67408 Federal Register / Vol. 88, No. 188 / Friday, September 29, 2023 / Notices 

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

2 17 CFR 240.19b–4. 

3See Notice of Filing infra note 4, at 88 FR 59976. 

4Securities Exchange Act Release No. 98215 

(Aug. 24, 2023), 88 FR 59976 (Aug. 30, 2023) (File 

No. SR–OCC–2023–007) (‘‘Notice of Filing’’). OCC 

also filed a related advance notice (SR–OCC–2023– 

801) (‘‘Advance Notice’’) with the Commission 

pursuant to Section 806(e)(1) of Title VIII of the 

Dodd-Frank Wall Street Reform and Consumer 

Protection Act, entitled the Payment, Clearing, and 

Settlement Supervision Act of 2010 and Rule 19b– 

4(n)(1)(i) under the Exchange Act. 12 U.S.C. 

5465(e)(1). 15 U.S.C. 78s(b)(1) and 17 CFR 240.19b– 

4, respectively. The Advance Notice was published 

in the Federal Register on August 30, 2023. 

Securities Exchange Act Release No. 98214 (Aug. 

24, 2023), 88 FR 59988 (Aug. 30, 2023) (File No. 

SR–OCC–2023–801). 

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

6 15 U.S.C. 78 s(b)(2)(ii). 

7 Id. 

8 Id. 

9 17 CFR 200.30–3(a)(12). 

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). 

5See Rule 5.33(d). 

6See Rule 5.38. 

7See Rule 5.40. 

8See Rules 5.33(d)(3), 5.38(d)(1), and 5.40(d)(1). 

Commission (‘‘Commission’’) the 

proposed rule change SR–OCC–2023– 

007 (‘‘Proposed Rule Change’’) pursuant 

to Section 19(b) of the Securities 

Exchange Act of 1934 (‘‘Exchange 

Act’’) 1 and Rule 19b–4 2 thereunder to 

modify the Amended and Restated 

Stock Options and Futures Settlement 

Agreement dated August 5, 2017 

between OCC and National Securities 

Clearing Corporation and make certain 

revisions to OCC By-Laws, OCC Rules, 

OCC’s Comprehensive Stress Testing & 

Clearing Fund Methodology, and 

Liquidity Risk Management Description 

and OCC’s Liquidity Risk Management 

Framework in connection with the 

proposed modifications to the Existing 

Accord.3 The Proposed Rule Change 

was published for public comment in 

the Federal Register on August 30, 

2023.4 The Commission has received no 

comments regarding the Proposed Rule 

Change. 

Section 19(b)(2)(i) of the Exchange 

Act 5 provides that, within 45 days of 

the publication of notice of the filing of 

a proposed rule change, 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 unless 

the Commission extends the period 

within which it must act as provided in 

Section 19(b)(2)(ii) of the Exchange 

Act.6 Section 19(b)(2)(ii) of the 

Exchange Act allows the Commission to 

designate a longer period for review (up 

to 90 days from the publication of notice 

of the filing of a proposed rule change) 

if the Commission finds such longer 

period to be appropriate and publishes 

its reasons for so finding, or as to which 

the self-regulatory organization 

consents.7

The 45th day after publication of the 

Notice of Filing is October 14, 2023. In 

order to provide the Commission with 

sufficient time to consider the Proposed 

Rule Change, the Commission finds that 

it is appropriate to designate a longer 

period within which to take action on 

the Proposed Rule Change and therefore 

is extending this 45-day time period. 

Accordingly, the Commission, 

pursuant to Section 19(b)(2) of the 

Exchange Act,8 designates November 

28, 2023, as the date by which the 

Commission shall either approve, 

disapprove, or institute proceedings to 

determine whether to disapprove 

proposed rule change SR–OCC–2023– 

007. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.9

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–21344 Filed 9–28–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98502; File No. SR–CBOE– 

2023–051] 

Self-Regulatory Organizations; Cboe 

Exchange, Inc.; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend Its Rules 

Regarding Early Termination of 

Complex Order Auctions 

September 25, 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 15, 2023, 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, II, and 

III, below, which Items have been 

prepared by the Exchange. The 

Exchange filed the proposal as a ‘‘noncontroversial’’ 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. 

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 early termination of 

complex order auctions. 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 (http://www.cboe.com/ 

AboutCBOE/

CBOELegalRegulatoryHome.aspx), at 

the Exchange’s Office of the Secretary, 

and at the Commission’s Public 

Reference Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

Exchange included statements 

concerning the purpose of and basis for 

the proposed rule change and discussed 

any comments it received on the 

proposed rule change. The text of these 

statements may be examined at the 

places specified in Item IV below. The 

Exchange has prepared summaries, set 

forth in sections A, B, and C below, of 

the most significant aspects of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to amend 

certain of its rules regarding the early 

termination of complex order auctions. 

The Exchange offers several auction 

mechanisms for complex orders, 

including the Complex Order Auction 

(‘‘COA’’),5 the Complex Automated 

Improvement Mechanism (‘‘C–AIM’’),6

and the Complex Solicitation Auction 

Mechanism (‘‘C–SAM’’).7 The Rules 

regarding each of these complex order 

auction mechanisms contain provisions 

that describe what events may cause the 

applicable auction to terminate prior to 

the end of the auction timer.8 These 

provisions generally correspond to the 

pricing requirements to begin an 

auction. This ensures that the auction 

will not continue if the market changes 

in a manner that would create a 

situation in which the auction would 

not have been permitted to begin. 


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Federal Register / Vol. 88, No. 188 / Friday, September 29, 2023 / Notices 67409 

9See Rule 5.33(b)(5) (definition of COA-eligible 

order). 

10A ‘‘Priority Customer’’ means a person or entity 

that is Public Customer and not a Professional. A 

‘‘Public Customer’’ means a person that is not a 

broker-dealer, and a ‘‘Professional’’ means any 

person or entity that (a) is not a broker or dealer 

in securities, and (b) places more than 390 orders 

in listed options per day on average during a 

calendar month for its own beneficial account(s). 

See Rule 1.1 (definitions of Priority Customer, 

Public Customer, and Professional). 

11See Rule 5.33(b)(5) (definition of COA-eligible 

order). 

12See generally Rule 5.38; see also Rule 5.38(a) 

(C–AIM auction eligibility requirements) and (b) 

(C–AIM stop price requirements). 

13See generally Rule 5.40; see also Rule 5.40(a) 

(C–SAM auction eligibility requirements) and (b) 

(C–SAM stop price requirements). The primary 

differences between C–AIM and C–SAM are that (a) 

the minimum size (as determined by the Exchange) 

of an order submitted into C–SAM cannot be 

smaller than 500 option contracts on the smallest 

leg, while the minimum size of a C–AIM order may 

not be smaller than one contract (compare Rules 

5.38(a)(3) and 5.40(a)(3)) and (b) and that execution 

of orders submitted into C–SAM are handled as allor-none orders. 

14See Rules 5.38(b)(1) and (3) and 5.40(b)(1) and 

(3). 

15The proposed rule change capitalizes the 

lettering of the subparagraphs in Rules 5.38(d)(1) 

and 5.40(d)(1) to conform to the lettering used 

throughout the Rulebook. 

COA 

COA is a single-sided auction in 

which an eligible order will be exposed 

for price improvement. Specifically, 

upon receipt of a COA-eligible order,9

the System sends a COA auction 

message to subscribers of data feeds that 

deliver COA auction messages, which 

message identifies certain terms of the 

COA-eligible order. To be COA-eligible, 

a buy (sell) order must, among other 

things, have a price equal to or higher 

(lower) than the synthetic best offer 

(bid) (‘‘SBO (SBB)’’), provided that if 

any of the bids or offers on the simple 

book that comprise the SBB (SBO) is 

represented by a Priority Customer 

order,10 the price must be at least one 

minimum increment higher (lower) than 

the SBB (SBO).11 Corresponding to this 

requirement, current Rule 5.33(d)(3)(B) 

and (C) provide that a COA will 

terminate prior to the end of the COA 

auction timer: 

• when the System receives a nonPriority Customer Order in a leg of the 

complex order that would improve the 

SBBO on the same side as the COAeligible order that initiated the COA to 

a price better than the COA price, in 

which case the System terminates the 

COA and processes the COA-eligible 

order pursuant to subparagraph (5) 

below, enters the new order in the 

simple book, and updates the SBBO; or 

• if the System receives a Priority 

Customer Order in a leg of the complex 

order that would join or improve the 

SBBO on the same side as the COAeligible order that initiated the COA to 

a price equal to or better than the COA 

price, in which case the System 

terminates the COA and processes the 

COA-eligible order pursuant to 

subparagraph (5) below, enters the new 

order in the simple book, and updates 

the SBBO. 

The Exchange proposes to amend 

Rule 5.33(d)(3)(B) and (C) to provide 

that any incoming order may cause the 

SBBO to change in a manner that causes 

a COA auction to terminate early. 

Specifically, the proposed rule change 

amends these Rule provisions to state 

the following: 

(B) when the System receives an order in 

a leg of the complex order that would 

improve the SBBO on the same side as the 

COA-eligible order that initiated the COA to 

a price better than the COA price, in which 

case the System terminates the COA and 

processes the COA-eligible order pursuant to 

[Rule 5.33(d)(5)], enters the new order in the 

Simple Book, and updates the SBBO; or 

(C) if the System receives an order in a leg 

of the complex order that would join or 

improve the SBBO on the same side as the 

COA-eligible order that initiated the COA to 

a price equal to the COA price and cause any 

component of the SBBO to be represented by 

a Priority Customer, in which case the 

System terminates the COA and processes 

the COA-eligible order pursuant to [Rule 

5.33(d)(5)], enters the new order in the 

Simple Book, and updates the SBBO. 

Pursuant to the proposed change to 

subparagraph (B), a COA will continue 

to terminate early if the Exchange 

receives any simple order (Priority or 

non-Priority Customer) that would 

cause the SBBO to be better than the 

stop price (as covered by current 

subparagraphs (B) and (C)). Pursuant to 

the proposed change to subparagraph 

(C), a COA will terminate early if the 

Exchange receives any simple order (not 

just a Priority Customer order as set 

forth in current subparagraph (C)) that 

would cause the SBBO to be equal to the 

stop price and have the best bid or offer 

(‘‘BBO’’) of a leg represented by a 

Priority Customer order. 

C–AIM and C–SAM 

C–AIM permits a Trading Permit 

Holder (‘‘TPH’’) to submit for execution 

a complex order it represents as agent 

(‘‘Agency Order’’) against principal or 

solicited interest (an ‘‘Initiating Order’’) 

that stops the entire Agency Order at a 

price that satisfies specified criteria.12

Similarly, C–SAM permits a TPH to 

submit for execution an Agency Order 

against an Initiating Order (that, unlike 

for C–AIM, may only be solicited) that 

stops the entire Agency Order at a price 

that satisfies specified criteria.13 With 

respect to both C–AIM and C–SAM, the 

stop price for the buy (sell) Agency 

Order must, among other things: 

• with respect to same-side simple 

orders, be (a) at least one minimum 

increment better than the SBB (SBO) if 

the applicable side of the BBO on any 

component of the complex strategy is 

represented by a Priority Customer 

order on the simple book; or (b) at or 

better than the SBB (SBO) if the 

applicable side of the BBO of each 

component of the complex strategy is 

represented by a non-Priority Customer 

order or quote on the simple book; and 

• with respect to opposite-side simple 

orders, be (a) at least one minimum 

increment better than the SBO (SBB) if 

the BBO of any component of the 

complex strategy is represented by a 

Priority Customer order on the simple 

book; or (b) at or better than the SBO 

(SBB) if the BBO of each component of 

the complex strategy represents a nonPriority Customer quote or order on the 

simple book.14

Corresponding to these requirements, 

current Rules 5.38(d)(1)(d), (e), and (f) 

and 5.40(d)(1)(d), (e), and (f) 15 provide 

that a C–AIM or C–SAM auction, 

respectively, will terminate prior to the 

end of the C–AIM or C–SAM, as 

applicable, auction timer: 

• upon receipt by the System of an 

unrelated non-Priority Customer order 

or quote that would post to the simple 

book and cause the SBBO on the same 

side as the Agency Order to be better 

than the stop price; 

• upon receipt by the System of an 

unrelated Priority Customer order in 

any component of the complex strategy 

that would post to the simple book and 

cause the SBBO on the same side as the 

Agency Order to be equal to or better 

than the stop price; or 

• upon receipt by the System of a 

simple non-Priority Customer order that 

would cause the SBBO on the opposite 

side of the Agency Order to be better 

than the stop price, or a Priority 

Customer order that would cause the 

SBBO on the opposite side of the 

Agency Order to be equal to or better 

than the stop price. 

The Exchange proposes to amend 

Rules 5.38(d)(1)(d), (e), and (f) ((D) and 

(E) as proposed) and 5.40(d)(1)(d), (e), 

and (f) ((D) and (E) as proposed) to 

provide that any incoming order may 

cause the SBBO to change in a manner 

that causes a C–AIM or C–SAM auction, 

respectively, to terminate early. 

Specifically, the proposed rule change 

amends these Rule provisions to state 

the following: 

(D) upon receipt by the System of an 

unrelated order or quote that would post to 


lotter on DSK11XQN23PROD with NOTICES1
67410 Federal Register / Vol. 88, No. 188 / Friday, September 29, 2023 / Notices 

16 15 U.S.C. 78f(b). 

17 15 U.S.C. 78f(b)(5). 18 Id. 

the Simple Book and cause the SBBO on the 

same side as the Agency Order to be (i) better 

than the stop price, or (ii) equal to the stop 

price if any component of the SBBO is then 

represented by a Priority Customer; 

(E) upon receipt by the System of an 

unrelated order that would post to the 

Simple Book and cause the SBBO on the 

opposite side of the Agency Order to be (i) 

better than the stop price, or (ii) equal to the 

stop price if any component of the SBBO is 

then represented by a Priority Customer; 

Pursuant to the proposed 

subparagraph (D) of each of Rules 

5.38(d)(1) and 5.40(d)(1), a C–AIM or C– 

SAM will continue to terminate early if 

the Exchange receives any simple order 

(Priority or non-Priority Customer) that 

would cause the SBBO on the same side 

as the Agency Order to be better than 

the stop price (as covered by current 

subparagraphs (d) and (e)). 

Additionally, pursuant to the proposed 

subparagraph (D) of each of Rules 

5.38(d)(1) and 5.40(d)(1), a C–AIM or C– 

SAM will terminate early if the 

Exchange receives any simple order (not 

just a Priority Customer order as set 

forth in current subparagraph (e)) that 

would cause the SBBO on the same side 

as the Agency Order to be equal to the 

stop price if any component of the 

SBBO is then represented by a Priority 

Customer order. Similarly, pursuant to 

proposed subparagraph (E) of each of 

Rules 5.38(d)(1) and 5.40(d)(1), a C–AIM 

or C–SAM will continue to terminate 

early if the Exchange receives any 

simple order (Priority or non-Priority 

Customer) that would cause the SBBO 

on the opposite side of the Agency 

Order to be better than the stop price (as 

covered by current subparagraph (f)). 

Additionally, pursuant to proposed 

subparagraph (E) of each of Rules 

5.38(d)(1) and 5.40(d)(1), a C–AIM or C– 

SAM will terminate early if the 

Exchange receives any simple order (not 

just a Priority Customer order as set 

forth in current subparagraph (f)) that 

would cause the SBBO on the opposite 

side of the Agency Order to be equal to 

the stop price if any component of the 

SBBO is then represented by a Priority 

Customer order. 

Purpose of Proposed Rule Changes 

One purpose of the COA, C–AIM, and 

C–SAM auction price requirements is to 

protect interest on the simple book, 

including Priority Customer interest, as 

execution of the auction or Agency 

order, as applicable, could not occur at 

a price outside the SBBO or at the same 

price as the SBBO if it includes simple 

Priority Customer interest on any leg. 

The purpose of early termination 

provisions corresponding to those 

auction price requirements is to 

terminate an auction if the market 

changes in a manner that would create 

a situation in which the auction would 

not have been permitted to begin. The 

proposed changes to each of the COA, 

C–AIM, and C–SAM early termination 

provisions add the scenario in which 

the applicable auction will terminate 

early if the Exchange receives a NonPriority Customer order that would 

cause the SBBO to be equal to the stop 

price and have the BBO of a leg 

represented by a Priority Customer 

order (as current rules contemplate only 

that an incoming Priority Customer 

order could cause the SBBO to improve 

to a price equal to the auction price). 

This situation could occur, for example, 

if there was a Priority Customer order 

representing the BBO of one leg of the 

component strategy at the beginning of 

the auction but the stop price was better 

than the SBBO, and an incoming order 

(Priority or Non-Priority Customer) 

during the auction caused the SBBO to 

change such that it then equals the stop 

price with a Priority Customer order 

representing one of the legs. The 

Exchange believes these proposed 

changes will further protect Priority 

Customer orders on the simple book by 

ensuring that no execution within COA, 

C–AIM, or C–SAM will occur at a price 

that equals the SBBO (and the 

applicable side) if the BBO of any 

component of the applicable complex 

strategy is represented by a Priority 

Customer, regardless of what type of 

incoming order caused the change in the 

SBBO. 

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.16 Specifically, 

the Exchange believes the proposed rule 

change is consistent with the Section 

6(b)(5) 17 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) 18 requirement that 

the rules of an exchange not be designed 

to permit unfair discrimination between 

customers, issuers, brokers, or dealers. 

In particular, the Exchange believes 

the proposed rule change will remove 

impediments to and perfect the 

mechanism of a free and open market 

and protect investors, because it will 

update scenarios that will cause 

complex auctions to terminate early in 

a manner that protects interest resting 

on the simple book, including Priority 

Customer interest. The proposed 

changes to each of the COA, C–AIM, 

and C–SAM early termination 

provisions add the scenario in which 

the applicable auction will terminate 

early if the Exchange receives a NonPriority Customer order that would 

cause the SBBO to be equal to the stop 

price and have the BBO of a leg 

represented by a Priority Customer 

order. These proposed changes will 

eliminate a current gap in current Rules, 

which contemplate only that an 

incoming Priority Customer order could 

cause the SBBO to improve to a price 

equal to the auction price). These 

proposed rule changes increase 

consistency among the auction price 

requirement and early termination 

provisions, thus removing impediments 

to a free and open market. As a result, 

the Exchange believes the proposed rule 

change will further protect Priority 

Customer orders on the simple book by 

ensuring that no execution within a 

COA, C–AIM, or C–SAM auction will 

occur at a price that equals the SBBO 

(and the applicable side) if the BBO of 

any component of the applicable 

complex strategy is represented by a 

Priority Customer, regardless of what 

type of incoming order caused the 

change in the SBBO, which ultimately 

protects investors and the public 

interest. 

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 intramarket competition that 

is not necessary or appropriate in 

furtherance of the purposes of the Act, 

as the proposed changes will apply to 

all TPHs in the same manner. The 

Exchange does not believe that the 

proposed rule change will impose any 

burden on intermarket competition that 

is not necessary or appropriate in 


lotter on DSK11XQN23PROD with NOTICES1
Federal Register / Vol. 88, No. 188 / Friday, September 29, 2023 / Notices 67411 

19 15 U.S.C. 78s(b)(3)(A). 

20 17 CFR 240.19b–4(f)(6). 21 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3The term ‘‘Member’’ means an individual or 

organization approved to exercise the trading rights 

associated with a Trading Permit. Members are 

deemed ‘‘members’’ under the Exchange Act. See 

Exchange Rule 100. 

furtherance of the purposes of the Act, 

as it relates solely to provisions 

regarding when complex auctions 

occurring on the Exchange may 

terminate early. The proposed rule 

changes are not intended to be 

competitive. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

The Exchange neither solicited nor 

received comments on the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Because the foregoing proposed rule 

change does not: 

A. significantly affect the protection 

of investors or the public interest; 

B. impose any significant burden on 

competition; and 

C. 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) of the 

Act 19 and Rule 19b–4(f)(6) 20

thereunder. 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 

to determine whether the proposed rule 

change 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 (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include file number SR– 

CBOE–2023–051 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–CBOE–2023–051. 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 (http://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–CBOE–2023–051 and should be 

submitted on or before October 20, 

2023. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.21

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–21342 Filed 9–28–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98513; File No. SR– 

EMERALD–2023–25] 

Self-Regulatory Organizations; MIAX 

Emerald, LLC; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Provide Eligible 

Members Another Opportunity To Elect 

To Participate in the Maintaining 

Qualifications Program 

September 25, 2023. 

Pursuant to the provisions of 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 22, 2023, MIAX Emerald, 

LLC (‘‘MIAX Emerald’’ or ‘‘Exchange’’) 

filed with the Securities and Exchange 

Commission (‘‘Commission’’) a 

proposed rule change as described in 

Items I and II below, which Items have 

been prepared by the Exchange. The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange is filing a proposal to 

amend Interpretation and Policy .01 to 

Exchange Rule 1903, Continuing 

Education, to provide eligible 

Members 3 another opportunity to elect 

to participate in the Maintaining 

Qualifications Program (‘‘MQP’’). 

The text of the proposed rule change 

is available on the Exchange’s website at 

https://www.miaxglobal.com/markets/ 

us-options/emerald-options/rule-filings, 

at MIAX Emerald’s principal office, and 

at the Commission’s Public Reference 

Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

Exchange included statements 

concerning the purpose of and basis for 

the proposed rule change and discussed 

any comments it received on the 

proposed rule change. The text of these 

statements may be examined at the 

places specified in Item IV below. The 

Exchange has prepared summaries, set 

forth in sections A, B, and C below, of 


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