Federal Register / Vol. 88, No. 221 / Friday, November 17, 2023 / Notices 80353 

22 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)(ii). 

4 17 CFR 240.19b–4(f)(2). 

5Options overlying Standard and Poor’s 

Depositary Receipts/SPDRs (‘‘SPY’’) are based on 

the SPDR exchange-traded fund (‘‘ETF’’), which is 

designed to track the performance of the S&P 500 

Index. 

Commission, 100 F Street NE, 

Washington, DC 20549–1090. 

All submissions should refer to file 

number SR–CboeBZX–2023–091. 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–CboeBZX–2023–091 and should be 

submitted on or before December 8, 

2023. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.22

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–25383 Filed 11–16–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98906; File No. SR–BOX– 

2023–25] 

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 

Sections IV.A (Non-Auction 

Transactions) and IV.A.1 (Tiered 

Volume Rebate for Non-Auction 

Transactions) 

November 13, 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 November 

1, 2023, BOX Exchange LLC 

(‘‘Exchange’’) filed with the Securities 

and Exchange Commission 

(‘‘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 proposed rule change 

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

Act,3 and Rule 19b–4(f)(2) thereunder,4

which renders the proposal effective 

upon filing with the Commission. 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 the Substance 

of the Proposed Rule Change 

The Exchange is filing with the 

Securities and Exchange Commission 

(‘‘Commission’’) a proposed rule change 

to amend Section IV.A (Non-Auction 

Transactions) and Section IV.A.1 

(Tiered Volume Rebate for Non-Auction 

Transactions) of the Fee Schedule 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 

Section IV.A (Non-Auction 

Transactions) and Section IV.A.1 

(Tiered Volume Rebate for Non-Auction 

Transactions) of the BOX Fee Schedule. 

First, the Exchange proposes to increase 

Public Customer taker fees on 

transactions for options overlying the 

Standard and Poor’s Depositary Receipts 

Trust (‘‘SPY’’) in Section IV.A.5 Next, 

the Exchange proposes to reduce Tier 4 

rebates and establish a new Tier 5 in the 

Tiered Volume Rebate for Non-Auction 

Transactions for Percentage National 

Customer Volume in Multiply-Listed 

Options Classes. 

Non-Auction Transactions 

In Section IV.A of the BOX Fee 

Schedule, fees and credits for Electronic 

Non-Auction Transactions are assessed 

depending on three factors: (i) the 

account type of the Participant 

submitting the order; (ii) whether the 

Participant is a liquidity provider or 

liquidity taker; and (iii) the account type 

of the contra party. Currently, when a 

Public Customer SPY order is a liquidity 

taker contra to a Professional Customer, 

Broker Dealer, or a Market Maker, the 

Public Customer is assessed no fee. The 

Exchange now proposes to increase 

Public Customer taker fees on SPY NonAuction Transactions. Accordingly, 

when a Public Customer SPY order is a 

liquidity taker contra to a Professional 

Customer, Broker Dealer, or a Market 

Maker, the Public Customer will be 

assessed a fee of $0.10. 

Tiered Volume Rebate for Non-Auction 

Transactions 

The Exchange also proposes to amend 

Section IV.A.1 of the Fee Schedule. 

Specifically, the Exchange proposes to 

add a Tier and to adjust the Percentage 

Thresholds of National Customer 

Volume in Multiply-Listed Options 

Classes. Currently, Public Customers 


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80354 Federal Register / Vol. 88, No. 221 / Friday, November 17, 2023 / Notices 

6The Exchange notes that Public Customers do 

not initiate transactions on BOX directly. BOX 

Participants initiate Electronic Non-Auction 

Transactions on the behalf of Public Customers and 

are assessed fees or provided rebates by the 

Exchange. 7See e.g., Nasdaq PHLX LLC, Options 7, Section 

3 Part A. (‘‘Simple Order’’ Customer fee for 

removing SPY liquidity of $0.41); Cboe C2 

Exchange, Inc. Fee Schedule (‘‘Transaction Fees’’ 

applicable to SPY for Public Customer Remove rates 

of $0.37); MIAX PEARL, LLC Fee Schedule 

(‘‘Transaction Rebates/Fees’’ for Priority Customer 

SPY Taker in Tier 1 of $0.46). 

8See Nasdaq PHLX LLC (‘‘Nasdaq PHLX’’) 

Options 7, Section 2 (Customer Rebate Program) 

and Cboe Exchange, Inc. (‘‘CBOE’’) Fee Schedule 

(Volume Incentive Program). The Exchange notes 

that these programs use different tier structures, 

volume calculations, and rebate amounts, however, 

their rebate programs operate similarly to BOX’s in 

that they are driven by volume and designed to 

incentivize Public Customer order flow. 

9 15 U.S.C. 78f(b)(4) and (5). 

10See Cboe Global Markets U.S. Options Market 

Month-to-Date Volume Summary (September 29, 

2023), available at https://markets.cboe.com/us/ 

options/market_statistics/. 

11See Securities Exchange Act Release No. 51808 

(June 9, 2005), 70 FR 37496, 37499 (June 29, 2005) 

(‘‘Regulation NMS Adopting Release’’). 

receive a per contract rebate for 

electronic Non-Auction Transactions 

according to the Tier achieved by the 

Public Customer as provided in the 

Percentage Thresholds of National 

Customer Volume in Multiply-Listed 

Options Classes table in Section IV.A.1 

of the BOX Fee Schedule.6 Percentage 

thresholds are calculated on a monthly 

basis by totaling the Public Customer’s 

executed Auction and Non-Auction 

transaction volume on BOX, relative to 

the total national customer volume in 

multiply-listed options classes. 

The Exchange notes that Non-Auction 

Transactions where a Public Customer 

order interacts with another Public 

Customer order are exempt from a per 

contract rebate. However, these 

transactions still count toward the 

Public Customer’s monthly volume on 

BOX. The current thresholds and 

rebates are as follows: 

Tier 

Percentage thresholds of national customer volume in multiplylisted options classes 

(monthly) 

Per contract rebate 

Penny interval 

classes 

Non-penny 

interval classes 

SPY 

Maker Taker Maker Taker Maker Taker 

1 ............... 0.000–0.249 ................................................................................ $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 

2 ............... 0.250–0.499 ................................................................................ (0.05) (0.15) (0.15) (0.27) (0.05) 0.00 

3 ............... 0.500–0.749 ................................................................................ (0.10) (0.20) (0.30) (0.32) (0.10) 0.00 

4 ............... 0.750 and Above ........................................................................ (0.27) (0.27) (0.60) (0.40) (0.27) 0.00 

The Exchange proposes to modify 

Tier 4 from 0.750% and Above to 

0.750%–0.999% and to establish Tier 5 

which will be 1.000% and Above. The 

Exchange also proposes to reduce Tier 

4 rebates to $0.20 and $0.22 for Maker 

and Taker respectively in Penny Interval 

Classes, $0.45 and $0.35 for Maker and 

Taker respectively in Non-Penny 

Interval Classes, and $0.20 and $0.00 for 

Maker and Taker respectively in SPY. 

Finally, the Exchange proposes to 

establish Tier 5 rebates of $0.27 and 

$0.27 for Maker and Taker respectively 

in Penny Interval Classes, $0.60 and 

$0.40 for Maker and Taker respectively 

in Non-Penny Interval Classes, and 

$0.27 and $0.11 for Maker and Taker 

respectively in SPY. The proposed 

rebate structure is as follows: 

Tier 

Percentage thresholds of national customer volume in multiplylisted options classes 

(monthly) 

Per contract rebate 

Penny interval 

classes 

Non-penny 

interval classes 

SPY 

Maker Taker Maker Taker Maker Taker 

1 ............... 0.000–0.249 ................................................................................ $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 

2 ............... 0.250–0.499 ................................................................................ (0.05) (0.15) (0.15) (0.27) (0.05) 0.00 

3 ............... 0.500–0.749 ................................................................................ (0.10) (0.20) (0.30) (0.32) (0.10) 0.00 

4 ............... 0.750–0.999 ................................................................................ (0.20) (0.22) (0.45) (0.35) (0.20) 0.00 

5 ............... 1.000 and Above ........................................................................ (0.27) (0.27) (0.60) (0.40) (0.27) (0.11) 

The Exchange notes that the proposed 

SPY taker fees are lower than 

comparable taker fees at several other 

exchanges.7 The Exchange notes further 

that other exchanges employ similar 

incentive programs; and the Exchange 

believes that the proposed changes are 

reasonable and competitive when 

compared to incentive structures at 

other exchanges.8

2. Statutory Basis 

The Exchange believes that the 

proposal is consistent with the 

requirements of section 6(b) of the Act, 

in general, and section 6(b)(4) and 

6(b)(5) of the Act,9 in particular, in that 

it provides for the equitable allocation 

of reasonable dues, fees, and other 

charges among BOX Participants and 

other persons using its facilities and 

does not unfairly discriminate between 

customers, issuers, brokers or dealers. 

The Exchange notes that it operates in 

a highly competitive environment. 

Indeed, there are currently 17 registered 

options exchanges that trade options. 

Based on publicly available information, 

no single options exchange has more 

than 21% of the market share and 

currently the Exchange represents only 

approximately 7% of the market 

share.10 The Commission has repeatedly 

expressed its preference for competition 

over regulatory intervention in 

determining prices, products, and 

services in the securities markets. 

Particularly, in Regulation NMS, the 

Commission highlighted the importance 

of market forces in determining prices 

and SRO revenues and, also, recognized 

that current regulation of the market 

system ‘‘has been remarkably successful 

in promoting market competition in its 

broader forms that are most important to 

investors and listed companies.’’ 11 As 

stated above, the Exchange operates in 

a highly competitive market in which 

market participants can readily direct 

order flow to competing venues if they 

deem fee levels at a particular venue to 

be excessive or incentives to be 

insufficient. The proposed fee changes 

reflect a competitive pricing structure 

designed to incentivize Public Customer 

electronic non-auction order flow to 

BOX. 


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Federal Register / Vol. 88, No. 221 / Friday, November 17, 2023 / Notices 80355 

12See supra note 7. 13See supra note 7. 

14The Exchange notes that BOX Participants 

collect rebates on behalf of Public Customers and 

have independent fee arrangements with such 

Public Customers. 

15See supra note 8. 

Non-Auction Transactions 

The Exchange believes the proposed 

electronic Non-Auction transaction 

taker fees for Public Customer SPY 

transactions are reasonable as the 

proposed taker fees are lower than 

similar transaction fees assessed at other 

exchanges.12 The Exchange further 

believes that the proposed SPY taker fee 

for electronic Non-Auction Public 

Customer transactions will not 

disincentivize Public Customer order 

flow because BOX’s electronic NonAuction Transactions fee structure is 

designed to attract competitive quotes 

and orders, which results in liquid 

markets that Public Customers may find 

attractive. Specifically, the Exchange 

assesses no fees for Public Customers 

that make liquidity in SPY and, no fees 

for Market Makers that make liquidity in 

SPY, which incentivizes competitive 

quotes and resting orders. The Exchange 

believes that Public Customers may be 

willing to pay a nominal taker fee of 

$0.10 to access such competitive 

markets. The Exchange notes that other 

exchanges assess fees between $0.37 

and $0.46 for customer transactions 

taking liquidity in SPY.13

The Exchange believes that assessing 

Public Customers a taker fee of $0.10 for 

SPY electronic Non-Auction 

Transactions is equitable and not 

unfairly discriminatory. The Exchange 

notes that Professional Customer, Broker 

Dealer, and Market Maker taker fees for 

SPY electronic Non-Auction 

Transactions are $0.50. The securities 

markets generally, and BOX in 

particular, have historically aimed to 

improve markets for investors and 

develop various features within the 

market structure for Public Customer 

benefit. Accordingly, the Exchange 

believes that charging a lower taker fee 

for Public Customers for their SPY 

transactions compared to other account 

types on BOX is appropriate and not 

unfairly discriminatory. 

Tiered Volume Rebate for Non-Auction 

Transactions 

The Exchange believes it is 

reasonable, equitable and not unfairly 

discriminatory to adjust certain 

percentage thresholds in the volumebased thresholds for Public Customers 

in electronic Non-Auction Transactions. 

The volume-based thresholds and 

applicable rebates are designed to 

continue to incentivize Public 

Customers to direct order flow to BOX 

to obtain the benefit of the rebate, which 

may in turn benefit all market 

participants by increasing liquidity on 

BOX. The Exchange proposes to amend 

Tier 4, which was 0.750% and Above, 

to 0.750%–0.999%, and to add Tier 5 

with a threshold of 1.000% and Above. 

This fee structure is designed to 

incentivize Public Customers to send 

their order flow to BOX, which may 

result in increased trading opportunities 

and executions on BOX.14 Further, the 

Exchange notes that the proposed 

amendment to the percentage thresholds 

in the volume-based thresholds for 

Public Customers in electronic NonAuction Transactions is not designed to 

benefit one firm in particular, but, as 

discussed herein, is designed to further 

incentivize order flow to BOX. While 

the Exchange proposes to decrease Tier 

4 rebates, the Exchange believes that 

Public Customers will still benefit from 

the opportunity to obtain a rebate for 

their executions on BOX. The Exchange 

notes that other exchanges employ 

similar incentive programs; and the 

Exchange believes that the proposed 

changes are reasonable and competitive 

when compared to incentive structures 

at other exchanges.15

The Exchange believes that the 

proposed changes to the thresholds in 

Tiers 4 and 5 are equitable and not 

unfairly discriminatory as they are 

available to all Public Customers, and 

Public Customers may choose whether 

or not to take advantage of the 

percentage thresholds and their 

applicable rebates. The securities 

markets generally, and BOX in 

particular, have historically aimed to 

improve markets for investors and 

develop various features within the 

market structure for Public Customer 

benefit. Accordingly, the Exchange 

believes that providing a rebate 

structure for Public Customers is 

appropriate and not unfairly 

discriminatory. Based on its review of 

competitor exchanges, the Exchange 

believes that lowering Tier 4 rebates, 

and adding more difficult to obtain Tier 

5 rebates, will not disincentivize Public 

Customer order flow. Rather, the 

Exchange believes that the proposed 

rebates will continue to help attract a 

high level of Public Customer order flow 

to the BOX, which will ultimately 

benefit all Participants trading on BOX. 

The Exchange believes that the evershifting market share among the 

exchanges from month to month 

demonstrates that market participants 

can shift order flow and discontinue or 

reduce use of certain categories of 

products in response to fee changes. 

Accordingly, competitive forces 

constrain options exchange transaction 

fees. Stated differently, changes to 

exchange transaction fees can have a 

direct effect on the ability of an 

exchange to compete for order flow. The 

Exchange believes the proposed changes 

are a reasonable attempt to effectively 

compete for electronic Non-Auction 

Public Customer orders. The Exchange 

believes that the proposed change may 

incentivize Public Customer order flow 

and, in turn, may make BOX a more 

competitive venue for order execution 

to the benefit of all Participants. Finally, 

the Exchange believes the proposed 

changes are consistent with the Act 

because, to the extent the modifications 

permit the Exchange to continue to 

attract greater volume and liquidity, the 

proposed changes would improve 

BOX’s overall competitiveness and 

strengthen market quality for all market 

participants. 

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. 

The Exchange believes the proposed 

changes to Public Customer SPY taker 

fees in the electronic Non-Auction 

Transactions fee structure will not 

impose a burden on intramarket 

competition as BOX believes that the 

changes will result in Public Customers 

being charged appropriately for their 

SPY taker transactions. The proposed 

change would apply to all similarly 

situated market participants and, 

accordingly, the proposed change would 

not impose a disparate burden on 

competition among Participants on 

BOX. The proposed change is designed 

to assess Public Customers a nominal 

taker fee for Electronic SPY NonAuction Transactions. The Exchange 

notes that Public Customer taker fees 

remain lower than Professional 

Customer, Broker Dealer, and Market 

Maker taker fees because BOX has 

historically aimed to improve markets 

for investors and develop various 

features within the market structure for 

Public Customer benefit. 

The Exchange believes further the 

proposed changes to Public Customer 

SPY taker fees in the Electronic NonAuction Transactions fee structure will 

not impose a burden on intermarket 

competition. The Exchange notes that 

the Non-Auction Transaction fee 

structure as a whole, including the 

proposed change, is designed to be 

competitive with other options 


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80356 Federal Register / Vol. 88, No. 221 / Friday, November 17, 2023 / Notices 

16See supra note 7. 

17See supra note 8. 

18 15 U.S.C. 78s(b)(3)(A)(ii). 

19 17 CFR 240.19b–4(f)(2). 

20 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. 98593 

(September 28, 2023), 88 FR 68833 (‘‘Notice’’). 

4The Exchange also proposes to make a 

nonsubstantive change to Rules 4.5(d) and 

4.13(a)(2)(A) to change current references to 

‘‘monthly options series’’ to ‘‘standard expiration 

exchanges and to attract order flow. The 

Exchange believes the electronic NonAuction Transactions fee structure, 

including the proposed change, will 

remain competitive with other options 

exchanges and will continue to assess 

lower Public Customer taker fees than 

several other exchanges.16

The Exchange believes the proposed 

changes to Tier 4 and the addition of 

Tier 5 in Section IV.A.1 will not impose 

a burden on competition among various 

BOX Participants. The Exchange 

believes that the proposed changes will 

result in Public Customers being rebated 

appropriately for their transactions. The 

Exchange believes further that the 

proposed rebates will continue to attract 

Public Customer order flow to the BOX, 

which will ultimately benefit all 

Participants trading on BOX. 

Finally, the Exchange notes that it 

operates in a highly competitive market 

in which market participants can 

readily favor competing venues. In such 

an environment, the Exchange must 

continually review, and consider 

adjusting, its fees and rebates to remain 

competitive with other exchanges. 

Because competitors are free to modify 

their own fees and rebates in response, 

and because market participants may 

readily adjust their order routing 

practices, the Exchange believes that the 

degree to which fee or rebate changes in 

this market may impose any burden on 

competition is extremely limited. The 

Exchange notes that other exchanges 

provide programs to incentivize 

customer order flow and that the 

proposed changes to the volume 

thresholds remain competitive when 

compared to incentive structures at 

other exchanges.17 For the reasons 

described above, the Exchange believes 

that the proposed rule change will 

encourage intermarket competition. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were either 

solicited or received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing rule change has become 

effective pursuant to section 

19(b)(3)(A)(ii) of the Exchange Act 18

and Rule 19b–4(f)(2) thereunder,19

because it establishes or changes a due, 

or fee. 

At any time within 60 days of the 

filing of the proposed rule change, the 

Commission summarily may 

temporarily suspend the rule change if 

it appears to the Commission that the 

action is necessary or appropriate in the 

public interest, for the protection of 

investors, or would otherwise further 

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–2023–25 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–2023–25. 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–2023–25 and should be 

submitted on or before December 8, 

2023. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.20

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–25379 Filed 11–16–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98915; File No. SR–CBOE– 

2023–049] 

Self-Regulatory Organizations; Cboe 

Exchange, Inc.; Order Approving a 

Proposed Rule Change To Adopt 

Monthly Options Series 

November 13, 2023. 

I. Introduction 

On September 27, 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 amend its rules 

to accommodate the listing of option 

series that would expire at the close of 

business on the last business day of a 

calendar month (‘‘Monthly Option 

Series’’). The proposed rule change was 

published for comment in the Federal 

Register on October 4, 2023.3 The 

Commission did not receive any 

comment letters and is approving the 

proposed rule change. 

II. Description of the Proposal 

Cboe Options proposes to amend its 

rules to adopt the listing and trading of 

Monthly Options Series. The proposed 

rule change will allow Cboe Options to 

open for trading Monthly Option Series 

that would expire at the close of 

business on the last business day of a 

calendar month.4 The Exchange may list 


khammond on DSKJM1Z7X2PROD with NOTICES