Sunshine Act Meetings, 16598 [2024-05046]

Download as PDF 16598 Federal Register / Vol. 89, No. 46 / Thursday, March 7, 2024 / Notices SECURITIES AND EXCHANGE COMMISSION Sunshine Act Meetings FEDERAL REGISTER CITATION OF PREVIOUS ANNOUNCEMENT: 89 FR 15623, March 4, 2024. PREVIOUSLY ANNOUNCED TIME AND DATE OF THE MEETING: Wednesday, March 6, 2024, at 9:45 a.m. The order of agenda items for the Open Meeting scheduled for Wednesday, March 6, 2024, at 9:45 a.m. has been changed as follows: 1. The Commission will consider whether to adopt rules to require registrants to provide certain climaterelated information in their registration statements and annual reports. 2. The Commission will consider whether to adopt amendments to the national market system (NMS) stock order execution disclosure requirements of Regulation NMS under the Securities Exchange Act of 1934 that would expand the scope of entities subject to Rule 605, modify the categorization and content of order information reported under the rule, and require reporting entities to produce a summary report of execution quality. CONTACT PERSON FOR MORE INFORMATION: For further information; please contact Vanessa A. Countryman from the Office of the Secretary at (202) 551–5400. CHANGES IN THE MEETING: (Authority: 5 U.S.C. 552b) Dated: March 5, 2024. J. Matthew DeLesDernier, Deputy Secretary. [FR Doc. 2024–05046 Filed 3–5–24; 4:15 pm] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–99655; File No. SR–CBOE– 2024–006] khammond on DSKJM1Z7X2PROD with NOTICES Self-Regulatory Organizations; Cboe Exchange, Inc.; Order Granting Approval of a Proposed Rule Change, as Modified by Amendment No. 1, To List and Trade Options That Overlie a Reduced Value of the MSCI World Index, the Full Value of the MSCI ACWI Index, and a Reduced Value of the MSCI USA Index March 1, 2024 I. Introduction On January 10, 2024, Cboe Exchange, Inc. (‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘SEC’’ or ‘‘Commission’’), pursuant to Section 19(b)(1) of the Securities VerDate Sep<11>2014 16:13 Mar 06, 2024 Jkt 262001 Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a proposed rule change to list and trade options that overlie a reduced value of the MSCI World Index, the full value of the MSCI ACWI Index, and a reduced value of the MSCI USA Index. On January 17, 2024, the Exchange filed Amendment No. 1 to the proposed rule change, which replaced the initial filing in its entirety. The proposed rule change, as modified by Amendment No. 1, was published for comment in the Federal Register on January 29, 2024.3 The Commission did not receive any comments on the proposed rule change. As discussed further below, the Commission is approving the proposed rule change, as modified by Amendment No. 1. II. Description of the Proposal The Exchange proposes to list and trade options that overlie, respectively, a reduced value of the MSCI World Index (‘‘MXWLD options’’), the full value of the MSCI ACWI Index (‘‘MXACW options’’), and a reduced value of the MSCI USA Index (‘‘MXUSA options’’). Each of these indexes is a free float-adjusted market capitalization index designed to measure equity market performance. The Exchange states that these three indexes are calculated by MSCI, Inc. (‘‘MSCI’’) in U.S. dollars on a real-time basis from the open of the first market on which the components are traded to the closing of the last market on which the components are traded.4 According to the Exchange, the methodology used to calculate each index is similar to the methodology used to calculate the value of other benchmark marketcapitalization weighted indexes, including the MSCI EAFE and EM Indexes, on which the Exchange currently may list options.5 The MSCI World Index is designed to measure the equity performance of developed markets; specifically, it consists of large- and mid-cap component stocks from 23 developed markets, has 1,509 constituents, and covers approximately 85% of the free float-adjusted market capitalization in each country.6 The MSCI ACWI Index is designed to measure the equity performance of developed markets and emerging markets; specifically, it consists of large- and mid-cap component stocks from 23 developed markets and 24 emerging markets, has 2,946 constituents, and covers approximately 85% of the global investment opportunity set.7 The MSCI USA Index is designed to measure the equity performance of large-and midcap segments of the U.S. market, has 625 constituents, and covers approximately 85% of the free floatadjusted market capitalization in the United States.8 There are exchange traded funds (‘‘ETF(s)’’) and futures contracts overlying each of these indexes, and there are options overlying the MSCI World and MSCI ACWI ETFs that are listed on the Exchange and actively traded.9 The Exchange proposes to list MXWLD and MXUSA options based on 1/100th of the value of the respective underlying index. According to the Exchange, listing these proposed options on a reduced value of the underlying index will attract a greater source of customer business than if options were based on the full value of the index.10 The Exchange states that listing these proposed options on a reduced value of the index may enhance investors’ opportunities to hedge, or speculate on, the market risk associated with the stocks comprising the index and, by reducing the value of the index, investors will be able to use this trading vehicle while extending a smaller outlay of capital.11 Moreover, the Exchange states that this may attract additional investors, and, in turn, create a more active and liquid trading environment.12 The Exchange proposes to apply to each of the MSCI World, ACWI, and USA Index the same initial and maintenance listing criteria that currently apply to the MSCI EAFE and EM Indexes.13 The Exchange states that this is appropriate because each of the MSCI World, ACWI, and USA Index has 6 See Notice, supra note 3, at 5590. id. 8 See id. 9 See id. For more detail regarding the calculation of the MSCI World, ACWI, and USA Indexes, see id. at 5589–90. 10 See id. at 5590. 11 See id. 12 See id. 13 See proposed Exchange Rule (‘‘Rule’’) 4.10(h) and (i); see also Notice, supra note 3, at 5590–91. The Exchange states that each of the MSCI World, ACWI, and USA Index satisfies the initial listing criteria set forth in Rule 4.10(h). See id. at 5590. The Commission previously approved this listing criteria when it approved the listing and trading of EAFE and EM options. See supra, note 5. 7 See 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 See Securities Exchange Act Release No. 99416 (January 23, 2024), 89 FR 5589 (‘‘Notice’’). In Amendment No. 1, the Exchange revised its initial proposal such that the last trading day for MSCI USA Index options would be the expiration date of the specific series. See id. at 5589 n. 3. 4 See Notice, supra note 3, at 5589. 5 See id. The Commission previously approved the listing and trading of options on the MSCI EAFE Index (‘‘EAFE options’’) and the MSCI EM Index (‘‘EM options’’). See Securities Exchange Act Release No. 74681 (April 8, 2015), 80 FR 20032 (April 14, 2015) (SR–CBOE–2015–023). 2 17 PO 00000 Frm 00078 Fmt 4703 Sfmt 4703 E:\FR\FM\07MRN1.SGM 07MRN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 89, Number 46 (Thursday, March 7, 2024)]
[Notices]
[Page 16598]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-05046]



[[Page 16598]]

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SECURITIES AND EXCHANGE COMMISSION


Sunshine Act Meetings

FEDERAL REGISTER CITATION OF PREVIOUS ANNOUNCEMENT: 89 FR 15623, March 
4, 2024.

PREVIOUSLY ANNOUNCED TIME AND DATE OF THE MEETING: Wednesday, March 6, 
2024, at 9:45 a.m.

CHANGES IN THE MEETING: The order of agenda items for the Open Meeting 
scheduled for Wednesday, March 6, 2024, at 9:45 a.m. has been changed 
as follows:
    1. The Commission will consider whether to adopt rules to require 
registrants to provide certain climate-related information in their 
registration statements and annual reports.
    2. The Commission will consider whether to adopt amendments to the 
national market system (NMS) stock order execution disclosure 
requirements of Regulation NMS under the Securities Exchange Act of 
1934 that would expand the scope of entities subject to Rule 605, 
modify the categorization and content of order information reported 
under the rule, and require reporting entities to produce a summary 
report of execution quality.

CONTACT PERSON FOR MORE INFORMATION: For further information; please 
contact Vanessa A. Countryman from the Office of the Secretary at (202) 
551-5400.

(Authority: 5 U.S.C. 552b)

    Dated: March 5, 2024.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2024-05046 Filed 3-5-24; 4:15 pm]
BILLING CODE 8011-01-P

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