Federal Register / Vol. 88, No. 224 / Wednesday, November 22, 2023 / Notices 81463 

6 Id. 

7 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)(iii). 

4 17 CFR 240.19b–4(f)(6). 

proposed rule change, or institute 

proceedings to determine whether the 

proposed rule change should be 

disapproved. The 45th day after 

publication of the notice for this 

proposed rule change is November 18, 

2023. The Commission is extending this 

45-day time period. 

The Commission finds that it is 

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. Accordingly, the 

Commission, pursuant to Section 

19(b)(2) of the Act,6 designates January 

2, 2024, as the date by which the 

Commission shall either approve or 

disapprove, or institute proceedings to 

determine whether to disapprove, the 

proposed rule change (File No. SR– 

NYSE–2023–34). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.7

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–25776 Filed 11–21–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Investment Company Act Release No. 

35051; 812–15511] 

Jackson Credit Opportunities Fund 

and Jackson National Asset 

Management, LLC 

November 16, 2023. 

AGENCY: Securities and Exchange 

Commission (‘‘Commission’’ or ‘‘SEC’’). 

ACTION: Notice. 

Notice of an application under section 

6(c) of the Investment Company Act of 

1940 (the ‘‘Act’’) for an exemption from 

sections 18(a)(2), 18(c) and 18(i) of the 

Act, under sections 6(c) and 23(c) of the 

Act for an exemption from rule 23c–3 

under the Act, and for an order pursuant 

to section 17(d) of the Act and rule 17d– 

1 under the Act. 

Summary of Application: Applicants 

request an order to permit certain 

registered closed-end investment 

companies to issue multiple classes of 

shares and to impose asset-based 

distribution and/or service fees and 

early withdrawal charges. 

Applicants: Jackson Credit 

Opportunities Fund and Jackson 

National Asset Management, LLC. 

Filing Dates: The application was 

filed on October 2, 2023. 

Hearing or Notification of Hearing: An 

order granting the requested relief will 

be issued unless the Commission orders 

a hearing. Interested persons may 

request a hearing on any application by 

emailing the SEC’s Secretary at 

Secretarys-Office@sec.gov and serving 

the Applicants with a copy of the 

request by email, if an email address is 

listed for the relevant Applicant below, 

or personally or by mail, if a physical 

address is listed for the relevant 

Applicant below. Hearing requests 

should be received by the Commission 

by 5:30 p.m. on December 11, 2023, and 

should be accompanied by proof of 

service on the Applicants, in the form 

of an affidavit, or, for lawyers, a 

certificate of service. Pursuant to rule 0– 

5 under the Act, hearing requests should 

state the nature of the writer’s interest, 

any facts bearing upon the desirability 

of a hearing on the matter, the reason for 

the request, and the issues contested. 

Persons who wish to be notified of a 

hearing may request notification by 

emailing the Commission’s Secretary. 

ADDRESSES: The Commission: 

Secretarys-Office@sec.gov. Applicants: 

Emily J. Bennett, Esq., Jackson National 

Asset Management, LLC, emily.bennett@

jackson.com; with a copy to Paulita A. 

Pike, Esq., Ropes & Gray LLP, 

paulita.pike@ropesgray.com. 

FOR FURTHER INFORMATION CONTACT: 

Trace W. Rakestraw, Senior Special 

Counsel, at (202) 551–6825 (Division of 

Investment Management, Chief 

Counsel’s Office). 

SUPPLEMENTARY INFORMATION: For 

Applicants’ representations, legal 

analysis, and conditions, please refer to 

Applicants’ application, dated October 

2, 2023, which may be obtained via the 

Commission’s website by searching for 

the file number at the top of this 

document, or for an Applicant using the 

Company name search field on the 

SEC’s EDGAR system. The SEC’s 

EDGAR system may be searched at 

https://www.sec.gov/edgar/searchedgar/ 

legacy/companysearch.html. You may 

also call the SEC’s Public Reference 

Room at (202) 551–8090. 

For the Commission, by the Division of 

Investment Management, under delegated 

authority. 

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–25785 Filed 11–21–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98970; File No. SR– 

CboeBZX–2023–093] 

Self-Regulatory Organizations; Cboe 

BZX Exchange, Inc.; Notice of Filing 

and Immediate Effectiveness of a 

Proposed Rule Change To Amend Its 

Rules To Adopt Monthly Options 

Series 

November 16, 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 

15, 2023, Cboe BZX Exchange, Inc. 

(‘‘BZX Options’’ or ‘‘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 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 BZX Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘BZX Options’’) 

proposes to amend its Rules to adopt 

Monthly Options Series. 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://markets.cboe.com/us/ 

equities/regulation/rule_filings/bzx/), 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 


khammond on DSKJM1Z7X2PROD with NOTICES
81464 Federal Register / Vol. 88, No. 224 / Wednesday, November 22, 2023 / Notices 

5The proposed rule change defines the term 

‘‘Monthly Options series’’ in Rule 29.2(k) (and 

reletters current paragraphs (k) through (o) to be (l) 

through (p)) as a series in an options class that is 

approved for listing and trading on the Exchange in 

which the series is opened for trading on any 

business day and that expires at the close of 

business on the last business day of a calendar 

month. 

6The Exchange proposes to amend Rule 19.6(a) 

and (b) to provide that proposed Rule 19.6, 

Interpretation and Policy .08 will describe how the 

Exchange will fix a specific expiration date and 

exercise price for Monthly Options Series and will 

govern the procedures for opening Monthly Options 

Series, respectively. The proposed change to Rule 

19.6(a) is consistent with language in current Rule 

19.6(a) for other Short Term Option Series and 

Quarterly Options Series. The proposed rule change 

also makes a nonsubstantive correction to pluralize 

the term ‘‘policy’’ (to become ‘‘policies’’) to be 

consistent with the terminology in the Rules. 

Additionally, the proposed rule change adds to 

Rule 19.6(b) that Interpretation and Policies .04 and 

.05 will govern the procedures for opening 

Quarterly Options Series and Short Term Option 

Series, respectively (as well as adding exception 

language to the beginning of that paragraph). This 

is merely a clarification, as Rule 19.6, 

Interpretations and Policies .04 and .05 clearly 

govern the opening procedures for those options 

listing programs. This proposed change is also 

consistent with Cboe Exchange, Inc. (‘‘Cboe 

Options’’) Rule 4.5(b), which has similar options 

listing programs. 

7The Securities and Exchange Commission (the 

‘‘Commission’’) recently approved a Cboe Options 

proposed rule change to adopt a substantively 

identical Monthly Options Series program. See 

Securities Exchange Act Release No. 98915 

(November 13, 2023) (SR–CBOE–2023–049) (‘‘Cboe 

Options Approval Order’’). 

8The Exchange notes this provision considers 

consecutive monthly listings. In other words, as 

other expirations (such as Quarterly Options Series) 

are not counted as part of the maximum, those 

expirations would not be considered when 

considering when the last expiration date would be 

if the maximum number were listed consecutively. 

For example, if it is January 2024 and the Exchange 

lists Quarterly Options Series in class ABC with 

expirations in March, June, September, December, 

and the following March, the Exchange could also 

list Monthly Options Series in class ABC with 

expirations in January, February, April, May, July, 

August, October, and November 2024 and January 

and February of 2025. This is because, if Quarterly 

Options Series, for example, were counted, the 

Exchange would otherwise never be able to list the 

maximum number of Monthly Options Series. This 

is consistent with the listing provisions for 

Quarterly Options Series, which permit calendar 

quarter expirations. The need to list series with the 

same expiration in the current calendar year and 

the following calendar year (whether Monthly or 

Quarterly expiration) is to allow market participants 

to execute one-year strategies pursuant to which 

they may roll their exposures in the longer-dated 

options (e.g. January 2025) prior to the expiration 

of the nearer-dated option (e.g. January 2024). 

9See proposed Rules 19.6, Interpretation and 

Policy .08(b) and 29.11(k)(2). 

10See proposed Rules 19.6, Interpretation and 

Policy .08(c) and 29.11(k)(3). 

11See proposed Rules 19.6, Interpretation and 

Policy .08(d) and 29.11(k)(4). The Exchange notes 

these proposed provisions are consistent with the 

initial series provision for the Quarterly Options 

Series program in Rule 29.11(g)(3). While different 

than the initial strike listing provision for the 

Quarterly Options Series program in current Rule 

19.6, Interpretation and Policy .04(b), the Exchange 

believes the proposed provision is appropriate, as 

it contemplates classes that may have strike 

intervals of $5 or greater. For consistency, the 

Exchange also proposes to amend Rule 19.6, 

Interpretation and Policy .04(b) to incorporate the 

same provision for initial series. 

12See proposed Rules 19.6, Interpretation and 

Policy .08(e) and 29.11(k)(5). 

13See proposed Rules 19.6, Interpretation and 

Policy .08(f) and 29.11(k)(6); see also Rule 19.6(d), 

(f), (g) and Interpretations and Policies .01–.03 and 

.06 (permissible strike prices for ETF classes) and 

Rule 29.11(c) (permissible strike prices for index 

options). 

14The proposed rule change clarifies in Rule 

29.11(a)(3) that index options have expiration 

months and weeks, which expirations may occur in 

consecutive weeks as specified in Rule 29.11(h). 

This is merely a clarification, as Rule 29.11(h) 

currently permits weekly expirations. This language 

is consistent with Cboe Options Rule 4.13(a)(2). 

Additionally, the proposed rule change adds to rule 

29.11(a)(3) that index options may expire more than 

12 months out as specified elsewhere in the Rule. 

This is consistent with current Rule 29.11(b), which 

permits long term index options to expire between 

12 and 180 months after issuance, as well as 

proposed Rule 29.11(k)(2), as discussed above. 

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 accommodate the listing of 

option series that would expire at the 

close of business on the last business 

day of a calendar month (‘‘Monthly 

Options Series’’). Pursuant to proposed 

Rules 19.6, Interpretation and Policy 

.08(a) and 29.11(k)(1),5 the Exchange 

may list Monthly Options Series for up 

to five currently listed option classes 

that are either index options or options 

on exchange-traded funds (‘‘ETFs’’).6 In 

addition, the Exchange may also list 

Monthly Options Series on any options 

classes that are selected by other 

securities exchanges that employ a 

similar program under their respective 

rules.7 The Exchange may list 12 

expirations for Monthly Options Series. 

Monthly Options Series need not be for 

consecutive months; however, the 

expiration date of a nonconsecutive 

expiration may not be beyond what 

would be considered the last expiration 

date if the maximum number of 

expirations were listed consecutively.8

Other expirations in the same class are 

not counted as part of the maximum 

numbers of Monthly Options Series 

expirations for a class.9 Monthly 

Options Series will be P.M.-settled.10

The strike price of each Monthly 

Options Series will be fixed at a price 

per share, with at least two, but no more 

than five, strike prices above and at least 

two, but no more than five, strike prices 

below the value of the underlying index 

or price of the underlying security at 

about the time that a Monthly Options 

Series is opened for trading on the 

Exchange. The Exchange will list strike 

prices for Monthly Options Series that 

are reasonably related to the current 

price of the underlying security or 

current index value of the underlying 

index to which such series relates at 

about the time such series of options is 

first opened for trading on the 

Exchange. The term ‘‘reasonably related 

to the current price of the underlying 

security or index value of the 

underlying index’’ means that the 

exercise price is within 30% of the 

current underlying security price or 

index value.11 Additional Monthly 

Options Series of the same class may be 

open for trading on the Exchange when 

the Exchange deems it necessary to 

maintain an orderly market, to meet 

customer demand, or when the market 

price of the underlying security moves 

substantially from the initial exercise 

price or prices. To the extent that any 

additional strike prices are listed by the 

Exchange, such additional strike prices 

will be within 30% above or below the 

closing price of the underlying index or 

security on the preceding day. The 

Exchange may also open additional 

strike prices of Monthly Options Series 

that are more than 30% above or below 

the current price of the underlying 

security, provided that demonstrated 

customer interest exists for such series, 

as expressed by institutional, corporate, 

or individual customers or their brokers. 

Market-Makers trading for their own 

account will not be considered when 

determining customer interest under 

this provision. The opening of the new 

Monthly Options Series will not affect 

the series of options of the same class 

previously opened.12 The interval 

between strike prices on Monthly 

Options Series will be the same as the 

interval for strike prices for series in 

that same options class that expire in 

accordance with the normal monthly 

expiration cycle.13

By definition, Monthly Options Series 

can never expire in the same week as a 

standard expiration series (which expire 

on the third Friday of a month) in the 

same class expires. The same, however, 

is not the case with regards to Short 

Term Option Series 14 or Quarterly 

Options Series. Therefore, to avoid any 

confusion in the marketplace, the 

Exchange proposes to amend Rules 19.6, 

Interpretation and Policy .05 

(introductory paragraph), (b), and (h) 

and 22.11(h) (introductory paragraph) 

and (2) to provide the Exchange will not 

list a Short Term Option Series in a 

class on a date on which a Monthly 

Options Series or Quarterly Options 


khammond on DSKJM1Z7X2PROD with NOTICES
Federal Register / Vol. 88, No. 224 / Wednesday, November 22, 2023 / Notices 81465 

15The Exchange also proposes to make a 

nonsubstantive change to Rules 19.6, Interpretation 

and Policy .05 and 22.11(h) to change current 

references to ‘‘monthly options series’’ to ‘‘standard 

expiration options series’’ (i.e., series that expire on 

the third Friday of a month), to eliminate potential 

confusion. The current references to ‘‘monthly 

options series’’ are intended to refer to those series 

that expire on the third Friday of a month, which 

are generally referred to in the industry as standard 

expirations. The proposed rule change also adds a 

heading to Rule 19.6, Interpretation and Policy .05 

for consistency with other Interpretations and 

Policies in that Rule. 

16The Exchange notes this would not prevent the 

Exchange from listing a P.M.-settled Monthly 

Options Series on an index with the same 

expiration date as an A.M.-settled Short Term 

Option Series on the same index, both of which 

may expire on a Friday. In other words, the 

Exchange may list a P.M-settled Monthly Options 

Series on an index concurrent with an A.M.-settled 

Short Term Option Series on that index and both 

of which expire on a Friday. The Exchange believes 

this concurrent listing would provide investors 

with yet another hedging mechanism and is 

reasonable given these series would not be identical 

(unlike if they were both P.M-settled). This could 

not occur with respect to ETFs, as all Short Term 

Option Series on ETFs are P.M.-settled. 

17See proposed Rules 19.6, Interpretation and 

Policy .08(g) and 22.11(k)(7). 

18See Cboe Options Approval Order. 

19See id.; see also Cboe Options Rules 8.30, 

Interpretation and Policy .09 (regarding position 

limits for options on stocks and ETFs), 8.31(e) 

(regarding position limits for broad-based index 

options), 8.32(f) (regarding position limits for 

industry index options), 8.33(c) (regarding position 

limits for micro narrow-based indexes), and 8.34(c) 

(regarding position limits for individual stock or 

ETF based volatility index options). Pursuant to 

Cboe Options Rule 8.42 (and Exchange Rules 18.9 

and 29.9), exercise limits for impacted index and 

ETF classes would be equal to the applicable 

position limits. 

20 15 U.S.C. 78f(b). 

21 15 U.S.C. 78f(b)(5). 

Series expires.15 Similarly, proposed 

Rules 19.6, Interpretation and Policy 

.08(b) and 22.11(k)(2) provide that no 

Monthly Options Series may expire on 

a date that coincides with an expiration 

date of a Quarterly Options Series in the 

same index or ETF class. In other words, 

the Exchange will not list a Short Term 

Option Series on an index or ETF if a 

Monthly Options Series on that index or 

ETF were to expire on the same date, 

nor will the Exchange list a Monthly 

Options Series on an ETF or index if a 

Quarterly Options Series on that index 

or ETF were to expire on the same date 

to prevent the listing of series with 

concurrent expirations.16

With respect to Monthly Options 

Series added pursuant to proposed 

Rules 19.6, Interpretation and Policy 

.08(a) through (f) and 22.11(k)(1) 

through (6), the Exchange will, on a 

monthly basis, review series that are 

outside a range of five strikes above and 

five strikes below the current price of 

the underlying index or security, and 

delist series with no open interest in 

both the put and the call series having 

a: (i) strike higher than the highest strike 

price with open interest in the put and/ 

or call series for a given expiration 

month; and (ii) strike lower than the 

lowest strike price with open interest in 

the put and/or call series for a given 

expiration month. Notwithstanding this 

delisting policy, customer requests to 

add strikes and/or maintain strikes in 

Monthly Options Series in series 

eligible for delisting will be granted. In 

connection with this delisting policy, if 

the Exchange identifies series for 

delisting, the Exchange will notify other 

options exchanges with similar delisting 

policies regarding eligible series for 

delisting and will work with such other 

exchanges to develop a uniform list of 

series to be delisted, so as to ensure 

uniform series delisting of multiply 

listed Monthly Options Series.17

The Exchange believes that Monthly 

Options Series will provide investors 

with another flexible and valuable tool 

to manage risk exposure, minimize 

capital outlays, and be more responsive 

to the timing of events affecting the 

securities that underlie option contracts. 

The Exchange believes limiting Monthly 

Options Series to five classes will 

ensure the addition of these new series 

will have a negligible impact on the 

Exchange’s and the Options Price 

Reporting Authority’s (‘‘OPRA’s’’) 

quoting capacity. The Exchange 

represents it has the necessary systems 

capacity to support new options series 

that will result from the introduction of 

Monthly Options Series. 

The Exchange notes that Rules 18.7 

and 29.5 through 29.7 regarding 

position limits will apply to Monthly 

Options Series. These Rules provide 

that the position limits fixed by Cboe 

Options apply to options contracts 

traded on BZX Options, which would 

include Monthly Options Series. As 

noted above, Cboe Options recently 

received Commission approval to adopt 

a substantively identical Monthly 

Options Series Program as the one 

proposed in this rule filing.18 Pursuant 

to those recently approved Cboe 

Options rules, Monthly Options Series 

will be aggregated with positions in 

options contracts on the same 

underlying security or index.19 This is 

consistent with how position (and 

exercise) limits are currently imposed 

on series with other expirations (Short 

Term Option Series and Quarterly 

Options Series). Therefore, positions in 

options within class of index or ETF 

options, regardless of their expirations, 

would continue to be subject to existing 

position (and exercise) limits. The 

Exchange believes this will address 

potential manipulative schemes and 

adverse market impacts surrounding the 

use of options. 

The Exchange also represents its 

current surveillance programs will 

apply to Monthly Options Series and 

will properly monitor trading in the 

proposed Monthly Options Series. The 

Exchange currently lists Quarterly 

Options Series in certain ETF classes, 

which expire at the close of business at 

the end of four calendar months (i.e., the 

end of each calendar quarter), and has 

not experienced any market disruptions 

nor issues with capacity. The 

Exchange’s surveillance programs 

currently in place to support and 

properly monitor trading in these 

Quarterly Options Series, as well as 

Short Term Option Series and standard 

expiration series, will apply to the 

proposed Monthly Options Series. The 

Exchange believes its surveillances 

continue to be designed to deter and 

detect violations of its Rules, including 

position and exercise limits and 

possible manipulative behavior, and 

these surveillances will apply to 

Monthly Options Series that the 

Exchange determines to list for trading. 

Ultimately, the Exchange does not 

believe the proposed rule change raises 

any unique regulatory concerns because 

existing safeguards—such as position 

and exercise limits (and the aggregation 

of options overlying the same index or 

ETF) and reporting requirements— 

would continue to apply. 

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.20 Specifically, 

the Exchange believes the proposed rule 

change is consistent with the Section 

6(b)(5) 21 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 


khammond on DSKJM1Z7X2PROD with NOTICES
81466 Federal Register / Vol. 88, No. 224 / Wednesday, November 22, 2023 / Notices 

22 Id. 

23Compare proposed Rules 19.6, Interpretation 

and Policy .08 and 29.11(k) to Rules 19.6, 

Interpretation and Policy .04 and 29.11(g), 

respectively. 

24The Exchange notes the proposed maximum 

number of expirations is consistent with the 

maximum number of expirations permitted for endof-month series in index classes. See Rule 

29.11(j)(2) (which references Rule 29.11(a)(3), 

which permits up to 12 standard monthly 

expirations on the majority of index options 

currently listed on the Exchange). 

25See Cboe Options Approval Order; see also 

Cboe Options Rules 8.30, Interpretation and Policy 

.09 (regarding position limits for options on stocks 

and ETFs), 8.31(e) (regarding position limits for 

broad-based index options), 8.32(f) (regarding 

position limits for industry index options), 8.33(c) 

(regarding position limits for micro narrow-based 

indexes), and 8.34(c) (regarding position limits for 

individual stock or ETF based volatility index 

options). Pursuant to Cboe Options Rule 8.42 (and 

Exchange Rules 18.9 and 29.9), exercise limits for 

impacted index and ETF classes would be equal to 

the applicable position limits. 

the Section 6(b)(5) 22 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 introduction of Monthly Options 

Series will remove impediments to and 

perfect the mechanism of a free and 

open market and a national market 

system by expanding hedging tools 

available to market participants. The 

Exchange believes the proposed 

monthly expirations will allow market 

participants to transact in the index and 

ETF options listed pursuant to the 

proposed rule change based on their 

timing as needed and allow them to 

tailor their investment and hedging 

needs more effectively. Further, the 

Exchange believes the availability of 

Monthly Options Series would protect 

investors and the public interest by 

providing investors with more 

flexibility to closely tailor their 

investment and hedging decisions in 

these options, thus allowing them to 

better manage their risk exposure. 

The Exchange believes the Quarterly 

Options Series Program has been 

successful to date and the proposed 

Monthly Options Series program simply 

expands the ability of investors to hedge 

risk against market movements 

stemming from economic releases or 

market events that occur at months’ 

ends in the same way the Quarterly 

Options Series Program has expanded 

the landscape of hedging for quarter-end 

news. Monthly Options Series will also 

complement Short Term Option Series, 

which allow investors to hedge risk 

against events that occur throughout a 

month. The Exchange believes the 

availability of additional expirations 

should create greater trading and 

hedging opportunities for investors, as 

well as provide investors with the 

ability to tailor their investment 

objectives more effectively. 

The Exchange notes the proposed 

terms of Monthly Options Series, 

including the limitation to five index 

and ETF option classes, are 

substantively the same as the current 

terms of Quarterly Options Series.23

Quarterly Options Series expire on the 

last business day of a calendar quarter, 

which is the last business day of every 

third month. The proposed Monthly 

Options Series would fill the gaps 

between Quarterly Options Series 

expirations by permitting series to 

expire on the last business day of every 

month, rather than every third month. 

The proposed Monthly Options Series 

may be listed in accordance with the 

same terms as Quarterly Options Series, 

including permissible strikes.24 As is 

the case with Quarterly Options Series, 

no Short Term Option Series may expire 

on the same day as a Monthly Options 

Series. Similarly, as proposed, no 

Monthly Options Series may expire on 

the same day as a Quarterly Options 

Series. The Exchange believes 

preventing listing series with concurrent 

expirations in a class will eliminate 

potential investors confusion and thus 

protect investors and the public interest. 

Given that Quarterly Options Series the 

Exchange currently lists are essentially 

Monthly Options Series that can expire 

at the end of only certain calendar 

months, the Exchange believes it is 

reasonable to list Monthly Options 

Series in accordance with the same 

terms, as it will promote just and 

equitable principles of trade. The 

Exchange believes limiting Monthly 

Options Series to five classes will 

ensure the addition of these new series 

will have a negligible impact on the 

Exchange’s and OPRA’s quoting 

capacity. The Exchange represents it has 

the necessary systems capacity to 

support new options series that will 

result from the introduction of Monthly 

Options Series. 

The Exchange further believes the 

proposed rule change regarding the 

treatment of Monthly Options Series 

with respect to determining compliance 

with position and exercise limits is 

designed to prevent fraudulent and 

manipulative acts and practices and 

promote just and equitable principles of 

trade. Monthly Options Series will be 

aggregated with options overlying the 

same ETF or index for purposes of 

compliance with position (and exercise) 

limits, which is consistent with how 

position (and exercise) limits are 

currently imposed on series with other 

expirations (Short Term Option Series, 

Quarterly Options Series, and Delayed 

Start Options Series).25 Therefore, 

options positions within ETF or index 

option classes for which Monthly 

Options Series are listed, regardless of 

their expirations, would continue to be 

subject to existing position (and 

exercise) limits. The Exchange believes 

this will address potential manipulative 

schemes and adverse market impacts 

surrounding the use of options. The 

Exchange also represents its current 

surveillance programs will apply to 

Monthly Options Series and will 

properly monitor trading in the 

proposed Monthly Options Series. The 

Exchange currently trades Quarterly 

Options Series in certain index and ETF 

classes, which expire at the close of 

business at the end of four calendar 

months (i.e., the end of each calendar 

quarter), and has not experienced any 

market disruptions nor issues with 

capacity. The Exchange’s surveillance 

programs currently in place to support 

and properly monitor trading in these 

Quarterly Options Series, as well as 

Short Term Option Series and standard 

expiration series, will apply to the 

proposed Monthly Options Series. The 

Exchange believes its surveillances 

continue to be designed to deter and 

detect violations of its Rules, including 

position and exercise limits and 

possible manipulative behavior, and 

these surveillances will apply to 

Monthly Options Series that the 

Exchange determines to list for trading. 

Ultimately, the Exchange does not 

believe the proposed rule change raises 

any unique regulatory concerns because 

existing safeguards—such as position 

and exercise limits (and the aggregation 

of options overlying the same ETF or 

index) and reporting requirements— 

would continue to apply. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will impose 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

Exchange does not believe the proposed 

rule change to list Monthly Options 

Series will impose any burden on 

intramarket competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act, as any 

Monthly Options Series the Exchange 

lists for trading will be available in the 

same manner for all market participants 

who wish to trade such options. The 

Exchange notes the proposed terms of 

Monthly Options Series, including the 

limitation to five index and ETF option 


khammond on DSKJM1Z7X2PROD with NOTICES
Federal Register / Vol. 88, No. 224 / Wednesday, November 22, 2023 / Notices 81467 

26See Rules 19.6, Interpretation and Policy .04 

and 29.11(g). 

27The Exchange notes the proposed maximum 

number of expirations is consistent with the 

maximum number of expirations permitted for endof-month series in index classes. See Rule 

29.11(j)(2) (which references Rule 29.11(a)(3), 

which permits up to 12 standard monthly 

expirations on the majority of index options 

currently listed on the Exchange). 

28As noted above, at least one other options 

exchange recently adopted a substantively identical 

Monthly Options Series program. See Cboe Options 

Approval Order. 

29 15 U.S.C. 78s(b)(3)(A)(iii). 

30 17 CFR 240.19b–4(f)(6). 

31 15 U.S.C. 78s(b)(3)(A)(iii). 

32 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6)(iii) 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. 33 17 CFR 240.19b–4(f)(6). 34 17 CFR 240.19b–4(f)(6)(iii). 35For 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). 

classes, are substantively the same as 

the current terms of Quarterly Options 

Series.26 Quarterly Options Series 

expire on the last business day of a 

calendar quarter, which is the last 

business day of every third month, 

making the concept of Monthly Options 

Series in a limited number of index and 

ETF options not novel. The proposed 

Monthly Options Series will fill the 

gaps between Quarterly Options Series 

expirations by permitting series to 

expire on the last business day of every 

month, rather than every third month. 

The proposed Monthly Options Series 

may be listed in accordance with the 

same terms as Quarterly Options Series, 

including permissible strikes.27

Monthly Options Series will trade on 

the Exchange in the same manner as 

other options in the same class. 

The Exchange does not believe the 

proposed rule change to list Monthly 

Options Series will impose any burden 

on intermarket competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act, as nothing 

prevents other options exchanges from 

proposing similar rules.28 As discussed 

above, the proposed rule change would 

permit listing of Monthly Options Series 

in five index or ETF options, as well as 

any other classes that other exchanges 

may list under similar programs. To the 

extent that the availability of Monthly 

Options Series makes the Exchange a 

more attractive marketplace to market 

participants at other exchanges, market 

participants are free to elect to become 

market participants on the Exchange. 

The Exchange believes that the 

proposed rule change may relieve any 

burden on, or otherwise promote, 

competition. Similar to Short Term 

Option Series and Quarterly Options 

Series, the Exchange believes the 

introduction of Monthly Options Series 

will not impose an undue burden on 

competition. The Exchange believes that 

it will, among other things, expand 

hedging tools available to market 

participants. The Exchange believes 

Monthly Options Series will allow 

market participants to purchase options 

based on their timing as needed and 

allow them to tailor their investment 

and hedging needs more effectively. 

The Exchange does not believe the 

proposed rule change regarding 

aggregation of positions for purposes of 

determining compliance with position 

(and exercise) limits will impose any 

burden on intramarket competition that 

is not necessary or appropriate in 

furtherance of the purposes of the Act, 

because it will apply in the same 

manner to all market participants. The 

Exchange proposes to apply position 

(and exercise) limits to Monthly Options 

Series in the same manner it applies 

position limits to series with other 

expirations (Short Term Option Series 

and Quarterly Options Series). 

Therefore, positions in options in a class 

of ETF or index options, regardless of 

their expirations, would continue to be 

subject to existing position (and 

exercise) limits. Additionally, the 

Exchange does not believe this proposed 

rule change will impose any burden on 

intermarket competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act, because it 

will address potential manipulative 

schemes and adverse market impacts 

surrounding the use of options. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

The Exchange neither solicited nor 

received comments on the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The Exchange has filed the proposed 

rule change pursuant to Section 

19(b)(3)(A)(iii) of the Act 29 and Rule 

19b–4(f)(6) thereunder.30 Because the 

foregoing proposed rule change does 

not: (i) significantly affect the protection 

of investors or the public interest; (ii) 

impose any significant burden on 

competition; and (iii) become operative 

for 30 days from the date on which it 

was filed, or such shorter time as the 

Commission may designate, it has 

become effective pursuant to Section 

19(b)(3)(A)(iii) of the Act 31 and 

subparagraph (f)(6) of Rule 19b–4 

thereunder.32

A proposed rule change filed 

pursuant to Rule 19b–4(f)(6) under the 

Act 33 normally does not become 

operative for 30 days after the date of its 

filing. However, Rule 19b–4(f)(6)(iii) 34

permits the Commission to designate a 

shorter time if such action is consistent 

with the protection of investors and the 

public interest. The Exchange has 

requested that the Commission waive 

the 30-day operative delay so that the 

Exchange may list Monthly Options 

Series at the same time as Cboe Options, 

which the Exchange believes will 

benefit investors by promoting 

competition in Monthly Options Series. 

The Commission believes that the 

proposed rule change presents no novel 

issues and that waiver of the 30-day 

operative delay is consistent with the 

protection of investors and the public 

interest. Accordingly, the Commission 

hereby waives the operative delay and 

designates the proposed rule change 

operative upon filing.35

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– 

CboeBZX–2023–093 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. 


khammond on DSKJM1Z7X2PROD with NOTICES
81468 Federal Register / Vol. 88, No. 224 / Wednesday, November 22, 2023 / Notices 

36 17 CFR 200.30–3(a)(12), (59). 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4The Per User Access Fee is a lower access fee 

that currently applies for subscribers of NYSE Arca 

BBO and NYSE Arca Trades that receive a data feed 

and use those market data products in a displayonly format. See Fee Schedule. See also Securities 

Exchange Act Release Nos. 87795 (December 18, 

2019), 84 FR 71043 (December 26, 2019) (SR– 

NYSEArca-2019–88) (Notice of Filing and 

Immediate Effectiveness of Proposed Rule Change, 

as Modified by Partial Amendment No. 1, To 

Amend the Fees for NYSE Arca BBO and NYSE 

Arca Trades) (‘‘BQT Fee Reduction Filing’’); and 

90409 (November 12, 2020), 85 FR 73522 

(November 18, 2020) (SR–NYSEArca–2020–95) 

(Notice of Filing and Immediate Effectiveness of 

Proposed Rule Change Amending the Fees for 

NYSE Arca BBO and NYSE Arca Trades by 

Modifying the Application of the Access Fee and 

Amending the Fees for NYSE Arca Trades by 

All submissions should refer to file 

number SR–CboeBZX–2023–093. 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–2023–093 and should be 

submitted on or before December 13, 

2023. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.36

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–25777 Filed 11–21–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Sunshine Act Meetings 

TIME AND DATE: 2:15 p.m. on Thursday, 

November 30, 2023. 

PLACE: The meeting will be held via 

remote means and/or at the 

Commission’s headquarters, 100 F 

Street NE, Washington, DC 20549. 

STATUS: This meeting will be closed to 

the public. 

MATTERS TO BE CONSIDERED: 

Commissioners, Counsel to the 

Commissioners, the Secretary to the 

Commission, and recording secretaries 

will attend the closed meeting. Certain 

staff members who have an interest in 

the matters also may be present. 

In the event that the time, date, or 

location of this meeting changes, an 

announcement of the change, along with 

the new time, date, and/or place of the 

meeting will be posted on the 

Commission’s website at https://

www.sec.gov. 

The General Counsel of the 

Commission, or her designee, has 

certified that, in her opinion, one or 

more of the exemptions set forth in 5 

U.S.C. 552b(c)(3), (5), (6), (7), (8), 9(B) 

and (10) and 17 CFR 200.402(a)(3), 

(a)(5), (a)(6), (a)(7), (a)(8), (a)(9)(ii) and 

(a)(10), permit consideration of the 

scheduled matters at the closed meeting. 

The subject matter of the closed 

meeting will consist of the following 

topics: 

Institution and settlement of 

injunctive actions; 

Institution and settlement of 

administrative proceedings; 

Resolution of litigation claims; 

Matters related to litigation; and 

Other matters relating to examinations 

and enforcement proceedings. 

At times, changes in Commission 

priorities require alterations in the 

scheduling of meeting agenda items that 

may consist of adjudicatory, 

examination, litigation, or regulatory 

matters. 

CONTACT PERSON FOR MORE INFORMATION: 

For further information; please contact 

Vanessa A. Countryman from the Office 

of the Secretary at (202) 551–5400. 

Authority: 5 U.S.C. 552b. 

Dated: November 17, 2023. 

Vanessa A. Countryman, 

Secretary. 

[FR Doc. 2023–25864 Filed 11–17–23; 4:15 pm] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98974; File No. SR– 

NYSEARCA–2023–78] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend the Fees for 

NYSE Arca BBO and NYSE Arca 

Trades 

November 16, 2023. 

Pursuant to Section 19(b)(1) 1 of the 

Securities Exchange Act of 1934 

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

notice is hereby given that, on 

November 1, 2023, NYSE Arca, Inc. 

(‘‘NYSE Arca’’ or the ‘‘Exchange’’) 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 selfregulatory organization. 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 proposes to amend the 

fees for NYSE Arca BBO and NYSE Arca 

Trades by expanding the application of 

the Per User Access Fee. The Exchange 

proposes to implement the proposed fee 

change on November 1, 2023. The 

proposed rule change is available on the 

Exchange’s website at www.nyse.com, at 

the principal office of the Exchange, 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 

self-regulatory organization 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 those 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 parts of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and the 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to expand the 

application of the Per User Access Fee 4


khammond on DSKJM1Z7X2PROD with NOTICES