66100 Federal Register / Vol. 88, No. 185 / Tuesday, September 26, 2023 / Notices 

size, employee benefits, and overhead. See 

Securities Industry and Financial Markets 

Association, Report on Management & Professional 

Earnings in the Securities Industry 2013. 

3This estimate is based on the following 

calculations: 66 reports filed per year × 4 hours per 

report = approximately 264 total annual burden 

hours. 66 reports filed per year × $1,661 in costs 

per report = $109,626 total annual costs. 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b-4. 

3See Securities Exchange Act Release Nos. 98148 

(August 16, 2023), 88 FR 57150 (SR–NYSE–2023– 

29); 98149 (August 16, 2023), 88 FR 57154 (SR– 

NYSEAMER–2023–39); 98150 (August 16, 2023), 88 

FR 57142 (SR–NYSEArca-2023–53); 98151 (August 

16, 2023), 88 FR 57159 (SR–NYSECHX–2023–16). 

4 15 U.S.C. 78s(b)(2). 

5 15 U.S.C. 78s(b)(2). 

6 17 CFR 200.30–3(a)(31). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3 15 U.S.C. 78s(b)(3)(A)(ii). 

4 17 CFR 240.19b–4(f)(6). 

in the aggregate, staff estimates that 

compliance with rule 30b1–10 and 

Form N–RN will result in a total annual 

burden of approximately 264 burden 

hours and total annual time costs of 

approximately $109,626.3

Compliance with rule 30b1–10 is 

mandatory for all funds. Responses to 

the disclosure requirements will be kept 

confidential. The estimate of average 

burden hours is made solely for the 

purposes of the PRA. The estimate is not 

derived from a comprehensive or even 

a representative survey or study of the 

costs of Commission rules. Complying 

with this collection of information 

requirement is necessary to enable the 

Commission to receive information on 

fund liquidity events more uniformly 

and efficiently, and to enhance the 

Commission’s oversight of funds when 

significant liquidity events occur and its 

ability to respond to market events. An 

agency may not conduct or sponsor, and 

a person is not required to respond to 

a collection of information unless it 

displays a currently valid control 

number. 

Written comments are invited on: (a) 

whether the proposed collection of 

information is necessary for the proper 

performance of the functions of the 

Commission, including whether the 

information shall have practical utility; 

(b) the accuracy of the Commission’s 

estimate of the burden of the collection 

of information; (c) ways to enhance the 

quality, utility, and clarity of the 

information collected; and (d) ways to 

minimize the burden of the collection of 

information on respondents, including 

through the use of automated collection 

techniques or other forms of information 

technology. Consideration will be given 

to comments and suggestions submitted 

by November 27, 2023, 

An agency may not conduct or 

sponsor, and a person is not required to 

respond to, a collection of information 

under the PRA unless it displays a 

currently valid OMB control number. 

Please direct your written comments 

to: David Bottom, Acting Director/Chief 

Information Officer, Securities and 

Exchange Commission, c/o John 

Pezzullo, 100 F Street NE, Washington, 

DC 20549 or send an email to: PRA_

Mailbox@sec.gov. 

Dated: September 21, 2023. 

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–20907 Filed 9–25–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98458; File Nos. SR–NYSE– 

2023–29, SR–NYSEAMER–2023–39, SR– 

NYSEArca-2023–53, SR–NYSECHX–2023– 

16] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; NYSE 

American LLC; NYSE Arca, Inc.; NYSE 

Chicago, Inc.; Notice of Designation of 

a Longer Period for Commission 

Action on Proposed Rule Change To 

Amend the Connectivity Fee Schedule 

Regarding Power Allocation 

September 20, 2023. 

On August 3, 2023, New York Stock 

Exchange LLC, NYSE American LLC, 

NYSE Arca, Inc., and NYSE Chicago, 

Inc. each filed with the Securities and 

Exchange Commission (‘‘Commission’’), 

pursuant to section 19(b)(1) of the 

Securities Exchange Act of 1934 

(‘‘Act’’) 1 and Rule 19b-4 thereunder,2 a 

proposed rule change to amend the 

connectivity fee schedule to include an 

alternative procedure to allocate power 

in the Mahwah Data Center. The 

proposed rule changes were published 

for comment in the Federal Register on 

August 22, 2023.3 The Commission has 

received no comments on the proposed 

rule change. 

Section 19(b)(2) of the Act 4 provides 

that within 45 days of the publication of 

notice of the filing of a proposed rule 

change, or within such longer period up 

to 90 days as the Commission may 

designate if it finds such longer period 

to be appropriate and publishes its 

reasons for so finding or as to which the 

self-regulatory organization consents, 

the Commission shall either approve the 

proposed rule change, disapprove the 

proposed rule change, or institute 

proceedings to determine whether the 

proposed rule change should be 

disapproved. The 45th day after 

publication of the notices for these 

proposed rule changes is October 6, 

2023. The Commission is extending this 

45-day time period. 

The Commission finds it appropriate 

to designate a longer period within 

which to take action on the proposed 

rule change so that it has sufficient time 

to consider the proposed rule change 

and the comments received. 

Accordingly, the Commission, pursuant 

to section 19(b)(2) of the Act,5

designates November 20, 2023 as the 

date by which the Commission shall 

either approve or disapprove, or 

institute proceedings to determine 

whether to disapprove, the proposed 

rule changes (File Nos. SR–NYSE–2023– 

29, SR–NYSEAMER–2023–39, SR– 

NYSEArca-2023–53, SR–NYSECHX– 

2023–16). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.6

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–20814 Filed 9–25–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98446; File No. SR–BOX– 

2023–24] 

Self-Regulatory Organizations; BOX 

Exchange LLC; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend the Fee 

Schedule for Trading on the BOX 

Options Market LLC Facility To Amend 

the Language and Process Related to 

the Options Regulatory Fee 

September 20, 2023. 

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 

September 13, 2023, BOX Exchange LLC 

(the ‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I and II 

below, which Items have been prepared 

by the Exchange. The Exchange filed the 

proposed rule change pursuant to 

section 19(b)(3)(A)(ii) of the Act,3 and 

Rule 19b–4(f)(6) thereunder,4 which 

renders the proposal effective upon 

filing with the Commission. The 

Commission is publishing this notice to 


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Federal Register / Vol. 88, No. 185 / Tuesday, September 26, 2023 / Notices 66101 

5See Securities and Exchange Act Release No. 

34–98108 (August 10, 2023), 88 FR 55809 (August 

16, 2023) (SR–CboeEDGX–2023–054) (Notice of 

Filing and Immediate Effectiveness of a Proposed 

Rule Change to Amend its Fee Schedule Related to 

the Options Regulatory Fee). 

6See Cboe Exchange, Inc. Fees Schedule and 

Cboe C2 Exchange, Inc. Options Fees Schedule. 

7 Id. 

8See e.g., Securities Exchange Act Release No. 

96373 (October 13, 2022), 87 FR 73376 (November 

29, 2022) (SR–NYSEAMER–2022–52). 

solicit comments on the proposed rule 

change from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange is filing with the 

Securities and Exchange Commission 

(‘‘Commission’’) a proposed rule change 

to amend the language and processes 

relating to the Options Regulatory Fee 

(‘‘ORF’’) on the BOX Options Market 

LLC (‘‘BOX’’) options facility. The text 

of the proposed rule change is available 

from the principal office of the 

Exchange, at the Commission’s Public 

Reference Room and also on the 

Exchange’s internet website at https://

rules.boxexchange.com/rulefilings. 

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 the 

Fee Schedule, to harmonize the 

language and processes relating to the 

Options Regulatory Fee (‘‘ORF’’) with 

the language and processes used by 

other options exchanges.5 By way of 

background, the ORF is designed to 

recover a material portion of the costs to 

the Exchange of the supervision and 

regulation of Participant customer 

options business, including performing 

routine surveillances, investigations, 

examinations, financial monitoring, as 

well as policy, rulemaking, interpretive 

and enforcement activities. 

The revenue generated from the ORF, 

when combined with all of the 

Exchange’s other regulatory fees and 

fines, covers a material portion, but not 

all, of the Exchange’s regulatory costs. 

The Exchange monitors the amount of 

revenue collected from the ORF to 

ensure that it, in combination with its 

other regulatory fees and fines, does not 

exceed the Exchange’s total regulatory 

costs. The Exchange monitors its 

regulatory costs and revenues at a 

minimum on a semi-annual basis. If the 

Exchange determines regulatory 

revenues exceed or are insufficient to 

cover a material portion of its regulatory 

costs, the Exchange will adjust the ORF 

by submitting a fee change filing to the 

Securities and Exchange Commission 

(the ‘‘Commission’’). The Exchange 

notifies Participants of adjustments to 

the ORF via an Informational Circular. 

Currently, the Exchange provides 

Participants with such notice at least 30 

calendar days prior to the effective date 

of the change. The Options Regulatory 

Fee section of the Fee Schedule sets 

forth the details and description of how 

and when the ORF is assessed. For 

example, the Fee Schedule explicitly 

specifies that the Exchange may only 

increase or decrease the ORF semiannually, and any such fee change will 

be effective on the first business day of 

February or August. The Fee Schedule 

further states that the Exchange will 

notify Participants of any change in the 

amount of the fee at least 30 calendar 

days prior to the effective date of the 

change. 

The Exchange proposes to update the 

Fee Schedule language relating to the 

timing of ORF changes. Particularly, the 

Exchange proposes to eliminate the 

strict requirement that the ORF may 

only be modified on the first business 

day of February or August, and also the 

explicit requirement that it must 

provide at least 30 calendar days prior 

to the effective date. The Exchange first 

proposes to eliminate the requirement 

that ORF may only be modified on the 

first business day of February or August 

to afford the Exchange increased 

flexibility in amending the ORF. As 

noted above, the ORF is based in part on 

options transactions volume, and as 

such the amount of ORF collected is 

variable. If options transactions reported 

to OCC in a given month increase, the 

ORF collected from Participants may 

increase as well. Similarly, if options 

transactions reported to OCC in a given 

month decrease, the ORF collected from 

Participants may decrease as well. 

Accordingly, the Exchange monitors the 

amount of ORF collected to ensure that 

it does not exceed the Exchange’s total 

regulatory costs. If the Exchange 

determines the amount of ORF collected 

exceeds costs over an extended period, 

the proposed rule change allows the 

Exchange to adjust the ORF by 

submitting a fee change filing to the 

Commission in a month other than just 

February or August. Although the 

Exchange proposes to eliminate the 

explicit language in the Fee Schedule 

that provides the Exchange will adjust 

the ORF only semi-annually, and only 

on the first business day of February or 

August, it would continue to monitor its 

regulatory costs and revenues at a 

minimum on a semi-annual basis and 

submit a proposed rule change for each 

modification of the ORF as needed. The 

Exchange also proposes to eliminate the 

explicit language in the Fee Schedule 

that it will notify participants of any 

change in the amount of the fee at least 

30 calendar days prior to the effective 

date of the change. Although the 

Exchange proposes to eliminate this 

language from the Fee Schedule, it notes 

that it will endeavor to notify 

Participants of any planned change to 

the ORF by Exchange Informational 

Circular at least 30 calendar days prior 

to the effective date of such change. The 

Exchange believes this proposed change 

also provides the Exchange additional 

flexibility. For example, the Exchange 

often provides fee change notices on the 

first business day of the month. It may 

be the case that such date is less than 

30 days from the effective date of 

proposed change (e.g., if the Exchange 

wished to amend the ORF, effective, 

August 1, 2023, the Exchange would not 

have met the 30-day notice requirement 

if it had announced on the first business 

day of July, as it has been historic 

practice, since the first business day 

falls on July 3, 2023). As such, the 

proposed rule changes provides added 

flexibility while still committing to 

provide notice on the timing of any 

changes to the ORF and ensuring that 

Participants are prepared to configure 

their systems to properly account for the 

ORF. 

The Exchange notes that the proposed 

changes result in ORF processes and Fee 

Schedule language that aligns with 

other options exchanges.6 Particularly, 

although typically the practice, other 

options exchanges are not limited to 

only adjusting ORF to only the first 

business day of August or February.7

Moreover, another options exchange 

recently amended their fees to allow for 

flexibility to adjust ORF during months 

other than February or August.8 The 

Exchange notes that other options 

exchanges do not explicitly provide in 


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66102 Federal Register / Vol. 88, No. 185 / Tuesday, September 26, 2023 / Notices 

9See Cboe Exchange, Inc. Fees Schedule and 

Cboe C2 Exchange, Inc. Options Fees Schedule. 

10See e.g., Securities Exchange Act Release No. 

92597 (August 6, 2021), 86 FR 44451 (August 12, 

2021 (SR–CBOE–2021–044). See also Securities 

Exchange Act Release No. 92596 (August 6, 2021), 

86 FR 44461 (August 12, 2021 (SR–C2–2021–012). 

11 15 U.S.C. 78f(b). 

12 15 U.S.C. 78f(b)(5). 

13See supra note 8. 

14See supra note 5. 

15 Id. 

16 15 U.S.C. 78s(b)(3)(A). 

17 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. 

18 17 CFR 240.19b–4(f)(6). 

19 17 CFR 240.19b–4(f)(6)(iii). 

their fees schedules that it will provide 

notice at least 30 calendar days in 

advance of any ORF change.9 Other 

exchanges have represented in various 

ORF fee filings that they endeavor to 

notify members of any planned change 

to the ORF by Exchange notice at least 

30 calendar days prior to the effective 

date of such change, just as the 

Exchange represents here.10 The 

Exchange believes the proposed change 

provides uniformity across options 

exchanges and reduces potential 

confusion. It also provides the Exchange 

added flexibility as to when 

modifications to the ORF may occur. 

2. Statutory Basis 

The Exchange believes that the 

proposal is consistent with the 

requirements of section 6(b) of the 

Securities Exchange Act of 1934 (the 

‘‘Act’’),11 in general, and section 6(b)(5) 

of the Act,12 in particular, in that it is 

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 

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. In particular, the 

Exchange believes the proposed changes 

to the Fee Schedule with respect to how 

ORF is assessed and collected are 

appropriate as it provides the Exchange 

more flexibility in its assessment of ORF 

based on its periodic monitoring of ORF 

rates. The Exchange also represents that 

it will continue to monitor its regulatory 

costs and revenues at a minimum on a 

semi-annual basis, just as it, and other 

options exchanges do today. The 

Exchange believes that the proposed 

elimination of language specifying that 

the Exchange may only increase or 

decrease the ORF on the first business 

day February or August is reasonable 

because it is designed to afford the 

Exchange increased flexibility in 

making necessary adjustments to the 

ORF, as the Exchange is required to 

monitor the amount collected from the 

ORF to ensure that it, in combination 

with its other regulatory fees and fines, 

does not exceed total regulatory costs. 

The Exchange also represents that it will 

endeavor to provide notice of any 

changes at least 30 days in advance of 

the effective date of such change, 

thereby providing Participants with 

adequate time to make any necessary 

adjustments to accommodate any 

proposed changes. Taking out the strict 

requirements from the Fee Schedule, 

however, will provide the Exchange 

flexibility in modifying ORF and being 

able to adjust ORF even if it doesn’t 

meet the strict 30-day deadline in event 

extenuating circumstances prevent the 

Exchange from meeting this deadline or 

in the event such notice is a day or two 

less than 30 days due to when the first 

business days of the month fall. For 

example, as noted above, the Exchange 

often provides fee change notices on the 

first business day of the month. It may 

be the case that such date is less than 

30 days from the effective date of 

proposed change (e.g., if the Exchange 

wished to amend the ORF, effective, 

August 1, 2023, the Exchange would not 

have met the 30-day notice requirement 

if it had announced on the first business 

day of July, as it has been historic 

practice, since the first business day 

falls on July 3, 2023). 

The Exchange believes the proposed 

rule changes are reasonable, equitable 

and not unfairly discriminatory because 

they conform to the process and Fee 

Schedule language used by other 

options exchanges, thereby providing 

consistency across the options 

exchanges and reducing potential 

confusion. The proposed changes also 

apply uniformly to all Participants 

subject to ORF. As noted above, another 

options exchange is also not confined to 

making ORF changes on the first 

business day of February or August.13

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 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 

substantially similar in all material 

respects to a proposal recently 

submitted by Cboe EDGX Exchange, Inc. 

(‘‘EDGX’’).14 This proposal does not 

create an unnecessary or inappropriate 

inter-market burden on competition 

because it merely amends the Fee 

Schedule to modify the timing and 

notice requirements relating to the 

modification of the ORF and conforms 

to the timing and notice requirements 

used by other options exchanges within 

their fee schedules.15 Further, ORF is a 

regulatory fee that supports regulation 

in furtherance of the purposes of the 

Act. The Exchange is obligated to ensure 

that the amount of regulatory revenue 

collected from the ORF, in combination 

with its other regulatory fees and fines, 

does not exceed regulatory costs and the 

proposed rule change does not seek to 

change that. 

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 

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 after the date of 

the filing, or such shorter time as the 

Commission may designate if consistent 

with the protection of investors and the 

public interest, it has become effective 

pursuant to section 19(b)(3)(A) of the 

Act 16 and Rule 19b–4(f)(6) 17

thereunder. 

A proposed rule change filed under 

Rule 19b–4(f)(6) 18 normally does not 

become operative prior to 30 days after 

the date of the filing. However, pursuant 

to Rule 19b–4(f)(6)(iii),19 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 proposed 

rule change may become operative upon 

filing. The Exchange is requesting the 

waiver because it will allow the 

Exchange more flexibility with respect 

to the timing of changes to its ORF and 

allow the Exchange to mirror similar 

provisions already in place on other 

exchanges. Finally, the Exchange states 

that the proposed change would not 

introduce any novel regulatory issues. 

For these reasons, and because the 

proposed rule change does not raise any 


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Federal Register / Vol. 88, No. 185 / Tuesday, September 26, 2023 / Notices 66103 

20For 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). 

21 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 96703 

(January 18, 2023), 88 FR 4265 (‘‘Notice’’). 

4 15 U.S.C. 78s(b)(2). 

5See Securities Exchange Act Release No. 97063, 

88 FR 15476 (March 13, 2023). The Commission 

designated April 24, 2023, as the date by which the 

Commission shall approve or disapprove, or 

institute proceedings to determine whether to 

approve or disapprove, the proposed rule change. 

6 In Amendment No. 1, the Exchange filed Exhibit 

3, which provides additional detail regarding the 

Exchange’s analysis of the market quality impact of 

p.m.-settled index options. Amendment No. 1 is 

available at: https://www.sec.gov/comments/srcboe-2023-005/srcboe2023005.htm. 

7Amendment No. 1 was published for comment 

in the Federal Register on April 28, 2023. See 

Securities Exchange Act Release No. 97367 (April 

24, 2023), 88 FR 26366 (April 28, 2023) (order 

instituting proceedings and noticing Amendment 

No. 1). 

8See Securities Exchange Act Release No. 97956, 

88 FR 48278 (July 26, 2023). The Commission 

designated September 21, 2023, as the date by 

which the Commission shall either approve or 

disapprove the proposed rule change. 

9The seller of a ‘‘cash-settled’’ index option pays 

out the cash value of the applicable index on 

expiration or exercise. A ‘‘physical delivery’’ 

option, like equity and ETF options, involves the 

transfer of the underlying asset rather than cash. 

See Characteristics and Risks of Standardized 

Options, available at: https://www.theocc.com/ 

Company-Information/Documents-and-Archives/ 

Options-Disclosure-Document. 

10See Securities Exchange Act Release No. 65256 

(September 2, 2011), 76 FR 55969, at 55972 

(September 9, 2011) (SR–C2–2011–008) (Order 

approving proposed rule change to establish a pilot 

program to list and trade SPXPM options on the C2 

Options Exchange, Incorporated (‘‘C2’’)) (‘‘C2 

SPXPM Approval’’). SPXPM was traded on a pilot 

basis on C2 until the introduction of SPXPM trading 

on Cboe Options. See Securities Exchange Act 

Release No. 68888 (February 8, 2013), 78 FR 10668, 

Continued 

novel legal or regulatory issues, the 

Commission believes that waiving the 

30-day operative delay is consistent 

with the protection of investors and the 

public interest. Therefore, the 

Commission hereby waives the 30-day 

operative delay and designates the 

proposal operative upon filing.20

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 

• Use the Commission’s internet 

comment form (https://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include file number SR– 

BOX–2023–24 on the subject line. 

Paper Comments 

• 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–BOX–2023–24. 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 (https://www.sec.gov/ 

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

provisions of 5 U.S.C. 552, will be 

available for website viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street NE, 

Washington, DC 20549, on official 

business days between the hours of 10 

a.m. and 3 p.m. Copies of the filing also 

will be available for inspection and 

copying at the principal office of the 

Exchange. Do not include personal 

identifiable information in submissions; 

you should submit only information 

that you wish to make available 

publicly. We may redact in part or 

withhold entirely from publication 

submitted material that is obscene or 

subject to copyright protection. All 

submissions should refer to file number 

SR–BOX–2023–24 and should be 

submitted on or before October 17, 

2023. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.21

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–20805 Filed 9–25–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98454; File No. SR–CBOE– 

2023–005] 

Self-Regulatory Organizations; Cboe 

Exchange, Inc.; Order Granting 

Approval of a Proposed Rule Change, 

as Modified by Amendment No. 1, To 

Make Permanent The Operation of the 

Program That Allows the Exchange To 

List P.M.-Settled Third Friday-of-theMonth S&P 500 Stock Index Options 

(‘‘SPX’’) Series 

September 20, 2023. 

I. Introduction 

On January 6, 2023, Cboe Exchange, 

Inc. (‘‘Exchange’’ or ‘‘Cboe Options’’) 

filed with the Securities and Exchange 

Commission (‘‘Commission’’), pursuant 

to section 19(b)(1) of the Securities 

Exchange Act of 1934 (‘‘Act’’) 1 and Rule 

19b–4 thereunder,2 a proposed rule 

change to make permanent the 

operation of its pilot program 

(‘‘Program’’) that permits the Exchange 

to list p.m.-settled third Friday-of-themonth SPX options (‘‘SPXPM’’). The 

proposed rule change was published for 

comment in the Federal Register on 

January 24, 2023.3 On March 7, 2023, 

pursuant to section 19(b)(2) of the Act,4

the Commission designated a longer 

period within which to approve the 

proposed rule change, disapprove the 

proposed rule change, or institute 

proceedings to determine whether to 

disapprove the proposed rule change.5

On March 17, 2023, the Exchange filed 

Amendment No. 1 to the proposed rule 

change (‘‘Amendment No. 1’’).6 On 

April 24, 2023, the Commission 

instituted proceedings to determine 

whether to approve or disapprove the 

proposed rule change and published 

Amendment No. 1 for notice and 

comment.7 On July 20, 2023, the 

Commission designated a longer period 

for Commission action on proceedings 

to determine whether to approve or 

disapprove the proposed rule change, as 

modified by Amendment No. 1.8 The 

Commission did not receive any 

comment letters and is approving the 

proposed rule change, as modified by 

Amendment No. 1. 

II. Background 

When cash-settled 9 index options 

were first introduced in the 1980s, they 

generally utilized closing-price 

settlement procedures (i.e., p.m. 

settlement).10 The Commission became 


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