Self-Regulatory Organizations; MIAX Sapphire, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange Rule 404, Series of Option Contracts Open for Trading, To Amend the Short Term Options Program, 79674-79678 [2024-22269]

Download as PDF 79674 Federal Register / Vol. 89, No. 189 / Monday, September 30, 2024 / Notices third-party external vendors for such materials. At least one competing options exchange group similarly passes along charges assessed to those exchanges by third-party external vendors supplying materials on behalf of that exchange group’s customers.10 Additionally, the pass through of costs for materials will be assessed equally to all Members and nonMembers who request technical support that requires the Exchange to purchase materials to complete the requested support. The Exchange notes that Members and non-Members are not required to use the service. The Exchange offers this service as a convenience to all Members and nonMembers. The Exchange believes the proposal will not impose any burden on intra-market competition because it will permit both Members and non-Members to request the use of the Exchange’s onsite data center personnel as technical support and as a convenience in order to test or otherwise assess the user’s connectivity to the Exchange via its data centers. HD3-Market Competition The Exchange believes that the proposed changes will not result in any burden on inter-market competition that is not necessary or appropriate in furtherance of the purposes of the Act. As discussed above, market participants are not forced to connect to and trade on all exchanges. The Exchange believes that the proposed pass-through of costs for materials for technical support will not cause any burden on inter-market competition because none of these changes impact other exchanges’ ability to compete. Accordingly, the Exchange does not believe its proposed fee changes impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. ddrumheller on DSK120RN23PROD with NOTICES1 C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others Written comments were neither solicited nor received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change has become effective pursuant to Section 19(b)(3)(A)(ii) of the Act 11 and Rule 19b-4(f)(2) 12 thereunder. At any time within 60 days of the filing of the proposed rule change, the 10 See id. U.S.C. 78s(b)(3)(A)(ii). 12 17 CFR 240.19b–4(f)(2). 11 15 VerDate Sep<11>2014 17:51 Sep 27, 2024 Jkt 262001 Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule 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 rule-comments@ sec.gov. Please include file number SR– SAPPHIRE–2024–28 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–SAPPHIRE–2024–28. 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 PO 00000 Frm 00174 Fmt 4703 Sfmt 4703 withhold entirely from publication submitted material that is obscene or subject to copyright protection. All submissions should refer to file number SR–SAPPHIRE–2024–28 and should be submitted on or before October 21, 2024. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.13 Vanessa A. Countryman, Secretary. [FR Doc. 2024–22263 Filed 9–27–24; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–101156; File No. SR– SAPPHIRE–2024–29] Self-Regulatory Organizations; MIAX Sapphire, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange Rule 404, Series of Option Contracts Open for Trading, To Amend the Short Term Options Program September 24, 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 September 16, 2024, MIAX Sapphire, LLC (‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’) a 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. 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 Interpretations and Policies .02 of Exchange Rule 404, Series of Option Contracts Open for Trading. The text of the proposed rule change is available on the Exchange’s website at https://www.miaxglobal.com/markets/ us-options/miax-sapphire/rule-filings, at the Exchange’s principal office, and at the Commission’s Public Reference Room. 13 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 1 15 E:\FR\FM\30SEN1.SGM 30SEN1 Federal Register / Vol. 89, No. 189 / Monday, September 30, 2024 / Notices 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 ddrumheller on DSK120RN23PROD with NOTICES1 1. Purpose The Exchange proposes to amend the Short Term Option Series Program in Interpretations and Policies .02 of Exchange Rule 404, Series of Option Contracts Open for Trading.3 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’’).4 This is a competitive filing based on a similar proposal submitted by Nasdaq ISE, LLC (‘‘ISE’’) and approved by the Securities and Exchange Commission (‘‘Commission’’).5 Currently, as set forth in Interpretations and Policies .02 of Exchange Rule 404, after an option class has been approved for listing and trading on the Exchange as a Short Term Option Series,6 the Exchange may open 3 The Exchange notes that its affiliate exchanges, MIAX Options and MIAX Pearl, submitted substantively identical proposals. 4 Today, the Exchange permits the listing of two Wednesday expirations for options on GLD, SLV, and TLT. See Interpretations and Policies .02 of Exchange Rule 404. 5 See Securities Exchange Act Release No. 100837 (August 27, 2024), 89 FR 71770 (September 3, 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). 6 The term ‘‘Short Term Option Series’’ is 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, Tuesday, Wednesday, Thursday, or Friday of the next business week, or, in the case of a series that is VerDate Sep<11>2014 17:51 Sep 27, 2024 Jkt 262001 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 Friday Expiration Dates (‘‘Short Term Option Weekly Expirations’’). 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 Interpretations and Policies .02 of Exchange Rule 404 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’’).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 listed on a Friday and expires on a Monday, is listed one business week and one business day prior to that expiration. If a Tuesday, Wednesday, Thursday or Friday is not a business day, the series may be opened (or shall expire) on the first business day immediately prior to that Tuesday, Wednesday, Thursday or Friday, respectively. For a series listed pursuant to this section for Monday expiration, if a Monday is not a business day, the series shall expire on the first business day immediately following that Monday. See Exchange Rule 100. 7 As set forth in Table 1 in Interpretations and Policies .02 of Exchange Rule 404, the Exchange currently only permits Wednesday expirations for USO, UNG, GLD, SLV, and TLT. PO 00000 Frm 00175 Fmt 4703 Sfmt 4703 79675 Term Option Expiration Dates beyond the current week for each Monday expiration at one time, and would update Table 1 in Interpretations and Policies .02 of Exchange Rule 404 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 Interpretations and Policies .02 of Exchange Rule 404, 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 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 to 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 8 Today, GLD, SLV, and TLT may trade on Wednesdays. See supra note 4. They may also trade on Fridays, as is the case for all options series in the Short Term Option Series Program. 9 See Interpretations and Policies .02(e) of Exchange Rule 404. 10 Id. E:\FR\FM\30SEN1.SGM 30SEN1 ddrumheller on DSK120RN23PROD with NOTICES1 79676 Federal Register / Vol. 89, No. 189 / Monday, September 30, 2024 / Notices 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 the Exchange’s definition of 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.11 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.12 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.13 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.14 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.15 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 and are not business days in which standard expiration option series, Monthly Options Series, or Quarterly Options Series expire. The 11 See supra note 6. Interpretations and Policies .02(a) of Exchange Rule 404. 13 Id. 14 See Interpretations and Policies .02(b) of Exchange Rule 404. 15 See Interpretations and Policies .02 of Exchange Rule 404. 12 See VerDate Sep<11>2014 17:51 Sep 27, 2024 Jkt 262001 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 three ETPs to the Wednesday expirations.16 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. 2. Statutory Basis The Exchange believes that its proposed rule change is consistent with the Act and the rules and regulations thereunder applicable to the Exchange and, in particular, the requirements of Section 6(b) of the Act.17 Specifically, the Exchange believes that its proposed rule change is consistent with Section 6(b)(5) 18 requirements in that it is designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in regulating, clearing, settling, processing information with respect to, and facilitating transactions in, securities, to remove impediments to and perfect the mechanism of a free and open market and a national market system and, in general, to protect investors and the public interest. Similar to 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 16 See supra note 4. U.S.C. 78f(b). 18 15 U.S.C. 78f(b)(5). 17 15 PO 00000 Frm 00176 Fmt 4703 Sfmt 4703 a reduced premium cost of buying portfolio protection, thus allowing them to better manage their risk exposure. The Exchange represents that it has an adequate surveillance program in place to detect manipulative trading in the proposed option expirations, in the same way that it monitors trading in the current Short Term Option Series for 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. Lastly, the Exchange believes that its proposal will not be a strain on liquidity providers because of the multi-class nature of GLD, SLV, and TLT and the available hedges in highly correlated instruments. 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 19 to continue to deploy capital more efficiently and improve market quality. The Exchange believes that the proposal will allow market participants to expand hedging tools and tailor their investment and hedging needs more effectively in GLD, SLV, and TLT as these funds are most likely to be utilized by market participants to hedge 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 19 The term ‘‘Market Maker’’ or ‘‘MM’’ means a Member registered with the Exchange for the purpose of making markets in options contracts traded on the Exchange and that is vested with the rights and responsibilities specified in Chapter VI of the Exchange Rules. See Exchange Rule 100. The term ‘‘Member’’ means an individual or organization that is registered with the Exchange pursuant to Chapter II of these Rules for purposes of trading on the Exchange as an ‘‘Electronic Exchange Member’’ or ‘‘Market Maker.’’ Members are deemed ‘‘members’’ under the Act. See Exchange Rule 100. E:\FR\FM\30SEN1.SGM 30SEN1 Federal Register / Vol. 89, No. 189 / Monday, September 30, 2024 / Notices 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.20 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 Interpretations and Policies .02 of Exchange Rule 404 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. ddrumheller on DSK120RN23PROD with NOTICES1 B. Self-Regulatory Organization’s Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. In this regard and as indicated above, the Exchange notes that the rule change is being proposed as a competitive response to filings submitted by ISE.21 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 market participants will continue to be able to expand hedging tools and tailor their investment and 20 See Interpretations and Policies .02 of Exchange Rule 404. 21 See supra note 5. VerDate Sep<11>2014 17:51 Sep 27, 2024 Jkt 262001 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 that the proposal will impose any burden on intermarket competition, as nothing prevents the other options exchanges from proposing similar rules to list and trade Monday ETP Expirations. Further, the Exchange does not believe that the proposal will impose any burden on intra-market 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 Written comments were neither solicited nor received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the foregoing proposed rule change does not: (i) significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, if consistent with the protection of investors and the public interest, the proposed rule change has become effective pursuant to Section 19(b)(3)(A)(iii) of the Act 22 and Rule 19b–4(f)(6) thereunder.23 A proposed rule change filed pursuant to Rule 19b–4(f)(6) under the Act 24 normally does not become operative for 30 days after the date of its 22 15 U.S.C. 78s(b)(3)(A)(iii). CFR 240.19b–4(f)(6). In addition, Rule 19b– 4(f)(6) 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. 24 17 CFR 240.19b–4(f)(6). 23 17 PO 00000 Frm 00177 Fmt 4703 Sfmt 4703 79677 filing. However, Rule 19b–4(f)(6)(iii) 25 permits the Commission to 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 it may to permit the listing of Monday Short Term Daily Expirations for options on GLD, SLV, and TLT at the same time as ISE, whose substantively identical proposal was recently approved by the Commission.26 The Commission believes that the proposed rule change presents no novel issues and that waiver of the 30-day operative delay is consistent with the protection of investors and the public interest. Accordingly, the Commission hereby waives the 30-day operative delay and designates the proposed rule change operative upon filing.27 At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings under Section 19(b)(2)(B) 28 of the Act 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 rule-comments@ sec.gov. Please include file number SR– SAPPHIRE–2024–29 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. 25 17 CFR 240.19b–4(f)(6)(iii). supra note 5. 27 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). 28 15 U.S.C. 78s(b)(2)(B). 26 See E:\FR\FM\30SEN1.SGM 30SEN1 79678 Federal Register / Vol. 89, No. 189 / Monday, September 30, 2024 / Notices All submissions should refer to file number SR–SAPPHIRE–2024–29. 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–SAPPHIRE–2024–29 and should be submitted on or before October 21, 2024. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.29 Vanessa A. Countryman, Secretary. [FR Doc. 2024–22269 Filed 9–27–24; 8:45 am] ddrumheller on DSK120RN23PROD with NOTICES1 BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–101157; File No. SR– NYSEAMER–2024–45] Self-Regulatory Organizations; NYSE American LLC; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change To Amend Rule 915 To Permit the Listing and Trading of Options on the Bitwise Ethereum ETF, the Grayscale Ethereum Trust, the Grayscale Ethereum Mini Trust, and Any Trust That Holds Ether September 24, 2024. On July 23, 2024, NYSE American LLC filed with the Securities and Exchange Commission (‘‘Commission’’), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’),1 and Rule 19b–4 thereunder,2 a proposed rule change to amend Rule 915 to permit the listing and trading of options on the Bitwise Ethereum ETF, the Grayscale Ethereum Trust, the Grayscale Ethereum Mini Trust, and any trust that holds ether. The proposed rule change was published for comment in the Federal Register on August 13, 2024.3 The Commission received no comment letters regarding the proposed rule change. Section 19(b)(2) of the Act 4 provides that within 45 days of the publication of notice of the filing of a proposed rule change, or within such longer period up to 90 days as the Commission may designate if it finds such longer period to be appropriate and publishes its reasons for so finding, or as to which the self-regulatory organization consents, the Commission shall either approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether the proposed rule change should be disapproved. The 45th day after publication of the notice for this proposed rule change is September 27, 2024. The Commission is extending this 45-day time period. The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change. Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act,5 designates November 11, 2024, as the date by which the Commission shall 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 See Securities Exchange Act Release No. 100666 (Aug. 7, 2024), 89 FR 65957. 4 15 U.S.C. 78s(b)(2). 5 Id. 2 17 29 17 CFR 200.30–3(a)(12), (59). VerDate Sep<11>2014 17:51 Sep 27, 2024 Jkt 262001 PO 00000 Frm 00178 Fmt 4703 Sfmt 4703 either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change (File No. SR–NYSEAMER– 2024–45). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.6 Vanessa A. Countryman, Secretary. [FR Doc. 2024–22259 Filed 9–27–24; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–101145; File No. SR– EMERALD–2024–26] Self-Regulatory Organizations; MIAX Emerald, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the MIAX Emerald Fee Schedule September 24, 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 10, 2024, MIAX Emerald, LLC (‘‘MIAX Emerald’’ or ‘‘Exchange’’) 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 Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange is filing a proposal to amend the MIAX Emerald Options Exchange Fee Schedule (the ‘‘Fee Schedule’’) to amend Section 5)f), Member and Non-Member Technical Support Request Fee. The text of the proposed rule change is available on the Exchange’s website at https://www.miaxglobal.com/markets/ us-options/all-options-exchanges/rulefilings, at MIAX Emerald’s principal office, 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 6 17 CFR 200.30–3(a)(31). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 1 15 E:\FR\FM\30SEN1.SGM 30SEN1

Agencies

[Federal Register Volume 89, Number 189 (Monday, September 30, 2024)]
[Notices]
[Pages 79674-79678]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-22269]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-101156; File No. SR-SAPPHIRE-2024-29]


Self-Regulatory Organizations; MIAX Sapphire, LLC; Notice of 
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend 
Exchange Rule 404, Series of Option Contracts Open for Trading, To 
Amend the Short Term Options Program

September 24, 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 September 16, 2024, MIAX Sapphire, LLC (``Exchange'') filed with the 
Securities and Exchange Commission (``Commission'') a 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.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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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 Interpretations and Policies .02 of Exchange Rule 404, Series of 
Option Contracts Open for Trading.
    The text of the proposed rule change is available on the Exchange's 
website at https://www.miaxglobal.com/markets/us-options/miax-sapphire/rule-filings, at the Exchange's principal office, and at the 
Commission's Public Reference Room.

[[Page 79675]]

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 Interpretations and Policies .02 of Exchange Rule 404, Series of 
Option Contracts Open for Trading.\3\ 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'').\4\ This is a competitive filing based on a similar 
proposal submitted by Nasdaq ISE, LLC (``ISE'') and approved by the 
Securities and Exchange Commission (``Commission'').\5\
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    \3\ The Exchange notes that its affiliate exchanges, MIAX 
Options and MIAX Pearl, submitted substantively identical proposals.
    \4\ Today, the Exchange permits the listing of two Wednesday 
expirations for options on GLD, SLV, and TLT. See Interpretations 
and Policies .02 of Exchange Rule 404.
    \5\ See Securities Exchange Act Release No. 100837 (August 27, 
2024), 89 FR 71770 (September 3, 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).
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    Currently, as set forth in Interpretations and Policies .02 of 
Exchange Rule 404, after an option class has been approved for listing 
and trading on the Exchange as a Short Term Option Series,\6\ 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 Friday Expiration Dates (``Short Term Option Weekly 
Expirations''). 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.
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    \6\ The term ``Short Term Option Series'' is 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, Tuesday, Wednesday, Thursday, or Friday 
of the next business week, or, in the case of a series that is 
listed on a Friday and expires on a Monday, is listed one business 
week and one business day prior to that expiration. If a Tuesday, 
Wednesday, Thursday or Friday is not a business day, the series may 
be opened (or shall expire) on the first business day immediately 
prior to that Tuesday, Wednesday, Thursday or Friday, respectively. 
For a series listed pursuant to this section for Monday expiration, 
if a Monday is not a business day, the series shall expire on the 
first business day immediately following that Monday. See Exchange 
Rule 100.
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    Additionally, the Exchange may open for trading series of options 
on the symbols provided in Table 1 of Interpretations and Policies .02 
of Exchange Rule 404 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'').\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 in Interpretations and Policies .02 
of Exchange Rule 404, the Exchange currently only permits Wednesday 
expirations for USO, UNG, GLD, SLV, and TLT.
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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 
Interpretations and Policies .02 of Exchange Rule 404 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 Interpretations and Policies .02 of Exchange 
Rule 404, 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 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, GLD, SLV, and TLT may trade on Wednesdays. See supra 
note 4. They may also trade on Fridays, as is the case for all 
options series in the Short Term Option Series Program.
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    The interval between strike prices for the proposed Monday ETP 
Expirations will be the same as those currently applicable to 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

[[Page 79676]]

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.
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    \9\ See Interpretations and Policies .02(e) of Exchange Rule 
404.
    \10\ Id.
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    Pursuant to the Exchange's definition of 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.\11\
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    \11\ See supra note 6.
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    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.\12\ 
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.\13\ 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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    \12\ See Interpretations and Policies .02(a) of Exchange Rule 
404.
    \13\ Id.
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    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.\14\ 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.
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    \14\ See Interpretations and Policies .02(b) of Exchange Rule 
404.
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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.\15\ 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 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.
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    \15\ See Interpretations and Policies .02 of Exchange Rule 404.
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    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 three ETPs to the Wednesday expirations.\16\ 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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    \16\ See supra note 4.
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2. Statutory Basis
    The Exchange believes that its proposed rule change is consistent 
with the Act and the rules and regulations thereunder applicable to the 
Exchange and, in particular, the requirements of Section 6(b) of the 
Act.\17\ Specifically, the Exchange believes that its proposed rule 
change is consistent with Section 6(b)(5) \18\ requirements in that it 
is designed to prevent fraudulent and manipulative acts and practices, 
to promote just and equitable principles of trade, to foster 
cooperation and coordination with persons engaged in regulating, 
clearing, settling, processing information with respect to, and 
facilitating transactions in, securities, to remove impediments to and 
perfect the mechanism of a free and open market and a national market 
system and, in general, to protect investors and the public interest.
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    \17\ 15 U.S.C. 78f(b).
    \18\ 15 U.S.C. 78f(b)(5).
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    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 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. Lastly, the Exchange believes that 
its proposal will not be a strain on liquidity providers because of the 
multi-class nature of GLD, SLV, and TLT and the available hedges in 
highly correlated instruments.
    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 \19\ to continue to deploy capital more 
efficiently and improve market quality. The Exchange believes that the 
proposal will allow market participants to expand hedging tools and 
tailor their investment and hedging needs more effectively in GLD, SLV, 
and TLT as these funds are most likely to be utilized by market 
participants to hedge the underlying asset classes.
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    \19\ The term ``Market Maker'' or ``MM'' means a Member 
registered with the Exchange for the purpose of making markets in 
options contracts traded on the Exchange and that is vested with the 
rights and responsibilities specified in Chapter VI of the Exchange 
Rules. See Exchange Rule 100. The term ``Member'' means an 
individual or organization that is registered with the Exchange 
pursuant to Chapter II of these Rules for purposes of trading on the 
Exchange as an ``Electronic Exchange Member'' or ``Market Maker.'' 
Members are deemed ``members'' under the Act. See Exchange Rule 100.
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    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

[[Page 79677]]

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.\20\
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    \20\ See Interpretations and Policies .02 of Exchange Rule 404.
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    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 Interpretations and Policies 
.02 of Exchange Rule 404 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. In this regard and as 
indicated above, the Exchange notes that the rule change is being 
proposed as a competitive response to filings submitted by ISE.\21\
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    \21\ See supra note 5.
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    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 market participants 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 that the proposal will impose any 
burden on intermarket competition, as nothing prevents the other 
options exchanges from proposing similar rules to list and trade Monday 
ETP Expirations. Further, the Exchange does not believe that the 
proposal will impose any burden on intra-market 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

    Written comments were neither solicited nor received.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    Because the foregoing proposed rule change does not: (i) 
significantly affect the protection of investors or the public 
interest; (ii) impose any significant burden on competition; and (iii) 
become operative for 30 days from the date on which it was filed, or 
such shorter time as the Commission may designate, if consistent with 
the protection of investors and the public interest, the proposed rule 
change has become effective pursuant to Section 19(b)(3)(A)(iii) of the 
Act \22\ and Rule 19b-4(f)(6) thereunder.\23\
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    \22\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \23\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) 
requires a self-regulatory organization to give the Commission 
written notice of its intent to file the proposed rule change, along 
with a brief description and text of the proposed rule change, at 
least five business days prior to the date of filing of the proposed 
rule change, or such shorter time as designated by the Commission. 
The Exchange has satisfied this requirement.
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    A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the 
Act \24\ normally does not become operative for 30 days after the date 
of its filing. However, Rule 19b-4(f)(6)(iii) \25\ permits the 
Commission to 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 it may to permit the listing of Monday Short Term Daily 
Expirations for options on GLD, SLV, and TLT at the same time as ISE, 
whose substantively identical proposal was recently approved by the 
Commission.\26\ The Commission believes that the proposed rule change 
presents no novel issues and that waiver of the 30-day operative delay 
is consistent with the protection of investors and the public interest. 
Accordingly, the Commission hereby waives the 30-day operative delay 
and designates the proposed rule change operative upon filing.\27\
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    \24\ 17 CFR 240.19b-4(f)(6).
    \25\ 17 CFR 240.19b-4(f)(6)(iii).
    \26\ See supra note 5.
    \27\ For purposes only of waiving the 30-day operative delay, 
the Commission has also considered the proposed rule's impact on 
efficiency, competition, and capital formation. See 15 U.S.C. 
78c(f).
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    At any time within 60 days of the filing of the proposed rule 
change, the Commission summarily may temporarily suspend such rule 
change if it appears to the Commission that such action is necessary or 
appropriate in the public interest, for the protection of investors, or 
otherwise in furtherance of the purposes of the Act. If the Commission 
takes such action, the Commission shall institute proceedings under 
Section 19(b)(2)(B) \28\ of the Act to determine whether the proposed 
rule change should be approved or disapproved.
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    \28\ 15 U.S.C. 78s(b)(2)(B).
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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-SAPPHIRE-2024-29 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.


[[Page 79678]]


All submissions should refer to file number SR-SAPPHIRE-2024-29. 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-SAPPHIRE-2024-29 and should 
be submitted on or before October 21, 2024.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\29\
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    \29\ 17 CFR 200.30-3(a)(12), (59).
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Vanessa A. Countryman,
Secretary.
[FR Doc. 2024-22269 Filed 9-27-24; 8:45 am]
BILLING CODE 8011-01-P
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