Federal Register / Vol. 88, No. 226 / Monday, November 27, 2023 / Notices 82929 

34 15 U.S.C. 78s(b)(3)(A). 

35 17 CFR 240.19b–4(f)(6). 

36 17 CFR 240.19b–4(f)(6)(iii). 

37 17 CFR 240.19b–4(f)(6). 

38 15 U.S.C. 78s(b)(3)(A). 

39 17 CFR 240.19b–4(f)(6). 40 15 U.S.C. 78s(b)(2)(B). 

41 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

provision of more displayed liquidity on 

IEX. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

Written comments were neither 

solicited nor received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The Exchange has designated this rule 

filing as non-controversial under 

Section 19(b)(3)(A) 34 of the Act and 

Rule 19b–4(f)(6) 35 thereunder. Because 

the proposed rule change does not: (i) 

significantly affect the protection of 

investors or the public interest; (ii) 

impose any significant burden on 

competition; and (iii) become operative 

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 and Rule 19b– 

4(f)(6) thereunder. In addition, the 

Exchange provided the Commission 

with 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.36

The Exchange believes that the 

proposed rule change meets the criteria 

of subparagraph (f)(6) of Rule 19b–4 37

because it would not significantly affect 

the protection of investors or the public 

interest. Rather, the proposed rule 

change neither significantly affects the 

protection of investors or the public 

interest, nor does it impose any burden 

on competition because it would merely 

combine the attributes of functionality 

currently offered by many other equities 

exchanges, as discussed in the Purpose 

section, and does not raise any new or 

novel material issues that have not 

already been considered by the 

Commission. Accordingly, IEX has 

designated this rule filing as noncontroversial under Section 19(b)(3)(A) 

of the Act 38 and paragraph (f)(6) of Rule 

19b–4 thereunder.39

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 

under Section 19(b)(2)(B) 40 of the Act 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 (https://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include file number SR– 

IEX–2023–13 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–IEX–2023–13. 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–IEX–2023–13 and should be 

submitted on or before December 18, 

2023. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.41

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–26006 Filed 11–24–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98997; File No. SR–BOX– 

2023–27] 

Self-Regulatory Organizations; BOX 

Exchange LLC; Notice of Filing of 

Proposed Rule Change To Amend the 

Short Term Option Series Program in 

IM–5050–6 

November 21, 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 

16, 2023, BOX Exchange LLC 

(‘‘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 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 

BOX IM–5050–6 (Short Term Option 

Series Program). 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 

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 


khammond on DSKJM1Z7X2PROD with NOTICES
82930 Federal Register / Vol. 88, No. 226 / Monday, November 27, 2023 / Notices 

3See Securities Exchange Act Release No. 98905 

(November 13, 2023) (SR–ISE–2023–11) (Order 

Approving a Proposed Rule Change to Amend the 

Short Term Option Series Program to Permit the 

Listing of Two Wednesday Expirations for Options 

on Certain Exchange Traded Products). 

4BOX Rule 100(a)(66) provides that a Short Term 

Options Series means a series in an option class 

that is approved for listing and trading on BOX in 

which the series is opened for trading on any 

Monday, Tuesday, Wednesday, Thursday or Friday 

that is a business day and that expires on the 

Monday, Tuesday, Wednesday, Thursday, or Friday 

of the next business week, or, in the case of a series 

that is listed on a Friday and expires on a Monday, 

is listed one business week and one business day 

prior to that expiration. If a Tuesday, Wednesday, 

Thursday or Friday is not a business day, the series 

may be opened (or shall expire) on the first business 

day immediately prior to that Tuesday, Wednesday, 

Thursday or Friday, respectively. For a series listed 

pursuant to this section for Monday expiration, if 

a Monday is not a business day, the series shall 

expire on the first business day immediately 

following that Monday. 

5Consistent with the current operation of the 

rule, the Exchange notes that if it adds a Wednesday 

expiration on a Tuesday, it could technically list 

three outstanding Wednesday expirations at one 

time. The Exchange will therefore clarify the rule 

text in IM–5050–6 to specify that it can list two 

Short Term Option Expiration Dates beyond the 

current week for each Monday, Tuesday, 

Wednesday, and Thursday expiration. 

6While the relevant rule text in IM–5050–6 also 

indicates that the Exchange will not list such 

expirations on a Wednesday that is a business day 

in which monthly options series expire, practically 

speaking this would not occur. 

7See IM–5050–6. 

8 Id. 

of these statements may be examined at 

the places specified in Item IV below. 

The self-regulatory organization 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 IM– 

5050–6 (Short Term Option Series 

Program) to permit the listing of two 

Wednesday expirations for options on 

United States Oil Fund, LP (‘‘USO’’), 

United States Natural Gas Fund, LP 

(‘‘UNG’’), SPDR Gold Shares (‘‘GLD’’), 

iShares Silver Trust (‘‘SLV’’), and 

iShares 20+ Year Treasury Bond ETF 

(‘‘TLT’’) (collectively ‘‘Exchange Traded 

Products’’ or ‘‘ETPs’’). This is a 

competitive filing that is based on a 

proposal recently submitted by Nasdaq 

ISE, LLC (‘‘Nasdaq ISE’’) and approved 

by the Commission.3

Currently, as set forth in IM–5050–6, 

after an option class has been approved 

for listing and trading on the Exchange 

as a Short Term Option Series pursuant 

to BOX Rule 100(a)(66) 4 the Exchange 

may open for trading on any Thursday 

or Friday that is a business day (‘‘Short 

Term Option Opening Date’’) series of 

options on that class that expire at the 

close of business on each of the next 

five Fridays that are business days and 

are not Fridays in which monthly 

options series or Quarterly Options 

Series expire (‘‘Friday Short Term 

Option Expiration Dates’’). The 

Exchange may have no more than a total 

of five Short Term Option Expiration 

Dates. Further, if the Exchange is not 

open for business on the respective 

Thursday or Friday, the Short Term 

Option Opening Date for Short Term 

Option Weekly Expirations will be the 

first business day immediately prior to 

that respective Thursday or Friday. 

Similarly, if the Exchange is not open 

for business on a Friday, the Short Term 

Option Expiration Date for Short Term 

Option Weekly Expirations will be the 

first business day immediately prior to 

that Friday. 

Additionally, the Exchange may open 

for trading series of options on the 

symbols provided in Table 1 of IM– 

5050–6 that expire at the close of 

business on each of the next two 

Mondays, Tuesdays, Wednesdays, and 

Thursdays, respectively, that are 

business days and are not business days 

in which monthly options series or 

Quarterly Options Series expire (‘‘Short 

Term Option Daily Expirations’’). For 

those symbols listed in Table 1, the 

Exchange may have no more than a total 

of two Short Term Option Daily 

Expirations for each of Monday, 

Tuesday, Wednesday, and Thursday 

expirations at one time. 

Proposal 

At this time, the Exchange proposes to 

expand the Short Term Option Daily 

Expirations to permit the listing and 

trading of options on USO, UNG, GLD, 

SLV, and TLT expiring on Wednesdays. 

The Exchange proposes to permit two 

Short Term Option Expiration Dates 

beyond the current week for each 

Wednesday expiration at one time.5 In 

order to effectuate the proposed 

changes, the Exchange would add USO, 

UNG, GLD, SLV, and TLT to Table 1 of 

IM–5050–6, which specifies each 

symbol that qualifies as a Short Term 

Option Daily Expiration. 

The proposed Wednesday USO, UNG, 

GLD, SLV, and TLT expirations will be 

similar to the current Wednesday SPY, 

QQQ, and IWM Short Term Option 

Daily Expirations set forth in IM–5050– 

6, such that the Exchange may open for 

trading on any Tuesday or Wednesday 

that is a business day (beyond the 

current week) series of options on USO, 

UNG, GLD, SLV, and TLT to expire on 

any Wednesday of the month that is a 

business day and is not a Wednesday in 

which Quarterly Options Series expire 

(‘‘Wednesday USO Expirations,’’ 

‘‘Wednesday UNG Expirations,’’ 

‘‘Wednesday GLD Expirations,’’ 

‘‘Wednesday SLV Expirations,’’ and 

‘‘Wednesday TLT Expirations’’) 

(collectively, ‘‘Wednesday ETP 

Expirations’’).6 In the event Short Term 

Option Daily Expirations expire on a 

Wednesday and that Wednesday is the 

same day that a Quarterly Options 

Series expires, the Exchange would skip 

that week’s listing and instead list the 

following week; the two weeks would 

therefore not be consecutive. Today, 

Wednesday expirations in SPY, QQQ, 

and IWM similarly skip the weekly 

listing in the event the weekly listing 

expires on the same day in the same 

class as a Quarterly Options Series. 

USO, UNG, GLD, SLV, and TLT 

Friday expirations would continue to 

have a total of five Short Term Option 

Expiration Dates provided those Friday 

expirations are not Fridays in which 

monthly options series or Quarterly 

Options Series expire (‘‘Friday Short 

Term Option Expiration Dates’’). 

Similar to Wednesday SPY, QQQ, and 

IWM Short Term Option Daily 

Expirations within IM–5050–6, the 

Exchange proposes that it may open for 

trading on any Tuesday or Wednesday 

that is a business day series of options 

on USO, UNG, GLD, SLV, and TLT that 

expire at the close of business on each 

of the next two Wednesdays that are 

business days and are not business days 

in which Quarterly Options Series 

expire. 

The interval between strike prices for 

the proposed Wednesday ETP 

Expirations will be the same as those for 

the current Short Term Option Series for 

Friday expirations applicable to the 

Short Term Option Series Program.7

Specifically, the Wednesday ETP 

Expirations will have a strike interval of 

$0.50 or greater for strike prices below 

$100, $1 or greater for strike prices 

between $100 and $150, and $2.50 or 

greater for strike prices above $150.8 As 

is the case with other equity options 

series listed pursuant to the Short Term 

Option Series Program, the Wednesday 

ETP Expirations series will be P.M.- 

settled. 

Pursuant to BOX Rule 100(a)(66), with 

respect to the Short Term Option Series 

Program, a Wednesday expiration series 

shall expire on the first business day 

immediately prior to that Wednesday, 

e.g., Tuesday of that week if the 

Wednesday is not a business day. 

Currently, for each option class 

eligible for participation in the Short 


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9See id. 

10See IM–5050–6. 

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

12 15 U.S.C. 78f(b)(5). 13See IM–5050–6. 

Term Option Series Program, the 

Exchange is limited to opening thirty 

(30) series for each expiration date for 

the specific class.9 The thirty (30) series 

restriction does not include series that 

are open by other securities exchanges 

under their respective weekly rules; the 

Exchange may list these additional 

series that are listed by other options 

exchanges.10 With the proposed 

changes, this thirty (30) series 

restriction would apply to Wednesday 

USO, UNG, GLD, SLV, and TLT Short 

Term Option Daily Expirations as well. 

In addition, the Exchange will be able 

to list series that are listed by other 

exchanges, assuming they file similar 

rules with the Commission to list 

Wednesday ETP Expirations. 

With this proposal, Wednesday ETP 

Expirations would be treated similarly 

to existing Wednesday SPY, QQQ, and 

IWM Expirations. With respect to 

monthly option series, Short Term 

Option Daily Expirations will be 

permitted to expire in the same week in 

which monthly option series on the 

same class expire. Not listing Short 

Term Option Daily Expirations for one 

week every month because there was a 

monthly on that same class on the 

Friday of that week would create 

investor confusion. 

Further, as with Wednesday SPY, 

QQQ, and IWM Expirations, the 

Exchange would not permit Wednesday 

ETP Expirations to expire on a business 

day in which monthly options series or 

Quarterly Options Series expire. 

Therefore, all Short Term Option Daily 

Expirations would expire at the close of 

business on each of the next two 

Wednesdays that are business days and 

are not business days in which monthly 

options series or Quarterly Options 

Series expire. The Exchange believes 

that it is reasonable to not permit two 

expirations on the same day in which a 

monthly options series or a Quarterly 

Options Series would expire because 

those options would be duplicative of 

each other. 

The Exchange does not believe that 

any market disruptions will be 

encountered with the introduction of 

Wednesday ETP Expirations. The 

Exchange has the necessary capacity 

and surveillance programs in place to 

support and properly monitor trading in 

the proposed Wednesday ETP 

Expirations. The Exchange currently 

trades P.M.-settled Short Term Option 

Series that expire Wednesday for SPY, 

QQQ and IWM and has not experienced 

any market disruptions nor issues with 

capacity. Today, the Exchange has 

surveillance programs in place to 

support and properly monitor trading in 

Short Term Option Series that expire 

Wednesday for SPY, QQQ and IWM. 

Implementation 

The Exchange will issue a notice to 

Participants via Regulatory Notice with 

appropriate advanced notice 

announcing the implementation date of 

the proposed rule change. The Exchange 

notes that Nasdaq ISE applied a similar 

process to govern the implementation of 

its proposed rule change. 

2. Statutory Basis 

The Exchange believes that the 

proposal is consistent with the 

requirements of section 6(b) of the 

Securities Exchange Act of 1934 (the 

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

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

designed to prevent fraudulent and 

manipulative acts and practices, to 

promote just and equitable principles of 

trade, to foster cooperation and 

coordination with persons engaged in 

facilitating transactions in securities, to 

remove impediments to and perfect the 

mechanism of a free and open market 

and a national market system, and, in 

general to protect investors and the 

public interest. Similar to Wednesday 

expirations in SPY, QQQ, and IWM, the 

proposal to permit Wednesday ETP 

Expirations, subject to the proposed 

limitation of two expirations beyond the 

current week, would protect investors 

and the public interest by providing the 

investing public and other market 

participants more choice and flexibility 

to closely tailor their investment and 

hedging decisions in these options and 

allow for a reduced premium cost of 

buying portfolio protection, thus 

allowing them to better manage their 

risk exposure. 

The Exchange represents that it has an 

adequate surveillance program in place 

to detect manipulative trading in the 

proposed option expirations, in the 

same way that it monitors trading in the 

current Short Term Option Series for 

Wednesday SPY, QQQ and IWM 

expirations. The Exchange also 

represents that it has the necessary 

system capacity to support the new 

expirations. Finally, the Exchange does 

not believe that any market disruptions 

will be encountered with the 

introduction of these option expirations. 

As discussed above, the Exchange 

believes that its proposal is a modest 

expansion of weekly expiration dates for 

GLD, SLV, USO, UNG, and TLT given 

that it will be limited to two Wednesday 

expirations beyond the current week. 

Lastly, the Exchange believes its 

proposal will not be a strain on liquidity 

provides because of the multi-class 

nature of GLD, SLV, USO, UNG, and 

TLT and the available hedges in highlycorrelated instruments, as described 

above. 

The Exchange believes that the 

proposal is consistent with the Act as 

the proposal would overall add a small 

number of Wednesday ETP Expirations 

by limiting the addition of two 

Wednesday expirations beyond the 

current week. The addition of 

Wednesday ETP Expirations would 

remove impediments to and perfect the 

mechanism of a free and open market by 

encouraging Market Makers to continue 

to deploy capital more efficiently and 

improve market quality. The Exchange 

believes that the proposal will allow 

Participants to expand hedging tools 

and tailor their investment and hedging 

needs more effectively in USO, UNG, 

GLD, SLV, and TLT as these funds are 

most likely to be utilized by market 

participants to hedge the underlying 

asset classes. 

Similar to Wednesday SPY, QQQ, and 

IWM expirations, the introduction of 

Wednesday ETP Expirations is 

consistent with the Act as it will, among 

other things, expand hedging tools 

available to market participants and 

allow for a reduced premium cost of 

buying portfolio protection. The 

Exchange believes that Wednesday ETP 

Expirations will allow market 

participants to purchase options on 

USO, UNG, GLD, SLV, and TLT based 

on their timing as needed and allow 

them to tailor their investment and 

hedging needs more effectively, thus 

allowing them to better manage their 

risk exposure. Today, the Exchange lists 

Wednesday SPY, QQQ, and IWM 

Expirations.13

In particular, the Exchange believes 

the Short Term Option Series Program 

has been successful to date and that 

Wednesday ETP Expirations should 

simply expand the ability of investors to 

hedge risk against market movements 

stemming from economic releases or 

market events that occur throughout the 

month in the same way that the Short 

Term Option Series Program has 

expanded the landscape of hedging. 

There are no material differences in 

the treatment of Wednesday SPY, QQQ 

and IWM expirations compared to the 

proposed Wednesday ETP Expirations. 

Given the similarities between 

Wednesday SPY, QQQ and IWM 

expirations and the proposed 

Wednesday ETP Expirations, the 


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14See supra note 3. 

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

16 17 CFR 240.19b–4(f)(6). 

17 15 U.S.C. 78s(b)(3)(A)(iii). 

18 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. 

19 17 CFR 240.19b–4(f)(6). 

20 17 CFR 240.19b–4(f)(6)(iii). 

21See supra note 3. 

22See SR–CboeBZX–2022–37 (July 8, 2022). 

23For 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). 

Exchange believes that applying the 

provisions in IM–5050–6 that currently 

apply to Wednesday SPY, QQQ and 

IWM expirations is justified. For 

example, the Exchange believes that 

allowing Wednesday ETP Expirations 

and monthly Exchange Traded Product 

expirations in the same week will 

benefit investors and minimize investor 

confusion by providing Wednesday ETP 

Expirations in a continuous and 

uniform manner. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will impose 

any burden on competition not 

necessary or appropriate in furtherance 

of the purposes of the Act. In this regard 

and as indicated above, the Exchange 

notes that the rule change is being 

proposed as a competitive response to a 

filing submitted by Nasdaq ISE that was 

recently approved by the Commission.14

While the proposal will expand the 

Short Term Options Expirations to 

allow Wednesday ETP Expirations to be 

listed on BOX, the Exchange believes 

that this limited expansion for 

Wednesday expirations for options on 

USO, UNG, GLD, SLV, and TLT will not 

impose an undue burden on 

competition; rather, it will meet 

customer demand. The Exchange 

believes that Participants will continue 

to be able to expand hedging tools and 

tailor their investment and hedging 

needs more effectively in USO, UNG, 

GLD, SLV, and TLT given multi-class 

nature of these products and the 

available hedges in highly-correlated 

instruments, as described above. 

Similar to Wednesday SPY, QQQ and 

IWM expirations, the introduction of 

Wednesday ETP Expirations does not 

impose an undue burden on 

competition. The Exchange believes that 

it will, among other things, expand 

hedging tools available to market 

participants and allow for a reduced 

premium cost of buying portfolio 

protection. The Exchange believes that 

Wednesday ETP Expirations will allow 

market participants to purchase options 

on USO, UNG, GLD, SLV, and TLT 

based on their timing as needed and 

allow them to tailor their investment 

and hedging needs more effectively. 

The Exchange does not believe the 

proposal will impose any burden on 

inter- market competition, as nothing 

prevents the other options exchanges 

from proposing similar rules to list and 

trade Wednesday ETP Expirations. 

Further, the Exchange does not believe 

the proposal will impose any burden on 

intra-market competition, as all market 

participants will be treated in the same 

manner under this proposal.

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

The Exchange has 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 15 and Rule 

19b–4(f)(6) thereunder.16 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 17 and 

subparagraph (f)(6) of Rule 19b–4 

thereunder.18

A proposed rule change filed under 

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

become operative prior to 30 days after 

the date of the filing. However, pursuant 

to Rule 19b–4(f)(6)(iii),20 the 

Commission may 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 proposal may 

become operative immediately upon 

filing. According to the Exchange, the 

proposed rule change is a competitive 

response to a filing submitted by Nasdaq 

ISE that was recently approved by the 

Commission.21 The Exchange has stated 

that waiver of the 30-day operative 

delay would ensure fair competition 

among the exchanges by allowing the 

Exchange to permit the listing of two 

Wednesday expirations for options on 

ETPs.22 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 30-day 

operative delay and designates the 

proposed rule change as operative upon 

filing.23

At any time within 60 days of the 

filing of the proposed rule change, the 

Commission summarily may 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is necessary or appropriate in the 

public interest, for the protection of 

investors, or otherwise in furtherance of 

the purposes of the Act. If the 

Commission takes such action, the 

Commission shall institute proceedings 

to determine whether the proposed rule 

should be approved or disapproved. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s internet 

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

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include file number SR– 

BOX–2023–27 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–2023–27. 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 


khammond on DSKJM1Z7X2PROD with NOTICES
Federal Register / Vol. 88, No. 226 / Monday, November 27, 2023 / Notices 82933 

24 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3See proposed Rule 14.13(b)(1). 

4The Entry Fee is currently set forth in Exchange 

Rule 14.13(b)(1)(A) and (B) for Tier I and Tier II 

securities, respectively. As described therein, the 

Entry Fee includes a non-refundable Application 

Fee that must be submitted with the Company’s 

application to list on the Exchange. 

5The Exchange initially filed the proposed fee 

change on September 29, 2023 (SR–CboeBZX– 

2023–077). On October 10, 2023, the Exchange 

withdrew that filing and submitted another 

proposed fee change (SR–CboeBZX–2023–082). On 

October 20, 2023, the Exchange withdrew that filing 

and submitted another proposed fee change (SR– 

CboeBZX–2023–086). On October 31, 2023, the 

Exchange withdrew that filing and [sic] another 

proposed fee change (SR–CboeBZX–2023–088). On 

November 8, 2023, the Exchange withdrew that 

filing and submitted this proposal. 

6The Exchange notes that the proposed Fees will 

be applied prospectively to all applications 

submitted after the date of this proposal. 

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–2023–27 and should be 

submitted on or before December 18, 

2023. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.24

Christina Z. Milnor, 

Assistant Secretary. 

[FR Doc. 2023–26092 Filed 11–24–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98991; File No. SR– 

CboeBZX–2023–092] 

Self-Regulatory Organizations; Cboe 

BZX Exchange, Inc.; Notice of Filing 

and Immediate Effectiveness of a 

Proposed Rule Change To Delineate 

the Application Fee From the Entry 

Fee, To Increase the Application Fee 

for Tier I and Tier II Securities Listed 

on the Exchange in Certain 

Circumstances, To Change the 

Assessment Date of the Entry Fee, and 

To Clarify That Both the Entry Fee and 

Application Fee Are Non-Refundable 

as Provided in Exchange Rule 14.13 

November 20, 2023. 

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

Securities Exchange Act of 1934 (‘‘Act’’) 

and Rule 19b–4 thereunder,2 notice is 

hereby given that on November 8, 2023, 

Cboe BZX Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘BZX’’) 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 self-regulatory 

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 

Cboe BZX Exchange, Inc. (‘‘BZX’’ or 

the ‘‘Exchange’’) is filing with the 

Securities and Exchange Commission 

(‘‘Commission’’ or ‘‘SEC’’) a proposed 

rule change to delineate the Application 

Fee from the Entry Fee, to increase the 

Application Fee for Tier I and Tier II 

securities listed on the Exchange in 

certain circumstances, to change the 

assessment date of the Entry Fee, and to 

clarify that both the Entry Fee and 

Application Fee are non-refundable as 

provided in Exchange Rule 14.13. 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 

the most significant aspects 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 is proposing to amend 

its rules related to an application to list 

any class of securities (not otherwise 

identified in Rule 14.13) on the 

Exchange as a Tier I or Tier II security 

to specifically delineate the Application 

Fee 3 from the Entry Fee,4 to increase the 

Application Fee for Tier I and Tier II 

Securities applying to list on the 

Exchange in certain circumstances, and 

to change the assessment date of the 

Entry Fee.5 The Exchange is also 

proposing to clarify that both the Entry 

Fee and Application Fee are nonrefundable. The Exchange is not 

proposing to change the total combined 

Entry Fee and Application Fee for either 

Tier I ($100,000) or Tier II ($50,000) 

securities, but rather to increase the 

Application Fee in situations that it’s 

less likely that an applicant will list on 

the Exchange (as further described 

below) and to assess the Entry Fee at the 

point that the Exchange has completed 

the majority of the work associated with 

a potential listing.6

Currently, under Exchange Rule 

14.13(b)(1)(A) and (B), a Company that 

submits an application to list a Tier I or 

Tier II security on the Exchange is 

assessed an Entry Fee totaling $100,000 

or $50,000, respectively. The rules 

further stipulate that the Entry Fee will 

be assessed on the date of listing on the 

Exchange, except for $25,000 which 

represents the Application Fee, and 

which must be submitted with the 

Company’s application. 

The Exchange is now proposing to 

delineate the Application Fee from the 

Entry Fee under proposed Rules 

14.13(b)(1) and (2), respectively. 

However, the Exchange is not proposing 

a change to the combined total of the 

Entry Fee and Application Fee for either 

Tier I or Tier II securities that list on the 

Exchange. The Application Fee would 

continue to be $25,000 for both Tier I 

and Tier II securities unless the 

Company is at any point during the 

Exchange’s review of the application 

simultaneously engaged in the 

application process to list on another 

national securities exchange, in which 

case the application fee will be $50,000. 

In such circumstances, there is a higher 

likelihood that the Company may 

withdraw its application to list on the 

Exchange prior to the issuance of 

conditional approval, and thus prior to 

assessment of the remainder of the Entry 

Fee. Given this and because of the 

significant resources necessary to 

review an application to list on the 

Exchange, the Exchange believes that a 

higher Application Fee will more 


khammond on DSKJM1Z7X2PROD with NOTICES