Notice2023-20812
Self-Regulatory Organizations; Cboe Exchange, Inc.; Order Granting Approval of a Proposed Rule Change To Make the Nonstandard Expirations Pilot Program Permanent
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Published
September 26, 2023
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 88 Issue 185 (Tuesday, September 26, 2023)</title>
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[Federal Register Volume 88, Number 185 (Tuesday, September 26, 2023)]
[Notices]
[Pages 66091-66094]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-20812]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-98456; File No. SR-CBOE-2023-020]
Self-Regulatory Organizations; Cboe Exchange, Inc.; Order
Granting Approval of a Proposed Rule Change To Make the Nonstandard
Expirations Pilot Program Permanent
September 20, 2023.
I. Introduction
On April 11, 2023, Cboe Exchange, Inc. (``Exchange'' or ``Cboe
Options'') filed with the Securities and Exchange Commission
(``Commission''), pursuant to section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a
proposed rule change to make permanent the operation of its pilot
program (``Program'') that permits the Exchange to list broad-based
index options with nonstandard expirations. The proposed rule change
was published for comment in the Federal Register on May 1, 2023.\3\ On
June 9, 2023, pursuant to section 19(b)(2) of the Act,\4\ the
Commission designated a longer period within which to approve the
proposed rule change, disapprove the proposed rule change, or institute
proceedings to determine
[[Page 66092]]
whether to disapprove the proposed rule change.\5\ On July 27, 2023,
the Commission instituted proceedings to determine whether to approve
or disapprove the proposed rule change.\6\ The Commission did not
receive any comment letters and is approving the proposed rule change.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release No. 97371 (April 25,
2023), 88 FR 26621 (``Notice'').
\4\ 15 U.S.C. 78s(b)(2).
\5\ See Securities Exchange Act Release No. 97679, 88 FR 3931
(June 15, 2023). The Commission designated July 30, 2023, as the
date by which the Commission shall approve or disapprove, or
institute proceedings to determine whether to approve or disapprove,
the proposed rule change.
\6\ See Securities Exchange Act Release No. 98008, 88 FR 50921
(August 2, 2023).
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II. Background
When cash-settled \7\ index options were first introduced in the
1980s, they generally utilized closing-price settlement procedures
(i.e., p.m. settlement).\8\ The Commission became concerned with the
impact of p.m.-settled, cash-settled index options on the underlying
cash equities markets, and in particular, added market volatility and
sharp price movements near the close on expiration days.\9\ These
concerns were heightened during the ``triple-witching'' hour on the
third Friday of March, June, September, and December when index
options, index futures, and options on index futures expired
concurrently.\10\ Academic research at the time provided at least some
evidence suggesting that futures and options expirations contributed to
excess volatility and reversals around the close on those days.\11\
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\7\ The seller of a ``cash-settled'' index option pays out the
cash value of the applicable index on expiration or exercise. A
``physical delivery'' option, like equity and ETF options, involves
the transfer of the underlying asset rather than cash. See
Characteristics and Risks of Standardized Options, available at:
<a href="https://www.theocc.com/Company-Information/Documents-and-Archives/Options-Disclosure-Document">https://www.theocc.com/Company-Information/Documents-and-Archives/Options-Disclosure-Document</a>.
\8\ See Securities Exchange Act Release No. 65256 (September 2,
2011), 76 FR 55969, at 55972 (September 9, 2011) (SR-C2-2011-008)
(Order approving proposed rule change to establish a pilot program
to list and trade p.m.-settled third Friday-of-the-month S&P 500
stock index (``SPX'') options (``SPXPM'') on the C2 Options
Exchange, Incorporated (``C2'')) (``C2 SPXPM Approval''). SPXPM was
traded on a pilot basis on C2 until the introduction of SPXPM
trading on Cboe Options. See Securities Exchange Act Release No.
68888 (February 8, 2013), 78 FR 10668, at 10668 (February 14, 2013)
(SR-CBOE-2012-120) (``SPXPM Approval Order'').
\9\ See C2 SPXPM Approval, 76 FR at 55972.
\10\ See id.
\11\ See Securities and Exchange Commission, Division of
Economic Risk and Analysis, Memorandum dated February 2, 2021 on
Cornerstone Analysis of PM Cash-Settled Index Option Pilots
(September 16, 2020) (``Pilot Memo'') at 5, available at: <a href="https://www.sec.gov/files/Analysis_of_PM_Cash_Settled_Index_Option_Pilots.pdf">https://www.sec.gov/files/Analysis_of_PM_Cash_Settled_Index_Option_Pilots.pdf</a> (citing, among
other papers, Stoll, Hans R., and Robert E. Whaley, ``Expiration day
effects of index options and futures,'' Monograph Series in Finance
and Economics, no. 3 (1986)).
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In light of the concerns with p.m. settlement and to help
ameliorate the price effects associated with expirations of p.m.-
settled, cash-settled index products, in 1987, the Commodity Futures
Trading Commission approved a proposed rule change by the Chicago
Mercantile Exchange (``CME'') to provide for a.m. settlement \12\ for
index futures, including futures on the S&P 500 Index (``S&P
500'').\13\ The Commission subsequently approved a proposed rule change
by Cboe Options to list and trade a.m.-settled options on the S&P
500.\14\ In 1992, the Commission approved Cboe Options' proposal to
transition all of its European-style cash-settled options on the S&P
500 to a.m. settlement.\15\ However, in 1993, the Commission approved a
proposed rule change allowing Cboe Options to list p.m.-settled options
on certain broad-based indexes, including the S&P 500, expiring at the
end of each calendar quarter (since approved as permanent).\16\
Starting in 2006, the Commission approved a number of proposals, on a
pilot basis, permitting Cboe Options to introduce other index options,
including SPX options, with p.m.-settlement. These include p.m.-settled
index options expiring weekly (other than the third Friday) and at the
end of each month,\17\ SPXPM, as well as p.m.-settled Mini-S&P 500
Index (``XSP'') and Mini-Russell 2000 Index (``MRUT'') options expiring
on the third Friday of the month.\18\
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\12\ The exercise settlement value for an a.m.-settled index
option is determined by reference to the reported level of the index
as derived from the opening prices of the component securities on
the business day before expiration.
\13\ See Proposed Amendments Relating to the Standard and Poor's
500, the Standard and Poor's 100 and the Standard Poor's OTC Stock
Price Index Futures Contract, 51 FR 47053 (December 30, 1986)
(notice of proposed rule change from the CME). See also Securities
Exchange Act Release No. 24367 (April 17, 1987), 52 FR 13890 (April
27, 1987) (SR-CBOE-87-11) (noting that the CME moved the S&P 500
futures contract's settlement value to opening prices on the
delivery date).
\14\ See Securities Exchange Act Release No. 24367 (April 17,
1987), 52 FR 13890 (April 27, 1987) (SR-CBOE-87-11).
\15\ See Securities Exchange Act Release No. 30944 (July 21,
1992), 57 FR 33376 (July 28, 1992) (SR-CBOE-92-09). The Commission
also approved proposals by other options markets to transfer most of
their cash-settled index products to a.m. settlement. See, e.g.,
Securities Exchange Act Release No. 25804 (June 15, 1988), 53 FR
23475 (June 22, 1988) (SR-NYSE-87-11 and 88-04).
\16\ See Securities Exchange Act Release No. 31800 (February 1,
1993), 58 FR 7274 (February 5, 1993) (SR-CBOE-92-13). See also
Securities Exchange Act Release Nos. 54123 (July 11, 2006), 71 FR
40558 (July 17, 2006) (SR-CBOE-2006-65); and 60164 (June 23, 2009),
74 FR 31333 (June 30, 2009) (SR-CBOE-2009-029).
\17\ See Securities Exchange Act Release Nos. 62911 (September
14, 2010), 75 FR 57539 (September 21, 2010) (SR-CBOE-2009-075);
76529 (November 30, 2015), 80 FR 75695 (December 3, 2015) (SR-CBOE-
2015-106); and 78531 (August 10, 2016), 81 FR 54643 (August 16,
2016) (SR-CBOE-2016-046).
\18\ See Securities Exchange Act Release Nos. 70087 (July 31,
2013), 78 FR 47809 (August 6, 2013) (SR-CBOE-2013-055) (approving
options on XSP); and 91067 (February 5, 2021) 86 FR 9108 (February
11, 2021) (SR-CBOE-2020-116) (approving options on MRUT).
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In the course of approving the various pilots, the Commission
reiterated its concern about the potential impact on the market at
expiration for the underlying component stocks for a p.m.-settled,
cash-settled index option.\19\ However, the Commission also recognized
the potential impact was unclear.\20\ The Commission approved the
Program on a pilot basis to allow the Exchange and the Commission to
monitor for and assess any potential for adverse market effects.\21\ In
order to facilitate this assessment, the Exchange committed to provide
the Commission with data and analysis in connection with the Program
\22\ and to make such data publicly available.\23\ In addition to the
Exchange's data and analysis, Cornerstone Research also conducted an
analysis at the direction of Staff from the Commission's Division of
Economic and Risk Analysis. The analysis utilizes the level of expiring
p.m.-settled index options open interest and the measures of volatility
and price reversals for the corresponding index futures, the underlying
cash index, and index component securities in the minutes leading up to
and immediately following the market close to study the effects of
pilot programs allowing p.m.-settled index options. The Pilot Memo is
discussed in more detail below.
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\19\ See, e.g., SPXPM Approval Order, 78 FR at 10669. See also
Securities Exchange Act Release Nos. 64599 (June 3, 2011), 76 FR
33798, 33801-02 (June 9, 2011) (order instituting proceedings to
determine whether to approve or disapprove a proposed rule change to
allow the listing and trading of SPXPM options on the C2 Options
Exchange, Incorporated); and C2 SPXPM Approval, 76 FR at 55972-76.
\20\ See, e.g., SPXPM Approval Order, 78 FR at 10669.
\21\ See e.g., Nonstandards Approval Order, 75 FR at 57549; and
Securities Exchange Act Release No. 94682 (April 12, 2022), 87 FR
22993 at 22995 (SR-CBOE-2022-005).
\22\ Id.
\23\ See, e.g., Securities Exchange Act Release No. 97446 (May
5, 2023), 88 FR 30365, at 30366 (May 11, 2023) (SR-CBOE-2023-024)
(stating the Exchange is making public on its website data and
analyses previously submitted to the Commission under the Program
and committing to make public any data or analyses submitted in the
future).
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III. Description of the Proposal
The Program permits the listing of p.m.-settled options on broad-
based indexes that expire (1) on any Monday, Wednesday, or Friday
(other than the third Friday-of-the-month or days that
[[Page 66093]]
coincide with an end-of-month (``EOM'') expiration) and, with respect
to SPX and XSP options, on any Tuesday or Thursday (other than days
that coincide with an EOM expiration) (``Weekly Expirations'') and (2)
on the last day of the trading month. In September 2010, the Commission
approved a rule change that established the Program under which the
Exchange was permitted to list P.M.-settled options on broad-based
indexes to expire on any Friday of the month, other than the third
Friday-of-the-month, and the last trading day of the month.\24\ The
Commission subsequently approved proposed rule changes to amend the
Program to allow the Exchange to also list: (1) p.m.-settled Monday
\25\ and Wednesday \26\ expirations on broad-based indexes, and (2)
p.m.-settled Tuesday and Thursday expirations on SPX \27\ and XSP.\28\
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\24\ See Securities Exchange Act Release No. 62911 (September
14, 2010), 75 FR 57539 (September 21, 2010) (SR-CBOE-2009-075)
(``Nonstandards Approval Order'').
\25\ See Securities Exchange Act Release No. 78531 (August 10,
2016), 81 FR 54643 (August 16, 2016) (SR-CBOE-2016-046).
\26\ See Securities Exchange Act Release No. 76909 (January 14,
2016), 81 FR 3512 (January 21, 2016) (SR-CBOE-2015-106).
\27\ See Securities Exchange Act Release No. 94682 (April 12,
2022), 87 FR 22993 (SR-CBOE-2022-005).
\28\ See Securities Exchange Act Release No. 95795 (September
21, 2022) (order approving SR-CBOE-2022-039).
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The Exchange has filed to extend the operation of the pilot on
multiple occasions \29\ and it is currently set to expire on the
earlier of November 6, 2023, or the date on which the Program is
approved on a permanent basis.\30\ Now, the Exchange proposes to make
the Program permanent.
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\29\ See, e.g., Securities Exchange Act Release Nos. 65741
(November 14, 2011), 76 FR 72016 (November 21, 2011); and 96223
(November 3, 2022), 87 FR 67728 (November 9, 2022).
\30\ See Securities Exchange Act Release No. 97445 (May 5,
2023), 88 FR 30368 (May 11, 2023).
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Since the Program's inception in 2010, the Exchange has submitted
reports to the Commission regarding the Program that detail the
Exchange's experience with the Program, pursuant to the various
approval orders.\31\ The Exchange states that, during the course of the
Program, it also provided the Commission with any additional data or
analyses the Commission requested if the Commission deemed such data or
analyses necessary to determine whether the Program was consistent with
the Act.\32\
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\31\ See supra notes 24-28. The Exchange has made public on its
website data and analyses previously submitted to the Commission
under the Program. See <a href="https://www.cboe.com/aboutcboe/legal-regulatory/national-market-system-plans/pm-settlement-spxpm-data">https://www.cboe.com/aboutcboe/legal-regulatory/national-market-system-plans/pm-settlement-spxpm-data</a>.
\32\ See Notice, 88 FR at 26624.
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IV. Discussion and Commission Findings
After careful review, the Commission finds that the proposed rule
change is consistent with the Act and the rules and regulations
thereunder applicable to a national securities exchange.\33\ In
particular, the Commission finds that the proposed rule change is
consistent with section 6(b)(5) of the Act,\34\ which requires, among
other things, that the Exchange's rules be designed to prevent
fraudulent and manipulative acts and practices, 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. In its
proposal to make the Program permanent, the Exchange addressed whether
the Program negatively impacts markets or impacted options market
quality. Each of these elements is discussed in greater detail below.
As stated above, no comments were received on the proposed rule change.
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\33\ In approving this proposed rule change, the Commission has
considered the proposed rule's impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
\34\ 15 U.S.C. 78f(b)(5).
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Market Impact Considerations
The Exchange states it has not identified any evidence from the
pilot data indicating that the trading of Weekly and EOM options has
any adverse impact on fair and orderly markets on expiration Fridays
for the underlying indexes or the underlying securities comprising the
underlying indexes, nor have there been any observations of abnormal
market movements attributable to Weekly and EOM options from any market
participants that have come to the attention of the Exchange.\35\ In
order to support its overall assessment of the Program, the Exchange
included a review and analysis of pilot data.\36\ Among other things,
the Exchange's analysis includes end of day volatility as well as a
comparison of the impact of quarterly index rebalancing versus p.m.-
settled expirations.\37\
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\35\ See Notice, 88 FR at 26624.
\36\ See id. at 26623-27.
\37\ See id. at 26626. The Exchange states that although this
analysis specifically evaluated SPX options, the Exchange believes
it is appropriate to extrapolate the data to apply to the Weekly and
EOM options (which include SPX options). See Notice, 88 FR at 26627.
The Commission agrees it is appropriate to extrapolate the data to
Weekly and EOM options, as the Exchange's analysis examines
liquidity and volatility dynamics around the market close, which may
be associated with typical hedging activities tied to expiring p.m.-
settled index options.
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In addition to reviewing the data and analysis provided by the
Exchange, the Commission reviewed the analysis in the Pilot Memo, which
evaluates whether higher levels of expiring open interest in p.m.-
settled index options results in increased volatility and price
reversals around the close. The Pilot Memo shows that the market share
for p.m.-settled options on the S&P 500 (including quarterly, Weekly,
EOM and third Friday expirations) has grown substantially since
2007.\38\ The Exchange's review of pilot data also showed this trend
continuing from 2019 through 2021.\39\
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\38\ See Pilot Memo at 2.
\39\ See Notice, 88 FR at 26624. Specifically, since 2007, p.m.-
settled SPX options grew from 0.1% of open interest to 30% of open
interest in 2021. Id.
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The Pilot Memo examines whether and to what extent expiring open
interest in p.m.-settled index options is empirically related with the
tendency of the corresponding index futures, the underlying index, or
index components to experience increased transitory volatility and
price reversals around the time of market close on expiration dates.
The Pilot Memo concludes that, although expiring p.m.-settled index
option open interest may have a statistically significant relationship
with volatility and price reversals of the underlying index, index
futures, and index component securities around the market close, the
magnitude of the effect is economically very small.\40\ For example,
the largest settlement event that occurred during the time period
studied in the Pilot Memo (a settlement of $100.4 billion of notional
on December 29, 2017) had an estimated impact on the futures price of
only approximately 0.02% (a predicted impact of $0.54 relative to a
closing futures price of $2,677).\41\
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\40\ See Pilot Memo at 3. The Pilot Memo also examined options
on the Russell 2000 Index and the Nasdaq-100 Index. However, during
the time period covered by the study (2007-2018), the markets for
both a.m.- and p.m.-settled options on these indexes were very small
compared to the size of that for S&P 500 Index options. See id. at
4.
\41\ See id. at 3.
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The Exchange further reviewed a sample of pilot data from 2019
through 2021, and measured the volatility of the S&P 500 over the final
fifteen minutes of each trading day and compared expiration days to
non-expiration days.\42\ Generally volatility was slightly higher on
expiration days, but in cases where overall market volatility
increased, the normalized impact on expiration days versus non-
expiration days remained consistent.\43\ The
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Exchange further analyzed volatility on days when the S&P 500 was
rebalanced, and states its results suggest more closing volatility on
rebalance dates compared to non-rebalance expiration dates, indicating
that rebalancing of the S&P 500 may have a greater impact on S&P 500
volatility than p.m.-settled option expirations.\44\
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\42\ See Notice, 88 FR at 26625.
\43\ See id.
\44\ See id.
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The Exchange also reviewed a sample of post-2018 pilot data for
potential correlation between excess market volatility and price
reversals and the hedging activity of liquidity providers.\45\ To
determine whether there is a correlation, the Exchange calculated an
estimate of the amount of market-on-close (``MOC'') volume in the S&P
500 component markets attributable to expected hedging activity as a
result of expiring in-the-money options.\46\ The Exchange states its
results indicate that other sources of MOC share volume generally
exceed the volume resulting from hedging activity for p.m.-settled SPX
options.\47\ Further, the Exchange also compared hedging futures
positions that would correspond to expiring in-the-money p.m.-settled
SPX options and concludes the data indicate negligible capacity for
hedging activity to increase volatility in the underlying markets.\48\
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\45\ See id. at 26625-26.
\46\ See id. at 26626.
\47\ See id.
\48\ See id.
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Finally, the Exchange states that the significant changes in the
closing procedures of the primary markets in recent decades, including
considerable advances in trading systems and technology, have
significantly minimized risks of any potential impact of Weekly and EOM
options on the underlying cash markets.\49\
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\49\ See id. at 26627.
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Market Quality Considerations
The Exchange also completed an analysis intended to evaluate
whether the Program impacted the quality of the a.m.-settled options
market. Specifically, the Exchange compared values of key market
quality indicators (specifically, the bid-ask spread \50\ and effective
spread \51\) in p.m.-settled SPX weekly (``SPXW'') options both before
and after the introduction of Tuesday expirations and Thursday
expirations for SPXW options on April 18 and May 11, 2022,
respectively.\52\ The Exchange concludes from this analysis that the
introduction of SPX options with Tuesday and Thursday options had no
significant impact on the market quality of SPXW options with Monday,
Wednesday, and Friday expirations.\53\ For a majority of the series
analyzed, the Exchange observed no statistically significant difference
in bid-ask spread or effective spread.\54\ The Exchange states that
analyzing whether the introduction of new SPXW p.m.-settled expirations
(i.e., SPXW options with Tuesday and Thursday expirations) impacted the
market quality of then-existing SPXW p.m.-settled expirations (i.e.,
SPXW options with Monday, Wednesday, and Friday expirations) provides a
reasonable substitute to evaluate whether the introduction of Weekly
and EOM options impacted the market quality of any corresponding a.m.-
settled options when the Program began.\55\ Therefore, the Exchange
believes the results of its analysis permit the Exchange to extrapolate
that it is unlikely the introduction of any other Weekly or EOM options
significantly impacted the market quality of corresponding a.m.-settled
options when the Program began.\56\
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\50\ The Exchange calculated for each of SPXW options (with
Monday, Wednesday, and Friday expirations) and SPY Weekly options
(with Monday, Wednesday, and Friday expirations) the daily time-
weighted bid-ask spread on the Exchange during its regular trading
hours session, adjusted for the difference in size between SPXW
options and SPY options (SPXW options are approximately ten times
the value of SPY options).
\51\ The Exchange calculated the volume-weighted average daily
effective spread for simple trades for each of SPXW options (with
Monday, Wednesday, and Friday expirations) and SPY Weekly options
(with Monday, Wednesday, and Friday expirations) as twice the amount
of the absolute value of the difference between an order execution
price and the midpoint of the national best bid and offer at the
time of execution, adjusted for the difference in size between SPXW
options and SPY options.
\52\ For purposes of comparison, the Exchange paired SPXW
options and SPY options with the same moneyness and same days to
expiration.
\53\ See Notice, 88 FR at 26626-27.
\54\ See id. at 26627.
\55\ See id. at 26626.
\56\ See id. at 26628.
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The Commission believes that the evidence contained in the
Exchange's filing, the Exchange's pilot data and reports, and the Pilot
Memo analysis demonstrate that the Program has benefitted investors and
other market participants by providing more flexible trading and
hedging opportunities while also having no disruptive impact on the
market. The market for the options in the Program has grown
significantly in size over the course of the Program, and analysis of
the pilot data did not identify any significant economic impact on the
underlying component securities surrounding the close as a result of
expiring p.m.-settled options, nor did it indicate a deterioration in
market quality (as measured by bid-ask and effective spreads) for an
existing product when a new p.m.-settled expiration was introduced.
Further, significant changes in closing procedures in the decades since
index options moved to a.m. settlement may also serve to mitigate the
potential impact of p.m.-settled index options on the underlying cash
markets.
Accordingly, the Commission finds that the proposed rule change is
consistent with section 6(b)(5) of the Act \57\ and the rules and
regulations thereunder applicable to a national securities exchange.
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\57\ 15 U.S.C. 78f(b)(5).
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V. Conclusion
It is therefore ordered, pursuant to section 19(b)(2) of the
Act,\58\ that the proposed rule change (SR-CBOE-2023-020) be, and
hereby is, approved.
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\58\ 15 U.S.C. 78s(b)(2).
\59\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\59\
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-20812 Filed 9-25-23; 8:45 am]
BILLING CODE 8011-01-P
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This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.