Notice2025-23230
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Modify the Permissible Strike Price Intervals for Options on the Cboe Mini Bitcoin U.S. ETF Index and the Cboe Magnificent 10 Index
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
December 18, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 241 (Thursday, December 18, 2025)</title>
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[Federal Register Volume 90, Number 241 (Thursday, December 18, 2025)]
[Notices]
[Pages 59234-59237]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-23230]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-104390; File No. SR-CBOE-2025-087]
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Modify
the Permissible Strike Price Intervals for Options on the Cboe Mini
Bitcoin U.S. ETF Index and the Cboe Magnificent 10 Index
December 15, 2025.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on December 3, 2025, Cboe Exchange, Inc. (the ``Exchange'' or
``Cboe Options'') filed with the Securities and Exchange Commission
(the ``Commission'') the proposed rule change as described in Items I
and II below, which Items have been prepared by the Exchange. The
Exchange filed the proposal as a ``non-controversial'' proposed rule
change pursuant to Section 19(b)(3)(A)(iii) of the Act \3\ and Rule
19b-4(f)(6) thereunder.\4\ The Commission is publishing this notice to
solicit comments on the proposed rule change from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A)(iii).
\4\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Cboe Exchange, Inc. (the ``Exchange'' or ``Cboe Options'') proposes
to permit strike price intervals for options on the Cboe Mini Bitcoin
U.S. ETF Index (``MBTX options'') and the Cboe Magnificent 10 Index
(``MGTN options'') to be no less than $1. The text of the proposed rule
change is provided in Exhibit 5.
The text of the proposed rule change is also available on the
Commission's website (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>), the
Exchange's website (<a href="https://www.cboe.com/us/options/regulation/rule_filings/bzx/">https://www.cboe.com/us/options/regulation/rule_filings/bzx/</a>), and at the principal office of the Exchange.
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 to modify the permissible
strike price intervals for options on the Cboe Mini Bitcoin U.S. ETF
Index (``MBTX options'') and the Cboe Magnificent 10 Index (``MGTN
options''). Pursuant to Rule 4.13, Interpretation and Policy .01(a),
the interval between strike prices for index options can be no less
than $5.00 (with certain specified exceptions). Additionally, Rule
4.13, Interpretation .01(d) provides that when new series of index
options with a new expiration date are opened for trading, or when
additional series of index options in an existing expiration date are
opened for trading as the current value of the underlying index to
which such series relate moves substantially from the strike prices of
series already opened, the strike prices of such new or additional
series shall be reasonably related to the current value of the
underlying index at the time such series are first opened for trading.
In the case of all classes of index options, the term ``reasonably
related to the current value of the underlying index'' shall have the
meaning set forth in Interpretation and Policy .04 under Rule 4.13.\5\
These provisions currently apply to MBTX options and would apply to
MGTN options (which the Exchange plans to begin listing in the fourth
quarter of 2025).
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\5\ Rule 4.13, Interpretation and Policy .04 defines
``reasonably related to the current index value of the underlying
index'' as the exercise price (i.e., strike price) being within 30%
of the current index value. That provision also provides that the
Exchange may also open for trading additional series of index
options that are more than 30% away from the current index value,
provided that demonstrated customer interest exists for such series,
as expressed by institutional, corporate, or individual customers or
their brokers.
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The Exchange proposes to amend Rule 4.13, Interpretation and Policy
.01(i) to provide that notwithstanding Interpretation and Policies
.01(a), .01(d), and .04, the strike price intervals for new and
additional series of each of MBTX options and MGTN options shall be
listed subject to the following:
(1) if the current value of the index is less than or equal to 20,
the Exchange shall not list series with an exercise price (i.e., strike
price) of more than 100% above or below the current value of the index;
(2) if the current value of the index is greater than 20, the
Exchange shall not list series with an exercise price (i.e., strike
price) of more than 50% above or below the current value of the index;
and
(3) the lowest strike price interval that may be listed for
standard index options, including LEAPS, is $1, and the lowest strike
price interval that may be listed for series of index options listed
under the Nonstandard Expirations Program in Rule 4.13(e) and for QIX
index options \6\ is $0.50.\7\
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\6\ MGTN options are currently not eligible for the Nonstandard
Expirations Program or QIXs. However, the Exchange has a separate
proposal pending that would permit the Exchange to list MGTN options
with those expirations. See Securities Exchange Act Release No.
104019 (September 23, 2025), 90 FR 46424 (September 26, 2025) (SR-
CBOE-2025-068). Therefore, this proposed provision that would permit
$0.50 strikes for MGTN series listed with those expirations would
apply only if the Commission approves that filing. If that filing is
not approved, then MGTN options with all expirations would be
eligible for $1 strikes only pursuant to this proposed rule change.
\7\ Current Rule 4.13, Interpretation and Policy .01(i) relates
to permissible strike prices for options on the Mini-Russell 2000
Index (``MRUT options'' or ``Mini-RUT options''). The proposed rule
change makes nonsubstantive changes to paragraph (i) so that it
applies to MRUT options, as well as MBTX and MGTN options (but has
no impact on permissible strike prices for MRUT options).
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2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the
[[Page 59235]]
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.\8\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \9\ 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) \10\ requirement that the rules of an exchange not be
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers.
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\8\ 15 U.S.C. 78f(b).
\9\ 15 U.S.C. 78f(b)(5).
\10\ Id.
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In particular, the Exchange believes the proposed rule change will
protect investors and the public interest, because it will provide
investors with greater flexibility by allowing them to establish
positions better tailored to meet their investment objectives. The
Exchange believes the proposed rule change will also remove impediments
to and perfect the mechanism of a free and open market and a national
market system, because it aligns the permissible strike intervals for
MBTX and MGTN options with permissible strike intervals of other index
options with similar index values, such as options on the Mini-Russell
200 Index (``MRUT options'') and the Mini S&P 500 Index (``XSP
options''). For example, current Rule 4.13, Interpretation and Policy
.01(i) provides that MRUT options \11\ may have the same strike prices
as proposed for MBTX \12\ and MGTN.\13\ Similarly, Rule 4.13,
Interpretation and Policy .10 provides XSP options may have the same
strikes as proposed for MBTX and MGTN options.\14\
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\11\ The value of the Mini-Russell 2000 Index on September 25,
2025 is approximately 242.
\12\ The value of the Cboe Mini Bitcoin U.S. ETF Index on
September 25, 2025 is approximately 268.
\13\ The value of the Cboe Magnificent 10 Index on September 25,
2025 is approximately 400.
\14\ The value of the Mini-S&P 500 Index on September 25, 2025
is approximately 661.
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A wider base of MBTX and MGTN options will afford market
participants additional hedging and trading opportunities, including
the ability to roll positions more aligned with movements in the value
of the underlying index, similar to those available for other index
options that overlie indexes with comparable values. For example, if
the value of the Cboe Mini Bitcoin U.S. ETF Index is 270, MBTX options
are currently permitted to be listed with strikes of 275, 280, and 285,
as opposed to 271, 272 and 273, as proposed. Therefore, new strikes are
added in percentage intervals of approximately 1.9% and not investment
strategies more aligned with moves in the index value (such as from 270
to 272, representing a 0.7% change, and thus over 1% away from the next
highest strike). Additionally, the Cboe Mini Bitcoin U.S. ETF Index is
1/10th the value of the Cboe Bitcoin U.S. ETF Index, options on which
(``CBTX options'') may be listed in the same $5 strike intervals. Given
MBTX options have 1/10th the value of CBTX options, the Exchange
believes MBTX options should be permitted in smaller strike price
intervals than CBTX options. MBTX options are intended, among other
things, to allow smaller-scale investors to gain broad exposure to the
Cboe Bitcoin U.S. ETF Index market and hedge CBTX-related positions
with a manageably sized contract, and the proposed finer strike prices
for MBTX options will permit strike prices accordingly aligned with
CBTX options. The proposed rule change will allow the Exchange to
better respond to customer demand for additional strike prices for MBTX
and MGTN options (the Exchange expects this demand for MGTN options
when listing begins), as the more granular strike prices allowed by the
proposed rule change will permit investors to use these options in a
manner more closely tailored to their investment needs, as they are
currently able to do with other index options. For example, if the Cboe
Bitcoin U.S. ETF Index value is 2700, the Cboe Mini Bitcoin U.S. ETF
Index value is 270. CBTX options would be permitted to be listed with
strikes of 2710, 2720, and 2730. Corresponding MBTX options strikes, as
proposed, would be 271, 272, and 273, as opposed to strikes of only 270
and 275, as permitted under the current rule. The proposed $1 strike
price intervals for MBTX options will permit the listing of series with
strikes that correspond more closely to CBTX option strikes.
Similarly, while MGTN options do not correspond to larger-sized
options, the proposed $1 strike price intervals for MGTN options will
permit investors to engage in investment strategies more closely
aligned with movements in the value of the underlying index. For
example, if the value of the Cboe Magnificent 10 Index is 400, MBTX
options are currently permitted to be listed with strikes of 405, 410,
and 415, as opposed to 401, 402, and 403, as proposed. Therefore, new
strikes are added in percentage intervals of approximately 1.25% and
not investment strategies more aligned with moves in the index value
(such as from 400 to 402, representing a 0.5% change, and thus nearly
1% away from the next highest strike).
The Exchange recognizes the proposed $1 strike price intervals for
MBTX options and MGTN options alone do not achieve full alignment with
the applicable underlying index (or with CBTX options with respect to
MBTX options). For example, if the value of the underlying index was
271.5 (and if there was a 2715 strike in CBTX options), the $1 strike
interval would not permit the Exchange to list a corresponding 271.5
strike in MBTX options. However, the Exchange believes $1 strike price
intervals will increase the alignment in a manner to provide investors
with additional flexibility to tailor their investment strategies more
closely with changes in the underlying index value. Therefore, the
Exchange also proposes $0.50 strike price intervals for MBTX and MGTN
options with Nonstandard Expirations \15\ and for QIX MBTX and MGTN
options. The Exchange believes that smaller strike intervals for MBTX
and MGTN options with Nonstandard and QIX expirations (all of which are
``nonstandard'' expirations with P.M.-settlement, and, at times, have
expirations that coincide) will provide market participants with more
efficient hedging and trading opportunities. The proposed $0.50 strike
price intervals would permit strikes on a more refined scale that, at
times, will more closely reflect values in the underlying RUT [sic]
Index and allow market participants to roll open positions from a lower
strike to a higher strike in conjunction with the price movement of the
underlying.
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\15\ MGTN options are not currently eligible for Nonstandard
Expirations, as a rule filing to permit such expiration is pending.
See Securities Exchange Act Release No. 104019 (September 23, 2025),
90 FR 185 (September 26, 2025) (SR-CBOE-2025-068).
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Additionally, the proposed strike price range limitations (100% and
50% away from the current index value, rather than 30% as used in the
definition of ``reasonably related'') are closely aligned with the
strike price range limitations for equity and ETF options pursuant to
the Rule 4.7(b) and the Options Listing Procedure Plan
[[Page 59236]]
(``OLPP'').\16\ The OLPP and Rule 4.7(b) set forth strike price range
limitations for equity and ETF options which differ from the general
exercise price range limitations for index options set forth in
Interpretations and Policies .01(d) and .04 to Rule 4.13. The Exchange
also notes that the exercise price range limitations currently in place
for Mini-SPX options and MRUT options are consistent with these OLPP
limitations.\17\ Interpretation and Policy .01(d) requires the exercise
price of each series of index options to be reasonably related to the
current index value of the underlying index to which the series relates
at time the series is first opened for trading on the Exchange.
``Reasonably related to the current index value of the underlying
index'' means the exercise price must be within 30% of the current
index value.\18\ Pursuant to Interpretation and Policy .04 to Rule
4.13, the Exchange may also open for trading additional series of index
options that are more than 30% away from the current index value,
provided that demonstrated customer interest exists for the series.
Therefore, if the value of the Cboe Mini Bitcoin U.S. ETF Index or Cboe
Magnificent 10 Index is 200, under the current Rules providing general
strike price range limitations for index options, the Exchange may only
list options with the strikes ranging from $140 to $260 (i.e., 30%
above and below the current value). Pursuant to the OLPP and Rule
4.7(b) strike price limitations for equity and ETF options, however, if
the underlying price of an equity or ETF option is $200 (including
equities that comprise the Cboe Magnificent 10 Index or ETFs that
comprise the Cboe Mini Bitcoin U.S. ETF Index), the Exchange is
permitted to list options on those stocks or ETFs with strikes ranging
from $100 through $300 (i.e., 50% above and below the current value).
Therefore, by applying the OLPP limitations, as proposed, if the value
of the Cboe Mini Bitcoin U.S. ETF Index or Cboe Magnificent 10 Index is
200, the Exchange will be able to list strikes ranging 50% above and
below the current value of the index. The Exchange believes the
proposed exercise price limitations for both MBTX and MGTN options will
put such options on equal standing with equity and ETF options
(including options on equities that comprise the Cboe Magnificent 10
Index and the ETFs that comprise the Cboe Mini Bitcoin U.S. ETF Index),
as well as Mini-SPX options, in connection with exercise price
limitations and, as a result, will allow the Exchange to list strikes
that more closely reflect the current values in the RUT Index and to
better respond to customer demand for MBTX and MGTN options strike
prices that better relate to current values of the underlying indexes.
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\16\ See Rule 4.7(b)
\17\ See Rule 4.13, Interpretations and Policies .01(i) and .10.
\18\ See Rule 4.13, Interpretation and Policy .04.
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The Exchange acknowledges the proposed rule change may augment the
potential number of options series available on the Exchange. However,
the Exchange believes any such increase will be moderate and that the
number of strikes that may be listed will be contained by the
percentages proposed, specifically that strike prices may not be listed
more than 100% above or below the current index value if less than or
equal to 20, and not more than 50% above or below the current index
value if greater than 20. Rather, the Exchange may determine to list
strikes in $1 intervals or higher based on the level of the applicable
underlying index and customer demand. Also, the Exchange believes that
there is no reason to have a more limited range of strikes for MBTX or
MGTN options than is currently permitted for other index options that
overlie indexes with comparable values. Additionally, the Exchange
believes it and the Options Price Reporting Authority (``OPRA'') have
the necessary systems capacity to handle any potential additional
traffic associated with this proposed rule change. The Exchange also
believes that TPHs will not have a capacity issue due to the proposed
rule change. The Exchange does not believe that this expansion will
cause fragmentation of liquidity, but rather, believes that finer
strike intervals will serve to increase liquidity available as well as
price efficiency by providing more trading opportunities for all market
participants.
Ultimately, the proposed strike price intervals will provide the
Exchange with flexibility to respond to customer demand for MBTX and
MGTN option strike prices that relate to and more closely reflect the
current value of the applicable underlying index, which will allow
investors to roll open positions from a lower strike to a higher strike
in conjunction with the price movement of the underlying index. The
Exchange believes the proposed strike price intervals will afford
investors important hedging and trading opportunities by allowing
investors (particularly retail investors) to fine-tune their use of
both MBTX and MGTN options to gain exposure to the applicable index,
hedge index-related positions, and manage their portfolios. The
proposed rule change will add consistency to the options market for
these index options and the options overlying the equities and ETFs
that comprise each index.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. The Exchange does not
believe that the proposed rule change will impose any burden on
competition that is not necessary or appropriate in furtherance of the
purposes of the Act, because all strikes will be available to all
market participants. 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, because the
proposed strike regime for MBTX and MGTN options is available for other
index options, as discussed above. Additionally, the proposed
percentage bounds for the strike prices of MBTX and MGTN options align
with that of equity and ETF options, including the equities that
comprise the Cboe Magnificent 10 Index and the ETFs that comprise the
Cboe Mini Bitcoin U.S. ETF Index, as provided in Rule 4.7 and the OLPP.
The Exchange believes the proposed rule change may promote competition
by affording investors for these index options additional investment
opportunities that are similarly available for other index options,
which opportunities may be more aligned with their investment needs and
changes in the underlying index values.
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.
[[Page 59237]]
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 \19\ and Rule 19b-4(f)(6) thereunder.\20\
Because the 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 prior to
30 days from the date on which it was filed, or such shorter time as
the Commission may designate, if consistent with the protection of
investors and the public interest, the proposed rule change has become
effective pursuant to Section 19(b)(3)(A) of the Act \21\ and Rule 19b-
4(f)(6)(iii) thereunder.\22\
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\19\ 15 U.S.C. 78s(b)(3)(A)(iii).
\20\ 17 CFR 240.19b-4(f)(6).
\21\ 15 U.S.C. 78s(b)(3)(A).
\22\ 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, along
with a brief description and text of the proposed rule change, at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
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A proposed rule change filed under Rule 19b-4(f)(6) \23\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b4(f)(6)(iii),\24\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay so that the proposal
may become operative immediately upon filing. The Exchange states that
the proposal will benefit investors by permitting the Exchange to list
more granular strikes in both MBTX and MGTN options as soon as
practicable, and the more granular strikes would permit investors to
use these options in a manner more closely tailored to their investment
needs. For these reasons, and because the proposed rule change does not
raise any new or novel regulatory issues, the Commission finds that
waiving 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.\25\
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\23\ 17 CFR 240.19b-4(f)(6).
\24\ 17 CFR 240.19b-4(f)(6)(iii).
\25\ 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 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 will institute proceedings under
Section 19(b)(2)(B) \26\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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\26\ 15 U.S.C. 78s(b)(2)(B).
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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#681a1d040d450b0705050d061c1b281b0d0b460f071e"><span class="__cf_email__" data-cfemail="5123243d347c323e3c3c343f2522112234327f363e27">[email protected]</span></a>. Please include
file number SR-CBOE-2025-087 on the subject line.
Paper Comments
<bullet> Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to file number SR-CBOE-2025-087. 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-2025-087 and should be submitted on
or before January 8, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\27\
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\27\ 17 CFR 200.30-3(a)(12), (59).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-23230 Filed 12-17-25; 8:45 am]
BILLING CODE 8011-01-P
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