[Federal Register Volume 89, Number 181 (Wednesday, September 18, 2024)]
[Notices]
[Pages 76574-76578]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-21164]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-101004; File No. SR-BOX-2024-22]


Self-Regulatory Organizations; BOX Exchange LLC; Notice of Filing 
and Immediate Effectiveness of a Proposed Rule Change To Amend BOX Rule 
5050 (Series of Options Contracts Open for Trading) To Permit the 
Expansion of Monday Expirations in Certain Exchange Traded Products

September 12, 2024.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that 
on September 5, 2024, BOX Exchange LLC (the ``Exchange'') filed with 
the Securities and Exchange Commission (``Commission'') the proposed 
rule change as described in Items I and II below, which Items have been 
prepared by the self-regulatory organization. The Commission is 
publishing this notice to solicit comments on the proposed rule from 
interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to amend BOX Rule 5050 (Series of Options 
Contracts Open for Trading) to permit the expansion of Monday 
expirations in Exchange Traded Products (``ETPs''). 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.

[[Page 76575]]

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 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 BOX Rule 5050 (Series of Options 
Contracts Open for Trading) to permit the expansion of Monday 
expirations in ETPs. Specifically, the Exchange proposes to expand the 
Short Term Option Series Program to permit the listing of two Monday 
expirations for options on SPDR Gold Shares (``GLD''), iShares Silver 
Trust (``SLV''), and iShares 20+ Year Treasury Bond ETF (``TLT'') 
(collectively ``Exchange Traded Products'' or ``ETPs'').\3\ This is a 
competitive filing that is based on a proposal recently submitted by 
Nasdaq ISE, LLC (``ISE'') and approved by the Commission.\4\
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    \3\ Today, the Exchange permits the listing of two Wednesday 
expirations for options on GLD, SLV, and TLT. See Securities 
Exchange Act Release No. 98997 (November 21, 2023), 88 FR 82929 
(November 27, 2023) (SR-BOX-2023-27) (``Wednesday Approval Order''). 
The Exchange began listing Wednesday expirations on these five 
symbols on November 21, 2023. See Notice 2023-423.
    \4\ See Securities Exchange Act Release No. 100837 (August 27, 
2024) (Order Approving SR-ISE-2024-21).
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    Currently, as set forth in IM-5050-6 (Short Term Option Series 
Program), 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),\5\ 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 standard expiration options series, 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.
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    \5\ BOX Rule 100(a)(66) provides that a Short Term Option Series 
means a series in an option class that is approved for listing and 
trading on the Exchange 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, Wednesday or Friday of 
the following business week that is a business day, 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. 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.
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    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 beyond the current week 
and are not business days in which standard expiration options series, 
Monthly Options Series, or Quarterly Options Series expire (``Short 
Term Option Daily Expirations'').\6\ For those symbols listed in Table 
1, the Exchange may have no more than a total of two Short Term Option 
Daily Expirations beyond the current week for each of Monday, Tuesday, 
Wednesday, and Thursday expirations, as applicable, at one time.
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    \6\ As set forth in Table 1, the Exchange currently only permits 
Wednesday expirations for USO, UNG, GLD, SLV, and TLT.
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    At this time, the Exchange proposes to expand the Short Term Option 
Daily Expirations to permit the listing and trading of options on GLD, 
SLV, and TLT expiring on Mondays. The Exchange proposes to permit two 
Short Term Option Expiration Dates beyond the current week for each 
Monday expiration at one time, and would update Table 1 in IM-5050-6 
for each of those symbols accordingly.
    The proposed Monday GLD, SLV, and TLT expirations will be similar 
to the current Monday 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 Friday or Monday that is a business day (beyond the 
current week) series of options on GLD, SLV, and TLT to expire on any 
Monday of the month that is a business day and is not a Monday in which 
standard expiration options series, Monthly Options Series, or 
Quarterly Options Series expire, provided that Monday expirations that 
are listed on a Friday must be listed at least one business week and 
one business day prior to the expiration (``Monday GLD Expirations,'' 
``Monday SLV Expirations,'' and ``Monday TLT Expirations'') 
(collectively, ``Monday ETP Expirations'').\7\ In the event Short Term 
Option Daily Expirations expire on a Monday and that Monday is the same 
day that a standard expiration options series, Monthly Options Series, 
or 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, Monday 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 standard 
expiration options series, Monthly Options Series, or Quarterly Options 
Series.
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    \7\ Today, GLD, SLV, and TLT may trade on Wednesdays. See supra 
note 3. They may also trade on Fridays, as is the case for all 
options series in the Short Term Option Series Program.
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    The interval between strike prices for the proposed Monday ETP 
Expirations will be the same as those currently applicable to the Short 
Term Option Series Program.\8\ Specifically, the Monday ETP Expirations 
will have a strike interval of (i) $0.50 or greater for strike prices 
below $100, and $1 or greater for strike prices between $100 and $150 
for all option classes that participate in the Short Term Option Series 
Program, (ii) $0.50 for option classes that trade in one dollar 
increments in Related non-short Term Options and are in the Short Term 
Option Series Program, or (iii) $2.50 or greater for strike prices 
above $150.\9\ As is the case with other equity options series listed 
pursuant to the Short Term Option Series Program, the Monday ETP 
Expirations series will be P.M.-settled.
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    \8\ See IM-5050-6(b)(5).
    \9\ Id.
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    Pursuant to Rule 100(a)(66), with respect to the Short Term Option 
Series Program, if a Monday is not a business day, the series shall 
expire on the first business day immediately following that Monday.
    Currently, for each option class eligible for participation in the 
Short

[[Page 76576]]

Term Option Series Program, the Exchange is limited to opening thirty 
(30) series for each expiration date for the specific class.\10\ 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.\11\ With the proposed changes, this thirty (30) 
series restriction would apply to Monday 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 Monday ETP Expirations.
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    \10\ See IM-5050-6(b)(1).
    \11\ See IM-5050-6.
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    With this proposal, Monday ETP Expirations would be treated 
similarly to existing Monday SPY, QQQ, and IWM Expirations. With 
respect to standard expiration option series, Short Term Option Daily 
Expirations will be permitted to expire in the same week in which 
standard expiration option series on the same class expire.\12\ Not 
listing Short Term Option Daily Expirations for one week every month 
because there was a standard options series on that same class on the 
Friday of that week would create investor confusion.
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    \12\ See IM-5050-6(b)(2).
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    Further, as with Monday SPY, QQQ, and IWM Expirations, the Exchange 
would not permit Monday ETP Expirations to expire on a business day in 
which standard expiration option series, Monthly Options Series, or 
Quarterly Options Series expire.\13\ Therefore, all Short Term Option 
Daily Expirations would 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 standard 
expiration option series, 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 standard expiration 
option series, Monthly Options Series, a Quarterly Options Series would 
expire because those options would be duplicative of each other.
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    \13\ See IM-5050-6(b).
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    The Exchange does not believe that any market disruptions will be 
encountered with the introduction of Monday ETP Expirations. The 
Exchange currently trades P.M.- settled Short Term Option Series that 
expire Monday for SPY, QQQ and IWM and has not experienced any market 
disruptions nor issues with capacity.\14\ In addition, the Exchange has 
not experienced any market disruptions or issues with capacity in 
expanding the three ETPs to the Wednesday expirations.\15\ Today, the 
Exchange has surveillance programs in place to support and properly 
monitor trading in Short Term Option Series that expire Monday for SPY, 
QQQ and IWM. Further, the Exchange has the necessary capacity and 
surveillance programs in place to support and properly monitor trading 
in the proposed Monday ETP Expirations.
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    \14\ In its filing to expand the Short Term Options Series 
Program to permit GLD, SLV, and TLT Monday Expirations, ISE provided 
charts and analysis demonstrating the percentage of weekly listings 
in the options industry compared to monthly, quarterly, and Long-
Term Options Series for a twelve-month period ending on February 22, 
2024. The information includes time averaged data (the number of 
strikes by maturity date divided from the number of trading days) 
for all 17 options markets through February 22, 2024. The analysis 
showed less volatility in GLD, SLV, and TLT (both in terms of post-
close and during the last 30 minutes of trading) compared to SPY, 
QQQ, and IWM, which have alternative expirations (including Monday 
expirations) today. ISE sourced this information, which are 
estimates, from OCC. See Securities Exchange Act Release No. 100837 
(August 27, 2024) (SR-ISE-2024-21).
    \15\ See supra note 3.
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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''),\16\ in general, and Section 6(b)(5) of the Act,\17\ 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.
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    \16\ 15 U.S.C. 78f(b).
    \17\ 15 U.S.C. 78f(b)(5).
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    Similar to Monday expirations in SPY, QQQ, and IWM, the proposal to 
permit Monday 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 believes that there 
is general demand for alternative expirations based on the analysis 
discussed above,\18\ notably comparing the average daily contracts 
traded in options overlying SPY, QQQ, and the three ETPs five months 
before and after the introduction of alternative expirations on those 
symbols. The Exchange observes that the ISE data shows a volume 
increase in SPY and QQQ in the five-month period following the 
introduction of Tuesday and Thursday expirations, which suggests there 
is indeed genuine new interest in these alternative expirations (as 
opposed to existing interest being cannibalized).\19\ The Exchange 
observes that the ISE data shows a volume increase in the majority of 
the three ETPs in the five-month period following the introduction of 
Wednesday expirations, likewise indicating the existence of general 
demand for alternative expirations in these symbols.\20\
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    \18\ See supra note 14.
    \19\ Id.
    \20\ Id.
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    BOX 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 Monday 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, and TLT given that it will be limited to two Monday 
expirations beyond the current week.\21\
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    \21\ Id.
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    The Exchange believes that the proposal is consistent with the Act 
as the proposal would overall add a small number of Monday ETP 
Expirations by limiting the addition of two Monday expirations beyond 
the current week. The addition of Monday 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 displayed market quality.\22\ The Exchange 
believes that the proposal will allow Participants to expand hedging 
tools and tailor their investment and hedging needs more effectively in 
GLD, SLV, and TLT as these funds are most likely to be utilized

[[Page 76577]]

by market participants to hedge the underlying asset classes. As stated 
in the Wednesday Approval Order, the ETPs currently trade within 
``complexes'' where, in addition to the underlying security, there are 
multiple instruments available for hedging. Given the multi-asset class 
nature of these products and available hedges in highly correlated 
instruments, the Exchange believes that its proposal to add Monday 
expirations on these products will provide market participants with 
additional useful hedging tools for the underlying asset classes.
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    \22\ Today, Market Makers are required to quote a specified time 
in their assigned options series. See BOX Rule 8050.
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    Similar to Monday SPY, QQQ, and IWM expirations, the introduction 
of Monday 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 Monday ETP Expirations will allow market 
participants to purchase options on 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, BOX lists Monday SPY, QQQ, and IWM Expirations.\23\
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    \23\ See IM-5050-6(b).
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    In particular, the Exchange believes the Short Term Option Series 
Program has been successful to date and that Monday 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 Monday SPY, 
QQQ and IWM expirations compared to the proposed Monday ETP 
Expirations. Given the similarities between Monday SPY, QQQ and IWM 
expirations and the proposed Monday ETP Expirations, the Exchange 
believes that applying the provisions in IM-5050-6(b) that currently 
apply to Monday SPY, QQQ and IWM expirations is justified. For example, 
the Exchange believes that allowing Monday ETP Expirations and monthly 
Exchange Traded Product expirations in the same week will benefit 
investors and minimize investor confusion by providing Monday 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 ISE that was recently 
approved by the Commission.\24\
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    \24\ See supra note 4.
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    While the proposal will expand the Short Term Options Expirations 
to allow Monday ETP Expirations to be listed on BOX, the Exchange 
believes that this limited expansion for Monday expirations for options 
on 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 GLD, SLV, 
and TLT.
    Similar to Monday SPY, QQQ and IWM expirations, the introduction of 
Monday 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 Monday 
ETP Expirations will allow market participants to purchase options on 
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 intermarket competition, as nothing prevents the other options 
exchanges from proposing similar rules to list and trade Monday 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 \25\ and Rule 19b-4(f)(6) thereunder.\26\ 
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 \27\ and subparagraph (f)(6) of 
Rule 19b-4 thereunder.\28\
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    \25\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \26\ 17 CFR 240.19b-4(f)(6).
    \27\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \28\ 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.
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    A proposed rule change filed under Rule 19b-4(f)(6) \29\ normally 
does not become operative prior to 30 days after the date of the 
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\30\ 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 ISE that recently was approved by the 
Commission.\31\ The Exchange has stated that waiver of the 30-day 
operative delay would allow the Exchange to expand the Short Term 
Options Expirations to be listed on the Exchange and allow limited 
expansion in Monday ETP Expirations at the same time as its competitor 
exchanges. 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.\32\
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    \29\ 17 CFR 240.19b-4(f)(6).
    \30\ 17 CFR 240.19b-4(f)(6)(iii).
    \31\ See supra note 4.
    \32\ For 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).
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    At any time within 60 days of the filing of the proposed rule 
change, the Commission summarily may temporarily suspend such rule 
change if

[[Page 76578]]

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

    <bullet> Use the Commission's internet comment form (https://www.sec.gov/rules/sro.shtml); or
    <bullet> Send an email to <a href="/cdn-cgi/l/email-protection#7705021b125a14181a1a121903043704121459101801"><span class="__cf_email__" data-cfemail="ff8d8a939ad29c9092929a918b8cbf8c9a9cd1989089">[email protected]</span></a>. Please include 
file number SR-BOX-2024-22 on the subject line.

Paper Comments

    <bullet> 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-2024-22. 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-2024-22 and should be 
submitted on or before October 9, 2024.
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    \33\ 17 CFR 200.30-3(a)(12), (59).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\33\
Vanessa A. Countryman,
Secretary.
[FR Doc. 2024-21164 Filed 9-17-24; 8:45 am]
BILLING CODE 8011-01-P


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