Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Short Term Option Series Program in Rule 4.5(d), 76893-76896 [2024-21285]
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Federal Register / Vol. 89, No. 182 / Thursday, September 19, 2024 / Notices
Date of required notice:
September 19, 2024.
DATES:
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Sean C. Robinson,
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[FR Doc. 2024–21298 Filed 9–18–24; 8:45 am]
BILLING CODE 7710–12–P
SECURITIES AND EXCHANGE
COMMISSION
Self-Regulatory Organizations; Cboe
Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Amend the Short Term
Option Series Program in Rule 4.5(d)
September 13, 2024.
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Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on
September 6, 2024, Cboe Exchange, Inc.
(the ‘‘Exchange’’ or ‘‘Cboe Options’’)
filed with the Securities and Exchange
Commission (the ‘‘Commission’’) the
proposed rule change as described in
Items I and II below, which Items have
been prepared by the Exchange. The
Exchange filed the proposal as a ‘‘noncontroversial’’ proposed rule change
pursuant to Section 19(b)(3)(A)(iii) of
the Act 3 and Rule 19b–4(f)(6)
thereunder.4 The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
Cboe Exchange, Inc. (the ‘‘Exchange’’
or ‘‘Cboe Options’’) proposes to amend
the Short Term Option Series Program
in Rule 4.5(d). 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
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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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
[Release No. 34–101021; File No. SR–
CBOE–2024–040]
1 15
website (https://www.cboe.com/About
CBOE/CBOELegalRegulatory
Home.aspx), at the Exchange’s Office of
the Secretary, and at the Commission’s
Public Reference Room.
1. Purpose
The Exchange proposes to amend the
Short Term Option Series Program in
Rule 4.5(d) (Series of Options Contracts
Open for Trading). Specifically, the
Exchange proposes to expand the Short
Term Option Series Program to permit
the listing of two Monday expirations
for options on SPDR Gold Shares
(‘‘GLD’’), iShares Silver Trust (‘‘SLV’’),
and iShares 20+ Year Treasury Bond
ETF (‘‘TLT’’) (collectively ‘‘Exchange
Traded Products’’ or ‘‘ETPs’’).5 This is a
competitive filing that is based on a
proposal submitted by Nasdaq ISE, LLC
(‘‘Nasdaq ISE’’) and recently approved
by the Commission.6
Currently, as set forth in Rule 4.5(d),
after an option class has been approved
for listing and trading on the Exchange
as a Short Term Option Series, the
Exchange may open for trading on any
Thursday or Friday that is a business
day (‘‘Short Term Option Opening
5 Today, the Exchange permits the listing of two
Wednesday expirations for options on United States
Oil Fund, LP (‘‘USO’’), United States Natural Gas
Fund, LP (‘‘UNG’’), GLD, SLV, and TLT. See
Securities Exchange Act Release No. 99035
(November 29, 2023), 88 FR 84367 (December 5,
2023) (SR–CBOE–2023–062) (‘‘Wednesday Notice’’).
The Exchange began listing Wednesday expirations
on these five symbols on November 21, 2023. See
Options Exchange Notice, Reference ID:
C2023111702.
6 See Securities Exchange Act Release No. 100837
(August 27, 2024) (SR–ISE–2024–21) (Notice of
Filing of Amendment No. 1 and Order Granting
Accelerated Approval of a Proposed Rule Change,
as Modified by Amendment No. 1, to Adopt Rules
to Permit the Listing of Two Monday Expirations
for Options on SPDR Gold Shares, iShares Silver
Trust, and iShares 20+ Year Treasury Bond ETF)
(‘‘Nasdaq ISE Approval’’).
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76893
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 Rule
4.5(d) that expire at the close of
business on each of the next two
Mondays, Tuesdays, Wednesdays, and
Thursdays, respectively, that are
business days and are not business days
in which monthly options series or
Quarterly Options Series expire (‘‘Short
Term Option Daily Expirations’’).7 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.
Proposal
At this time, the Exchange proposes to
expand the Short Term Option Daily
Expirations to permit the listing and
trading of options on 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 Rule 4.5(d) for each
of those symbols accordingly.
The proposed Monday GLD, SLV, and
TLT expirations will be similar to the
current Monday SPY, QQQ, and IWM
Short Term Option Daily Expirations set
forth in Rule 4.5(d), such that the
Exchange may open for trading on any
Friday or Monday that is a business day
(beyond the current week) series of
options on GLD, SLV, and TLT to expire
on any Monday of the month that is a
7 As set forth in Table 1, the Exchange currently
only permits Wednesday expirations for USO, UNG,
GLD, SLV, and TLT.
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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 GLD Expirations,’’ ‘‘Monday
SLV Expirations,’’ and ‘‘Monday TLT
Expirations’’) (collectively, ‘‘Monday
ETP Expirations’’).8 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.9 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 $150.10 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 Rule 4.5(d), 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.11 The thirty (30)
series restriction does not include series
8 Today, USO, UNG, GLD, SLV, and TLT may
trade on Wednesdays. See id. They may also trade
on Fridays, as is the case for all options series in
the Short Term Option Series Program.
9 See Rule 4.5(d)(5).
10 Id.
11 See Rule 4.5(d)(1).
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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.12 With the proposed
changes, this thirty (30) series
restriction would apply to Monday 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.13 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.14
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 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
12 See
Rule 4.5(d)(1).
Rule 4.5(d)(2).
14 See Rule 4.5(d).
13 See
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the Wednesday expirations.15 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.
Because the Exchange proposes to
limit the number of Monday Expirations
for options on GLD, SLV, and TLT to
two expirations beyond the current
week, the Exchange believes that the
addition of these Monday ETP
Expirations should encourage MarketMakers to continue to deploy capital
more efficiently and improve displayed
market quality. 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 (gold and silver) as well as
treasury securities, and tailor their
investment and hedging needs more
effectively.
2. Statutory Basis
The Exchange believes the proposed
rule change is consistent with the
Securities Exchange Act of 1934 (the
‘‘Act’’) and the rules and regulations
thereunder applicable to the Exchange
and, in particular, the requirements of
Section 6(b) of the Act.16 Specifically,
the Exchange believes the proposed rule
change is consistent with the Section
6(b)(5) 17 requirements that the rules of
an exchange be designed to prevent
fraudulent and manipulative acts and
practices, to promote just and equitable
principles of trade, to foster cooperation
and coordination with persons engaged
in regulating, clearing, settling,
processing information with respect to,
and facilitating transactions in
securities, to remove impediments to
and perfect the mechanism of a free and
open market and a national market
system, and, in general, to protect
investors and the public interest.
Additionally, the Exchange believes the
15 Today, the Exchange permits the listing of two
Wednesday expirations for options on USO, UNG,
GLD, SLV, and TLT. See Wednesday Notice. The
Exchange began listing Wednesday expirations on
these five symbols on November 21, 2023. See
Options Exchange Notice, Reference ID:
C2023111702.
16 15 U.S.C. 78f(b).
17 15 U.S.C. 78f(b)(5).
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proposed rule change is consistent with
the Section 6(b)(5) 18 requirement that
the rules of an exchange not be designed
to permit unfair discrimination between
customers, issuers, brokers, or dealers.
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 in these symbols.
The Exchange represents that it has an
adequate surveillance program in place
to detect manipulative trading in the
proposed option expirations, in the
same way that it monitors trading in the
current Short Term Option Series for
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, and TLT given that it will be
limited to two Monday expirations
beyond the current week.
The Exchange believes that the
proposal is consistent with the Act as
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. The Exchange believes
that the proposal will allow TPHs to
expand hedging tools and tailor their
investment and hedging needs more
effectively in GLD, SLV, and TLT as
these funds are most likely to be utilized
by market participants to hedge the
underlying asset classes. The ETPs
currently trade within ‘‘complexes’’
where, in addition to the underlying
security, there are multiple instruments
available for hedging. Given the multiasset 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.
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 GLD, SLV, and TLT
based on their timing as needed and
allow them to tailor their investment
and hedging needs more effectively,
thus allowing them to better manage
their risk exposure. Today, the
Exchange lists Monday SPY, QQQ, and
IWM Expirations.19
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 Rule 4.5(d) that currently
apply to Monday SPY, QQQ and IWM
expirations is justified. For example, the
Exchange believes that allowing
Monday ETP Expirations and monthly
ETP expirations in the same week will
benefit investors and minimize investor
confusion by providing Monday ETP
Expirations in a continuous and
uniform manner.
Finally, the Exchange notes the
proposed rule change is substantively
the same as a rule change proposed by
ISE, which the Commission recently
approved.20
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
Rule 4.5(d).
20 See Nasdaq ISE Approval.
18 Id.
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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 the Exchange, the Exchange
believes that this limited expansion for
Monday expirations for options on GLD,
SLV, and TLT will not impose an undue
burden on competition; rather, it will
meet customer demand. The Exchange
believes that TPHs will continue to be
able to expand hedging tools and tailor
their investment and hedging needs
more effectively in 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 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. As
noted above, the Commission recently
approved a substantively identical
proposal of another exchange.21 Further,
the Exchange does not believe the
proposal will impose any burden on
intramarket competition, as all market
participants will be treated in the same
manner under this proposal.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
The Exchange neither solicited nor
received comments on the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The Exchange has filed the proposed
rule change pursuant to Section
19(b)(3)(A)(iii) of the Act 22 and Rule
19b–4(f)(6) thereunder.23 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
21 See
19 See
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76895
Nasdaq ISE Approval.
U.S.C. 78s(b)(3)(A)(iii).
23 17 CFR 240.19b–4(f)(6).
22 15
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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 24 and
subparagraph (f)(6) of Rule 19b–4
thereunder.25
A proposed rule change filed under
Rule 19b–4(f)(6) 26 normally does not
become operative prior to 30 days after
the date of the filing. However, pursuant
to Rule 19b–4(f)(6)(iii),27 the
Commission may designate a shorter
time if such action is consistent with the
protection of investors and the public
interest. The Exchange has requested
that the Commission waive the 30-day
operative delay so that the proposal may
become operative immediately upon
filing. According to the Exchange, the
proposed rule change is a competitive
response to a filing submitted by Nasdaq
ISE that was recently approved by the
Commission.28 The Exchange has stated
that waiver of the 30-day operative
delay would allow the Exchange to
implement the proposal at the same
time as its competitor exchanges, thus
creating competition among Short Term
Option Series throughout the industry.
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 operative delay and
designates the proposed rule change as
operative upon filing.29
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 will institute proceedings
to determine whether the proposed rule
24 15
U.S.C. 78s(b)(3)(A)(iii).
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.
26 17 CFR 240.19b–4(f)(6).
27 17 CFR 240.19b–4(f)(6)(iii).
28 See supra note 9.
29 For purposes only of waiving the 30-day
operative delay, the Commission has also
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
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change 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:
• Use the Commission’s internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include file number SR–
CBOE–2024–040 on the subject line.
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549–1090.
All submissions should refer to file
number SR–CBOE–2024–040. This file
number should be included on the
subject line if email is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
internet website (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for website viewing and
printing in the Commission’s Public
Reference Room, 100 F Street NE,
Washington, DC 20549, on official
business days between the hours of 10
a.m. and 3 p.m. Copies of the filing also
will be available for inspection and
copying at the principal office of the
Exchange. Do not include personal
identifiable information in submissions;
you should submit only information
that you wish to make available
publicly. We may redact in part or
withhold entirely from publication
submitted material that is obscene or
subject to copyright protection. All
submissions should refer to file number
SR–CBOE–2024–040 and should be
submitted on or before October 10,
2024.
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[FR Doc. 2024–21285 Filed 9–18–24; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–216, OMB Control No.
3235–0243]
Electronic Comments
PO 00000
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.30
Vanessa A. Countryman,
Secretary.
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Proposed Collection; Comment
Request; Extension: Rule 206(3)–2
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736
Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.), the Securities
and Exchange Commission (the
‘‘Commission’’) is soliciting comments
on the collection of information
summarized below. The Commission
plans to submit this existing collection
of information to the Office of
Management and Budget for extension
and approval.
Rule 206(3)–2, (17 CFR 275.206(3)–2)
which is entitled ‘‘Agency Cross
Transactions for Advisory Clients,’’
permits investment advisers to comply
with section 206(3) of the Investment
Advisers Act of 1940 (the ‘‘Act’’) (15
U.S.C. 80b–6(3)) by obtaining a client’s
blanket consent to enter into agency
cross transactions (i.e., a transaction in
which an adviser acts as a broker to both
the advisory client and the opposite
party to the transaction), provided that
certain disclosures are made to the
client. Rule 206(3)–2 applies to all
registered investment advisers. In
relying on the rule, investment advisers
must provide certain disclosures to their
clients. Advisory clients can use the
disclosures to monitor agency cross
transactions that affect their advisory
account. The Commission also uses the
information required by Rule 206(3)–2
in connection with its investment
adviser inspection program to ensure
that advisers are in compliance with the
rule. Without the information collected
under the rule, advisory clients would
not have information necessary for
monitoring their adviser’s handling of
their accounts and the Commission
would be less efficient and effective in
its inspection program.
The information requirements of the
rule consist of the following: (1) prior to
30 17
E:\FR\FM\19SEN1.SGM
CFR 200.30–3(a)(12), (59).
19SEN1
]]>Agencies
[Federal Register Volume 89, Number 182 (Thursday, September 19, 2024)]
[Notices]
[Pages 76893-76896]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-21285]
=======================================================================
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-101021; File No. SR-CBOE-2024-040]
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
the Short Term Option Series Program in Rule 4.5(d)
September 13, 2024.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on September 6, 2024, Cboe Exchange, Inc. (the ``Exchange'' or
``Cboe Options'') filed with the Securities and Exchange Commission
(the ``Commission'') the proposed rule change as described in Items I
and II below, which Items have been prepared by the Exchange. The
Exchange filed the proposal as a ``non-controversial'' proposed rule
change pursuant to Section 19(b)(3)(A)(iii) of the Act \3\ and Rule
19b-4(f)(6) thereunder.\4\ The Commission is publishing this notice to
solicit comments on the proposed rule change from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A)(iii).
\4\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Cboe Exchange, Inc. (the ``Exchange'' or ``Cboe Options'') proposes
to amend the Short Term Option Series Program in Rule 4.5(d). 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://www.cboe.com/AboutCBOE/CBOELegalRegulatoryHome.aspx), at the Exchange's Office of the
Secretary, and at the Commission's Public Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend the Short Term Option Series Program
in Rule 4.5(d) (Series of Options Contracts Open for Trading).
Specifically, the Exchange proposes to expand the Short Term Option
Series Program to permit the listing of two Monday expirations for
options on SPDR Gold Shares (``GLD''), iShares Silver Trust (``SLV''),
and iShares 20+ Year Treasury Bond ETF (``TLT'') (collectively
``Exchange Traded Products'' or ``ETPs'').\5\ This is a competitive
filing that is based on a proposal submitted by Nasdaq ISE, LLC
(``Nasdaq ISE'') and recently approved by the Commission.\6\
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\5\ Today, the Exchange permits the listing of two Wednesday
expirations for options on United States Oil Fund, LP (``USO''),
United States Natural Gas Fund, LP (``UNG''), GLD, SLV, and TLT. See
Securities Exchange Act Release No. 99035 (November 29, 2023), 88 FR
84367 (December 5, 2023) (SR-CBOE-2023-062) (``Wednesday Notice'').
The Exchange began listing Wednesday expirations on these five
symbols on November 21, 2023. See Options Exchange Notice, Reference
ID: C2023111702.
\6\ See Securities Exchange Act Release No. 100837 (August 27,
2024) (SR-ISE-2024-21) (Notice of Filing of Amendment No. 1 and
Order Granting Accelerated Approval of a Proposed Rule Change, as
Modified by Amendment No. 1, to Adopt Rules to Permit the Listing of
Two Monday Expirations for Options on SPDR Gold Shares, iShares
Silver Trust, and iShares 20+ Year Treasury Bond ETF) (``Nasdaq ISE
Approval'').
---------------------------------------------------------------------------
Currently, as set forth in Rule 4.5(d), after an option class has
been approved for listing and trading on the Exchange as a Short Term
Option Series, the Exchange may open for trading on any Thursday or
Friday that is a business day (``Short Term Option Opening Date'')
series of options on that class that expire at the close of business on
each of the next five Fridays that are business days and are not
Fridays 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 Rule 4.5(d) that expire at the
close of business on each of the next two Mondays, Tuesdays,
Wednesdays, and Thursdays, respectively, that are business days and are
not business days in which monthly options series or Quarterly Options
Series expire (``Short Term Option Daily Expirations'').\7\ 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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\7\ 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 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 Rule 4.5(d)
for each of those symbols accordingly.
The proposed Monday GLD, SLV, and TLT expirations will be similar
to the current Monday SPY, QQQ, and IWM Short Term Option Daily
Expirations set forth in Rule 4.5(d), such that the Exchange may open
for trading on any Friday or Monday that is a business day (beyond the
current week) series of options on GLD, SLV, and TLT to expire on any
Monday of the month that is a
[[Page 76894]]
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 GLD Expirations,'' ``Monday SLV Expirations,'' and
``Monday TLT Expirations'') (collectively, ``Monday ETP
Expirations'').\8\ 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.
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\8\ Today, USO, UNG, GLD, SLV, and TLT may trade on Wednesdays.
See id. 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.\9\ 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.\10\ 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.
---------------------------------------------------------------------------
\9\ See Rule 4.5(d)(5).
\10\ Id.
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Pursuant to Rule 4.5(d), 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.\11\
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.\12\ With the proposed changes, this thirty (30)
series restriction would apply to Monday 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.
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\11\ See Rule 4.5(d)(1).
\12\ See Rule 4.5(d)(1).
---------------------------------------------------------------------------
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.\13\ 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.
---------------------------------------------------------------------------
\13\ See Rule 4.5(d)(2).
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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.\14\ 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 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.
---------------------------------------------------------------------------
\14\ See Rule 4.5(d).
---------------------------------------------------------------------------
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.\15\ 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.
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\15\ Today, the Exchange permits the listing of two Wednesday
expirations for options on USO, UNG, GLD, SLV, and TLT. See
Wednesday Notice. The Exchange began listing Wednesday expirations
on these five symbols on November 21, 2023. See Options Exchange
Notice, Reference ID: C2023111702.
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Because the Exchange proposes to limit the number of Monday
Expirations for options on 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.
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 (gold and silver) as well as treasury
securities, and tailor their investment and hedging needs more
effectively.
2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Securities Exchange Act of 1934 (the ``Act'') and the rules and
regulations thereunder applicable to the Exchange and, in particular,
the requirements of Section 6(b) of the Act.\16\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \17\ requirements that the rules of an exchange be
designed to prevent fraudulent and manipulative acts and practices, to
promote just and equitable principles of trade, to foster cooperation
and coordination with persons engaged in regulating, clearing,
settling, processing information with respect to, and facilitating
transactions in securities, to remove impediments to and perfect the
mechanism of a free and open market and a national market system, and,
in general, to protect investors and the public interest. Additionally,
the Exchange believes the
[[Page 76895]]
proposed rule change is consistent with the Section 6(b)(5) \18\
requirement that the rules of an exchange not be designed to permit
unfair discrimination between customers, issuers, brokers, or dealers.
---------------------------------------------------------------------------
\16\ 15 U.S.C. 78f(b).
\17\ 15 U.S.C. 78f(b)(5).
\18\ Id.
---------------------------------------------------------------------------
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 in these symbols.
The Exchange represents that it has an adequate surveillance
program in place to detect manipulative trading in the proposed option
expirations, in the same way that it monitors trading in the current
Short Term Option Series for 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, and TLT given that it will be limited to two Monday
expirations beyond the current week.
The Exchange believes that the proposal is consistent with the Act
as 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. The Exchange believes
that the proposal will allow TPHs to expand hedging tools and tailor
their investment and hedging needs more effectively in GLD, SLV, and
TLT as these funds are most likely to be utilized by market
participants to hedge the underlying asset classes. 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.
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 GLD, SLV, and TLT based on their
timing as needed and allow them to tailor their investment and hedging
needs more effectively, thus allowing them to better manage their risk
exposure. Today, the Exchange lists Monday SPY, QQQ, and IWM
Expirations.\19\
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\19\ See Rule 4.5(d).
---------------------------------------------------------------------------
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 Rule 4.5(d) that currently
apply to Monday SPY, QQQ and IWM expirations is justified. For example,
the Exchange believes that allowing Monday ETP Expirations and monthly
ETP expirations in the same week will benefit investors and minimize
investor confusion by providing Monday ETP Expirations in a continuous
and uniform manner.
Finally, the Exchange notes the proposed rule change is
substantively the same as a rule change proposed by ISE, which the
Commission recently approved.\20\
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\20\ See Nasdaq ISE Approval.
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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 the Exchange, the
Exchange believes that this limited expansion for Monday expirations
for options on GLD, SLV, and TLT will not impose an undue burden on
competition; rather, it will meet customer demand. The Exchange
believes that TPHs will continue to be able to expand hedging tools and
tailor their investment and hedging needs more effectively in 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
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. As noted above, the Commission recently approved a
substantively identical proposal of another exchange.\21\ 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.
---------------------------------------------------------------------------
\21\ See Nasdaq ISE Approval.
---------------------------------------------------------------------------
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
The Exchange neither solicited nor received comments on the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \22\ and Rule 19b-4(f)(6) thereunder.\23\
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
[[Page 76896]]
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 \24\ and subparagraph (f)(6) of Rule 19b-4 thereunder.\25\
---------------------------------------------------------------------------
\22\ 15 U.S.C. 78s(b)(3)(A)(iii).
\23\ 17 CFR 240.19b-4(f)(6).
\24\ 15 U.S.C. 78s(b)(3)(A)(iii).
\25\ 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) \26\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\27\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has
requested that the Commission waive the 30-day operative delay so that
the proposal may become operative immediately upon filing. According to
the Exchange, the proposed rule change is a competitive response to a
filing submitted by Nasdaq ISE that was recently approved by the
Commission.\28\ The Exchange has stated that waiver of the 30-day
operative delay would allow the Exchange to implement the proposal at
the same time as its competitor exchanges, thus creating competition
among Short Term Option Series throughout the industry. 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 operative delay and designates the
proposed rule change as operative upon filing.\29\
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\26\ 17 CFR 240.19b-4(f)(6).
\27\ 17 CFR 240.19b-4(f)(6)(iii).
\28\ See supra note 9.
\29\ 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 will institute proceedings to
determine whether the proposed rule change should be approved or
disapproved.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's internet comment form (https://www.sec.gov/rules/sro.shtml); or
Send an email to [email protected]. Please include
file number SR-CBOE-2024-040 on the subject line.
Paper Comments
Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to file number SR-CBOE-2024-040. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (https://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for website viewing and
printing in the Commission's Public Reference Room, 100 F Street NE,
Washington, DC 20549, on official business days between the hours of 10
a.m. and 3 p.m. Copies of the filing also will be available for
inspection and copying at the principal office of the Exchange. Do not
include personal identifiable information in submissions; you should
submit only information that you wish to make available publicly. We
may redact in part or withhold entirely from publication submitted
material that is obscene or subject to copyright protection. All
submissions should refer to file number SR-CBOE-2024-040 and should be
submitted on or before October 10, 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), (59).
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Vanessa A. Countryman,
Secretary.
[FR Doc. 2024-21285 Filed 9-18-24; 8:45 am]
BILLING CODE 8011-01-P
