Notice2023-13005
Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing of Proposed Rule Change To Amend the Short Term Option Series Program in Supplementary Material .03 of Options 4, Section 5
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
June 20, 2023
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 88 Issue 117 (Tuesday, June 20, 2023)</title>
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[Federal Register Volume 88, Number 117 (Tuesday, June 20, 2023)]
[Notices]
[Pages 39876-39885]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-13005]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-97719; File No. SR-ISE-2023-11]
Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing
of Proposed Rule Change To Amend the Short Term Option Series Program
in Supplementary Material .03 of Options 4, Section 5
June 13, 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 May 31, 2023, Nasdaq ISE, LLC (``ISE'' or ``Exchange'') 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 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 amend the Short Term Option Series Program
in Supplementary Material .03 of Options 4, Section 5 (Series of
Options Contracts Open for Trading).
The text of the proposed rule change is available on the Exchange's
website at <a href="https://listingcenter.nasdaq.com/rulebook/ise/rules">https://listingcenter.nasdaq.com/rulebook/ise/rules</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 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
[[Page 39877]]
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 Supplementary Material .03 of
Options 4, Section 5, ``Series of Options Contracts Open for Trading.''
Specifically, the Exchange proposes to expand the Short Term Option
Series Program to permit the listing of two Wednesday expirations for
options on United States Oil Fund, LP (``USO''), United States Natural
Gas Fund, LP (``UNG''), SPDR Gold Shares (``GLD''), iShares Silver
Trust (``SLV''), and iShares 20+ Year Treasury Bond ETF (``TLT'')
(collectively ``Exchange Traded Products'' or ``ETPs'').
Currently, as set forth in Supplementary Material .03 to Options 4,
Section 5, after an option class has been approved for listing and
trading on the Exchange as a Short Term Option Series pursuant to
Options 1, Section 1(a)(49),\3\ the Exchange may open for trading on
any Thursday or Friday that is a business day (``Short Term Option
Opening Date'') series of options on that class that expire at the
close of business on each of the next five Fridays that are business
days and are not Fridays in which monthly options series or Quarterly
Options Series expire (``Friday Short Term Option Expiration Dates'').
The Exchange may have no more than a total of five Short Term Option
Expiration Dates. Further, if the Exchange is not open for business on
the respective Thursday or Friday, the Short Term Option Opening Date
for Short Term Option Weekly Expirations will be the first business day
immediately prior to that respective Thursday or Friday. Similarly, if
the Exchange is not open for business on a Friday, the Short Term
Option Expiration Date for Short Term Option Weekly Expirations will be
the first business day immediately prior to that Friday.
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\3\ Options 1, Section 1(a)(49) provides that a Short Term
Option Series means a series in an option class that is approved for
listing and trading on the Exchange in which the series is opened
for trading on any Monday, Tuesday, Wednesday, Thursday or Friday
that is a business day and that expires on the Monday, Wednesday or
Friday of the following business week that is a business day, or, in
the case of a series that is listed on a Friday and expires on a
Monday, is listed one business week and one business day prior to
that expiration. If a Tuesday, Wednesday, Thursday or Friday is not
a business day, the series may be opened (or shall expire) on the
first business day immediately prior to that Tuesday, Wednesday,
Thursday or Friday. For a series listed pursuant to this section for
Monday expiration, if a Monday is not a business day, the series
shall expire on the first business day immediately following that
Monday.
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Additionally, the Exchange may open for trading series of options
on the symbols provided in Table 1 of Supplementary Material .03 to
Options 4, Section 5 that expire at the close of business on each of
the next two Mondays, Tuesdays, Wednesdays, and Thursdays,
respectively, that are business days and are not business days in which
monthly options series or Quarterly Options Series expire (``Short Term
Option Daily Expirations''). For those symbols listed in Table 1, the
Exchange may have no more than a total of two Short Term Option Daily
Expirations for each of Monday, Tuesday, Wednesday, and Thursday
expirations at one time.
Proposal
At this time, the Exchange proposes to expand the Short Term Option
Daily Expirations to permit the listing and trading of options on USO,
UNG, GLD, SLV, and TLT expiring on Wednesdays. The Exchange proposes to
permit two Short Term Option Expiration Dates beyond the current week
for each Wednesday expiration at one time.\4\ In order to effectuate
the proposed changes, the Exchange would add USO, UNG, GLD, SLV, and
TLT to Table 1 of Supplementary Material .03 to Options 4, Section 5,
which specifies each symbol that qualifies as a Short Term Option Daily
Expiration.
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\4\ Consistent with the current operation of the rule, the
Exchange notes that if it adds a Wednesday expiration on a Tuesday,
it could technically list three outstanding Wednesday expirations at
one time. The Exchange will therefore clarify the rule text in
Supplementary Material .03 to Options 4, Section 5 to specify that
it can list two Short Term Option Expiration Dates beyond the
current week for each Monday, Tuesday, Wednesday, and Thursday
expiration.
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The proposed Wednesday USO, UNG, GLD, SLV, and TLT expirations will
be similar to the current Wednesday SPY, QQQ, and IWM Short Term Option
Daily Expirations set forth in Supplementary Material .03 to Options 4,
Section 5, such that the Exchange may open for trading on any Tuesday
or Wednesday that is a business day (beyond the current week) series of
options on USO, UNG, GLD, SLV, and TLT to expire on any Wednesday of
the month that is a business day and is not a Wednesday in which
Quarterly Options Series expire (``Wednesday USO Expirations,''
``Wednesday UNG Expirations,'' ``Wednesday GLD Expirations,''
``Wednesday SLV Expirations,'' and ``Wednesday TLT Expirations'')
(collectively, ``Wednesday ETP Expirations'').\5\ In the event Short
Term Option Daily Expirations expire on a Wednesday and that Wednesday
is the same day that a Quarterly Options Series expires, the Exchange
would skip that week's listing and instead list the following week; the
two weeks would therefore not be consecutive. Today, Wednesday
expirations in SPY, QQQ, and IWM similarly skip the weekly listing in
the event the weekly listing expires on the same day in the same class
as a Quarterly Options Series.
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\5\ While the relevant rule text in Supplementary Material .03
to Options 4, Section 5 also indicates that the Exchange will not
list such expirations on a Wednesday that is a business day in which
monthly options series expire, practically speaking this would not
occur.
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USO, UNG, GLD, SLV, and TLT Friday expirations would continue to
have a total of five Short Term Option Expiration Dates provided those
Friday expirations are not Fridays in which monthly options series or
Quarterly Options Series expire (``Friday Short Term Option Expiration
Dates'').
Similar to Wednesday SPY, QQQ, and IWM Short Term Option Daily
Expirations within Supplementary Material .03 to Options 4, Section 5,
the Exchange proposes that it may open for trading on any Tuesday or
Wednesday that is a business day series of options on USO, UNG, GLD,
SLV, and TLT that expire at the close of business on each of the next
two Wednesdays that are business days and are not business days in
which Quarterly Options Series expire.
The interval between strike prices for the proposed Wednesday ETP
Expirations will be the same as those for the current Short Term Option
Series for Friday expirations applicable to the Short Term Option
Series Program.\6\ Specifically, the Wednesday ETP Expirations will
have a strike interval of $0.50 or greater for strike prices below
$100, $1 or greater for strike prices between $100 and $150, and $2.50
or greater for strike prices above $150.\7\ As is the case with other
equity options series listed pursuant to the Short Term Option Series
Program, the Wednesday ETP Expirations series will be P.M.-settled.
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\6\ See Supplementary Material .03(e) to Options 4, Section 5.
\7\ Id.
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Pursuant to Options 1, Section 1(a)(49), with respect to the Short
Term Option Series Program, a Wednesday expiration series shall expire
on the first business day immediately prior to that Wednesday, e.g.,
Tuesday of that week if the Wednesday is not a business day.
Currently, for each option class eligible for participation in the
Short
[[Page 39878]]
Term Option Series Program, the Exchange is limited to opening thirty
(30) series for each expiration date for the specific class.\8\ The
thirty (30) series restriction does not include series that are open by
other securities exchanges under their respective weekly rules; the
Exchange may list these additional series that are listed by other
options exchanges.\9\ With the proposed changes, this thirty (30)
series restriction would apply to Wednesday USO, UNG, GLD, SLV, and TLT
Short Term Option Daily Expirations as well. In addition, the Exchange
will be able to list series that are listed by other exchanges,
assuming they file similar rules with the Commission to list Wednesday
ETP Expirations.
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\8\ See Supplementary Material .03(a) to Options 4, Section 5.
\9\ Id.
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With this proposal, Wednesday ETP Expirations would be treated
similarly to existing Wednesday SPY, QQQ, and IWM Expirations. With
respect to monthly option series, Short Term Option Daily Expirations
will be permitted to expire in the same week in which monthly option
series on the same class expire. Not listing Short Term Option Daily
Expirations for one week every month because there was a monthly on
that same class on the Friday of that week would create investor
confusion.
Further, as with Wednesday SPY, QQQ, and IWM Expirations, the
Exchange would not permit Wednesday ETP Expirations to expire on a
business day in which monthly options series or Quarterly Options
Series expire. Therefore, all Short Term Option Daily Expirations would
expire at the close of business on each of the next two Wednesdays that
are business days and are not business days in which monthly options
series or Quarterly Options Series expire. The Exchange believes that
it is reasonable to not permit two expirations on the same day in which
a monthly options series or a Quarterly Options Series would expire
because those options would be duplicative of each other.
The Exchange does not believe that any market disruptions will be
encountered with the introduction of Wednesday ETP Expirations. The
Exchange has the necessary capacity and surveillance programs in place
to support and properly monitor trading in the proposed Wednesday ETP
Expirations. The Exchange currently trades P.M.-settled Short Term
Option Series that expire Wednesday for SPY, QQQ and IWM and has not
experienced any market disruptions nor issues with capacity. Today, the
Exchange has surveillance programs in place to support and properly
monitor trading in Short Term Option Series that expire Wednesday for
SPY, QQQ and IWM.
Impact of Proposal
The Exchange notes that listings in the Short Term Option Series
Program comprise a significant part of the standard listings in options
markets. The below diagrams demonstrate the percentage of weekly
listings compared to monthly, quarterly, and Long-Term Option Series in
2020 and 2022 in the options industry.\10\ The weekly strikes decreased
from 24% to 19% in these two years. The Exchange notes that during this
timeframe all options exchanges mitigated weekly strike intervals.
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\10\ The Exchange sourced this information from The Options
Clearing Corporation (``OCC''). The information includes time
averaged data for all 16 options markets up to August 18, 2022.
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BILLING CODE 8011-01-P
[[Page 39879]]
[GRAPHIC] [TIFF OMITTED] TN20JN23.000
While the Exchange is expanding the Short Term Option Series
Program to permit USO, UNG, GLD, SLV, and TLT Wednesday Expirations,
the Exchange anticipates that it would overall add a small number of
weekly expiration dates because the Exchange will limit the number of
Short Term Option Daily Expirations for these ETPs to two Wednesday
expirations. The below chart displays average daily volume for options
on USO, UNG, GLD, SLV, and TLT.\11\
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\11\ Average daily volume data for options contracts are as of
November 2022.
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[[Page 39880]]
[GRAPHIC] [TIFF OMITTED] TN20JN23.001
The Exchange believes that there is general investor demand for
alternative expirations, including Wednesday expirations, as evidenced
by the relatively significant percentage of volume in Wednesday SPY,
QQQ, and IWM expirations. Notably, in 2022, the Exchange observed that
Wednesday expiration volume in SPY, QQQ, and IWM consisted of
approximately 23.3% (for SPY), 19.8% (for QQQ), and 10.9% (for IWM) of
total volume for the respective symbols.
Further, the Exchange believes that there is investor demand for
additional Short Term Option Daily Expirations for USO, UNG, GLD, SLV,
and TLT based on the total assets under management (``AUM'') for these
Exchange Traded Products. As illustrated below, the ETPs are all
leading products in their respective asset classes.\12\
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\12\ AUM data for ETPs are as of November 2022.
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[[Page 39881]]
[GRAPHIC] [TIFF OMITTED] TN20JN23.002
[[Page 39882]]
[GRAPHIC] [TIFF OMITTED] TN20JN23.003
In addition, the below chart shows post-close movements between
4:00-5:30 p.m. Eastern Time, and indicates that GLD, SLV, TLT, UNG, and
USO are less volatile (strike-wise) than SPY,
[[Page 39883]]
QQQ, and IWM, where alternative expirations exist today.
[GRAPHIC] [TIFF OMITTED] TN20JN23.004
Furthermore, the below chart shows that GLD, SLV, TLT, UNG, and USO
are less volatile in the last 30 minutes of trading than SPY, QQQ, and
IWM, which have alternative expirations today.
[GRAPHIC] [TIFF OMITTED] TN20JN23.005
[[Page 39884]]
BILLING CODE 8011-01-C
The Exchange also notes that GLD, SLV, TLT, USO, and UNG currently
trade within ``complexes'' where, in addition to the underlying
security, there are multiple instruments available for hedging.
Specifically, the GLD complex includes:
.GC--COMEX Gold Futures--CME
.AUD--Gold Daily Futures--ICE
$IAU--iShares Gold Trust
$GLDM--SPDR Gold Minishares Trust
$SGOL--Aberdeen Physical Gold Trust
$BAR--GraniteShares Gold Shares
The SLV complex includes:
.SI--COMEX Silver Futures--CME
.HIO--Silver Daily Futures--ICE
$SIVR--Aberdeen Physical Silver Trust
The USO complex includes:
.CL--CME WTI Light Sweet Crude Futures
.HIO--Brent Crude Futures--ICE
$DBO--Invesco DB Oil Fund
$BNO--United States Brent Oil Trust
$OIL--iPath Pure Beta Crude Oil ETN
The UNG complex includes:
.NG--Henry Hub Natural Gas Futures
ICE--Financial Gas Markets (multi)--ICE
$FCG--First Trust Natural Gas ETF
$UNL--United States 12 mo NG ETF
$HUN--Horizons Natural Gas ETF
Lastly, the TLT complex includes:
CME--Multiple Interest Rate Futures
ICE--Multiple Interest Rate Futures
US Treasury Securities
$IEF--iShares 7-10 Year Treasury Bond ETF
$GOVT--iShares Barclays US Treasury Bond ETF
Numerous highly correlated FICC ETPs
Given the multi-asset class nature of these products and available
hedges in highly-correlated instruments, the Exchange believes that its
proposal to add Wednesday expirations on these products will not be a
strain on liquidity providers.
Because the Exchange proposes to limit the number of Wednesday
Expirations for options on USO, UNG, GLD, SLV, and TLT to two
expirations beyond the current week, the Exchange believes that the
addition of these Wednesday ETP Expirations should encourage Market
Makers to continue to deploy capital more efficiently and improve
displayed market quality.\13\
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\13\ Market Makers include Primary Market Makers and Competitive
Market Makers. See ISE Options 1, Section 1(a)(21). Today, Primary
Market Makers and Competitive Market Makers are required to quote a
specified time in their assigned options series. See ISE Options 2,
Section 5.
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Similar to SPY, QQQ and IWM Wednesday Expirations, the introduction
of Wednesday ETP Expirations will, among other things, expand hedging
tools available to market participants and allow for a reduced premium
cost of buying portfolio protection. The Exchange believes that
Wednesday ETP Expirations will allow market participants to hedge their
portfolios with options on commodities (oil, natural gas, gold, and
silver) as well as treasury securities, and tailor their investment and
hedging needs more effectively.
Implementation
The Exchange proposes to implement this rule change within 30 days
after Commission approval. The Exchange will issue an Options Trader
Alert to notify Members of the implementation date.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\14\ in general, and furthers the objectives of Section
6(b)(5) of the Act,\15\ in particular, in that it is designed to
promote just and equitable principles of trade, 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.
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\14\ 15 U.S.C. 78f(b).
\15\ 15 U.S.C. 78f(b)(5).
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Similar to Wednesday expirations in SPY, QQQ, and IWM, the proposal
to permit Wednesday ETP Expirations, subject to the proposed limitation
of two expirations beyond the current week, would protect investors and
the public interest by providing the investing public and other market
participants more choice and flexibility to closely tailor their
investment and hedging decisions in these options and allow for a
reduced premium cost of buying portfolio protection, thus allowing them
to better manage their risk exposure.
ISE represents that it has an adequate surveillance program in
place to detect manipulative trading in the proposed option
expirations, in the same way that it monitors trading in the current
Short Term Option Series for Wednesday SPY, QQQ and IWM expirations.
The Exchange also represents that it has the necessary system capacity
to support the new expirations. Finally, the Exchange does not believe
that any market disruptions will be encountered with the introduction
of these option expirations. As discussed above, the Exchange believes
that its proposal is a modest expansion of weekly expiration dates for
GLD, SLV, USO, UNG, and TLT given that it will be limited to two
Wednesday expirations beyond the current week. Furthermore, the above
charts show less volatility in these five products (both in terms of
post-close and during the last 30 minutes of trading) compared to SPY,
QQQ, and IWM, which have alternative expirations (including Wednesday
expirations) today. Lastly, the Exchange believes its proposal will not
be a strain on liquidity provides because of the multi-class nature of
GLD, SLV, USO, UNG, and TLT and the available hedges in highly-
correlated instruments, as described above.
The Exchange believes that the proposal is consistent with the Act
as the proposal would overall add a small number of Wednesday ETP
Expirations by limiting the addition of two Wednesday expirations
beyond the current week. The addition of Wednesday ETP Expirations
would remove impediments to and perfect the mechanism of a free and
open market by encouraging Market Makers to continue to deploy capital
more efficiently and improve displayed market quality.\16\ The Exchange
believes that the proposal will allow Members to expand hedging tools
and tailor their investment and hedging needs more effectively in USO,
UNG, GLD, SLV, and TLT as these funds are most likely to be utilized by
market participants to hedge the underlying asset classes.
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\16\ Today, Primary Market Makers and Market Makers are required
to quote a specified time in their assigned options series. See ISE
Options 2, Section 5.
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Similar to Wednesday SPY, QQQ, and IWM expirations, the
introduction of Wednesday ETP Expirations is consistent with the Act as
it will, among other things, expand hedging tools available to market
participants and allow for a reduced premium cost of buying portfolio
protection. The Exchange believes that Wednesday ETP Expirations will
allow market participants to purchase options on USO, UNG, GLD, SLV,
and TLT based on their timing as needed and allow them to tailor their
investment and hedging needs more effectively, thus allowing them to
better manage their risk exposure. Today, ISE lists Wednesday SPY, QQQ,
and IWM Expirations.\17\
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\17\ See ISE Supplementary Material .03 at Options 4, Section 5.
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In particular, the Exchange believes the Short Term Option Series
Program has been successful to date and that Wednesday ETP Expirations
should simply expand the ability of investors to hedge risk against
market movements stemming from economic releases or market events that
occur throughout the
[[Page 39885]]
month in the same way that the Short Term Option Series Program has
expanded the landscape of hedging.
There are no material differences in the treatment of Wednesday
SPY, QQQ and IWM expirations compared to the proposed Wednesday ETP
Expirations. Given the similarities between Wednesday SPY, QQQ and IWM
expirations and the proposed Wednesday ETP Expirations, the Exchange
believes that applying the provisions in Supplementary Material .03 to
Options 4, Section 5 that currently apply to Wednesday SPY, QQQ and IWM
expirations is justified. For example, the Exchange believes that
allowing Wednesday ETP Expirations and monthly Exchange Traded Product
expirations in the same week will benefit investors and minimize
investor confusion by providing Wednesday ETP Expirations in a
continuous and uniform manner.
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.
While the proposal will expand the Short Term Options Expirations
to allow Wednesday ETP Expirations to be listed on ISE,\18\ the
Exchange believes that this limited expansion for Wednesday expirations
for options on USO, UNG, GLD, SLV, and TLT will not impose an undue
burden on competition; rather, it will meet customer demand. The
Exchange believes that Members will continue to be able to expand
hedging tools and tailor their investment and hedging needs more
effectively in USO, UNG, GLD, SLV, and TLT given multi-class nature of
these products and the available hedges in highly-correlated
instruments, as described above.
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\18\ As noted above, Nasdaq, Phlx, BX, GEMX and MRX incorporate
ISE Options 4, Section 5 by reference, so the proposed changes
herein will apply to those markets as well.
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Similar to Wednesday SPY, QQQ and IWM expirations, the introduction
of Wednesday ETP Expirations does not impose an undue burden on
competition. The Exchange believes that it will, among other things,
expand hedging tools available to market participants and allow for a
reduced premium cost of buying portfolio protection. The Exchange
believes that Wednesday ETP Expirations will allow market participants
to purchase options on USO, UNG, GLD, SLV, and TLT based on their
timing as needed and allow them to tailor their investment and hedging
needs more effectively.
The Exchange does not believe the proposal will impose any burden
on inter-market competition, as nothing prevents the other options
exchanges from proposing similar rules to list and trade Wednesday ETP
Expirations.\19\ Further, the Exchange does not believe the proposal
will impose any burden on intra-market competition, as all market
participants will be treated in the same manner under this proposal.
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\19\ See supra note 18.
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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 self-regulatory organization consents, the Commission will:
(A) by order approve or disapprove the 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#6a181f060f47090507070f041e192a190f09440d051c"><span class="__cf_email__" data-cfemail="6210170e074f010d0f0f070c1611221107014c050d14">[email protected]</span></a>. Please include
file number SR-ISE-2023-11 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-ISE-2023-11. 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
a.m. and 3 p.m. Copies of the filing also will be available for
inspection and copying at the principal office of the Exchange. Do not
include personal identifiable information in submissions; you should
submit only information that you wish to make available publicly. We
may redact in part or withhold entirely from publication submitted
material that is obscene or subject to copyright protection. All
submissions should refer to file number SR-ISE-2023-11 and should be
submitted on or before July 11, 2023.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\20\
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\20\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-13005 Filed 6-16-23; 8:45 am]
BILLING CODE 8011-01-P
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