Notice2022-16041
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing of a Proposed Rule Change To Amend Rule 5.6 and Rule 5.33 To Allow Delta-Adjusted at Close Orders To Be Submitted in Equity Options
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
July 27, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 87 Issue 143 (Wednesday, July 27, 2022)</title>
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[Federal Register Volume 87, Number 143 (Wednesday, July 27, 2022)]
[Notices]
[Pages 45138-45141]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-16041]
[[Page 45138]]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-95344; File No. SR-CBOE-2022-036]
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of
Filing of a Proposed Rule Change To Amend Rule 5.6 and Rule 5.33 To
Allow Delta-Adjusted at Close Orders To Be Submitted in Equity Options
July 21, 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 July 8, 2022, Cboe Exchange, Inc. (``Exchange'' or ``Cboe
Options'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II,
and III 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
Cboe Exchange, Inc. (the ``Exchange'' or ``Cboe Options'') proposes
to amend Rule 5.6 and Rule 5.33 to allow Delta-Adjusted at Close
(``DAC'') orders to be submitted in equity options. 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 5.6 and Rule 5.33 to allow DAC
orders to be submitted in equity options.\3\
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\3\ The Exchange notes that reference to equity options and
equity securities herein this proposal means options on securities
that are not exchange-traded products (``ETPs'') and equity
securities that are not ETPs (i.e., single-name securities or single
stocks), respectively. As noted below, DAC orders will continue to
be available only for FLEX options.
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A DAC order is an order for which the System delta-adjusts its
execution price after the market close. The DAC order instruction is
available for simple and complex orders and allows Users to incorporate
into their options pricing the closing price or value of the underlying
on the transaction date based on how much that price or value changed
during the trading day. Specifically, pursuant to the DAC order
definition under Rule 5.6(c) (for simple DAC orders) and Rule
5.33(b)(5) (for complex DAC orders), the delta-adjusted execution price
equals the original execution price plus the delta value times the
difference between the official closing price or value of the
underlying on the transaction date and the reference price or index
value of the underlying (``reference price''). Upon order entry for
electronic execution, a User must designate a delta value (per leg for
complex DAC orders) and may designate a reference price. If no
reference price is designated, the System will include the price or
value, as applicable, of the underlying at the time of order entry as
the reference price. Upon order entry for open outcry execution, a User
may designate a delta value (for one or more legs for complex DAC
orders) and/or a reference price. During the open outcry auction, in-
crowd market participants will determine the final delta value(s) and/
or reference price, which may differ from any delta value or reference
price designated by the submitting User. The final delta value(s) and
reference price would be reflected in the final terms of the execution.
A DAC order (simple and complex) may only be submitted in options on
ETPs and indexes for execution in a FLEX electronic auction or open
outcry auction on the Exchange's trading floor pursuant to Rule
5.72.\4\
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\4\ Additionally, pursuant to the definition of a DAC order
under Rule 5.6(c) and Rule 5.33(b)(5), a DAC order submitted for
execution in open outcry may only have a Time-in-Force of Day. A
User may not designate a DAC order as All Sessions.
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The Exchange proposes to make the DAC order instruction available
for orders submitted in any FLEX option, including equity options. In
particular, the proposed rule change amends the definition of a DAC
order (simple and complex) to allow for DAC orders to be submitted in
equity options by removing the restriction that a DAC order may only be
submitted in options on ETPs and indexes. In particular, the proposed
rule change to the definition of a simple DAC order under Rule 5.6(c)
provides that a DAC order may only be submitted for execution in a FLEX
electronic auction or open outcry auction on the Exchange's trading
floor pursuant to Rule 5.72, and the proposed rule change to the
definition of a complex DAC order under Rule 5.33(b)(5) provides that a
complex DAC order may only be submitted for execution in a FLEX
electronic auction or open outcry auction on the Exchange's trading
floor pursuant to Rule 5.72. In addition to this, the proposed rule
change adds to the definition of a simple DAC order under Rule 5.6(c)
that a DAC order submitted in a single stock equity option may not be
submitted until 45 minutes prior to the market close. A DAC order may
not be submitted in a single stock equity option on its expiration day.
DAC orders are designed to allow investors to incorporate any
upside market moves that may occur following execution of the order up
to the market close while limiting downside risk. Significant numbers
of market participants interact in the equity markets near the market
close, which may substantially impact the price of an underlying equity
security at the market close. For example, the Exchange understands
that market makers and other liquidity providers seek to balance their
books before the market close and contribute to increased price
discovery surrounding the market close. The Exchange also understands
it is common for other market participants to seek to offset intraday
positions and mitigate exposure risks based on their predictions of the
closing underlying prices. This substantial activity near the market
close may create wider spreads and increased price volatility, which
may attract further trading activity from those participants seeking
arbitrage opportunities and further drive prices. The significant
liquidity and price/value movements in securities, including equity
securities, that can occur near the market close, may cause option
closing and settlement prices to deviate significantly from option
execution prices earlier that trading day. As such,
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the Exchange wishes to provide its investors with the same
opportunities to incorporate any upside market moves that may occur
following execution of the order up to the market close while limiting
downside risk in their equity options trading as currently provided for
their ETP and index options trading by making DAC orders available in
equity options.
Additionally, DAC orders are intended to benefit investors that
participate in defined-outcome investment strategies,\5\ which, at the
time the DAC order was adopted, existed only for indexes and ETPs.
Particularly, DAC orders allow such funds to incorporate market moves
that may occur following execution of the order up to the market close
while limiting risk and to allow such funds to employ certain FLEX
options strategies that enable their investors to mitigate risk at the
market close while also participating in beneficial market moves at the
close.\6\ The Exchange has recently been made aware that defined-
outcome investment strategies are being created to provide exposure to
individual equity securities and as a result has received growing
customer demand to make DAC orders available in equity options.\7\ The
Exchange understands that, like defined-outcome strategies for ETPs and
indexes, such funds for single-name equity securities would seek to use
multi-leg strategy orders when seeding their funds,\8\ and, like for
any defined-outcome strategy, the goal of the strategies used by
defined-outcome funds for single-name securities would be to price the
execution of multi-leg strategy orders at the close of the underlying.
Also, the Exchange understands that funds for multiple single-name
equity securities would seek to use single-leg (i.e., simple) orders to
create a strategy when seeding their funds.\9\ However, there is
operational execution risk in attempting to fill an order near the
close to capture the underlying closing price. A DAC complex order
currently allows the User to execute a strategy order in connection
with a fund for an ETP or an index prior to the close and have its
price adjusted at the close. The proposed rule change would allow a
User to execute strategy orders in connection with seeding a fund for
an equity security in the same manner.\10\ Like DAC complex orders for
strategy orders in ETP and index options currently, DAC orders in
equity options, either simple or complex depending on the structure of
the fund, would allow the strategy order or orders to be executed at a
time before the close, eliminating the execution risk, while realizing
the objective of pricing based on the exact underlying close for those
strategies that require pricing at the close or a defined amount of
market exposure through the close. The proposed rule change would allow
Users to participate in the same benefits--eliminating execution risk
while realizing objective pricing--for their strategies in equity
options as they are currently may for their strategies in ETP and index
options.
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\5\ Including defined-outcome ETFs, other managed funds, unit
investment trusts (``UITs''), index funds, structured annuities, and
other such funds or instruments that are indexed managed funds.
\6\ See Securities Exchange Act Release No. 88997 (June 3,
2020), 85 FR 35351 (June 9, 2020) (SR-CBOE-2020-014).
\7\ Indeed, in the proposal that adopted the DAC order
instruction, the Exchange notes that if, at a later date, User
demand warrants the availability of DAC orders for equity options,
the Exchange could submit a proposal to make DAC orders available
for equity options. See id.
\8\ The Exchange understands that, like defined-outcome ETFs for
ETPs and indexes, issuers of defined-outcome ETFs for equity
securities would not buy stocks directly, but instead, use options
contracts to deliver the price gain or loss of the underlying over
the course of a year, up to a preset cap.
\9\ The Exchange notes that funds for multiple single-name
equity securities would seek to use simple orders across multiple
single-name equity options when seeding their funds as multi-leg,
multi-class strategies in single stock options are not available for
trading on the Exchange.
\10\ Because multi-leg strategies themselves may have delta
offsets, the User is hedged, meaning that the User may realize a
negative movement versus the initial execution on some legs, which
is offset by a positive move in other legs. The Exchange notes that
the strategies may or may not define an exact delta offset (``delta
neutrality'' occurs where the strategy defines an exact delta
offset). Given the delta neutral nature of an order with exact
offset, a User is indifferent to any movement in the underlying from
the time of execution to the close. Whether or not a User defines an
exact delta offset, a User anticipates a given amount of market
exposure, either partial or none, depending on the strategy and
combinations of buy/sell, call/put and quantity. See supra note 6 at
35352.
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As stated above, the proposed rule change also provides that a
simple DAC order submitted in a single stock equity option may not be
submitted until 45 minutes prior to the market close and may not be
submitted on its expiration day. As a general rule, attempted
manipulation of the price of a security encounters greater difficulty
the more volume that is traded, and, generally, single name equity
securities tend to be less liquid and experience greater price
sensitivity and larger market moves than indexes or ETPs. The Exchange
notes that on expiration day in particular, underlying equity
securities may experience more price sensitivity than on non-expiration
days and may be more susceptible to incentive to manipulate given that
the exercise value of overlying options are contingent on the
underlying closing price on expiration day. Options holders on
expiration day, whether their positions were taken via a DAC execution
or not, are subject to the risk of price swings in the underlying prior
to the final close; however, options holders of positions taken via a
DAC execution may potentially be more susceptible to such risk given
the price adjustment at the close. For example, if a market participant
executes a DAC order to buy calls on expiration day and a large price
swing follows, in that, the underlying price is pushed significantly
higher before the close, the DAC option holder would be forced to pay a
much higher premium upon adjustment, and ultimately expiration.
Therefore, in order to mitigate the potential risk associated with
expiration day price swings, which may potentially expose DAC order
users the gamma effect of options as they become more sensitive to
underlying price changes as they approach expiration, particularly in
options overlying less liquid securities, the proposed rule change
restricts trading (regardless of opening or closing) in simple DAC
orders in single stock options on expiration day. In addition to this,
the proposed rule to require simple DAC orders in single stock options
to be submitted no earlier than 45 minutes before the market close will
reduce the amount of time during which the underlying price could
potentially move; movements which, as stated above, may pose greater
risk upon price adjustment at close to holders of DAC options. The
Exchange notes that the same potential incentive to ``push'' the price
of the underlying on expiration day in connection with the exercise
price of an option is greatly diminished for multi-leg orders given
that parties to multi-leg transactions are focused on the spread or
ratio between the transaction prices for each of the legs (i.e., the
net price of the entire complex trade).
The Exchange notes that the same rules regarding the entry,
execution and processing of DAC orders submitted in ETP and index
options will apply to DAC orders submitted in equity options.\11\
Unadjusted and adjusted
[[Page 45140]]
DAC trade information for DAC orders in equity options will be sent to
the transacting parties, Options Clearing Corporation (``OCC'') and
Options Price Reporting Agency (``OPRA'') in the same manner as such
trade information for DAC orders in ETP and index options is currently
sent today. The Exchange further notes that, similar to a DAC order
instruction, the Exchange Rules already permit exercise prices for FLEX
Equity Options series to be formatted as a percentage of the closing
value of the underlying security.
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\11\ See Rule 5.6(c) (definition of simple DAC order), Rule
5.33(b)(5) (definition of complex DAC order), and Rule 5.34(c)(11)
(DAC order reasonability check). The Exchange notes too that all DAC
orders, currently and as proposed, are entered, priced, prioritized,
allocated and execute as any other FLEX Order would when submitted
into any FLEX electronic or open outcry auction and, like any FLEX
Order, a FLEX DAC order may only be submitted into FLEX Options
series eligible for trading pursuant to the FLEX Rules.
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The Exchange has analyzed its capacity and represents that it
believes the Exchange and OPRA have the necessary systems capacity to
handle any additional order traffic, and the associated restatements,
that may result from the submission of DAC orders in equity options and
represents that it continues to have an adequate surveillance program
in place to monitor orders with DAC pricing, including such orders in
equity options. The Exchange additionally notes that it intends to
further enhance its surveillances to, among other things, monitor for
certain changes in delta and stock price between an original order and
the final terms of execution and to generally monitor activity in the
underlying potentially related to DAC trades. The Exchange notes that
it has not observed any impact on pricing or price discovery at or near
the market close as a result of DAC orders submitted in ETP and index
options and does not believe that making DAC orders available in equity
options will have any impact on pricing or price discovery at or near
the market close. The Exchange also notes that it has not identified an
impact on pricing or price discovery at or near the close as a result
of exercise prices for FLEX Equity Options series formatted as a
percentage of the closing value of the underlying security, which is
similar to a DAC order instruction and permitted on the Exchange today.
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.\12\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \13\ 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) \14\ requirement that the rules of an exchange not be
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers.
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\12\ 15 U.S.C. 78f(b).
\13\ 15 U.S.C. 78f(b)(5).
\14\ Id.
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In particular, the Exchange believes that making DAC orders
available in all FLEX options, including equity options, will promote
just and equitable principles of trade and will remove impediments to
and perfect the mechanism of a free and open market and national market
system and, in general, protect investors, as it will allow investors
to realize the same benefits in connection with their equity options
trading that they may currently realize through the use of DAC orders
in their ETP and index options trading, as previously approved by the
Commission.\15\ As stated above, the Exchange has received growing
customer demand to make DAC orders available in equity options.\16\ The
proposed change to make DAC orders available in all options will
benefit investors by allowing them to incorporate into the pricing of
their equity options the closing price of the underlying on the
transaction date based on the amount that the price of the underlying
changes intraday. This allows investors to incorporate potential upside
market moves that may occur following the execution of an order up to
the market close while limiting downside risk in the same manner as may
today for their ETP and index options. Also, offering DAC orders in
equity options will allow investors to use the underlying reference
prices and delta to fully hedge their equity options positions taken
during the trading day through the market close and potentially benefit
from price movements at the close as they are already able to do for
their ETP and index option positions. In addition to this, as managed
funds for single-name securities are expected to begin utilizing
strategies at the close in order to mitigate risk at the close and
participate in beneficial market moves at the same time, the Exchange
believes that DAC orders in equity options will offer to managed funds
for equity securities the same method by which such funds for ETPs and
indexes are currently able to meet these objectives through the
execution of FLEX options, thereby benefiting investors that hold
shares of these funds. Additionally, the proposed restrictions in
connection with the submission of simple DAC orders in equity options
are designed to prevent fraudulent and manipulative acts and practices
and protect investors by mitigating the potential risk associated with
expiration day price swings, which may potentially expose DAC order
users to the gamma effect of options as they become more sensitive to
underlying price changes as such options approach expiration, and
reducing the amount of time during which the underlying price could
potentially move. As described, single-name securities may experience
greater price sensitivity and may experience larger price swings than
compared to indexes and ETPs, and DAC options holders particularly may
potentially be subject to a greater risk of paying much higher premiums
given the price adjustment at close. The Exchange believes proposed
will minimize any potential incentive to attempt to manipulate the
equities that may underlie a DAC order, particularly those securities
that may experience relatively lower volume, and will mitigate
potential risk to holders of DAC options in single-name securities.
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\15\ See Securities and Exchange Act Release No. 90319 (November
3, 2020), 85 FR 71361 (November 9, 2020) (SR-CBOE-2020-014).
\16\ See supra note 7.
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Further, the Exchange believes that the proposed rule change 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 the same rules regarding the entry, execution and processing of
DAC orders submitted in ETP and index options will apply to DAC orders
submitted in equity options,\17\ and all DAC trade information for DAC
orders in equity options will be sent to the transacting parties, OCC
and OPRA in the same manner as such trade information for DAC orders in
ETP and index options is currently sent today. The Exchange represents
that the Exchange itself and OPRA have the necessary systems capacity
to handle any additional order traffic and the related restatements
that may result from making DAC orders available in equity options and
represents that it continues to have an adequate surveillance program
in place to monitor orders with DAC pricing,
[[Page 45141]]
including such orders in equity options, thereby ensuring the
protection of investors. In addition to this, the Exchange intends to
further enhance its surveillances to, among other things, monitor for
certain changes in delta and stock price between an original order and
the final terms of execution and to generally monitor activity in the
underlying potentially related to DAC trades. As noted above, the
Exchange has not observed any impact on pricing or price discovery at
or near the market close as a result of DAC orders submitted in ETP and
index options, nor as a result of orders submitted in FLEX Equity
Options series with exercise prices formatted as a percentage of the
closing value of the underlying security, which are similar to DAC
orders in equity options and currently permitted under the Exchange
Rules. The Exchange does not believe that making DAC orders available
in equity options will have any impact on pricing or price discovery at
or near the market close.
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\17\ See supra note 11.
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B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. The proposed rule change
will not impose any burden on intramarket competition that is not
necessary or appropriate in furtherance of the purposes of the Act,
because use of the DAC order instruction is optional and already
available to all Users. The proposed rule change merely expands the
availability of an optional order instruction to orders submitted in
all FLEX options. The Exchange believes that making DAC orders
available in FLEX equity options is consistent with current demand by
market participants and will allow them to realize the same benefits in
their equity options trading as they may currently realize for their
ETP and index options trading through the use of DAC orders. Also, and
as described above, the additional proposed parameters in connection
with single-leg, single name DAC orders are designed to minimize any
potential incentive to attempt to manipulate the equities that may
underlie a DAC order, particularly those securities that may experience
relatively lower volume, and will mitigate potential risk to holders of
DAC options in single-name securities.
The proposed rule change will not impose any burden on intermarket
competition that is not necessary or appropriate in furtherance of the
purposes of the Act, as the Exchange already offers DAC order
functionality--the proposed rule change merely expands the availability
of the DAC order instruction to orders in all FLEX options. The
proposed rule change it is intended to provide market participants in
equity options with an additional means to manage risks in connection
with potential volatility and downside price swings that may occur near
the market close, while allowing them to receive potential benefits
associated with any upside market moves near the market close. The
Exchange believes the proposed rule change may foster competition, as
other options exchanges in their discretion may pursue the adoption of
similar orders applicable to equity options, which will result in
additional choices for investors.
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:
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#b7c5c2dbd29ad4d8dadad2d9c3c4f7c4d2d499d0d8c1"><span class="__cf_email__" data-cfemail="98eaedf4fdb5fbf7f5f5fdf6ecebd8ebfdfbb6fff7ee">[email protected]</span></a>. Please include
File Number SR-CBOE-2022-036 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-2022-036. 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-2022-036, and should be submitted
on or before August 17, 2022.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\18\
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\18\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022-16041 Filed 7-26-22; 8:45 am]
BILLING CODE 8011-01-P
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