Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Short Term Option Series Program, 84367-84370 [2023-26592]
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Federal Register / Vol. 88, No. 232 / Tuesday, December 5, 2023 / Notices
3. Docket No(s).: MC2024–85 and
CP2024–87; Filing Title: USPS Request
to Add Priority Mail & USPS Ground
Advantage Contract 114 to Competitive
Product List and Notice of Filing
Materials Under Seal; Filing Acceptance
Date: November 29, 2023; Filing
Authority: 39 U.S.C. 3642, 39 CFR
3040.130 through 3040.135, and 39 CFR
3035.105; Public Representative:
Kenneth R. Moeller; Comments Due:
December 7, 2023.
This Notice will be published in the
Federal Register.
Erica A. Barker,
Secretary.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
[FR Doc. 2023–26657 Filed 12–4–23; 8:45 am]
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Stephanie Hillyard,
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SECURITIES AND EXCHANGE
COMMISSION
khammond on DSKJM1Z7X2PROD with NOTICES
Self-Regulatory Organizations; Cboe
Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Amend the Short Term
Option Series Program
November 29, 2023.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on November
U.S.C. 78s(b)(1).
CFR 240.19b–4.
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16:35 Dec 04, 2023
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.
1. Purpose
[Release No. 34–99035; File No. SR–CBOE–
2023–062]
2 17
The Exchange proposes to amend its
Short Term Option Series Program. The
text of the proposed rule change is
available on the Exchange’s website
(https://www.cboe.com/AboutCBOE/
CBOELegalRegulatoryHome.aspx), at
the Exchange’s Office of the Secretary,
and at the Commission’s Public
Reference Room.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
[FR Doc. 2023–26754 Filed 12–1–23; 11:15 am]
1 15
22, 2023, Cboe Exchange, Inc. (the
‘‘Exchange’’ or ‘‘Cboe Options’’) 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 ‘‘noncontroversial’’ 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.
The Exchange proposes to amend
Rule 4.5(d). Specifically, the Exchange
proposes to expand the Short Term
Option Series Program to permit the
listing of two Wednesday expirations for
options on United States Oil Fund, LP
(‘‘USO’’), United States Natural Gas
Fund, LP (‘‘UNG’’), SPDR Gold Shares
(‘‘GLD’’), iShares Silver Trust (‘‘SLV’’),
and iShares 20+ Year Treasury Bond
ETF (‘‘TLT’’) (collectively ‘‘Exchange
Traded Products’’ or ‘‘ETPs’’). This is a
competitive filing that is based on a
proposal submitted by Nasdaq ISE, LLC
3 15
4 17
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U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6).
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84367
(‘‘Nasdaq ISE’’) and recently approved
by the Commission.5
Currently, as set forth in Rule 4.5(d),
after an option class has been approved
for listing and trading on the Exchange,
the Exchange may open for trading on
any Thursday or Friday that is a
business day (‘‘Short Term Option
Opening Date’’) series of options on that
class that expire at the close of business
on each of the next five Fridays that are
business days and are not Fridays on
which monthly options series or
Quarterly Options Series expire
(‘‘Friday Short Term Option Expiration
Dates’’). The Exchange may have no
more than a total of five Friday Short
Term Option Expiration Dates (‘‘Short
Term Option Weekly Expirations’’). If
the Exchange is not open for business
on the respective Thursday or Friday,
the Short Term Option Opening Date for
Short Term Option Weekly Expirations
will be the first business day
immediately prior to that respective
Thursday or Friday. Similarly, if the
Exchange is not open for business on a
Friday, the Short Term Option
Expiration Date for Short Term Option
Weekly Expirations will be the first
business day immediately prior to that
Friday.
Additionally, the Exchange may open
for trading series of options on the
symbols provided in Table 1 of Rule
4.5(d) that expire at the close of
business on each of the next two
Mondays, Tuesdays, Wednesdays, and
Thursdays, respectively, that are
business days and are not business days
in which monthly options series or
Quarterly Options Series expire (‘‘Short
Term Option Daily Expirations’’). For
those symbols listed in Table 1, the
Exchange may have no more than a total
of two Short Term Option Daily
Expirations for each of Monday,
Tuesday, Wednesday, and Thursday
expirations at one time.
At this time, the Exchange proposes to
expand the Short Term Option Daily
Expirations to permit the listing and
trading of options on USO, UNG, GLD,
SLV, and TLT expiring on Wednesdays.
The Exchange proposes to permit two
Short Term Option Expiration Dates
beyond the current week for each
Wednesday expiration at one time.6 In
5 See Securities Exchange Act Release No. 98905
(November 13, 2023) (SR–ISE–2023–11) (Order
Approving a Proposed Rule Change to Amend the
Short Term Option Series Program to Permit the
Listing of Two Wednesday Expirations for Options
on Certain Exchange Traded Products) (‘‘Nasdaq
ISE Approval’’).
6 Consistent with the current operation of the
rule, the Exchange notes that if it adds a Wednesday
expiration on a Tuesday, it could technically list
three outstanding Wednesday expirations at one
Continued
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Federal Register / Vol. 88, No. 232 / Tuesday, December 5, 2023 / Notices
khammond on DSKJM1Z7X2PROD with NOTICES
order to effectuate the proposed
changes, the Exchange would add USO,
UNG, GLD, SLV, and TLT to Table 1 of
Rule 4.5(d), which specifies each
symbol that qualifies as a Short Term
Option Daily Expiration.
The proposed Wednesday USO, UNG,
GLD, SLV, and TLT expirations will be
similar to the current Wednesday SPY,
QQQ, and IWM Short Term Option
Daily Expirations set forth in Rule
4.5(d), such that the Exchange may open
for trading on any Tuesday or
Wednesday that is a business day
(beyond the current week) series of
options on USO, UNG, GLD, SLV, and
TLT to expire on any Wednesday of the
month that is a business day and is not
a Wednesday in which Quarterly
Options Series expire (‘‘Wednesday
USO Expirations,’’ ‘‘Wednesday UNG
Expirations,’’ ‘‘Wednesday GLD
Expirations,’’ ‘‘Wednesday SLV
Expirations,’’ and ‘‘Wednesday TLT
Expirations’’) (collectively, ‘‘Wednesday
ETP Expirations’’).7 In the event Short
Term Option Daily Expirations expire
on a Wednesday and that Wednesday is
the same day that a Quarterly Options
Series expires, the Exchange would skip
that week’s listing and instead list the
following week; the two weeks would
therefore not be consecutive. Today,
Wednesday expirations in SPY, QQQ,
and IWM similarly skip the weekly
listing in the event the weekly listing
expires on the same day in the same
class as a Quarterly Options Series.
USO, UNG, GLD, SLV, and TLT
Friday expirations would continue to
have a total of five Short Term Option
Expiration Dates provided those Friday
expirations are not Fridays in which
monthly options series or Quarterly
Options Series expire (‘‘Friday Short
Term Option Expiration Dates’’).
Similar to Wednesday SPY, QQQ, and
IWM Short Term Option Daily
Expirations within Rule 4.5(d), the
Exchange proposes that it may open for
trading on any Tuesday or Wednesday
that is a business day series of options
on USO, UNG, GLD, SLV, and TLT that
expire at the close of business on each
of the next two Wednesdays that are
business days and are not business days
in which Quarterly Options Series
expire.
The interval between strike prices for
the proposed Wednesday ETP
time. The Exchange will therefore clarify the rule
text in Rule 4.5(d) to specify that it can list two
Short Term Option Expiration Dates beyond the
current week for each Monday, Tuesday,
Wednesday, and Thursday expiration.
7 While the relevant rule text in Rule 4.5(d) also
indicates that the Exchange will not list such
expirations on a Wednesday that is a business day
in which monthly options series expire, practically
speaking this would not occur.
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Expirations will be the same as those for
the current Short Term Option Series for
Friday expirations applicable to the
Short Term Option Series Program.8
Specifically, the Wednesday ETP
Expirations will have a strike interval of
$0.50 or greater for strike prices below
$100, $1 or greater for strike prices
between $100 and $150, and $2.50 or
greater for strike prices above $150.9 As
is the case with other equity options
series listed pursuant to the Short Term
Option Series Program, the Wednesday
ETP Expirations series will be P.M.settled.
Pursuant to Rule 4.5(d), with respect
to the Short Term Option Series
Program, a Wednesday expiration series
shall expire on the first business day
immediately prior to that Wednesday,
e.g., Tuesday of that week if the
Wednesday is not a business day.
Currently, for each option class
eligible for participation in the Short
Term Option Series Program, the
Exchange is limited to opening thirty
(30) series for each expiration date for
the specific class.10 The thirty (30)
series restriction does not include series
that are open by other securities
exchanges under their respective weekly
rules; the Exchange may list these
additional series that are listed by other
options exchanges.11 With the proposed
changes, this thirty (30) series
restriction would apply to Wednesday
USO, UNG, GLD, SLV, and TLT Short
Term Option Daily Expirations as well.
In addition, the Exchange will be able
to list series that are listed by other
exchanges, assuming they file similar
rules with the Commission to list
Wednesday ETP Expirations.
With this proposal, Wednesday ETP
Expirations would be treated similarly
to existing Wednesday SPY, QQQ, and
IWM Expirations. With respect to
monthly option series, Short Term
Option Daily Expirations will be
permitted to expire in the same week in
which monthly option series on the
same class expire. Not listing Short
Term Option Daily Expirations for one
week every month because there was a
monthly on that same class on the
Friday of that week would create
investor confusion.
Further, as with Wednesday SPY,
QQQ, and IWM Expirations, the
Exchange would not permit Wednesday
ETP Expirations to expire on a business
day in which monthly options series or
Quarterly Options Series expire.
Therefore, all Short Term Option Daily
8 See
Rule 4.5(d)(5).
Expirations would expire at the close of
business on each of the next two
Wednesdays that are business days and
are not business days in which monthly
options series or Quarterly Options
Series expire. The Exchange believes
that it is reasonable to not permit two
expirations on the same day in which a
monthly options series or a Quarterly
Options Series would expire because
those options would be duplicative of
each other.
The Exchange does not believe that
any market disruptions will be
encountered with the introduction of
Wednesday ETP Expirations. The
Exchange has the necessary capacity
and surveillance programs in place to
support and properly monitor trading in
the proposed Wednesday ETP
Expirations. The Exchange currently
trades P.M.-settled Short Term Option
Series that expire Wednesday for SPY,
QQQ and IWM and has not experienced
any market disruptions nor issues with
capacity. Today, the Exchange has
surveillance programs in place to
support and properly monitor trading in
Short Term Option Series that expire
Wednesday for SPY, QQQ and IWM.
2. Statutory Basis
The Exchange believes the proposed
rule change is consistent with the Act
and the rules and regulations
thereunder applicable to the Exchange
and, in particular, the requirements of
Section 6(b) of the Act.12 Specifically,
the Exchange believes the proposed rule
change is consistent with the Section
6(b)(5) 13 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.
Similar to Wednesday expirations in
SPY, QQQ, and IWM, the proposal to
permit Wednesday ETP Expirations,
subject to the proposed limitation of two
expirations beyond the current week,
would protect investors and the public
interest by providing the investing
public and other market participants
more choice and flexibility to closely
tailor their investment and hedging
decisions in these options and allow for
a reduced premium cost of buying
9 Id.
10 See
Rule 4.5(d)(1).
12 15
11 Id.
PO 00000
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13 15
Fmt 4703
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E:\FR\FM\05DEN1.SGM
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
05DEN1
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Federal Register / Vol. 88, No. 232 / Tuesday, December 5, 2023 / Notices
portfolio protection, thus allowing them
to better manage their risk exposure.
The Exchange represents that it has an
adequate surveillance program in place
to detect manipulative trading in the
proposed option expirations, in the
same way that it monitors trading in the
current Short Term Option Series for
Wednesday SPY, QQQ and IWM
expirations. The Exchange also
represents that it has the necessary
system capacity to support the new
expirations. Finally, the Exchange does
not believe that any market disruptions
will be encountered with the
introduction of these option expirations.
As discussed above, the Exchange
believes that its proposal is a modest
expansion of weekly expiration dates for
GLD, SLV, USO, UNG, and TLT given
that it will be limited to two Wednesday
expirations beyond the current week.
Lastly, the Exchange believes its
proposal will not be a strain on liquidity
provides because of the multi-class
nature of GLD, SLV, USO, UNG, and
TLT and the available hedges in highly
correlated instruments, as described
above.
The Exchange believes that the
proposal is consistent with the Act as
the proposal would overall add a small
number of Wednesday ETP Expirations
by limiting the addition of two
Wednesday expirations beyond the
current week. The addition of
Wednesday ETP Expirations would
remove impediments to and perfect the
mechanism of a free and open market by
encouraging Market Makers to continue
to deploy capital more efficiently and
improve market quality. The Exchange
believes that the proposal will allow
market participants to expand hedging
tools and tailor their investment and
hedging needs more effectively in USO,
UNG, GLD, SLV, and TLT as these funds
are most likely to be utilized by market
participants to hedge the underlying
asset classes.
Similar to Wednesday SPY, QQQ, and
IWM expirations, the introduction of
Wednesday ETP Expirations is
consistent with the Act as it will, among
other things, expand hedging tools
available to market participants and
allow for a reduced premium cost of
buying portfolio protection. The
Exchange believes that Wednesday ETP
Expirations will allow market
participants to purchase options on
USO, UNG, GLD, SLV, and TLT based
on their timing as needed and allow
them to tailor their investment and
hedging needs more effectively, thus
allowing them to better manage their
risk exposure. Today, the Exchange lists
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16:35 Dec 04, 2023
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Wednesday SPY, QQQ, and IWM
Expirations.14
The Exchange believes the Short Term
Option Series Program has been
successful to date and that Wednesday
ETP Expirations should simply expand
the ability of investors to hedge risk
against market movements stemming
from economic releases or market events
that occur throughout the month in the
same way that the Short Term Option
Series Program has expanded the
landscape of hedging. There are no
material differences in the treatment of
Wednesday SPY, QQQ and IWM
expirations compared to the proposed
Wednesday ETP Expirations. Given the
similarities between Wednesday SPY,
QQQ and IWM expirations and the
proposed Wednesday ETP Expirations,
the Exchange believes that applying the
provisions in Rule 4.5(d) that currently
apply to Wednesday SPY, QQQ and
IWM expirations is justified. For
example, the Exchange believes that
allowing Wednesday ETP Expirations
and monthly ETP expirations in the
same week will benefit investors and
minimize investor confusion by
providing Wednesday ETP Expirations
in a continuous and uniform manner.
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. In this regard
and as indicated above, the Exchange
notes that the rule change is being
proposed as a competitive response to a
filing submitted by Nasdaq ISE that was
recently approved by the Commission.15
While the proposal will expand the
Short Term Options Expirations to
allow Wednesday ETP Expirations to be
listed on the Exchange, the Exchange
believes that this limited expansion for
Wednesday expirations for options on
USO, UNG, GLD, SLV, and TLT will not
impose an undue burden on
competition; rather, it will meet
customer demand. The Exchange
believes that market participants will
continue to be able to expand hedging
tools and tailor their investment and
hedging needs more effectively in USO,
UNG, GLD, SLV, and TLT given multiclass nature of these products and the
available hedges in highly correlated
instruments, as described above. Similar
to Wednesday SPY, QQQ and IWM
expirations, the introduction of
Wednesday ETP Expirations does not
impose an undue burden on
14 See
15 See
PO 00000
Rule 4.5(d).
Nasdaq ISE Approval.
Frm 00073
Fmt 4703
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84369
competition. The Exchange believes that
it will, among other things, expand
hedging tools available to market
participants and allow for a reduced
premium cost of buying portfolio
protection. The Exchange believes that
Wednesday ETP Expirations will allow
market participants to purchase options
on USO, UNG, GLD, SLV, and TLT
based on their timing as needed and
allow them to tailor their investment
and hedging needs more effectively. The
Exchange does not believe the proposal
will impose any burden on inter-market
competition, as nothing prevents the
other options exchanges from proposing
similar rules to list and trade
Wednesday ETP Expirations. Further,
the Exchange does not believe the
proposal will impose any burden on
intramarket competition, as all market
participants will be treated in the same
manner under this proposal.
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
The Exchange has filed the proposed
rule change pursuant to Section
19(b)(3)(A)(iii) of the Act 16 and Rule
19b–4(f)(6) thereunder.17 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
19(b)(3)(A)(iii) of the Act 18 and
subparagraph (f)(6) of Rule 19b–4
thereunder.19
A proposed rule change filed under
Rule 19b–4(f)(6) 20 normally does not
become operative prior to 30 days after
the date of the filing. However, pursuant
16 15
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6).
18 15 U.S.C. 78s(b)(3)(A)(iii).
19 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires a self-regulatory organization to
give the Commission written notice of its intent to
file the proposed rule change, along with a brief
description and text of 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.
20 17 CFR 240.19b–4(f)(6).
17 17
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Federal Register / Vol. 88, No. 232 / Tuesday, December 5, 2023 / Notices
to Rule 19b–4(f)(6)(iii),21 the
Commission may 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. According to the Exchange, the
proposed rule change is a competitive
response to a filing submitted by Nasdaq
ISE that was recently approved by the
Commission.22 The Exchange has stated
that waiver of the 30-day operative
delay would ensure fair competition
among the exchanges by allowing the
Exchange to permit the listing of two
Wednesday expirations for options on
ETPs. 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. Accordingly, the Commission
hereby waives the 30-day operative
delay and designates the proposed rule
change as operative upon filing.23
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
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
khammond on DSKJM1Z7X2PROD with NOTICES
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
21 17
CFR 240.19b–4(f)(6)(iii).
supra note 5.
23 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).
22 See
16:35 Dec 04, 2023
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.24
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023–26592 Filed 12–4–23; 8:45 am]
BILLING CODE 8011–01–P
• 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–2023–062 on the subject line.
VerDate Sep<11>2014
Commission, 100 F Street NE,
Washington, DC 20549–1090.
All submissions should refer to file
number SR–CBOE–2023–062. 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
a.m. and 3 p.m. Copies of the filing also
will be available for inspection and
copying at the principal office of the
Exchange. Do not include personal
identifiable information in submissions;
you should submit only information
that you wish to make available
publicly. We may redact in part or
withhold entirely from publication
submitted material that is obscene or
subject to copyright protection. All
submissions should refer to file number
SR–CBOE–2023–062 and should be
submitted on or before December 26,
2023.
Jkt 262001
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–99037; File No. SR–
CboeEDGX–2023–071]
Self-Regulatory Organizations; Cboe
EDGX Exchange, Inc.; Notice of Filing
and Immediate Effectiveness of a
Proposed Rule Change To Amend the
Short Term Option Series Program
November 29, 2023.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
24 17
PO 00000
CFR 200.30–3(a)(12), (59).
Frm 00074
Fmt 4703
Sfmt 4703
‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on November
22, 2023, Cboe EDGX Exchange, Inc.
(the ‘‘Exchange’’ or ‘‘EDGX’’) 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 ‘‘noncontroversial’’ 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
The Exchange proposes to amend its
Short Term Option Series Program.
The text of the proposed rule change
is available on the Exchange’s website
(https://markets.cboe.com/us/options/
regulation/rule_filings/edgx/), 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, Interpretation and Policy .05.
Specifically, the Exchange proposes to
expand the Short Term Option Series
Program to permit the listing of two
Wednesday expirations for options on
United States Oil Fund, LP (‘‘USO’’),
United States Natural Gas Fund, LP
(‘‘UNG’’), SPDR Gold Shares (‘‘GLD’’),
iShares Silver Trust (‘‘SLV’’), and
iShares 20+ Year Treasury Bond ETF
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(iii).
4 17 CFR 240.19b–4(f)(6).
2 17
E:\FR\FM\05DEN1.SGM
05DEN1
]]>Agencies
[Federal Register Volume 88, Number 232 (Tuesday, December 5, 2023)]
[Notices]
[Pages 84367-84370]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-26592]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-99035; File No. SR-CBOE-2023-062]
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
the Short Term Option Series Program
November 29, 2023.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on November 22, 2023, Cboe Exchange, Inc. (the ``Exchange'' or ``Cboe
Options'') 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
The Exchange proposes to amend its Short Term Option Series
Program. The text of the proposed rule change is available on the
Exchange's website (https://www.cboe.com/AboutCBOE/CBOELegalRegulatoryHome.aspx), 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 4.5(d). Specifically, the
Exchange proposes to expand the Short Term Option Series Program to
permit the listing of two Wednesday expirations for options on United
States Oil Fund, LP (``USO''), United States Natural Gas Fund, LP
(``UNG''), SPDR Gold Shares (``GLD''), iShares Silver Trust (``SLV''),
and iShares 20+ Year Treasury Bond ETF (``TLT'') (collectively
``Exchange Traded Products'' or ``ETPs''). This is a competitive filing
that is based on a proposal submitted by Nasdaq ISE, LLC (``Nasdaq
ISE'') and recently approved by the Commission.\5\
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\5\ See Securities Exchange Act Release No. 98905 (November 13,
2023) (SR-ISE-2023-11) (Order Approving a Proposed Rule Change to
Amend the Short Term Option Series Program to Permit the Listing of
Two Wednesday Expirations for Options on Certain Exchange Traded
Products) (``Nasdaq ISE Approval'').
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Currently, as set forth in Rule 4.5(d), after an option class has
been approved for listing and trading on the Exchange, the Exchange may
open for trading on any Thursday or Friday that is a business day
(``Short Term Option Opening Date'') series of options on that class
that expire at the close of business on each of the next five Fridays
that are business days and are not Fridays on which monthly options
series or Quarterly Options Series expire (``Friday Short Term Option
Expiration Dates''). The Exchange may have no more than a total of five
Friday Short Term Option Expiration Dates (``Short Term Option Weekly
Expirations''). If the Exchange is not open for business on the
respective Thursday or Friday, the Short Term Option Opening Date for
Short Term Option Weekly Expirations will be the first business day
immediately prior to that respective Thursday or Friday. Similarly, if
the Exchange is not open for business on a Friday, the Short Term
Option Expiration Date for Short Term Option Weekly Expirations will be
the first business day immediately prior to that Friday.
Additionally, the Exchange may open for trading series of options
on the symbols provided in Table 1 of Rule 4.5(d) that expire at the
close of business on each of the next two Mondays, Tuesdays,
Wednesdays, and Thursdays, respectively, that are business days and are
not business days in which monthly options series or Quarterly Options
Series expire (``Short Term Option Daily Expirations''). For those
symbols listed in Table 1, the Exchange may have no more than a total
of two Short Term Option Daily Expirations for each of Monday, Tuesday,
Wednesday, and Thursday expirations at one time.
At this time, the Exchange proposes to expand the Short Term Option
Daily Expirations to permit the listing and trading of options on USO,
UNG, GLD, SLV, and TLT expiring on Wednesdays. The Exchange proposes to
permit two Short Term Option Expiration Dates beyond the current week
for each Wednesday expiration at one time.\6\ In
[[Page 84368]]
order to effectuate the proposed changes, the Exchange would add USO,
UNG, GLD, SLV, and TLT to Table 1 of Rule 4.5(d), which specifies each
symbol that qualifies as a Short Term Option Daily Expiration.
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\6\ Consistent with the current operation of the rule, the
Exchange notes that if it adds a Wednesday expiration on a Tuesday,
it could technically list three outstanding Wednesday expirations at
one time. The Exchange will therefore clarify the rule text in Rule
4.5(d) to specify that it can list two Short Term Option Expiration
Dates beyond the current week for each Monday, Tuesday, Wednesday,
and Thursday expiration.
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The proposed Wednesday USO, UNG, GLD, SLV, and TLT expirations will
be similar to the current Wednesday SPY, QQQ, and IWM Short Term Option
Daily Expirations set forth in Rule 4.5(d), such that the Exchange may
open for trading on any Tuesday or Wednesday that is a business day
(beyond the current week) series of options on USO, UNG, GLD, SLV, and
TLT to expire on any Wednesday of the month that is a business day and
is not a Wednesday in which Quarterly Options Series expire
(``Wednesday USO Expirations,'' ``Wednesday UNG Expirations,''
``Wednesday GLD Expirations,'' ``Wednesday SLV Expirations,'' and
``Wednesday TLT Expirations'') (collectively, ``Wednesday ETP
Expirations'').\7\ In the event Short Term Option Daily Expirations
expire on a Wednesday and that Wednesday is the same day that a
Quarterly Options Series expires, the Exchange would skip that week's
listing and instead list the following week; the two weeks would
therefore not be consecutive. Today, Wednesday expirations in SPY, QQQ,
and IWM similarly skip the weekly listing in the event the weekly
listing expires on the same day in the same class as a Quarterly
Options Series.
---------------------------------------------------------------------------
\7\ While the relevant rule text in Rule 4.5(d) also indicates
that the Exchange will not list such expirations on a Wednesday that
is a business day in which monthly options series expire,
practically speaking this would not occur.
---------------------------------------------------------------------------
USO, UNG, GLD, SLV, and TLT Friday expirations would continue to
have a total of five Short Term Option Expiration Dates provided those
Friday expirations are not Fridays in which monthly options series or
Quarterly Options Series expire (``Friday Short Term Option Expiration
Dates'').
Similar to Wednesday SPY, QQQ, and IWM Short Term Option Daily
Expirations within Rule 4.5(d), the Exchange proposes that it may open
for trading on any Tuesday or Wednesday that is a business day series
of options on USO, UNG, GLD, SLV, and TLT that expire at the close of
business on each of the next two Wednesdays that are business days and
are not business days in which Quarterly Options Series expire.
The interval between strike prices for the proposed Wednesday ETP
Expirations will be the same as those for the current Short Term Option
Series for Friday expirations applicable to the Short Term Option
Series Program.\8\ Specifically, the Wednesday ETP Expirations will
have a strike interval of $0.50 or greater for strike prices below
$100, $1 or greater for strike prices between $100 and $150, and $2.50
or greater for strike prices above $150.\9\ As is the case with other
equity options series listed pursuant to the Short Term Option Series
Program, the Wednesday ETP Expirations series will be P.M.- settled.
---------------------------------------------------------------------------
\8\ See Rule 4.5(d)(5).
\9\ Id.
---------------------------------------------------------------------------
Pursuant to Rule 4.5(d), with respect to the Short Term Option
Series Program, a Wednesday expiration series shall expire on the first
business day immediately prior to that Wednesday, e.g., Tuesday of that
week if the Wednesday is not a business day.
Currently, for each option class eligible for participation in the
Short Term Option Series Program, the Exchange is limited to opening
thirty (30) series for each expiration date for the specific class.\10\
The thirty (30) series restriction does not include series that are
open by other securities exchanges under their respective weekly rules;
the Exchange may list these additional series that are listed by other
options exchanges.\11\ With the proposed changes, this thirty (30)
series restriction would apply to Wednesday USO, UNG, GLD, SLV, and TLT
Short Term Option Daily Expirations as well. In addition, the Exchange
will be able to list series that are listed by other exchanges,
assuming they file similar rules with the Commission to list Wednesday
ETP Expirations.
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\10\ See Rule 4.5(d)(1).
\11\ Id.
---------------------------------------------------------------------------
With this proposal, Wednesday ETP Expirations would be treated
similarly to existing Wednesday SPY, QQQ, and IWM Expirations. With
respect to monthly option series, Short Term Option Daily Expirations
will be permitted to expire in the same week in which monthly option
series on the same class expire. Not listing Short Term Option Daily
Expirations for one week every month because there was a monthly on
that same class on the Friday of that week would create investor
confusion.
Further, as with Wednesday SPY, QQQ, and IWM Expirations, the
Exchange would not permit Wednesday ETP Expirations to expire on a
business day in which monthly options series or Quarterly Options
Series expire. Therefore, all Short Term Option Daily Expirations would
expire at the close of business on each of the next two Wednesdays that
are business days and are not business days in which monthly options
series or Quarterly Options Series expire. The Exchange believes that
it is reasonable to not permit two expirations on the same day in which
a monthly options series or a Quarterly Options Series would expire
because those options would be duplicative of each other.
The Exchange does not believe that any market disruptions will be
encountered with the introduction of Wednesday ETP Expirations. The
Exchange has the necessary capacity and surveillance programs in place
to support and properly monitor trading in the proposed Wednesday ETP
Expirations. The Exchange currently trades P.M.-settled Short Term
Option Series that expire Wednesday for SPY, QQQ and IWM and has not
experienced any market disruptions nor issues with capacity. Today, the
Exchange has surveillance programs in place to support and properly
monitor trading in Short Term Option Series that expire Wednesday for
SPY, QQQ and IWM.
2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Act and the rules and regulations thereunder applicable to the
Exchange and, in particular, the requirements of Section 6(b) of the
Act.\12\ Specifically, the Exchange believes the proposed rule change
is consistent with the Section 6(b)(5) \13\ 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.
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\12\ 15 U.S.C. 78f(b).
\13\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
Similar to Wednesday expirations in SPY, QQQ, and IWM, the proposal
to permit Wednesday ETP Expirations, subject to the proposed limitation
of two expirations beyond the current week, would protect investors and
the public interest by providing the investing public and other market
participants more choice and flexibility to closely tailor their
investment and hedging decisions in these options and allow for a
reduced premium cost of buying
[[Page 84369]]
portfolio protection, thus allowing them to better manage their risk
exposure.
The Exchange represents that it has an adequate surveillance
program in place to detect manipulative trading in the proposed option
expirations, in the same way that it monitors trading in the current
Short Term Option Series for Wednesday SPY, QQQ and IWM expirations.
The Exchange also represents that it has the necessary system capacity
to support the new expirations. Finally, the Exchange does not believe
that any market disruptions will be encountered with the introduction
of these option expirations. As discussed above, the Exchange believes
that its proposal is a modest expansion of weekly expiration dates for
GLD, SLV, USO, UNG, and TLT given that it will be limited to two
Wednesday expirations beyond the current week. Lastly, the Exchange
believes its proposal will not be a strain on liquidity provides
because of the multi-class nature of GLD, SLV, USO, UNG, and TLT and
the available hedges in highly correlated instruments, as described
above.
The Exchange believes that the proposal is consistent with the Act
as the proposal would overall add a small number of Wednesday ETP
Expirations by limiting the addition of two Wednesday expirations
beyond the current week. The addition of Wednesday ETP Expirations
would remove impediments to and perfect the mechanism of a free and
open market by encouraging Market Makers to continue to deploy capital
more efficiently and improve market quality. The Exchange believes that
the proposal will allow market participants to expand hedging tools and
tailor their investment and hedging needs more effectively in USO, UNG,
GLD, SLV, and TLT as these funds are most likely to be utilized by
market participants to hedge the underlying asset classes.
Similar to Wednesday SPY, QQQ, and IWM expirations, the
introduction of Wednesday ETP Expirations is consistent with the Act as
it will, among other things, expand hedging tools available to market
participants and allow for a reduced premium cost of buying portfolio
protection. The Exchange believes that Wednesday ETP Expirations will
allow market participants to purchase options on USO, UNG, GLD, SLV,
and TLT based on their timing as needed and allow them to tailor their
investment and hedging needs more effectively, thus allowing them to
better manage their risk exposure. Today, the Exchange lists Wednesday
SPY, QQQ, and IWM Expirations.\14\
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\14\ See Rule 4.5(d).
---------------------------------------------------------------------------
The Exchange believes the Short Term Option Series Program has been
successful to date and that Wednesday ETP Expirations should simply
expand the ability of investors to hedge risk against market movements
stemming from economic releases or market events that occur throughout
the month in the same way that the Short Term Option Series Program has
expanded the landscape of hedging. There are no material differences in
the treatment of Wednesday SPY, QQQ and IWM expirations compared to the
proposed Wednesday ETP Expirations. Given the similarities between
Wednesday SPY, QQQ and IWM expirations and the proposed Wednesday ETP
Expirations, the Exchange believes that applying the provisions in Rule
4.5(d) that currently apply to Wednesday SPY, QQQ and IWM expirations
is justified. For example, the Exchange believes that allowing
Wednesday ETP Expirations and monthly ETP expirations in the same week
will benefit investors and minimize investor confusion by providing
Wednesday ETP Expirations in a continuous and uniform manner.
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. In this regard and as
indicated above, the Exchange notes that the rule change is being
proposed as a competitive response to a filing submitted by Nasdaq ISE
that was recently approved by the Commission.\15\
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\15\ See Nasdaq ISE Approval.
---------------------------------------------------------------------------
While the proposal will expand the Short Term Options Expirations
to allow Wednesday ETP Expirations to be listed on the Exchange, the
Exchange believes that this limited expansion for Wednesday expirations
for options on USO, UNG, GLD, SLV, and TLT will not impose an undue
burden on competition; rather, it will meet customer demand. The
Exchange believes that market participants will continue to be able to
expand hedging tools and tailor their investment and hedging needs more
effectively in USO, UNG, GLD, SLV, and TLT given multi-class nature of
these products and the available hedges in highly correlated
instruments, as described above. Similar to Wednesday SPY, QQQ and IWM
expirations, the introduction of Wednesday ETP Expirations does not
impose an undue burden on competition. The Exchange believes that it
will, among other things, expand hedging tools available to market
participants and allow for a reduced premium cost of buying portfolio
protection. The Exchange believes that Wednesday ETP Expirations will
allow market participants to purchase options on USO, UNG, GLD, SLV,
and TLT based on their timing as needed and allow them to tailor their
investment and hedging needs more effectively. The Exchange does not
believe the proposal will impose any burden on inter-market
competition, as nothing prevents the other options exchanges from
proposing similar rules to list and trade Wednesday ETP Expirations.
Further, the Exchange does not believe the proposal will impose any
burden on intramarket competition, as all market participants will be
treated in the same manner under this proposal.
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.[square]
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \16\ and Rule 19b-4(f)(6) thereunder.\17\
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 19(b)(3)(A)(iii) of the Act \18\ and subparagraph (f)(6) of
Rule 19b-4 thereunder.\19\
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\16\ 15 U.S.C. 78s(b)(3)(A)(iii).
\17\ 17 CFR 240.19b-4(f)(6).
\18\ 15 U.S.C. 78s(b)(3)(A)(iii).
\19\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change, along
with a brief description and text of 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 under Rule 19b-4(f)(6) \20\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant
[[Page 84370]]
to Rule 19b-4(f)(6)(iii),\21\ the Commission may 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. According to the Exchange, the
proposed rule change is a competitive response to a filing submitted by
Nasdaq ISE that was recently approved by the Commission.\22\ The
Exchange has stated that waiver of the 30-day operative delay would
ensure fair competition among the exchanges by allowing the Exchange to
permit the listing of two Wednesday expirations for options on ETPs.
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. Accordingly, the
Commission hereby waives the 30-day operative delay and designates the
proposed rule change as operative upon filing.\23\
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\20\ 17 CFR 240.19b-4(f)(6).
\21\ 17 CFR 240.19b-4(f)(6)(iii).
\22\ See supra note 5.
\23\ 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 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-CBOE-2023-062 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-CBOE-2023-062. 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
a.m. and 3 p.m. Copies of the filing also will be available for
inspection and copying at the principal office of the Exchange. Do not
include personal identifiable information in submissions; you should
submit only information that you wish to make available publicly. We
may redact in part or withhold entirely from publication submitted
material that is obscene or subject to copyright protection. All
submissions should refer to file number SR-CBOE-2023-062 and should be
submitted on or before December 26, 2023.
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\24\ 17 CFR 200.30-3(a)(12), (59).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\24\
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-26592 Filed 12-4-23; 8:45 am]
BILLING CODE 8011-01-P
