Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing of Proposed Rule Change To Permit the Listing of Two Monday Expirations for Options on GLD, SLV, TLT, USO, and UNG, 46926-46937 [2024-11801]
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<![CDATA[
46926
Federal Register / Vol. 89, No. 105 / Thursday, May 30, 2024 / Notices
ddrumheller on DSK120RN23PROD with NOTICES1
of collections are they, and why would
you make this recommendation?
4. How can Federal agencies increase
public response rates to questions about
disability in order to improve sample
sizes and population coverage?
5. What barriers may individuals with
disabilities face when participating in
surveys or filling out administrative
forms?
6. Disaggregated data—data about
groups separated out by disability, race/
ethnicity, gender identity, sexual
orientation, geography, income level,
veteran status, rural/urban location, and
other factors—are essential for
identifying and remediating disparities
in how the government serves American
communities. Which data disaggregated
by disability that are currently collected
by Federal agencies are useful? Which
data disaggregated by disability are not
currently collected by Federal agencies
and would be useful, and why?
7. How can Federal agencies best raise
public awareness about the existence of
sources of disability data? How can
Federal agencies best communicate with
the public about methodological
constraints to collecting data or
publishing disability statistics?
8. How do individuals and
organizations external to the Federal
Government utilize data from Federal
surveys and administrative data
collections? Which practices employed
by Federal agencies facilitate access to
and use of these data? Are there
additional practices that would be
beneficial?
Privacy, Security, and Civil Rights
The EDWG recommended that ‘‘. . .
as the federal government expands its
use of disaggregated demographic data,
it must be intentional about when data
are collected and shared, as well as how
data are protected so as not to
exacerbate the vulnerability of members
of underserved communities, many of
whom face the heightened risk of harm
if their privacy is not protected.’’
Though previous work by the SED has
identified how privacy, confidentiality,
and civil rights practices apply to other
marginalized groups, OSTP seeks input
on privacy, confidentiality, and civil
rights considerations that are unique to
the disability community and/or are
experienced differently by individuals
with disabilities. Accordingly, OSTP
seeks response to the following
questions:
1. What specific privacy and
confidentiality considerations should
the DDIWG keep in mind when
determining promising practices for the
Federal collection of data for
administrative purposes, such as
VerDate Sep<11>2014
20:03 May 29, 2024
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applications for programs or benefits,
compliance forms, and human resources
and restrictions on their use or transfer?
2. Unique risks may exist when
collecting disability data in the context
of both surveys and administrative
forms. Please tell us about specific risks
Federal agencies should think about
when considering whether to collect
these data in surveys or administrative
contexts.
3. Once disability data have been
collected for administrative or statistical
purposes, what considerations should
Federal agencies be aware of concerning
retention of these data? Please tell us
how privacy or confidentiality
protections could mitigate or change
these concerns.
4. Where administrative data are used
to enforce civil rights protections, such
as in employment, credit applications,
healthcare settings, or education
settings, what considerations should the
DDIWG keep in mind when determining
promising practices for the collection of
these data and restrictions on its use or
transfer?
Dated: May 24, 2024.
Stacy Murphy,
Deputy Chief Operations Officer/Security
Officer.
[FR Doc. 2024–11838 Filed 5–29–24; 8:45 am]
BILLING CODE 3270–F1–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–100223; File No. SR–ISE–
2024–21]
Self-Regulatory Organizations; Nasdaq
ISE, LLC; Notice of Filing of Proposed
Rule Change To Permit the Listing of
Two Monday Expirations for Options
on GLD, SLV, TLT, USO, and UNG
May 23, 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 May 16,
2024, Nasdaq ISE, LLC (‘‘ISE’’ or
‘‘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 Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
1 15
2 17
PO 00000
U.S.C. 78s(b)(1).
CFR 240.19b–4.
Frm 00074
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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 the
Short Term Option Series Program in
Supplementary Material .03 of Options
4, Section 5.
The text of the proposed rule change
is available on the Exchange’s website at
https://listingcenter.nasdaq.com/
rulebook/ise/rules, at the principal
office of the Exchange, and at the
Commission’s Public Reference Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
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
Supplementary Material .03 of Options
4, Section 5. Specifically, the Exchange
proposes to expand the Short Term
Option Series Program to permit the
listing of two Monday 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’’).3
Currently, as set forth in
Supplementary Material .03 to Options
4, Section 5, after an option class has
been approved for listing and trading on
the Exchange as a Short Term Option
Series pursuant to Options 1, Section
1(a)(49),4 the Exchange may open for
3 Today, the Exchange permits the listing of two
Wednesday expirations for options on USO, UNG,
GLD, SLV, and TLT. See Securities Exchange Act
Release No. 98905 (November 13, 2023), 88 FR
80348 (November 17, 2023) (SR–ISE–2023–11)
(‘‘Wednesday Approval Order’’). The Exchange
began listing Wednesday expirations on these five
symbols on November 21, 2023. See Options Trader
Alert #2023–55.
4 Options 1, Section 1(a)(49) provides that a Short
Term Option Series means a series in an option
class that is approved for listing and trading on the
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Federal Register / Vol. 89, No. 105 / Thursday, May 30, 2024 / Notices
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 in
which standard expiration options
series, 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 Short Term
Option Expiration Dates. Further, 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
Supplementary Material .03 to Options
4, Section 5 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’’).5 For those
symbols listed in Table 1, the Exchange
may have no more than a total of two
Short Term Option Daily Expirations
beyond the current week for each of
Monday, Tuesday, Wednesday, and
Thursday expirations, as applicable, at
one time.
ddrumheller on DSK120RN23PROD with NOTICES1
Proposal
At this time, the Exchange proposes to
expand the Short Term Option Daily
Expirations to permit the listing and
Exchange in which the series is opened for trading
on any Monday, Tuesday, Wednesday, Thursday or
Friday that is a business day and that expires on
the Monday, Wednesday or Friday of the following
business week that is a business day, 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. 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.
5 As set forth in Table 1, the Exchange currently
only permits Wednesday expirations for USO, UNG,
GLD, SLV, and TLT.
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trading of options on USO, UNG, GLD,
SLV, and TLT expiring on Mondays.
The Exchange proposes to permit two
Short Term Option Expiration Dates
beyond the current week for each
Monday expiration at one time, and
would update Table 1 in Supplementary
Material .03 to Options 4, Section 5 for
each of those symbols accordingly.
The proposed Monday USO, UNG,
GLD, SLV, and TLT expirations will be
similar to the current Monday SPY,
QQQ, and IWM Short Term Option
Daily Expirations set forth in
Supplementary Material .03 to Options
4, Section 5, such that the Exchange
may open for trading on any Friday or
Monday that is a business day (beyond
the current week) series of options on
USO, UNG, GLD, SLV, and TLT to
expire on any Monday of the month that
is a business day and is not a Monday
in which standard expiration options
series, Monthly Options Series, or
Quarterly Options Series expire,
provided that Monday expirations that
are listed on a Friday must be listed at
least one business week and one
business day prior to the expiration
(‘‘Monday USO Expirations,’’ ‘‘Monday
UNG Expirations,’’ ‘‘Monday GLD
Expirations,’’ ‘‘Monday SLV
Expirations,’’ and ‘‘Monday TLT
Expirations’’) (collectively, ‘‘Monday
ETP Expirations’’).6 In the event Short
Term Option Daily Expirations expire
on a Monday and that Monday is the
same day that a standard expiration
options series, Monthly Options Series,
or 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, Monday 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 standard
expiration options series, Monthly
Options Series, or Quarterly Options
Series.
The interval between strike prices for
the proposed Monday ETP Expirations
will be the same as those currently
applicable for SPY, QQQ, and IWM
Monday expirations in the Short Term
Option Series Program.7 Specifically,
the Monday ETP Expirations will have
a strike interval of (i) $0.50 or greater for
strike prices below $100, and $1 or
greater for strike prices between $100
and $150 for all option classes that
participate in the Short Term Option
6 Today,
USO, UNG, GLD, SLV, and TLT may
trade on Wednesdays. See supra note 3. They may
also trade on Fridays, as is the case for all options
series in the Short Term Option Series Program.
7 See Supplementary Material .03(e) to Options 4,
Section 5.
PO 00000
Frm 00075
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46927
Series Program, (ii) $0.50 for option
classes that trade in one dollar
increments and are in the Short Term
Option Series Program, or (iii) $2.50 or
greater for strike prices above $150.8 As
is the case with other equity options
series listed pursuant to the Short Term
Option Series Program, the Monday ETP
Expirations series will be P.M.-settled.
Pursuant to Options 1, Section
1(a)(49), with respect to the Short Term
Option Series Program, 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.9 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.10 With the proposed
changes, this thirty (30) series
restriction would apply to Monday
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
Monday ETP Expirations.
With this proposal, Monday ETP
Expirations would be treated similarly
to existing Monday SPY, QQQ, and
IWM Expirations. With respect to
standard expiration option series, Short
Term Option Daily Expirations will be
permitted to expire in the same week in
which standard expiration option series
on the same class expire.11 Not listing
Short Term Option Daily Expirations for
one week every month because there
was a standard options series on that
same class on the Friday of that week
would create investor confusion.
Further, as with Monday SPY, QQQ,
and IWM Expirations, the Exchange
would not permit Monday ETP
Expirations to expire on a business day
in which standard expiration option
series, Monthly Options Series, or
Quarterly Options Series expire.12
Therefore, all Short Term Option Daily
Expirations would expire at the close of
business on each of the next two
Mondays, Tuesdays, Wednesdays, and
8 Id.
9 See Supplementary Material .03(a) to Options 4,
Section 5.
10 Id.
11 See Supplementary Material .03(b) to Options
4, Section 5.
12 See Supplementary Material .03 to Options 4,
Section 5.
E:\FR\FM\30MYN1.SGM
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Federal Register / Vol. 89, No. 105 / Thursday, May 30, 2024 / Notices
Thursdays, respectively, that are
business days and are not business days
in which standard expiration option
series, 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 standard
expiration option series, Monthly
Options Series, 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
Monday ETP Expirations. The Exchange
currently trades P.M.-settled Short Term
Option Series that expire Monday for
SPY, QQQ and IWM and has not
experienced any market disruptions nor
issues with capacity. In addition, the
Exchange has not experienced any
market disruptions or issues with
capacity in expanding the five ETPs to
the Wednesday expirations.13 Today,
the Exchange has surveillance programs
in place to support and properly
monitor trading in Short Term Option
Series that expire Monday for SPY,
QQQ and IWM. Further, the Exchange
has the necessary capacity and
surveillance programs in place to
support and properly monitor trading in
the proposed Monday ETP Expirations.
Impact of Proposal
The Exchange notes that listings in
the Short Term Option Series Program
comprise a significant part of the
standard listings in options markets.
The below diagram demonstrates the
percentage of weekly listings in the
options industry compared to monthly,
quarterly, and Long-Term Option Series
for a twelve-month period ending on
February 22, 2024.14
Number of Strikes - 2023
Data from February 22, 2023 • February 22, 2024
While the Exchange is expanding the
Short Term Option Series Program to
permit USO, UNG, GLD, SLV, and TLT
Monday Expirations, the Exchange
anticipates that it would overall add a
small number of weekly expiration
dates because the Exchange will limit
the number of Short Term Option Daily
Expirations for these ETPs to two
Monday expirations. Expanding the
Short Term Option Series Program in
13 See
supra note 3.
Exchange sourced this information from
The Options Clearing Corporation (‘‘OCC’’). The
information includes time averaged data (the
number of strikes by maturity date divided from the
number of trading days) for all 17 options markets
through February 22, 2024.
14 The
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Jkt 262001
the foregoing manner will account for
the addition of 4% (GLD), 8% (SLV),
and 4% (TLT), 16% (UNG), and 9%
(USO) of strikes for the respective
symbol.15 With respect to the impact on
the Short Term Option Series Program
for each symbol overall, the impact
would be a 13% (GLD), 20% (SLV), and
18% (TLT), 26% (UNG), and 18% (USO)
increase in strikes for the respective
symbol.16 With respect to the impact on
the Short Term Option Series Program
overall, the impact would be a 0.05%
(GLD), 0.03% (SLV), and 0.04% (TLT),
0.04% (UNG), and 0.04% (USO)
increase in strikes for the respective
symbol.17
Further, as shown below, weeklies
comprise 48% of the total volume of
15 The Exchange sourced this information, which
are estimates, from OCC. The information includes
data for all 17 options markets as of February 22,
2024.
16 The Exchange sourced this information, which
are estimates, from OCC. The information includes
data for all 17 options markets as of February 22,
2024.
17 The Exchange sourced this information, which
are estimates, from OCC. The information includes
data for all 17 options markets as of February 22,
2024.
PO 00000
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ddrumheller on DSK120RN23PROD with NOTICES1
Monthly
63%
Federal Register / Vol. 89, No. 105 / Thursday, May 30, 2024 / Notices
options contracts.18 The Exchange
believes that inner weeklies (first two
weeks) represent high volume as
compared to outer weeklies (the last
46929
three weeks) and would be more
attractive to market participants.
Total Volume - Last 12 Months
Data from Febr..rary 22, 2023 - February 22, 2024
In addition, the Exchange looked at
the average daily contracts traded in
SPY and QQQ five months before and
five months after the introduction of
Tuesday and Thursday expirations on
those two symbols to assess whether
there was new interest from adding
alternative expirations (as opposed to
existing interest being cannibalized).19
The below chart shows a volume
increase in terms of average daily
contracts traded in SPY and QQQ in the
five-month period following the
introduction of Tuesday and Thursday
expirations, which the Exchange
believes indicate the existence of
genuine new interest in alternative
expirations for SPY and QQQ.
18 The chart represents industry volume in terms
of overall contracts. Weeklies comprise 48% of
volume while only being 17% of the strikes, each
as shown above. The Exchange sourced this
information from OCC. The information includes
data for all 17 options markets through February 22,
2024.
19 See Securities Exchange Act Release No. 96281
(November 9, 2022), 87 FR 68769 (November 16,
2022) (SR–ISE–2022–18) (Approval Order for
Tuesday and Thursday Expirations in SPY and
QQQ). The Exchange began listing Tuesday and
Thursday expirations in SPY and QQQ in midNovember 2022. See Options Trader Alert #2022–
40.
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Jkt 262001
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Quarterly
4%
46930
Federal Register / Vol. 89, No. 105 / Thursday, May 30, 2024 / Notices
Average Daily Contracts Traded in Weekly Options: SPY/QQQ
5 months before and after introduction of Tuesday/Thursday expiries
ddrumheller on DSK120RN23PROD with NOTICES1
The Exchange believes there is
general demand for alternative
expirations in GLD, SLV, TLT, UNG,
and USO based on similar analysis. In
particular, the Exchange looked at the
average daily contracts traded in GLD,
SLV, TLT, UNG, and USO five months
before and five months after the
VerDate Sep<11>2014
20:03 May 29, 2024
Jkt 262001
Before
After
introduction of Wednesday expirations
to similarly assess whether there was
new interest from adding these
alternative expirations.20 As shown
below, there was a general volume
increase in terms of average daily
20 See
PO 00000
supra note 3.
Frm 00078
Fmt 4703
Sfmt 4703
After
contracts traded in these five symbols in
the five-month period following the
introduction of Wednesday
expirations.21
21 Note that UNG volume slightly decreased and
USO volume showed little change in the five-month
period following the introduction of Wednesday
expirations.
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Before
46931
Federal Register / Vol. 89, No. 105 / Thursday, May 30, 2024 / Notices
Average Daily Contracts Traded in Weekly Options: Proposed ETFs
s months before and after introduction of Wednesday expiries
-=~'~ _
G~D-~j____SlV . .
110K ···
r~~::~T ---·--+~__,UNG _--:-t ____USQ__ _
·····- ·1····-·····
j
100K
90K
•• ···········r-·-·
SOK
. ······•····•· ·····················L...••.•
~
60K
SOK
40K
20K
10K
Before
After
ddrumheller on DSK120RN23PROD with NOTICES1
The Exchange also looked at the
lifecycle volume of GLD, SLV, TLT,
UNG, and USO in terms of average daily
contracts traded, going from 50 days
before expiration to the expiration date,
to see how that lifecycle volume
VerDate Sep<11>2014
20:03 May 29, 2024
Jkt 262001
! Before
After
Before
After
changed before and after the
introduction of Wednesday expirations.
As shown below, there is a notable
increase in volume in terms of average
daily contracts traded as the expiration
date approaches. This is consistent
PO 00000
Frm 00079
Fmt 4703
Sfmt 4703
!
across all five symbols as well as before
and after the addition of Wednesday
expirations.
BILLING CODE 8011–01–P
E:\FR\FM\30MYN1.SGM
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OK
46932
Federal Register / Vol. 89, No. 105 / Thursday, May 30, 2024 / Notices
Volume by Days to Expiry by Expiry Type: GLD
AH options expiries shown are weekly
35K
■
Wednesday, After Introduction of Wednesday Expirations
Ill Friday, After Introduction of Wednesday Expirations
II Friday, Before Introduction of Wednesday Expirations
30K
25K
15K
SK
OK
so
45
35
40
30
25
20
15
10
5
0
15
10
5
0
Volume by Days to Expiry by Expiry Type: SLV
All options expiries shown are weekly
II Wednesday, After Introduction of Wednesday Elq)irations
Ill Friday, After Introduction of Wednesday Expirations
II Friday, Before Introduction of Wednesday Expirations
35K
30K
251<
151< •
OK
so
VerDate Sep<11>2014
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45
Jkt 262001
40
PO 00000
35
Frm 00080
30
Fmt 4703
25
Sfmt 4725
20
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EN30MY24.005</GPH>
SK
EN30MY24.004</GPH>
ddrumheller on DSK120RN23PROD with NOTICES1
101<
46933
Federal Register / Vol. 89, No. 105 / Thursday, May 30, 2024 / Notices
Volume by Days to Expiry by Expiry Type: TLT
.A.!l options expiries shown are weekly
90K
111'1
Wednesday, After Introduction of Wednesday Expirations
J!i! Friday. After Introduction of Wednesday Expirations
II Friday. Before Introduction of Wednesday Expirations
801{
70K
60K
u
Q
SOK
<(
40K
30K
20K
10K
OK
50
45
40
30
35
25
20
15
10
5
0
15
10
5
0
Volume by Days to Expiry by Expiry Type: UNG
All options expiries shown are weekly
12K
VerDate Sep<11>2014
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45
Jkt 262001
40
PO 00000
35
Frm 00081
30
Fmt 4703
25
Sfmt 4725
20
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EN30MY24.007</GPH>
50
EN30MY24.006</GPH>
ddrumheller on DSK120RN23PROD with NOTICES1
!f'ltr®Uctl<>n o
uctlonofW
roductlon of w
46934
Federal Register / Vol. 89, No. 105 / Thursday, May 30, 2024 / Notices
Volume by Days to Expiry by Expiry Type: USO
All options expiries shown are weekly
11K
1111 Wednesday, After Introduction of Wednesday Expirations
101<
II Friday, After Introduction of Wednesday Expirations
1111 Friday, Before lntroduction of Wednesday Expirations
9K
8K
71<
~
6K
<C
51<
4K
31<
2K
lK
OK
40
45
BILLING CODE 8011–01–C
35
30
25
20
5:30 p.m. Eastern Time, and indicates
that GLD, SLV, TLT, UNG, and USO are
generally less volatile (strike-wise) than
In addition, the below chart shows
post-close movements between 4:00–
s
10
15
0
SPY, QQQ, and IWM, where alternative
expirations exist today.
Occurrences of At Least 1 Strike Moved Through Post-Close
Comparing 5:30 Price to4:Q0 Prke. Data from January 3_ 2019 through February 23, 2024.
--+----M_o_n_da_y~----'---T11esday
... ___ Friday
Thursday···
40i
ss
L
.. 30
fl
i
I: 25
...i
~ 20
t
i
i
15
10
Furthermore, the below chart shows
that GLD, SLV, TLT, UNG, and USO are
VerDate Sep<11>2014
20:03 May 29, 2024
Jkt 262001
generally less volatile in the last 30
minutes of trading than SPY, QQQ, and
PO 00000
Frm 00082
Fmt 4703
Sfmt 4703
IWM, which have alternative
expirations today.
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EN30MY24.009</GPH>
Source: Nasdaq Ecooomic- Researrh
EN30MY24.008</GPH>
ddrumheller on DSK120RN23PROD with NOTICES1
5
46935
Federal Register / Vol. 89, No. 105 / Thursday, May 30, 2024 / Notices
Average Annualized Closing Volatility by Day of Week
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ddrumheller on DSK120RN23PROD with NOTICES1
Implementation
The Exchange proposes to implement
this rule change within 30 days after
Commission approval. The Exchange
will issue an Options Trader Alert to
notify Members of the implementation
date.
22 Market Makers include Primary Market Makers
and Competitive Market Makers. See ISE Options 1,
Section 1(a)(21). Today, Primary Market Makers and
Competitive Market Makers are required to quote a
specified time in their assigned options series. See
ISE Options 2, Section 5.
VerDate Sep<11>2014
20:03 May 29, 2024
Jkt 262001
2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Act,23 in general, and furthers the
objectives of Section 6(b)(5) of the Act,24
in particular, in that it is designed to
promote just and equitable principles of
trade, 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 Monday expirations in
SPY, QQQ, and IWM, the proposal to
permit Monday 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
portfolio protection, thus allowing them
to better manage their risk exposure.
The Exchange believes that there is
general demand for alternative
expirations based on the analysis
discussed above, notably comparing the
average daily contracts traded in options
overlying SPY, QQQ, and the five ETPs
five months before and after the
introduction of alternative expirations
on those symbols. As shown above, the
Exchange saw a volume increase in SPY
and QQQ in the five-month period
following the introduction of Tuesday
and Thursday expirations, which
23 15
24 15
PO 00000
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
Frm 00083
Fmt 4703
.g"'
j ~ ~
~
,,
<
"'~:
suggests there is indeed genuine new
interest in these alternative expirations
(as opposed to existing interest being
cannibalized). The Exchange also saw a
volume increase in the majority of the
five ETPs in the five-month period
following the introduction of
Wednesday expirations, likewise
indicating the existence of general
demand for alternative expirations in
these symbols.25
ISE 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 Monday 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
Monday expirations beyond the current
week. Furthermore, the above charts
show less volatility in these five
products (both in terms of post-close
and during the last 30 minutes of
trading) compared to SPY, QQQ, and
IWM, which have alternative
expirations (including Monday
expirations) today.
The Exchange believes that the
proposal is consistent with the Act as
25 See
Sfmt 4703
Ric
E
E:\FR\FM\30MYN1.SGM
supra note 21.
30MYN1
EN30MY24.010</GPH>
Because the Exchange proposes to
limit the number of Monday Expirations
for options on USO, UNG, GLD, SLV,
and TLT to two expirations beyond the
current week, the Exchange believes
that the addition of these Monday ETP
Expirations should encourage Market
Makers to continue to deploy capital
more efficiently and improve displayed
market quality.22
Similar to SPY, QQQ and IWM
Monday Expirations, the introduction of
Monday ETP Expirations 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 Monday ETP
Expirations will allow market
participants to hedge their portfolios
with options on commodities (oil,
natural gas, gold, and silver) as well as
treasury securities, and tailor their
investment and hedging needs more
effectively.
>
~
ddrumheller on DSK120RN23PROD with NOTICES1
46936
Federal Register / Vol. 89, No. 105 / Thursday, May 30, 2024 / Notices
the proposal would overall add a small
number of Monday ETP Expirations by
limiting the addition of two Monday
expirations beyond the current week.
The addition of Monday 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 displayed
market quality.26 The Exchange believes
that the proposal will allow Members 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. As stated
in the Wednesday Approval Order, the
ETPs currently trade within
‘‘complexes’’ where, in addition to the
underlying security, there are multiple
instruments available for hedging. Given
the multi-asset class nature of these
products and available hedges in highlycorrelated instruments, the Exchange
believes that its proposal to add Monday
expirations on these products will
provide market participants with
additional useful hedging tools for the
underlying asset classes.
Similar to Monday SPY, QQQ, and
IWM expirations, the introduction of
Monday 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 Monday 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, ISE
lists Monday SPY, QQQ, and IWM
Expirations.27
In particular, the Exchange believes
the Short Term Option Series Program
has been successful to date and that
Monday 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 Monday SPY, QQQ and
IWM expirations compared to the
26 Today, Primary Market Makers and Market
Makers are required to quote a specified time in
their assigned options series. See ISE Options 2,
Section 5.
27 See ISE Supplementary Material .03 at Options
4, Section 5.
VerDate Sep<11>2014
20:03 May 29, 2024
Jkt 262001
proposed Monday ETP Expirations.
Given the similarities between Monday
SPY, QQQ and IWM expirations and the
proposed Monday ETP Expirations, the
Exchange believes that applying the
provisions in Supplementary Material
.03 to Options 4, Section 5 that
currently apply to Monday SPY, QQQ
and IWM expirations is justified. For
example, the Exchange believes that
allowing Monday ETP Expirations and
monthly Exchange Traded Product
expirations in the same week will
benefit investors and minimize investor
confusion by providing Monday 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.
While the proposal will expand the
Short Term Options Expirations to
allow Monday ETP Expirations to be
listed on ISE,28 the Exchange believes
that this limited expansion for Monday
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 Members 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.
Similar to Monday SPY, QQQ and
IWM expirations, the introduction of
Monday 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
Monday 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 Monday ETP Expirations.29
Further, the Exchange does not believe
the proposal will impose any burden on
intra-market competition, as all market
28 As noted above, Nasdaq, Phlx, BX, GEMX and
MRX incorporate ISE Options 4, Section 5 by
reference, so the proposed changes herein will
apply to those markets as well.
29 See supra note 28.
PO 00000
Frm 00084
Fmt 4703
Sfmt 4703
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
No written comments were either
solicited or received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Within 45 days of the date of
publication of this notice in the Federal
Register or within such longer period
up to 90 days (i) as the Commission may
designate if it finds such longer period
to be appropriate and publishes its
reasons for so finding or (ii) as to which
the self-regulatory organization
consents, the Commission will:
(A) by order approve or disapprove
the proposed rule change, or
(B) institute proceedings to determine
whether the proposed rule change
should be 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 rule-comments@
sec.gov. Please include file number SR–
ISE–2024–21 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–ISE–2024–21. 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
E:\FR\FM\30MYN1.SGM
30MYN1
Federal Register / Vol. 89, No. 105 / Thursday, May 30, 2024 / Notices
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–ISE–2024–21 and should be
submitted on or before June 20, 2024.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.30
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024–11801 Filed 5–29–24; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–100224; File Nos. SR–
NYSEARCA–2023–70; SR–NYSEARCA–
2024–31; SR–NASDAQ–2023–045; SR–
CboeBZX–2023–069; SR–CboeBZX–2023–
070; SR–CboeBZX–2023–087; SR–
CboeBZX–2023–095; SR–CboeBZX–2024–
018]
Self-Regulatory Organizations; NYSE
Arca, Inc.; The Nasdaq Stock Market
LLC; Cboe BZX Exchange, Inc.; Order
Granting Accelerated Approval of
Proposed Rule Changes, as Modified
by Amendments Thereto, To List and
Trade Shares of Ether-Based
Exchange-Traded Products
May 23, 2024.
ddrumheller on DSK120RN23PROD with NOTICES1
I. Introduction
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Exchange Act’’) 1 and Rule 19b–4
thereunder (‘‘Rule 19b–4’’),2 each of
NYSE Arca, Inc. (‘‘NYSE Arca’’), The
Nasdaq Stock Market LLC (‘‘Nasdaq’’),
and Cboe BZX Exchange, Inc. (‘‘BZX’’,
and together with NYSE Arca and
Nasdaq, the ‘‘Exchanges’’) filed with the
Securities and Exchange Commission
(‘‘SEC’’ or ‘‘Commission’’) proposed rule
changes to list and trade shares of the
following. NYSE Arca proposes to list
30 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
VerDate Sep<11>2014
20:03 May 29, 2024
Jkt 262001
and trade shares of (1) the Grayscale
Ethereum Trust 3 and (2) the Bitwise
Ethereum ETF 4 under NYSE Arca Rule
8.201–E (Commodity-Based Trust
Shares); Nasdaq proposes to list and
trade shares of (3) the iShares Ethereum
Trust 5 under Nasdaq Rule 5711(d)
(Commodity-Based Trust Shares); and
BZX proposes to list and trade shares of
(4) the VanEck Ethereum Trust,6 (5) the
ARK 21Shares Ethereum ETF,7 (6) the
Invesco Galaxy Ethereum ETF,8 (7) the
Fidelity Ethereum Fund,9 and (8) the
Franklin Ethereum ETF 10 under BZX
Rule 14.11(e)(4) (Commodity-Based
Trust Shares). Each filing was subject to
notice and comment.11
3 See Amendment No. 2 to Proposed Rule Change
to List and Trade Shares of the Grayscale Ethereum
Trust under NYSE Arca Rule 8.201–E (CommodityBased Trust Shares) (SR–NYSEARCA–2023–70),
filed May 21, 2024, available at https://
www.sec.gov/comments/sr-nysearca-2023-70/
srnysearca202370-475871-1363474.pdf (‘‘Grayscale
Amendment’’).
4 See Amendment No. 1 to Proposed Rule Change
to List and Trade Shares of the Bitwise Ethereum
ETF under NYSE Arca Rule 8.201–E (CommodityBased Trust Shares) (SR–NYSEARCA–2024–31),
filed May 21, 2024, available at https://
www.sec.gov/comments/sr-nysearca-2024-31/
srnysearca202431-475891-1363514.pdf (‘‘Bitwise
Amendment’’).
5 See Amendment No. 2 to Proposed Rule Change
to List and Trade Shares of the iShares Ethereum
Trust under Nasdaq Rule 5711(d) (CommodityBased Trust Shares) (SR–NASDAQ–2023–045), filed
May 22, 2024, available at https://www.sec.gov/
comments/sr-nasdaq-2023-045/srnasdaq2023045475851-1363454.pdf (‘‘iShares Amendment’’).
6 See Amendment No. 2 to Proposed Rule Change
to List and Trade Shares of the VanEck Ethereum
Trust under BZX Rule 14.11(e)(4), CommodityBased Trust Shares (SR–CboeBZX–2023–069), filed
May 21, 2024, available at https://www.sec.gov/
comments/sr-cboebzx-2023-069/srcboebzx2023069475811-1363394.pdf (‘‘VanEck Amendment’’).
7 See Amendment No. 2 to Proposed Rule Change
to List and Trade Shares of the ARK 21Shares
Ethereum ETF under BZX Rule 14.11(e)(4),
Commodity-Based Trust Shares (SR–CboeBZX–
2023–070), filed May 21, 2024, available at https://
www.sec.gov/comments/sr-cboebzx-2023-070/
srcboebzx2023070-475812-1363414.pdf (‘‘ARK
Amendment’’).
8 See Amendment No. 1 to Proposed Rule Change
to List and Trade Shares of the Invesco Galaxy
Ethereum ETF under BZX Rule 14.11(e)(4),
Commodity-Based Trust Shares (SR–CboeBZX–
2023–087), filed May 21, 2024, available at https://
www.sec.gov/comments/sr-cboebzx-2023-087/
srcboebzx2023087-475831-1363395.pdf (‘‘Invesco
Amendment’’).
9 See Amendment No. 2 to Proposed Rule Change
to List and Trade Shares of the Fidelity Ethereum
Fund under BZX Rule 14.11(e)(4), CommodityBased Trust Shares (SR–CboeBZX–2023–095), filed
May 21, 2024, available at https://www.sec.gov/
comments/sr-cboebzx-2023-095/srcboebzx2023095475791-1363374.pdf (‘‘Fidelity Amendment’’).
10 See Amendment No. 1 to Proposed Rule
Change to List and Trade Shares of the Franklin
Ethereum ETF, a Series of the Franklin Ethereum
Trust, under BZX Rule 14.11(e)(4), CommodityBased Trust Shares (SR–CboeBZX–2024–018), filed
May 21, 2024, available at https://www.sec.gov/
comments/sr-cboebzx-2024-018/srcboebzx2024018475813-1363434.pdf (‘‘Franklin Amendment’’).
11 Comments received on SR–NYSEARCA–2023–
70 are available at https://www.sec.gov/comments/
PO 00000
Frm 00085
Fmt 4703
Sfmt 4703
46937
Each of the foregoing proposed rule
changes, as modified by their respective
amendments, is referred to herein as a
‘‘Proposal’’ and collectively as the
‘‘Proposals.’’ Each trust (or series of a
trust) described in a Proposal is referred
to herein as a ‘‘Trust’’ and collectively
as the ‘‘Trusts.’’ As described in more
detail in the Proposals’ respective
amended filings,12 each Proposal seeks
to list and trade shares of a Trust that
would hold spot ether,13 in whole or in
part.14 This order approves the
Proposals on an accelerated basis.15
II. Discussion and Commission
Findings
After careful review, the Commission
finds that the Proposals are consistent
with the Exchange Act and rules and
regulations thereunder applicable to a
national securities exchange.16 In
sr-nysearca-2023-70/srnysearca202370.htm.
Comments received on SR–NYSEARCA–2024–31
are available at https://www.sec.gov/comments/srnysearca-2024-31/srnysearca202431.htm.
Comments received on SR–NASDAQ–2023–045 are
available at https://www.sec.gov/comments/srnasdaq-2023-045/srnasdaq2023045.htm. Comments
received on SR–CboeBZX–2023–069 are available at
https://www.sec.gov/comments/sr-cboebzx-2023069/srcboebzx2023069.htm. Comments received on
SR–CboeBZX–2023–070 are available at https://
www.sec.gov/comments/sr-cboebzx-2023-070/
srcboebzx2023070.htm. Comments received on SR–
CboeBZX–2023–087 are available at https://
www.sec.gov/comments/sr-cboebzx-2023-087/
srcboebzx2023087.htm. Comments received on SR–
CboeBZX–2023–095 are available at https://
www.sec.gov/comments/sr-cboebzx-2023-095/
srcboebzx2023095.htm. Comments received on SR–
CboeBZX–2024–018 are available at https://
www.sec.gov/comments/sr-cboebzx-2024-018/
srcboebzx2024018.htm.
12 See supra notes 3–10.
13 Ether is a digital asset that is native to, and
minted and transferred via, a distributed, opensource protocol used by a peer-to-peer computer
network through which transactions are recorded
on a public transaction ledger known as
‘‘Ethereum.’’ The Ethereum protocol governs the
creation of new ether and the cryptographic system
that secures and verifies transactions on Ethereum.
14 All of the Trusts propose to hold spot ether.
Additionally, all of the Trusts, except the Grayscale
Ethereum Trust, propose to hold cash, and some
Trusts also propose to hold cash equivalents, as
described in their respective amended filings. See
Bitwise Amendment at 5; iShares Amendment at 4;
VanEck Amendment at 21; ARK Amendment at 20;
Invesco Amendment at 22; Fidelity Amendment at
22; Franklin Amendment at 21.
15 See infra Section III.
16 In approving the Proposals, the Commission
has considered the Proposals’ impacts on efficiency,
competition, and capital formation. See 15 U.S.C.
78c(f). See also infra note 61 and accompanying
text, discussing comments received regarding the
efficiency of spot ether exchange-traded products
(‘‘ETPs’’). See also Letter from Ryan Posey, dated
Mar. 20, 2024, regarding SR–CboeBZX–2023–095
(‘‘Posey Letter’’) (stating that ‘‘[t]he history of
[exchange-traded funds] in other asset classes
demonstrates how competition drives fees down’’).
Additionally, a commenter states that the
Commission should approve spot ether ETPs, but
not all at once, so as not to ‘‘delay the innovators
E:\FR\FM\30MYN1.SGM
Continued
30MYN1
]]>Agencies
[Federal Register Volume 89, Number 105 (Thursday, May 30, 2024)]
[Notices]
[Pages 46926-46937]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-11801]
=======================================================================
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-100223; File No. SR-ISE-2024-21]
Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing
of Proposed Rule Change To Permit the Listing of Two Monday Expirations
for Options on GLD, SLV, TLT, USO, and UNG
May 23, 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 May 16, 2024, Nasdaq ISE, LLC (``ISE'' or ``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 Commission is publishing this notice
to solicit comments on the proposed rule change from interested
persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend the Short Term Option Series Program
in Supplementary Material .03 of Options 4, Section 5.
The text of the proposed rule change is available on the Exchange's
website at https://listingcenter.nasdaq.com/rulebook/ise/rules, at the
principal office of the Exchange, and at the Commission's Public
Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the 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 Supplementary Material .03 of Options 4, Section 5. Specifically,
the Exchange proposes to expand the Short Term Option Series Program to
permit the listing of two Monday 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'').\3\
---------------------------------------------------------------------------
\3\ Today, the Exchange permits the listing of two Wednesday
expirations for options on USO, UNG, GLD, SLV, and TLT. See
Securities Exchange Act Release No. 98905 (November 13, 2023), 88 FR
80348 (November 17, 2023) (SR-ISE-2023-11) (``Wednesday Approval
Order''). The Exchange began listing Wednesday expirations on these
five symbols on November 21, 2023. See Options Trader Alert #2023-
55.
---------------------------------------------------------------------------
Currently, as set forth in Supplementary Material .03 to Options 4,
Section 5, after an option class has been approved for listing and
trading on the Exchange as a Short Term Option Series pursuant to
Options 1, Section 1(a)(49),\4\ the Exchange may open for
[[Page 46927]]
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 in which standard expiration options
series, 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 Short Term Option Expiration Dates.
Further, 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.
---------------------------------------------------------------------------
\4\ Options 1, Section 1(a)(49) provides that a Short Term
Option Series means a series in an option class that is approved for
listing and trading on the Exchange in which the series is opened
for trading on any Monday, Tuesday, Wednesday, Thursday or Friday
that is a business day and that expires on the Monday, Wednesday or
Friday of the following business week that is a business day, 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. 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.
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Additionally, the Exchange may open for trading series of options
on the symbols provided in Table 1 of Supplementary Material .03 to
Options 4, Section 5 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'').\5\ For those symbols listed in Table 1, the
Exchange may have no more than a total of two Short Term Option Daily
Expirations beyond the current week for each of Monday, Tuesday,
Wednesday, and Thursday expirations, as applicable, at one time.
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\5\ As set forth in Table 1, the Exchange currently only permits
Wednesday expirations for USO, UNG, GLD, SLV, and TLT.
---------------------------------------------------------------------------
Proposal
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 Mondays. The Exchange proposes to
permit two Short Term Option Expiration Dates beyond the current week
for each Monday expiration at one time, and would update Table 1 in
Supplementary Material .03 to Options 4, Section 5 for each of those
symbols accordingly.
The proposed Monday USO, UNG, GLD, SLV, and TLT expirations will be
similar to the current Monday SPY, QQQ, and IWM Short Term Option Daily
Expirations set forth in Supplementary Material .03 to Options 4,
Section 5, such that the Exchange may open for trading on any Friday or
Monday that is a business day (beyond the current week) series of
options on USO, UNG, GLD, SLV, and TLT to expire on any Monday of the
month that is a business day and is not a Monday in which standard
expiration options series, Monthly Options Series, or Quarterly Options
Series expire, provided that Monday expirations that are listed on a
Friday must be listed at least one business week and one business day
prior to the expiration (``Monday USO Expirations,'' ``Monday UNG
Expirations,'' ``Monday GLD Expirations,'' ``Monday SLV Expirations,''
and ``Monday TLT Expirations'') (collectively, ``Monday ETP
Expirations'').\6\ In the event Short Term Option Daily Expirations
expire on a Monday and that Monday is the same day that a standard
expiration options series, Monthly Options Series, or 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, Monday 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 standard expiration options series,
Monthly Options Series, or Quarterly Options Series.
---------------------------------------------------------------------------
\6\ Today, USO, UNG, GLD, SLV, and TLT may trade on Wednesdays.
See supra note 3. They may also trade on Fridays, as is the case for
all options series in the Short Term Option Series Program.
---------------------------------------------------------------------------
The interval between strike prices for the proposed Monday ETP
Expirations will be the same as those currently applicable for SPY,
QQQ, and IWM Monday expirations in the Short Term Option Series
Program.\7\ Specifically, the Monday ETP Expirations will have a strike
interval of (i) $0.50 or greater for strike prices below $100, and $1
or greater for strike prices between $100 and $150 for all option
classes that participate in the Short Term Option Series Program, (ii)
$0.50 for option classes that trade in one dollar increments and are in
the Short Term Option Series Program, or (iii) $2.50 or greater for
strike prices above $150.\8\ As is the case with other equity options
series listed pursuant to the Short Term Option Series Program, the
Monday ETP Expirations series will be P.M.-settled.
---------------------------------------------------------------------------
\7\ See Supplementary Material .03(e) to Options 4, Section 5.
\8\ Id.
---------------------------------------------------------------------------
Pursuant to Options 1, Section 1(a)(49), with respect to the Short
Term Option Series Program, 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.\9\
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.\10\ With the proposed changes, this thirty (30)
series restriction would apply to Monday 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 Monday ETP
Expirations.
---------------------------------------------------------------------------
\9\ See Supplementary Material .03(a) to Options 4, Section 5.
\10\ Id.
---------------------------------------------------------------------------
With this proposal, Monday ETP Expirations would be treated
similarly to existing Monday SPY, QQQ, and IWM Expirations. With
respect to standard expiration option series, Short Term Option Daily
Expirations will be permitted to expire in the same week in which
standard expiration option series on the same class expire.\11\ Not
listing Short Term Option Daily Expirations for one week every month
because there was a standard options series on that same class on the
Friday of that week would create investor confusion.
---------------------------------------------------------------------------
\11\ See Supplementary Material .03(b) to Options 4, Section 5.
---------------------------------------------------------------------------
Further, as with Monday SPY, QQQ, and IWM Expirations, the Exchange
would not permit Monday ETP Expirations to expire on a business day in
which standard expiration option series, Monthly Options Series, or
Quarterly Options Series expire.\12\ Therefore, all Short Term Option
Daily Expirations would expire at the close of business on each of the
next two Mondays, Tuesdays, Wednesdays, and
[[Page 46928]]
Thursdays, respectively, that are business days and are not business
days in which standard expiration option series, 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 standard expiration option series, Monthly Options Series, a
Quarterly Options Series would expire because those options would be
duplicative of each other.
---------------------------------------------------------------------------
\12\ See Supplementary Material .03 to Options 4, Section 5.
---------------------------------------------------------------------------
The Exchange does not believe that any market disruptions will be
encountered with the introduction of Monday ETP Expirations. The
Exchange currently trades P.M.-settled Short Term Option Series that
expire Monday for SPY, QQQ and IWM and has not experienced any market
disruptions nor issues with capacity. In addition, the Exchange has not
experienced any market disruptions or issues with capacity in expanding
the five ETPs to the Wednesday expirations.\13\ Today, the Exchange has
surveillance programs in place to support and properly monitor trading
in Short Term Option Series that expire Monday for SPY, QQQ and IWM.
Further, the Exchange has the necessary capacity and surveillance
programs in place to support and properly monitor trading in the
proposed Monday ETP Expirations.
---------------------------------------------------------------------------
\13\ See supra note 3.
---------------------------------------------------------------------------
Impact of Proposal
The Exchange notes that listings in the Short Term Option Series
Program comprise a significant part of the standard listings in options
markets. The below diagram demonstrates the percentage of weekly
listings in the options industry compared to monthly, quarterly, and
Long-Term Option Series for a twelve-month period ending on February
22, 2024.\14\
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\14\ The Exchange sourced this information from The Options
Clearing Corporation (``OCC''). The information includes time
averaged data (the number of strikes by maturity date divided from
the number of trading days) for all 17 options markets through
February 22, 2024.
[GRAPHIC] [TIFF OMITTED] TN30MY24.000
While the Exchange is expanding the Short Term Option Series
Program to permit USO, UNG, GLD, SLV, and TLT Monday Expirations, the
Exchange anticipates that it would overall add a small number of weekly
expiration dates because the Exchange will limit the number of Short
Term Option Daily Expirations for these ETPs to two Monday expirations.
Expanding the Short Term Option Series Program in the foregoing manner
will account for the addition of 4% (GLD), 8% (SLV), and 4% (TLT), 16%
(UNG), and 9% (USO) of strikes for the respective symbol.\15\ With
respect to the impact on the Short Term Option Series Program for each
symbol overall, the impact would be a 13% (GLD), 20% (SLV), and 18%
(TLT), 26% (UNG), and 18% (USO) increase in strikes for the respective
symbol.\16\ With respect to the impact on the Short Term Option Series
Program overall, the impact would be a 0.05% (GLD), 0.03% (SLV), and
0.04% (TLT), 0.04% (UNG), and 0.04% (USO) increase in strikes for the
respective symbol.\17\
---------------------------------------------------------------------------
\15\ The Exchange sourced this information, which are estimates,
from OCC. The information includes data for all 17 options markets
as of February 22, 2024.
\16\ The Exchange sourced this information, which are estimates,
from OCC. The information includes data for all 17 options markets
as of February 22, 2024.
\17\ The Exchange sourced this information, which are estimates,
from OCC. The information includes data for all 17 options markets
as of February 22, 2024.
---------------------------------------------------------------------------
Further, as shown below, weeklies comprise 48% of the total volume
of
[[Page 46929]]
options contracts.\18\ The Exchange believes that inner weeklies (first
two weeks) represent high volume as compared to outer weeklies (the
last three weeks) and would be more attractive to market participants.
---------------------------------------------------------------------------
\18\ The chart represents industry volume in terms of overall
contracts. Weeklies comprise 48% of volume while only being 17% of
the strikes, each as shown above. The Exchange sourced this
information from OCC. The information includes data for all 17
options markets through February 22, 2024.
[GRAPHIC] [TIFF OMITTED] TN30MY24.001
In addition, the Exchange looked at the average daily contracts
traded in SPY and QQQ five months before and five months after the
introduction of Tuesday and Thursday expirations on those two symbols
to assess whether there was new interest from adding alternative
expirations (as opposed to existing interest being cannibalized).\19\
The below chart shows a volume increase in terms of average daily
contracts traded in SPY and QQQ in the five-month period following the
introduction of Tuesday and Thursday expirations, which the Exchange
believes indicate the existence of genuine new interest in alternative
expirations for SPY and QQQ.
---------------------------------------------------------------------------
\19\ See Securities Exchange Act Release No. 96281 (November 9,
2022), 87 FR 68769 (November 16, 2022) (SR-ISE-2022-18) (Approval
Order for Tuesday and Thursday Expirations in SPY and QQQ). The
Exchange began listing Tuesday and Thursday expirations in SPY and
QQQ in mid-November 2022. See Options Trader Alert #2022-40.
---------------------------------------------------------------------------
[[Page 46930]]
[GRAPHIC] [TIFF OMITTED] TN30MY24.002
The Exchange believes there is general demand for alternative
expirations in GLD, SLV, TLT, UNG, and USO based on similar analysis.
In particular, the Exchange looked at the average daily contracts
traded in GLD, SLV, TLT, UNG, and USO five months before and five
months after the introduction of Wednesday expirations to similarly
assess whether there was new interest from adding these alternative
expirations.\20\ As shown below, there was a general volume increase in
terms of average daily contracts traded in these five symbols in the
five-month period following the introduction of Wednesday
expirations.\21\
---------------------------------------------------------------------------
\20\ See supra note 3.
\21\ Note that UNG volume slightly decreased and USO volume
showed little change in the five-month period following the
introduction of Wednesday expirations.
---------------------------------------------------------------------------
[[Page 46931]]
[GRAPHIC] [TIFF OMITTED] TN30MY24.003
The Exchange also looked at the lifecycle volume of GLD, SLV, TLT,
UNG, and USO in terms of average daily contracts traded, going from 50
days before expiration to the expiration date, to see how that
lifecycle volume changed before and after the introduction of Wednesday
expirations. As shown below, there is a notable increase in volume in
terms of average daily contracts traded as the expiration date
approaches. This is consistent across all five symbols as well as
before and after the addition of Wednesday expirations.
BILLING CODE 8011-01-P
[[Page 46932]]
[GRAPHIC] [TIFF OMITTED] TN30MY24.004
[GRAPHIC] [TIFF OMITTED] TN30MY24.005
[[Page 46933]]
[GRAPHIC] [TIFF OMITTED] TN30MY24.006
[GRAPHIC] [TIFF OMITTED] TN30MY24.007
[[Page 46934]]
[GRAPHIC] [TIFF OMITTED] TN30MY24.008
BILLING CODE 8011-01-C
In addition, the below chart shows post-close movements between
4:00-5:30 p.m. Eastern Time, and indicates that GLD, SLV, TLT, UNG, and
USO are generally less volatile (strike-wise) than SPY, QQQ, and IWM,
where alternative expirations exist today.
[GRAPHIC] [TIFF OMITTED] TN30MY24.009
Furthermore, the below chart shows that GLD, SLV, TLT, UNG, and USO
are generally less volatile in the last 30 minutes of trading than SPY,
QQQ, and IWM, which have alternative expirations today.
[[Page 46935]]
[GRAPHIC] [TIFF OMITTED] TN30MY24.010
Because the Exchange proposes to limit the number of Monday
Expirations for options on USO, UNG, GLD, SLV, and TLT to two
expirations beyond the current week, the Exchange believes that the
addition of these Monday ETP Expirations should encourage Market Makers
to continue to deploy capital more efficiently and improve displayed
market quality.\22\
---------------------------------------------------------------------------
\22\ Market Makers include Primary Market Makers and Competitive
Market Makers. See ISE Options 1, Section 1(a)(21). Today, Primary
Market Makers and Competitive Market Makers are required to quote a
specified time in their assigned options series. See ISE Options 2,
Section 5.
---------------------------------------------------------------------------
Similar to SPY, QQQ and IWM Monday Expirations, the introduction of
Monday ETP Expirations 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 Monday ETP
Expirations will allow market participants to hedge their portfolios
with options on commodities (oil, natural gas, gold, and silver) as
well as treasury securities, and tailor their investment and hedging
needs more effectively.
Implementation
The Exchange proposes to implement this rule change within 30 days
after Commission approval. The Exchange will issue an Options Trader
Alert to notify Members of the implementation date.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\23\ in general, and furthers the objectives of Section
6(b)(5) of the Act,\24\ in particular, in that it is designed to
promote just and equitable principles of trade, 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.
---------------------------------------------------------------------------
\23\ 15 U.S.C. 78f(b).
\24\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
Similar to Monday expirations in SPY, QQQ, and IWM, the proposal to
permit Monday 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 portfolio protection, thus allowing them
to better manage their risk exposure. The Exchange believes that there
is general demand for alternative expirations based on the analysis
discussed above, notably comparing the average daily contracts traded
in options overlying SPY, QQQ, and the five ETPs five months before and
after the introduction of alternative expirations on those symbols. As
shown above, the Exchange saw a volume increase in SPY and QQQ in the
five-month period following the introduction of Tuesday and Thursday
expirations, which suggests there is indeed genuine new interest in
these alternative expirations (as opposed to existing interest being
cannibalized). The Exchange also saw a volume increase in the majority
of the five ETPs in the five-month period following the introduction of
Wednesday expirations, likewise indicating the existence of general
demand for alternative expirations in these symbols.\25\
---------------------------------------------------------------------------
\25\ See supra note 21.
---------------------------------------------------------------------------
ISE 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 Monday 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 Monday
expirations beyond the current week. Furthermore, the above charts show
less volatility in these five products (both in terms of post-close and
during the last 30 minutes of trading) compared to SPY, QQQ, and IWM,
which have alternative expirations (including Monday expirations)
today.
The Exchange believes that the proposal is consistent with the Act
as
[[Page 46936]]
the proposal would overall add a small number of Monday ETP Expirations
by limiting the addition of two Monday expirations beyond the current
week. The addition of Monday 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 displayed market quality.\26\ The Exchange believes that the
proposal will allow Members 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. As stated in the
Wednesday Approval Order, the ETPs currently trade within ``complexes''
where, in addition to the underlying security, there are multiple
instruments available for hedging. Given the multi-asset class nature
of these products and available hedges in highly-correlated
instruments, the Exchange believes that its proposal to add Monday
expirations on these products will provide market participants with
additional useful hedging tools for the underlying asset classes.
---------------------------------------------------------------------------
\26\ Today, Primary Market Makers and Market Makers are required
to quote a specified time in their assigned options series. See ISE
Options 2, Section 5.
---------------------------------------------------------------------------
Similar to Monday SPY, QQQ, and IWM expirations, the introduction
of Monday 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 Monday 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, ISE lists Monday SPY, QQQ, and IWM
Expirations.\27\
---------------------------------------------------------------------------
\27\ See ISE Supplementary Material .03 at Options 4, Section 5.
---------------------------------------------------------------------------
In particular, the Exchange believes the Short Term Option Series
Program has been successful to date and that Monday 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 Monday SPY,
QQQ and IWM expirations compared to the proposed Monday ETP
Expirations. Given the similarities between Monday SPY, QQQ and IWM
expirations and the proposed Monday ETP Expirations, the Exchange
believes that applying the provisions in Supplementary Material .03 to
Options 4, Section 5 that currently apply to Monday SPY, QQQ and IWM
expirations is justified. For example, the Exchange believes that
allowing Monday ETP Expirations and monthly Exchange Traded Product
expirations in the same week will benefit investors and minimize
investor confusion by providing Monday 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.
While the proposal will expand the Short Term Options Expirations
to allow Monday ETP Expirations to be listed on ISE,\28\ the Exchange
believes that this limited expansion for Monday 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 Members 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.
---------------------------------------------------------------------------
\28\ As noted above, Nasdaq, Phlx, BX, GEMX and MRX incorporate
ISE Options 4, Section 5 by reference, so the proposed changes
herein will apply to those markets as well.
---------------------------------------------------------------------------
Similar to Monday SPY, QQQ and IWM expirations, the introduction of
Monday 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 Monday
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 Monday ETP
Expirations.\29\ Further, the Exchange does not believe the proposal
will impose any burden on intra-market competition, as all market
participants will be treated in the same manner under this proposal.
---------------------------------------------------------------------------
\29\ See supra note 28.
---------------------------------------------------------------------------
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were either solicited or received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period up to 90 days (i) as the
Commission may designate if it finds such longer period to be
appropriate and publishes its reasons for so finding or (ii) as to
which the self-regulatory organization consents, the Commission will:
(A) by order approve or disapprove the proposed rule change, or
(B) institute proceedings to determine whether the proposed rule
change should be 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-ISE-2024-21 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-ISE-2024-21. 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
[[Page 46937]]
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-ISE-2024-21 and should be submitted on or before June 20, 2024.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\30\
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\30\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-11801 Filed 5-29-24; 8:45 am]
BILLING CODE 8011-01-P
