Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change To Make the Nonstandard Expirations Pilot Program Permanent, 39311 [2023-12753]
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Federal Register / Vol. 88, No. 115 / Thursday, June 15, 2023 / Notices
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–97679; File No. SR–CBOE–
2023–020]
Self-Regulatory Organizations; Cboe
Exchange, Inc.; Notice of Designation
of a Longer Period for Commission
Action on a Proposed Rule Change To
Make the Nonstandard Expirations
Pilot Program Permanent
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.6
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023–12753 Filed 6–14–23; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–97694; File No. SR–
NYSEAMER–2023–31]
lotter on DSK11XQN23PROD with NOTICES1
June 9, 2023.
On April 11, 2023, Cboe Exchange,
Inc. (‘‘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
make permanent the operation of its
pilot program that permits the Exchange
to list broad-based index options with
nonstandard expirations. The proposed
rule change was published for comment
in the Federal Register on May 1, 2023.3
Section 19(b)(2) of the Act 4 provides
that, within 45 days of the publication
of notice of the filing of a proposed rule
change, or within such longer period up
to 90 days as the Commission may
designate if it finds such longer period
to be appropriate and publishes its
reasons for so finding, or as to which the
self-regulatory organization consents,
the Commission shall either approve the
proposed rule change, disapprove the
proposed rule change, or institute
proceedings to determine whether the
proposed rule change should be
disapproved. The 45th day after
publication of the notice for this
proposed rule change is June 15, 2023.
The Commission is extending this 45day time period. The Commission finds
that it is appropriate to designate a
longer period within which to take
action on the proposed rule change so
that it has sufficient time to consider the
proposed rule change. Accordingly, the
Commission, pursuant to section
19(b)(2) of the Act,5 designates July 30,
2023, as the date by which the
Commission shall either approve or
disapprove, or institute proceedings to
determine whether to disapprove, the
proposed rule change (File No. SR–
CBOE–2023–020).
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 97371
(April 25, 2023), 88 FR 26621.
4 15 U.S.C. 78s(b)(2).
5 Id.
Self-Regulatory Organizations; NYSE
American LLC; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Modify the NYSE
American Options Fee Schedule
June 9, 2023.
Pursuant to section 19(b)(1) 1 of the
Securities Exchange Act of 1934
(‘‘Act’’) 2 and Rule 19b-4 thereunder,3
notice is hereby given that, on June 1,
2023, NYSE American LLC (‘‘NYSE
American’’ or the ‘‘Exchange’’) 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 self-regulatory
organization. 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
The Exchange proposes to modify the
NYSE American Options Fee Schedule
(‘‘Fee Schedule’’) regarding a rebate for
Qualified Contingent Cross (‘‘QCC’’)
transactions. The Exchange proposes to
implement the fee change effective June
1, 2023. The proposed rule change is
available on the Exchange’s website at
www.nyse.com, at the principal office of
the Exchange, 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
self-regulatory organization 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 those statements may be examined at
the places specified in Item IV below.
2 17
VerDate Sep<11>2014
17:54 Jun 14, 2023
Jkt 259001
6 17
CFR 200.30–3(a)(31).
U.S.C. 78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
1 15
PO 00000
Frm 00093
Fmt 4703
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39311
The Exchange has prepared summaries,
set forth in sections A, B, and C below,
of the most significant parts of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The purpose of this filing is to amend
the Fee Schedule to offer Floor Brokers
an additional incentive for executing
QCC transactions.4 The Exchange
proposes to implement the rule change
on June 1, 2023.
Section I.F. of the Fee Schedule sets
forth fees and credits applicable to QCC
transactions.5 Currently, Floor Brokers
may earn a credit of ($0.12) per contract
for QCC transactions of a Customer or
Professional Customer vs. a Market
Maker, Firm, or Broker Dealer, and a
credit of ($0.18) per contract for QCC
transactions of a Market Maker, Firm, or
Broker Dealer vs. a Market Maker, Firm,
or Broker Dealer.
The Exchange proposes to modify
Section I.F. to add a QCC Billable Bonus
Rebate (the ‘‘Rebate’’) for Floor Brokers’
QCC transactions. Specifically, the
Exchange proposes that the Rebate
would provide Floor Brokers that
achieve (1) 1 million manual billable
sides in a month and (2) 3 million QCC
billable contracts in a month with a
rebate of ($0.02) per two billable side
QCC contract, payable on a monthly
basis.
Although the Exchange cannot predict
with certainty whether the proposed
change would encourage Floor Brokers
to increase their manual billable volume
or QCC billable volume on the
Exchange, the proposed change is
designed to continue to incentivize
Floor Brokers to do so in order to earn
an additional rebate on QCC two
billable side volume. All Floor Brokers
would be eligible to qualify for the
Rebate, as proposed.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
section 6(b) of the Act,6 in general, and
furthers the objectives of sections 6(b)(4)
and (5) of the Act,7 in particular,
4 A QCC is defined as an originating order to buy
or sell at least 1,000 contracts, or 10,000 minioptions contracts, that is identified as being part of
a qualified contingent trade (as that term is defined
in Commentary .01 to Rule 900.3NY), coupled with
a contra side order or orders totaling an equal
number of contracts. See Rule 900.3NY(y).
5 See Fee Schedule, Section I.F. (QCC Fees &
Credits).
6 15 U.S.C. 78f(b).
7 15 U.S.C. 78f(b)(4) and (5).
E:\FR\FM\15JNN1.SGM
15JNN1
]]>Agencies
[Federal Register Volume 88, Number 115 (Thursday, June 15, 2023)]
[Notices]
[Page 39311]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-12753]
[[Page 39311]]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-97679; File No. SR-CBOE-2023-020]
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of
Designation of a Longer Period for Commission Action on a Proposed Rule
Change To Make the Nonstandard Expirations Pilot Program Permanent
June 9, 2023.
On April 11, 2023, Cboe Exchange, Inc. (``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 make permanent
the operation of its pilot program that permits the Exchange to list
broad-based index options with nonstandard expirations. The proposed
rule change was published for comment in the Federal Register on May 1,
2023.\3\
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release No. 97371 (April 25,
2023), 88 FR 26621.
---------------------------------------------------------------------------
Section 19(b)(2) of the Act \4\ provides that, within 45 days of
the publication of notice of the filing of a proposed rule change, or
within such longer period up to 90 days as the Commission may designate
if it finds such longer period to be appropriate and publishes its
reasons for so finding, or as to which the self-regulatory organization
consents, the Commission shall either approve the proposed rule change,
disapprove the proposed rule change, or institute proceedings to
determine whether the proposed rule change should be disapproved. The
45th day after publication of the notice for this proposed rule change
is June 15, 2023.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------
The Commission is extending this 45-day time period. The Commission
finds that it is appropriate to designate a longer period within which
to take action on the proposed rule change so that it has sufficient
time to consider the proposed rule change. Accordingly, the Commission,
pursuant to section 19(b)(2) of the Act,\5\ designates July 30, 2023,
as the date by which the Commission shall either approve or disapprove,
or institute proceedings to determine whether to disapprove, the
proposed rule change (File No. SR-CBOE-2023-020).
---------------------------------------------------------------------------
\5\ Id.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\6\
---------------------------------------------------------------------------
\6\ 17 CFR 200.30-3(a)(31).
---------------------------------------------------------------------------
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-12753 Filed 6-14-23; 8:45 am]
BILLING CODE 8011-01-P
