Notice2023-21939
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing of a Proposed Rule Change To Amend Its Rules To Adopt Monthly Options Series
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
October 4, 2023
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 88 Issue 191 (Wednesday, October 4, 2023)</title>
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[Federal Register Volume 88, Number 191 (Wednesday, October 4, 2023)]
[Notices]
[Pages 68833-68837]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-21939]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-98593; File No. SR-CBOE-2023-049]
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of
Filing of a Proposed Rule Change To Amend Its Rules To Adopt Monthly
Options Series
September 28, 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 September 27, 2023, Cboe Exchange, Inc. (``Exchange'' or ``Cboe
Options'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II,
and III 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
Cboe Exchange, Inc. (the ``Exchange'' or ``Cboe Options'') proposes
to amend its Rules to adopt Monthly Options Series. 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 Exchange proposes to amend its Rules to accommodate the listing
of option series that would expire at the close of business on the last
business day of a calendar month (``Monthly Option Series''). Pursuant
to proposed Rules 4.5(g)(1) and 4.13(a)(2)(C)(i), the Exchange may list
Monthly Option Series for up to five currently listed option classes
that are either index options or options on exchange-traded funds
(``ETFs'').\3\ In addition, the Exchange may also list Monthly Option
Series on any options classes that are selected by other securities
exchanges
[[Page 68834]]
that employ a similar program under their respective rules.\4\ The
Exchange may list 12 expirations for Monthly Option Series. Monthly
Option Series need not be for consecutive months; however, the
expiration date of a nonconsecutive expiration may not be beyond what
would be considered the last expiration date if the maximum number of
expirations were listed consecutively.\5\ Other expirations in the same
class are not counted as part of the maximum numbers of Monthly Option
Series expirations for a class.\6\ Monthly Options Series will be P.M.-
settled.\7\
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\3\ The Exchange proposes to amend Rule 4.5(a) and (b) to
provide that proposed Rule 4.5(g) will describe how the Exchange
will fix a specific expiration date and exercise price for Monthly
Option Series and that proposed Rule 4.5(g) will govern the
procedures for opening Monthly Options Series, respectively. This is
consistent with language in current Rules 4.5(a) and (b) for other
Short Term Option Series, Quarterly Options Series, and Delayed
Start Option Series.
\4\ The Exchange is unaware of any other options exchanges that
currently have a similar program but expect other options exchanges
may adopt similar programs in the future.
\5\ The Exchange notes this provision considers consecutive
monthly listings. In other words, as other expirations (such as
Quarterly Option Series) are not counted as part of the maximum,
those expirations would not be considered when considering when the
last expiration date would be if the maximum number were listed
consecutively. For example, if it is January 2024 and the Exchange
lists Quarterly Options Series in class ABC with expirations in
March, June, September, December, and the following March, the
Exchange could also list Monthly Options Series in class ABC with
expirations in January, February, April, May, July, August, October,
and November 2024 and January and February of 2025. This is because,
if Quarterly Option Series, for example, were counted, the Exchange
would otherwise never be able to list the maximum number of Monthly
Option Series. This is consistent with the listing provisions for
Quarterly Options Series, which permit give calendar quarter
expirations. The need to list series with the same expiration in the
current calendar year and the following calendar year (whether
Monthly or Quarterly expiration) is to allow market participants to
execute one-year strategies pursuant to which they may roll their
exposures in the longer-dated options (e.g. January 2025) prior to
the expiration of the nearer-dated option (e.g. January 2024).
\6\ See proposed Rules 4.5(g)(2) and 4.13(a)(2)(C)(ii).
\7\ See proposed Rule 4.5(g)(3) and 4.13(a)(2)(C)(iii).
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The strike price of each Monthly Options Series will be fixed at a
price per share, with at least two, but no more than five, strike
prices above and at least two, but no more than five, strike prices
below the value of the underlying index or price of the underlying
security at about the time that a Monthly Options Series is opened for
trading on the Exchange. The Exchange will list strike prices for
Monthly Options Series that are reasonably related to the current price
of the underlying security or current index value of the underlying
index to which such series relates at about the time such series of
options is first opened for trading on the Exchange. The term
``reasonably related to the current price of the underlying security or
index value of the underlying index'' means that the exercise price is
within 30% of the current underlying security price or index value.\8\
Additional Monthly Options Series of the same class may be open 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 initial
exercise price or prices. To the extent that any additional strike
prices are listed by the Exchange, such additional strike prices will
be within 30% above or below the closing price of the underlying index
or security on the preceding day. The Exchange may also open additional
strike prices of Monthly Option Series that are more than 30% above or
below the current price of the underlying security, provided that
demonstrated customer interest exists for such series, as expressed by
institutional, corporate, or individual customers or their brokers.
Market-Makers trading for their own account will not be considered when
determining customer interest under this provision. The opening of the
new Monthly Options Series will not affect the series of options of the
same class previously opened.\9\ The interval between strike prices on
Monthly Options Series will be the same as the interval for strike
prices for series in that same options class that expire in accordance
with the normal monthly expiration cycle.\10\
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\8\ See proposed Rule 4.5(g)(4) and 4.13(a)(2)(C)(iv). The
Exchange notes these proposed provisions are consistent with the
initial series provision for the Quarterly Options Series program in
Rule 4.13(a)(2)(B)(iv). While different than the initial strike
listing provision for the Quarterly Options Series program in
current Rule 4.5(e)(4), the Exchange believes the proposed provision
is appropriate, as it contemplates classes that may have strike
intervals of $5 or greater. For consistency, the Exchange also
proposes to amend Rule 4.5(e)(4) to incorporate the same provision
for initial series.
\9\ See proposed Rule 4.5(g)(5) and 4.13(a)(2)(C)(v).
\10\ See proposed Rule 4.5(g)(6) and 4.13(a)(2)(C)(vi); see also
Rule 4.5, Interpretations and Policies .01 and .04-.07 (permissible
strike prices for ETF classes) and Rules 4.5, Interpretations and
Policies .06, .09, .10, .12, .13, .15 and 4.13, Interpretations and
Policies .01, .04, .10, and .11 (permissible strike prices for index
options).
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By definition, Monthly Option Series can never expire in the same
week as a standard expiration series (which expire on the third Friday
of a month) in the same class expires. The same, however, is not the
case with regards to Short Term Options Series or Quarterly Options
Series. Therefore, to avoid any confusion in the marketplace, the
Exchange proposes to amend Rules 4.5(d) and 4.13(a)(2)(A) to provide
the Exchange will not list a Short Term Options Series in a class on a
date on which a Monthly Options Series or Quarterly Options Series
expires.\11\ Similarly, proposed Rules 4.5(g)(2) and 4.13(a)(2)(C)(ii)
provide that no Monthly Options Series may expire on a date that
coincides with an expiration date of a Quarterly Options Series in the
same index or ETF class. In other words, the Exchange will not list a
Short Term Options Series on an index or ETF if a Monthly Options
Series on that index or ETF were to expire on the same date, nor will
the Exchange list a Monthly Options Series on an ETF or index if a
Quarterly Options Series on that index or ETF were to expire on the
same date to prevent the listing of series with concurrent
expirations.\12\
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\11\ The Exchange also proposes to make a nonsubstantive change
to Rules 4.5(d) and 4.13(a)(2)(A) to change current references to
``monthly options series'' to ``standard expiration options series''
(i.e., series that expire on the third Friday of a month), to
eliminate potential confusion. The current references to ``monthly
options series'' are intended to refer to those series that expire
on the third Friday of a month, which are generally referred to in
the industry as standard expirations.
\12\ The Exchange notes this would not prevent the Exchange from
listing a P.M.-settled Monthly Options Series on an index with the
same expiration date as an A.M.-settled Short Term Options Series on
the same index, both of which may expire on a Friday. In other
words, the Exchange may list a P.M-settled Monthly Options Series on
an index concurrent with an A.M.-settled Short Term Options Series
on that index and both of which expire on a Friday. The Exchange
believes this concurrent listing would provide investors with yet
another hedging mechanism and is reasonable given these series would
not be identical (unlike if they were both P.M-settled). This could
not occur with respect to ETFs, as all Short Term Options Series on
ETFs are P.M.-settled.
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With respect to Monthly Options Series added pursuant to proposed
Rules 4.5(g)(1) through (6) and 4.13(a)(2)(C)(i) through (iv), the
Exchange will, on a monthly basis, review series that are outside a
range of five strikes above and five strikes below the current price of
the underlying index or security, and delist series with no open
interest in both the put and the call series having a: (i) strike
higher than the highest strike price with open interest in the put and/
or call series for a given expiration month; and (ii) strike lower than
the lowest strike price with open interest in the put and/or call
series for a given expiration month. Notwithstanding this delisting
policy, customer requests to add strikes and/or maintain strikes in
Monthly Options Series in series eligible for delisting will be
granted. In connection with this delisting policy, if the Exchange
identifies series for delisting, the Exchange will notify other options
exchanges with similar delisting policies regarding eligible series for
delisting and will work with such other exchanges to develop a uniform
list of
[[Page 68835]]
series to be delisted, so as to ensure uniform series delisting of
multiply listed Monthly Options Series.\13\
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\13\ See proposed Rules 4.5(g)(7) and 4.13(a)(2)(C)(vii).
Pursuant to Rule 8.42, exercise limits for impacted index and ETF
classes would be equal to the applicable position limits.
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The Exchange believes that Monthly Options Series will provide
investors with another flexible and valuable tool to manage risk
exposure, minimize capital outlays, and be more responsive to the
timing of events affecting the securities that underlie option
contracts. The Exchange believes limiting Monthly Options Series to
five classes will ensure the addition of these new series will have a
negligible impact on the Exchange's and the Options Price Reporting
Authority's (``OPRA's'') quoting capacity. The Exchange represents it
has the necessary systems capacity to support new options series that
will result from the introduction of Monthly Options Series.
The Exchange also proposes to amend Rules 8.30 through 8.34 to
provide that positions in Monthly Options Series will be aggregated
with positions in options contracts on the same underlying security or
index.\14\ This is consistent with how position (and exercise) limits
are currently imposed on series with other expirations (Short Term
Options Series, Quarterly Options Series, and Delayed Start Options
Series). Therefore, positions in options within class of index or ETF
options, regardless of their expirations, would continue to be subject
to existing position (and exercise) limits. The Exchange believes this
will address potential manipulative schemes and adverse market impacts
surrounding the use of options.
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\14\ See proposed Rules 8.30, Interpretation and Policy .09
(regarding position limits for options on stocks and ETFs), 8.31(e)
(regarding position limits for broad-based index options), 8.32(f)
(regarding position limits for industry index options), 8.33(c)
(regarding position limits for micro narrow-based indexes), and
8.34(c) (regarding position limits for individual stock or ETF based
volatility index options). The Exchange notes the proposed rule
change adds Interpretation and Policy .09 to Rule 8.30 to state that
with respect to options on stocks or ETFs, positions in Short Term
Option Series, Monthly Options Series, and Quarterly Options Series
shall be aggregated with positions in options contracts on the same
underlying security. This is currently true with respect to Short
Term Option Series and Quarterly Options Series but was
inadvertently omitted from Rule 8.30.
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The Exchange also represents its current surveillance programs will
apply to Monthly Options Series and will properly monitor trading in
the proposed Monthly Options Series. The Exchange currently lists
Quarterly Options Series in certain index \15\ and ETF classes, which
expire at the close of business at the end of four calendar months
(i.e., the end of each calendar quarter), and has not experienced any
market disruptions nor issues with capacity. The Exchange's
surveillance programs currently in place to support and properly
monitor trading in these Quarterly Options Series, as well as Short
Term Option Series and standard expiration series, will apply to the
proposed Monthly Options Series. The Exchange believes its
surveillances continue to be designed to deter and detect violations of
its Rules, including position and exercise limits and possible
manipulative behavior, and these surveillances will apply to Monthly
Options Series that the Exchange determines to list for trading.
Ultimately, the Exchange does not believe the proposed rule change
raises any unique regulatory concerns because existing safeguards--such
as position and exercise limits (and the aggregation of options
overlying the same index or ETF) and reporting requirements--would
continue to apply.
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\15\ The Exchange notes it currently lists quarterly expirations
on index options pursuant to Rule 4.13(c) (regarding quarterly index
expirations or ``QIXs'').
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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.\16\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \17\ 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) \18\ requirement that the rules of an exchange not be
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers.
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\16\ 15 U.S.C. 78f(b).
\17\ 15 U.S.C. 78f(b)(5).
\18\ Id.
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In particular, the Exchange believes the introduction of Monthly
Options Series will remove impediments to and perfect the mechanism of
a free and open market and a national market system by expanding
hedging tools available to market participants. The Exchange believes
the proposed monthly expirations will allow market participants to
transact in the index and ETF options listed pursuant to the proposed
rule change based on their timing as needed and allow them to tailor
their investment and hedging needs more effectively. Further, the
Exchange believes the availability of Monthly Options Series would
protect investors and the public interest by providing investors with
more flexibility to closely tailor their investment and hedging
decisions in these options, thus allowing them to better manage their
risk exposure.
The Exchange believes the Quarterly Options Series Program has been
successful to date and the proposed Monthly Options Series program
simply expands the ability of investors to hedge risk against market
movements stemming from economic releases or market events that occur
at months' ends in the same way the Quarterly Options Series Program
has expanded the landscape of hedging for quarter-end news. Monthly
Options Series will also complement Short Term Options Series, which
allow investors to hedge risk against events that occur throughout a
month. The Exchange believes the availability of additional expirations
should create greater trading and hedging opportunities for investors,
as well as provide investors with eh ability to tailor their investment
objectives more effectively.
The Exchange notes the proposed terms of Monthly Options Series,
including the limitation to five index and ETF option classes, are
substantively the same as the current terms of Quarterly Options
Series.\19\ Quarterly Options Series expire on the last business day of
a calendar quarter, which is the last business day of every third
month. The proposed Monthly Options Series would fill the gaps between
Quarterly Options Series expirations by permitting series to expire on
the last business day of every month, rather than every third month.
The proposed Monthly Options Series may be listed in accordance with
the same terms as Quarterly Options Series, including permissible
strikes.\20\ As is
[[Page 68836]]
the case with Quarterly Options Series, no Short Term Options Series
may expire on the same day as a Monthly Options Series. Similarly, as
proposed, no Monthly Options Series may expire on the same day as a
Quarterly Options Series. The Exchange believes preventing listing
series with concurrent expirations in a class will eliminate potential
investors confusion and thus protect investors and the public interest.
Given that Quarterly Options Series the Exchange currently lists are
essentially Monthly Options Series that can expire at the end of only
certain calendar months, the Exchange believes it is reasonable to list
Monthly Options Series in accordance with the same terms, as it will
promote just and equitable principles of trade. The Exchange believes
limiting Monthly Options Series to five classes will ensure the
addition of these new series will have a negligible impact on the
Exchange's and OPRA's quoting capacity. The Exchange represents it has
the necessary systems capacity to support new options series that will
result from the introduction of Monthly Options Series.
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\19\ Compare proposed Rules 4.5(g) and 4.13(a)(2)(C) to Rules
4.5(e) and 4.13(a)(2)(B), respectively.
\20\ The Exchange notes the proposed maximum number of
expirations is consistent with the maximum number of expirations
permitted for end-of-month series in index classes. See Rule
4.13(e)(2) (which references Rule 4.13(a)(2), which permits up to 12
standard monthly expirations on the majority of index options
currently listed on the Exchange).
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The Exchange further believes the proposed rule change regarding
the treatment of Monthly Options Series with respect to determining
compliance with position and exercise limits is designed to prevent
fraudulent and manipulative acts and practices and promote just and
equitable principles of trade. Monthly Options Series will be
aggregated with options overlying the same ETF or index for purposes of
compliance with position (and exercise) limits, which is consistent
with how position (and exercise) limits are currently imposed on series
with other expirations (Short Term Options Series, Quarterly Options
Series, and Delayed Start Options Series). Therefore, options positions
within ETF or index option classes for which Monthly Options Series are
listed, regardless of their expirations, would continue to be subject
to existing position (and exercise) limits. The Exchange believes this
will address potential manipulative schemes and adverse market impacts
surrounding the use of options. The Exchange also represents its
current surveillance programs will apply to Monthly Options Series and
will properly monitor trading in the proposed Monthly Options Series.
The Exchange currently trades Quarterly Options Series in certain index
and ETF classes, which expire at the close of business at the end of
four calendar months (i.e., the end of each calendar quarter), and has
not experienced any market disruptions nor issues with capacity. The
Exchange's surveillance programs currently in place to support and
properly monitor trading in these Quarterly Options Series, as well as
Short Term Option Series and standard expiration series, will apply to
the proposed Monthly Options Series. The Exchange believes its
surveillances continue to be designed to deter and detect violations of
its Rules, including position and exercise limits and possible
manipulative behavior, and these surveillances will apply to Monthly
Options Series that the Exchange determines to list for trading.
Ultimately, the Exchange does not believe the proposed rule change
raises any unique regulatory concerns because existing safeguards--such
as position and exercise limits (and the aggregation of options
overlying the same ETF or index) and reporting requirements--would
continue to apply.
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 Exchange does not
believe the proposed rule change to list Monthly Option Series will
impose any burden on intramarket competition that is not necessary or
appropriate in furtherance of the purposes of the Act, as any Monthly
Options Series the Exchange lists for trading will be available in the
same manner for all market participants who wish to trade such options.
The Exchange notes the proposed terms of Monthly Options Series,
including the limitation to five index and ETF option classes, are
substantively the same as the current terms of Quarterly Options
Series.\21\ Quarterly Options Series expire on the last business day of
a calendar quarter, which is the last business day of every third
month, making the concept of Monthly Options Series in a limited number
of index and ETF options not novel. The proposed Monthly Options Series
will fill the gaps between Quarterly Options Series expirations by
permitting series to expire on the last business day of every month,
rather than every third month. The proposed Monthly Options Series may
be listed in accordance with the same terms as Quarterly Options
Series, including permissible strikes.\22\ Monthly Options Series will
trade on the Exchange in the same manner as other options in the same
class.
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\21\ See Rules 4.5(e) and 4.13(a)(2)(B).
\22\ The Exchange notes the proposed maximum number of
expirations is consistent with the maximum number of expirations
permitted for end-of-month series in index classes. See Rule
4.13(e)(2) (which references Rule 4.13(a)(2), which permits up to 12
standard monthly expirations on the majority of index options
currently listed on the Exchange).
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The Exchange does not believe the proposed rule change to list
Monthly Option Series will impose any burden on intermarket competition
that is not necessary or appropriate in furtherance of the purposes of
the Act, as nothing prevents other options exchanges from proposing
similar rules. As discussed above, the proposed rule change would
permit listing of Monthly Options Series in five index or ETF options,
as well as any other classes that other exchanges may list under
similar programs. To the extent that the availability of Monthly
Options Series makes the Exchange a more attractive marketplace to
market participants at other exchanges, market participants are free to
elect to become market participants on the Exchange.
The Exchange believes that the proposed rule change may relieve any
burden on, or otherwise promote, competition. Similar to Short Term
Options Series and Quarterly Options Series, the Exchange believes the
introduction of Monthly Options Series will not impose an undue burden
on competition. The Exchange believes that it will, among other things,
expand hedging tools available to market participants. The Exchange
believes Monthly Options Series will allow market participants to
purchase options based on their timing as needed and allow them to
tailor their investment and hedging needs more effectively.
The Exchange does not believe the proposed rule change to provide
that positions in Monthly Options Series will be aggregated with
positions in options contracts on the same underlying index or security
for purposes of determining compliance with position (and exercise)
limits will impose any burden on intramarket competition that is not
necessary or appropriate in furtherance of the purposes of the Act, as
it will apply in the same manner to all market participants. The
Exchange proposes to apply position (and exercise) limits to Monthly
Options Series in the same manner it applies position limits to series
with other expirations (Short Term Options Series, Quarterly Options
Series, and Delayed Start Options Series). Therefore, positions in
options in a class of ETF or index options, regardless of their
expirations, would continue to be subject to existing position (and
exercise) limits.
[[Page 68837]]
Additionally, the Exchange does not believe this proposed rule change
will impose any burden on intermarket competition that is not necessary
or appropriate in furtherance of the purposes of the Act, because it
will address potential manipulative schemes and adverse market impacts
surrounding the use of options.
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
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 will:
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#156760797038767a7878707b6166556670763b727a63"><span class="__cf_email__" data-cfemail="3d4f485158105e5250505853494e7d4e585e135a524b">[email protected]</span></a>. Please include
file number SR-CBOE-2023-049 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-2023-049. 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-CBOE-2023-049 and should be
submitted on or before October 25, 2023.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\23\
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\23\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-21939 Filed 10-3-23; 8:45 am]
BILLING CODE 8011-01-P
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