76574 Federal Register / Vol. 89, No. 181 / Wednesday, September 18, 2024 / Notices 

51See Securities Exchange Act Release No. 51808 

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

52NetCoalition v. SEC, 615 F.3d 525, 539 (D.C. 

Cir. 2010) (quoting Securities Exchange Act Release 

No. 59039 (December 2, 2008), 73 FR 74770, 74782– 

83 (December 9, 2008) (SR–NYSEArca–2006–21)). 

53 15 U.S.C. 78s(b)(3)(A). 

54 17 CFR 240.19b–4(f). 

55 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

numerous alternative venues that they 

may participate on and direct their 

order flow, including 13 non-Cboe 

affiliated options markets, as well as offexchange venues, where competitive 

products are available for trading. 

Moreover, the Commission has 

repeatedly expressed its preference for 

competition over regulatory 

intervention in determining prices, 

products, and services in the securities 

markets. Specifically, in Regulation 

NMS, the Commission highlighted the 

importance of market forces in 

determining prices and SRO revenues 

and, also, recognized that current 

regulation of the market system ‘‘has 

been remarkably successful in 

promoting market competition in its 

broader forms that are most important to 

investors and listed companies.’’ 51 The 

fact that this market is competitive has 

also long been recognized by the courts. 

In NetCoalition v. Securities and 

Exchange Commission, the D.C. Circuit 

stated as follows: ‘‘[n]o one disputes 

that competition for order flow is 

‘fierce.’ . . . As the SEC explained, ‘[i]n 

the U.S. national market system, buyers 

and sellers of securities, and the brokerdealers that act as their order-routing 

agents, have a wide range of choices of 

where to route orders for execution’; 

[and] ‘no exchange can afford to take its 

market share percentages for granted’ 

because ‘no exchange possesses a 

monopoly, regulatory or otherwise, in 

the execution of order flow from broker 

dealers’. . . .’’.52 Accordingly, the 

Exchange does not believe its proposed 

change imposes any burden on 

competition that is not necessary or 

appropriate in furtherance of the 

purposes of the Act. 

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 foregoing rule change has become 

effective pursuant to Section 19(b)(3)(A) 

of the Act 53 and paragraph (f) of Rule 

19b–4 54 thereunder. 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 

• 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– 

C2–2024–015 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–C2–2024–015. 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–C2–2024–015 and should be 

submitted on or before October 9, 2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.55

Vanessa A. Countryman, 

Secretary. 

[FR Doc. 2024–21170 Filed 9–17–24; 8:45 am] 

BILLING CODE 8011–01–P 

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. 

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. 


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Federal Register / Vol. 89, No. 181 / Wednesday, September 18, 2024 / Notices 76575 

3Today, 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. 

4See Securities Exchange Act Release No. 100837 

(August 27, 2024) (Order Approving SR–ISE–2024– 

21). 

5BOX 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. 

6As set forth in Table 1, the Exchange currently 

only permits Wednesday expirations for USO, UNG, 

GLD, SLV, and TLT. 

7Today, 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. 8See IM–5050–6(b)(5). 9 Id. 

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

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. 

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. 

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. 

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. 

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 


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76576 Federal Register / Vol. 89, No. 181 / Wednesday, September 18, 2024 / Notices 

10See IM–5050–6(b)(1). 

11See IM–5050–6. 

12See IM–5050–6(b)(2). 

13See IM–5050–6(b). 

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). 

15See supra note 3. 

16 15 U.S.C. 78f(b). 

17 15 U.S.C. 78f(b)(5). 

18See supra note 14. 19 Id. 20 Id. 21 Id. 22Today, Market Makers are required to quote a 

specified time in their assigned options series. See 

BOX Rule 8050. 

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. 

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. 

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. 

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. 

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. 

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

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

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 


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23See IM–5050–6(b). 24See supra note 4. 

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. 

29 17 CFR 240.19b–4(f)(6). 

30 17 CFR 240.19b–4(f)(6)(iii). 

31See supra note 4. 

32For 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). 

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. 

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

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

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

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

At any time within 60 days of the 

filing of the proposed rule change, the 

Commission summarily may 

temporarily suspend such rule change if 


khammond on DSKJM1Z7X2PROD with NOTICES
76578 Federal Register / Vol. 89, No. 181 / Wednesday, September 18, 2024 / Notices 

33 17 CFR 200.30–3(a)(12), (59). 

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

2 17 CFR 240.19b–4. 

3 15 U.S.C. 78s(b)(3)(A). A proposed rule change 

may take effect upon filing with the Commission if 

it is designated by the exchange as ‘‘establishing or 

changing a due, fee, or other charge imposed by the 

self-regulatory organization on any person, whether 

or not the person is a member of the self-regulatory 

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

4Securities Exchange Act Release Nos. 34–99380 

(January 17, 2024), 89 FR 11079 (February 13, 2024) 

(SR–NYSE–2024–03); 99381 (January 17, 2024), 89 

FR 10620 (February 13, 2024) (SR–NYSEAMER– 

2024–002); 99357 (January 17, 2024), 89 FR 10735 

(February 13, 2024) (SR–NYSEARCA–2024–02); 

99366 (January 17, 2024), 89 FR 10315 (February 

13, 2024) (SR–NYSECHX–2024–02); 99368 (January 

17, 2024), 89 FR 10353 (February 13, 2024) (SR– 

NYSENAT–2024–01); 

5See letters from: Edward Weisbaum, Executing 

Broker CBOE Floor, dated February 6, 2024; 

Howard Meyerson, Managing Director, Financial 

Information Forum, to Vanessa Countryman, 

Secretary, Commission, dated March 4, 2024; 

Thomas M. Merritt, Deputy General Counsel, Virtu 

Financial, Inc., to Vanessa Countryman, Secretary, 

Commission, dated March 5, 2024; Ellen Greene, 

Managing Director, Equities & Options Market 

Structure, SIFMA; Joseph Corcoran, Managing 

Director, Associate General Counsel, SIFMA, to 

Vanessa Countryman, Secretary, Commission, dated 

March 5, 2024; Stephen John Berger, Managing 

Director, Global Head of Government & Regulatory 

Policy, Citadel Securities, to Vanessa Countryman, 

Secretary, Commission, dated March 5, 2024; 

Joanna Mallers, Secretary, FIA Principal Traders 

Group, to Vanessa Countryman, Secretary, 

Commission, dated March 9, 2024; and Brandon 

Becker, CAT NMS Plan Operating Committee Chair, 

to Vanessa Countryman, Secretary, Commission, 

dated June 13, 2024. 

6 15 U.S.C. 78s(b)(2). 

7See Securities Exchange Act Release No. 100628 

(Jul. 31, 2024), 89 FR 64010 (Aug. 6, 2024); The 

Commission designated October 10, 2024 as the 

date by it should approve or disapprove the 

proposed rule change. 

8 17 CFR 200.30–3(a)(12). 

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–2024–22 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–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. 

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 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101005; File Nos. SR– 

NYSE–2024–03; SR–NYSEAMER–2024–02; 

SR–NYSEARCA–2024–02; SR–NYSECHX– 

2024–02; SR–NYSENAT–2024–01] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; NYSE 

American LLC; NYSE Arca, Inc.; NYSE 

Chicago, Inc.; NYSE National, Inc.; 

Notice of Withdrawal of Proposed Rule 

Change To Establish Fees Related to 

Certain Historical Costs of the National 

Market System Plan Governing the 

Consolidated Audit Trail 

September 12, 2024. 

On January 3, 2024 New York Stock 

Exchange LLC; NYSE American LLC; 

NYSE Arca, Inc.; NYSE Chicago, Inc.; 

and NYSE National, Inc. (the 

‘‘Exchanges’’) filed with the Securities 

and Exchange Commission (the 

‘‘Commission’’), pursuant to Section 

19(b)(1) of the Securities Exchange Act 

of 1934 (‘‘Act’’) 1 and Rule 19b–4 

thereunder,2 proposed rule changes to 

establish fees for industry members 

related to certain historical costs of the 

National Market System plan governing 

the Consolidated Audit Trail. The 

proposed rule changes were 

immediately effective upon filing with 

the Commission pursuant to Section 

19(b)(3)(A) of the Act.3 On February 13, 

2024, the proposed rule changes were 

published in the Federal Register and 

the Commission temporarily suspended 

and instituted proceedings to determine 

whether to approve or disapprove the 

proposed rule changes.4 The 

Commission received six comments on 

the proposed rule changes and one 

response to those comments.5 On July 

31, 2024, pursuant to Section 19(b)(2) of 

the Act,6 the Commission designated a 

longer period within which to approve 

the proposed rule changes or disapprove 

the proposed rule changes.7 On 

September 6, 2024, the Exchanges 

withdrew the proposed rule changes 

(SR–NYSE–2024–03; SR–NYSEAMER– 

2024–02; SR–NYSEARCA–2024–02; 

SR–NYSECHX–2024–02; SR– 

NYSENAT–2024–01). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.8

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–21165 Filed 9–17–24; 8:45 am] 

BILLING CODE 8011–01–P 

SMALL BUSINESS ADMINISTRATION 

[Disaster Declaration #20570 and #20571; 

TEXAS Disaster Number TX–20024] 

Administrative Rural Declaration 

Amendment of a Disaster for the State 

of Texas 

AGENCY: Small Business Administration. 

ACTION: Amendment 1. 

SUMMARY: This is an amendment of the 

Administrative Rural declaration of 

disaster for the State of Texas dated 09/ 

03/2024. 

Incident: Hurricane Beryl. 

Incident Period: 07/05/2024 through 

07/09/2024. 


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