Notice2022-16552
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 6.4-O
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Published
August 3, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 87 Issue 148 (Wednesday, August 3, 2022)</title>
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[Federal Register Volume 87, Number 148 (Wednesday, August 3, 2022)]
[Notices]
[Pages 47485-47489]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-16552]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-95386; File No. SR-NYSEArca-2022-43]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Amend Rule 6.4-O
July 28, 2022.
Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given
that, on July 21, 2022, NYSE Arca, Inc. (``NYSE Arca'' or the
``Exchange'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I and II
below, which Items have been prepared by the 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\ 15 U.S.C. 78a.
\3\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend Rule 6.4-O (Series of Options Open
for Trading), Commentary .07 regarding the Short Term Option Series
Program. The proposed rule change is available on the Exchange's
website at <a href="http://www.nyse.com">www.nyse.com</a>, at the principal office of the Exchange, 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 self-regulatory organization
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 those 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 parts of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend Rule 6.4-O (Series of Options Open
for Trading). Specifically, the Exchange proposes to amend Commentary
.07 to Rule 6.4-O to account for conflicts between different provisions
within the Short Term Option Series (``STOS'') rule. The Exchange notes
that this proposal is substantively identical to the strike interval
proposal recently submitted by Nasdaq ISE, LLC (``Nasdaq ISE'') and
approved by the Securities and Exchange Commission (``Commission'').\4\
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\4\ See Securities Exchange Act Release No. 95085 (June 10,
2022), 87 FR 36353 (June 16, 2022) (SR-ISE-2022-10) (approval order)
(``ISE Strike Interval Clarification''). The Exchange notes that the
rule change set forth in the ISE Strike Interval Clarification will
be implemented on August 1, 2022.
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In 2021, the Exchange amended Rule 6.4-O, Commentary .07
(``Commentary .07'') to limit the intervals between strikes in equity
options listed as part of
[[Page 47486]]
the Short Term Option Series Program (the ``STOS Program''), excluding
Exchange-Traded Fund Shares \5\ and Index-Linked Securities,\6\ that
have an expiration date more than twenty-one days from the listing date
(``Strike Interval Proposal'').\7\ The Strike Interval Proposal adopted
a new paragraph (f) to Commentary .07 that included a table intended to
specify the applicable strike intervals for STOS in equity options,
excluding Exchange-Traded Fund Shares and Index-Linked Securities,
which have an expiration date more than twenty-one days from the
listing date. The newly adopted Commentary .07(f) was intended to
establish strike intervals that would supersede those set forth in
Commentary .07(e).\8\ The Strike Interval Proposal was designed to
reduce the density of strike intervals that would be listed in later
weeks, within the STOS Program, by utilizing limitations for intervals
between strikes which have an expiration date more than twenty-one days
from the listing date.
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\5\ The term Exchange-Traded Fund Shares includes Exchange-
listed securities representing interests in open-end unit investment
trusts or open-end management investment companies that hold
securities (including fixed income securities) based on an index or
a portfolio of securities. See Rule 1.1.
\6\ The term Index-Linked Securities is the collective
definition for the following securities: ``Equity Index-Linked
Securities'', ``Commodity-Linked Securities'', ``Currency-Linked
Securities'', ``Fixed Income Index-Linked Securities'', ``Futures-
Linked Securities'', and ``Multifactor Index-Linked Securities.''
See Rule 5.2-E(j)(6).
\7\ See Securities Exchange Act Release No. 92335 (July 7,
2021), 86 FR 36844 (July 13, 2021) (SR-NYSEArca-2021-55)
(immediately effective Strike Interval Proposal to limit STOS
Intervals between strikes).
\8\ See Rule 6.4-O, Commentary .07(e) (providing in relevant
part that ``[t]he strike price interval for Short Term Option Series
may be $0.50 or greater for option classes that trade in $1 strike
price intervals and are in the Short Term Option Series Program. If
the class does not trade in $1 strike price intervals, the strike
price interval for Short Term Option Series may be (i) $0.50 or
greater where the strike price is less than $100; (ii) $1.00 or
greater where the strike price is between $100 and $150; or (iii)
$2.50 or greater for strike prices greater than $150.'').
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At this time, the Exchange proposes to amend Commentary .07(f), and
delete note 4 thereto, to alleviate any ambiguity regarding the
appropriate strike interval per Commentary .07 (i.e., whether to apply
paragraph (e) or (f) of Commentary .07).
Currently, the table within Commentary .07(f) is as follows: \9\
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\9\ See Rule 6.4-O, Commentary .07(f), note 1 (describing the
Share Price); note 2 (describing the Average Daily Volume or
``ADV''); and note 3 (providing that newly-listed options will not
be subject to subparagraph (f) until after the end of the first full
calendar quarter following the date the option class was first
listed for trading on any options market).
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* * * * *
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Share price
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Tier Average daily volume $25 to less $75 to less $150 to less $500 or
Less than $25 than $75 than $150 than $500 greater
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1.................................... Greater than 5,000............... $0.50 $1.00 $1.00 $5.00 $5.00
2.................................... Greater than 1,000 to 5,000...... 1.00 1.00 1.00 5.00 10.00
3.................................... 0 to 1,000....................... 2.50 5.00 5.00 5.00 10.00
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The first sentence of Commentary .07(f) provides that
``[n]otwithstanding subparagraph (e) above, when Short Term Option
Series in equity options (excluding options on Exchange-Traded Fund
Shares and Index-Linked Securities) have an expiration more than 21
days from the listing date, the strike interval for each option class
will be based on the table below.''
To alleviate ambiguity, the Exchange proposes to delete the first
clause of Commentary .07(f) (i.e., to delete ``Notwithstanding
subparagraph (e)''), and to add language specifying that the strike
intervals in Commentary .07(f) would apply. Specifically, proposed
Commentary .07(f) would provide that ``[w]hen Short Term Option Series
in equity options (excluding options on Exchange-Traded Fund Shares and
Index-Linked Securities) have an expiration more than 21 days from the
listing date, the table below, which specifies the applicable interval
for listing, will apply'' (emphasis supplied). The Exchange proposes to
add the phrase ``which specifies the applicable interval for listing''
to make clear that the table within Commentary .07(f), which provides
for the listing of intervals based on certain parameters (i.e., average
daily volume and share price) dictates the permitted intervals, unless
Commentary .07(e) specifically provides for a greater interval (as
described below).
To add further clarity, the Exchange proposes to add a new sentence
within Commentary .07(f), which would state that ``[t]o the extent
there is a conflict between applying Commentary .07(e) and the below
table, the greater interval would apply.'' Today, there are instances
where a conflict is presented as between the application of the table
within Commentary .07(f) and the rule text within Commentary .07(e)
with respect to the correct interval. Adding the proposed sentence
would make clear to OTP Holders and OTP Firms the applicable intervals
where there is a conflict between the rule text within subparagraph (f)
and the rule text within subparagraph (e), thereby providing certainty
as to the outcome. Specifically, subparagraph (e) would govern only in
the event that the strike interval would be greater. Should
subparagraph (e) provide for a lesser strike interval, it would not
apply (and subparagraph (f) would apply). The following examples are
designed to illustrate this point.
Example 1: Assume a Tier 1 stock that closed on the last day of Q1
with a quarterly share price higher than $75 but less than $150.
Therefore, utilizing the table within Commentary .07(f), the interval
would be $1.00 for strikes added during Q2 even for strikes above $150.
Next, assume during Q2 the share price rises above $150. Utilizing only
the table within Commentary .07(f), the interval would be $1.00 even
though the stock is now trading above $150 because the Share Price for
purposes of Commentary .07(f) was calculated utilizing data from the
prior calendar quarter. However, a separate rule, Commentary .07(e),
provides that the Exchange may list a STOS at $2.50 intervals where the
strike price is above $150. In other words, there is a potential
conflict between the permitted strike intervals above $150. In this
example, Commentary .07(f) would specify a $1.00 interval whereas
Commentary .07(e) would specify a $2.50 interval. As proposed, the
Exchange proposes to apply the greater interval. The greater interval
would then be $2.50 as per Commentary .07(e) in this scenario.
Therefore, the following strikes would be eligible to list: $152.5 and
$157.5. For strikes less than $150, the following
[[Page 47487]]
strikes would be eligible to list: $149 and $148 because STOS with
expiration dates more than 21 days from the listing date as well as
STOS with expiration dates less than 21 days from the listing date
would both be eligible to list $1 intervals pursuant to paragraphs (e)
and (f) to Commentary .07.
Example 2: Assume a Tier 2 stock that closed on the last day of Q1
with a quarterly share price less than $25. Therefore, utilizing the
table within Commentary .07(f), the interval would be $1.00 for strikes
added during Q2 even for strikes above $25. Next, assume during Q2 the
share price rises above $100. Utilizing only the table within
Commentary .07(f), the interval would be $1.00 even though the stock is
now trading above $100 because the Share Price for purposes of
Commentary .07(f), was calculated utilizing data from the prior
calendar quarter. However, Commentary .07(e), provides that the
Exchange may list a STOS at $1.00 intervals where the strike price is
above $100. As proposed, the Exchange would apply the greater interval,
however, the $1.00 interval is the same in both cases in this scenario
and therefore there is no conflict. Now assume during the quarter the
price rose above $150. Utilizing only the table within Commentary
.07(f), the interval would continue to be $1.00 because the Share Price
relied on data from the prior calendar quarter, however, pursuant to
Commentary .07(e), the interval would be $2.50 for strike prices above
$150. The greater interval would then be $2.50 as per Commentary .07(e)
in this scenario.
Example 3: Assume a Tier 3 stock that closed on the last day of Q1
with a quarterly share price less than $25. Therefore, utilizing the
table within Commentary .07(f), the interval would be $2.50 for strikes
added during Q2 even for strikes above $25. Next, assume during Q2 the
share price rises above $100. Utilizing only the table within
Commentary .07(f), the interval would be $2.50 even though the stock
was trading above $100 because the Share Price for purposes of
Commentary .07(f), was calculated utilizing data from the prior
calendar quarter. However, Commentary .07(e) provides that the Exchange
may list a STOS at $1.00 intervals where the strike price is above
$100. The greater interval would then be $2.50 as per the table in
Commentary .07(f) in this scenario.
In addition, the Exchange proposes to delete the last sentence of
the first paragraph of Commentary .07(f), which states that ``[t]he
below table indicates the applicable strike intervals and supersedes
subparagraph (d) above, which permits additional series to be opened
for trading on the Exchange when the Exchange deems it necessary to
maintain an orderly market, to meet customer demand or when the market
price of the underlying security moves substantially from the exercise
price or prices of the series already opened.'' Commentary .07(d)
describes adding series of options in the STOS Program.\10\ The table
within Commentary .07(f) impacts permissible strike intervals. Because
there should be no conflict between strike intervals set forth in
Commentary .07(f) and details about adding option series set forth in
Commentary .07(d), the Exchange believes that deleting this reference
will avoid potential confusion.
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\10\ Commentary .07(d), regarding ``Additional Series,''
provides that ``[i]f the Exchange opens less than thirty (30) Short
Term Option Series for a Short Term Option Expiration Date,
additional series may be opened for trading on the Exchange when the
Exchange deems it necessary to maintain an orderly market, to meet
customer demand or when the market price of the underlying security
moves substantially from the exercise price or prices of the series
already opened.''
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Finally, consistent with the foregoing, the Exchange proposes to
delete note 4 to the table in Commentary .07(f), which provides that
``[n]otwithstanding the limitations imposed by this subparagraph (f),
this subparagraph (f) does not amend the range of strikes for Short
Term Option Series that may be listed pursuant to subparagraph (e)
above,'' which deletion would add clarity and consistency to Commentary
.07 and limit the potential for confusion or ambiguity. In addition,
the Exchange believes this sentence is unnecessary given the foregoing
changes that propose to clarify the circumstances when either
subparagraph (f) or subparagraph (e) applies to strike intervals.
Implementation
The Exchange proposes to implement this rule change on August 1,
2022, consistent with the date of ISE's rule change per the ISE Strike
Interval Clarification.\11\ The Exchange will issue a Trader Update to
notify OTP Holders and OTP Firms of the implementation date.
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\11\ See ISE Strike Interval Clarification, supra note 4.
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2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Act and the rules and regulations thereunder applicable to the
Exchange and, in particular, the requirements of Section 6(b) of the
Act.\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.
The proposed rule maintains the goal of the Strike Interval Proposal
and continues to limit the intervals between strikes listed in the STOS
Program that have an expiration date more than twenty-one days.\14\
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\12\ 15 U.S.C. 78f(b).
\13\ 15 U.S.C. 78f(b)(5).
\14\ 15 U.S.C. 78f(b)(5).
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The Exchange's proposal to add clarifying language to the first
sentence of Commentary .07(f), is consistent with the Act because it
will make clear that the only permitted intervals are as specified in
the table within Commentary .07(f), except in the case where Commentary
.07(e) provides for a greater interval. This amendment will bring
greater transparency to the rule.
Adopting a new sentence within Commentary .07(f) to address a
potential conflict between provisions in the STOS rule, specifically as
between the application of the table within Commentary .07(f) and the
rule text within Commentary .07(e), with respect to the correct
interval is consistent with the Act. Proposed Commentary .07(f) will
make clear to OTP Holders and OTP Firms the applicable intervals when
there is a conflict between the rule text within Commentary .07(f) and
the rule text within Commentary .07(e), thereby providing certainty as
to the outcome. Further, the proposed new rule text promotes just and
equitable principles of trade by adding transparency to the manner in
which the Exchange implements its listing rules, and protects investors
and the general public by removing uncertainty.
The Exchange believes that deleting the last sentence of the first
paragraph of Commentary .07(f) is consistent with the Act. The table
within Commentary .07(f) supersedes other rules pertaining to strike
intervals, but the table does [sic] is not intended to supersede (or
conflict with) rules governing the addition of options series, per
Commentary .07(d). Therefore, deleting the reference to Commentary
.07(d) in proposed Commentary .07(f) will avoid confusion regarding the
application of
[[Page 47488]]
each paragraph, which clarity would protect investors and the general
public.
Removing note 4 to the table in Commentary .07(f) is consistent
with the Act because while the range limitations continue to be
applicable, the strike ranges do not conflict with strike intervals,
rendering the sentence unnecessary and potentially confusing. Also, the
proposed rule text within Commentary .07(f) otherwise indicates when
Commentary .07(e) would apply.
As noted here, the Strike Interval Proposal was designed to reduce
the density of strike intervals that would be listed in later weeks,
within the STOS Program, by utilizing limitations for intervals between
strikes which have an expiration date more than twenty-one days from
the listing date. The Exchange's proposal furthers this goal as it
intends to continue to remove certain strike intervals where there
exist clusters of strikes whose characteristics closely resemble one
another and, therefore, do not serve different trading needs, rendering
these strikes less useful.\15\
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\15\ For example, two strikes that are densely clustered may
have the same risk properties and may also be the same percentage
out-of-the money.
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Also, the Strike Interval Proposal will continue to reduce the
number of strikes listed on the Exchange, allowing Lead Market Makers
and Market Makers to expend their capital in the options market in a
more efficient manner, thereby improving overall market quality on the
Exchange.
Additionally, by making clear that the greater interval would
control as between the Commentary .07(f) and Commentary .07(e), the
Exchange is reducing the number of strikes listed in a manner
consistent with the intent of the Strike Interval Proposal (i.e., to
reduce strikes which were farther out in time). The result of this
clarification is to select wider strike intervals for STOS in equity
options that have an expiration date more than twenty-one days from the
listing date. This proposed rule change would harmonize strike
intervals as between inner weeklies (those having less than 21 days
from the listing date) and outer weeklies (those having more than 21
days from the listing date) so that strike intervals are not widening
as the listing date approaches.
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 is
not designed to impact competition but rather is designed to clarify a
potential ambiguity regarding strike intervals that exists in the
current STOS rule.
The Exchange anticipates that this proposal, which is consistent
with a Commission-approved rule of another options exchange, will be
adopted by other option exchanges and therefore would have no impact on
to competition.\16\
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\16\ See ISE Strike Interval Clarification, supra note 4.
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In addition to alleviating potential ambiguity, the proposed rule
will further the goal of limiting the number of STOS Program strike
intervals available for quoting and trading on the Exchange for all OTP
Holders and OTP Firms. The Exchange continues to balance the needs of
market participants by continuing to offer a number of strikes to meet
a market participant's investment objective. The Exchange's Strike
Interval Proposal does not impose an undue burden on inter-market
competition as this Strike Interval Proposal does not impact the
listings available at another self-regulatory organization.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were solicited or received with respect to the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule change does not: (i)
significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days after the date of the filing, or such
shorter time as the Commission may designate, it has become effective
pursuant to 19(b)(3)(A) of the Act \17\ and Rule 19b-4(f)(6) \18\
thereunder.
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\17\ 15 U.S.C. 78s(b)(3)(A).
\18\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change, along
with a brief description and text of the proposed rule change, at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
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A proposed rule change filed under Rule 19b-4(f)(6) \19\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\20\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has
requested that the Commission waive the 30-day operative delay so that
the Exchange may implement the proposed rule change on August 1, 2022--
the same time other exchanges are implementing an identical change.\21\
The Commission believes that waiver of the 30-day operative delay is
consistent with the protection of investors and the public interest
because the proposed rule change does not raise any new or novel
issues. Accordingly, the Commission hereby waives the operative
delay.\22\
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\19\ 17 CFR 240.19b-4(f)(6).
\20\ 17 CFR 240.19b-4(f)(6)(iii).
\21\ See Securities Exchange Act Release No. 95085 (June 10,
2022), 87 FR 36353 (June 16, 2022) (SR-ISE-2022-10) (Order Approving
a Proposed Rule Change, as Modified by Amendment No. 1, to Amend ISE
Options 4, Section 5, Series of Options Contracts Open for Trading).
\22\ For purposes only of waiving the 30-day operative delay,
the Commission also has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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At any time within 60 days of the filing of such proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings to
determine whether the proposed rule change should be approved or
disapproved.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
<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#780a0d141d551b1715151d160c0b380b1d1b561f170e"><span class="__cf_email__" data-cfemail="f381869f96de909c9e9e969d8780b3809690dd949c85">[email protected]</span></a>. Please include
File Number SR-NYSEArca-2022-43 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-NYSEArca-2022-43. This
file number should be included on the
[[Page 47489]]
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-
NYSEArca-2022-43 and should be submitted on or before August 24, 2022.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\23\
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\23\ 17 CFR 200.30-3(a)(12), (59).
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J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022-16552 Filed 8-2-22; 8:45 am]
BILLING CODE 8011-01-P
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