Notice2022-08388
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing of a Proposed Rule Change, as Modified by Amendment No. 1, To Amend Rule 10.3 Regarding Margin Requirements
Primary source
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Published
April 20, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 87 Issue 76 (Wednesday, April 20, 2022)</title>
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[Federal Register Volume 87, Number 76 (Wednesday, April 20, 2022)]
[Notices]
[Pages 23629-23633]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-08388]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-94723; File No. SR-CBOE-2022-015]
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of
Filing of a Proposed Rule Change, as Modified by Amendment No. 1, To
Amend Rule 10.3 Regarding Margin Requirements
April 14, 2022.
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 March 30, 2022, Cboe Exchange, Inc. (the ``Exchange'' or ``Cboe
Options'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been prepared by the Exchange. On April
13, 2022, the Exchange filed Amendment No. 1 to the proposed rule
change. The Commission is publishing this notice to solicit comments on
the proposed rule change, as modified by Amendment No. 1, 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 10.3 regarding margin requirements. The text of the
proposed rule change is provided below.
(additions are italicized; deletions are [bracketed])
* * * * *
Rules of Cboe Exchange, Inc.
* * * * *
Rule 10.3. Margin Requirements
(a)-(b) No change.
(c) Customer Margin Account--Exception. The foregoing requirements
are subject to the following exceptions. Nothing in this paragraph (c)
shall prevent a broker-dealer from requiring margin from any account in
excess of the amounts specified in these provisions.
(1)-(4) No change.
(5) Initial and Maintenance Margin Requirements on Short Options,
Stock Index Warrants, Currency Index Warrants and Currency Warrants.
(A)-(B) No change.
(C) Related Securities Positions--Listed or OTC Options. Unless
otherwise specified, margin must be deposited and maintained in the
following amounts for each of the following types of positions.
(i)-(ii) No change.
(iii) Covered Calls/Covered Puts. [(a)] No margin is required for a
call (put) option contract or warrant carried in a short position where
there is carried in the same account a long (short) position in
equivalent units of the underlying security.
[(b) No margin is required for a call (put) index option contract
or warrant carried in a short position where there is carried in the
same account a long (short) position in an (1) underlying stock basket,
(2) index mutual fund, (3) IPR, or (4) IPS, that is based on the same
index underlying the index option or warrant and having a market value
at least equal to the aggregate current index value.
(c)] In order for th[e]is exception[s in subparagraphs (a) and (b)
above] to apply, in computing margin on positions in the underlying
security[, underlying stock basket, index mutual fund, IPR or IPS, as
applicable], ([1]a) in the case of a call, the current market value to
be used shall not be greater than the exercise price, and ([2]b) in the
case of a put, margin shall be the amount required by subparagraph
(b)(2) of this Rule, plus the amount, if any, by which the exercise
price exceeds the current market value.
(iv) Exceptions. The following paragraphs set forth the minimum
amount of margin which must be maintained in margin accounts of
customers having positions in components underlying options, stock
index warrants, currency index warrants or currency warrant when such
components are held in conjunction with certain positions in the
overlying option or warrant. In respect of an option or warrant on a
market index, an underlying stock basket is an eligible underlying
component. The option or warrant must be listed or guaranteed by the
carrying broker dealer. In the case of a call option or warrant carried
in a short position, a related long position in the underlying
component shall be valued at no more than the call option/warrant
exercise price for margin equity purposes.
(a) Long Option Offset. When a component underlying an option or
warrant is carried long (short) in [an] the same account [in which
there is also carried] as a long put (call) option or warrant
specifying equivalent units of the underlying component, the minimum
amount of margin which must be maintained on the underlying component
is 10% of the option/warrant exercise price plus the out-of-the-money
amount not to exceed the minimum maintenance required pursuant to
paragraph (b) of this Rule.
(b) Conversion. When a call option or warrant carried in a short
position is covered by a long position in equivalent units of the
underlying component and there is [also] carried in the same account a
long put option or warrant specifying equivalent units of the same
underlying component and having the same exercise price and expiration
date as the short call option or warrant, the minimum amount of margin
which must be maintained for the underlying component shall be 10% of
the exercise price.
(c) Reverse Conversion. When a put option or warrant carried in a
short position is covered by a short position in equivalent units of
the underlying component and there is [also] carried in the same
account a long call option or warrant specifying equivalent units of
the same underlying component and having the same exercise price and
expiration date as the short put option or warrant, the minimum amount
of margin which must be maintained for the underlying component shall
be 10% of the exercise price plus the amount by which the exercise
price of the put exceeds the current market value of the underlying, if
any.
(d) Collar. When a call option or warrant carried in a short
position is covered by a long position in equivalent units of the
underlying component and there is [also] carried in the same account a
long put option or warrant specifying equivalent units of the same
underlying component and having a lower exercise price than, and same
expiration date as, the short call option/warrant, the minimum amount
of margin which must be maintained for the underlying component shall
be the lesser of 10% of the exercise price of the put plus the put out-
of- the-money amount or 25% of the call exercise price.
(e) Protected Option. When an in-the-money index call (put) option
contract or warrant is carried in a short position and there is carried
in the same account a long (short) position in an underlying stock
basket, non-leveraged index mutual fund or non-leveraged exchange-
traded fund that is based on the same index underlying the index option
or warrant, the minimum amount of margin which must be maintained on a
short index call option is 100% of the amount, if any, by which the
aggregate current index value exceeds the market value of the basket or
fund; and in the case of a short index put option, 100% of the amount,
if any, by which the aggregate current index value is below the market
value of the
[[Page 23630]]
basket or fund. If the index call (put) option contract or warrant
carried short is at- or out-of-the-money and there is carried in the
same account a long (short) position in any underlying stock basket,
non-leveraged index mutual fund or non-leveraged ETF that is based on
the same index underlying the index option or warrant, no margin is
required.
* * * * *
The text of the proposed rule change is also available on the
Exchange's website (<a href="http://www.cboe.com/AboutCBOE/CBOELegalRegulatoryHome">http://www.cboe.com/AboutCBOE/CBOELegalRegulatoryHome</a>.aspx), at the Exchange's Office of the
Secretary, and at the Commission's Public Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The proposed rule change amends Rule 10.3 regarding margin
requirements. Specifically, the Exchange proposes to amend Rule
10.3(c)(5)(C)(iii)(b) to update the provisions that provide margin
relief for a cash-settled index option written against a holding in an
exchange-traded fund that tracks the same index as the index underlying
the index option. Rule 10.3 sets forth margin requirements, and certain
exceptions to those requirements, applicable to security positions of
Trading Permit Holders' (``TPHs'') customers. Rule 10.3(c)(5)(C)(iii)
currently requires no margin for covered calls and puts. Specifically,
that rule provides the following:
<bullet> No margin is required for a call (put) option contract or
warrant carried in a short position where there is carried in the same
account a long (short) position in equivalent units of the underlying
security.\3\
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\3\ In computing margin on such a position in the underlying
security, (a) in the case of a call, the current market value to be
used shall not be greater than the exercise price and (b) in the
case of a put, margin will be the amount required by Rule
10.3(b)(2), plus the amount, if any, by which the exercise price of
the put exceeds the current market value of the underlying.
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<bullet> No margin is required for a call (put) index option
contract or warrant carried in a short position where there is carried
in the same account a long (short) position in an (1) underlying stock
basket,\4\ (2) index mutual fund, (3) index portfolio receipt
(``IPR''),\5\ or (4) index portfolio share (``IPS''),\6\ that is based
on the same index underlying the index option or warrant and having a
market value at least equal to the aggregate current index value.
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\4\ An ``underlying stock basket'' means a group of securities
that includes each of the component securities of the applicable
index and which meets the following conditions: (a) The quantity of
each stock in the basket is proportional to its representation in
the index, (b) the total market value of the basket is equal to the
underlying index value of the index options or warrants to be
covered, (c) the securities in the basket cannot be used to cover
more than the number of index options or warrants represented by
that value and (d) the securities in the basket shall be unavailable
to support any other option or warrant transaction in the account.
See Rule 10.3(a)(7).
\5\ IPRs are securities that (a) represent an interest in a unit
investment trust (``UIT'') which holds the securities that comprise
an index on which a series of IPRs is based; (b) are issued by the
UIT in a specified aggregate minimum number in return for a
``Portfolio Deposit'' consisting of specified numbers of shares of
stock plus a cash amount; (c) when aggregated in the same specified
minimum number, may be redeemed from the UIT, which will pay to the
redeeming holder the stock and cash then comprising the Portfolio
Deposit; and (d) pay holders a periodic cash payment corresponding
to the regular cash dividends or distributions declared and paid
with respect to the component securities of the stock index on which
the IPRs are based, less certain expenses and other charges as set
forth in the UIT prospectus. IPRs are ``UIT interests'' within the
meaning of the Rules. See Rule 1.1. A UIT Interest is any share,
unit, or other interest in or relating to a unit investment trust,
including any component resulting from the subdivision or separation
of such an interest.
\6\ IPSs are securities that (a) are issued by an open-end
management investment company based on a portfolio of stocks or
fixed income securities designed to provide investment results that
correspond generally to the price and yield performance of a
specified foreign or domestic stock index or fixed income securities
index; (b) are issued by such an open-end management investment
company in a specified aggregate minimum number in return for a
deposit of specified number of shares of stock and/or a cash amount,
or a specified portfolio of fixed income securities and/or a cash
amount, with a value equal to the next determined net asset value;
and (c) when aggregated in the same specified minimum number, may be
redeemed at a holder's request by such open-end management
investment company, which will pay to the redeeming holder stock
and/or cash, or a specified portfolio of fixed income securities
and/or cash with a value equal to the next determined net asset
value. See Rule 1.1.
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<bullet> In order for the exceptions in the previous bullets to
apply, in computing margin on positions in the underlying security,
underlying stock basket, index mutual fund, IPR or IPS, as
applicable,\7\ (1) in the case of a call, the current market value to
be used shall not be greater than the exercise price, and (2) in the
case of a put, margin shall be the amount required by subparagraph
(b)(2) of Rule 10.3, plus the amount, if any, by which the exercise
price exceeds the current market value.
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\7\ IPRs and IPSs are commonly referred to as ETFs.
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Rule 10.3(c)(5) generally requires TPHs to obtain from a customer,
and maintain, a margin deposit for short cash-settled index options in
an amount equal to 100% of the current market value of the option plus
15% (if overlying a broad-based index) or 20% (if overlying a narrow-
based index) of the amount equal to the index value multiplied by the
index multiplier minus the amount, if any, by which the option is out-
of-the-money.\8\ The minimum margin required for such an option is 100%
of the option current market value plus 10% of the index value
multiplied by the index multiplier for a call or 10% of the exercise
price multiplied by the index multiplier for a put.
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\8\ The out-of-the-money amount for a call is any excess of the
aggregate exercise price of the option or warrant over the product
of the current (spot or cash) index value and the applicable
multiplier. The out-of-the-money amount for a put is any excess of
the product of the current (spot or cash) index value and the
applicable multiplier over the aggregate exercise price of the
option or warrant.
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Pursuant to current Rule 10.3(c)(5)(C)(iii)(b) and (c), however, a
TPH needs to require no margin deposit for a short cash-settled index
call option if the TPH is holding in the same account a long position
in an ETF that tracks the same index underlying the index option \9\ if
the current market value of the ETF for margin purposes (1) is at least
equal to the aggregate current index value and (2) is not greater than
the exercise price. If an account is short a cash-settled index put
option and is holding in the same account a short position in the ETF,
a TPH needs to require a margin deposit for the amount required by Rule
10.3(b)(2) \10\ plus the
[[Page 23631]]
amount, if any, by which the exercise price of the option exceeds the
market value of the ETF if the market value of the ETF is at least
equal to the aggregate current index value.
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\9\ This is the same margin treatment that applies to an option
on an equity security written against the underlying security. See
current Rule 10.3(c)(5)(C)(iii)(a).
\10\ Rule 10.3(b)(2) provides the minimum amount of margin that
must be maintained in customer margin accounts having positions in
securities is: (1) With respect to long positions, 25% of the
current market value of all long in the account; plus (2) with
respect to short positions, (a) $2.50 per share or 100% of the
current market value, whichever is greater, of each security short
in the account that has a current market value of less than $5.00
per share; plus (b) $5.00 per share or 30% of the current market
value, whichever is greater, of each security short in the account
that has a current market value of $5.00 per share or more.
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The Exchange proposes to amend this exception to margin
requirements applicable to short option positions or warrants on
indexes that are offset by positions in an underlying stock basket,
non-leveraged index mutual fund, or non-leveraged exchange-traded fund
(collectively referred to as ``ETFs'') that is based on the same index
option, as well as move it within Rule 10.3 to Rule
10.3(c)(5)(C)(iv).\11\ Specifically, the proposed rule change adopts
the following as Rule 10.3(c)(5)(C)(iv)(e): \12\
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\11\ Proposed paragraph (e) limits the margin relief to index
options written against an underlying stock basket, non-leveraged
index mutual fund or non-leveraged exchange-traded fund (compared to
underlying stock basket, index mutual fund, IPR, or IPS in current
subparagraph (iii)(b)). The Exchange proposes to add the non-
leveraged limitation to clarify that this exception is not intended
to and does not apply to leveraged instruments. Additionally, the
Exchange excludes IPRs and IPSs from being eligible for the margin
relief in paragraph (e), as the Exchange understands that the use
and availability of these products has diminished and has not
observed the writing of index options against them.
\12\ The proposed rule change identifies the strategy described
in proposed subparagraph (e) as a ``protected option,'' which is a
strategy of writing an index option against a holding in an ETF
based on the same index as the index option, to differentiate it
from a ``covered call,'' which is a strategy of writing an option
against a position in an underlying security (the margin treatment
for which is described in current subparagraph (iii)(a)).
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When an in-the-money index call (put) option contract or warrant is
carried in a short position and there is carried in the same account a
long (short) position in an underlying stock basket, non-leveraged
index mutual fund or non-leveraged exchange-traded fund that is based
on the same index underlying the index option or warrant, the minimum
amount of margin which must be maintained on a short index call option
is 100% of the amount, if any, by which the aggregate current index
value exceeds the market value of the basket or fund; and in the case
of a short index put option, 100% of the amount, if any, by which the
aggregate current index value is below the market value of the basket
or fund. If the index call (put) option contract or warrant carried
short is at- or out-of-the-money and there is carried in the same
account a long (short) position in any underlying stock basket, non-
leveraged index mutual fund or non-leveraged ETF that is based on the
same index underlying the index option or warrant, no margin is
required.\13\
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\13\ The Exchange understands that FINRA intends to submit a
proposed rule change to adopt the same provision in its rules
following Commission approval of this proposed rule change.
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The proposed rule change amends the form of margin a TPH is
required to hold in an account for a short in-the-money index call
(put) option if there is a long position in an ETF based on the same
index to be the amount by which the value of an ETF is below (above)
the aggregate index value. Rather than necessitating the purchase or
deposit of additional ETF shares to address a deficiency in the value
of the ETF compared to the aggregate index value (regardless of the
amount of the deficiency), as required by current rules, the proposed
rule change will enable excess maintenance margin equity in a margin
account to support the requirement. If excess maintenance margin is
insufficient or nonexistent, the TPH would need to require a deposit of
margin which can be in any form (e.g., cash and/or marginable
securities) from the account owner in an amount equal to any
deficit.\14\ Additionally, the proposed rule change will require no
margin when an option is at- or out-of-the-money, regardless of whether
the ETF market value is at least equal to the aggregate index value.
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\14\ Pursuant to the current Rules, if the ETF market value is
not at least equal to the aggregate index value, and additional
shares are not purchased or deposited, then the required margin is
equal to the amount of the option current market value plus 15% (if
a broad-based index) or 20% (if a narrow-based index) of the
aggregate index value minus any out-of-the-money amount, subject to
a minimum requirement.
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The Exchange believes the proposed rule change is more reasonable
and practical than the current requirements, as clearing firms will no
longer need to constantly monitor the value of an ETF and compare it to
the aggregate current index value and see to it that an account owner
deposits or purchases additional ETF shares to address any deficiencies
in order to satisfy the margin exception in the rule. As a result, the
Exchange believes the proposed rule may reduce the operational cost of
the protected option strategy, which may make this strategy more
beneficial to customers. While the structure of ETFs and market forces
may cause an ETF's price to differ slightly in value from the index
value, the Exchange has observed that these values are highly
correlated and do not deviate significantly. Therefore, the Exchange
believes the proposed margin requirement for protected in-the-money
index options is an effective safeguard against the risk of a short
option position.
The proposed rule change also eliminates the need for margin for an
at-the-money or out-of-the-money protected index option, regardless of
the value of the ETF. Currently, if the market value of an ETF was less
(if a call) or more (if a put) than the current aggregate index value,
the ETF position must be supplemented to address the deficiency. Due to
the high correlation between the values of an ETF and an index, as
noted above, the amount of margin necessary to address such deficiency
would be minimal. In addition, given that options are unlikely to be
assigned/exercised when they are at- or out-of-the-money, the need for
such margin is also minimal. Therefore, the Exchange believes the cost
to TPHs to monitor the need for margin for options that are unlikely to
be assigned/exercised is not justified and unnecessary given the
minimal margin amounts that would ultimately be necessary to cover the
likely small deficiencies between the values of an ETF and index.
Additionally, the proposed rule change eliminates the requirement
to mark the price of a long ETF with an index call option written
against it at the lower of the ETF's market value or the index option
strike price. With covered call options, this requirement is intended
to cap favorable moves in the price of the underlying security at the
strike price because moves above the strike price will not be realized.
Currently, the Exchange applies this same requirement to protected
options written against ETF holdings to maintain equivalency with the
treatment of covered options. However, unlike stocks, favorable moves
in the price of an underlying ETF may be realized because, if a short
index option is assigned, the ETF shares are not sold (in the case of a
long ETF/short call) or purchased (in the case of a short ETF/short
put). Thus, favorable moves in the ETF price are not capped at the
strike price. As a result, the Exchange believes it is appropriate to
no longer apply this requirement to protected options written against
ETF holdings.
In connection with this change, the proposed rule change deletes
Rule 10.3(c)(5)(C)(iii)(b), as well as the cross-reference to such
paragraph and the references to underlying stock basket, index mutual
fund, IPR or IPS, as applicable,\15\ in current subparagraph (c), as
those terms relate specifically to current subparagraph (b). Because
this would leave only one section in Rule 10.3(c)(5)(C)(iii), the
proposed rule change deletes subparagraph lettering and combines
current subparagraph (iii)(a) and current subparagraph (iii)(c) into a
single provision as subparagraph
[[Page 23632]]
(iii) and makes corresponding conforming changes.
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\15\ These terms are related only to current subparagraph (b).
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The proposed rule change also makes clarifying, nonsubstantive
changes in each subparagraph of Rule 10.3(c)(5)(C)(iv) to conform
language in those subparagraphs to language used throughout Rule 10.3.
Specifically, the proposed rule change amends the provision of each
subparagraph to state that the minimum amount of required margin in the
circumstances described in each subparagraph applies when the
applicable long position is carried ``in the same account as'' the
applicable short position, rather than ``also carried.'' This language
is consistent with the language in, for example, current Rule
10.3(c)(5)(C)(iii), as margin requirements are determined generally
based on positions held in the same account.
2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Securities Exchange Act of 1934 (the ``Act'') and the rules and
regulations thereunder applicable to the Exchange and, in particular,
the requirements of Section 6(b) of the Act.\16\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \17\ requirements that the rules of an exchange be
designed to prevent fraudulent and manipulative acts and practices, to
promote just and equitable principles of trade, to foster cooperation
and coordination with persons engaged in regulating, clearing,
settling, processing information with respect to, and facilitating
transactions in securities, to remove impediments to and perfect the
mechanism of a free and open market and a national market system, and,
in general, to protect investors and the public interest. Additionally,
the Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \18\ requirement that the rules of an exchange not be
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers. The Exchange further believes the proposed rule
change furthers the objectives of Section 6(c)(3) of the Act,\19\ which
authorizes the Exchange to, among other things, prescribe standards of
financial responsibility or operational capability and standards of
training, experience and competence for its Trading Permit Holders and
person associated with Trading Permit Holders.
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\16\ 15 U.S.C. 78f(b).
\17\ 15 U.S.C. 78f(b)(5).
\18\ Id.
\19\ 15 U.S.C. 78f(c)(3).
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In particular, the proposed rule change amends a specific margin
treatment related to short index options written against ETFs in the
same manner. Given the difference described above between short stock
options written against the underlying stock and short index options
written against ETFs, the Exchange believes it is reasonable to apply
different margin treatments to these different strategies. While the
economic outcomes of covered options and protected options are similar,
as described above, the Exchange believes it promotes just and
equitable principles of trade to apply margin slightly differently to
protected options than covered options given the possibility of
realizing gains in ETFs above the exercise prices that is not a
possibility for covered options. While the proposed rule change may
result in lower margin requirements for protected option strategies,
the Exchange believes the proposed margin amounts are more reasonable
than the current requirements, as they are more tailored to these
strategies and reflect the potential deficiencies between the value of
the ETF and the value of the index. As a result, the Exchange believes
the proposed margin required will still be sufficient for protected
option strategies. Given the high correlation between these values, the
Exchange believes it is appropriate to require margin in an amount
necessary to only cover this deficiency, as ultimately that is the risk
against which the margin requirement is protecting. Additionally, the
Exchange believes the burdens associated with the current margin
requirements for short at- and out-of-the-money index options outweigh
the benefits of the likely minimal margin that is required for options
that are unlikely to be assigned/exercised. Additionally, as discussed
above, the proposed rule change may reduce the operational burden of
protected option strategies, which the Exchange believes may make the
strategies more beneficial for customers and thus remove impediments to
and perfect the mechanism of a free and open market, as well as reduce
the margin required for such strategies, which will potentially free up
capital that can be put back into the market, which ultimately benefits
investors.
The proposed clarifying, nonsubstantive changes provide for more
consistent language in similar rule provisions, which will ultimately
benefit investors.
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 it will apply the same
margin treatment to all TPHs. The Exchange does not believe that the
proposed rule change will impose any burden on intermarket competition,
as the Exchange expects FINRA to adopt a similar rule change, and
several other options exchanges incorporate by reference the Exchange's
margin rules into their rules (and thus apply them to their members).
Additionally, as discussed above, the proposed rule change may reduce
the operational burden of protected option strategies, as well as
reduce the margin required for such strategies, which may make the
strategies more beneficial for customers. The proposed rule change is
not intended as a competitive filing, but rather to modify margin
requirements for a certain option strategy to be more reasonable and
practical.
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 within such longer period up to 90 days (i) as the
Commission may designate if it finds such longer period to be
appropriate and publishes its reasons for so finding or (ii) as to
which the Exchange 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:
[[Page 23633]]
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#fd8f889198d09e9290909893898ebd8e989ed39a928b"><span class="__cf_email__" data-cfemail="5220273e377f313d3f3f373c2621122137317c353d24">[email protected]</span></a>. Please include
File Number SR-CBOE-2022-015 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-2022-015. 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-2022-015 and should be submitted on
or before May 11, 2022.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\20\
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\20\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-08388 Filed 4-19-22; 8:45 am]
BILLING CODE 8011-01-P
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</html>Indexed from Federal Register on April 20, 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.