM based on their timing
needs and allow them to more
effectively tailor their investment and
hedging strategies.
The Exchange notes that, pursuant to
the definition of Short Term Option
Series,11 if the Exchange is not open for
business on a Wednesday, then a
Wednesday IWM Expiration will expire
on the first business day immediately
prior to that Wednesday (e.g., Tuesday
of that week). However, regarding
Monday IWM Expirations, if the
Exchange is not open for business on a
Monday, then a Monday IWM
Expiration will expire on the first
business day following that Monday
(e.g., Tuesday of that week). This is the
same expiration process currently in
place for Monday and Wednesday SPY
and QQQ Expirations. The Exchange
believes that it is appropriate to require
Monday expiration series to expire on
the Tuesday of that week, rather than
the previous business day (e.g., the
previous Friday), when expiration
Monday does not fall on a business day
because the immediately following
Tuesday is closer in time to the
scheduled expiration date of the series
than the previous Friday. Therefore, the
following business day in this case may
be more representative of anticipated
market conditions than the previous
business day. The Exchange notes that,
not only are Monday SPY and QQQ
Expirations treated in the same manner
today, but the same applies to weekly
index options listed pursuant to the
Nonstandard Expiration Program.12 The
Exchange also notes that permitting
Monday and Wednesday IWM
Expirations to expire in the same week
as monthly options series on the same
class, like that of Monday and
Wednesday SPY and QQQ Expirations,
is appropriate because Monday and
Wednesday IWM Expirations and
standard monthly options will not
expire on the same trading day, as
standard monthly options expire on
Fridays. Additionally, the Exchange
believes that listing Monday and
Wednesday IWM Expirations each week
of the month will provide consistency
for investors and mitigate any potential
confusion regarding weekly listings.
The Exchange notes that the interval
between strike prices for the proposed
Monday and Wednesday IWM
Expirations are the same as those for the
Monday and Wednesday SPY and QQQ
Expirations and the Short Term Option
Series with Wednesday and Friday
expirations.13 Specifically, the proposed
Monday and Wednesday IWM
Expirations have a $0.50 strike interval
minimum.14 As is the case with other
equity options series listed pursuant to
the Short Term Option Series Program,
Monday and Wednesday IWM
Expirations are P.M.-settled. Also,
pursuant to Rule 19.6.05(a), the
Exchange may open up to 30 Short
Term Option Series for each expiration
date in each option class eligible for
participation in the Short Term Option
Series Program. This includes Monday
and Wednesday IWM Expirations for
IWM options. In addition to the 30
series per class, the Exchange may open
Short Term Option Series, including
Monday and Wednesday IWM
Expirations, that are opened by other
securities exchanges in option classes
selected by such exchanges under their
respective short term option rules.
The Exchange does not believe that
listing series of P.M.-settled Monday
and Wednesday expirations for options
on IWM will have any adverse impact
on fair and orderly markets as the
Exchange already lists weekly series
with the same settlement and
expirations for options on SPY and
QQQ, as well as for weekly index
options pursuant to the Nonstandard
Pilot Program,15 and has not
experienced any issues regarding
adverse market impact in connection
with the listing of these series. The
Exchange represents that it has the
necessary capacity and surveillance
programs in place to support and
properly monitor trading in the
proposed Monday and Wednesday IWM
Expirations. The Exchange currently
deploys such surveillance programs to
monitor Monday and Wednesday SPY
and QQQ Expirations and has not
experienced any issues with capacity in
connection with listing Monday and
Wednesday SPY and QQQ Expirations.
The Exchange intends to begin
13 See
Rule 19.6.05(e).
id.
15 See supra note 12.
11 See
supra note 8.
12 See Rule 29.11(j)(1).
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14 See
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Federal Register / Vol. 86, No. 193 / Friday, October 8, 2021 / Notices
implementation of the proposed rule
change on October 5, 2021, as Phlx, as
well as its affiliated options exchanges,
intend to begin listing weekly Monday
IWM Expirations on this date.16 The
Exchange will issue a notice of the
planned implementation date to its
Members in advance.
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2. Statutory Basis
The Exchange believes the proposed
rule change is consistent with the
Securities Exchange Act of 1934 (the
‘‘Act’’) and the rules and regulations
thereunder applicable to the Exchange
and, in particular, the requirements of
Section 6(b) of the Act.17 Specifically,
the Exchange believes the proposed rule
change is consistent with the Section
6(b)(5) 18 requirements that the rules of
an exchange be designed to prevent
fraudulent and manipulative acts and
practices, to promote just and equitable
principles of trade, to foster cooperation
and coordination with persons engaged
in regulating, clearing, settling,
processing information with respect to,
and facilitating transactions in
securities, to remove impediments to
and perfect the mechanism of a free and
open market and a national market
system, and, in general, to protect
investors and the public interest.
Additionally, the Exchange believes the
proposed rule change is consistent with
the Section 6(b)(5) 19 requirement that
the rules of an exchange not be designed
to permit unfair discrimination between
customers, issuers, brokers, or dealers.
In particular, the Exchange believes
the Short Term Option Series Program
has been successful to date and that
listing Monday and Wednesday IWM
Expirations, like Monday and
Wednesday SPY and QQQ Expirations
already listed for trading, will expand
the ability of investors to effectively
hedge risk against market movements
stemming from economic releases or
market events that occur throughout the
month. The Exchange believes that
offering Monday and Wednesday IWM
Expirations will create greater trading
and hedging opportunities and
flexibility for investors, allowing them
to use IWM options listed pursuant to
the Short Term Option Series Program
in a manner more effectively tailored
their investment and hedging objectives.
16 See Options Trader Alert #2021—54, Nasdaq
Introduces Monday and Wednesday Weekly
Expirations For IWM Options (September 22, 2021)
available at: https://www.nasdaqtrader.com/
MicroNews.aspx?id=OTA2021-54. Phlx, BX, NOM,
ISE, GEMX, and MRX anticipate listing weekly
Wednesday IWM Expirations on October 5, 2021.
17 15 U.S.C. 78f(b).
18 15 U.S.C. 78f(b)(5).
19 Id.
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17:07 Oct 07, 2021
Jkt 256001
As already noted, the Exchange
currently offers series with the same
settlement (P.M.) and expirations
(Monday and Wednesday) for options
on SPY and QQQ and for weekly index
options pursuant to the Nonstandard
Pilot Program.20 The Exchange again
notes that the proposed rule change is
substantively identical to a rule recently
adopted by Phlx and approved by the
Commission.21
The manner in which Monday IWM
Expirations will expire when expiration
Monday lands on a holiday is consistent
with the manner in which Monday SPY
and QQQ Expirations currently expire
under the same circumstances. The
Exchange believes that allowing
Monday IWM Expirations that expire on
a holiday to fall on the following
business day, as opposed to the prior
business day (as applicable to
Wednesday and Friday expirations that
expire on a holiday), removes
impediments to and perfects the
mechanism of a free and open market
and national by permitting such
Monday expirations to occur closer in
time to the scheduled expiration date of
the series, which may be more
representative of anticipated market
conditions. Additionally, the proposed
rule change to except Monday and
Wednesday IWM Expirations from the
prohibition on Short Term Option
Series expiring in the same week in
which monthly option series on the
same class expire is consistent with the
same exception that currently applies to
Monday and Wednesday SPY and QQQ
Expirations.22 The proposed rule change
is designed to provide consistency for
investors and mitigate any potential
confusion regarding weekly listings
each week of the month.
The Exchange does not believe that
listing series of P.M.-settled Monday
and Wednesday expirations for options
on IWM will have any adverse impact
on fair and orderly markets as the
Exchange already lists series with the
same settlement and expirations for
options on SPY and QQQ, as well as for
weekly index options pursuant to the
Nonstandard Pilot Program,23 and has
not observed any adverse market impact
in connection with the listing of these
series. The Exchange represents that it
already has an adequate surveillance
program in place to detect and deter any
manipulative trading in Monday and
Wednesday expirations, including
20 See
supra note 12.
supra notes 5 and 6.
22 As stated herein, because monthly options
expire on Fridays, Monday and Wednesday weekly
options will not land on the same day.
23 See supra note 12.
21 See
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56337
Monday and Wednesday IWM
Expirations, and that it has the
necessary systems capacity to support
the listing and trading of the new series.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act. The
Exchange does not believe that the
proposed rule change will impose any
burden on intramarket competition that
is not necessary or appropriate in
furtherance of the purposes of the Act
as Monday and Wednesday IWM
Expirations will be available for quoting
and trading on the Exchange for all
market participants. Therefore, all
market participants will equally be able
to transact in IWM series listed with
Monday and Wednesday expirations for
trading on the Exchange.
The Exchange does not believe that
the proposed rule change will impose
any burden on intermarket competition
that is not necessary or appropriate in
furtherance of the purposes of the Act
as it only impacts the permissible
expirations for an option series listed on
the Exchange. As stated, another options
exchange has recently implemented a
substantively identical rule to permit
Monday and Wednesday IWM
expirations on its exchange.24 As such,
this proposal is a competitive response
that will permit the Exchange to list the
same expirations for series in a
multiply-listed option as another
options exchange.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
The Exchange neither solicited nor
received comments on the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule
change does not: (i) Significantly affect
the protection of investors or the public
interest; (ii) impose any significant
burden on competition; and (iii) become
operative for 30 days from the date on
which it was filed, or such shorter time
as the Commission may designate, it has
become effective pursuant to Section
24 See
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supra notes 5 and 6.
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Federal Register / Vol. 86, No. 193 / Friday, October 8, 2021 / Notices
19(b)(3)(A) of the Act 25 and Rule 19b–
4(f)(6) thereunder.26
A proposed rule change filed
pursuant to Rule 19b–4(f)(6) under the
Act normally does not become operative
for 30 days after the date of its filing.
However, Rule 19b–4(f)(6)(iii) 27 permits
the Commission to designate a shorter
time if such action is consistent with the
protection of investors and the public
interest. The Exchange has requested
that the Commission waive the 30-day
operative delay so that the proposal may
become operative immediately upon
filing. The Commission notes that it
recently approved Phlx’s substantially
similar proposal to list and trade
Monday IWM Expirations and
Wednesday IWM Expirations.28 The
Exchange has stated that waiver of the
30-day operative delay will allow the
Exchange to implement the proposal as
a competitive response, permitting the
Exchange to list the same expirations for
series in a multiply-listed option as
another options exchange, at the same
time that such options exchange intends
to list such series. For these reasons, the
Commission believes that the proposed
rule change presents no novel issues
and that waiver of the 30-day operative
delay is consistent with the protection
of investors and the public interest, and
will allow the Exchange to remain
competitive with other exchanges.
Accordingly, the Commission hereby
waives the operative delay and
designates the proposed rule change
operative upon filing.29
At any time within 60 days of the
filing of the proposed rule change, the
Commission summarily may
temporarily suspend such rule change if
it appears to the Commission that such
action is necessary or appropriate in the
public interest, for the protection of
investors, or otherwise in furtherance of
the purposes of the Act. If the
Commission takes such action, the
Commission shall institute proceedings
to determine whether the proposed rule
change should be approved or
disapproved.
25 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6) requires a self-regulatory organization to give
the Commission written notice of its intent to file
the proposed rule change at least five business days
prior to the date of filing of the proposed rule
change, or such shorter time as designated by the
Commission. The Exchange has satisfied this
requirement.
27 17 CFR 240.19b–4(f)(6)(iii).
28 See supra note 6.
29 For purposes only of waiving the 30-day
operative delay, the Commission has also
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
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26 17
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IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
• Use the Commission’s internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
CboeBZX–2021–069 on the subject line.
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549–1090.
All submissions should refer to File
Number SR–CboeBZX–2021–069. This
file number should be included on the
subject line if email is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
internet website (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for website viewing and
printing in the Commission’s Public
Reference Room, 100 F Street NE,
Washington, DC 20549 on official
business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the
filing also will be available for
inspection and copying at the principal
office of the Exchange. All comments
received will be posted without change.
Persons submitting comments are
cautioned that we do not redact or edit
personal identifying information from
comment submissions. You should
submit only information that you wish
to make available publicly. All
submissions should refer to File
Number SR–CboeBZX–2021–069 and
should be submitted on or before
October 29, 2021.
Frm 00100
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[FR Doc. 2021–21993 Filed 10–7–21; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
Electronic Comments
PO 00000
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.30
J. Matthew DeLesDernier,
Assistant Secretary.
Sfmt 4703
[Release No. 34–93256; File No. SR–
NASDAQ–2021–007]
Self-Regulatory Organizations; The
Nasdaq Stock Market LLC; Order
Granting Approval of a Proposed Rule
Change To Adopt Additional Initial
Listing Criteria for Companies
Primarily Operating in Jurisdictions
That Do Not Provide the PCAOB With
the Ability To Inspect Public
Accounting Firms
October 4, 2021.
I. Introduction
On February 1, 2021, The Nasdaq
Stock Market LLC (‘‘Nasdaq’’ or
‘‘Exchange’’) 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
adopt additional initial listing criteria
for companies primarily operating in
jurisdictions that do not provide the
Public Company Accounting Oversight
Board (‘‘PCAOB’’) with the ability to
inspect public accounting firms. The
proposed rule change was published for
comment in the Federal Register on
February 16, 2021.3 On March 26, 2021,
pursuant to Section 19(b)(2) of the Act,4
the Commission designated a longer
period within which to approve the
proposed rule change, disapprove the
proposed rule change, or institute
proceedings to determine whether to
disapprove the proposed rule change.5
On May 17, 2021, the Commission
instituted proceedings to determine
whether to approve or disapprove the
30 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 See Securities Exchange Act Release No. 91089
(February 9, 2021), 86 FR 9549 (‘‘Notice’’).
Comments on the proposed rule change can be
found at: https://www.sec.gov/comments/sr-nasdaq2021-007/srnasdaq2021007.htm.
4 15 U.S.C. 78s(b)(2).
5 See Securities Exchange Act Release No. 91413,
86 FR 17263 (April 1, 2021). The Commission
designated May 17, 2021 as the date by which the
Commission shall approve or disapprove, or
institute proceedings to determine whether to
approve or disapprove, the proposed rule change.
1 15
E:\FR\FM\08OCN1.SGM
08OCN1
]]>Agencies
[Federal Register Volume 86, Number 193 (Friday, October 8, 2021)]
[Notices]
[Pages 56335-56338]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-21993]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-93254; File No. SR-CboeBZX-2021-069]
Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
Rule 19.6.05 To Allow Monday and Wednesday Expirations for Options
Listed Pursuant to the Short Term Option Series Program on the iShares
Russell 2000 ETF (``IWM'')
October 4, 2021.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on October 1, 2021, Cboe BZX Exchange, Inc. (the ``Exchange'' or
``BZX'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I and II
below, which Items have been prepared by the Exchange. The Exchange
filed the proposal as a ``non-controversial'' proposed rule change
pursuant to Section 19(b)(3)(A)(iii) of the Act \3\ and Rule 19b-
4(f)(6) thereunder.\4\ The Commission is publishing this notice to
solicit comments on the proposed rule change from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A)(iii).
\4\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Cboe BZX Exchange, Inc. (the ``Exchange'' or ``BZX Options'')
proposes to amend Rule 19.6.05 to allow Monday and Wednesday
expirations for options listed pursuant to the Short Term Option Series
Program on the iShares Russell 2000 ETF (``IWM''). The text of the
proposed rule change is provided in Exhibit 5.
The text of the proposed rule change is also available on the
Exchange's website (https://markets.cboe.com/us/equities/regulation/rule_filings/bzx/), at the Exchange's Office of the Secretary, and at
the Commission's Public Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend Rule 19.6.05 to allow Monday and
Wednesday expirations for options listed pursuant to the Short Term
Option Series Program on IWM. The Exchange notes that this proposed
rule change is substantively identical to a rule change recently
adopted by Nasdaq Phlx LLC. (``Phlx'') \5\ and approved by the
Securities and Exchange Commission (``Commission'').\6\
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\5\ See Securities Exchange Release No. 92655 (August 12, 2021),
86 FR 46304 (August 18, 2021) (SR-Phlx-2021-43) (Notice of Filing of
Proposed Rule Change To Permit Monday and Wednesday Expirations for
Options Listed Pursuant to the Short Term Option Series Program on
the iShares Russell 2000 ETF (``IWM'')).
\6\ See Securities Exchange Release No. 93157 (September 28,
2021) (SR-Phlx-2021-43) (Order Approving a Proposed Rule Change to
Permit Monday and Wednesday Expirations for Options Listed Pursuant
to the Short Term Options Program on the iShares Russell 2000 ETF
(IWM)).
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Rule 19.6.05 \7\ currently governs the Exchange's Short Term Option
Series Program. The term ``Short Term Option Series'' means a series in
an option class that is approved for listing and trading on the
Exchange in which the series is opened for trading on any Monday,
Tuesday, Wednesday, Thursday or Friday that is a business day and that
expires on the Monday, Wednesday or Friday of the next business week,
or, in the case of a series that is listed on a Friday and expires on a
Monday, is listed one business week and one business day prior to that
expiration. If a Tuesday, Wednesday, Thursday or Friday is not a
business day, the series may be opened (or shall expire) on the first
business day immediately prior to that Tuesday, Wednesday, Thursday or
Friday, respectively. For a series listed pursuant to this section for
Monday
[[Page 56336]]
expiration, if a Monday is not a business day, the series shall expire
on the first business day immediately following that Monday.\8\ Rule
19.6.05(h) provides that the Exchange may open weekly series for
options on the SPDR S&P 500 ETF Trust (``SPY'') and the Invesco QQQ
Trust (``QQQ'') with Monday and Wednesday expirations.
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\7\ The proposed rule change corrects an incorrect cross-
reference in Rule 19.05 [sic].
\8\ See Rule 16.1, definition of ``Short Term Option Series''.
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The proposed rule change amends Rule 19.6.05(h) to also allow
Monday and Wednesday expirations for options on IWM. Specifically, the
proposed rule change amends Rule 19.6.05(h) to provide that the
Exchange may open for trading on any Friday or Monday that is a
business day series of options on the SPDR S&P 500 ETF Trust (``SPY''),
the iShares Russell 2000 ETF (``IWM'') and \9\ the Invesco QQQ Trust
(``QQQ'') to expire on any Monday of the month that is a business day
and is not a Monday on which Quarterly Options Series expire (``Monday
SPY Expirations'', ``Monday IWM Expirations'' and ``Monday QQQ
Expirations''), provided that any Friday on which the Exchange opens
for trading a Monday SPY, IWM and QQQ Expiration is one business week
and one business day prior to expiration. The Exchange may also open
for trading on any Tuesday or Wednesday that is a business day series
of SPY options, IWM options and QQQ options to expire on any Wednesday
of the month that is a business day and is not a Wednesday on which
Quarterly Options Series expire (``Wednesday SPY Expirations'',
``Wednesday IWM Expirations'' and ``Wednesday QQQ Expirations''). The
Exchange may list up to five consecutive series of each Monday SPY, IWM
and QQQ Expirations and up to five consecutive series of each Wednesday
SPY, IWM and QQQ Expirations at one time; the Exchange may have no more
than a total of five of each Monday SPY, IWM and QQQ Expirations and no
more than a total of five of each Wednesday SPY, IWM and QQQ
Expirations. Monday and Wednesday SPY, IWM and QQQ Expirations will be
subject to the provisions of this Rule.\10\ Additionally, the proposed
rule change amends Rule 19.6.05(b), which currently excepts Monday and
Wednesday SPY and QQQ Expirations from the prohibition on Short Term
Option Series expiring in the same week in which monthly option series
on the same class expire, to provide that, with the exception of Monday
and Wednesday SPY, IWM and QQQ Expirations, no Short Term Option Series
may expire in the same week in which monthly option series on the same
class expire.
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\9\ The proposed rule change makes a nonsubstantive change in
order to simplify the rule language.
\10\ The proposed rule change also updates a reference to
``Monday or Wednesday SPY and QQQ Expirations'' in Rule 19.6.05 to
refer to ``Monday or Wednesday SPY, IWM and QQQ Expirations''.
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Similar to SPY and QQQ, the Exchange believes that the introduction
of IWM Monday and Wednesday Expirations will expand hedging tools
available to market participants and continue to assist in reducing the
premium cost of buying protection. By offering Monday and Wednesday IWM
Expirations, the proposed rule change will allow market participants to
purchase IWM based on their timing needs and allow them to more
effectively tailor their investment and hedging strategies.
The Exchange notes that, pursuant to the definition of Short Term
Option Series,\11\ if the Exchange is not open for business on a
Wednesday, then a Wednesday IWM Expiration will expire on the first
business day immediately prior to that Wednesday (e.g., Tuesday of that
week). However, regarding Monday IWM Expirations, if the Exchange is
not open for business on a Monday, then a Monday IWM Expiration will
expire on the first business day following that Monday (e.g., Tuesday
of that week). This is the same expiration process currently in place
for Monday and Wednesday SPY and QQQ Expirations. The Exchange believes
that it is appropriate to require Monday expiration series to expire on
the Tuesday of that week, rather than the previous business day (e.g.,
the previous Friday), when expiration Monday does not fall on a
business day because the immediately following Tuesday is closer in
time to the scheduled expiration date of the series than the previous
Friday. Therefore, the following business day in this case may be more
representative of anticipated market conditions than the previous
business day. The Exchange notes that, not only are Monday SPY and QQQ
Expirations treated in the same manner today, but the same applies to
weekly index options listed pursuant to the Nonstandard Expiration
Program.\12\ The Exchange also notes that permitting Monday and
Wednesday IWM Expirations to expire in the same week as monthly options
series on the same class, like that of Monday and Wednesday SPY and QQQ
Expirations, is appropriate because Monday and Wednesday IWM
Expirations and standard monthly options will not expire on the same
trading day, as standard monthly options expire on Fridays.
Additionally, the Exchange believes that listing Monday and Wednesday
IWM Expirations each week of the month will provide consistency for
investors and mitigate any potential confusion regarding weekly
listings.
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\11\ See supra note 8.
\12\ See Rule 29.11(j)(1).
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The Exchange notes that the interval between strike prices for the
proposed Monday and Wednesday IWM Expirations are the same as those for
the Monday and Wednesday SPY and QQQ Expirations and the Short Term
Option Series with Wednesday and Friday expirations.\13\ Specifically,
the proposed Monday and Wednesday IWM Expirations have a $0.50 strike
interval minimum.\14\ As is the case with other equity options series
listed pursuant to the Short Term Option Series Program, Monday and
Wednesday IWM Expirations are P.M.-settled. Also, pursuant to Rule
19.6.05(a), the Exchange may open up to 30 Short Term Option Series for
each expiration date in each option class eligible for participation in
the Short Term Option Series Program. This includes Monday and
Wednesday IWM Expirations for IWM options. In addition to the 30 series
per class, the Exchange may open Short Term Option Series, including
Monday and Wednesday IWM Expirations, that are opened by other
securities exchanges in option classes selected by such exchanges under
their respective short term option rules.
---------------------------------------------------------------------------
\13\ See Rule 19.6.05(e).
\14\ See id.
---------------------------------------------------------------------------
The Exchange does not believe that listing series of P.M.-settled
Monday and Wednesday expirations for options on IWM will have any
adverse impact on fair and orderly markets as the Exchange already
lists weekly series with the same settlement and expirations for
options on SPY and QQQ, as well as for weekly index options pursuant to
the Nonstandard Pilot Program,\15\ and has not experienced any issues
regarding adverse market impact in connection with the listing of these
series. The Exchange represents that it has the necessary capacity and
surveillance programs in place to support and properly monitor trading
in the proposed Monday and Wednesday IWM Expirations. The Exchange
currently deploys such surveillance programs to monitor Monday and
Wednesday SPY and QQQ Expirations and has not experienced any issues
with capacity in connection with listing Monday and Wednesday SPY and
QQQ Expirations. The Exchange intends to begin
[[Page 56337]]
implementation of the proposed rule change on October 5, 2021, as Phlx,
as well as its affiliated options exchanges, intend to begin listing
weekly Monday IWM Expirations on this date.\16\ The Exchange will issue
a notice of the planned implementation date to its Members in advance.
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\15\ See supra note 12.
\16\ See Options Trader Alert #2021--54, Nasdaq Introduces
Monday and Wednesday Weekly Expirations For IWM Options (September
22, 2021) available at: https://www.nasdaqtrader.com/MicroNews.aspx?id=OTA2021-54. Phlx, BX, NOM, ISE, GEMX, and MRX
anticipate listing weekly Wednesday IWM Expirations on October 5,
2021.
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2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Securities Exchange Act of 1934 (the ``Act'') and the rules and
regulations thereunder applicable to the Exchange and, in particular,
the requirements of Section 6(b) of the Act.\17\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \18\ requirements that the rules of an exchange be
designed to prevent fraudulent and manipulative acts and practices, to
promote just and equitable principles of trade, to foster cooperation
and coordination with persons engaged in regulating, clearing,
settling, processing information with respect to, and facilitating
transactions in securities, to remove impediments to and perfect the
mechanism of a free and open market and a national market system, and,
in general, to protect investors and the public interest. Additionally,
the Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \19\ requirement that the rules of an exchange not be
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers.
---------------------------------------------------------------------------
\17\ 15 U.S.C. 78f(b).
\18\ 15 U.S.C. 78f(b)(5).
\19\ Id.
---------------------------------------------------------------------------
In particular, the Exchange believes the Short Term Option Series
Program has been successful to date and that listing Monday and
Wednesday IWM Expirations, like Monday and Wednesday SPY and QQQ
Expirations already listed for trading, will expand the ability of
investors to effectively hedge risk against market movements stemming
from economic releases or market events that occur throughout the
month. The Exchange believes that offering Monday and Wednesday IWM
Expirations will create greater trading and hedging opportunities and
flexibility for investors, allowing them to use IWM options listed
pursuant to the Short Term Option Series Program in a manner more
effectively tailored their investment and hedging objectives. As
already noted, the Exchange currently offers series with the same
settlement (P.M.) and expirations (Monday and Wednesday) for options on
SPY and QQQ and for weekly index options pursuant to the Nonstandard
Pilot Program.\20\ The Exchange again notes that the proposed rule
change is substantively identical to a rule recently adopted by Phlx
and approved by the Commission.\21\
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\20\ See supra note 12.
\21\ See supra notes 5 and 6.
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The manner in which Monday IWM Expirations will expire when
expiration Monday lands on a holiday is consistent with the manner in
which Monday SPY and QQQ Expirations currently expire under the same
circumstances. The Exchange believes that allowing Monday IWM
Expirations that expire on a holiday to fall on the following business
day, as opposed to the prior business day (as applicable to Wednesday
and Friday expirations that expire on a holiday), removes impediments
to and perfects the mechanism of a free and open market and national by
permitting such Monday expirations to occur closer in time to the
scheduled expiration date of the series, which may be more
representative of anticipated market conditions. Additionally, the
proposed rule change to except Monday and Wednesday IWM Expirations
from the prohibition on Short Term Option Series expiring in the same
week in which monthly option series on the same class expire is
consistent with the same exception that currently applies to Monday and
Wednesday SPY and QQQ Expirations.\22\ The proposed rule change is
designed to provide consistency for investors and mitigate any
potential confusion regarding weekly listings each week of the month.
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\22\ As stated herein, because monthly options expire on
Fridays, Monday and Wednesday weekly options will not land on the
same day.
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The Exchange does not believe that listing series of P.M.-settled
Monday and Wednesday expirations for options on IWM will have any
adverse impact on fair and orderly markets as the Exchange already
lists series with the same settlement and expirations for options on
SPY and QQQ, as well as for weekly index options pursuant to the
Nonstandard Pilot Program,\23\ and has not observed any adverse market
impact in connection with the listing of these series. The Exchange
represents that it already has an adequate surveillance program in
place to detect and deter any manipulative trading in Monday and
Wednesday expirations, including Monday and Wednesday IWM Expirations,
and that it has the necessary systems capacity to support the listing
and trading of the new series.
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\23\ See supra note 12.
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B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. The Exchange does not
believe that the proposed rule change will impose any burden on
intramarket competition that is not necessary or appropriate in
furtherance of the purposes of the Act as Monday and Wednesday IWM
Expirations will be available for quoting and trading on the Exchange
for all market participants. Therefore, all market participants will
equally be able to transact in IWM series listed with Monday and
Wednesday expirations for trading on the Exchange.
The Exchange does not believe that the proposed rule change will
impose any burden on intermarket competition that is not necessary or
appropriate in furtherance of the purposes of the Act as it only
impacts the permissible expirations for an option series listed on the
Exchange. As stated, another options exchange has recently implemented
a substantively identical rule to permit Monday and Wednesday IWM
expirations on its exchange.\24\ As such, this proposal is a
competitive response that will permit the Exchange to list the same
expirations for series in a multiply-listed option as another options
exchange.
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\24\ See supra notes 5 and 6.
---------------------------------------------------------------------------
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
The Exchange neither solicited nor received comments on the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule change does not: (i)
Significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days from the date on which it was filed, or
such shorter time as the Commission may designate, it has become
effective pursuant to Section
[[Page 56338]]
19(b)(3)(A) of the Act \25\ and Rule 19b-4(f)(6) thereunder.\26\
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\25\ 15 U.S.C. 78s(b)(3)(A).
\26\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
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A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the
Act normally does not become operative for 30 days after the date of
its filing. However, Rule 19b-4(f)(6)(iii) \27\ permits the Commission
to designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has
requested that the Commission waive the 30-day operative delay so that
the proposal may become operative immediately upon filing. The
Commission notes that it recently approved Phlx's substantially similar
proposal to list and trade Monday IWM Expirations and Wednesday IWM
Expirations.\28\ The Exchange has stated that waiver of the 30-day
operative delay will allow the Exchange to implement the proposal as a
competitive response, permitting the Exchange to list the same
expirations for series in a multiply-listed option as another options
exchange, at the same time that such options exchange intends to list
such series. For these reasons, the Commission believes that the
proposed rule change presents no novel issues and that waiver of the
30-day operative delay is consistent with the protection of investors
and the public interest, and will allow the Exchange to remain
competitive with other exchanges. Accordingly, the Commission hereby
waives the operative delay and designates the proposed rule change
operative upon filing.\29\
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\27\ 17 CFR 240.19b-4(f)(6)(iii).
\28\ See supra note 6.
\29\ For purposes only of waiving the 30-day operative delay,
the Commission has also considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings to
determine whether the proposed rule change should be approved or
disapproved.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's internet comment form (https://www.sec.gov/rules/sro.shtml); or
Send an email to [email protected]. Please include
File Number SR-CboeBZX-2021-069 on the subject line.
Paper Comments
Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to File Number SR-CboeBZX-2021-069. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (https://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549 on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-CboeBZX-2021-069 and should be submitted
on or before October 29, 2021.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\30\
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\30\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-21993 Filed 10-7-21; 8:45 am]
BILLING CODE 8011-01-P
