Notice2023-07141
Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing of Proposed Rule Change To Permit the Listing and Trading of Options on the Nasdaq-100 ESG Index
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
April 6, 2023
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 88 Issue 66 (Thursday, April 6, 2023)</title>
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[Federal Register Volume 88, Number 66 (Thursday, April 6, 2023)]
[Notices]
[Pages 20582-20586]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-07141]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-97232; File No. SR-Phlx-2023-09]
Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing
of Proposed Rule Change To Permit the Listing and Trading of Options on
the Nasdaq-100 ESG Index
March 31, 2023.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on March 28, 2023, Nasdaq PHLX LLC (``Phlx'' or ``Exchange'') filed
with the Securities and Exchange Commission (``SEC'' or ``Commission'')
the proposed rule change as described in Items I and II 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
The Exchange proposes to permit the listing and trading of options
on the Nasdaq-100 ESG Index.
The text of the proposed rule change is available on the Exchange's
website at <a href="https://listingcenter.nasdaq.com/rulebook/phlx/rules">https://listingcenter.nasdaq.com/rulebook/phlx/rules</a>, at the
principal office of the Exchange, and at the Commission's Public
Reference Room.
[[Page 20583]]
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 permit the listing and trading of options
on the Nasdaq-100 ESG Index or ``NDXESG''.\3\ The Nasdaq-100 ESG Index
is a broad based, modified ESG Risk Rating Score-adjusted market-
capitalization-weighted index that is designed to measure the
performance of the companies in the Nasdaq-100 Index (``NDX'') that
meet specific environmental, social and governance (``ESG'')
criteria.\4\ The Nasdaq-100 ESG Index at all times consists of a
selection of securities in NDX.\5\ In order to be selected for the
Nasdaq-100 ESG Index, a Nasdaq-100 Index company must: (1) not be
involved in specific business activities, as defined in the methodology
\6\ and determined by Sustainalytics; \7\ (2) not be deemed non-
compliant with the principles of the United Nations Global Compact, as
determined by Sustainalytics; (3) not have a controversy level higher
than four (4), as defined by Sustainalytics; and (4) have a
Sustainalytics ESG Risk Rating Score lower than 40. There are various
stages in the constituent weighting process which are outlined in the
methodology.\8\
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\3\ These options would trade under the symbol ``EXGN.''
\4\ Companies are evaluated and weighted on the basis of their
business activities, controversies and ESG Risk Ratings.
\5\ See <a href="https://indexes.nasdaqomx.com/docs/methodology_NDXESG.pdf">https://indexes.nasdaqomx.com/docs/methodology_NDXESG.pdf</a>.
\6\ See supra note 5.
\7\ Sustainalytics is a company that rates the sustainability of
listed companies based on their ESG performance.
\8\ See supra note 5.
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Initial and Maintenance Listing Criteria
The Nasdaq-100 ESG Index meets the definition of a broad-based
index as set forth in Options 4A, Section 2(a)(13) \9\ (i.e., an index
designed to be representative of a stock market as a whole or of a
range of companies in unrelated industries). Additionally, the Nasdaq-
100 ESG Index satisfies the initial listing criteria of a broad-based
index, as set forth in Options 4A, Section 3(d):
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\9\ The Exchange proposes to amend Options 4A, Section 3(d)(1)
to correct a citation to the definition of a broad-based index from
Section 2(a)(11) to Section 2(a)(13).
(1) The index is broad-based, as defined in Options 4A, Section
2(a)(13);
(2) Options on the index are designated as A.M.-settled index
options;
(3) The index is capitalization-weighted, price-weighted,
modified capitalization-weighted or equal dollar-weighted;
(4) The index consists of 50 or more component securities;
(5) Component securities that account for at least ninety-five
percent (95%) of the weight of the index have a market
capitalization of at least $ 75 million, except that component
securities that account for at least sixty-five percent (65%) of the
weight of the index have a market capitalization of at least $ 100
million;
(6) Component securities that account for at least eighty
percent (80%) of the weight of the index satisfy the requirements of
Options 4, Section 3 applicable to individual underlying securities;
(7) Each component security that accounts for at least one
percent (1%) of the weight of the index has an average daily trading
volume of at least 90,000 shares during the last six month period;
(8) No single component security accounts for more than ten
percent (10%) of the weight of the index, and the five highest
weighted component securities in the index do not, in the aggregate,
account for more than thirty-three percent (33%) of the weight of
the index;
(9) Each component security must be an ``NMS Stock'' as defined
in rule 600 of Regulation NMS under the Exchange Act;
(10) Non-U.S. component securities (stocks or ADRs) that are not
subject to comprehensive surveillance agreements do not, in the
aggregate, represent more than twenty percent (20%) of the weight of
the index;
(11) The current index value is widely disseminated at least
once every fifteen (15) seconds by one or more major market data
vendors during the time options on the index are traded on the
Exchange;
(12) The Exchange reasonably believes it has adequate System
capacity to support the trading of options on the index, based on a
calculation of the Exchange's current Independent System Capacity
Advisor (ISCA) allocation and the number of new messages per second
expected to be generated by options on such index;
(13) An equal dollar-weighted index is rebalanced at least once
every calendar quarter;
(14) If an index is maintained by a broker-dealer, the index is
calculated by a third-party who is not a broker-dealer, and the
broker-dealer has erected an informational barrier around its
personnel who have access to information concerning changes in, and
adjustments to, the index;
(15) The Exchange has written surveillance procedures in place
with respect to surveillance of trading of options on the index.
The Nasdaq-100 ESG Index will also be subject to the maintenance
listing standards set forth in Options 4A, Section 3(e):
(1) The conditions set forth in subparagraphs (d)(1), (2), (3),
(9), (10), (11), (12), (13), (14) and (15) must continue to be
satisfied. The conditions set forth in subparagraphs (d)(5), (6),
(7) and (8) must be satisfied only as of the first day of January
and July in each year;
(2) The total number of component securities in the index may
not increase or decrease by more than ten percent (10%) from the
number of component securities in the index at the time of its
initial listing.\10\
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\10\ As is the case with other index options authorized for
listing and trading on Phlx, in the event the Nasdaq-100 ESG Index
fails to satisfy the maintenance listing standards, the Exchange
will not open for trading any additional series of options of that
class unless such failure is determined by the Exchange not to be
significant and the Commission concurs in that determination, or
unless the continued listing of that class of index options has been
approved by the Commission under Section 19(b)(2) of the Act.
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Expiration Months, Settlement, and Exercise Style
Consistent with existing rules for certain index options, the
Exchange will allow up to twelve near-term expiration months for the
Nasdaq-100 ESG Index options (``NDXESG options'') \11\ as well as
LEAPS.\12\ Options on NDX may list up to twelve near-term expiration
months pursuant to Phlx Options 4A, Section 12(a)(4). The Nasdaq-100
ESG Index consists of components that are also included in NDX, as
discussed above. Because of the relationship between the Nasdaq-100 ESG
Index and NDX, which will likely result in market participants'
investment and hedging strategies consisting of options over both, the
Exchange believes it is appropriate to permit the same number of
monthly expirations for the Nasdaq-100 ESG Index and NDX. Strike price
intervals would be at no less than $2.50 intervals.\13\
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\11\ See Phlx Options 4A, Section 12(a)(4).
\12\ See Phlx Options 4A, Section 12(b)(2).
\13\ See proposed Phlx Options 4A, Section 12(a)(2).
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The NDXESG options will be a.m.-settled \14\ and cash-settled
contracts with European-style exercise.\15\ A.M.-
[[Page 20584]]
settlement is consistent with the generic listing criteria for broad-
based indexes,\16\ and thus it is common for index options to be a.m.-
settled. The Exchange proposes to amend Phlx Options 4A, Section
12(e)(II) to add the Nasdaq-100 ESG Index options to the list of other
a.m.-settled options. European-style exercise is consistent with many
index options, as set forth in Options 4A, Section 12(a)(5). The
Exchange proposes to amend Options 4A, Section 12(a)(5) to add the
NDXESG options to the list of European-style index options. Standard
third-Friday NDX options are a.m.-settled with European-style exercise.
Because of the relationship between the Nasdaq-100 ESG Index and the
NDX, which will likely result in market participants' investment and
hedging strategies consisting of options over both, the Exchange
believes it is appropriate to list the NDXESG options with the same
settlement and exercise style as the other NDX options.
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\14\ See proposed Phlx Options 4A, Section 12(e)(II).
\15\ See proposed Phlx Options 4A, Section 12(a)(5).
\16\ See Phlx Options 4A, Section 3(d).
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Minimum Trading Increment
The Exchange proposes the minimum trading increment for NDXESG
options would be $0.05 for options trading below $3.00 and $0.10 for
all other options.\17\
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\17\ See Phlx Options 3, Section 3.
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Reporting Authority
The Nasdaq Stock Market LLC would be the Reporting Authority for
the Nasdaq-100 ESG Index.\18\
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\18\ See proposed Phlx Supplementary Material .02 to Options 4A,
Section 2.
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Position Limit and Exercise Limits
The position limits for options on the Nasdaq-100 ESG Index would
be 25,000 contracts on the same side of the market in accordance with
Phlx Options 4A, Section 6(a). The exercise limits for options on the
Nasdaq-100 ESG Index shall be equivalent to the position limits
pursuant to Options 4A, Section 10. Each member or member organization
that maintains a position on the same side of the market in excess of
100,000 contracts for its own account or for the account of a customer
in NDXESG options must file a report with the Exchange pursuant to
proposed Phlx Options 4A, Section 6(c).\19\ The Exchange also proposes
to make a technical correction to Phlx Options 4A, Section 6(c) to add
an ``or'' within that paragraph.
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\19\ The report would include, but would not be limited to, data
related to the option positions, whether such positions are hedged
and if applicable, a description of the hedge and information
concerning collateral used to carry the positions. Market Makers are
exempt from this reporting requirement. See proposed Phlx Options
4A, Section 6(c).
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Likewise, the position and exercise limits for FLEX options on the
Nasdaq-100 ESG Index would be 25,000 contracts on the same side of the
market. In amending Phlx Options 8, Section 34(e), regarding position
limits for FLEX options, the Exchange proposes to align the position
limits for FLEX options within Phlx Options 8, Section 34, with the
position limits for standard options within Phlx Options 4A, Section 6,
which are specifically related to index options. Today, FLEX index
options are subject to the same position limits governing standard
index options as provided for within Options 4A, Section 6, unless
otherwise noted within Options 8, Section 34. At this time, Phlx
proposes to amend Options 8, Section 34(e) to add a sentence that
provides that the position limits are the same for FLEX index options
as with standard index options, unless otherwise noted. This amendment
is intended to be non-substantive and would not change any position
limits. Rather, the amendment would simply cross-reference the position
limits in Options 4A, Section 6 as opposed to restating each position
limit.\20\ Today, the position limits for standard index options are
identical to the FLEX index options on the same index. With this
proposal those position limits would continue to be identical.
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\20\ In light of this proposal, the Exchange proposes to remove
the remainder of the rule text related to index options within
Options 8, Section 34(e).
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Trading Hours
NDXESG options will be available for trading during the Exchange's
standard trading hours for index options, i.e., from 9:30 a.m. to 4:15
p.m. New York time.\21\
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\21\ See proposed Phlx Supplementary .01 to Options 4A, Section
12.
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Margin and Sales Practice
The margin requirements for NDXESG options would be subject to Phlx
Options 6C, Section 3, Proper and Adequate Margin. Phlx General 9,
Section 10, Recommendations to Customers (Suitability), and Phlx
Options 10, Section 8, Suitability, would also apply to NDXESG options.
Surveillance and Capacity
Finally, the Exchange represents that it has sufficient capacity to
handle additional quotations and message traffic associated with the
proposed listing and trading of NDXESG options. Further, the Exchange
has analyzed its capacity and represents that it believes the Exchange
and the Options Price Reporting Authority (``OPRA'') have the necessary
systems capacity to handle any additional traffic associated with the
listing of NDXESG options.
Index options are integrated into the Exchange's existing
surveillance system architecture and are thus subject to the relevant
surveillance processes. The Exchange represents that it has adequate
surveillance procedures to monitor trading in NDXESG options thereby
aiding in the maintenance of a fair and orderly market.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\22\ in general, and furthers the objectives of Section
6(b)(5) of the Act,\23\ in particular, in that it is designed 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; and is not
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers, or to regulate by virtue of any authority
conferred by the Act matters not related to the purposes of the Act or
the administration of the Exchange. The Exchange believes that the
proposed rule change is also consistent with Section 6(b)(8) of the Act
\24\ in that it does not impose any burden on competition not necessary
or appropriate in furtherance of the purposes of the Act. Specifically,
the Exchange believes that the introduction of NDXESG options will
attract order flow to the Exchange, increase the variety of listed
options to investors, and provide a valuable hedge tool to investors.
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\22\ 15 U.S.C. 78f(b)
\23\ 15 U.S.C. 78f(b)(5).
\24\ 15 U.S.C. 78(f)(b)(8).
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In particular, the Exchange believes that the proposal to list and
trade options on the Nasdaq-100 ESG Index will remove impediments to
and perfect the mechanism of a free and open market and a national
market system, because the Exchange believes that the proposed rule
change will further the Exchange's goal of introducing new and
innovative products to the marketplace. Additionally, 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, as the
[[Page 20585]]
Exchange believes there is unmet market demand for exchange-listed
security options listed on this new ESG index. NDXESG options are
designed to provide different and additional opportunities for
investors who have a desire to invest in companies that meet certain
environmental, social and governance criteria to hedge on the market
risk associated with this index by listing an option directly on this
index. Further, the Exchange believes that this new product will
provide market participant with an additional investment opportunity.
The Exchange believes that the introduction of the Nasdaq-100 ESG
Index will likely result in market participants' investment and hedging
strategies consisting of options over both the Nasdaq-100 ESG Index and
NDX. The Exchange notes that the Nasdaq-100 ESG Index consists of
companies within NDX that meet specific ESG criteria. Because of this
relationship between the Nasdaq-100 ESG Index and NDX, the Exchange
believes the proposed rule change will benefit investors, as it will
provide market participants with additional investment and hedging
strategies consisting of options over each of these indexes.
The Exchange believes the proposed rule change will remove
impediments to and perfect the mechanism of a free and open market and
a national market system, as well as protect investors and the public
interest, because the proposed rule change is consistent with current
rules already applicable to the listing and trading of options on Phlx,
which were previously filed with and approved as consistent with the
Act by the Commission. Particularly, the NDXESG options satisfy the
initial listing standards for a broad-based index in Phlx's rules,
which the Commission previously deemed consistent with the Act.\25\
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\25\ See Securities Exchange Act Release No. 54158 (July 17,
2006), 71 FR 41853 (July 24, 2006) (SR-Phlx-2006-17) (Notice of
Filing and Order Granting Accelerated Approval of a Proposed Rule
Change and Amendment Nos. 1 and 2 Thereto Relating to Listing
Standards for Broad-Based Index Options).
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With this proposal NDXESG options would be permitted to list up to
twelve near-term expiration months and LEAPS. The Exchange believes
that its proposal is consistent with the Act and promotes just and
equitable principles of trade because the listings of these options is
consistent with existing rules for certain index options, including
options on NDX which may list up to twelve near-term expiration months
pursuant to Phlx Options 4A, Section 12(a)(4), as well as LEAPs
pursuant to Options 4A, Section 12(b)(2). As noted herein, the Nasdaq-
100 ESG Index consists of components that are also included in NDX, as
discussed above. Because of the relationship between the Nasdaq-100 ESG
Index and NDX, the Exchange believes it is appropriate to permit the
same number of monthly expirations for the Nasdaq-100 ESG Index and
NDX. Further, the Exchange's proposal for strike price intervals to be
at no less than $2.50 intervals is consistent with the Act and promotes
just and equitable principles of trade because the proposed strike
prices align with NDX options strike price intervals.\26\
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\26\ See Phlx Options 4A, Section 12(a)(2).
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The NDXESG options will be a.m.-settled \27\ and cash-settled
contracts with European-style exercise.\28\ The Exchange believes that
it is consistent with the Act for NDXESG options to be a.m.-settled as
this is consistent with the generic listing criteria for broad-based
indexes,\29\ and thus it is common for index options to be a.m.-
settled. Additionally, standard third-Friday NDX options are a.m.-
settled. Further, the Exchange believes that it is consistent with the
Act for NDXESG options to be European-style as standard third-Friday
NDX options have European-style exercises. Further, European-style
exercise is consistent with many index options, as set forth in Options
4A, Section 12(a)(5) including NDX options. Because of the relationship
between the Nasdaq-100 ESG Index and the NDX, which will likely result
in market participants' investment and hedging strategies consisting of
options over both, the Exchange believes it is appropriate to list the
NDXESG options with the same settlement and exercise style as the other
NDX options. Additionally, the Reporting Authority shall be the same
for NDXESG as it is for NDX.
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\27\ See proposed Phlx Options 4A, Section 12(e)(II).
\28\ See proposed Phlx Options 4A, Section 12(a)(5).
\29\ See Phlx Options 4A, Section 3(d).
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The Exchange's proposal to utilize $0.05 for options trading below
$3.00 and $0.10 for all other options for the minimum trading increment
for NDXESG options is consistent with the Act as this is consistent
with the minimum trading increments for a majority of index options
including NDX options.
Setting position and exercise limits for options on the Nasdaq-100
ESG Index at 25,000 contracts on the same side of the market for both
standard and FLEX options will promote just and equitable principles of
trade and protect investors and the public interest because these
position limits should serve to reduce potential manipulative schemes
and adverse market impacts surrounding the use of options, such as
disrupting the market in the security underlying the options.
The amendments to Phlx Options 8, Section 34(e) to include a cross-
cite to the standard options within Phlx Options 4A, Section 6 is
consistent with the Act because this amendment will reflect that the
position limits for standard index options are identical to the FLEX
index options on the same index. This amendment is non-substantive.
Proposing standard trading hours for NDXESG options is consistent
with the Act and serves to remove impediments to and perfects the
mechanism of a free and open market because these trading hours align
with trading hours in other index options including NDX options.
Subjecting NDXESG options to the same margin and suitability rules
that apply to other index options serves to remove impediments to and
perfects the mechanism of a free and open market.
Finally, the Exchange represents that it has the necessary systems
capacity to support the new option series given these proposed
specifications. The Exchange believes that its existing surveillance
and reporting safeguards are designed to deter and detect possible
manipulative behavior which might arise from listing and trading
options on the Nasdaq-100 ESG Index. The Exchange further notes that
current Exchange rules that apply to the trading of other index options
traded on the Exchange, such as options on the NDX, would also apply to
the trading of options on the Nasdaq-100 ESG Index, such as, for
example, Exchange Rules governing customer accounts, margin
requirements and trading halt procedures.
Finally, this proposal is not novel as Cboe Exchange, Inc.
(``Cboe'') lists options on the S&P 500 ESG Index.
B. Self-Regulatory Organization's Statement on Burden on Competition
This proposed rule change does not impose any burden on intra-
market competition that is not necessary or appropriate in furtherance
of the purposes of the Act. Any member or member organization may
transact NDXESG options. Further, the Nasdaq-100 ESG Index satisfies
initial listing standards set forth in the rules, and the proposed
number of expirations, settlement, and exercise style are consistent
with current rules applicable to index options, including standard
[[Page 20586]]
third-Friday NDX options. Because of the relationship between the
Nasdaq-100 ESG Index and the NDX, which will likely result in market
participants' investment and hedging strategies consisting of options
over each of these indexes, the Exchange believes it is appropriate to
have the same number of expirations, settlement, and exercise style for
options on each index. The NDXESG options will provide investors with
different and additional opportunities to hedge or speculate on the
market associated with this index.
This proposed rule change does not impose any burden on inter-
market competition that is not necessary or appropriate in furtherance
of the purposes of the Act because this proposal will facilitate the
listing and trading of a new option product that will enhance
competition among market participants, to the benefit of investors and
the marketplace. Today, Cboe lists options on the S&P 500 ESG Index.
Also, other options exchanges may develop similar products.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were either solicited or received.
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 shall: (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="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#88fafde4eda5ebe7e5e5ede6fcfbc8fbedeba6efe7fe"><span class="__cf_email__" data-cfemail="087a7d646d256b6765656d667c7b487b6d6b266f677e">[email protected]</span></a>. Please include
File Number SR-Phlx-2023-09 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-Phlx-2023-09. 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="https://www.sec.gov/rules/sro.shtml">https://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-Phlx-2023-09 and should be
submitted on or before April 27, 2023.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\30\
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\30\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-07141 Filed 4-5-23; 8:45 am]
BILLING CODE 8011-01-P
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