Notice2025-05961
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing of a Proposed Rule Change To List P.M.-Settled Series of Options on the S&P 500 Equal Weight Index
Primary source
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Published
April 8, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 66 (Tuesday, April 8, 2025)</title>
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[Federal Register Volume 90, Number 66 (Tuesday, April 8, 2025)]
[Notices]
[Pages 15189-15193]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-05961]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-102752; File No. SR-CBOE-2025-022]
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of
Filing of a Proposed Rule Change To List P.M.-Settled Series of Options
on the S&P 500 Equal Weight Index
April 2, 2025.
Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (``Act''),\2\ and Rule 19b-4 thereunder,\3\ notice is hereby given
that on March 20, 2025, Cboe Exchange, Inc. (the ``Exchange'' or ``Cboe
Options'') 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\ 15 U.S.C. 78a.
\3\ 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 certain rules to permit the Exchange
to list and trade options with p.m.-settlement that overlie the S&P 500
Equal Weight Index (based on both the full value and one-tenth the
value of the index) (``SPEQF options'' and ``SPEQX options,''
respectively).
The text of the proposed rule change is 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.
[[Page 15190]]
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The purpose of this proposed rule change is to amend certain rules
to permit the Exchange to list and trade SPEQF and SPEQX options that
are p.m.-settled. Specifically, the Exchange proposes to (1) amend Rule
4.13, Interpretation and Policy .13 to permit the listing of P.M.-
settled \4\ SPEQF and SPEQX options that expire on the standard third
Friday-of-the-month (``Expiration Friday''); \5\ (2) amend Rule 4.13(c)
to permit the Exchange to open for trading Quarterly Index Expirations
(``QIXs'') on SPEQF and SPEQX options; \6\ and (3) permit the Exchange
to list SPEQF and SPEQX options with Nonstandard Expirations pursuant
to Rule 4.13(e).\7\
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\4\ An option with P.M.-settlement has its exercise settlement
value derived from the closing prices on the expiration date.
\5\ Rule 4.13, Interpretation and Policy .13 currently permits
the Exchange to list P.M.-settled SPX and XSP options, as well as
options on the Russell 2000 Index (``RUT options'') and the Mini-
Russell 2000 Index (``MRUT'' options), that expire on Expiration
Fridays.
\6\ QIXs are index option contracts that expire on the last
business day of a calendar quarter. Rule 4.13(c) currently permits
the Exchange to list QIXs for SPX and XSP options, as well as RUT
options, MRUT options, and options on the S&P 100 Index.
\7\ Rule 4.13(e) permits the Exchange to open for trading Weekly
Expirations on any broad-based index eligible for standard options
trading on any Monday, Tuesday, Wednesday, Thursday, or Friday
(other than Expiration Fridays or days that coincide with an end-of-
month (``EOM'') expiration) or EOM expirations on any broad-based
index eligible for standard options trading. While the Exchange
believes it has the authority under this rule to list SPEQF and
SPEQX options with Nonstandard Expirations, Commission staff
informed the Exchange that it must submit a rule filing pursuant to
Section 19(b)(2) under the Act before it may list Nonstandard
Expirations for these classes.
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The S&P 500 Equal Weight Index is the equal-dollar weighted version
of the S&P 500 Index (which is capitalization-weighted). The S&P 500
Index measures the performance of approximately 500 of the largest
capitalization stocks in the United States. The constituents of the S&P
500 Equal Weight Index are the same as those of the S&P 500 Index; the
difference between the two indexes is that each constituent is
allocated a fixed weight with respect to the S&P 500 Equal Weight Index
rather than a capitalization weight as is the case for the S&P 500
Index. Therefore, the index that underlies options on the S&P 500 Index
(``SPX options''), as well as the Mini-S&P 500 Index (``XSP options''),
for which the Exchange may currently list p.m.-settled options on
Expiration Fridays, with Nonstandard Expirations, and as QIXs, is
comprised of the same constituents as the underlying index for SPEQF
and SPEQX options.
The Exchange currently is permitted to list p.m.-settled series
that expire on Expiration Friday, with Nonstandard Expirations, and
QIXs for several different broad-based index options, including SPX and
XSP options. This proposed rule change would permit the Exchange to
list p.m.-settled SPEQF and SPEQX options that expire on Expiration
Fridays, with Nonstandard Expirations, and QIXs. The availability of
p.m.-settled SPEQF and SPEQX options with these various expirations
will provide market participants with opportunities to trade those
options in a manner more aligned with specific timing needs and more
effectively tailor their investment and hedging strategies related to
the S&P 500 Equal Weight Index and manage their portfolios. In
particular, the proposed rule change will allow market participants to
roll their positions in SPEQF and SPEQX options with regularity and
more precision, to spread risk across more trading days, and
incorporate daily, weekly, monthly, and quarterly changes in the
markets, which may reduce the premium cost of hedging.
In connection with the proposed change to Rule 4.13, Interpretation
.13, Exchange also proposes to amend Rule 5.1, which governs trading
days and hours, in conjunction with the proposed addition of SPEQF and
SPEQX p.m.-settled options that expire on Expiration Friday. Rule
5.1(b)(2)(C) currently provides that on their last trading day, Regular
Trading Hours for expiring p.m.-settled SPX, XSP, RUT, MRUT options, as
well as Index Options with Nonstandard Expirations and QIXs, may be
effected on the Exchange between 9:30 a.m. and 4:00 p.m. Eastern Time
\8\ (as opposed to the 9:30 a.m. to 4:15 p.m. Regular Trading Hours for
options with those expirations that are non-expiring). The proposed
rule change amends Rule 5.1(b)(2)(C) to include SPEQF and SPEQX P.M.-
settled options that expire on Expiration Friday.\9\ The primary
listing markets for the component securities that the S&P 500 Equal
Weight Index close trading in those securities at 4:00 p.m., just as
the primary listing markets for the component securities that comprise
the S&P 500 and Russell 2000 Indexes close trading at 4:00 p.m. (as
noted above, the components of the S&P 500 Index are identical to the
components of the S&P 500 Equal Weight Index). The primary listing
exchanges for the component securities disseminate closing prices for
the component securities, which are used to calculate the exercise
settlement value of broad-based indexes on which the Exchange lists
options. The Exchange believes that, under normal trading
circumstances, the primary listing markets have sufficient bandwidth to
prevent any data queuing that may cause any trades that are executed
prior to the closing time from being reported after 4:00 p.m. If
trading in expiring SPEQF and SPEQX p.m.-settled options that expire on
Expiration Fridays continued an additional fifteen minutes until 4:15
p.m. on their last trading day, these expiring options would be trading
after the settlement index value for those expiring options was
calculated.\10\ Therefore, in order to mitigate potential investor
confusion and the potential for increased costs to investors as a
result of potential pricing divergence at the end of the trading day,
the Exchange believes that it is appropriate to cease trading in the
expiring SPEQF and SPEQX p.m.-settled options that expire on Expiration
Fridays at 4:00 p.m., as it already does for expiring p.m.-settled SPX
and XSP options (as well as RUT and MRUT options) that expire on
Expiration Fridays and for expiring broad-based indexes with
Nonstandard Expirations (which are p.m.-settled) for the same
aforementioned reasons.\11\ The
[[Page 15191]]
Exchange does not believe that the proposed rule change will impact
volatility on the underlying cash markets comprising broad-based
indexes at the close on Expiration Fridays, as it already closes
trading on the last trading day for expiring p.m.-settled options at
4:00 p.m. (including SPX and XSP options, which have the same
underlying cash markets as those of SPEQF and SPEQX options), which the
Exchange does not believe has had an adverse impact on fair and orderly
markets on Expiration Fridays for the underlying stocks comprising the
corresponding indexes.\12\
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\8\ See Rule 1.6, which states that unless otherwise specified,
all times in the Rules are Eastern Time.
\9\ As noted above, Rule 5.1(b)(2)(C) already applies to p.m.-
settled series of SPEQF and SPEQX options with Nonstandard
Operations and QIXs.
\10\ Further, the Exchange expects that SPEQF and SPEQX p.m.-
settled options (as the Exchange understands is the case for P.M.-
settled SPX, XSP, RUT, and MRUT options that expire on Expiration
Friday and all broad-based index options with Nonstandard
Expirations, QIXs, and other p.m.-settled options) will typically be
priced in the market based on corresponding futures values. If
trading in expiring SPEQF and SPEQX p.m.-settled options that expire
on Expiration Friday continued until 4:15 p.m. on their last trading
day, these expiring options could not be priced on corresponding
futures values but rather would have to be priced on the known cash
value. At the same time, the prices of non-expiring SPEQF and SPEQX
p.m.-settled options series that expire on a future Expiration
Friday would continue to move and likely be priced in response to
changes in corresponding futures prices. As a result, a potential
pricing divergence could occur between 4:00 p.m. and 4:15 p.m. on
the final trading day in expiring SPEQF and SPEQX p.m.-settled
options that expire on Expiration Friday (e.g., a switch from
pricing off of futures to cash). The Exchange understands that the
switch from pricing off of futures to cash can be a difficult and
risky crossover for liquidity providers. As a result, if expiring
p.m.-settled contracts closed at 4:15 p.m., Market-Makers may react
by widening spreads in order to compensate for the additional risk.
\11\ See Securities Exchange Act Release Nos. 68888 (February 8,
2013), 78 FR 10668 (February 14, 2013) (SR-CBOE-2012-120) (``SPXPM
Pilot Approval Order''); 70087 (July 31, 2013), 78 FR 47809 (August
6, 2013) (SR-CBOE-2013-055) (``XSPPM Pilot Approval Order''); 91067
(February 5, 2021), 86 FR 9108 (February 11, 2021) (SR-CBOE-2020-
116) (``MRUTPM Pilot Approval Order''); and 101197 (September 26,
2024), 89 FR 20291 (October 2, 2024) (SR-CBOE-2024-034) (``RUT Pilot
Approval Order'').
\12\ See Securities Exchange Act Release Nos. 98454 (September
20, 2023), 88 FR 66103 (September 26, 2023) (SR-CBOE-2023-005)
(``SPXPM Permanent Approval Order''); and 98455 (September 20,
2023), 88 FR 66073 (September 26, 2023) (SR-CBOE-2023-019) (``XSPPM
and MRUTPM Permanent Approval Order'').
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The Exchange notes, as is the case for other p.m.-settled options,
that SPEQF and SPEQX options will be aggregated with all other option
contracts for those options for purposes of determining compliance with
the applicable position (and exercise) limit, as well as determining
position limit reporting requirements.\13\
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\13\ See Rules 8.31(b), 8.35(b) and (d), and 8.42(b) and (g).
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The Exchange has analyzed its capacity and represents that it
believes the Exchange has the necessary systems capacity to handle the
additional traffic associated with the listing of new series that would
result from the introduction of the SPEQF and SPEQX options up to the
proposed number of possible p.m.-settled expirations. The Options Price
Reporting Authority (``OPRA'') also informed the Exchange it believes
it has the necessary systems capacity to handle the additional traffic
associated with the listing of new series that would result from this
proposed rule change. Because the proposal is limited to p.m.-settled
series with respect to two classes, the Exchange believes any
additional traffic that would be generated from the introduction of
p.m.-settled SPEQF and SPEQX options with the permissible expirations
would be manageable.
The S&P 500 Equal Weight Index consists of the same components as
the S&P 500 Index, as noted above. Because of the relationship between
the S&P 500 Equal Weight Index and the S&P 500 Index, both of which
market participants may use as hedging vehicles to meet their
investment needs in connection with S&P 500 Index-related products and
cash positions, the Exchange believes it is appropriate to permit the
same expirations and settlement for SPEQF and SPEQX options as SPX and
XSP options. The Exchange understands that investors often use S&P 500
Index-related products to diversify their portfolios and benefit from
market trends. The Exchange believes that investors will benefit from
the availability of p.m.-settled SPEQF and SPEQX options, as it will
expand investing tools offering exposure to the U.S. equities market.
2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Act and the rules and regulations thereunder applicable to the
Exchange and, in particular, the requirements of Section 6(b) of the
Act.\14\ Specifically, the Exchange believes the proposed rule change
is consistent with the Section 6(b)(5) \15\ 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) \16\ requirement that the rules of
an exchange not be designed to permit unfair discrimination between
customers, issuers, brokers, or dealers.
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\14\ 15 U.S.C. 78f(b).
\15\ 15 U.S.C. 78f(b)(5).
\16\ 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 protect investors, because it
will provide investors with additional means for additional index
options to manage their risk exposures and carry out their investment
objectives with more flexibility. By offering SPEQF and SPEQX p.m.-
settled options that expire on Expiration Fridays, with Nonstandard
Expirations, and QIXs, the proposed rule change will allow market
participants to purchase options on additional indexes available for
trading on the Exchange in a manner more aligned with specific timing
needs and more effectively tailor their investment and hedging
strategies related to the S&P 500 Equal Weight Index and manage their
portfolios. In particular, the proposed rule change will allow market
participants to roll their positions in SPEQF and SPEQX options with
more regularity and precision, to spread risk across more trading days,
and to incorporate daily, weekly, monthly, and quarterly changes in the
markets, which may reduce the premium cost of hedging.
The Exchange further believes the proposed rule change will remove
impediments to and perfect the mechanism of a free and open market and
a national market system because it will permit the Exchange to make
available to investors series with the same expirations and settlement
in SPEQF and SPEQX options as are available for SPX and XSP options. As
noted above, the constituent stocks of the S&P 500 Index are the exact
same as the constituent stocks of the S&P 500 Equal Weight Index.
However, the Exchange believes that SPEQF and SPEQX options are
designed to provide different, additional opportunities for investors
to hedge the market risk associated with this index and to gain
directional exposure to the index by listing options directly on this
index. The U.S. equity markets have experienced increased levels of
concentration in recent years. SPEQF and SPEQX options provide market
participants with alternative tools to manage their risk and diversify
their exposure to the stocks comprising the S&P 500 Index.
Specifically, these options permit market participants to gain broad
exposure to these stocks using options that would be less impacted by a
shift in concentration and market momentum. Because capitalization-
weighted indexes such as the S&P 500 Index are more impacted by larger
capitalized stocks, options overlying an equal-weighted index (such as
the S&P 500 Equal Weight Index) would permit investors to hedge against
potential swings in the largest stocks comprising the S&P 500 Index
while maintaining the ability to hedge across the entire span of S&P
500 constituent securities. The Exchange believes the significant
liquidity of the components of the S&P 500 Equal Weight Index can
withstand any additional trading as a result of listing options on an
index comprised of components that also comprise other indexes
underlying listed options (including unwinding of options positions
into underlying stock positions). The proposed rule change
[[Page 15192]]
will provide market participants looking to gain broad exposure to the
stocks underlying the S&P 500 Index in a manner less impacted by a
shift in concentration and market momentum with hedging tools with the
same level of precision currently available to market participants that
look to gain broad exposure to these stocks more impacted by the stocks
with largest capitalization. As a result, market participants will have
greater trading opportunities, regardless of in which index option
market they participate.
The Exchange initially listed certain options that were p.m.-
settled, including SPX and XSP options, that expire on Expiration
Fridays and with Nonstandard Expirations pursuant to pilot
programs,\17\ so the Commission could monitor the impact of p.m.-
settlement of cash-settled index derivatives on the underlying cash
markets. When permanently approving these programs, the Commission
recognized that listing p.m.-settled SPX and XSP options that expire on
Expiration Fridays and with Nonstandard Expirations were consistent
with the Act.\18\ The Commission noted that these p.m.-settled index
options had ``benefitted investors and other market participants by
providing more flexible trading and hedging opportunities while also
having no disruptive impact on the market.'' \19\ The Exchange believes
p.m.-settled SPEQF and SPEQX options will provide the same benefits to
investors and other market participants with respect to these products.
As noted above, the S&P 500 Equal Weight Index is comprised of the same
components as the S&P 500 Index (which underlies SPX and XSP options).
While the Commission's prior determination was based on data specific
to SPX options, the Exchange believes it is appropriate to extrapolate
the data to apply to p.m.-settled SPEQF and SPEQX options with the same
expirations. The Commission agreed it was appropriate to similarly
extrapolate this data for another broad-based index unrelated to the
S&P 500 Index (specifically options on the full- and reduced-value of
the Russell 2000 Index).\20\ Therefore, the Exchange believes
extrapolating the data results to an index comprised of the same
components is more than appropriate, as the Commission has already
considered the impact of p.m.-settled options on futures overlying an
index with the same components, another index with the same components,
and the exact index components, concluding p.m.-settled options had
minimal economic impact on that future, index, and constituents.\21\
Overall, the Commission concluded that the ``analysis of pilot data did
not identify any significant economic impact on the underlying
component securities surrounding the close as a result of expiring
p.m.-settled options, nor did it indicate a deterioration in market
quality . . . for an existing product when a new p.m.-settled
expiration was introduced. Further significant changes in closing
procedures in the decades since index options moved to a.m. settlement
may also serve to mitigate the potential impact of p.m.-settled index
options on the underlying cash markets.'' \22\ The Exchange has
identified no reason why the difference in weighting of the S&P 500
Index and the S&P 500 Equal Weight Index would cause p.m.-settled
options overlying the S&P 500 Equal Weight Index to have a measurable
impact on the same underlying cash markets when p.m.-settled options
overlying the S&P 500 Index did not. Therefore, the Exchange believes
permitting p.m.-settled series of SPEQF and SPEQX options will offer
investors the same opportunities with the same lack of impact on the
market and the component securities as p.m.-settled SPX and XSP
options.
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\17\ While QIXs were not part of these pilot programs, we
believe any conclusions applicable to Nonstandard Expirations, which
include EOMs, would apply to QIXs, as the last calendar days of
quarters represent a subset of the last calendar days of months.
\18\ See SPXPM and XSPPM Pilot Approval Orders (the Commission
also recognized that these risks may have been mitigated given
enhanced closing procedures in use in the primary equity markets);
SPXPM and XSPPM and MRUTPM Permanent Approval Orders; and Securities
Exchange Act Release No. 98456 (September 20, 2023), 88 FR 66091
(September 26, 2023) (SR-CBOE-2023-020) (``Nonstandard Permanent
Approval Order'').
\19\ See SPXPM Permanent Approval Order at 66106; XSPPM and
MRUTPM Permanent Approval Order at 66076; and Nonstandard Approval
Order at 66094 (citing data the Commission reviewed in connection
with the pilot programs).
\20\ See XSPPM and MRUTPM Permanent Approval at n. 31; and
Nonstandard Permanent Approval Order at n. 37 (at the time of that
approval order, the Exchange had listed Nonstandard Expirations for
RUT and MRUT options).
\21\ See XSPPM and MRUTPM Permanent Approval at 66075; and
Nonstandard Permanent Approval Order at 66093-66094.
\22\ See XSPPM and MRUTPM Permanent Approval at 66076; and
Nonstandard Permanent Approval Order at 66094.
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The Exchange further 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 protect investors, because it will
provide investors with additional means for additional index options to
manage their risk exposures and carry out their investment objectives.
By offering SPEQF and SPEQX p.m.-settled options that expire on
Expiration Fridays, with Nonstandard Expirations, and QIXs, the
proposed rule change will allow market participants to purchase options
on an additional index option available for trading on the Exchange in
a manner more aligned with specific timing needs and more effectively
tailor their investment and hedging strategies related to the S&P 500
Equal Weight Index and manage their portfolios. In particular, the
proposed rule change will allow market participants to roll their
positions in SPEQF and SPEQX options with regularity, thus with more
precision, to spread risk across trading days, and to incorporate
daily, weekly, monthly, and quarterly changes in the markets, which may
reduce the premium cost of hedging.
In addition, the Exchange believes that the proposal to end trading
at 4:00 p.m. on the last trading day for transactions in expiring SPEQF
and SPEQX P.M.-settled options that expire on Expiration Fridays will
prevent continued trading on a product after the exercise settlement
value has been fixed, thereby mitigating potential investor confusion
and the potential for increased costs to investors as a result of
potential pricing divergence at the end of the trading day. This is
consistent with the trading hours on the last trading day for
transactions in other p.m.-settled options, including SPX and XSP
options.
The Exchange represents that it has the necessary systems capacity
to support the new option series given these proposed specifications.
The Exchange believes that its existing surveillance and reporting
safeguards (including with respect to p.m.-settled index option series)
are designed to deter and detect possible manipulative behavior which
might arise from listing and trading p.m.-settled SPEQF and SPEQX
options. The Exchange further notes that current Exchange Rules that
apply to the trading of other p.m.-settled index options traded on the
Exchange, such as SPX and XSP options, would also apply to the trading
of p.m.-settled SPEQF and SPEQX options, such as, for example, Exchange
Rules governing customer accounts, margin requirements, position
limits, and trading halt procedures.
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
[[Page 15193]]
rule change will impose any burden on intramarket competition that is
not necessary or appropriate in furtherance of the purposes of the Act,
because p.m.-settled SPEQF and SPEQX options that expire on Expiration
Fridays, with Nonstandard Expirations, and QIXs will be equally
available to all market participants via Cboe Trading Permit Holders
who wish to trade such options. Additionally, the proposed trading
hours for expiring options on their expiration dates will be the same
for all market participants. The Exchange does not believe the 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 p.m.-settlement with these expirations (and the trading hours
for expiring options on their expiration dates) are consistent with
those of similar index products, such as SPX and XSP options (which
overlie an index comprised of the same components) and competitive
products.\23\ Additionally, options on equity options, including
options on certain ETFs that track the S&P 500 Index and the S&P 500
Equal Weight Index, are p.m.-settled. To the extent that the advent of
p.m.-settled SPEQF and SPEQX options trading on the Exchange makes the
Exchange a more attractive marketplace to market participants at other
exchanges, such market participants are free to elect to become market
participants on the Exchange.
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\23\ See, e.g., Nasdaq PHLX, LLC Options 4A, Section 12(a)(6)
(permitting P.M.-settlement for options on the Nasdaq-100 and
Nasdaq-100 Micro Indexes that expire on Expiration Fridays).
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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 written 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 (i) as the Commission may
designate up to 90 days of such date 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 shall: (a) by order approve
or disapprove such proposed rule change, or (b) institute proceedings
to determine whether the proposed rule change should be approved or
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#e290978e87cf818d8f8f878c9691a2918781cc858d94"><span class="__cf_email__" data-cfemail="e99b9c858cc48a8684848c879d9aa99a8c8ac78e869f">[email protected]</span></a>. Please include
file number SR-CBOE-2025-022 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-2025-022. 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-2025-022 and should be
submitted on or before April 29, 2025.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\24\
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\24\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-05961 Filed 4-7-25; 8:45 am]
BILLING CODE 8011-01-P
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</html>Indexed from Federal Register on April 8, 2025.
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