[Federal Register Volume 89, Number 182 (Thursday, September 19, 2024)]
[Notices]
[Pages 76893-76896]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-21285]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-101021; File No. SR-CBOE-2024-040]


Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of 
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend 
the Short Term Option Series Program in Rule 4.5(d)

September 13, 2024.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given 
that on September 6, 2024, Cboe Exchange, Inc. (the ``Exchange'' or 
``Cboe Options'') filed with the Securities and Exchange Commission 
(the ``Commission'') the proposed rule change as described in Items I 
and II below, which Items have been prepared by the Exchange. The 
Exchange filed the proposal as a ``non-controversial'' 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.
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    \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).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    Cboe Exchange, Inc. (the ``Exchange'' or ``Cboe Options'') proposes 
to amend the Short Term Option Series Program in Rule 4.5(d). The text 
of the proposed rule change is provided in Exhibit 5.
    The text of the proposed rule change is also available on the 
Exchange's website (http://www.cboe.com/AboutCBOE/CBOELegalRegulatoryHome.aspx), at the Exchange's Office of the 
Secretary, and at the Commission's Public Reference Room.

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, the Exchange included statements 
concerning the purpose of and basis for the proposed rule change and 
discussed any comments it received on the proposed rule change. The 
text of these statements may be examined at the places specified in 
Item IV below. The Exchange has prepared summaries, set forth in 
sections A, B, and C below, of the most significant aspects of such 
statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to amend the Short Term Option Series Program 
in Rule 4.5(d) (Series of Options Contracts Open for Trading). 
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'').\5\ This is a competitive 
filing that is based on a proposal submitted by Nasdaq ISE, LLC 
(``Nasdaq ISE'') and recently approved by the Commission.\6\
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    \5\ Today, the Exchange permits the listing of two Wednesday 
expirations for options on United States Oil Fund, LP (``USO''), 
United States Natural Gas Fund, LP (``UNG''), GLD, SLV, and TLT. See 
Securities Exchange Act Release No. 99035 (November 29, 2023), 88 FR 
84367 (December 5, 2023) (SR-CBOE-2023-062) (``Wednesday Notice''). 
The Exchange began listing Wednesday expirations on these five 
symbols on November 21, 2023. See Options Exchange Notice, Reference 
ID: C2023111702.
    \6\ See Securities Exchange Act Release No. 100837 (August 27, 
2024) (SR-ISE-2024-21) (Notice of Filing of Amendment No. 1 and 
Order Granting Accelerated Approval of a Proposed Rule Change, as 
Modified by Amendment No. 1, to Adopt Rules to Permit the Listing of 
Two Monday Expirations for Options on SPDR Gold Shares, iShares 
Silver Trust, and iShares 20+ Year Treasury Bond ETF) (``Nasdaq ISE 
Approval'').
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    Currently, as set forth in Rule 4.5(d), after an option class has 
been approved for listing and trading on the Exchange as a Short Term 
Option Series, 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 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 Rule 4.5(d) 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'').\7\ 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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    \7\ As set forth in Table 1, the Exchange currently only permits 
Wednesday expirations for USO, UNG, GLD, SLV, and TLT.
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Proposal
    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 Rule 4.5(d) 
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 Rule 4.5(d), 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

[[Page 76894]]

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'').\8\ 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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    \8\ Today, USO, UNG, GLD, SLV, and TLT may trade on Wednesdays. 
See id. 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 for SPY, 
QQQ, and IWM Monday expirations in the Short Term Option Series 
Program.\9\ 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 and are in 
the Short Term Option Series Program, or (iii) $2.50 or greater for 
strike prices above $150.\10\ 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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    \9\ See Rule 4.5(d)(5).
    \10\ Id.
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    Pursuant to Rule 4.5(d), 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 Term Option Series Program, the Exchange is limited to opening 
thirty (30) series for each expiration date for the specific class.\11\ 
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.\12\ 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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    \11\ See Rule 4.5(d)(1).
    \12\ See Rule 4.5(d)(1).
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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.\13\ 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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    \13\ See Rule 4.5(d)(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.\14\ 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 beyond the current week 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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    \14\ See Rule 4.5(d).
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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. In addition, the Exchange has not 
experienced any market disruptions or issues with capacity in expanding 
the five 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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    \15\ Today, the Exchange permits the listing of two Wednesday 
expirations for options on USO, UNG, GLD, SLV, and TLT. See 
Wednesday Notice. The Exchange began listing Wednesday expirations 
on these five symbols on November 21, 2023. See Options Exchange 
Notice, Reference ID: C2023111702.
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    Because the Exchange proposes to limit the number of Monday 
Expirations for options on GLD, SLV, and TLT to two expirations beyond 
the current week, the Exchange believes that the addition of these 
Monday ETP Expirations should encourage Market-Makers to continue to 
deploy capital more efficiently and improve displayed market quality. 
Similar to SPY, QQQ and IWM Monday Expirations, the introduction of 
Monday ETP Expirations 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 hedge their portfolios 
with options on commodities (gold and silver) as well as treasury 
securities, and tailor their investment and hedging needs more 
effectively.
2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with 
the Securities Exchange Act of 1934 (the ``Act'') and the rules and 
regulations thereunder applicable to the Exchange and, in particular, 
the requirements of Section 6(b) of the Act.\16\ Specifically, the 
Exchange believes the proposed rule change is consistent with the 
Section 6(b)(5) \17\ requirements that the rules of an exchange be 
designed to prevent fraudulent and manipulative acts and practices, to 
promote just and equitable principles of trade, to foster cooperation 
and coordination with persons engaged in regulating, clearing, 
settling, processing information with respect to, and facilitating 
transactions in securities, to remove impediments to and perfect the 
mechanism of a free and open market and a national market system, and, 
in general, to protect investors and the public interest. Additionally, 
the Exchange believes the

[[Page 76895]]

proposed rule change is consistent with the Section 6(b)(5) \18\ 
requirement that the rules of an exchange not be designed to permit 
unfair discrimination between customers, issuers, brokers, or dealers.
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    \16\ 15 U.S.C. 78f(b).
    \17\ 15 U.S.C. 78f(b)(5).
    \18\ Id.
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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 in these symbols.
    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 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.
    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. The Exchange believes 
that the proposal will allow TPHs 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 by market 
participants to hedge the underlying asset classes. 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.
    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, the Exchange lists Monday SPY, QQQ, and IWM 
Expirations.\19\
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    \19\ See Rule 4.5(d).
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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 Rule 4.5(d) that currently 
apply to Monday SPY, QQQ and IWM expirations is justified. For example, 
the Exchange believes that allowing Monday ETP Expirations and monthly 
ETP expirations in the same week will benefit investors and minimize 
investor confusion by providing Monday ETP Expirations in a continuous 
and uniform manner.
    Finally, the Exchange notes the proposed rule change is 
substantively the same as a rule change proposed by ISE, which the 
Commission recently approved.\20\
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    \20\ See Nasdaq ISE Approval.
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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.
    While the proposal will expand the Short Term Options Expirations 
to allow Monday ETP Expirations to be listed on the Exchange, 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 TPHs 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 inter-market competition, as nothing prevents the other options 
exchanges from proposing similar rules to list and trade Monday ETP 
Expirations. As noted above, the Commission recently approved a 
substantively identical proposal of another exchange.\21\ Further, the 
Exchange does not believe the proposal will impose any burden on 
intramarket competition, as all market participants will be treated in 
the same manner under this proposal.
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    \21\ See Nasdaq ISE Approval.
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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 \22\ and Rule 19b-4(f)(6) thereunder.\23\ 
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

[[Page 76896]]

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 \24\ and subparagraph (f)(6) of Rule 19b-4 thereunder.\25\
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    \22\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \23\ 17 CFR 240.19b-4(f)(6).
    \24\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \25\ 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) \26\ normally 
does not become operative prior to 30 days after the date of the 
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\27\ 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.\28\ The Exchange has stated that waiver of the 30-day 
operative delay would allow the Exchange to implement the proposal at 
the same time as its competitor exchanges, thus creating competition 
among Short Term Option Series throughout the industry. 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 as operative upon filing.\29\
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    \26\ 17 CFR 240.19b-4(f)(6).
    \27\ 17 CFR 240.19b-4(f)(6)(iii).
    \28\ See supra note 9.
    \29\ 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 it appears to the Commission that such action is necessary or 
appropriate in the public interest, for the protection of investors, or 
otherwise in furtherance of the purposes of the Act. If the Commission 
takes such action, the Commission will institute proceedings to 
determine whether the proposed rule change should be approved or 
disapproved.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act. Comments may be submitted by any of 
the following methods:

Electronic Comments

    <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#3745425b521a54585a5a525943447744525419505841"><span class="__cf_email__" data-cfemail="4d3f382128602e2220202823393e0d3e282e632a223b">[email protected]</span></a>. Please include 
file number SR-CBOE-2024-040 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-CBOE-2024-040. 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-CBOE-2024-040 and should be 
submitted on or before October 10, 2024.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\30\
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    \30\ 17 CFR 200.30-3(a)(12), (59).
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Vanessa A. Countryman,
Secretary.
[FR Doc. 2024-21285 Filed 9-18-24; 8:45 am]
BILLING CODE 8011-01-P


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