Notice2025-15321
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Rules Regarding the Position and Exercise Limits for Options on the iShares Bitcoin Trust ETF, Grayscale Bitcoin Trust ETF, Grayscale Bitcoin Mini Trust BTC, and the Bitwise Bitcoin 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 13, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
<html>
<head>
<title>Federal Register, Volume 90 Issue 154 (Wednesday, August 13, 2025)</title>
</head>
<body><pre>
[Federal Register Volume 90, Number 154 (Wednesday, August 13, 2025)]
[Notices]
[Pages 39008-39015]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-15321]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-103663; File No. SR-CBOE-2025-056]
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
Its Rules Regarding the Position and Exercise Limits for Options on the
iShares Bitcoin Trust ETF, Grayscale Bitcoin Trust ETF, Grayscale
Bitcoin Mini Trust BTC, and the Bitwise Bitcoin ETF
August 8, 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 6, 2024, Cboe Exchange, Inc. (the ``Exchange'' or ``Cboe
Options'') 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
[[Page 39009]]
solicit comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Cboe Exchange, Inc. (the ``Exchange'' or ``Cboe Options'') proposes
to amend its Rules regarding the position and exercise limits for
options on iShares Bitcoin Trust ETF (``IBIT''), Grayscale Bitcoin
Trust ETF (``GBTC''), Grayscale Bitcoin Mini Trust BTC (``BTC''), and
the Bitwise Bitcoin ETF (``BITB'') (collectively, the ``Bitcoin
ETFs''). 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>), and at the Exchange's Office of the
Secretary.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend its Rules regarding the position and
exercise limits for options on the Bitcoin ETFs. Specifically, the
proposed rule change amends Rule 8.30, Interpretation and Policy .10 to
delete the 25,000 contract position limit for each Bitcoin ETF option.
As a result, the position limit for each Bitcoin ETF option would be
determined in accordance with Rule 8.30, Interpretation and Policy .07
and be based on trading in each Bitcoin ETF during the most-recent six-
month period.\3\
---------------------------------------------------------------------------
\3\ Pursuant to Rule 8.42, Interpretation and Policy .02, the
exercise limits for options on the Bitcoin ETFs are equivalent to
the position limits prescribed for such options in current Rule
8.30, Interpretation and Policy .10. Therefore, currently, the
exercise limit for each Bitcoin ETF option is 25,000 contracts. The
proposed rule change would modify the exercise limit for each
Bitcoin ETF option to be equivalent to the position limit prescribed
in Rule 8.30, Interpretation and Policy .07 (which may be 25,000,
50,000, 75,000, 200,000, or 250,000, depending on the six-month
trading volume or the six-month trading volume and outstanding
shares of the Bitcoin ETF).
---------------------------------------------------------------------------
Each Bitcoin ETF is an exchange-traded fund (``ETF'') that holds
Bitcoin and is listed on a national equities exchange.\4\ On November
22, 2024, the Securities and Exchange Commission (the ``Commission'')
noticed the Exchange's filing and immediate effectiveness of a proposed
rule change to list and trade IBIT, GBTC, BTC, and BITB options.\5\ The
position and exercise limits for each Bitcoin ETF option are 25,000
contracts, the lowest limit available in equity options.\6\
---------------------------------------------------------------------------
\4\ 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. NYSE Arca received approval to list and trade Bitcoin-
Based Commodity-Based Trust Shares in GBTC, BTC, and BITB pursuant
to NYSE Arca Rule 8.201-E(c)(1). See Securities Exchange Act Release
Nos. 99306 (January 10, 2024), 89 FR 3008 (January 17, 2024) (Order
Granting Accelerated Approval of Proposed Rule Changes, as Modified
by Amendments Thereto, to list and trade options on, among other
ETFs, GBTC) (SR-NYSEARCA-2021-90); 100610 (July 26, 2024) (order
approving listing and trading of Commodity-Based Trust Shares of
BTC, among other ETFs), 89 FR 62821 (August 1, 2024) (SR-NYSEARCA-
2023-45); and 99306 (January 10, 2024), 89 FR 3008 (January 17,
2024) (order approving listing and trading of Commodity-Based Trust
Shares of BITB, among other ETFs) (SR-NYSEARCA-2021-90).
\5\ See Securities Exchange Act Release No. 101711 (November 22,
2024), 89 FR 94846 (November 29, 2024) (SR-CBOE-2024-051) (``Bitcoin
ETF Options Notice'').
\6\ See Rules 8.30, Interpretation and Policy .10 and 8.42,
Interpretation and Policy .02.
---------------------------------------------------------------------------
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.'' \7\ 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.'' \8\ Based on its
review of the data and analysis provided by the Exchange, the
Commission concluded that the 25,000 contract position limit for non-
FLEX Bitcoin ETF options satisfied these objectives.\9\
---------------------------------------------------------------------------
\7\ See Securities Exchange Act Release No. 101128 (September
20, 2024), 89 FR 78942, 78946 (September 26, 2024) (SR-ISE-2024-03)
(Notice of Filing of Amendment Nos. 4 and 5 and Order Granting
Accelerated Approval of a Proposed Rule Change, as Modified by
Amendment Nos. 1, 4, and 5, To Permit the Listing and Trading of
Options on the iShares Bitcoin Trust) (``IBIT Options Approval
Order'').
\8\ Id.
\9\ Id.; Securities Exchange Act Release Nos. 101386 (October
18, 2024), 89 FR 84960 (October 24, 2024) (SR-NYSEAMER-2024-49) (the
``GBTC, BTC, and BITB Options Approval Order'').
---------------------------------------------------------------------------
While the Exchange proposed a 25,000 contract position limit for
each Bitcoin option in its rule filings to list and trade these
options, the Exchange nonetheless believed that evidence existed to
support a much higher position limit. Specifically, when initially
approving Bitcoin ETF options trading, the Commission considered and
reviewed data and analysis of Nasdaq ISE, LLC (``ISE'') (with respect
to IBIT options) and NYSE American, LLC (``NYSE American'') (with
respect to GBTC, BTC, and BITB options) when initially approving for
listing the Bitcoin ETF options that the exercisable risk associated
with a position limit of 25,000 contracts represented only 0.4% of the
outstanding shares of IBIT; \10\ 0.9% of the outstanding shares of
GBTC; 0.7% of the outstanding shares of BTC; and 3.6% of the
outstanding shares of BITB.\11\ The Commission also considered and
reviewed ISE's and NYSE American's statements, as applicable, that with
a position limit of 25,000 contracts on the same side of the market for
each Bitcoin ETF option: (1) with 611,040,000 shares of IBIT
outstanding, 244 market participants would have to simultaneously
exercise their positions to place IBIT under stress; \12\ (2) with
284,570,100 shares of GBTC outstanding, 114 market participants would
have to simultaneously exercise their positions to place GBTC under
stress; (3) with 366,950,100 shares of BTC outstanding, 147 market
participants would have to simultaneously exercise their positions to
place BTC under stress; and (4) with 68,690,000 shares of BITB
outstanding, 27 market participants would have to simultaneously
exercise their positions to place BITB under stress.\13\ Based on the
Commission's review of this information and analysis, the Commission
concluded that the 25,000-contract position and exercise limit for each
of IBIT, GBTC, BTC, and BITB options were designed to prevent
[[Page 39010]]
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.\14\
---------------------------------------------------------------------------
\10\ See IBIT Options Approval Order, at 78946 (data as of
August 12, 2024).
\11\ See GBTC, BTC, and BITB Options Approval Order, at 84970
(data as of August 30, 2024).
\12\ See IBIT Options Approval Order, at 78946 (data as of
August 12, 2024).
\13\ See GBTC, BTC, and BITB Options Approval Order, at 84971
(data as of August 30, 2024).
\14\ See IBIT Options Approval Order, at 78946; and GBTC, BTC,
and BITB Options Approval Order, at 84971.
---------------------------------------------------------------------------
Each Bitcoin ETF option would currently qualify for the 250,000
contract position (and exercise) limit pursuant to the criteria in Rule
8.30, Interpretation and Policy .02, which requires that, for the most
recent six-month period, trading volume for the underlying security be
at least 100 million shares.\15\ As of November 25, 2024, the market
capitalization and average daily volume (``ADV'') for the preceding
three months \16\ for each Bitcoin ETF was:
---------------------------------------------------------------------------
\15\ Rule 8.30, Interpretation and Policy .02(e) provides that
to be eligible for the 250,000 contract limit, either the most
recent six-month trading volume of the underlying security must have
totaled at least 100,000,000 shares or the most recent six-month
trading volume of the underlying security must have totaled at least
75,000,000 shares and the underlying security must have at least
300,000,000 shares currently outstanding.
\16\ The market capitalization for each Bitcoin ETF was
determined by multiplying a settlement price (IBIT--$54.02, $75.42--
GBTC, $42.16--BTC, $51.70--BITB) by the number of shares outstanding
(IBIT--866,040,000, GBTC--273,950,100, BTC--82,939,964, BITB--
79,950,100). IBIT data was acquired from <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>, and GBTC, BTC, and BITB
data acquired from FactSet.
----------------------------------------------------------------------------------------------------------------
Three-month ADV
Bitcoin ETF Market capitalization (shares)
----------------------------------------------------------------------------------------------------------------
IBIT............................................................. $46,783,480,800 39,421,877
GBTC............................................................. 20,661,316,542 3,829,597
BTC.............................................................. 3,496,748,882 2,036,369
BITB............................................................. 4,095,157,000 2,480,478
----------------------------------------------------------------------------------------------------------------
Therefore, each Bitcoin ETF is well-above the requisite 100,000,000
shares necessary to qualify for the 250,000,000 contract position and
exercise limit. Also, as of November 25, 2024, there were 19,787,762
Bitcoins in circulation.\17\ At a price of $94,830,\18\ that equates to
a market capitalization of greater than $1.876 trillion. If a position
limit of 250,000 contracts were considered, the exercisable risk would
represent 2.89%,\19\ 9.13%,\20\ 30.14%,\21\ and 31.27%\22\ of IBIT,
GBTC, BTC, and BITB shares outstanding, respectively. Given each
Bitcoin ETF's liquidity, the current 25,000 contract position and
exercise limit for each Bitcoin ETF option is extremely conservative.
---------------------------------------------------------------------------
\17\ See <a href="https://www.coingecko.com/en/coins/bitcoin">https://www.coingecko.com/en/coins/bitcoin</a>.
\18\ This is the approximate price of Bitcoin from 4:00pm 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).
\20\ This percentage is arrived at with this equation: (250,000
contract limit * 100 shares per option/273,950.100 shares
outstanding).
\21\ This percentage is arrived at with this equation: (250,000
contract limit * 100 shares per option/82,939,964 BTC shares
outstanding).
\22\ This percentage is arrived at with this equation: (250,000
contract limit * 100 shares per option/79,950,100 BITB shares
outstanding).
---------------------------------------------------------------------------
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. These limits, which are described in Rules
8.30 and 8.42, 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 each
Bitcoin ETF from the table of position limits in Rule 8.30,
Interpretation and Policy .10 to permit options on each Bitcoin ETF to
trade similar to all other ETF options for which the Exchange does not
have other Rules that increase the position (and exercise) limits of
ETF options to levels outside of the limits set forth in Rules 8.30,
Interpretations and Policies .02 and 8.42. As a result of removing the
Bitcoin ETFs from the table in Rule 8.30, Interpretation and Policy
.10, the position and exercise limits for each Bitcoin ETF option from
25,000 to 250,000 contracts based on the parameters in Rule 8.30,
Interpretation and Policy .02. By removing the Bitcoin ETFs from the
table in Rule 8.30, Interpretation and Policy .10, each Bitcoin ETF
would be subject to subsequent six-month reviews to determine future
position and exercise limits similar to all other options subject to
Rules 8.30, Interpretation and Policy .02 and 8.42.
With respect to IBIT options, in its filing proposing to amend the
position and exercise limits of IBIT options,\23\ ISE considered IBIT's
market capitalization and ADV measured against those of other
underlying securities, as well as the position limit of 250,000
contracts in relation to the position limits of other options. 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'').\24\ This pool of data took into consideration 3,897 options
on single stock securities, excluding broad based ETFs.\25\ 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 90 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.\26\ Rule 8.30 sets out position limits for various contracts.
For example, on the Exchange, like ISE, a 25,000 contract position
limit applies to options with an underlying security that does not meet
the requirements for a higher options contract position limit. ISE
performed an exercise to demonstrate the IBIT options position limit
relative to other
[[Page 39011]]
options symbols in terms of market capitalization and ADV. For
reference, the market capitalization for IBIT was $46,783,480,800 \27\
with an ADV, for the preceding three months prior to November 25, 2024,
of 39,421,877 shares. By comparison, if IBIT were compared to the 1,934
stocks underlying options that have position limits of 250,000
contracts (and less than 500,000 contracts), IBIT would rank in the
88th percentile for market capitalization and the 99th percentile for
ADV.
---------------------------------------------------------------------------
\23\ See Securities Exchange Act Release No. 102682 (March 14,
2025), 90 FR 13233, 13235-13237 (March 20, 2025) (SR-ISE-2024-62).
\24\ The computations are based on OCC data from November 25,
2024. Data displaying zero values in market capitalization or ADV
were removed.
\25\ IBIT has one asset and therefore is not comparable to a
broad-based ETF where there are typically multiple components.
\26\ Rule 8.30, Interpretation and policy .02 sets out position
limits for various contracts. For example, at 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-trading-data/position-limits">https://www.theocc.com/market-data/market-data-reports/series-and-trading-data/position-limits</a>. As a result, ISE's pool of data
considered higher position limits than 250,000 contracts, where
applicable.
\27\ 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>.
---------------------------------------------------------------------------
ISE also analyzed a position limit of 250,000 contracts for IBIT by
regressing the market capitalization figures and 90-day ADV of all non-
ETF equities, against their respective position limit figures. From
this regression, ISE indicated it determined the implied coefficients
to create a formulaic method for determining an appropriate position
limit. In this case, the modeled position limit was 565,796
contracts.\28\ Based on this analysis, the Exchange believes the
proposed rule change that would result in a 250,000 contract position
and exercise limit for IBIT is appropriate.
---------------------------------------------------------------------------
\28\ ISE stated it 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)).
---------------------------------------------------------------------------
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. Utilizing data as of November 25,
2024, there were 19,787,762 Bitcoins in circulation.\29\ ISE took a
price of $94,830,\30\ which equates to a market capitalization of
greater than $1.876 trillion. If a position limit of 250,000 contracts
were considered, the exercisable risk would represent only 2.89% \31\
of the outstanding shares of IBIT. Since IBIT has a creation and
redemption process managed through the issuer, the position limit
sought to the total market capitalization of the entire Bitcoin market.
In this case, the exercisable risk for options on IBIT would be less
than 0.072% of the market capitalization of all outstanding
Bitcoin.\32\ Assuming a scenario where all options on IBIT shares were
exercised given a 250,000 contract per same side position (and
exercise) limit, this would have a virtually unnoticed impact on the
entire Bitcoin market. This ISE analysis demonstrates that a position
(and exercise) limit of 250,000 same side contracts for IBIT is
appropriate for IBIT options given its liquidity.
---------------------------------------------------------------------------
\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 4:00pm 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).
\32\ This number was arrived at with this calculation: ((250,000
limit * 100 shares per option * $54.02 settle)/(19,787,762 Bitcoin
outstanding * $94,830 Bitcoin price)).
---------------------------------------------------------------------------
Third, ISE reviewed a position (and exercise) limit of 250,000
contracts for IBIT options 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 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 is 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 ISE analysis, the Exchange
believes that the proposed 250,000 contracts for position and exercise
limits is appropriate.
---------------------------------------------------------------------------
\33\ See CME Rulebook Chapter 350 (description of CME Bitcoin
Futures) and Chapter 5, Position Limit, Position Accountability and
Reportable Level Table in the Interpretations & Special Notices.
Each CME Bitcoin futures contract is valued at five Bitcoins as
defined by the CME CF Bitcoin Reference Rate (``BRR''). See CME Rule
35001.
\34\ 2,000 futures at a 5 Bitcoin multiplier (per the contract
specifications) equates to $949,450,000 (2000 contracts * 5 Bitcoin
per contract * $94,945 price of November Bitcoin future) of notional
value.
\35\ See <a href="https://www.cmegroup.com/education/courses/market-regulation/position-limits/position-limits-aggregation-of-contracts-and-table.htm">https://www.cmegroup.com/education/courses/market-regulation/position-limits/position-limits-aggregation-of-contracts-and-table.htm</a>.
\36\ Id.
---------------------------------------------------------------------------
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''), iShares Silver Trust (``SLV''), 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 contract.
Finally, BITO has 107.65 million shares outstanding \40\ and a position
limit of 250,000 contract. 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, a
250,000 position and exercise limit is more conservative than the
standard applied to GLD, SLV and BITO, and thus appropriate.
---------------------------------------------------------------------------
\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>.
---------------------------------------------------------------------------
Fifth, ISE noted that IBIT options began trading in penny
increments as of January 2, 2025 pursuant to the Penny Interval
Program.\41\ The Commission
[[Page 39012]]
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.\42\ 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.\43\ 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.
---------------------------------------------------------------------------
\41\ 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 Rule 5.4(d). 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 Rule 5.4(d).
See Rule 5.4(d).
\42\ 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'').
\43\ Id. at 19548.
---------------------------------------------------------------------------
With respect to GBTC, BTC, and BITB, the Exchange reviewed data
presented by NYSE Arca, Inc. (``NYSE Arca'') in its filings to amend
the position and exercise limits for GBTC, BTC, and BITB options.\44\
First, the Exchange reviewed NYSE Arca's comparison of the market
capitalization of each of these three Bitcoin ETFs relative to the
market capitalization of the entire Bitcoin market in terms of exercise
risk and availability of deliverables. As noted above, as of November
25, 2024, there were 19,787,762 Bitcoins in circulation.\45\ At a price
of $94,830 per Bitcoin,\46\ that equates to a market capitalization of
greater than $1.876 trillion. If a position (and exercise) limit of
250,000 contracts were considered, the exercisable risk would represent
9.13%,\47\ 30.14%,\48\ and 31.27% \49\ of GBTC, BTC, and BITB shares
outstanding, respectively. Since each of GBTC, BTC, and BITB has a
creation and redemption process managed through the issuer (whereby
Bitcoin is used to create shares of each such Bitcoin ETF), the
position and exercise limit can be compared to the total market
capitalization of the entire Bitcoin market, and in that case, the
exercisable risk for options on GBTC, BTC, and BITB would represent
less than 0.10%,\50\ 0.06%,\51\ and 0.07%,\52\ respectively, of all
Bitcoin outstanding. The Exchange notes that if each of GBTC, BTC, and
BITB options were subject to a 250,000-contract position and exercise
limit (based on each ETF's trading volume), and if all options on GBTC,
BTC, or BITB shares were exercised at once, this occurrence would have
a virtually unnoticed impact on the entire Bitcoin market. This NYSE
Arca analysis demonstrates that a 250,000-contract position (and
exercise) limit for each of GBTC, BTC, and BITB options would be
appropriate given each of these Bitcoin ETF's liquidity.
---------------------------------------------------------------------------
\44\ See Securities Exchange Act Release Nos. 102402 (February
11, 2025), 90 FR 9765, 9767 (SR-NYSEArca-2025-07) (notice of filing
regarding position and exercise limits for GBTC options); and 102441
(February 18, 2025), 90 FR 10518, 10520--10521 (notice of filing
regarding position and exercise limits for BTC and BITB options).
\45\ See <a href="https://www.coingecko.com/en/coins/bitcoin">https://www.coingecko.com/en/coins/bitcoin</a>.
\46\ This is the approximate price of Bitcoin from 4:00pm ET on
November 25, 2024.
\47\ This percentage is arrived at with this equation: (250,000
contract limit * 100 shares per option/273,950,100 shares
outstanding).
\48\ This percentage is arrived at with this equation: (250,000
contract limit * 100 shares per option/82,939,964 shares
outstanding).
\49\ This percentage is arrived at with this equation: (250,000
contract limit * 100 shares per option/79,950,100 BITB shares
outstanding).
\50\ This number was arrived at with this calculation: ((250,000
limit * 100 shares per option * $75.42 settle)/(19,787,762 Bitcoin
outstanding * $94,830 Bitcoin price)).
\51\ This number was arrived at with this calculation: ((250,000
limit * 100 shares per option * $42.16 settle)/(19,787,762 Bitcoin
outstanding * $94,830 Bitcoin price)).
\52\ This number was arrived at with this calculation: ((250,000
limit * 100 shares per option * $51.70 settle)/(19,787,762 Bitcoin
outstanding * $94,830 Bitcoin price)).
---------------------------------------------------------------------------
As ISE did with respect to IBIT options, NYSE Arca compared a
position and exercise limit of 250,000 contracts to the position limit
of CME Bitcoin futures, which as noted above, have a position limit of
2,000 futures. On October 22, 2024, CME Bitcoin futures settled at
$94,945. On October 22, 2024, GBTC settled at $53.64, BTC settled at
$29.90, and BITB settled at $36.74, which would equate to greater than
17,700,410 shares of GBTC, 31,754,180 shares of BTC, and 25,842,406
shares of BITB, if the CME notional position limit was utilized.\53\
Since substantial portions of any distributed options portfolio re
likely to be out of the money at 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.
---------------------------------------------------------------------------
\53\ 2,000 futures at a 5-Bitcoin multiplier (per the contract
specifications) equates to $949,450,000 (2000 contracts * 5 Bitcoin
per contract * $94,945 price of November Bitcoin future) of notional
value.
---------------------------------------------------------------------------
The Exchange notes, 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).\54\ 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.\55\ 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. Considering CME's position limits on futures for Bitcoin,
the Exchange believes that the proposed position and exercise limits
for GBTC, BTC, and BITB options are appropriate.
---------------------------------------------------------------------------
\54\ See CME Rulebook Chapter 5, Position Limit, Position
Accountability and Reportable Level Table in the Interpretations &
Special Notices.
\55\ Id.
---------------------------------------------------------------------------
Finally, as ISE did, NYSE Arca also compared a position and
exercise limit of 250,000 contracts for GBTC, BTC, and BITB against the
position and exercise limits for GLD and SLV options. GLD has a float
of 306.1 million shares \56\ and a position and exercise limit of
250,000 contract. SLV has a float of 520.7 million shares \57\ and a
position and
[[Page 39013]]
exercise limit of 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; and a position limit exercise in SLV would represent 4.8%
of the float of SLV. In comparison, a 250,000-contract position limit
would represent 9.13% of the GBTC float, 30.14% of the BTC float, and
31.27% of the BITB float. A 250,000 contract position and exercise
limit for each of GBTC, BTC, and BITB is comparable with the standard
applied to GLD and SLV and is therefore appropriate.
---------------------------------------------------------------------------
\56\ 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>.
\57\ 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>.
---------------------------------------------------------------------------
The Exchange believes the above information demonstrates that each
Bitcoin ETF option 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 each Bitcoin ETF. 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 the proposed rule change would lead to a more
liquid and competitive market environment for the Bitcoin ETF 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 TPH 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 would
continue to be exempt from this reporting requirement, however, the
Exchange may access Market-Maker position information.\58\ Moreover,
the Exchange's requirement that TPH 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.\59\
---------------------------------------------------------------------------
\58\ OCC through the Large Option Position Reporting (``LOPR'')
system acts as a centralized service provider for Trading Permit
Holder (``TPH'') compliance with position reporting requirements by
collecting data from each TPH or TPH organization, consolidating the
information, and ultimately providing detailed listings of each TPHs
report to the Exchange, as well as Financial Industry Regulatory
Authority, Inc. (``FINRA''), acting as its agent pursuant to a
regulatory services agreement (``RSA'').
\59\ See Rule 8.43(a).
---------------------------------------------------------------------------
The Exchange also has no reason to believe that the growth in
trading volume in Bitcoin ETF options will not continue. Rather, the
Exchange expects continued options volume growth in the Bitcoin ETFs as
opportunities for investors to participate in the options markets
increase and evolve. The Exchange believes that the current position
and exercise limits applicable to the Bitcoin ETF options are
restrictive and may 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
Bitcoin ETF options, market participants will find the 25,000 contract
position and exercise 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 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 each Bitcoin ETF option's position (and
exercise) limits would be reviewed on a six-month basis, pursuant to
Rule 8.30, Interpretation and Policy .02, similar to other options.
Today, the Exchange has an adequate surveillance program in place
for options.\60\ Additionally, the Exchange is a member of the
Intermarket Surveillance Group (``ISG'') under the Intermarket
Surveillance Group Agreement. ISG members work together to coordinate
surveillance and investigative information sharing in the stock,
options, and futures markets. Further, Cboe has an RSA with FINRA for
certain market surveillance, investigation and examinations functions.
Pursuant to a multi-party 17d-2 joint plan, all options exchanges
allocate amongst themselves and FINRA responsibilities to conduct
certain options-related market surveillance that are common to rules of
all options exchanges.\61\ The Exchange also has reviews in place to
identify continued compliance with the Exchange's listing standards.
---------------------------------------------------------------------------
\60\ The surveillance program includes surveillance patterns for
price and volume movements as well as patterns for potential
manipulation (e.g., spoofing and marking the close).
\61\ Section 19(g)(1) of the Act, among other things, requires
every self-regulatory organization (``SRO'') registered as a
national securities exchange or national securities association to
comply with the Act, the rules and regulations thereunder, and the
SRO's own rules, and, absent reasonable justification or excuse,
enforce compliance by its members and persons associated with its
members. See 15 U.S.C. 78q(d)(1) and 17 CFR 240.17d-2. Section
17(d)(1) of the Act allows the Commission to relieve an SRO of
certain responsibilities with respect to members of the SRO who are
also members of another SRO (``common members''). Specifically,
Section 17(d)(1) allows the Commission to relieve an SRO of its
responsibilities to: (i) receive regulatory reports from such
members; (ii) examine such members for compliance with the Act and
the rules and regulations thereunder, and the rules of the SRO; or
(iii) carry out other specified regulatory responsibilities with
respect to such members.
---------------------------------------------------------------------------
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.\62\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \63\ 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) \64\ requirement that the rules of an exchange not be
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers.
---------------------------------------------------------------------------
\62\ 15 U.S.C. 78f(b).
\63\ 15 U.S.C. 78f(b)(5).
\64\ Id.
---------------------------------------------------------------------------
In particular, the Exchange believes the proposed rule change will
remove impediments to and perfect the mechanism of free and open market
and a national market system, and, in general, protect investors and
the public
[[Page 39014]]
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 each Bitcoin ETF option may allow Market-
Makers to maintain their liquidity in these options in amounts
commensurate with the continued high consumer demand in each Bitcoin
ETF option. Subjecting the Bitcoin ETF options to the position limits
in Rule 8.30, Interpretation and Policy .02 and corresponding exercise
limits in Rule 8.42 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. The Exchange notes the
proposed rule change would further allow institutional investors to
utilize Bitcoin ETF options for prudent risk management purposes.
In support of the proposed rule change, the Exchange cites the in-
depth analysis of each of ISE and NYSE Arca did in their respective
filings, as noted above, each of ISE and NYSE Arca considered, among
other things: (1) applicable Bitcoin ETF's market capitalization and
ADV, and a 250,000 contract position and exercise limit in relation to
the position limits of options on other securities; (2) market
capitalization of the entire Bitcoin market in terms of exercise risk
and availability of deliverables; and (3) comparing a 250,000 contract
position limit to position limits for derivative products regulated by
the CFTC. Based on the Exchange's review of these analyses, the
Exchange believes that subjecting the Bitcoin ETF options to the
position (and exercise) limits set forth in Rule 8.30, Interpretation
and Policy .02 (which may go up to 250,000 contracts) is more than
appropriate. The proposed position and exercise limits reasonably and
appropriately balance the liquidity provisioning in the market against
the prevention of manipulation. The Exchange believes these proposed
limits are effectively designed to prevent an individual customer or
entity from establishing options positions that could be used to
manipulate the market of the underlying as well as the Bitcoin
market.\65\
---------------------------------------------------------------------------
\65\ See Securities Exchange Act Release No. 39489 (December 24,
1997), 63 FR 276 (January 5, 1998) (SR-CBOE-1997-11).
---------------------------------------------------------------------------
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 rule change will impose any burden on intramarket
competition that is not necessary or appropriate in furtherance of the
purposes of the Act because all TPHs would be subject to the same
position and exercise limit for each Bitcoin ETF option, as set by
Rules 8.30, Interpretation and Policy .02 and 8.42. The Exchange does
not believe the proposed rule change will impose any burden on
intermarket competition, and may benefit competition, as the proposed
rule change is identical proposed rule changes of other options
exchanges recently approved by the Commission.\66\ The Exchange
believes that the proposed rule change may provide additional
opportunities for market participants to continue to efficiently
achieve their investment and trading objectives for the Bitcoin ETF
options.
---------------------------------------------------------------------------
\66\ See Securities Exchange Act Release Nos. 103564 (July 29,
2025) (SR-ISE-2024-62) (order approving ISE proposed rule change to
amend position and exercise limits for IBIT options); 103567 (July
29, 2025) (SR-NYSEARCA-2025-07) (order approving NYSE Arca proposed
rule change to amend position and exercise limits for GBTC options);
and 103568 (July 29, 2025) (SR-NYSEARCA-2025-10) (order approving
NYSE Arca proposed rule change to amend position and exercise limits
for BTC and BITB options).
---------------------------------------------------------------------------
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
The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \67\ and Rule 19b-4(f)(6) thereunder.\68\
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 \69\ and subparagraph (f)(6) of
Rule 19b-4 thereunder.\70\
---------------------------------------------------------------------------
\67\ 15 U.S.C. 78s(b)(3)(A)(iii).
\68\ 17 CFR 240.19b-4(f)(6).
\69\ 15 U.S.C. 78s(b)(3)(A)(iii).
\70\ 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.
---------------------------------------------------------------------------
A proposed rule change filed under Rule 19b-4(f)(6) \71\ 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),\72\ the
Commission may 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 removal of the 25,000 contract
position and exercise limit for IBIT, BTC, GBTC, and BITB, such that
those funds will be subject to the position and exercise limits as
determined for equity options for which no set limit has been otherwise
established on that exchange.\73\ The Exchange is proposing similarly
to remove of the 25,000 contract position and exercise limit for IBIT,
BTC, GBTC, and BITB, such that those funds will be subject to the
position and exercise limits as determined by the position limit rules
at Rule 8.30, Interpretation and Policy .10. The Exchange has provided
information regarding IBIT, BTC, GBTC, and BITB, including, among other
things, information regarding trading volume, and the market
capitalization of IBIT, BTC, GBTC, and BITB and surveillance procedures
that will apply. The Commission notes that the proposal raises no new
or novel legal issues and would simply provide an additional venue for
trading IBIT, BTC, GBTC, and BITB with position and exercise limits
that may be higher than 25,000 contracts. 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.\74\
---------------------------------------------------------------------------
\71\ 17 CFR 240.19b-4(f)(6).
\72\ 17 CFR 240.19b-4(f)(6)(iii).
\73\ See supra note 66.
\74\ 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).
---------------------------------------------------------------------------
At any time within 60 days of the filing of the proposed rule
change, the
[[Page 39015]]
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#1c6e697079317f7371717972686f5c6f797f327b736a"><span class="__cf_email__" data-cfemail="5624233a337b35393b3b333822251625333578313920">[email protected]</span></a>. Please include
file number
SR-CBOE-2025-056 on the subject line.
Paper Comment
<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-2025-056. 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-CBOE-2025-056 and should be submitted on
or before September 3, 2025.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\75\
---------------------------------------------------------------------------
\75\ 17 CFR 200.30-3(a)(12), (59).
---------------------------------------------------------------------------
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2025-15321 Filed 8-12-25; 8:45 am]
BILLING CODE 8011-01-P
</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body>
</html>Indexed from Federal Register on August 13, 2025.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.