Self-Regulatory Organizations; BOX Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Permit the Listing and Trading of Options Series With Tuesday and Thursday Expirations for Options on iShares Russell 2000 ETF (IWM), 30401-30404 [2024-08570]
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Federal Register / Vol. 89, No. 79 / Tuesday, April 23, 2024 / Notices
The application was filed
on August 17, 2022 and amended on
March 14, 2023, November 1, 2023,
February 16, 2024 and April 1, 2024.
HEARING OR NOTIFICATION OF HEARING: An
order granting the requested relief will
be issued unless the Commission orders
a hearing. Interested persons may
request a hearing on any application by
emailing the SEC’s Secretary at
Secretarys-Office@sec.gov and serving
the Applicants with a copy of the
request by email, if an email address is
listed for the relevant Applicant below,
or personally or by mail, if a physical
address is listed for the relevant
Applicant below. Hearing requests
should be received by the Commission
by 5:30 p.m. on May 13, 2024, and
should be accompanied by proof of
service on applicants, in the form of an
affidavit or, for lawyers, a certificate of
service. Pursuant to rule 0–5 under the
Act, hearing requests should state the
nature of the writer’s interest, any facts
bearing upon the desirability of a
hearing on the matter, the reason for the
request, and the issues contested.
Persons who wish to be notified of a
hearing may request notification by
emailing the Commission’s Secretary at
Secretarys-Office@sec.gov.
ADDRESSES: The Commission:
Secretarys-Office@sec.gov. Applicants:
Christopher Clark, LeRonica Hill,
Richard Heaton at corporate.counsel@
hines.com.
FILING DATES:
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FOR FURTHER INFORMATION CONTACT:
Matthew Cook, Senior Counsel, or Marc
Mehrespand, Branch Chief, at (202)
551–6825 (Division of Investment
Management, Chief Counsel’s Office).
SUPPLEMENTARY INFORMATION: For
Applicants’ representations, legal
analysis, and conditions, please refer to
Applicants’ fourth amended and
restated application, dated April 1,
2024, which may be obtained via the
Commission’s website by searching for
the file number at the top of this
document, or for an Applicant using the
Company name search field, on the
SEC’s EDGAR system.
The SEC’s EDGAR system may be
searched at, at https://www.sec.gov/
edgar/searchedgar/legacy/
companysearch.html. You may also call
the SEC’s Public Reference Room at
(202) 551–8090.
For the Commission, by the Division of
Investment Management, under delegated
authority.
Vanessa A. Countryman,
Secretary.
[FR Doc. 2024–08582 Filed 4–22–24; 8:45 am]
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SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–99975; File No. SR–BOX–
2024–11]
Self-Regulatory Organizations; BOX
Exchange LLC; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Permit the Listing and
Trading of Options Series With
Tuesday and Thursday Expirations for
Options on iShares Russell 2000 ETF
(IWM)
April 17, 2024.
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 April 12,
2024, BOX Exchange LLC (‘‘Exchange’’)
filed with the Securities and Exchange
Commission (‘‘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
BOX Rule 5050 (Series of Options
Contracts Open for Trading) to permit
the listing and trading of options series
with Tuesday and Thursday expirations
for options on iShares Russell 2000 ETF
(IWM), specifically permitting two
expiration dates for the proposed
Tuesday and Thursday expirations in
IWM. The text of the proposed rule
change is available from the principal
office of the Exchange, at the
Commission’s Public Reference Room
and also on the Exchange’s internet
website at https://rules.boxexchange.
com/rulefilings.
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
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
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30401
of these statements may be examined at
the places specified in Item IV below.
The self-regulatory organization 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
BOX Rule 5050 (Series of Options
Contracts Open for Trading) to permit
the listing and trading of options series
with Tuesday and Thursday expirations
for options on iShares Russell 2000 ETF
(IWM), specifically permitting two
expiration dates for the proposed
Tuesday and Thursday expirations in
IWM. This is a competitive filing that is
based on a proposal submitted by
NASDAQ ISE, LLC (‘‘ISE’’) and
approved by the Commission.5
Currently, Table 1 in IM–5050–6
specifies each symbol that qualifies as a
Short Term Option Daily Expiration.6
Today, Table 1 permits the listing and
trading of Monday Short Term Option
Daily Expirations and Wednesday Short
Term Option Daily Expirations for IWM.
At this time, the Exchange proposes to
expand the Short Term Option Series
Program to permit the listing and
trading of no more than a total of two
IWM Short Term Option Daily
Expirations beyond the current week for
each of Monday, Tuesday, Wednesday,
and Thursday expirations at one time.7
The listing and trading of Tuesday and
5 See Securities Exchange Act Release No. 99946
(April 11, 2024) (Order Approving SR–ISE–2024–
06).
6 The Exchange may open for trading on any
Thursday or Friday that is a business day 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 in which
standard expiration options series, Monthly
Options Series, or Quarterly Options Series. Of
these series of options, the Exchange may have no
more than a total of five Short Term Option
Expiration Dates. In addition, the Exchange may
open for trading series of options on certain
symbols that expire at the close of business on each
of the next two Mondays, Tuesdays, Wednesdays,
and Thursdays, respectively, that are business days
beyond the current week and are not business days
in which standard expiration options series,
Monthly Options Series, or Quarterly Options
Series expire (‘‘Short Term Option Daily
Expirations’’). See BOX IM–5050–6.
7 The Exchange would amend the Tuesday and
Thursday expirations for IWM in Table 1 in IM–
5050–6 from ‘‘0’’ to ‘‘2’’ to permit Tuesday and
Thursday expirations for options on IWM listed
pursuant to the Short Term Option Series Program.
The Exchange notes that Cboe Exchange, Inc.
(‘‘Cboe’’) began listing Tuesday and Thursday
expirations in the Russell 2000 Index Weeklys®
(‘‘RUTW’’) and Mini-Russell 2000 Index Weeklys®
(‘‘MRUT’’) on January 8, 2024.
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Federal Register / Vol. 89, No. 79 / Tuesday, April 23, 2024 / Notices
Thursday Short Term Option Daily
Expirations would be subject to IM–
5050–6.
Today, Tuesday Short Term Option
Daily Expirations in SPDR S&P 500 ETF
Trust (SPY) and the INVESCO QQQ
TrustSM, Series 1 (QQQ) may open for
trading on any Monday or Tuesday that
is a business day series of options on the
symbols provided in Table 1 that expire
at the close of business on each of the
next two Tuesdays that are business
days and are not business days in which
standard expiration options series,
Monthly Options Series, or Quarterly
Options Series expire (‘‘Tuesday Short
Term Option Expiration Date’’).8 Also,
today, Thursday Short Term Option
Daily Expirations in SPY and QQQ may
open for trading on any Tuesday or
Wednesday that is a business day series
of options on the symbols provided in
Table 1 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 standard
expiration options series, Monthly
Options Series, or Quarterly Options
Series expire (‘‘Wednesday Short Term
Option Expiration Date’’). In the event
that options on IWM expire on a
Tuesday or Thursday and that Tuesday
or Thursday is a business day in which
standard expiration options series,
Monthly Options Series, or Quarterly
Options Series expire, the Exchange
would skip that week’s listing and
instead list the following week; the two
weeks would therefore not be
consecutive. With this proposal, the
Exchange would be able to open for
trading series of options on IWM that
expire at the close of business on each
of the next two Mondays, Tuesdays,
Wednesdays, and Thursdays,
respectively, that are business days
beyond the current week and are not
business days in which standard
expiration options series, Monthly
Options Series, or Quarterly Options
Series expire.9 The interval between
strike prices for the proposed Tuesday
and Thursday IWM Short Term Option
Daily Expirations will be the same as
those for Tuesday and Thursday IWM
Short Term Option Daily Expirations in
SPY and QQQ, applicable to the Short
Term Option Series Program.10 IM–
5050–1(b) provides that,
notwithstanding any other provision
regarding the interval of strike prices of
series of options on Exchange-Traded
Fund Shares in BOX Rule 5050, the
8 See
BOX IM–5050–6.
IWM may trade on Mondays and
Wednesdays, in addition to Fridays, as is the case
for all options series.
10 See BOX IM–5050–6(b)(5).
9 Today,
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interval of strike prices on options on
IWM will be $1 or greater.11 Further,
IM–5050–6(b)(5) provides that the
interval between strike prices on Short
Term Option Series may be (i) $0.50 or
greater where the strike price is less
than $100, and $1 or greater where the
strike price is between $100 and $150
for all option classes that participate in
the Short Term Options Series Program;
(ii) $0.50 for option classes that trade in
one dollar increments in Related nonshort Term Options and are in the Short
Term Option Series Program; or (iii)
$2.50 or greater where the strike price
is above $150. Specifically, the Tuesday
and Thursday IWM Short Term Option
Daily Expirations will have a $0.50
strike interval minimum. As is the case
with other equity options series listed
pursuant to the Short Term Option
Series Program, the Tuesday and
Thursday IWM Short Term Option Daily
Expiration series will be P.M.-settled.
Pursuant to BOX Rule 100(a)(66),12
with respect to the Short Term Option
Series Program, a Tuesday or Thursday
expiration series shall expire on the first
business day immediately prior to that
Tuesday or Thursday, e.g., Monday or
Wednesday of that week, respectively, if
the Tuesday or Thursday 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.13 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.14 This thirty (30)
series restriction would apply to
11 Options on SPY, iShares Core S&P 500 ETF
(‘‘IVV’’), QQQ, IWM, and the SPDR Dow Jones
Industrial Average ETF (‘‘DIA’’) are also subject to
IM–5050–1(b) strike intervals.
12 BOX Rule 100(a)(66) provides, ‘‘The term
‘Short Term Option Series’ means a series in an
option class that is approved for listing and trading
on BOX 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, Tuesday, Wednesday, Thursday, 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 expiration, if a Monday is not
a business day, the series shall expire on the first
business day immediately following that Monday.’’
13 See BOX IM–5050–6(b)(3) and (4).
14 See BOX IM–5050–6(b)(1).
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Tuesday and Thursday IWM Short Term
Option Daily Expiration series as well.
With this proposal, Tuesday and
Thursday IWM Expirations would be
treated the same as Tuesday and
Thursday Expirations in SPY and QQQ.
With respect to standard option series,
Short Term Option Daily Expirations
may expire in the same week in which
standard option series on the same class
expire.15 Further, as is the case today
with other Tuesday and Thursday Short
Term Option Daily Expirations, the
Exchange would not permit Tuesday
and Thursday Short Term Option Daily
Expirations to expire on the same day in
which standard expiration options
series, Monthly Options Series, or
Quarterly Options Series on the same
class expire.16 Therefore, all Short Term
Option Daily Expirations would expire
at the close of business on each of the
next two Mondays, Tuesdays,
Wednesdays, and Thursdays,
respectively, that are business days
beyond the current week and are not
business days in which standard
expiration options series, Monthly
Options Series, or Quarterly Options
Series expire.
The Exchange does not believe that
any market disruptions will be
encountered with the introduction of
P.M.-settled Tuesday and Thursday
IWM Short Term Option Daily
Expirations. The Exchange has the
necessary capacity and surveillance
programs in place to support and
properly monitor trading in the
proposed Tuesday and Thursday Short
Term Option Daily Expirations. The
Exchange currently trades P.M.-settled
Short Term Option Series that expire
Tuesday and Thursday for SPY and
QQQ 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
Tuesday and Thursday for SPY and
QQQ.
2. Statutory Basis
The Exchange believes that the
proposal is consistent with the
requirements of Section 6(b) of the
Securities Exchange Act of 1934 (the
‘‘Act’’),17 in general, and Section 6(b)(5)
of the Act,18 in particular, in that it is
designed to prevent fraudulent and
manipulative acts and practices, to
promote just and equitable principles of
trade, to foster cooperation and
15 See
BOX IM–5050–6(b)(2).
16 Id.
17 15
18 15
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U.S.C. 78f(b).
U.S.C. 78f(b)(5).
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Federal Register / Vol. 89, No. 79 / Tuesday, April 23, 2024 / Notices
coordination with persons engaged in
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. In particular, the
Exchange believes that IWM Tuesday
and Thursday Short Term Option Daily
Expirations will allow market
participants to purchase IWM options
based on their timing as needed and
allow them to tailor their investment
and hedging needs more effectively.
Further, the proposal to permit Tuesday
and Thursday Short Term Option Daily
Expirations for options on IWM listed
pursuant to the Short Term Option
Series Program, subject to the proposed
limitation of two nearest expirations,
would protect investors and the public
interest by providing the investing
public and other market participants
more flexibility to closely tailor their
investment and hedging decisions in
IWM options, thus allowing them to
better manage their risk exposure. In
particular, the Exchange believes the
Short Term Option Series Program has
been successful to date and that
Tuesday and Thursday IWM Short Term
Daily 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. Similarly, the
Exchange believes Tuesday and
Thursday IWM Short Term Option Daily
Expirations should create greater trading
and hedging opportunities and provide
customers the flexibility to tailor their
investment objectives more effectively.
BOX currently lists SPY and QQQ
Tuesday and Thursday Short Term
Option Daily Expirations.19
With this proposal, Tuesday and
Thursday IWM Expirations would be
treated similarly to existing Tuesday
and Thursday SPY and QQQ
Expirations and would expire in the
same week that standard monthly
options expire on Fridays.20 Further,
today, Tuesday and Thursday Short
Term Option Daily Expirations do not
expire on the same day in which
standard expiration options series,
Monthly Options Series or Quarterly
Options Series expire.21 Today, all Short
Term Option Daily Expirations expire at
the close of business on each of the next
two Mondays, Tuesdays, Wednesdays,
and Thursdays, respectively, that are
19 See
20 See
BOX IM–5050–6(a).
BOX IM–5050–6(b)(2).
21 Id.
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business days and are not business days
in which standard expiration options
series, Monthly Options Series or
Quarterly Options Series expire. There
are no material differences in the
treatment of Tuesday and Thursday SPY
and QQQ Short Term Option Daily
Expirations as compared to the
proposed Tuesday and Thursday IWM
Short Term Option Daily Expirations.
Finally, the Exchange represents that
it has an adequate surveillance program
in place to detect manipulative trading
in the proposed Tuesday and Thursday
IWM Short Term Option Daily
Expirations, in the same way that it
monitors trading in the current Short
Term Option Series and trading in
Tuesday and Thursday SPY and QQQ
Expirations. The Exchange also
represents that it has the necessary
systems capacity to support the new
options series. Finally, the Exchange
does not believe that any market
disruptions will be encountered with
the introduction of Tuesday and
Thursday IWM Short Term Option Daily
Expirations.
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 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 ISE that was recently
approved by the Commission.22 Similar
to SPY and QQQ Tuesday and Thursday
Expirations, the introduction of IWM
Tuesday and Thursday Short Term
Option Daily 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 continue the reduction
of the premium cost of buying
protection. The Exchange believes that
IWM Tuesday and Thursday Short Term
Option Daily Expirations will allow
market participants to purchase IWM
options based on their timing as needed
and allow them to tailor their
investment and hedging needs more
effectively. The Exchange notes that
Cboe began listing Tuesday and
Thursday expirations in RUTW and
MRUT on January 8, 2024.
The Exchange does not believe the
proposal will impose any burden on
inter-market competition, as nothing
prevents other options exchanges from
proposing similar rules to list and trade
22 See
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supra, note 3.
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30403
Short Term Option Series with Tuesday
and Thursday Short Term Option Daily
Expirations. The Exchange notes that
having Tuesday and Thursday IWM
expirations is not a novel proposal, as
SPY and QQQ Tuesday and Thursday
Expirations are currently listed on
BOX.23
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 has 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 24 and Rule
19b–4(f)(6) thereunder.25 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 26 and
subparagraph (f)(6) of Rule 19b–4
thereunder.27
A proposed rule change filed under
Rule 19b–4(f)(6) 28 normally does not
become operative prior to 30 days after
the date of the filing. However, pursuant
to Rule 19b–4(f)(6)(iii),29 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
23 See
BOX IM–5050–6(a).
U.S.C. 78s(b)(3)(A)(iii).
25 17 CFR 240.19b–4(f)(6).
26 15 U.S.C. 78s(b)(3)(A)(iii).
27 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.
28 17 CFR 240.19b–4(f)(6).
29 17 CFR 240.19b–4(f)(6)(iii).
24 15
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response to a filing submitted by Nasdaq
ISE that was recently approved by the
Commission.30 The Exchange has stated
that waiver of the 30-day operative
delay would permit the Exchange to
implement the proposal at the same
time as its competitor exchanges, thus
creating competition among Short Term
Option Series. 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.31
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.
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–BOX–2024–11 and should be
submitted on or before May 14, 2024.
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:
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.32
Vanessa A. Countryman,
Secretary.
Electronic Comments
• 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–
BOX–2024–11 on the subject line.
SECURITIES AND EXCHANGE
COMMISSION
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–BOX–2024–11. 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/
30 See
supra note 5.
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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[FR Doc. 2024–08570 Filed 4–22–24; 8:45 am]
BILLING CODE 8011–01–P
[Release No. 34–99979; File No. SR–
CboeBZX–2024–029]
Self-Regulatory Organizations; Cboe
BZX Exchange, Inc.; Notice of Filing
and Immediate Effectiveness of a
Proposed Rule Change To Amend the
Short Term Options Series Program in
Rule 19.6, Interpretation and Policy .05
April 17, 2024.
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 April 15,
2024, Cboe BZX Exchange, Inc.
(‘‘Exchange’’ or ‘‘BZX’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I and II,
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’’) proposes to
amend the Short Term Options Series
Program in Rule 19.6, Interpretation and
Policy .05. 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 the
Short Term Option Series Program in
Rule 19.6, Interpretation and Policy .05
(Series of Options Contracts Open for
Trading). Specifically, the Exchange
proposes to expand the Short Term
Option Series program to permit the
listing and trading of options series with
Tuesday and Thursday expirations for
options on iShares Russell 2000 ETF
(‘‘IWM’’), specifically permitting two
expiration dates for the proposed
Tuesday and Thursday expirations in
IWM.
Currently, Table 1 in Rule 19.6,
Interpretation and Policy .05(h),
specifies each symbol that qualifies as a
Short Term Option Daily Expiration.5
3 15
32 17
CFR 200.30–3(a)(12), (59).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
PO 00000
Frm 00085
Fmt 4703
Sfmt 4703
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6).
5 The Exchange may open for trading on any
Thursday or Friday that is a business day series of
4 17
E:\FR\FM\23APN1.SGM
23APN1
]]>Agencies
[Federal Register Volume 89, Number 79 (Tuesday, April 23, 2024)]
[Notices]
[Pages 30401-30404]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-08570]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-99975; File No. SR-BOX-2024-11]
Self-Regulatory Organizations; BOX Exchange LLC; Notice of Filing
and Immediate Effectiveness of a Proposed Rule Change To Permit the
Listing and Trading of Options Series With Tuesday and Thursday
Expirations for Options on iShares Russell 2000 ETF (IWM)
April 17, 2024.
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 April 12, 2024, BOX Exchange LLC (``Exchange'') filed with the
Securities and Exchange Commission (``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 BOX Rule 5050 (Series of Options
Contracts Open for Trading) to permit the listing and trading of
options series with Tuesday and Thursday expirations for options on
iShares Russell 2000 ETF (IWM), specifically permitting two expiration
dates for the proposed Tuesday and Thursday expirations in IWM. The
text of the proposed rule change is available from the principal office
of the Exchange, at the Commission's Public Reference Room and also on
the Exchange's internet website at https://rules.boxexchange.com/rulefilings.
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 these statements may be examined at
the places specified in Item IV below. The self-regulatory organization
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 BOX Rule 5050 (Series of Options
Contracts Open for Trading) to permit the listing and trading of
options series with Tuesday and Thursday expirations for options on
iShares Russell 2000 ETF (IWM), specifically permitting two expiration
dates for the proposed Tuesday and Thursday expirations in IWM. This is
a competitive filing that is based on a proposal submitted by NASDAQ
ISE, LLC (``ISE'') and approved by the Commission.\5\
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\5\ See Securities Exchange Act Release No. 99946 (April 11,
2024) (Order Approving SR-ISE-2024-06).
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Currently, Table 1 in IM-5050-6 specifies each symbol that
qualifies as a Short Term Option Daily Expiration.\6\ Today, Table 1
permits the listing and trading of Monday Short Term Option Daily
Expirations and Wednesday Short Term Option Daily Expirations for IWM.
At this time, the Exchange proposes to expand the Short Term Option
Series Program to permit the listing and trading of no more than a
total of two IWM Short Term Option Daily Expirations beyond the current
week for each of Monday, Tuesday, Wednesday, and Thursday expirations
at one time.\7\ The listing and trading of Tuesday and
[[Page 30402]]
Thursday Short Term Option Daily Expirations would be subject to IM-
5050-6.
---------------------------------------------------------------------------
\6\ The Exchange may open for trading on any Thursday or Friday
that is a business day 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 in which standard expiration
options series, Monthly Options Series, or Quarterly Options Series.
Of these series of options, the Exchange may have no more than a
total of five Short Term Option Expiration Dates. In addition, the
Exchange may open for trading series of options on certain symbols
that expire at the close of business on each of the next two
Mondays, Tuesdays, Wednesdays, and Thursdays, respectively, that are
business days beyond the current week and are not business days in
which standard expiration options series, Monthly Options Series, or
Quarterly Options Series expire (``Short Term Option Daily
Expirations''). See BOX IM-5050-6.
\7\ The Exchange would amend the Tuesday and Thursday
expirations for IWM in Table 1 in IM-5050-6 from ``0'' to ``2'' to
permit Tuesday and Thursday expirations for options on IWM listed
pursuant to the Short Term Option Series Program. The Exchange notes
that Cboe Exchange, Inc. (``Cboe'') began listing Tuesday and
Thursday expirations in the Russell 2000 Index Weeklys[supreg]
(``RUTW'') and Mini-Russell 2000 Index Weeklys[supreg] (``MRUT'') on
January 8, 2024.
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Today, Tuesday Short Term Option Daily Expirations in SPDR S&P 500
ETF Trust (SPY) and the INVESCO QQQ Trust\SM\, Series 1 (QQQ) may open
for trading on any Monday or Tuesday that is a business day series of
options on the symbols provided in Table 1 that expire at the close of
business on each of the next two Tuesdays that are business days and
are not business days in which standard expiration options series,
Monthly Options Series, or Quarterly Options Series expire (``Tuesday
Short Term Option Expiration Date'').\8\ Also, today, Thursday Short
Term Option Daily Expirations in SPY and QQQ may open for trading on
any Tuesday or Wednesday that is a business day series of options on
the symbols provided in Table 1 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 standard expiration options series, Monthly
Options Series, or Quarterly Options Series expire (``Wednesday Short
Term Option Expiration Date''). In the event that options on IWM expire
on a Tuesday or Thursday and that Tuesday or Thursday is a business day
in which standard expiration options series, Monthly Options Series, or
Quarterly Options Series expire, the Exchange would skip that week's
listing and instead list the following week; the two weeks would
therefore not be consecutive. With this proposal, the Exchange would be
able to open for trading series of options on IWM that expire at the
close of business on each of the next two Mondays, Tuesdays,
Wednesdays, and Thursdays, respectively, that are business days beyond
the current week and are not business days in which standard expiration
options series, Monthly Options Series, or Quarterly Options Series
expire.\9\ The interval between strike prices for the proposed Tuesday
and Thursday IWM Short Term Option Daily Expirations will be the same
as those for Tuesday and Thursday IWM Short Term Option Daily
Expirations in SPY and QQQ, applicable to the Short Term Option Series
Program.\10\ IM-5050-1(b) provides that, notwithstanding any other
provision regarding the interval of strike prices of series of options
on Exchange-Traded Fund Shares in BOX Rule 5050, the interval of strike
prices on options on IWM will be $1 or greater.\11\ Further, IM-5050-
6(b)(5) provides that the interval between strike prices on Short Term
Option Series may be (i) $0.50 or greater where the strike price is
less than $100, and $1 or greater where the strike price is between
$100 and $150 for all option classes that participate in the Short Term
Options Series Program; (ii) $0.50 for option classes that trade in one
dollar increments in Related non-short Term Options and are in the
Short Term Option Series Program; or (iii) $2.50 or greater where the
strike price is above $150. Specifically, the Tuesday and Thursday IWM
Short Term Option Daily Expirations will have a $0.50 strike interval
minimum. As is the case with other equity options series listed
pursuant to the Short Term Option Series Program, the Tuesday and
Thursday IWM Short Term Option Daily Expiration series will be P.M.-
settled.
---------------------------------------------------------------------------
\8\ See BOX IM-5050-6.
\9\ Today, IWM may trade on Mondays and Wednesdays, in addition
to Fridays, as is the case for all options series.
\10\ See BOX IM-5050-6(b)(5).
\11\ Options on SPY, iShares Core S&P 500 ETF (``IVV''), QQQ,
IWM, and the SPDR Dow Jones Industrial Average ETF (``DIA'') are
also subject to IM-5050-1(b) strike intervals.
---------------------------------------------------------------------------
Pursuant to BOX Rule 100(a)(66),\12\ with respect to the Short Term
Option Series Program, a Tuesday or Thursday expiration series shall
expire on the first business day immediately prior to that Tuesday or
Thursday, e.g., Monday or Wednesday of that week, respectively, if the
Tuesday or Thursday is not a business day.
---------------------------------------------------------------------------
\12\ BOX Rule 100(a)(66) provides, ``The term `Short Term Option
Series' means a series in an option class that is approved for
listing and trading on BOX 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, Tuesday, Wednesday,
Thursday, 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 expiration, if a Monday is not a business day, the series
shall expire on the first business day immediately following that
Monday.''
---------------------------------------------------------------------------
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.\13\
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.\14\ This thirty (30) series restriction would apply
to Tuesday and Thursday IWM Short Term Option Daily Expiration series
as well.
---------------------------------------------------------------------------
\13\ See BOX IM-5050-6(b)(3) and (4).
\14\ See BOX IM-5050-6(b)(1).
---------------------------------------------------------------------------
With this proposal, Tuesday and Thursday IWM Expirations would be
treated the same as Tuesday and Thursday Expirations in SPY and QQQ.
With respect to standard option series, Short Term Option Daily
Expirations may expire in the same week in which standard option series
on the same class expire.\15\ Further, as is the case today with other
Tuesday and Thursday Short Term Option Daily Expirations, the Exchange
would not permit Tuesday and Thursday Short Term Option Daily
Expirations to expire on the same day in which standard expiration
options series, Monthly Options Series, or Quarterly Options Series on
the same class expire.\16\ Therefore, all Short Term Option Daily
Expirations would expire at the close of business on each of the next
two Mondays, Tuesdays, Wednesdays, and Thursdays, respectively, that
are business days beyond the current week and are not business days in
which standard expiration options series, Monthly Options Series, or
Quarterly Options Series expire.
---------------------------------------------------------------------------
\15\ See BOX IM-5050-6(b)(2).
\16\ Id.
---------------------------------------------------------------------------
The Exchange does not believe that any market disruptions will be
encountered with the introduction of P.M.-settled Tuesday and Thursday
IWM Short Term Option Daily Expirations. The Exchange has the necessary
capacity and surveillance programs in place to support and properly
monitor trading in the proposed Tuesday and Thursday Short Term Option
Daily Expirations. The Exchange currently trades P.M.-settled Short
Term Option Series that expire Tuesday and Thursday for SPY and QQQ 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
Tuesday and Thursday for SPY and QQQ.
2. Statutory Basis
The Exchange believes that the proposal is consistent with the
requirements of Section 6(b) of the Securities Exchange Act of 1934
(the ``Act''),\17\ in general, and Section 6(b)(5) of the Act,\18\ in
particular, in that it is designed to prevent fraudulent and
manipulative acts and practices, to promote just and equitable
principles of trade, to foster cooperation and
[[Page 30403]]
coordination with persons engaged in 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. In particular, the Exchange
believes that IWM Tuesday and Thursday Short Term Option Daily
Expirations will allow market participants to purchase IWM options
based on their timing as needed and allow them to tailor their
investment and hedging needs more effectively. Further, the proposal to
permit Tuesday and Thursday Short Term Option Daily Expirations for
options on IWM listed pursuant to the Short Term Option Series Program,
subject to the proposed limitation of two nearest expirations, would
protect investors and the public interest by providing the investing
public and other market participants more flexibility to closely tailor
their investment and hedging decisions in IWM options, thus allowing
them to better manage their risk exposure. In particular, the Exchange
believes the Short Term Option Series Program has been successful to
date and that Tuesday and Thursday IWM Short Term Daily 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. Similarly, the
Exchange believes Tuesday and Thursday IWM Short Term Option Daily
Expirations should create greater trading and hedging opportunities and
provide customers the flexibility to tailor their investment objectives
more effectively. BOX currently lists SPY and QQQ Tuesday and Thursday
Short Term Option Daily Expirations.\19\
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\17\ 15 U.S.C. 78f(b).
\18\ 15 U.S.C. 78f(b)(5).
\19\ See BOX IM-5050-6(a).
---------------------------------------------------------------------------
With this proposal, Tuesday and Thursday IWM Expirations would be
treated similarly to existing Tuesday and Thursday SPY and QQQ
Expirations and would expire in the same week that standard monthly
options expire on Fridays.\20\ Further, today, Tuesday and Thursday
Short Term Option Daily Expirations do not expire on the same day in
which standard expiration options series, Monthly Options Series or
Quarterly Options Series expire.\21\ Today, all Short Term Option Daily
Expirations 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 standard expiration
options series, Monthly Options Series or Quarterly Options Series
expire. There are no material differences in the treatment of Tuesday
and Thursday SPY and QQQ Short Term Option Daily Expirations as
compared to the proposed Tuesday and Thursday IWM Short Term Option
Daily Expirations.
---------------------------------------------------------------------------
\20\ See BOX IM-5050-6(b)(2).
\21\ Id.
---------------------------------------------------------------------------
Finally, the Exchange represents that it has an adequate
surveillance program in place to detect manipulative trading in the
proposed Tuesday and Thursday IWM Short Term Option Daily Expirations,
in the same way that it monitors trading in the current Short Term
Option Series and trading in Tuesday and Thursday SPY and QQQ
Expirations. The Exchange also represents that it has the necessary
systems capacity to support the new options series. Finally, the
Exchange does not believe that any market disruptions will be
encountered with the introduction of Tuesday and Thursday IWM Short
Term Option Daily Expirations.
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 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 ISE that was recently
approved by the Commission.\22\ Similar to SPY and QQQ Tuesday and
Thursday Expirations, the introduction of IWM Tuesday and Thursday
Short Term Option Daily 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 continue the
reduction of the premium cost of buying protection. The Exchange
believes that IWM Tuesday and Thursday Short Term Option Daily
Expirations will allow market participants to purchase IWM options
based on their timing as needed and allow them to tailor their
investment and hedging needs more effectively. The Exchange notes that
Cboe began listing Tuesday and Thursday expirations in RUTW and MRUT on
January 8, 2024.
---------------------------------------------------------------------------
\22\ See supra, note 3.
---------------------------------------------------------------------------
The Exchange does not believe the proposal will impose any burden
on inter-market competition, as nothing prevents other options
exchanges from proposing similar rules to list and trade Short Term
Option Series with Tuesday and Thursday Short Term Option Daily
Expirations. The Exchange notes that having Tuesday and Thursday IWM
expirations is not a novel proposal, as SPY and QQQ Tuesday and
Thursday Expirations are currently listed on BOX.\23\
---------------------------------------------------------------------------
\23\ See BOX IM-5050-6(a).
---------------------------------------------------------------------------
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 has 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 \24\ and Rule 19b-4(f)(6) thereunder.\25\
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 \26\ and subparagraph (f)(6) of
Rule 19b-4 thereunder.\27\
---------------------------------------------------------------------------
\24\ 15 U.S.C. 78s(b)(3)(A)(iii).
\25\ 17 CFR 240.19b-4(f)(6).
\26\ 15 U.S.C. 78s(b)(3)(A)(iii).
\27\ 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.
---------------------------------------------------------------------------
A proposed rule change filed under Rule 19b-4(f)(6) \28\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\29\ 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
[[Page 30404]]
response to a filing submitted by Nasdaq ISE that was recently approved
by the Commission.\30\ The Exchange has stated that waiver of the 30-
day operative delay would permit the Exchange to implement the proposal
at the same time as its competitor exchanges, thus creating competition
among Short Term Option Series. 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.\31\
---------------------------------------------------------------------------
\28\ 17 CFR 240.19b-4(f)(6).
\29\ 17 CFR 240.19b-4(f)(6)(iii).
\30\ See supra note 5.
\31\ 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).
---------------------------------------------------------------------------
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-BOX-2024-11 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-BOX-2024-11. 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-BOX-2024-11 and should be
submitted on or before May 14, 2024.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\32\
---------------------------------------------------------------------------
\32\ 17 CFR 200.30-3(a)(12), (59).
---------------------------------------------------------------------------
Vanessa A. Countryman,
Secretary.
[FR Doc. 2024-08570 Filed 4-22-24; 8:45 am]
BILLING CODE 8011-01-P
