Notice2024-11801
Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing of Proposed Rule Change To Permit the Listing of Two Monday Expirations for Options on GLD, SLV, TLT, USO, and UNG
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
May 30, 2024
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 89 Issue 105 (Thursday, May 30, 2024)</title>
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[Federal Register Volume 89, Number 105 (Thursday, May 30, 2024)]
[Notices]
[Pages 46926-46937]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-11801]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-100223; File No. SR-ISE-2024-21]
Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing
of Proposed Rule Change To Permit the Listing of Two Monday Expirations
for Options on GLD, SLV, TLT, USO, and UNG
May 23, 2024.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on May 16, 2024, Nasdaq ISE, LLC (``ISE'' or ``Exchange'') filed with
the Securities and Exchange Commission (``Commission'') the proposed
rule change as described in Items I and II, below, which Items have
been prepared by the Exchange. The Commission is publishing this notice
to solicit comments on the proposed rule change from interested
persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend the Short Term Option Series Program
in Supplementary Material .03 of Options 4, Section 5.
The text of the proposed rule change is available on the Exchange's
website at <a href="https://listingcenter.nasdaq.com/rulebook/ise/rules">https://listingcenter.nasdaq.com/rulebook/ise/rules</a>, at the
principal office of the Exchange, and at the Commission's Public
Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set 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 the Short Term Option Series Program
in Supplementary Material .03 of Options 4, Section 5. Specifically,
the Exchange proposes to expand the Short Term Option Series Program to
permit the listing of two Monday expirations for options on United
States Oil Fund, LP (``USO''), United States Natural Gas Fund, LP
(``UNG''), SPDR Gold Shares (``GLD''), iShares Silver Trust (``SLV''),
and iShares 20+ Year Treasury Bond ETF (``TLT'') (collectively
``Exchange Traded Products'' or ``ETPs'').\3\
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\3\ Today, the Exchange permits the listing of two Wednesday
expirations for options on USO, UNG, GLD, SLV, and TLT. See
Securities Exchange Act Release No. 98905 (November 13, 2023), 88 FR
80348 (November 17, 2023) (SR-ISE-2023-11) (``Wednesday Approval
Order''). The Exchange began listing Wednesday expirations on these
five symbols on November 21, 2023. See Options Trader Alert #2023-
55.
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Currently, as set forth in Supplementary Material .03 to Options 4,
Section 5, after an option class has been approved for listing and
trading on the Exchange as a Short Term Option Series pursuant to
Options 1, Section 1(a)(49),\4\ the Exchange may open for
[[Page 46927]]
trading on any Thursday or Friday that is a business day (``Short Term
Option Opening Date'') series of options on that class that expire at
the close of business on each of the next five Fridays that are
business days and are not Fridays in which standard expiration options
series, Monthly Options Series, or Quarterly Options Series expire
(``Friday Short Term Option Expiration Dates''). The Exchange may have
no more than a total of five Short Term Option Expiration Dates.
Further, if the Exchange is not open for business on the respective
Thursday or Friday, the Short Term Option Opening Date for Short Term
Option Weekly Expirations will be the first business day immediately
prior to that respective Thursday or Friday. Similarly, if the Exchange
is not open for business on a Friday, the Short Term Option Expiration
Date for Short Term Option Weekly Expirations will be the first
business day immediately prior to that Friday.
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\4\ Options 1, Section 1(a)(49) provides that a Short Term
Option Series means a series in an option class that is approved for
listing and trading on the Exchange in which the series is opened
for trading on any Monday, Tuesday, Wednesday, Thursday or Friday
that is a business day and that expires on the Monday, Wednesday or
Friday of the following business week that is a business day, or, in
the case of a series that is listed on a Friday and expires on a
Monday, is listed one business week and one business day prior to
that expiration. If a Tuesday, Wednesday, Thursday or Friday is not
a business day, the series may be opened (or shall expire) on the
first business day immediately prior to that Tuesday, Wednesday,
Thursday or Friday. For a series listed pursuant to this section for
Monday expiration, if a Monday is not a business day, the series
shall expire on the first business day immediately following that
Monday.
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Additionally, the Exchange may open for trading series of options
on the symbols provided in Table 1 of Supplementary Material .03 to
Options 4, Section 5 that expire at the close of business on each of
the next two Mondays, Tuesdays, Wednesdays, and Thursdays,
respectively, that are business days beyond the current week and are
not business days in which standard expiration options series, Monthly
Options Series, or Quarterly Options Series expire (``Short Term Option
Daily Expirations'').\5\ For those symbols listed in Table 1, the
Exchange may have no more than a total of two Short Term Option Daily
Expirations beyond the current week for each of Monday, Tuesday,
Wednesday, and Thursday expirations, as applicable, at one time.
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\5\ As set forth in Table 1, the Exchange currently only permits
Wednesday expirations for USO, UNG, GLD, SLV, and TLT.
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Proposal
At this time, the Exchange proposes to expand the Short Term Option
Daily Expirations to permit the listing and trading of options on USO,
UNG, GLD, SLV, and TLT expiring on Mondays. The Exchange proposes to
permit two Short Term Option Expiration Dates beyond the current week
for each Monday expiration at one time, and would update Table 1 in
Supplementary Material .03 to Options 4, Section 5 for each of those
symbols accordingly.
The proposed Monday USO, UNG, GLD, SLV, and TLT expirations will be
similar to the current Monday SPY, QQQ, and IWM Short Term Option Daily
Expirations set forth in Supplementary Material .03 to Options 4,
Section 5, such that the Exchange may open for trading on any Friday or
Monday that is a business day (beyond the current week) series of
options on USO, UNG, GLD, SLV, and TLT to expire on any Monday of the
month that is a business day and is not a Monday in which standard
expiration options series, Monthly Options Series, or Quarterly Options
Series expire, provided that Monday expirations that are listed on a
Friday must be listed at least one business week and one business day
prior to the expiration (``Monday USO Expirations,'' ``Monday UNG
Expirations,'' ``Monday GLD Expirations,'' ``Monday SLV Expirations,''
and ``Monday TLT Expirations'') (collectively, ``Monday ETP
Expirations'').\6\ In the event Short Term Option Daily Expirations
expire on a Monday and that Monday is the same day that a standard
expiration options series, Monthly Options Series, or Quarterly Options
Series expires, the Exchange would skip that week's listing and instead
list the following week; the two weeks would therefore not be
consecutive. Today, Monday expirations in SPY, QQQ, and IWM similarly
skip the weekly listing in the event the weekly listing expires on the
same day in the same class as a standard expiration options series,
Monthly Options Series, or Quarterly Options Series.
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\6\ Today, USO, UNG, GLD, SLV, and TLT may trade on Wednesdays.
See supra note 3. They may also trade on Fridays, as is the case for
all options series in the Short Term Option Series Program.
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The interval between strike prices for the proposed Monday ETP
Expirations will be the same as those currently applicable for SPY,
QQQ, and IWM Monday expirations in the Short Term Option Series
Program.\7\ Specifically, the Monday ETP Expirations will have a strike
interval of (i) $0.50 or greater for strike prices below $100, and $1
or greater for strike prices between $100 and $150 for all option
classes that participate in the Short Term Option Series Program, (ii)
$0.50 for option classes that trade in one dollar increments and are in
the Short Term Option Series Program, or (iii) $2.50 or greater for
strike prices above $150.\8\ As is the case with other equity options
series listed pursuant to the Short Term Option Series Program, the
Monday ETP Expirations series will be P.M.-settled.
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\7\ See Supplementary Material .03(e) to Options 4, Section 5.
\8\ Id.
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Pursuant to Options 1, Section 1(a)(49), with respect to the Short
Term Option Series Program, if a Monday is not a business day, the
series shall expire on the first business day immediately following
that Monday.
Currently, for each option class eligible for participation in the
Short Term Option Series Program, the Exchange is limited to opening
thirty (30) series for each expiration date for the specific class.\9\
The thirty (30) series restriction does not include series that are
open by other securities exchanges under their respective weekly rules;
the Exchange may list these additional series that are listed by other
options exchanges.\10\ With the proposed changes, this thirty (30)
series restriction would apply to Monday USO, UNG, GLD, SLV, and TLT
Short Term Option Daily Expirations as well. In addition, the Exchange
will be able to list series that are listed by other exchanges,
assuming they file similar rules with the Commission to list Monday ETP
Expirations.
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\9\ See Supplementary Material .03(a) to Options 4, Section 5.
\10\ Id.
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With this proposal, Monday ETP Expirations would be treated
similarly to existing Monday SPY, QQQ, and IWM Expirations. With
respect to standard expiration option series, Short Term Option Daily
Expirations will be permitted to expire in the same week in which
standard expiration option series on the same class expire.\11\ Not
listing Short Term Option Daily Expirations for one week every month
because there was a standard options series on that same class on the
Friday of that week would create investor confusion.
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\11\ See Supplementary Material .03(b) to Options 4, Section 5.
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Further, as with Monday SPY, QQQ, and IWM Expirations, the Exchange
would not permit Monday ETP Expirations to expire on a business day in
which standard expiration option series, Monthly Options Series, or
Quarterly Options Series expire.\12\ Therefore, all Short Term Option
Daily Expirations would expire at the close of business on each of the
next two Mondays, Tuesdays, Wednesdays, and
[[Page 46928]]
Thursdays, respectively, that are business days and are not business
days in which standard expiration option series, Monthly Options
Series, or Quarterly Options Series expire. The Exchange believes that
it is reasonable to not permit two expirations on the same day in which
a standard expiration option series, Monthly Options Series, a
Quarterly Options Series would expire because those options would be
duplicative of each other.
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\12\ See Supplementary Material .03 to Options 4, Section 5.
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The Exchange does not believe that any market disruptions will be
encountered with the introduction of Monday ETP Expirations. The
Exchange currently trades P.M.-settled Short Term Option Series that
expire Monday for SPY, QQQ and IWM and has not experienced any market
disruptions nor issues with capacity. In addition, the Exchange has not
experienced any market disruptions or issues with capacity in expanding
the five ETPs to the Wednesday expirations.\13\ Today, the Exchange has
surveillance programs in place to support and properly monitor trading
in Short Term Option Series that expire Monday for SPY, QQQ and IWM.
Further, the Exchange has the necessary capacity and surveillance
programs in place to support and properly monitor trading in the
proposed Monday ETP Expirations.
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\13\ See supra note 3.
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Impact of Proposal
The Exchange notes that listings in the Short Term Option Series
Program comprise a significant part of the standard listings in options
markets. The below diagram demonstrates the percentage of weekly
listings in the options industry compared to monthly, quarterly, and
Long-Term Option Series for a twelve-month period ending on February
22, 2024.\14\
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\14\ The Exchange sourced this information from The Options
Clearing Corporation (``OCC''). The information includes time
averaged data (the number of strikes by maturity date divided from
the number of trading days) for all 17 options markets through
February 22, 2024.
[GRAPHIC] [TIFF OMITTED] TN30MY24.000
While the Exchange is expanding the Short Term Option Series
Program to permit USO, UNG, GLD, SLV, and TLT Monday Expirations, the
Exchange anticipates that it would overall add a small number of weekly
expiration dates because the Exchange will limit the number of Short
Term Option Daily Expirations for these ETPs to two Monday expirations.
Expanding the Short Term Option Series Program in the foregoing manner
will account for the addition of 4% (GLD), 8% (SLV), and 4% (TLT), 16%
(UNG), and 9% (USO) of strikes for the respective symbol.\15\ With
respect to the impact on the Short Term Option Series Program for each
symbol overall, the impact would be a 13% (GLD), 20% (SLV), and 18%
(TLT), 26% (UNG), and 18% (USO) increase in strikes for the respective
symbol.\16\ With respect to the impact on the Short Term Option Series
Program overall, the impact would be a 0.05% (GLD), 0.03% (SLV), and
0.04% (TLT), 0.04% (UNG), and 0.04% (USO) increase in strikes for the
respective symbol.\17\
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\15\ The Exchange sourced this information, which are estimates,
from OCC. The information includes data for all 17 options markets
as of February 22, 2024.
\16\ The Exchange sourced this information, which are estimates,
from OCC. The information includes data for all 17 options markets
as of February 22, 2024.
\17\ The Exchange sourced this information, which are estimates,
from OCC. The information includes data for all 17 options markets
as of February 22, 2024.
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Further, as shown below, weeklies comprise 48% of the total volume
of
[[Page 46929]]
options contracts.\18\ The Exchange believes that inner weeklies (first
two weeks) represent high volume as compared to outer weeklies (the
last three weeks) and would be more attractive to market participants.
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\18\ The chart represents industry volume in terms of overall
contracts. Weeklies comprise 48% of volume while only being 17% of
the strikes, each as shown above. The Exchange sourced this
information from OCC. The information includes data for all 17
options markets through February 22, 2024.
[GRAPHIC] [TIFF OMITTED] TN30MY24.001
In addition, the Exchange looked at the average daily contracts
traded in SPY and QQQ five months before and five months after the
introduction of Tuesday and Thursday expirations on those two symbols
to assess whether there was new interest from adding alternative
expirations (as opposed to existing interest being cannibalized).\19\
The below chart shows a volume increase in terms of average daily
contracts traded in SPY and QQQ in the five-month period following the
introduction of Tuesday and Thursday expirations, which the Exchange
believes indicate the existence of genuine new interest in alternative
expirations for SPY and QQQ.
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\19\ See Securities Exchange Act Release No. 96281 (November 9,
2022), 87 FR 68769 (November 16, 2022) (SR-ISE-2022-18) (Approval
Order for Tuesday and Thursday Expirations in SPY and QQQ). The
Exchange began listing Tuesday and Thursday expirations in SPY and
QQQ in mid-November 2022. See Options Trader Alert #2022-40.
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[[Page 46930]]
[GRAPHIC] [TIFF OMITTED] TN30MY24.002
The Exchange believes there is general demand for alternative
expirations in GLD, SLV, TLT, UNG, and USO based on similar analysis.
In particular, the Exchange looked at the average daily contracts
traded in GLD, SLV, TLT, UNG, and USO five months before and five
months after the introduction of Wednesday expirations to similarly
assess whether there was new interest from adding these alternative
expirations.\20\ As shown below, there was a general volume increase in
terms of average daily contracts traded in these five symbols in the
five-month period following the introduction of Wednesday
expirations.\21\
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\20\ See supra note 3.
\21\ Note that UNG volume slightly decreased and USO volume
showed little change in the five-month period following the
introduction of Wednesday expirations.
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[[Page 46931]]
[GRAPHIC] [TIFF OMITTED] TN30MY24.003
The Exchange also looked at the lifecycle volume of GLD, SLV, TLT,
UNG, and USO in terms of average daily contracts traded, going from 50
days before expiration to the expiration date, to see how that
lifecycle volume changed before and after the introduction of Wednesday
expirations. As shown below, there is a notable increase in volume in
terms of average daily contracts traded as the expiration date
approaches. This is consistent across all five symbols as well as
before and after the addition of Wednesday expirations.
BILLING CODE 8011-01-P
[[Page 46932]]
[GRAPHIC] [TIFF OMITTED] TN30MY24.004
[GRAPHIC] [TIFF OMITTED] TN30MY24.005
[[Page 46933]]
[GRAPHIC] [TIFF OMITTED] TN30MY24.006
[GRAPHIC] [TIFF OMITTED] TN30MY24.007
[[Page 46934]]
[GRAPHIC] [TIFF OMITTED] TN30MY24.008
BILLING CODE 8011-01-C
In addition, the below chart shows post-close movements between
4:00-5:30 p.m. Eastern Time, and indicates that GLD, SLV, TLT, UNG, and
USO are generally less volatile (strike-wise) than SPY, QQQ, and IWM,
where alternative expirations exist today.
[GRAPHIC] [TIFF OMITTED] TN30MY24.009
Furthermore, the below chart shows that GLD, SLV, TLT, UNG, and USO
are generally less volatile in the last 30 minutes of trading than SPY,
QQQ, and IWM, which have alternative expirations today.
[[Page 46935]]
[GRAPHIC] [TIFF OMITTED] TN30MY24.010
Because the Exchange proposes to limit the number of Monday
Expirations for options on USO, UNG, GLD, SLV, and TLT to two
expirations beyond the current week, the Exchange believes that the
addition of these Monday ETP Expirations should encourage Market Makers
to continue to deploy capital more efficiently and improve displayed
market quality.\22\
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\22\ Market Makers include Primary Market Makers and Competitive
Market Makers. See ISE Options 1, Section 1(a)(21). Today, Primary
Market Makers and Competitive Market Makers are required to quote a
specified time in their assigned options series. See ISE Options 2,
Section 5.
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Similar to SPY, QQQ and IWM Monday Expirations, the introduction of
Monday ETP Expirations will, among other things, expand hedging tools
available to market participants and allow for a reduced premium cost
of buying portfolio protection. The Exchange believes that Monday ETP
Expirations will allow market participants to hedge their portfolios
with options on commodities (oil, natural gas, gold, and silver) as
well as treasury securities, and tailor their investment and hedging
needs more effectively.
Implementation
The Exchange proposes to implement this rule change within 30 days
after Commission approval. The Exchange will issue an Options Trader
Alert to notify Members of the implementation date.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\23\ in general, and furthers the objectives of Section
6(b)(5) of the Act,\24\ in particular, in that it is designed to
promote just and equitable principles of trade, to remove impediments
to and perfect the mechanism of a free and open market and a national
market system, and, in general to protect investors and the public
interest.
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\23\ 15 U.S.C. 78f(b).
\24\ 15 U.S.C. 78f(b)(5).
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Similar to Monday expirations in SPY, QQQ, and IWM, the proposal to
permit Monday ETP Expirations, subject to the proposed limitation of
two expirations beyond the current week, would protect investors and
the public interest by providing the investing public and other market
participants more choice and flexibility to closely tailor their
investment and hedging decisions in these options and allow for a
reduced premium cost of buying portfolio protection, thus allowing them
to better manage their risk exposure. The Exchange believes that there
is general demand for alternative expirations based on the analysis
discussed above, notably comparing the average daily contracts traded
in options overlying SPY, QQQ, and the five ETPs five months before and
after the introduction of alternative expirations on those symbols. As
shown above, the Exchange saw a volume increase in SPY and QQQ in the
five-month period following the introduction of Tuesday and Thursday
expirations, which suggests there is indeed genuine new interest in
these alternative expirations (as opposed to existing interest being
cannibalized). The Exchange also saw a volume increase in the majority
of the five ETPs in the five-month period following the introduction of
Wednesday expirations, likewise indicating the existence of general
demand for alternative expirations in these symbols.\25\
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\25\ See supra note 21.
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ISE represents that it has an adequate surveillance program in
place to detect manipulative trading in the proposed option
expirations, in the same way that it monitors trading in the current
Short Term Option Series for Monday SPY, QQQ and IWM expirations. The
Exchange also represents that it has the necessary system capacity to
support the new expirations. Finally, the Exchange does not believe
that any market disruptions will be encountered with the introduction
of these option expirations. As discussed above, the Exchange believes
that its proposal is a modest expansion of weekly expiration dates for
GLD, SLV, USO, UNG, and TLT given that it will be limited to two Monday
expirations beyond the current week. Furthermore, the above charts show
less volatility in these five products (both in terms of post-close and
during the last 30 minutes of trading) compared to SPY, QQQ, and IWM,
which have alternative expirations (including Monday expirations)
today.
The Exchange believes that the proposal is consistent with the Act
as
[[Page 46936]]
the proposal would overall add a small number of Monday ETP Expirations
by limiting the addition of two Monday expirations beyond the current
week. The addition of Monday ETP Expirations would remove impediments
to and perfect the mechanism of a free and open market by encouraging
Market Makers to continue to deploy capital more efficiently and
improve displayed market quality.\26\ The Exchange believes that the
proposal will allow Members to expand hedging tools and tailor their
investment and hedging needs more effectively in USO, UNG, GLD, SLV,
and TLT as these funds are most likely to be utilized by market
participants to hedge the underlying asset classes. As stated in the
Wednesday Approval Order, the ETPs currently trade within ``complexes''
where, in addition to the underlying security, there are multiple
instruments available for hedging. Given the multi-asset class nature
of these products and available hedges in highly-correlated
instruments, the Exchange believes that its proposal to add Monday
expirations on these products will provide market participants with
additional useful hedging tools for the underlying asset classes.
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\26\ Today, Primary Market Makers and Market Makers are required
to quote a specified time in their assigned options series. See ISE
Options 2, Section 5.
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Similar to Monday SPY, QQQ, and IWM expirations, the introduction
of Monday ETP Expirations is consistent with the Act as it will, among
other things, expand hedging tools available to market participants and
allow for a reduced premium cost of buying portfolio protection. The
Exchange believes that Monday ETP Expirations will allow market
participants to purchase options on USO, UNG, GLD, SLV, and TLT based
on their timing as needed and allow them to tailor their investment and
hedging needs more effectively, thus allowing them to better manage
their risk exposure. Today, ISE lists Monday SPY, QQQ, and IWM
Expirations.\27\
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\27\ See ISE Supplementary Material .03 at Options 4, Section 5.
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In particular, the Exchange believes the Short Term Option Series
Program has been successful to date and that Monday ETP Expirations
should simply expand the ability of investors to hedge risk against
market movements stemming from economic releases or market events that
occur throughout the month in the same way that the Short Term Option
Series Program has expanded the landscape of hedging.
There are no material differences in the treatment of Monday SPY,
QQQ and IWM expirations compared to the proposed Monday ETP
Expirations. Given the similarities between Monday SPY, QQQ and IWM
expirations and the proposed Monday ETP Expirations, the Exchange
believes that applying the provisions in Supplementary Material .03 to
Options 4, Section 5 that currently apply to Monday SPY, QQQ and IWM
expirations is justified. For example, the Exchange believes that
allowing Monday ETP Expirations and monthly Exchange Traded Product
expirations in the same week will benefit investors and minimize
investor confusion by providing Monday ETP Expirations in a continuous
and uniform manner.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act.
While the proposal will expand the Short Term Options Expirations
to allow Monday ETP Expirations to be listed on ISE,\28\ the Exchange
believes that this limited expansion for Monday expirations for options
on USO, UNG, GLD, SLV, and TLT will not impose an undue burden on
competition; rather, it will meet customer demand. The Exchange
believes that Members will continue to be able to expand hedging tools
and tailor their investment and hedging needs more effectively in USO,
UNG, GLD, SLV, and TLT.
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\28\ As noted above, Nasdaq, Phlx, BX, GEMX and MRX incorporate
ISE Options 4, Section 5 by reference, so the proposed changes
herein will apply to those markets as well.
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Similar to Monday SPY, QQQ and IWM expirations, the introduction of
Monday ETP Expirations does not impose an undue burden on competition.
The Exchange believes that it will, among other things, expand hedging
tools available to market participants and allow for a reduced premium
cost of buying portfolio protection. The Exchange believes that Monday
ETP Expirations will allow market participants to purchase options on
USO, UNG, GLD, SLV, and TLT based on their timing as needed and allow
them to tailor their investment and hedging needs more effectively.
The Exchange does not believe the proposal will impose any burden
on inter-market competition, as nothing prevents the other options
exchanges from proposing similar rules to list and trade Monday ETP
Expirations.\29\ Further, the Exchange does not believe the proposal
will impose any burden on intra-market competition, as all market
participants will be treated in the same manner under this proposal.
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\29\ See supra note 28.
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C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were either solicited or received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period up to 90 days (i) as the
Commission may designate if it finds such longer period to be
appropriate and publishes its reasons for so finding or (ii) as to
which the self-regulatory organization consents, the Commission will:
(A) by order approve or disapprove the proposed rule change, or
(B) institute proceedings to determine whether the proposed rule
change should be disapproved.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
<bullet> Use the Commission's internet comment form (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#a4d6d1c8c189c7cbc9c9c1cad0d7e4d7c1c78ac3cbd2"><span class="__cf_email__" data-cfemail="8bf9fee7eea6e8e4e6e6eee5fff8cbf8eee8a5ece4fd">[email protected]</span></a>. Please include
file number SR-ISE-2024-21 on the subject line.
Paper Comments
<bullet> Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to file number SR-ISE-2024-21. 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
[[Page 46937]]
public in accordance with the provisions of 5 U.S.C. 552, will be
available for website viewing and printing in the Commission's Public
Reference Room, 100 F Street NE, Washington, DC 20549, on official
business days between the hours of 10 a.m. and 3 p.m. Copies of the
filing also will be available for inspection and copying at the
principal office of the Exchange. Do not include personal identifiable
information in submissions; you should submit only information that you
wish to make available publicly. We may redact in part or withhold
entirely from publication submitted material that is obscene or subject
to copyright protection. All submissions should refer to file number
SR-ISE-2024-21 and should be submitted on or before June 20, 2024.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\30\
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\30\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-11801 Filed 5-29-24; 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.