Notice2025-15077
Self-Regulatory Organizations; Miami International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange Rule 307, Position Limits, and Exchange Rule 309, Exercise Limits To Allow the Exchange To Increase the Position and Exercise Limits for iShares Bitcoin Trust ETF
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
August 8, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 151 (Friday, August 8, 2025)</title>
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[Federal Register Volume 90, Number 151 (Friday, August 8, 2025)]
[Notices]
[Pages 38521-38528]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-15077]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-103644; File No. SR-MIAX-2025-37]
Self-Regulatory Organizations; Miami International Securities
Exchange, LLC; Notice of Filing and Immediate Effectiveness of a
Proposed Rule Change To Amend Exchange Rule 307, Position Limits, and
Exchange Rule 309, Exercise Limits To Allow the Exchange To Increase
the Position and Exercise Limits for iShares Bitcoin Trust ETF
August 5, 2025.
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 August 5, 2025, Miami International Securities Exchange, LLC
(``MIAX'' or ``Exchange'') filed with the Securities and Exchange
Commission (``Commission'') a 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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[[Page 38522]]
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend Exchange Rule 307, Position Limits,
and Exchange Rule 309, Exercise Limits to increase the position and
exercise limits for iShares Bitcoin Trust ETF (``IBIT'').
The text of the proposed rule change is available on the Exchange's
website at <a href="https://www.miaxglobal.com/markets/us-options/miax-options/rule-filings">https://www.miaxglobal.com/markets/us-options/miax-options/rule-filings</a>, and at MIAX's principal office.
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 Exchange Rule 307, Position Limits,
and Exchange Rule 309, Exercise Limits,\3\ to permit IBIT to increase
its position and exercise limits for options on IBIT from 25,000
contracts by removing IBIT from Interpretation and Policy .01 to
Exchange Rule 307 and Interpretation and Policy .01 to Exchange Rule
309. This is a competitive filing based on a similar proposal submitted
by Nasdaq ISE, LLC (``ISE'') and approved by the Securities and
Exchange Commission (``Commission'').\4\
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\3\ The Exchange notes that all the rules of Chapter III of
MIAX, including Rules 307 and 309, are incorporated by reference
into the rulebooks of MIAX Emerald, LLC, MIAX Pearl, LLC and MIAX
Sapphire, LLC.
\4\ See Securities Exchange Act Release No. 103564 (July 29,
2025) (SR-ISE-2024-62) (Self-Regulatory Organizations; Nasdaq ISE,
LLC; Order Approving a Proposed Rule Change, as Modified by
Amendment Nos. 2 and 3, Regarding Position and Exercise Limits for
Options on the iShares Bitcoin Trust ETF)(``ISE Approval Order'').
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IBIT is an Exchange-Traded Funds (``ETF'') that holds bitcoin and
is listed on the Nasdaq Stock Market LLC.\5\ In November 2024, the
Exchange received approval to list options on IBIT.\6\ The position and
exercise limits for IBIT options are 25,000 contracts as stated in
Interpretation and Policy .01 to Exchange Rule 307, Position Limits,
and Interpretation and Policy .01 to Exchange Rule 309, Exercise Limits
the lowest limit available in options.\7\
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\5\ Nasdaq received approval to list and trade Bitcoin-Based
Commodity-Based Trust Shares in IBIT pursuant to Rule 5711(d) of
Nasdaq. See Securities Exchange Act Release No. 99306 (January 10,
2024), 89 FR 3008 (January 17, 2024) (SR-NASDAQ-2023-016) (Order
Granting Accelerated Approval of Proposed Rule Changes, as Modified
by Amendments Thereto, To List and Trade Bitcoin-Based Commodity-
Based Trust Shares and Trust Units). IBIT started trading on January
11, 2024.
\6\ See Securities Exchange Act Release No. 101698 (November 21,
2024), 89 FR 93802 (November 27, 2024) (SR-MIAX-2024-40) (Self-
Regulatory Organizations; MIAX Exchange LLC; Notice of Filing and
Immediate Effectiveness of a Proposed Rule Change To Amend Exchange
Rule 402, Criteria for Underlying Securities, Exchange Rule 307,
Position Limits, and Exchange Rule 309, Exercise Limits To Allow the
Exchange To List and Trade Options on the iShares Bitcoin Trust (the
``Trust''))(``IBIT Approval Order''). The Exchange began trading
IBIT options on November 20, 2024.
\7\ Options on Fidelity Wise Origin Bitcoin Fund, ARK 21Shares
Bitcoin ETF, Grayscale Bitcoin Trust (BTC), Grayscale Bitcoin Mini
Trust BTC, and Bitwise Bitcoin ETF are also subject to a 25,000
contract position and exercise limit.
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Per the Commission ``rules regarding position and exercise limits
are intended to prevent the establishment of options positions that can
be used or might create incentives to manipulate or disrupt the
underlying market so as to benefit the options positions.'' \8\ For
this reason, the Commission requires that ``position and exercise
limits must be sufficient to prevent investors from disrupting the
market for the underlying security by acquiring and exercising a number
of options contracts disproportionate to the deliverable supply and
average trading volume of the underlying security.'' \9\ Based on its
review of the data and analysis provided by the Exchange, the
Commission concluded that the 25,000 contract position limit for IBIT
options satisfied these objectives.\10\
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\8\ See supra note 6, IBIT Approval Order, 89 FR 78946.
\9\ See id.
\10\ See id.
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While the Exchange proposed an aggregated 25,000 contract position
limit for IBIT options in its IBIT Approval Order, it nonetheless
believed that evidence existed to support a much higher position limit.
Specifically, the Commission has considered and reviewed the Exchange's
analysis and ISE's analysis as it was presented by the Exchange in the
IBIT Approval Order that the exercisable risk associated with a
position limit of 25,000 contracts represented only 0.4% of the
outstanding shares of IBIT.\11\ The Commission also has considered and
reviewed the Exchange's statement its IBIT Approval Order that with a
position limit of 25,000 contracts on the same side of the market and
611,040,000 shares of IBIT outstanding, 244 market participants would
have to simultaneously exercise their positions to place IBIT under
stress.\12\ Based on the Commission's review of this information and
analysis, the Commission concluded that the proposed position and
exercise limits of 25,000 contracts were designed to prevent investors
from disrupting the market for the underlying security by acquiring and
exercising a number of options contracts disproportionate to the
deliverable supply and average trading volume of the underlying
security, and to prevent the establishment of options positions that
can be used or might create incentives to manipulate or disrupt the
underlying market so as to benefit the options position.\13\
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\11\ See id. Data represents figures from August 12, 2024.
\12\ See id. Data represents figures from August 12, 2024.
\13\ See id.
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IBIT currently qualifies for a 250,000 contract position limit
pursuant to the criteria in Exchange Rule 307(d)(5), which requires
that, for the most recent six-month period, trading volume for the
underlying security be at least 100 million shares.\14\ As of November
25, 2024, the market capitalization for IBIT was $46,783,480,800 \15\
with an average daily volume (``ADV''), for the preceding three months
prior to November 25, 2024, of 39,421,877 shares. IBIT is well above
the requisite minimum of 100 million shares necessary to qualify for
the 250,000 contract position limit. Also, as of November 25, 2024,
there are 19,787,762 bitcoins in circulation.\16\ According to
calculations done by ISE as presented in Amendment No. 2,\17\ at
[[Page 38523]]
a price of $94,830,\18\ that equates to a market capitalization of
greater than $1.876 trillion US. If a position limit of 250,000
contracts were considered, the exercisable risk would represent 2.89%
\19\ of the outstanding shares outstanding of IBIT. Given IBIT's
liquidity, the current 25,000 position limit is extremely conservative.
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\14\ Exchange Rule 307, Position Limits, provides at
subparagraph (d)(5) that to be eligible for the 250,000 contract
limit, either the most recent six (6) month trading volume of the
underlying security must have totaled at least 100 million shares or
the most recent six (6) month trading volume of the underlying
security must have totaled at least seventy-five (75) million shares
and the underlying security must have at least 300 million shares
currently outstanding.
\15\ The market capitalization was determined by multiplying a
settlement price of ($54.02) by the number of shares outstanding
(866,040,000). This figure was acquired as of November 25, 2024. See
<a href="https://www.ishares.com/us/products/333011/ishares-bitcoin-trust-etf">https://www.ishares.com/us/products/333011/ishares-bitcoin-trust-etf</a>.
\16\ See <a href="https://www.coingecko.com/en/coins/bitcoin">https://www.coingecko.com/en/coins/bitcoin</a>.
\17\ See Amendment No. 2 to Proposed Rule Change to modify the
position and exercise limits for IBIT options to the applicable
position and exercise limits as determined by Options 9, Sections 13
and 15 (SR-ISE-2024-62), filed Mar. 26, 2025, available at <a href="https://www.sec.gov/comments/srise-2024-62/srise202462-593575-1721782.pdf">https://www.sec.gov/comments/srise-2024-62/srise202462-593575-1721782.pdf</a>.
(``Amendment No. 2'').
\18\ This is the approximate price of bitcoin from 4:00 p.m. ET
on November 25, 2024.
\19\ This percentage is arrived at with this equation: (250,000
contract limit * 100 shares per option/866,040,000 shares
outstanding).
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Position limits, and exercise limits, are designed to limit the
number of options contracts traded on the exchange in an underlying
security that an investor, acting alone or in concert with others
directly or indirectly, may control. These limits, which are described
in Exchange Rules 307 and 309, are intended to address potential
manipulative schemes and adverse market impacts surrounding the use of
options, such as disrupting the market in the security underlying the
options. Position and exercise limits must balance concerns regarding
mitigating potential manipulation and the cost of inhibiting potential
hedging activity that could be used for legitimate economic purposes.
To achieve this balance, the Exchange proposes to remove IBIT from
the table of position limits in Interpretation and Policy .01 to
Exchange Rule 307 as well as the table of exercise limits in
Interpretation and Policy .01 to Exchange Rule 309 so that options on
IBIT may trade similar to all other options for which the Exchange has
not filed to otherwise increase the position limits to levels outside
of the limits of Exchange Rule 307(d). As a result of removing IBIT
from the aforementioned tables, it would increase the position and
exercise limits for options on IBIT from 25,000 to 250,000 contracts
based on the parameters of Exchange Rule 307(d). By removing IBIT from
the aforementioned tables, IBIT would be subject to subsequent six (6)
month reviews to determine future position and exercise limits similar
to all other options subject to Exchange Rules 307 and 309.
In addition to IBIT's Exchange Rule 307(d) eligibility for 250,000
contracts, the Exchange performed additional analysis relying on data
presented in Amendment No. 2, with respect to IBIT. First, in Amendment
No. 2, ISE considered IBIT's market capitalization and ADV, and
prospective position limit in relation to other securities. In
measuring IBIT against other securities, ISE aggregated market
capitalization and volume data for securities that have defined
position limits utilizing data from The Options Clearing Corporations
(``OCC'').\20\ This pool of data took into consideration 3,897 options
on single stock securities, excluding broad based ETFs.\21\ Next, ISE
aggregated the data based on market capitalization and ADV and grouped
option symbols by position limit utilizing statistical thresholds for
ADV, based on ninety days, and market capitalization that were one
standard deviation above the mean for each position limit category
(i.e. 25,000, 50,000 to 65,000, 75,000, 100,000 to less than 250,000,
and 250,000).\22\ Exchange Rule 307(d) sets out position limits for
various contracts. For example, on ISE like on the Exchange, a 25,000
contract limit applies to those options having an underlying security
that does not meet the requirements for a higher options contract
limit. ISE performed an exercise to demonstrate IBIT's position limit
relative to other options symbols in terms of market capitalization and
ADV. For reference the market capitalization for IBIT was
$46,783,480,800 \23\ with an ADV, for the preceding three months prior
to November 25, 2024, of 39,421,877 shares.\24\
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\20\ The computations are based on OCC data from November 25,
2024. Data displaying zero values in market capitalization or ADV
were removed.
\21\ IBIT has one asset and therefore is not comparable to a
broad based ETF where there are typically multiple components.
\22\ Exchange Rule 307 sets out position limits for various
contracts. For example, a 25,000 contract limit applies to those
options having an underlying security that does not meet the
requirements for a higher options contract limit. The Exchange notes
that position limits may also be higher due to corporate actions in
the underlying equities, such as a stock split. See <a href="https://www.theocc.com/market-data/market-data-reports/series-and-tradingdata/position-limits">https://www.theocc.com/market-data/market-data-reports/series-and-tradingdata/position-limits</a>. As a result, the Exchange's pool of
data considered higher position limits than 250,000 contracts, where
applicable.
\23\ The market capitalization was determined by multiplying a
settlement price of ($54.02) by the number of shares outstanding
(866,040,000). This figure was acquired as of November 25, 2024. See
<a href="https://www.ishares.com/us/products/333011/ishares-bitcoin-trust-etf">https://www.ishares.com/us/products/333011/ishares-bitcoin-trust-etf</a>.
\24\ See Amendment No. 2 at 8-9.
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Market cap statistics 25k 50k 75k 100k-<250k 250k-<500k 500k-1mm >1mm
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# of observations........................................ 562 473 651 240 1934 27 10
average.................................................. 1,038,795,162 2,957,127,045 4,466,049,699 5,390,836,360 26,286,624,063 67,390,777,100 717,540,906,097
median................................................... 360,130,143 889,627,570 1,445,831,231 1,643,123,279 3,535,963,213 27,063,940,966 90,047,209,478
min...................................................... 2,204,436 4,211,156 3,830,532 5,090,230 1,616,094 2,762,394,749 11,786,645,969
max...................................................... 36,120,249,097 70,846,805,916 174,820,296,591 106,971,594,180 3,573,884,443,220 733,972,714,698 3,358,647,600,000
IBIT % rank.............................................. 100.00% 98.94% 98.77% 98.33% 88.57% 59.26% 20.00%
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90-Day ADV statistics 25k 50k 75k 100k-<250k 250k-<500k 500k-1mm >1mm
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# of observations........................................ 562 473 651 240 1934 27 10
average.................................................. 76,586 213,419 425,542 623,888 3,510,784 5,930,607 44,610,385
median................................................... 67,231 206,402 409,177 625,882 1,620,931 4,724,248 18,017,607
min...................................................... 4,791 10,084 18,191 105,713 16,276 1,207,242 1,771,544
max...................................................... 244,499 564,451 989,341 1,339,553 88,351,060 22,397,311 271,230,790
IBIT % rank.............................................. 100.00% 100.00% 100.00% 100.00% 99.43% 100.00% 80.00%
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Based on the above table, as presented in Amendment No. 2,\25\ if
IBIT were compared to the 1,934 stocks that have position limits of
250,000 contracts to less than 500,000 contracts it would rank in the
88th percentile for market capitalization and the 99th percentile for
ADV.
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\25\ See Amendment No. 2 at 9.
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ISE, in Amendment No. 2, also analyzed the position limits for IBIT
by regressing the market capitalization figures and 90-day ADV of all
non-ETF equities, against their respective position limit figures.\26\
From this regression, ISE was able to determine
[[Page 38524]]
the implied coefficients to create a formulaic method for determining
an appropriate position limit.\27\ In this case, the modeled position
limit is 565,796 contracts.\28\ The results of ISE's study are below.
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\26\ Id.
\27\ ISE utilized Excel's Data Analysis Package to model the
position limit.
\28\ ISE utilized this formula to arrive at the number of
contracts: ((46,783,380,800 mkt cap * 0.0000002630 market cap
coefficient) + (39,421,877 ADV * 0.0140402219 ADV coefficient)).
Regression Statistics
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Multiple R................................................ 0.496800597
R Square.................................................. 0.246810833
Adjusted R Square......................................... 0.246361643
Standard Error............................................ 202227.4271
Observations.............................................. 3905
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ANOVA
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df SS MS F
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Regression.............................. 2 5.2304E+13 2.6152E+13 639.482566
Residual................................ 3903 1.5962E+14 4.0896E+10 ................
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Total............................... 3905 2.1192E+14 ................ ................
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Intercept............................... 0 #N/A #N/A #N/A
Market Cap.............................. 0.0000002630 3.3371E-08 7.88130564 4.1699E-15
90-day ADV.............................. 0.0140402219 0.00055818 25.1533643 1.613E-129
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Based on the aforementioned analysis, as performed by ISE in
Amendment No. 2, the Exchange believes that the proposed 250,000
contracts for position and exercise limits is appropriate.
Second, ISE reviewed IBIT's data relative to the market
capitalization of the entire bitcoin market in terms of exercise risk
and availability of deliverables. As of November 25, 2024, there are
19,787,762 bitcoins in circulation.\29\ At a price of $94,830,\30\ that
equates to a market capitalization of greater than $1.876 trillion US.
If a position limit of 250,000 contracts were considered, the
exercisable risk would represent 2.89% \31\ of the outstanding shares
outstanding of IBIT. Since IBIT has a creation and redemption process
managed through the issuer, additionally it can be compared the
position limit sought to the total market capitalization of the entire
bitcoin market and in that case, the exercisable risk for options on
IBIT would be less than 0.072% of all bitcoin outstanding. Assuming a
scenario where all options on IBIT shares were exercised given the
proposed 250,000 per same side position and exercise limits, this would
have a virtually unnoticed impact on the entire bitcoin market. This
analysis demonstrates that the proposed 250,000 per same side position
and exercise limits are appropriate for options on IBIT given its
liquidity.
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\29\ See <a href="https://www.coingecko.com/en/coins/bitcoin">https://www.coingecko.com/en/coins/bitcoin</a>.
\30\ This is the approximate price of bitcoin from 4:00 p.m. ET
on November 25, 2024.
\31\ This percentage is arrived at with this equation: (250,000
contract limit * 100 shares per option/866,040,000 shares
outstanding).
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Third, ISE reviewed the proposed position limit by comparing it to
position limits for derivative products regulated by the Commodity
Futures Trading Commission (``CFTC''). While the CFTC, through the
relevant Designated Contract Markets, only regulates options positions
based upon delta equivalents (creating a less stringent standard), ISE
examined equivalent bitcoin futures position limits. In particular, ISE
looked at the CME bitcoin futures contract \32\ that has a position
limit of 2,000 futures.\33\ On October 22, 2024, CME bitcoin futures
settled at $94,945.\34\ On October 22, 2024, IBIT settled at $54.02,
which would equate to greater than 17,557,898 shares of IBIT if the CME
notional position limit was utilized. Since substantial portions of any
distributed options portfolio are likely to be out of the money on
expiration, an options position limit equivalent to the CME position
limit for bitcoin futures (considering that all options deltas are
<=1.00) should be a bit higher than the CME implied 175,578 limit.Of
note, unlike options contracts, CME position limits are calculated on a
net futures equivalent basis by contract and include contracts that
aggregate into one or more base contracts according to an aggregation
ratio(s).\35\ Therefore, if a portfolio includes positions in options
on futures, CME would aggregate those positions into the underlying
futures contracts in accordance with a table published by CME on a
delta equivalent value for the relevant spot month, subsequent spot
month, single month and all month position limits.\36\ If a position
exceeds position limits because of an option assignment, CME permits
market participants to liquidate the excess position within one
business day without being considered in violation of its rules.
Additionally, if at the close of trading, a position that includes
options exceeds position limits for futures contracts, when evaluated
using the delta factors as of that day's close of trading, but does not
exceed the limits when evaluated using the previous day's delta
factors, then the position shall not constitute a position limit
violation. Based on the aforementioned analysis, the Exchange believes
that the proposed 250,000 contracts for position and exercise limits is
appropriate.
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\32\ CME Bitcoin Futures are described in Chapter 350 of CME's
Rulebook.
\33\ See the Position Accountability and Reportable Level Table
in the Interpretations & Special Notices Section of Chapter 5 of
CME's Rulebook.
\34\ 2,000 futures at a 5 bitcoin multiplier (per the contract
specifications) equates to $949,450,000 (2000 contracts * 5 BTC per
contract * $94,945 price of November BTC future) of notional value.
\35\ See <a href="https://www.cmegroup.com/education/courses/market-regulation/position-limits/positionlimits-aggregation-of-contracts-and-table.htm">https://www.cmegroup.com/education/courses/market-regulation/position-limits/positionlimits-aggregation-of-contracts-and-table.htm</a>.
\36\ Id.
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Fourth, ISE analyzed a position and exercise limit of 250,000 for
IBIT options against other options on ETFs with an underling commodity,
namely SPDR Gold Shares (``GLD'') ETF, iShares Silver Trust (``SLV'')
ETF, and ProShares Bitcoin ETF (``BITO'').\37\ GLD has a float of 306.1
million shares \38\ and a position limit of 250,000 contract. SLV has a
float of 520.7 million shares,\39\ and a position limit of 250,000
contracts. Finally, BITO has 107.65 million shares outstanding \40\ and
a position limit of
[[Page 38525]]
250,000 contracts. As previously noted, position and exercise limits
are designed to limit the number of options contracts traded on the
exchange in an underlying security that an investor, acting alone or in
concert with others directly or indirectly, may control. A position
limit exercise in GLD would represent 8.17% of the float of GLD; a
position limit exercise in SLV would represent 4.8% of the float of
SLV, and a position limit exercise of BITO would represent 23.22% of
the float of BITO. In comparison, a 250,000 contract position limit in
IBIT would represent 2.89% of the float of IBIT. Consequently, the
250,000 proposed IBIT options position and exercise limit is more
conservative than the standard applied to GLD, SLV and BITO, and
appropriate. Additionally, the Exchange notes that the Cboe Bitcoin
U.S. ETF Index Options (CBTX) and the Cboe Mini Bitcoin U.S. ETF Index
Options (MBTX),\41\ which trade exclusively on Cboe, are comprised of
multiple bitcoin ETFs of which IBIT is the highest weighted (at 20%) in
the index composition.\42\ These indices currently trade pursuant to a
24,000 contract position and exercise limit.\43\
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\37\ GLD, SLV and BITO each hold one asset in trust similar to
IBIT.
\38\ See <a href="https://www.ssga.com/us/en/intermediary/etfs/spdr-gold-shares-gld">https://www.ssga.com/us/en/intermediary/etfs/spdr-gold-shares-gld</a>.
\39\ See <a href="https://www.ishares.com/us/products/239855/ishares-silver-trust-fund">https://www.ishares.com/us/products/239855/ishares-silver-trust-fund</a>.
\40\ See <a href="https://www.marketwatch.com/investing/fund/bito">https://www.marketwatch.com/investing/fund/bito</a>.
\41\ MBTX is based on 1/10th the value of the Cboe Bitcoin U.S.
ETF Index.
\42\ See <a href="https://www.cboe.com/tradable_products/bitcoin-etf-indexoptions">https://www.cboe.com/tradable_products/bitcoin-etf-indexoptions</a>?
utm_source=mcae&utm_medium=email&utm_campaign=bitcoin_eft_options_lau
nch. Cboe's website provides a product comparison chart indicating
that CBTX and MBTX are permitted to trade FLEX as compared to spot
bitcoin ETF options. See <a href="https://cdn.cboe.com/resources/membership/Cboe_Bitcoin_US_ETF_Options_Comparative_Over">https://cdn.cboe.com/resources/membership/Cboe_Bitcoin_US_ETF_Options_Comparative_Over</a>
view.pdf?_gl=1*1xmm04c*_up*MQ..*_ga*MTc0MjU1NzU1Ni4xNzM0NTU2NTky*_ga_
5Q99 WB9X71*MTczNDU1NjU5MC4xLjAuMTczNDU1NjU5MC4wLjAuMA.
\43\ See Cboe Rule 8.32(a). The Exchange notes that given the
multiplier and notional value of CBTX, the index has a position and
exercise limit that equates to 1,000,000 contracts of in kind
exposure to IBIT, which is more than 40 times greater than the
exposure for options on IBIT at the current 25,000 contract position
and exercise limit.
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Fifth, the Exchange and ISE note that IBIT began trading in penny
increments as of January 2, 2025 pursuant to the Penny Interval
Program.\44\ The Commission noted that evidence contained in both the
Exchanges' Report and the Cornerstone analysis demonstrates that the
Penny Pilot has benefitted investors and other market participants in
the form of narrower spreads.\45\ The most actively traded options
classes are included in the Penny Program based on certain objective
criteria (trading volume thresholds and initial price tests). As noted
in the Penny Approval Order, the Penny Program reflects a certain level
of trading interest (either because the class is newly listed or a
class that experience a significant growth in investor interest) to
quote in finer trading increments, which in turn should benefit market
participants by reducing the cost of trading such options.\46\ IBIT
options are among a select group of products that have achieved a
certain level of liquidity that have garnered it the ability to trade
in finer increments. Failing to increase position and exercise limits
for IBIT options, now that it is trading in finer increments, may
artificially inhibit liquidity and create price inefficiency.
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\44\ The Exchange may add to the Penny Program a newly listed
option class provided that (i) it is among the 300 most actively
traded multiply listed option classes, as ranked by National Cleared
Volume at OCC, in its first full calendar month of trading and (ii)
the underlying security is priced below $200 or the underlying index
is at an index level below $200. Any option class added under this
provision will be added on the first trading day of the month after
it qualifies and will remain in the Penny Program for one full
calendar year, after which it will be subject to the Annual Review
described in Exchange Rule 501(c)(2). The Exchange may add any
option class to the Penny Program, provided that (i) it is among the
75 most actively traded multiply listed option classes, as ranked by
National Cleared Volume at OCC, in the past six full calendar months
of trading and (ii) the underlying security is priced below $200 or
the underlying index is at an index level below $200. Any option
class added under this provision will be added on the first trading
day of the second full month after it qualifies and will remain in
the Penny Program for the rest of the calendar year, after which it
will be subject to the Annual Review as described in Exchange Rule
501(c)(2). See Exchange Rule 501(c)(2).
\45\ See Securities Exchange Act Release No. 88532 (April 1,
2020), 67 FR 19545, 19548 (April 7, 2020) (File No. 4-443) (Joint
Industry Plan; Order Approving Amendment No. 5 to the Plan for the
Purpose of Developing and Implementing Procedures Designed To
Facilitate the Listing and Trading of Standardized Options To Adopt
a Penny Interval Program) (``Penny Approval Order'').
\46\ Id. at 19548.
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The Exchange believes that IBIT options has demonstrated that it
has more than sufficient liquidity to garner an increased position and
exercise limit of 250,000 contracts. The Exchange believes that any
concerns related to manipulation and protection of investors are
mollified by the significant liquidity provision in IBIT. The Exchange
states that, as a general principle, increases in active trading volume
and deep liquidity of the underlying securities do not lead to
manipulation and/or disruption.
The Exchange believes that increasing the position (and exercise)
limits for IBIT options would lead to a more liquid and competitive
market environment for IBIT options, which will benefit customers that
trade these options. Further, the reporting requirement for such
options would remain unchanged. Thus, the Exchange will still require
that each member organization that maintains positions in impacted
options on the same side of the market, for its own account or for the
account of a customer, report certain information to the Exchange. This
information includes, but would not be limited to, the options'
positions, whether such positions are hedged and, if so, a description
of the hedge(s). Market-Makers \47\ would continue to be exempt from
this reporting requirement, however, the Exchange may access Market-
Maker position information.\48\ Moreover, the Exchange's requirement
that member organizations file reports with the Exchange for any
customer who held aggregate large long or short positions on the same
side of the market of 200 or more option contracts of any single class
for the previous day will remain at this level and will continue to
serve as an important part of the Exchange's surveillance efforts.\49\
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\47\ Market Makers refers to ``Lead Market Makers,'' ``Primary
Lead Market Makers,'' and ``Registered Market Makers'' collectively.
See Exchanged Rule 100.
\48\ The Options Clearing Corporation (``OCC'') through the
Large option Position Reporting (``LOPR'') system acts as a
centralized service provider for Member compliance with position
reporting requirements by collecting data from each Member or Member
organization, consolidating the information, and ultimately
providing detailed listings of each Member's report to the Exchange,
as well as Financial Industry Regulatory Authority, Inc.
(``FINRA''), acting as its agent pursuant to a regulatory services
agreement (``RSA''). Member means an individual or organization
approved to exercise the trading rights associated with a Trading
Permit. Members are deemed ``members'' under the Exchange Act. See
Exchanged Rule 100.
\49\ See Exchanged Rule 310.
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The Exchange also has no reason to believe that the growth in
trading volume in IBIT will not continue. Rather, the Exchange expects
continued options volume growth in IBIT as opportunities for investors
to participate in the options markets increase and evolve. The Exchange
believes that the current position and exercise limits in IBIT options
are restrictive and will hamper the listed options markets from being
able to compete fairly and effectively with the over-the-counter
(``OTC'') markets. OTC transactions occur through bilateral agreements,
the terms of which are not publicly disclosed to the marketplace. As
such, OTC transactions do not contribute to the price discovery process
on a public exchange or other lit markets. The Exchange believes that
without the proposed changes to position and exercise limits for IBIT
options, market participants will find the 25,000 contract position
limit an impediment to their business and investment objectives as well
as an impediment to efficient pricing. As such, market participants may
find the less
[[Page 38526]]
transparent OTC markets a more attractive alternative to achieve their
investment and hedging objectives, leading to a retreat from the listed
options markets, where trades are subject to reporting requirements and
daily surveillance. However, the Exchange notes that IBIT's position
limits would be reviewed on a six month basis, pursuant to Exchange
Rule 307(d), similar to other options.
The Exchange represents that the same surveillance procedures
applicable to all other options on other ETFs currently listed and
traded on the Exchange will apply to options on the Trust. Also the
Exchange represents that it has the necessary systems capacity to
support the new option series. The Exchange believes that its existing
surveillance and reporting safeguards are designed to deter and detect
possible manipulative behavior which might potentially arise from
listing and trading options on ETFs, including the proposed Trust
options.
The Exchange believes that the existing surveillance procedures and
reporting requirements at the Exchange are capable of properly
identifying disruptive and/or manipulative trading activity. The
Exchange also represents that it has adequate surveillances in place to
detect potential manipulation, as well as reviews in place to identify
continued compliance with the Exchange's listing standards. These
procedures monitor market activity via automated surveillance
techniques to identify unusual activity in both options and the
underlyings, as applicable. The Exchange also notes that large stock
holdings must be disclosed to the Commission by way of Schedules 13D or
13G,\50\ which are used to report ownership of stock which exceeds 5%
of a company's total stock issue and may assist in providing
information in monitoring for any potential manipulative schemes.
Further, the Exchange believes that the current financial requirements
imposed by the Exchange and by the Commission adequately address
concerns regarding potentially large, unhedged positions in equity
options. Current margin and risk-based haircut methodologies serve to
limit the size of positions maintained by any one account by increasing
the margin and/or capital that a member organization must maintain for
a large position held by itself or by its customer.\51\ In addition,
Rule 15c3-1 \52\ imposes a capital charge on member organizations to
the extent of any margin deficiency resulting from the higher margin
requirement.
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\50\ 17 CFR 240.13d-1.
\51\ See Exchange Rules, Chapter 15, Margins.
\52\ 17 CFR 240.15c3-1.
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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.\53\ Specifically, the Exchange believes the proposed rule change
is consistent with the Section 6(b)(5) \54\ 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) \55\ requirement that the rules
of an exchange not be designed to permit unfair discrimination between
customers, issuers, brokers, or dealers.
---------------------------------------------------------------------------
\53\ 15 U.S.C. 78f(b).
\54\ 15 U.S.C. 78f(b)(5).
\55\ Id.
---------------------------------------------------------------------------
The Exchange believes that removing IBIT from the table of position
limits in Interpretation and Policy .01 to Exchange Rule 307 and the
table of exercise limits in Interpretation and Policy .01 to Exchange
Rule 309, so its position limit would be reviewed similar to all other
options for which the Exchange has not filed to otherwise establish the
position limits to levels outside of the position limits of Exchange
Rule 307(d) is consistent with the Act. This proposal will remove
impediments to and perfect the mechanism of a free and open market and
a national market system, and, in general, protect investors and the
public interest, because it will provide market participants with the
ability to more effectively execute their trading and hedging
activities. Also, based on current trading volume, the resulting
increase in the position (and exercise) limits for IBIT options may
allow Market-Makers to maintain their liquidity in these options in
amounts commensurate with the continued high consumer demand in IBIT
options. Subjecting options on IBIT to the position limits in Exchange
Rule 307(d) and corresponding exercise limits in Exchange Rule 309 may
also encourage other liquidity providers to continue to trade on the
Exchange rather than shift their volume to OTC markets, which will
enhance the process of price discovery conducted on the Exchange
through increased order flow. Further, this proposed change would allow
institutional investors to utilize IBIT options for prudent risk
management purposes. The Exchange notes that IBIT's position limits
would be reviewed on a six month basis, pursuant to Exchange Rule
307(d), similar to other options.
In addition, the Exchange believes that the current liquidity in
IBIT will mitigate concerns regarding potential manipulation of IBIT
options and/or disruption of IBIT upon amending the table of position
limits in Interpretation and Policy .01 to Exchange Rule 307 and the
table of exercise limits in Interpretation and Policy .01 to Exchange
Rule 309.
Additionally, the regression model performed by ISE demonstrates
that the proposed position limit is half of the modeled limit given the
liquidity of IBIT. Comparing IBIT's data relative to the market
capitalization of the entire bitcoin market in terms of exercise risk
and availability of deliverables, the Exchange was able to conclude
that if a position limit of 250,000 contracts were considered, the
exercisable risk would represent 2.89% \56\ of the shares outstanding
of IBIT. Since IBIT has a creation and redemption process managed
through the issuer (whereby Bitcoin is used to create IBIT shares), the
position limit can be compared to the total market capitalization of
the entire bitcoin market and in that case, the exercisable risk for
options on IBIT would represent less than .072% of all bitcoin
outstanding.\57\ Comparing the proposed position limit to position
limits for equivalent bitcoin futures position limits, the analysis
demonstrated that a 250,000 contracts position and exercise limits
would be appropriate.
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\56\ This percentage is arrived at with this equation: (250,000
contract limit * 100 shares per option/866,040,000 shares
outstanding).
\57\ This number was arrived at with this calculation: ((250,000
limit * 100 shares per option * $54.02 settle)/(19,787,762 BTC
outstanding * $94,830 BTC price)).
---------------------------------------------------------------------------
Comparing a position limit of 250,000 for IBIT options against
other options on ETFs with an underling commodity, namely GLD, SLV and
BITO, a position limit exercise in GLD represents 8.17% of the float of
GLD, a position limit exercise in SLV represents 4.8% of the float of
SLV, and a position limit exercise of BITO represents 23.22% of the
float of BITO. In comparison, a 250,000 contract position limit in IBIT
[[Page 38527]]
options would represent 2.89% of the float of IBIT. Consequently, a
250,000 IBIT options position limit is more conservative than the
standard applied to GLD, SLV and BITO, and appropriate. Also, the
Exchange notes that Cboe's proprietary CBTX and MBTX indices weight
IBIT the highest (at 20%) in its index composition among the other ETFs
that comprise the index.\58\ The Exchange notes that today, these
indexes have a position of 24,000 contracts which is much higher than
the current position limits for IBIT options when considering the
notional value of the indices.\59\ These indexes are already trading
with position and exercise limits that are higher than the lowest
position limit for an industry index option.\60\
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\58\ See <a href="https://www.cboe.com/tradable_products/bitcoin-etf-indexoptions">https://www.cboe.com/tradable_products/bitcoin-etf-indexoptions</a>?utm_source=mcae&utm_medium=email&utm_campaign=bitcoin_ef
t_options_launch.
\59\ See Cboe Rule 8.32(a). The Exchange notes that given the
multiplier and notional value of CBTX, the index has a position and
exercise limit that equates to 1,000,000 contracts of in kind
exposure to IBIT, which is more than 40 times greater than the
exposure for options on IBIT at the current 25,000 contract position
and exercise limit.
\60\ 18,000 contracts is the lowest position limit for industry
index options if the Exchange determines, at the time of a review
conducted pursuant to subparagraph (2) of this paragraph (a), that
any single underlying stock accounted, on average, for thirty
percent (30%) or more of the index value during the thirty (30)-day
period immediately preceding the review. See Exchange Rule 1805.
Further, Cboe Rule 8.32(a)(3) permits a limit of 31,500 contracts if
the Exchange determines that the conditions specified in Rule
8.32(a)(1) and (2), which would require the establishment of a lower
limit, have not occurred.
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The Exchange notes that IBIT began trading in penny increments as
of January 2, 2025 pursuant to the Penny Interval Program.\61\ The
Commission noted that evidence contained in both the Exchanges' Report
and the Cornerstone analysis demonstrates that the Penny Pilot has
benefitted investors and other market participants in the form of
narrower spreads.\62\ The most actively traded options classes are
included in the Penny Program based on certain objective criteria
(trading volume thresholds and initial price tests). As noted in the
Penny Approval Order, the Penny Program reflects a certain level of
trading interest (either because the class is newly listed or a class
that experience a significant growth in investor interest) to quote in
finer trading increments, which in turn should benefit market
participants by reducing the cost of trading such options.\63\ IBIT
options are among a select group of products that have achieved a
certain level of liquidity that have garnered it the ability to trade
in finer increments pursuant to the Penny Interval Program. Failing to
permit IBIT options to potentially increase position and exercise
limits given the trading in finer increments, may artificially inhibit
liquidity and create price inefficiency for IBIT options.
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\61\ The Exchange may add to the Penny Program a newly listed
option class provided that (i) it is among the 300 most actively
traded multiply listed option classes, as ranked by National Cleared
Volume at OCC, in its first full calendar month of trading and (ii)
the underlying security is priced below $200 or the underlying index
is at an index level below $200. Any option class added under this
provision will be added on the first trading day of the month after
it qualifies and will remain in the Penny Program for one full
calendar year, after which it will be subject to the Annual Review
described in Exchange Rule 501(c)(2). The Exchange may add any
option class to the Penny Program, provided that (i) it is among the
75 most actively traded multiply listed option classes, as ranked by
National Cleared Volume at OCC, in the past six full calendar months
of trading and (ii) the underlying security is priced below $200 or
the underlying index is at an index level below $200. Any option
class added under this provision will be added on the first trading
day of the second full month after it qualifies and will remain in
the Penny Program for the rest of the calendar year, after which it
will be subject to the Annual Review as described in Exchange Rule
501(c)(2). See Exchange Rule 501(c)(2).
\62\ See Securities Exchange Act Release No. 88532 (April 1,
2020), 67 FR 19545, 19548 (April 7, 2020) (File No. 4-443) (Joint
Industry Plan; Order Approving Amendment No. 5 to the Plan for the
Purpose of Developing and Implementing Procedures Designed To
Facilitate the Listing and Trading of Standardized Options To Adopt
a Penny Interval Program) (``Penny Approval Order'').
\63\ Id. at 19548.
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Finally, as discussed above, the Exchange's surveillance and
reporting safeguards continue to be designed to deter and detect
possible manipulative behavior that might arise from increasing or
eliminating position and exercise limits in certain classes. The
Exchange believes that the current financial requirements imposed by
the Exchange and by the Commission adequately address concerns
regarding potentially large, unhedged positions in the options on the
underlying securities, further promoting just and equitable principles
of trading, the maintenance of a fair and orderly market, and the
protection of investors.
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. In this regard and as
indicated above, the Exchange notes that the rule change is being
proposed as a competitive response to filings submitted by ISE.\64\
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\64\ See supra note 4.
---------------------------------------------------------------------------
The Exchange's proposal does not burden intra-market competition
because all Members would be subject to the position limits in Exchange
Rule 307(d) and corresponding exercise limits in Exchange Rule 309. The
Exchange believes that the proposed rule change will also provide
additional opportunities for market participants to continue to
efficiently achieve their investment and trading objectives for equity
options on the Exchange.
The Exchange does not believe that the proposed rule change will
impose any burden on inter-market competition as the proposal is not
competitive in nature. The Exchange expects that all option exchanges
will adopt substantively similar proposals, such that the Exchange's
proposal would benefit competition. For these reasons, the Exchange
does not believe that the proposed rule change will impose any burden
on competition not necessary or appropriate in furtherance of the
purposes of the Act.
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
The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \65\ and Rule 19b-4(f)(6) thereunder.\66\
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 \67\ and subparagraph (f)(6) of
Rule 19b-4 thereunder.\68\
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\65\ 15 U.S.C. 78s(b)(3)(A)(iii).
\66\ 17 CFR 240.19b-4(f)(6).
\67\ 15 U.S.C. 78s(b)(3)(A)(iii).
\68\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file 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 the pre-filing requirement.
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A proposed rule change filed under Rule 19b-4(f)(6) \69\ under the
Act does not normally become operative prior to 30 days after the date
of the filing. However, pursuant to Rule 19b-4(f)(6)(iii),\70\ the
Commission may
[[Page 38528]]
designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has
requested that the Commission waive the 30-day operative delay so that
the proposal may become operative immediately upon filing. The
Commission previously approved the proposed increase to the position
and exercise limits for iShares Bitcoin Trust ETF.\71\ The Exchange
represents that the same surveillance procedures applicable to the
Exchange's other options products listed and traded on the Exchange
will apply to options on the Trust, and that its existing surveillance
and reporting safeguards are designed to deter and detect possible
manipulative behavior which might potentially arise from listing and
trading options on ETFs, including the proposed Trust options. The
Commission believes that waiver of the operative delay could benefit
investors by providing an additional venue for trading iShares Bitcoin
Trust ETF options without the prior position and exercise limits.
Therefore, the Commission believes that waiver of the 30-day operative
delay is consistent with the protection of investors and the public
interest. Accordingly, the Commission hereby waives the 30-day
operative delay and designates the proposed rule change as operative
upon filing.\72\
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\69\ 17 CFR 240.19b-4(f)(6).
\70\ 17 CFR 240.19b-4(f)(6)(iii).
\71\ See Securities Exchange Act Release No. 103564 (July 29,
2025) (SR-ISE-2024-62) (Order Approving a Proposed Rule Change, as
Modified by Amendment Nos. 2 and 3, Regarding Position and Exercise
Limits for Options on the iShares Bitcoin Trust ETF) (SR-ISE-2024-
62).
\72\ For purposes only of waiving the 30-day operative delay,
the Commission has also 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 the 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. If the Commission
takes such action, the Commission shall institute proceedings to
determine whether the proposed rule 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#245651484109474b4949414a5057645741470a434b52"><span class="__cf_email__" data-cfemail="f280879e97df919d9f9f979c8681b2819791dc959d84">[email protected]</span></a>. Please include
file number SR-MIAX-2025-37 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-MIAX-2025-37. 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 filing 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-MIAX-2025-37 and should be submitted on
or before August 29, 2025.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\73\
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\73\ 17 CFR 200.30-3(a)(12), (59).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-15077 Filed 8-7-25; 8:45 am]
BILLING CODE 8011-01-P
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