Notice2022-07465
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing of a Proposed Rule Change To Amend Rule 4.3.06 To Allow the Exchange To List and Trade Options on the Goldman Sachs Physical Gold ETF
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
April 8, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 87 Issue 68 (Friday, April 8, 2022)</title>
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[Federal Register Volume 87, Number 68 (Friday, April 8, 2022)]
[Notices]
[Pages 20901-20905]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-07465]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-94594; File No. SR-CBOE-2022-009]
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of
Filing of a Proposed Rule Change To Amend Rule 4.3.06 To Allow the
Exchange To List and Trade Options on the Goldman Sachs Physical Gold
ETF
April 4, 2022.
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 March 25, 2022, Cboe Exchange, Inc. (the ``Exchange'' or
``Cboe Options'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I and
II below, which Items have been prepared by the self-regulatory
organization. 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
Cboe Exchange, Inc. (the ``Exchange'' or ``Cboe Options'') proposes
to amend Rule 4.3.06 to allow the Exchange to list and trade options on
the Goldman Sachs Physical Gold ETF (``AAAU''). 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 (<a href="http://www.cboe.com/AboutCBOE/CBOELegalRegulatoryHome.aspx">http://www.cboe.com/AboutCBOE/CBOELegalRegulatoryHome.aspx</a>), 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 Rule 4.3.06 to allow the Exchange to
list and trade options on the Goldman Sachs Physical Gold ETF (``AAAU''
or the ``Trust'') as a Unit deemed appropriate for options trading on
the Exchange. Rule 4.3.06(a) provides that securities deemed
appropriate for options trading include Units (also referred to as
Exchange-Traded Funds (``ETFs'')) \3\ that represent certain types of
interests,\4\ and
[[Page 20902]]
Rule 4.3.06(a)(4), in particular, includes Units that represent
interests in the SPDR Gold Trust or the iShares COMEX Gold Trust or the
iShares Silver Trust or the ETFS Silver Trust or the ETFS Gold Trust or
the ETFS Palladium Trust or the ETFS Platinum Trust or the Sprott
Physical Gold Trust. The proposed rule change expands the ETFs under
Rule 4.3.06(a)(4) deemed appropriate for options trading on the
Exchange to include AAAU. The Exchange notes that the proposed rule
change makes a nonsubstantive change to Rule 4.3.06(a)(4) by replacing
superfluous conjunctions with commas to simplify the rule language, and
by updating the ``ETFS Silver Trust'', the ``ETFS Gold Trust'', the
``ETFS Palladium Trust'' and the ``ETFS Platinum Trust'' to the
``Aberdeen Standard Physical Silver Trust'', the ``Aberdeen Standard
Physical Gold Trust'', the ``Aberdeen Standard Physical Palladium
Trust'', the ``Aberdeen Standard Physical Platinum Trust'',
respectively, as these ETFs were renamed in 2018.
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\3\ See Rule 1.1, definition of ``Unit and ETF''.
\4\ See Rules 4.3.06(a)(1)-(3) and (5), which, respectively,
include Units that represent interests in registered investment
companies (or series thereof) organized as open-end management
investment companies, unit investment trusts or similar entities
that hold portfolios of securities and/or financial instruments
including, but not limited to, stock index futures contracts,
options on futures, options on securities and indexes, equity caps,
collars and floors, swap agreements, forward contracts, repurchase
agreements and reverse purchase agreements (the ``Financial
Instruments''), and money market instruments, including, but not
limited to, U.S. government securities and repurchase agreements
(the ``Money Market Instruments'') comprising or otherwise based on
or representing investments in indexes or portfolios of securities
and/or Financial Instruments and Money Market Instruments (or that
hold securities in one or more other registered investment companies
that themselves hold such portfolios of securities and/or Financial
Instruments and Money Market Instruments); interests in a trust or
similar entity that holds a specified non-U.S. currency deposited
with the trust or similar entity when aggregated in some specified
minimum number may be surrendered to the trust by the beneficial
owner to receive the specified non-U.S. currency and pays the
beneficial owner interest and other distributions on deposited non-
U.S. currency, if any, declared and paid by the trust (``Currency
Trust Shares''); commodity pool interests principally engaged,
directly or indirectly, in holding and/or managing portfolios or
baskets of securities, commodity futures contracts, options on
commodity futures contracts, swaps, forward contracts and/or options
on physical commodities and/or non-U.S. currency (``Commodity Pool
Units''); or represents an interest in a registered investment
company (``Investment Company'') organized as an open-end management
investment company or similar entity, that invests in a portfolio of
securities selected by the Investment Company's investment adviser
consistent with the Investment Company's investment objectives and
policies, which is issued in a specified aggregate minimum number in
return for a deposit of a specified portfolio of securities and/or a
cash amount with a value equal to the next determined net asset
value (``NAV''), and when aggregated in the same specified minimum
number, may be redeemed at a holder's request, which holder will be
paid a specified portfolio of securities and/or cash with a value
equal to the next determined NAV (``Managed Fund Share'')
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Like the SPDR Gold Trust (``GLD''), iShares COMEX Gold Trust
(``IAU''), Aberdeen Standard Physical Gold Trust (``SGOL''), and Sprott
Physical Gold Trust (``PHYS''), currently deemed appropriate for
options trading pursuant to Rule 4.3.06(a)(4), AAAU is a gold-backed
commodity ETF structured as a trust. Specifically, the Trust's
investment objective is for its shares to reflect the performance of
the price of gold (less the expenses of the Trust's operations),
offering investors an opportunity to gain exposure to gold without the
complexities of gold delivery. The Trust issues Goldman Sachs Physical
Gold ETF Shares, which represent units of fractional undivided
beneficial interest in the Trust, the assets of which consist
principally of gold.\5\ AAAU is a competitively priced commodity ETF,
the cost of which is comparatively lower than the industry average for
commodity ETFs. AAAU provides investors with a cost-efficient
alternative that allows a level of participation in the gold market
through the securities market. Likewise, the GLD, IAU, SGOL and PHYS
trusts also issue shares that represent fractional undivided beneficial
interest in the respective trust, each of which holds physical gold and
is designed to track gold or the performance of the price of gold and
offer access to the gold market.\6\
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\5\ The Trust may include minimal cash.
\6\ The trusts may include minimal cash.
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The Exchange believes that offering options on AAAU will benefit
investors by providing them with an additional, relatively lower cost
investing tool to gain exposure to the price of gold and hedging
vehicle to meet their investment needs in connection with gold-related
products and positions. The Exchange understands from customers that
investors may currently transact in options on AAAU in the unregulated
over-the-counter (``OTC'') options market, but may prefer to trade such
options in a listed environment to receive the benefits of trading
listing options, including (1) enhanced efficiency in initiating and
closing out position; (2) increased market transparency; and (3)
heightened contra-party creditworthiness due to the role of OCC as
issuer and guarantor of all listed options. The Exchange believes that
listing AAAU options may shift liquidity from the OTC market onto the
Exchange, would increase market transparency and enhance the process of
price discovery conducted on the Exchange through increased order flow.
As described above, the gold-backed commodity ETFs (GLD, IAU, SGOL and
PHYS) on which the Exchange may already list and trade options are
trusts structured in substantially the same manner as AAAU and
essentially offer the same objectives and benefits to investors. The
Exchange notes that it has not identified any issues with the continued
listing and trading of the gold-backed commodity ETF options that it
currently lists and trades on the Exchange.
AAAU options will trade in the same manner as any other ETF options
on the Exchange. The Exchange Rules that currently apply to the listing
and trading of all ETF options on the Exchange, including, for example,
Rules that govern listing criteria, expiration and exercise prices,
minimum increments, position and exercise limits, margin requirements,
customer accounts and trading halt procedures will apply to the listing
and trading of options on AAAU on the Exchange in the same manner as
they apply to other options on all other Units that are listed and
traded on the Exchange, including the gold-backed commodity ETFs
already deemed appropriate for options trading on the Exchange pursuant
to Rule 4.3.06(a)(4).
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\7\ The Exchange notes that the year-to-date (March 23, 2022)
average daily volume (``ADV'') of AAAU shares is approximately
845,200 shares, the market capitalization of AAAU as of March 23,
2022 is approximately $727.3 million and the NAV of its shares is
$19.19.
\8\ See Rule 4.3.01, which provides for guidelines established
by the Board of Directors to be considered by the Exchange in
evaluating potential underlying securities for Exchange option
transactions.
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The Exchange's initial listing standards for ETFs on which options
may be listed and traded on the Exchange will apply to AAAU. The
Exchange notes that AAAU satisfies the initial listing standards as set
forth in Rule 4.3(a) and Rule 4.3.06(b). Pursuant to Rule 4.3(a), a
security (which includes an ETF) on which options may be listed and
traded on the Exchange must be duly registered and be an NMS stock, and
characterized by a substantial number of outstanding shares which are
widely held and actively traded.\7\ Rule 4.3.06(b) requires that Units
must meet either (1) the criteria and guidelines under Rule 4.3.01,\8\
or (2) they must be available for creation or redemption each business
day from or through the issuer in cash or in kind at a price related to
net asset value, and the issuer must be obligated to issue Units in a
specified aggregate number even if some or all of the investment assets
required to be deposited have not been received by the issuer, subject
to the condition that the person obligated to deposit the investments
has undertaken to deliver the investment assets as soon as possible and
such undertaking is
[[Page 20903]]
secured by the delivery and maintenance of collateral consisting of
cash or cash equivalents satisfactory to the issuer, as provided in the
respective prospectus. The Exchange represents that, at minimum, AAAU
satisfies Rule 4.3.06(b)(2).\9\
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\9\ See Goldman Sachs Physical Gold ETF, Prospectus (January 8,
2021) available at <a href="https://www.gsam.com/content/gsam/us/en/individual/products/etf-fund-finder/goldman-sachs-physical-gold-etf.html#activeTab=overview">https://www.gsam.com/content/gsam/us/en/individual/products/etf-fund-finder/goldman-sachs-physical-gold-etf.html#activeTab=overview</a>.
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AAAU will also be subject to the Exchange's continued listing
standards set forth in Rule 4.4.06 for ETFs deemed appropriate for
options trading pursuant to Rule 4.3.06. Specifically, Rule 4.4.06
provides that Units that were initially approved for options trading
pursuant to Rule 4.3.06 shall be deemed not to meet the requirements
for continued approval, and the Exchange shall not open for trading any
additional series of option contracts of the class covering that such
Units, if the Units cease to be an NMS stock or the Units are halted
from trading in their primary market. Additionally, options on Units
may be subject to the suspension of opening transactions in any of the
following circumstances: (1) In the case of options covering Units
approved for trading under Rule 4.3.06(b)(1), in accordance with the
terms of paragraphs (a), (b), and (c) of Rule 4.4.01; (2) in the case
of options covering Units approved for trading under Rule 4.3.06(b)(2),
following the initial twelve-month period beginning upon the
commencement of trading in the Units on a national securities exchange
and are defined as an NMS stock, there are fewer than 50 record and/or
beneficial holders of such Units for 30 or more consecutive trading
days; (3) the value of the index or portfolio of securities, non-U.S.
currency, or portfolio of commodities including commodity futures
contracts, options on commodity futures contracts, swaps, forward
contracts and/or options on physical commodities and/or Financial
Instruments and Money Market Instruments on which the Units are based
is no longer calculated or available; or (4) such other event shall
occur or condition exist that in the opinion of the Exchange makes
further dealing in such options on the Exchange inadvisable.
AAAU options are physically settled contracts with American-style
exercise.\10\ Consistent with current Rule 4.5, which governs the
opening of options series on a specific underlying security (including
ETFs), the Exchange will open at least one expiration month for options
on AAAU \11\ and may also list series of options on AAAU for trading on
a weekly \12\ or quarterly \13\ basis. The Exchange may also list long-
term equity option series (``LEAPS'') that expire from 12 to 180 months
from the time they are listed.\14\
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\10\ See Rule 4.2, which provides that the rights and
obligations of holders and writers shall be as set forth in the
Rules of the Clearing Corporation; and see Cboe Equity Options
Product Specifications (March 23, 2022) available at <a href="https://www.cboe.com/exchange_traded_stock/equity_options_spec/?msclkid=8079efbbaaf111ec83b46e77a2984348">https://www.cboe.com/exchange_traded_stock/equity_options_spec/?msclkid=8079efbbaaf111ec83b46e77a2984348</a>; see also OCC Rules,
Chapter VIII, which governs exercise and assignment, and Chapter IX,
which governs the discharge of delivery and payment obligations
arising out of the exercise of physically settled stock option
contracts.
\11\ See Rule 4.5(b). The monthly expirations are subject to
certain listing criteria for underlying securities described within
Rule 4.3. Monthly listings expire the third Friday of the month. The
term ``expiration date'' when used in respect of a series of binary
options other than event options means the last day on which the
options may be automatically exercised. In the case of a series of
event options (other than credit default options or credit default
basket options) that are be automatically exercised prior to their
expiration date upon receipt by the Corporation of an event
confirmation, the expiration date is the date specified by the
listing Exchange; provided, however, that when an event confirmation
is deemed to have been received by the Corporation with respect to
such series of options, the expiration date will be accelerated to
the date on which such event confirmation is deemed to have been
received by the Corporation or such later date as the Corporation
may specify. In the case of a series of credit default options or
credit default basket options, the expiration date is the fourth
business day after the last trading day for such series as such
trading day is specified by the Exchange on which the series of
options is listed; provided, however, that when an event
confirmation is deemed to have been received by the Corporation with
respect to a series of credit default options or single payout
credit default basket options prior to the last trading day for such
series, the expiration date for options of that series will be
accelerated to the second business day following the day on which
such event confirmation is deemed to have been received by the
Corporation. ``Expiration date'' means, in respect of a series of
range options expiring prior to February 1, 2015, the Saturday
immediately following the third Friday of the expiration month of
such series, and, in respect of a series of range options expiring
on or after February 1, 2015 means the third Friday of the
expiration month of such series, or if such Friday is a day on which
the Exchange on which such series is listed is not open for
business, the preceding day on which such Exchange is open for
business. See The Options Clearing Corporation (``OCC'') By-Laws at
Section 1.
\12\ The weekly listing program is known as the Short Term
Option Series Program and is described within Rule 4.5(d).
\13\ See Rule 4.5(e).
\14\ See Rule 4.5(f).
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Pursuant to Rule 4.5.07, which governs strike prices of series of
options on Units, the interval between strike prices for series of
options on AAAU will be $1 or greater where the strike price is $200 or
less and $5.00 or greater where the strike price is greater than
$200.\15\
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\15\ The Exchange notes that for options listed pursuant to the
Short Term Option Series Program, Rule 4.5(d)(5) specifically sets
forth intervals between strike prices on Short Term Option Series.
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Additionally, the Exchange may list series of options pursuant to
the $1 Strike Price Interval Program,\16\ the $0.50 Strike Program,\17\
the $2.50 Strike Price Program,\18\ and the $5 Strike Program.\19\ Rule
5.4 governs the minimum increment for bids and offers for both equity
and index options. Pursuant to Rule 5.4, where the price of a series of
AAAU options is less than $3.00 the minimum increment will be $0.05,
and where the price is $3.00 or higher, the minimum increment will be
$0.10.\20\ Any and all new series of AAAU options that the Exchange
lists will be consistent and comply with the expirations, strike prices
and minimum increments set forth in Rules 4.5 and 5.4, as applicable.
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\16\ See Rule 4.5.01(a).
\17\ See Rule 4.5.01(b).
\18\ See Rule 4.5.04.
\19\ The $5 Strike Program is described within Rule 4.5.01(f).
\20\ If options on AAAU are eligible to participate in the Penny
Interval Program, the minimum increment will be $0.01 below $3.00
and $0.50 above $3.00. See also Rule 5.4(d), which governs the
requirements for the Penny Interval Program.
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Position and exercise limits for options on ETFs, including options
on AAAU, are determined pursuant to Rule 8.30 and Rule 8.32,
respectively. Position and exercise limits for ETF options vary
according to the number of outstanding shares and the trading volumes
of the underlying ETF over the past six months, where the largest in
capitalization and the most frequently traded ETFs have an option
position and exercise limit of 250,000 contracts (with adjustments for
splits, re-capitalizations, etc.) on the same side of the market; and
smaller capitalization ETFs have position and exercise limits of
200,000, 75,000, 50,000 or 25,000 contracts (with adjustments for
splits, re-capitalizations, etc.) on the same side of the market.\21\
The Exchange further notes that Rule 10.3, which governs margin
requirements applicable to the trading of all options on the Exchange,
including options on ETFs, will also apply to the trading of AAAU
options.
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\21\ Given AAAU volume over the previous six months, the
Exchange anticipates that, upon initial listing, AAAU options will
fall into the position limit bucket of 75,000 contracts.
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The Exchange represents that the same surveillance procedures
applicable to all other options on other Units currently listed and
traded on the Exchange will apply to options on AAAU, and that it has
the necessary systems capacity to support the new option series. The
Exchange believes that its existing surveillance and reporting
safeguards are designed to
[[Page 20904]]
deter and detect possible manipulative behavior which might potentially
arise from listing and trading ETF options, including AAAU options, as
proposed. Also, the Exchange may obtain information from the CME Group
New York Mercantile Exchange, Inc. (``NYMEX'') (a member of the
Intermarket Surveillance Group) related to any financial instrument
that is based, in whole or in part, upon an interest in or performance
of gold.
The Exchange has also analyzed its capacity and represents that it
believes the Exchange and OPRA have the necessary systems capacity to
handle the additional traffic associated with the listing of new series
that may result from the introduction of options on AAAU up to the
number of expirations currently permissible under the Exchange Rules.
Because the proposal is limited to one class, the Exchange believes any
additional traffic that may be generated from the introduction of AAAU
options will be manageable.
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.\22\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \23\ 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 proposed rule change is consistent with the
Section 6(b)(5) \24\ requirement that the rules of an exchange not be
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers.
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\22\ 15 U.S.C. 78f(b).
\23\ 15 U.S.C. 78f(b)(5).
\24\ Id.
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In particular, the Exchange believes that the proposal to list and
trade options on AAAU will remove impediments to and perfect the
mechanism of a free and open market and a national market system and,
in general, protect investors because offering options on AAAU will
provide investors with greater opportunity to realize the benefits of
utilizing options on a commodity-based ETF, including cost efficiencies
and increased hedging strategies. The Exchange believes that offering
options on a competitively priced gold-backed commodity ETF will
benefit investors by providing them with an additional, relatively
lower cost risk management tool allowing them to more easily manage
their positions and associated risk in their portfolios in connection
with exposure to the price of gold and with gold-related products and
positions. Additionally, the Exchange's offering of AAAU options will
provide investors with the ability to transact in such options in a
listed market environment as opposed to in the unregulated OTC options
market; shifting liquidity from the OTC market onto the Exchange, thus
increasing market transparency and enhancing the process of price
discovery conducted on the Exchange through increased order flow to the
benefit of all investors. The Exchange also notes that it already lists
options on other gold-based ETFs, which, as described above, are trusts
structured in substantially the same manner as AAAU and essentially
offer the same objectives and benefits to investors, and for which the
Exchange has not identified any issues with the continued listing and
trading of the gold-backed ETF options it currently lists for trading.
The Exchange also believes the proposed rule change will remove
impediments to and perfect the mechanism of a free and open market and
a national market system, because it is consistent with current
Exchange Rules, previously filed with the Commission. Options on AAAU
must satisfy the initial listing standards and continued listing
standards currently in the Exchange Rules, applicable to options on all
Units, including other gold-backed commodity ETFs already deemed
appropriate for options trading on the Exchange. AAAU options will
trade in the same manner as any other ETF [sic]--the same Exchange
Rules that currently govern the listing and trading of all ETF options,
including permissible expirations, strike prices and minimum
increments, and applicable position and exercise limits and margin
requirements, will govern the listing and trading of options on AAAU in
the same manner.
The Exchange represents that it has the necessary systems capacity
to support the new ETF option series. The Exchange believes that its
existing surveillance and reporting safeguards are designed to deter
and detect possible manipulative behavior which might arise from
listing and trading ETF options, including AAAU options.
Finally, the Exchange believes that the proposed nonsubstantive
rule change to simplify the rule language and update the names of
certain ETFs in Rule 4.3.06(a)(4) will protect investors and the public
interest by adding clarity to the Rule and making the Rule more
accurate, thereby mitigating any potential investor confusion and
making the Rule easier to understand.
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. The Exchange does not
believe that the proposed rule change will impose any burden on
intramarket competition that is not necessary or appropriate in
furtherance of the purposes of the Act as AAAU satisfies initial
listing standards set forth in the Exchange Rules and options on AAAU
will be equally available to all market participants who wish to trade
such options. The Exchange Rules currently applicable to the listing
and trading of options on Units on the Exchange will apply in the same
manner to the listing and trading of all options traded on AAAU. Also,
and as stated above, the Exchange already lists options on other gold-
based ETFs.
The Exchange does not believe that the proposal to list and trade
options on AAAU will impose any burden on intermarket competition that
is not necessary or appropriate in furtherance of the purposes of the
Act. To the extent that the advent of AAAU options trading on the
Exchange may make the Exchange a more attractive marketplace to market
participants at other exchanges, such market participants are free to
elect to become market participants on the Exchange. Additionally,
other options exchanges are free to amend their listing rules, as
applicable, to permit them to list and trade options on AAAU.
Additionally, the Exchange notes that listing and trading AAAU options
on the Exchange will subject such options to transparent exchange-based
rules as well as price discovery and liquidity, as opposed to
alternatively trading such options in the OTC market. The Exchange
believes that the proposed rule change may relieve any burden on, or
otherwise promote, competition as it is designed to increase
competition for order flow on the Exchange in a manner that is
beneficial to investors by providing them with a lower-cost option to
hedge their
[[Page 20905]]
investment portfolios. The Exchange notes that it operates in a highly
competitive market in which market participants can readily direct
order flow to competing venues that offer similar products. Ultimately,
the Exchange believes that offering AAAU options for trading on the
Exchange will promote competition by providing investors with an
additional, relatively low-cost means to hedge their portfolios and
meet their investment needs in connection with gold prices and gold-
related products and positions on a listed options exchange.
The Exchange does not believe that the proposed nonsubstantive rule
change will impose any burden on intramarket or intermarket competition
as the proposed rule change is not intended as a competitive change,
but merely adds clarity to and provides for more accuracy within the
Exchange Rules. The proposed rule change makes no substantive changes
to the Exchange Rules, and thus will have no impact on trading on the
Exchange.
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
Within 45 days of the date of publication of this notice in the
Federal Register or up to 90 days (i) as the Commission may designate
if it finds such longer period to be appropriate and publishes its
reasons for so finding or (ii) as to which the self-regulatory
organization consents, the Commission will:
(A) By order approve or disapprove such proposed rule change, or
(B) institute proceedings to determine whether the proposed rule
change should be disapproved.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
<bullet> Use the Commission's internet comment form (<a href="http://www.sec.gov/rules/sro.shtml">http://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#4230372e276f212d2f2f272c3631023127216c252d34"><span class="__cf_email__" data-cfemail="790b0c151c541a1614141c170d0a390a1c1a571e160f">[email protected]</span></a>. Please include
File Number SR-CBOE-2022-009 on the subject line.
Paper Comments
<bullet> 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-2022-009. 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 (<a href="http://www.sec.gov/rules/sro.shtml">http://www.sec.gov/rules/sro.shtml</a>).
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 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-CBOE-2022-009 and should be submitted on
or before April 29, 2022.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\25\
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\25\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-07465 Filed 4-7-22; 8:45 am]
BILLING CODE 8011-01-P
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</html>Indexed from Federal Register on April 8, 2022.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.