Notice2022-16763
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 4.5
Primary source
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Published
August 5, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 87 Issue 150 (Friday, August 5, 2022)</title>
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[Federal Register Volume 87, Number 150 (Friday, August 5, 2022)]
[Notices]
[Pages 48045-48049]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-16763]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-95398; File No. SR-CBOE-2022-040]
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
Rule 4.5
August 1, 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 29, 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 and
II below, which Items have been prepared by the Exchange. The Exchange
filed the proposal as a ``non-controversial'' proposed rule change
pursuant to Section 19(b)(3)(A)(iii) of the Act \3\ and Rule 19b-
4(f)(6) thereunder.\4\ 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.
\3\ 15 U.S.C. 78s(b)(3)(A)(iii).
\4\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Cboe Exchange, Inc. (the ``Exchange'' or ``Cboe Options'') proposes
to amend Rule 4.5. 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 proposed rule change amends Rule 4.5(d). Specifically, the
Exchange proposes to amend Rule 4.5(d)(6) to account for conflicts
between different provisions within the Short Term Option Series Rules
and make other clarifying changes.
In 2021, the Exchange amended Rule 4.5 to limit the intervals
between strikes in equity options listed as part of the Short Term
Option Series Program, excluding Exchange-Traded Fund Shares and ETNs,
that have an expiration date more than twenty-one days from the listing
date (``Strike Interval Proposal'').\5\ The Strike Interval Proposal
adopted new subparagraph (d)(6), which included a table that intended
to specify the applicable strike intervals that would supersede
subparagraph (d)(5) \6\ for Short Term Option Series in equity options,
excluding options on exchange-traded fund shares and on exchange-traded
notes, which have an expiration more than 21 days from the listing
date. The Strike Interval Proposal was designed to reduce the density
of strike intervals that would be listed in later weeks, within the
Short Term Option Series Program, by utilizing limitations for
intervals between strikes that have an expiration date more than 21
days from the listing date.
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\5\ See Securities Exchange Act Release No. 91456 (April 1,
2021), 86 FR 18090 (April 7, 2021) (SR-CBOE-2021-019).
\6\ Rule 4.5(d)(5) states the interval between strike prices on
Short Term Option Series may be: (a) $0.50 or greater where the
strike is less than $100 and $1 or greater where the strike price is
between $100 and $150 for all classes that participate in the Short
Term Option Series Program; (b) $0.50 or greater for classes that
trade in one dollar increments in non-Short Term Options and that
participate in the Short Term Option Series Program; or (c) $2.50 or
greater where the strike price is above $150. A non-Short Term
Option that is on a class that has been selected to participate in
the Short Term Option Series Program is referred to as a ``Related
non-Short Term Option.''
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The Exchange proposes to amend Rule 4.5(d)(6) to clarify the
current rule text and amend the application of the table to account for
potential conflicts within the Short Term Option Series Rules.
Currently, Rule 4.5(d)(6) provides that notwithstanding subparagraph
(d)(5), when Short Term Option Series in equity options (excluding
options on ETFs and ETNs) have an expiration more than 21 days from the
listing date, the strike interval for each option class will be based
on the following table:
[[Page 48046]]
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Share price \7\
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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 1.00 1.00 1.00 5.00 10.00
5,000.
3........ 0 to 1,000........... 2.50 5.00 5.00 5.00 10.00
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First, the Exchange proposes to add the phrase ``which specifies
the applicable interval for listing'' to the end of the first sentence
of subparagraph (d)(6). The table within that subparagraph provides for
the listing of intervals based on certain parameters (average daily
volume and share price). The Exchange proposes to add the phrase
``which specifies the applicable interval for listing'' to clarify that
the only permitted intervals are as specified in the table within
subparagraph (d)(6), as proposed to be amended.
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\7\ Share Price is the closing price on the primary market on
the last day of the calendar quarter. In the event of a corporate
action, the Share Price of the surviving company is utilized. The
Average Daily Volume is the total number of option contracts traded
in a given security for the applicable calendar quarter divided by
the number of trading days in the applicable calendar quarter.
Beginning on the second trading day in the first month of each
calendar quarter, the Average Daily Volume is calculated by
utilizing data from the prior calendar quarter based on Customer-
cleared volume at OCC. For options listed on the first trading day
of a given calendar quarter, the Average Daily Volume is calculated
using the quarter prior to the last trading calendar quarter. See
Rule 4.5(d)(6)(A) and (B).
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Second, the Exchange proposes to amend the table in subparagraph
(d)(6) to address situations in which there is a conflict between
applying the intervals in subparagraph (d)(5) and the table in
subparagraph (d)(6). Today, there are instances where a conflict is
presented as between the application of the table within subparagraph
(d)(6) and the rule text within subparagraph (d)(5) with respect to the
correct interval. To address these potential conflicts, the Exchange
proposes that to the extent there is a conflict between applying the
current table within subparagraph (d)(6) and the rule text within
subparagraph (d)(5), the greater interval would apply. To reflect this
within the Rules, the Exchange proposes to amend the table in
subparagraph (d)(6) to specify what the greater interval would be, and
thus the interval the Exchange would apply, in the event of any
possible conflict between the two rule provisions. Specifically, the
proposed rule change amends the table as follows:
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Share price
Average daily --------------------------------------------------------------------------------
Tier 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 $0.50 for $1.00 for $1.00 for $5.00 $5.00
5,000. strikes less strikes less strikes less
than $100 in than $150 than $150
Short Term
Option Series
Program
classes and
classes that
trade in $1
increments in
non-Short Term
Options.
$1.00 for $2.50 for $2.50 for .............. ..............
strikes strikes strikes
between $100 greater than greater than
and $150 for $150 $150
classes that
do not
otherwise
trade in $1.00
increments in
non-Short Term
Options.
$2.50 for .............. .............. .............. ..............
strikes
greater than
$150.
2............. Greater than $1.00 for $1.00 for $1.00 for $5.00 $10.00
1,000 to 5,000. strikes less strikes less strikes less
than $150. than $150 than $150
$2.50 for $2.50 for $2.50 for .............. ..............
strikes strikes strikes
greater than greater than greater than
$150. $150 $150
3............. 0 to 1,000..... $2.50.......... $5.00 $5.00 $5.00 $10.00
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Below are some examples to demonstrate the application of the
proposed table:
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 current table within subparagraph (d)(6), the
interval would be $1.00 for strikes added during Q2 even for strikes
above $150. However, subparagraph (d)(5) provides that the Exchange may
list a Short Term Option Series 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 during Q2. In this
example, current subparagraph (d)(6) would specify a $1.00 interval
whereas current subparagraph (d)(5) would specify a $2.50 interval.
Consistent with selecting the greater interval (from current
subparagraph (d)(5)), the permissible strike interval in this scenario
would be $2.50 as set forth in the proposed table. Therefore, during
Q2, the following strikes would be eligible to list: $152.50 and
$157.50. For strikes less than $150, the following strikes would be
eligible to list during Q2: $149 and $148 because Short Term Option
Series with expiration dates more than 21 days from the listing date as
well as Short Term Option Series with expiration dates less than 21
days from the listing date would both be eligible to list $1 intervals
pursuant to both subparagraphs (d)(5) and (d)(6).
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
current table within subparagraph (d)(6), the interval would be $1.00
for strikes added during Q2 even for strikes above $25. However,
subparagraph (d)(5) provides that the Exchange may list a Short Term
Option Series at $0.50 intervals where the strike is less than $100, at
$1.00 intervals where the strike price is between $100 and $150, and at
$2.50 intervals where
[[Page 48047]]
the strike price is above $150. In other words, there is a potential
conflict between the permitted strike intervals below $100 and above
$150 during Q2. In this example, current subparagraph (d)(6) would
specify a $1.00 interval for strikes below $100 whereas current
subparagraph (d)(5) would specify a $0.50 interval. Consistent with
selecting the greater interval (from current subparagraph (d)(6)), the
permissible strike interval in this scenario for strikes below $100
would be $1.00 as set forth in the proposed table. For strikes between
$100 and $150, there is no conflict, as both provisions would provide
$1.00 intervals for those strikes. For strikes above $150, current
subparagraph (d)(6) would specify a $1.00 interval for strikes above
$150 whereas current subparagraph (d)(5) would specify a $2.50
interval. Consistent with selecting the greater interval (from current
subparagraph (d)(5)), the permissible strike interval in this scenario
for strikes above $150 would be $2.50 as set forth in the proposed
table.
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
current table within subparagraph (d)(6), the interval would be $2.50
for all strikes added during Q2. However, subparagraph (d)(5) provides
that the Exchange may list a Short Term Option Series at $0.50
intervals where the strike price is less than $100, $1.00 intervals
where the strike price is between $100 and $150, and $2.50 intervals
where the strike price is above $150. In other words, there is a
potential conflict between the permitted strike intervals below $150
during Q2 (there is no conflict for strikes above $150, as both
provisions provide for a $2.50 strike interval). Consistent with
selecting the greater interval (from current subparagraph (d)(6)), the
permissible strike interval in this scenario for strikes below $150
would be $2.50 as set forth in the proposed table.\8\
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\8\ The Exchange made similar corresponding changes to the table
for tier 1 and tier 2 stocks with prices $25 to less than $75 and
$75 to less than $150, with all potential conflicts between current
subparagraphs (d)(5) and (d)(6) resolved to apply the greater
interval.
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Third, the Exchange proposes to delete the last sentence of the
introductory paragraph of subparagraph (d)(6), which states ``[t]he
below table indicates the applicable strike intervals and supersedes
subparagraph (d)(4) 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.'' The table within
subparagraph (d)(6) supersedes other rules pertaining to strike
intervals, but the table does not supersede rules governing the
addition of options series. Therefore, the table within subparagraph
(d)(6) and the rule text of subparagraph (d)(4) do not conflict with
each other. Deleting the reference to subparagraph (d)(4) will avoid
potential confusion.
Fourth, the Exchange proposes to delete subparagraph (d)(6)(D),
which states ``[n]otwithstanding the limitations imposed by this
subparagraph (d)(6), this subparagraph (d)(6) does not amend the range
of strikes for Short Term Option Series may be listed pursuant to
subparagraph (d)(5) above.'' While the range limitations continue to be
applicable within subparagraph (d)(6), the strike ranges do not
conflict with the strike intervals and therefore the sentence is not
necessary. Removing this provision will avoid potential confusion.
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.\9\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \10\ 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) \11\ requirement that the rules of an exchange not be
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers. The Exchange believes the Strike Proposal
continues to limit the intervals between strikes listed in the Short
Term Option Series Program that have an expiration date more than
twenty-one days.
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\9\ 15 U.S.C. 78f(b).
\10\ 15 U.S.C. 78f(b)(5).
\11\ Id.
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In particular, the Exchange's proposed addition to the first
sentence of Rule 4.5(d)(6) is consistent with the Act because it
clarifies that the only permitted intervals are as specified in the
table within that subparagraph, as amended. The Exchange believes this
proposed rule change will bring greater transparency to the rule. The
proposed rule change to amend the table within Rule 4.5(d)(6) to
address potential conflicts between that subparagraph and subparagraph
(d)(5) with respect to the correct strike interval is consistent with
the Act because it protects investors and the public interest by adding
transparency to the manner in which the Exchange implements its listing
rules and removes potential uncertainty. The proposed rule text
specifies the applicable intervals when there is a conflict between the
rule text within subparagraphs (d)(5) and (d)(6), thereby providing
certainty as to the outcome. The table within subparagraph (d)(6)
impacts strike intervals and supersedes other strike interval rules but
does not supersede the addition of option series. Therefore,
subparagraph (d)(4) regarding the addition of option series does not
conflict with the table in subparagraph (d)(6). Deleting the last
sentence of the introductory paragraph of Rule 4.5(d)(6) that includes
the reference to subparagraph (d)(4) is therefore consistent with the
Act. Similarly, deleting Rule 4.5(d)(6)(D) 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. Deletion of this provision will avoid potential
confusion.
The Strike Interval Proposal was designed to reduce the density of
strike intervals that would be listed in later weeks, within the Short
Term Option Series 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 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,\12\ rendering these strikes less
useful. Also, the Strike Interval Proposal continues to reduce the
number of strikes listed on the Exchange, allowing Market-Makers to
expend their capital in the options market in a more efficient manner,
[[Page 48048]]
thereby improving overall market quality on the Exchange.
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\12\ 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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Additionally, by applying the greater interval would control as
between the rule text within current Rule 4.5(d)(5) and (d)(6), the
Exchange is reducing the number of strikes listed in a manner
consistent with the intent of the Strike Interval Proposal, which was
to reduce strikes which were farther out in time. The result of this
clarification is to select wider strike intervals for Short Term Option
Series in equity options which have an expiration date more than
twenty-one days from the listing date. This rule change would harmonize
strike intervals as between inner weeklies (those having less than
twenty-one days from the listing date) and outer weeklies (those having
more than twenty-one 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 Strike Interval Proposal
continues to limit the number of Short Term Option Series Program
strike intervals available for quoting and trading on the Exchange for
all Trading Permit Holders.
The Exchange believes adding clarifying language to the first
sentence of Rule 4.5(d)(6) regarding which parameter the table within
that provision amends within the Short Term Option Series Program will
bring greater transparency to the rules. Amending the table within
subparagraph (d)(6) to address potential conflicts as between the rule
text of Rule 4.5(d)(5) and (d)(6) will bring greater transparency to
and reduce potential confusion regarding the manner in which the
Exchange implements its listing rules. Deleting the last sentence of
the first paragraph of the introductory paragraph of Rule 4.5(d)(6)
that references subparagraph (d)(4) does not impose an undue burden on
competition and will avoid potential confusion because the table within
Rule 4.5(d)(6) impacts strike intervals and supersedes other rules
pertaining to strike intervals, but the table does not supersede rules
governing the addition of options series, such as Rule 4.5(d)(4).
Deleting Rule 4.5(d)(6)(D) will also avoid any potential confusion
because, while the range limitations continue to be applicable, the
strike ranges do not conflict with strike intervals and are not
necessary.
While this proposal continues to limit the intervals of strikes
listed on the Exchange, 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 intermarket
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
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
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 \13\ and Rule 19b-4(f)(6) \14\
thereunder.
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\13\ 15 U.S.C. 78s(b)(3)(A).
\14\ 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) \15\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\16\ 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 the same change.\17\ The
Exchange states that implementing the proposal simultaneously with
other option exchanges will promote the protection of investors by
harmonizing the strike listing methodology across exchanges. For these
reasons, the Commission believes that waiver of the 30-day operative
delay is consistent with the protection of investors and the public
interest. Accordingly, the Commission hereby waives the operative
delay.\18\
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\15\ 17 CFR 240.19b-4(f)(6).
\16\ 17 CFR 240.19b-4(f)(6)(iii).
\17\ The Commission recently approved a substantially similar
proposal. 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).
\18\ 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 the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings to
determine whether the proposed rule 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#ee9c9b828bc38d8183838b809a9dae9d8b8dc0898198"><span class="__cf_email__" data-cfemail="f587809990d8969a9898909b8186b5869096db929a83">[email protected]</span></a>. Please include
File Number SR-CBOE-2022-040 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-2022-040. 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
[[Page 48049]]
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-2022-040, and should be submitted on or before August 26, 2022.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\19\
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\19\ 17 CFR 200.30-3(a)(12), (59).
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J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022-16763 Filed 8-4-22; 8:45 am]
BILLING CODE 8011-01-P
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