Notice2024-06587
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing of a Proposed Rule Change To Amend Exchange Rule 5.33, Complex Orders
Primary source
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Published
March 28, 2024
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 89 Issue 61 (Thursday, March 28, 2024)</title>
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[Federal Register Volume 89, Number 61 (Thursday, March 28, 2024)]
[Notices]
[Pages 21548-21553]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-06587]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-99838; File No. SR-CBOE-2024-015]
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of
Filing of a Proposed Rule Change To Amend Exchange Rule 5.33, Complex
Orders
March 22, 2024.
Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on March 19, 2024, Cboe Exchange, Inc. (the ``Exchange'' or ``Cboe
Options'') filed with the Securities and Exchange Commission (the
``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 Rule 5.33. The text of the proposed rule change is provided
below.
(additions are italicized; deletions are [bracketed])
* * * * *
Rules of Cboe Exchange, Inc.
* * * * *
Rule 5.33. Complex Orders
Trading of complex orders (as defined in Rule 1.1) is subject to
all other Rules applicable to the trading of orders, unless otherwise
provided in this Rule 5.33.
(a) Definitions. For purposes of this Rule 5.33, the following
terms have the meanings below. A term defined elsewhere in the Rules
has the same meaning with respect to this Rule 5.33, unless otherwise
defined below.
* * * * *
Complex Strategy
The term ``complex strategy'' means a particular combination of
components and their ratios to one another. New complex strategies can
be created by the Exchange or as the result of the receipt of a complex
instrument creation request or complex order for a complex strategy
that is not currently in the System. The Exchange may limit the
[[Page 21549]]
number of new complex strategies that may be in the System or entered
for any EFID (which EFID limit would be the same for all Users) at a
particular time.
* * * * *
(b) Types of Complex Orders. Complex orders are available in all
classes listed for trading on the Exchange. Complex orders may be
market or limit orders.
(1) The Exchange determines which Times-in-Force of Day, GTC, GTD,
IOC, or OPG as such terms are defined in Rule 5.6(d) are available for
complex orders (including for eligibility to enter the COB and initiate
a COA).
(2) The Exchange determines which Capacities are eligible for COA
or for entry into the COB. Complex orders submitted to the Exchange
with Capacities not eligible for COA or entry into the COB route to PAR
for manual handling or are cancelled, subject to a User's instructions.
[(A)] In a class in which the Exchange determines complex orders with
Capacity M or N are not eligible for entry into the COB, the Exchange
may determine that a complex order with Capacity M or N may enter the
COB:
(A) in complex strategies designated by the Exchange or
(B) if:
(i) the complex order is on the opposite side of (a) a Priority
Customer complex order(s) resting in the COB with a price not outside
the SNBBO; or (b) orders on the same side of the market in the same
complex strategy that initiated a COA(s) if there are ``x'' number of
COAs within ``y'' milliseconds, counted on a rolling basis (the
Exchange determines the number ``x'' (which must be at least two) and
the time period ``y'' (which may be no more than 2,000); and
(ii) the User cancels the complex order, if it remains unexecuted,
no later than a specified time (which the Exchange determines and may
be no more than five minutes) after the time the COB receives the M or
N complex order.
* * * * *
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 related to complex orders.
Rule 5.33 governs the electronic processing of complex orders on the
Exchange, and Rule 5.33(a) sets forth the definition of ``complex
strategy.'' Rule 5.33(a) defines complex strategy as a particular
combination of components and their ratios to one another. Pursuant to
Rule 5.33(a), new complex strategies may be created as the result of
the receipt of a complex instrument creation request or complex order
for a complex strategy that is not currently in the System.
Additionally, Rule 5.33(b)(2) states the Exchange determines which
Capacities (i.e., non-broker-dealer public customer, broker-dealers
that are not market-makers or specialists on an options exchange, and/
or Market-Makers or specialists on an options exchange) are eligible
for COA or entry into the Complex Order Book (``COB'').\3\ Further,
Rule 5.33(b)(2)(A) provides that, in a class in which the Exchange
determines complex orders of Market-Makers and away market-makers are
not eligible for entry into the COB,\4\ the Exchange may determine that
Market-Makers and away market-makers may enter complex orders into the
COB if (1) their complex orders are on the opposite side of (A) a
priority customer complex order(s) resting in the COB with a price not
outside the national spread market (``NSM'') \5\ or (B) order(s) on the
same side of the market in the same strategy that initiated a COA(s) if
there are ``x'' number of COAs within ``y'' milliseconds, counted on a
rolling basis (the Exchange will determine the number ``x'' (which must
be at least two) and time period ``y'' (which may be no more than
2,000)) and (2) they cancel their complex orders, if such orders remain
unexecuted, no later than a specified time (which the Exchange
determines and may be no more than five minutes) after the time the COB
receives the order. To the extent an origin type is not eligible for
entry into the COB or does not meet the requirements of Rule
5.33(b)(2)(A), complex orders with that origin type may still be
entered into the System as opening-only or immediate-or-cancel, as such
orders would not rest in the COB when the Exchange is open for trading.
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\3\ Currently, orders entered with any capacity, including
Market-Maker (origin code ``M'') and market-maker or specialist on
another options exchange (``away market-makers'') (origin code
``N'') orders, are eligible for entry and may rest on the COB in all
classes except in S&P 500 Index options (``SPX''). In SPX options, M
and N complex orders are not eligible for entry into the COB except
as set forth in Rule 5.33(b)(2)(A). See US Options Complex Book
Process, Section 2.3.3.
\4\ As noted above, currently, the only class for which the
Exchange has determined that M and N orders are not eligible for
entry into the COB is SPX options.
\5\ See Rule 1.1 (definition of ``National Spread Market'').
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The Exchange understands from market participants that electronic
trading in complex strategies may be limited for a variety of reasons,
including fragmentation of liquidity across multiple customer-created
complex instruments expressing a similar exposure (i.e., risk) profile
and the need to search for a desired complex strategy. To enhance
electronic trading of commonly traded complex strategies, the Exchange
proposes to amend its Rules to encourage increased, consolidated
liquidity in complex strategies on the complex order book (``COB'').
Specifically, the Exchange first proposes to amend the definition of
complex strategy in Rule 5.33(a) to provide that new complex strategies
can be created by the Exchange in addition to, as today, as the result
of the receipt of a complex instrument creation request or complex
order for a complex strategy that is not currently in the System. The
Exchange believes that permitting it to create complex strategies,
including commonly traded ones, would allow for the consolidation of
liquidity within a single complex strategy that is currently spread
across multiple customer-created complex instruments expressing the
same or similar exposure profiles. For example, if a market participant
wishes to execute a trade in a complex strategy to achieve a certain
level of risk exposure, if the Exchange has created a complex strategy
that provides that level of risk exposure already, then the market
participant may submit an order within that strategy as opposed to
creating a separate one with different strikes that would still result
in the same level of risk exposure. The Exchange regularly observes
consistencies in trading for certain complex strategies, thus
highlighting a potential for consolidation of liquidity. Specifically,
[[Page 21550]]
the Exchange regularly observes in various common complex strategies
that, while market participants may use a large number of strikes to
comprise a specific complex strategy, a significant amount of the
trading volume within that complex strategy occurs using a small
percentage of those strikes. For example, in jelly rolls executed on
the Exchange in 2023 in SPX, the Exchange observed that more than 90%
of the volume executed using a jelly roll occurred using fewer than 20%
of the strikes used for all the jelly rolls executed.\6\ The Exchange
believes this proposed change may aggregate liquidity of market
participants within a single set of strikes for a complex strategy (as
opposed to across many varying strikes) looking and willing to take on
that level of risk exposure, which may increase execution opportunities
at more competitive prices. Under the proposed rule change, customers
may continue to create complex instruments as they do today.
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\6\ A jelly roll is a trading strategy created by entering into
two separate positions simultaneously: one position involves buying
a put and selling a call with the same strike price and expiration
and the second position involves selling a put and buying a call,
with the same strike price, but with a different expiration from the
first position. The same delta effect may be achieved by trading
different strikes.
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Second, the Exchange proposes to amend Rule 5.33(b)(2)(A). As noted
above, Rule 5.33(b)(2) states that the Exchange may determine which
complex orders are eligible for entry into the COB, based on Capacity.
As described above, Rule 5.33(b)(2)(A) provides that, in a class in
which the Exchange determines that M and N complex orders are not
eligible for entry into the COB,\7\ the Exchange may determine that M
and N complex orders may rest in the COB in defined circumstances. The
Exchange proposes to amend Rule 5.33(b)(2)(A) to provide in a class in
which it determines complex orders of Market-Makers and away market-
makers are not eligible for entry into the COB, the Exchange may also
determine that Market-Makers and away market-makers may enter complex
orders into the COB if the complex order is in a complex strategy
designated by the Exchange.\8\ The Exchange believes that providing it
with the ability to designate complex strategies in which M and N
complex orders are eligible for entry into the COB may further the
consolidation of liquidity within a single complex strategy that is
currently spread across multiple customer-created complex instruments
expressing the same or similar exposure profiles. The proposed rule
change permits the Exchange to designate complex strategies created
either by users or by the Exchange in the COB in which M and N complex
orders would be eligible to rest. Given that market participants often
execute the same complex strategy within a small number of strikes (as
demonstrated by the jelly roll example above), if the Exchange
designated a single instrument for a common strategy in which M and N
orders could rest, the Exchange believes a significant amount of market
participants looking to execute that strategy may ultimately do so with
that specific instrument, given the existence of liquidity and price
competition on the COB. The Exchange believes this aggregation of
liquidity of market participants looking and willing to take on that
level of risk exposure, which may increase execution opportunities at
more competitive prices.
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\7\ As noted above, the Exchange has determined that M and N
complex orders are not eligible for entry into the COB only in SPX
options.
\8\ Symbol reference data for those complex strategies
designated by the Exchange will be publicly available on the
Exchange's website, and disseminated to subscribers to the
Exchange's data feeds that deliver complex order information.
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For example, as noted above, the Exchange has determined that M or
N complex orders for SPX options are not eligible for entry into the
COB. Under the proposed rule, the Exchange may determine to permit M or
N complex orders for SPX options to be eligible for entry into the COB
in designated complex strategies (either user or Exchange-created)
under the proposed rule.\9\
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\9\ This would be in addition to letting M and N complex orders
for SPX options enter the COB as set forth in current Rule
5.33(b)(2)(A).
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Unlike leg markets, in which market-makers provide liquidity
through regularly updated quotes that indicate to customers the price
at which liquidity providers are willing to trade against their orders,
market-makers do not quote on the COB.\10\ As a result, the COB may
contain limited resting orders from liquidity providers within a
complex strategy to indicate to customers the price at which many
liquidity providers are willing to trade that complex strategy. The
Exchange believes that providing it with the ability to permit M and N
complex orders to rest orders in the COB in designated complex
strategies would, as discussed above, potentially consolidate liquidity
for complex strategies (particularly commonly traded complex
strategies) with similar risk profiles within a single strategy that
provides the same exposure. This may result in the COB for these
complex strategies (such as those that are commonly traded) providing
customers with this information, which may ultimately result in
additional price competition and execution opportunities for customers.
As previously noted, the Exchange determines which Capacities are
eligible for entry into the COB, and currently, in SPX options, M and N
complex orders are not eligible for entry into the COB except as set
forth in Rule 5.33(b)(2)(A). The Exchange believes that it is more
beneficial from a trading and efficiency perspective to designate
strategies in which M and N orders are eligible for COB entry, rather
than determine that M and N complex orders in all complex strategies
(including SPX options) are eligible for COB entry, as Market-Makers
may not be willing to rest in the number of large number of complex
strategies that exist in the COB.
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\10\ See Interpretation and Policy .01 to Rule 5.33.
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The proposed changes would allow the Exchange to create complex
strategies, in addition to those strategies that are created today by
users through receipt of a complex instrument creation request or
complex order for a complex strategy that is not currently in the
System. The proposed changes have no impact on the current process for
complex strategy creation from a user perspective, as users will still
be able to create complex strategies; however, the changes may promote
trading efficiencies, as the user may (but is not required to) choose
to trade in an Exchange-created strategy (rather than create a new,
additional strategy), should it reflect the desired complex strategy to
be traded. The changes would also provide the Exchange with the ability
to designate complex strategies (which may be created by users or, as
proposed, created by the Exchange) in which M and N complex orders are
eligible for entry into the COB. Trading in strategies the Exchange
does not designate as being eligible for M and N orders to rest will
continue as it does today. The Exchange will maintain on its publicly
available website a list of designated complex strategies. This will
allow liquidity providers to easily determine in which complex
strategies they are able to rest their orders (if they so choose) and
better management their risk. Current rules permit the Exchange to
allow M and N orders into the COB for complex strategies in certain
circumstances if the Exchange has otherwise determined that M and N
orders are not eligible for COB entry; the rule change merely provides
the Exchange with flexibility to allow this also in designated complex
strategies. Such designated complex
[[Page 21551]]
strategies may include, for example, those strategies that are or may
become commonly traded, based on trading activity and market feedback.
As noted, the COB may contain limited resting orders from liquidity
providers within a complex strategy to indicate to customers the price
at which many liquidity providers are willing to trade that complex
strategy. The Exchange believes permitting M and N complex orders to
enter the COB for designated complex strategies will create potential
execution opportunities for customers in these designated complex
strategies.
By way of illustration, consider the following example:
Assume that on January 22, 2024, a trader sells the following box
spread for $998.31, expiring on February 2, 2024, for purposes of
raising cash.
<bullet> Sell 2024-02-02 SPX call with a strike of $4,000
<bullet> Buy 2024-02-02 SPX put with a strike of $4,000
<bullet> Buy 2024-02-02 SPX call with a strike of $5,000
<bullet> Sell 2024-02-02 SPX put with a strike of $5,000
Upon the sale, the trader receives a net premium (equivalent to a
short-term loan that is due on the expiration date of February 2) of
$99,831. At expiry, the trader will have to pay $100,000, which implies
a rate of 5.5309%. However, this box spread trade is not the only trade
that can provide this exposure. There are many box spreads with this
expiration date that could replicate the same exposure created by the
above box spread, such as box spreads with the same expiry date and a
strike distance of 1,000, like the following Alternatives 1 and 2:
Alternative 1
<bullet> Sell 2024-02-02 SPX call with a strike of $3,000
<bullet> Buy 2024-02-02 SPX put with a strike of $3,000
<bullet> Buy 2024-02-02 SPX call with a strike of $4,000
<bullet> Sell 2024-02-02 SPX put with a strike of $4,000
Alternative 2
<bullet> Sell 2024-02-02 SPX call with a strike of $4,100
<bullet> Buy 2024-02-02 SPX put with a strike of $4,100
<bullet> Buy 2024-02-02 SPX call with a strike of $5,100
<bullet> Sell 2024-02-02 SPX put with a strike of $5,100
While alternatives 1 and 2 may not have the same quoted price as
the original order, they would offer the same term of risk exposure.
However, this demonstrates that liquidity for commonly traded complex
strategies with similar risk profiles may be spread across multiple
complex strategies. This may limit price competition and execution
opportunities for customers. Pursuant to the proposed rule change, the
Exchange could permit M and N complex orders to rest in the COB for one
of the above complex strategies, which may permit the consolidation of
liquidity from liquidity providers willing to assume the risk exposure
of the above box spreads.
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.\11\ Specifically, the
Exchange believes the proposed rule change is consistent with the
section 6(b)(5) \12\ 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) \13\ requirement that the rules of an exchange not be
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers.
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\11\ 15 U.S.C. 78f(b).
\12\ 15 U.S.C. 78f(b)(5).
\13\ Id.
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In particular, 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, and, in general, protect
investors, by potentially consolidating liquidity for complex
strategies and increasing execution opportunities for customers. As
noted above, the Exchange understands from market participants that
electronic trading in complex strategies may be limited, in part due to
the fragmentation of liquidity across multiple customer-created complex
instruments expressing a similar exposure profile. The Exchange
believes that permitting it to create complex strategies, including
commonly traded ones, would allow for the consolidation of liquidity
within a single complex strategy that is currently spread across
multiple customer-created complex instruments expressing the same or
similar exposure profiles, which may increase execution opportunities
at more competitive prices, to the benefit of investors. Under the
proposed change, if market participants wish to execute a trade in a
complex strategy to achieve a certain level of risk exposure and the
Exchange has created a complex strategy that already provides that
level of risk exposure, then market participants could choose to submit
an order within that strategy, as opposed to creating a new one. As
noted above, customers may continue to create complex instruments as
they do today.
Additionally, the Exchange believes the proposed change to allow it
to determine, in a class in which it determines complex orders of
Market-Makers and away market-makers are not eligible for entry into
the COB, that Market-Makers and away market-makers may enter complex
orders into the COB if the complex order is in a complex strategy
designated by the Exchange, will remove impediments to and perfect the
mechanism of a free and open market and a national market system, and,
in general, protect investors. The Exchange believes that providing it
with the ability to permit M and N complex orders to rest in the COB in
designated complex strategies (in addition to resting in the COB for
complex strategies as set forth in current Rule 5.33(b)(2)(A)) would
also potentially consolidate liquidity for complex strategies
(particularly commonly traded complex strategies) with similar risk
profiles within a single strategy that provides the same exposure. As
noted above, unlike the leg markets, in which market-makers provide
liquidity through quotes, the COB has no market-maker quotes that
indicate to customers the price at which liquidity providers are
willing to trade against their orders, market-makers do not quote on
the COB. As a result, the COB may contain limited resting orders from
liquidity providers within a complex strategy to indicate to customers
the price at which many liquidity providers are willing to trade that
complex strategy. The Exchange believes that permitting it to determine
M and N complex orders in designated complex strategies are eligible
for entry in the COB (which may be created by users or, as proposed,
created by the Exchange) would potentially consolidate liquidity for
complex strategies (particularly commonly traded complex strategies)
with similar risk profiles within a single
[[Page 21552]]
strategy that provides the same exposure, which may result in the COB
for these complex providing customers with this information, which may
ultimately result in additional price competition and execution
opportunities for customers. As previously noted, current rules permit
the Exchange to allow M and N orders into the COB for complex
strategies in certain circumstances if the Exchange has otherwise
determined that M and N orders are not eligible for COB entry; the rule
change merely provides the Exchange with flexibility to allow this also
in designated complex strategies.
Finally, the Exchange believes the proposed changes are equitable
and non-discriminatory, as the changes will apply to all market
participants uniformly. As noted above, under the proposed rule change,
customers may continue to create complex instruments as they do today.
When determining which complex strategies to create and in which
complex strategies M and N orders are eligible for COB entry, the
Exchange represents it intends to make such determinations based on
objective, nondiscriminatory factors, including strategy type, orders
and executions within a strategy type using close by strikes, and
market participant feedback, in order to incentive market participants
to trade within these strategies. The Exchange believes determining
such strategies for this purpose would increase the likelihood of
achieving the purpose of the proposed rule change.
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 that the proposed rule change will impose any burden on
intramarket competition that is not necessary or appropriate in
furtherance of the purposes of the Act because it will apply in the
same manner to all market participants. The Exchange notes that any
complex strategy it could create under the proposed rule change could
be created today by a user. Further, under current rules, the Exchange
may, in a class in which the Exchange determines M and N complex orders
are not eligible for entry into the COB, determine that such orders may
be entered into the COB in complex strategies in defined circumstances,
as described above; the proposed rule change provides the Exchange with
additional flexibility to designate complex strategies in which M and N
complex orders may be entered into the COB.
The Exchange does not believe that the proposed change will impose
an unnecessary or inappropriate burden on intermarket competition, as
it relates to complex strategies that may be created for trading on the
Exchange and orders that the Exchange permits to rest on the COB. The
Exchange notes that it operates in a highly competitive market, with
many other options exchanges offering the ability to trade complex
orders and at least one other options exchange that has the authority
to create complex strategies.\14\
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\14\ See MIAX Rule 518(a)(6).
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Additionally, current rules permit the Exchange to allow M and N
orders to rest in the COB in designated classes (and thus permit the
Exchange to not allow M and N orders to rest in the COB in designated
classes). The proposed change related to orders that the Exchange
permits to rest in the COB merely provides the Exchange with
flexibility to expand the defined circumstances in those classes the
Exchange does not otherwise permit M and N orders to do so, in addition
to the circumstances set forth in Rule 5.33(b)(2)(A). As noted above,
Exchange believes that it is more beneficial from a trading and
efficiency perspective to designate strategies in which M and N orders
are eligible for COB entry, rather than determine that M and N complex
orders in all complex strategies (including SPX options) are eligible
for COB entry, as Market-Makers may not be willing to rest in the
number of large number of complex strategies that exist in the COB.
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#3745425b521a54585a5a525943447744525419505841"><span class="__cf_email__" data-cfemail="ddafa8b1b8f0beb2b0b0b8b3a9ae9daeb8bef3bab2ab">[email protected]</span></a>. Please include
file number SR-CBOE-2024-015 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-2024-015. 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-2024-015 and should be
submitted on or before April 18, 2024.
[[Page 21553]]
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\15\
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\15\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-06587 Filed 3-27-24; 8:45 am]
BILLING CODE 8011-01-P
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</html>Indexed from Federal Register on March 28, 2024.
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