Notice2025-07908
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Functionality Relating to the Processing of Auction Responses
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 7, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 87 (Wednesday, May 7, 2025)</title>
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[Federal Register Volume 90, Number 87 (Wednesday, May 7, 2025)]
[Notices]
[Pages 19330-19334]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-07908]
[[Page 19330]]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-102966; File No. SR-CBOE-2025-031]
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
Functionality Relating to the Processing of Auction Responses
May 1, 2025.
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 April 29, 2025, 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 and II
below, which Items have been prepared by the Exchange. The Exchange
filed the proposal as a ``non-controversial'' proposed rule change
pursuant to Section 19(b)(3)(A)(iii) of the Act \3\ and Rule 19b-
4(f)(6) thereunder.\4\ 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.
\3\ 15 U.S.C. 78s(b)(3)(A)(iii).
\4\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes increase the maximum auction response
processing time for non-FLEX SPX options to 1000 milliseconds
(including the length of the auction response period) until December
31, 2025. The text of the proposed rule change is provided in Exhibit
5.
The text of the proposed rule change is also available on the
Exchange's website (<a href="http://www.cboe.com/AboutCBOE/CBOELegalRegulatoryHome.aspx">http://www.cboe.com/AboutCBOE/CBOELegalRegulatoryHome.aspx</a>), at the Exchange's Office of the
Secretary, and at the Commission's Public Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange currently offers a variety of auction mechanisms which
provide price improvement opportunities for eligible orders.
Particularly, the Exchange offers the following auction mechanisms:
Complex Order Auction (``COA''),\5\ Step Up Mechanism (``SUM''),\6\
Automated Improvement Mechanism (``AIM''),\7\ Complex AIM (``C-
AIM''),\8\ Solicitation Auction Mechanism (``SAM''),\9\ and Complex SAM
(``C-SAM'').\10\ The Exchange notes that eligible orders (``auctioned
orders'') are electronically exposed for an Exchange-determined period
(collectively referred to herein as ``auction response period'') in
accordance with the applicable Exchange Rule, during which time Users
may submit responses (collectively referred to herein as ``auction
responses'' or ``auction response messages'') to an auction message.
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\5\ See Rule 21.20(d).
\6\ See Rule 21.18.
\7\ See Rule 21.19.
\8\ See Rule 21.22.
\9\ See Rule 21.21.
\10\ See Rule 21.23.
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In June 2023, in order to provide responses to these auctions with
increased opportunities to participate in the auction, even during
periods of high message traffic, and thus potentially provide customers
with additional opportunities for price improvement, the Exchange
adopted new functionality that applies across all of its auction
mechanisms to increase the likelihood that timely submitted auction
responses may participate in the applicable auction, even during
periods of high message traffic.\11\ Under this functionality, at the
time an auction response period ends, the System continues to process
its inbound queue for any messages that were received by the System
before the end of the auction period (including auction responses) for
up to an Exchange-determined period of time, not to exceed 100
milliseconds (which the Exchange may determine on a class-by-class
basis which would apply to all auction mechanisms and which would be
announced with reasonable advanced notice via Exchange Notice).\12\
That is, any auction responses that were in the queue before the
conclusion of the auction (as identified by the Network Interface Card
(``NIC'') timestamp on the message) would be processed as long as the
Exchange-determined time on a class-by-class basis (not to exceed 100
milliseconds) is not exceeded. Only auction responses received prior to
the execution of the applicable auction are eligible to be processed
for that auction. The applicable auction will execute once all
messages, including auction responses, received before the end time of
the auction response period have been processed or the Exchange-
determined maximum time limit of up to 100 milliseconds has elapsed,
whichever occurs first. This continuation of processing the queue for
an additional amount of time for messages that were received before the
end of the auction allows for auction responses that would otherwise
have been canceled due to the conclusion of the auction response period
to still have an opportunity to participate in the auction.
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\11\ See Rule 5.25(c); see also Securities Exchange Act Release
No. 97738 (June 15, 2023), 88 FR 40878 (June 22, 2023) (SR-CBOE-
2022-051). This functionality applies to COA, SUM, AIM, SAM, C-AIM,
C-SAM, FLEX Auction Process, FLEX AIM, and FLEX SAM.
\12\ The auction response processing time is currently set to
100 milliseconds for all classes. See Cboe Exchange Notice
C2024111903, available at <a href="https://www.cboe.com/notices/content/?id=51420">https://www.cboe.com/notices/content/?id=51420</a>.
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The Exchange proposes to increase the permissible maximum length of
this Exchange-determined time period with respect to S&P 500 Index
options (``SPX options'').\13\ Specifically, the Exchange proposes to
amend Rule 5.25(c) to provide that with respect to SPX options, this
Exchange-determined period of time for this continuation of auction
response processing plus the length of the auction response or exposure
period, as applicable,\14\ may not exceed 1000 milliseconds (which the
Exchange will continue to announce with reasonable advance notice via
Exchange Notice).\15\ For example, Rule
[[Page 19331]]
5.37(c)(3) permits the Exchange to determine the length of the AIM
auction period, which may be no less than 100 milliseconds and no more
than three seconds (i.e., 3000 milliseconds).\16\ Currently, the
Exchange has set the length of the AIM auction period as 500
milliseconds for SPX options; therefore, as proposed, the length of the
auction response processing time may be no longer than 500
milliseconds. If, for example, the Exchange reduced the length of the
AIM auction period for SPX options to 100 milliseconds, the length of
the auction response processing time may be no longer than 900
milliseconds. The Exchange believes the proposed maximum amount of
additional time for processing will result in more auction responses
being executed in auctions for SPX options, particularly in times of
high message traffic as has occurred in recent weeks.
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\13\ The Exchange currently lists SPX options on a group basis
pursuant to Rule 4.13(f), with a.m.-settled SPX options trading
under symbol SPX and p.m.-settled SPX options trading under symbol
SPXW. Pursuant to Rule 1.5(c), the proposed rule change would apply
to both groups.
\14\ Current lengths of auction response and exposure periods
are available at cboe_options_product_configurations.xlsx. The COA
and AIM/C-AIM auction response periods are currently set to 500
milliseconds for SPX options (other auctions are not currently
activated for SPX).
\15\ The proposed rule change also deletes the second reference
to the maximum auction response processing time, as it is redundant,
and makes other nonsubstantive changes to the sentence structure of
the rule text to accommodate the proposed change. Additionally, the
Exchange proposes that this increase in processing time will be in
place until December 31, 2025. The Exchange may submit additional
rule filings in the future to extend this timeframe or make the
change permanent.
\16\ The proposed rule change does not lengthen the auction
response or exposure period itself but rather increases the length
of time after that period ends that the System may continue
processing auction responses that were received before the end of
that period.
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2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Securities Exchange Act of 1934 (the ``Act'') and the rules and
regulations thereunder applicable to the Exchange and, in particular,
the requirements of Section 6(b) of the Act.\17\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \18\ 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) \19\ requirement that the rules of an exchange not be
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers.
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\17\ 15 U.S.C. 78f(b).
\18\ 15 U.S.C. 78f(b)(5).
\19\ Id.
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In particular, the Exchange believes the proposed rule change will
remove impediments to a free and open market, as it will allow the
Exchange's System to potentially process more, if not all, timely
submitted auction responses for SPX options auctions, particularly in
times of volatility and high message traffic. This may provide further
opportunities for auctioned SPX option orders to receive price
improvement, which ultimately benefits investors. In particular, the
Exchange believes the proposed rule change will continue to
appropriately balance providing investors with timely processing of
their SPX options quote and order messages and providing investors who
submit SPX orders that are auctioned with additional liquidity. Indeed,
the proposed rule change may allow more investors additional
opportunities to receive price improvement through an auction mechanism
for their SPX orders. Additionally, because the proposed functionality
may provide liquidity providers that submit auction responses with
additional execution opportunities in auctions, the Exchange believes
they may be further encouraged to submit more auction responses, which
may contribute to a deeper, more liquid auction process that provides
investors with additional price improvement opportunities for their SPX
orders. The Exchange believes the proposal will continue to allow the
Exchange to set each SPX auction response period or exposure time to an
amount of time that provides Trading Permit Holders submitting
responses with sufficient time to respond to, compete for, and provide
price improvement for orders, but also continues to provide auctioned
orders with improved execution opportunities and minimal impact on
market and execution risk.
The Exchange believes the proposed rule change will result in
increased execution opportunities for liquidity providers that submit
auction responses and enhance the potential for price improvement for
SPX orders submitted to each mechanism to the benefit of investors and
public interest. The proposed rule change will permit the Exchange,
with respect to SPX options, to set a longer time period in which the
System may process auction responses the System receives before the end
of an auction response or exposure period (as identified by each
auction response message's NIC timestamp). The Exchange believes the
proposed increase in maximum time will increase the possibility that
timely submitted auction responses are processed by the Exchange and
have an opportunity for execution in the applicable auction mechanism,
even if there is a deep pending message queue. The Exchange believes
the proposed maximum amount of additional time for processing will
permit the Exchange to respond to times of high message traffic. Given
recent volatility in the market, the Exchange has experienced
significant increases in SPX volumes and message traffic, given those
options may assist investors in achieving broad market protection in
times of volatility. As a result, the Exchange has observed deeper
pending message queues, resulting in an increased number of auction
responses that were received and timestamped before the conclusion of
the auction or exposure period but not processed as part of the
execution at the conclusion of an auction. Based on these observations,
the Exchange believes the proposed maximum time for SPX options will
significantly increase the number of timely received auction responses
that may execute against an auction order.\20\
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\20\ The Exchange has undertaken various steps to improve the
performance (including to reduce latency) of the matching engine on
which SPX trades. For example, the Exchange recently made hardware
and software upgrades. See <a href="https://www.cboe.com/notices/content/?id=53830">https://www.cboe.com/notices/content/?id=53830</a>. The Exchange continues to evaluate other potential means
that may improve performance and reduce latency for SPX options. The
sunset period will permit the Exchange to evaluate whether a longer
auction response processing time will continue to be appropriate in
times of high volatility.
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While the proposed increase is significant, the Exchange notes that
the combined maximum length of the auction response or exposure period
plus the auction response processing period is the same length as the
longest maximum permissible auction response or exposure period for the
applicable auctions.\21\ Therefore, the Commission has already
determined that letting a price improvement auction occur for up to
3,000 milliseconds was (at that time) consistent with the Act (which
would permit the combined maximum auction response period plus maximum
auction response processing time to be 3,100
[[Page 19332]]
milliseconds for those auctions). The proposed maximum timeframe is
well below this amount of time. Given that the current length of the
auctions applicable to SPX options is 500 milliseconds, the proposed
rule change would increase the total maximum processing time (auction
response period plus response processing) by 400 milliseconds. The
proposed rule change provides the Exchange with flexibility to increase
the number of auction responses for SPX options that can participate in
an auction without increasing the length of an auction (and may permit
the Exchange to reduce the length of an auction). While the Exchange
may increase the length of auction response periods to accommodate more
auction responses, the Exchange believes shifting some of the already
permissible auction response or exposure period time to the auction
response processing time that may occur after the conclusion of the
auction response or exposure period better addresses the issue of
missed auction responses. Particularly, the Exchange believes the
proposed rule change will accommodate more auction responses while also
mitigating some of the market risk that may accompany a longer auction
period by setting the length of an auction response period to a
timeframe that both allows an adequate amount of time for Trading
Permit Holders to respond to an auction message and provides the
auctioned order with fast executions.
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\21\ See Rules 5.33(d)(3), 5.37(c)(3), and 5.38(c)(3) (which
permits the Exchange to set the length of the COA, AIM, and C-AIM,
respectively, auction response periods up to three seconds). The
maximum auction response or exposure period for SUM, SAM, and C-SAM
is one second (see Rule 5.35(b)(1), 5.39(c)(3), and 5.40(c)(3)),
which would make the maximum length of the auction response
processing period two seconds (note these auctions are not activated
for SPX options). Given the much longer length of FLEX auctions,
which may last three seconds to five minutes (see Rules
5.72(c)(1)(F), 5.73(c)(3), and 5.74(c)(3)), the Exchange believes an
increase in auction response processing is unnecessary, which is why
the Exchange proposes to exclude FLEX SPX options from the proposal.
Current lengths of auction response and exposure periods are
available at cboe_options_product_configurations.xlsx.
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Additionally, the Exchange understands some Trading Permit Holders
choose to submit auction responses towards the end of an auction
response period to better ensure the response is at a price that the
market participant is willing to trade given the market at the time the
auction response period concludes. This is particularly true during
times of higher volatility, as have recently occurred, which times also
result in higher message traffic and thus makes it more likely these
auction responses will not participate in the auction. As such,
extending the auction response period in each auction would not itself
prevent auction responses from continuing to miss the auction
notwithstanding being timely submitted. Therefore, the Exchange
believes extending the auction response processing time is preferable
to extending the auction response or exposure period, which the
Exchange believes would not prevent auction responses from continuing
to miss the auction notwithstanding being timely submitted.
The Exchange believes the proposed increase in maximum auction
response processing time for SPX options will provide an adequate
amount of time to provide pending auction responses with execution
opportunities in times of high message traffic and will continue to
have a de minimis impact on other message traffic. Even in times of
high message traffic, auction responses continue to represent a small
percentage of volume on the Exchange. Auction responses account for a
small fraction of message traffic submitted to the Exchange. The
Exchange believes the processing of such a small amount of message
traffic, even after the conclusion of an auction response period, would
therefore continue to have de minimis, if any, impact on the processing
of non-auction response messages waiting in the queue, even if that
processing occurs over a longer timeframe. The Exchange also notes that
all messages are currently processed one at a time by the System.
Therefore, the System still needs to ``process'' all pending auction
responses, regardless of whether that processing involves canceling the
pending auction response because it wasn't processed in time to
participate in the auction or actually processing the response to
participate in the auction. Either way, the non-auction response
messages will still have to wait for processing of any pending
responses ahead of it, regardless of the length of the auction response
processing time. Further, updates to prices in the market will still be
processed in the same order, and thus executions of the responses at
the end of the buffer will not trade through the market at that time.
The Exchange notes the proposed rule change makes no changes to how the
auction response processing functionality will work (or how any
auctions work). Additionally, all message traffic (including auction
responses) will continue to be processed in time-priority. Therefore,
the Exchange believes any impact of processing additional auction
responses for inclusion in an auction rather than cancelling those
responses will have minimal impact on message traffic behind them.
The Exchange continues to believe in the vast majority of cases,
the additional time needed after the conclusion of an auction response
period, if any, to process all pending auction responses will be
shorter than the proposed maximum. This is a further benefit of being
able to increase the length of the auction response processing time
rather than the length of an auction response period. Unlike an auction
response period, which must run in its entirety, the auction response
processing is adaptable. For example, if the System is ``caught up''
and processes all auction responses received prior to the completion of
a 100 millisecond auction response period within 50 milliseconds after
the end of the auction period, the total processing time would be 150
milliseconds. The System only uses the portion of the auction response
processing time it needs to process responses with timestamps prior to
the end of the auction period (and uses no part of that time if
unnecessary to do so). To the extent the Exchange determines a lesser
amount of time would be sufficient for SPX options, the Exchange could
implement an additional amount of time for processing auction responses
that is less than the combined time of 1,000 milliseconds, which time
would be announced with reasonable advance notice to market
participants via Exchange Notice.\22\ Additionally, in practice, the
Exchange generally discusses with market participants potential changes
to the length of auction response or exposure periods and to the
auction response processing timer (in which discussions the Exchange is
currently engaged). Further, given the advanced notice that will be
provided of any change, market participants may contact the Exchange to
discuss any proposed changes.
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\22\ The Exchange generally gives notice one to two weeks in
advance of implementation for changes such as this; however, shorter
notice may be provided if the Exchange believes it is necessary to
maintain fair and orderly markets. The Exchange notes several
customers have requested a longer auction response period and has
engaged in discussions regarding potential changes to the length of
the response period.
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The markets have experienced high volatility and market volatility
in recent weeks, which has resulted in increased market traffic,
particularly in SPX. The Exchange has observed during these higher
market traffic times an increase in the number of auction responses not
being able to participate in auctions, notwithstanding being timely
submitted within the auction response period. The Exchange believes
permitting an increased auction response processing time would better
provide market participants with additional opportunities for price
improvements with very little, if any, impact to non-auction response
message traffic, thereby removing impediments to a free and open market
and ultimately protecting and benefiting investors. Additionally,
because the proposed rule change may provide liquidity providers that
submit auction responses with additional execution opportunities in
auctions, the Exchange believes they
[[Page 19333]]
may be further encouraged to submit more auction responses, which may
contribute to a deeper, more liquid auction process that provides
investors with additional price improvement opportunities.
Given the current maximum auction response processing time,
investors may miss out on opportunities to receive price improvement
through the Exchange's auction mechanisms, even if such responses were
timely submitted but not processed due to the System being otherwise
occupied processing messages in queue ahead of it. The Exchange
therefore believes its proposal will make it more likely that the
System processes timely submitted auction responses and includes them
in applicable auctions during periods of high message traffic, thus
providing them with more opportunities to execute against auctioned
orders.
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 changes will impose any burden on intramarket
competition that is not necessary or appropriate in furtherance of the
purposes of the Act, as the proposed rule change would apply equally to
all Trading Permit Holders that submit auction responses in SPX
options. The Exchange believes it is appropriate to limit the proposed
rule change to SPX options to address significantly higher message
traffic within that class, particularly in times of volatility given
they may assist investors in achieving broad market protection in such
times. Additionally, as noted above, the Exchange believes the proposed
increase in the maximum auction response processing time will have
little to no impact on non-auction response message traffic and
continues to be designed to prevent trade-throughs given all messages,
including market price updates, will continue to be processed in time
priority. The Exchange does not believe the proposed rule change will
impose any burden on inter-market competition that is not necessary or
appropriate in furtherance of the purposes of the Act, as the proposed
change affects how the System processes auction responses that may only
participate in auctions that occur on the Exchange.
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
Because the foregoing proposed rule change does not: (i)
significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days from the date on which it was filed, or
such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A)(iii) of the Act \23\ and
subparagraph (f)(6) of Rule 19b-4 thereunder.\24\
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\23\ 15 U.S.C. 78s(b)(3)(A)(iii).
\24\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change, along
with a brief description and text of the proposed rule change, at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
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A proposed rule change filed under Rule 19b-4(f)(6) normally does
not become operative prior to 30 days after the date of the filing.
However, pursuant to Rule 19b-4(f)(6)(iii), the Commission may
designate a shorter time if such action is consistent with protection
of investors and the public interest. The Exchange has asked the
Commission to waive the 30-day operative delay so that the proposed
rule change may become operative immediately upon filing to address to
the ``market volatility in recent weeks, which has resulted in
increased message traffic, particularly in SPX options.'' During those
periods the Exchange observed ``an increase in the number of auction
responses not being able to participate in auctions for SPX orders.''
The Exchange requests waiver of the operative delay to permit it ``to
increase the auction response processing time as soon as possible to
address this higher market traffic, which will benefit investors as the
System will potentially process more, if not all, timely submitted
auction responses, thereby provide further opportunities for auctioned
orders to receive price improvement.'' Further, the Exchange states
that ``the sunset period will permit the Exchange to evaluate the
length of the auction response period as it considers other changes to
improve performance of the SPX options matching engine.'' For those
reasons, the Commission believes that waiving the 30-day operative
delay is consistent with the protection of investors and the public
interest. Accordingly, the Commission designates the proposed rule
change to be operative upon filing.\25\
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\25\ For purposes only of waiving the 30-day operative delay,
the Commission also has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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At any time within 60 days of the filing of this proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act.
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#a7d5d2cbc28ac4c8cacac2c9d3d4e7d4c2c489c0c8d1"><span class="__cf_email__" data-cfemail="4230372e276f212d2f2f272c3631023127216c252d34">[email protected]</span></a>. Please include
file number SR-CBOE-2025-031 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-2025-031. 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
[[Page 19334]]
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-2025-031 and should be submitted on or before May 28, 2025.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\26\
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\26\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-07908 Filed 5-6-25; 8:45 am]
BILLING CODE 8011-01-P
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