Federal Register / Vol. 87, No. 35 / Tuesday, February 22, 2022 / Notices 9729 

118 15 U.S.C. 78s(b)(3)(C). 

119 17 CFR 200.30–3(a)(12), (57) and (58). 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 93677 

(November 29, 2021), 86 FR 68703 (‘‘Notice’’). 

4See Securities Exchange Act Release No. 93955, 

87 FR 2971 (January 19, 2022). 

5The Exchange’s rules provide that the Exchange 

may designate as eligible for trading during GTH 

any exclusively listed index option designated for 

trading under Chapter 4, Section B. If the Exchange 

designates a class of index options as eligible for 

trading during GTH, FLEX Options with the same 

underlying index are also deemed eligible for 

trading during GTH. Currently, only SPX, VIX and 

XSP are approved for trading during GTH. Although 

eligible, XSP is not currently listed for trading 

during GTH. 

6 If the holiday is observed on a Friday, GTH 

currently begins (and would continue to begin) at 

8:15 p.m. on the following Sunday. 

7The term ‘‘trading session’’ means the hours 

during which the Exchange is open for trading for 

Regular Trading Hours or Global Trading Hours 

(each of which may be referred to as a trading 

session). Unless otherwise specified in the Rules or 

the context otherwise indicates, all Rules apply in 

the same manner during each trading session. See 

CBOE Rule 1.1 (Definitions). 

8See CBOE Rule 5.1(b)(2). 

9See also Securities Exchange Act Release No. 

93403 (October 22, 2021), 86 FR 59824 (October 28, 

2021) (SR–CBOE–2021–061). 

10 Id. 

11For example, any transactions effected during 

the GTH session that begins at 8:15 p.m. on 

Tuesday, November 23 will be considered to have 

the trade date of Wednesday, November 24 

regardless of whether the trades were effected 

between 8:15 p.m. and 11:59 p.m. on Tuesday, 

November 23 or between 12:00 a.m. and 9:15 a.m. 

on Wednesday November 24. 

12See CBOE Rule 5.1(d). Currently, the Exchange 

is not open for business on: New Year’s Day, Martin 

Luther King, Jr. Day, Presidents’ Day, Good Friday, 

Memorial Day, Independence Day, Labor Day, 

Thanksgiving Day, or Christmas Day. 

disapproved by March 15, 2022. Any 

person who wishes to file a rebuttal to 

any other person’s submission must file 

that rebuttal by March 29, 2022. 

Comments may be submitted by any 

of the following methods: 

Electronic Comments 

• Use the Commission’s internet 

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

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File No. SR– 

MIAX–2022–07 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–MIAX–2022–07. 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 (http://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 

10:00 a.m. and 3:00 p.m. Copies of the 

filing also will be available for 

inspection and copying at the principal 

office of the Exchange. All comments 

received will be posted without change. 

Persons submitting comments are 

cautioned that we do not redact or edit 

personal identifying information from 

comment submissions. You should 

submit only information that you wish 

to make available publicly. All 

submissions should refer to File 

Number SR–MIAX–2022–07 and should 

be submitted on or before March 15, 

2022. Rebuttal comments should be 

submitted by March 29, 2022. 

VI. Conclusion 

It is therefore ordered, pursuant to 

Section 19(b)(3)(C) of the Act,118 that 

File Numbers SR–MIAX–2022–07 be, 

and hereby is, temporarily suspended. 

In addition, the Commission is 

instituting proceedings to determine 

whether the proposed rule change 

should be approved or disapproved. 

For the Commission, by the Division 

of Trading and Markets, pursuant to 

delegated authority.119

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–03651 Filed 2–18–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94253; File No. SR–CBOE– 

2021–068] 

Self-Regulatory Organizations; Cboe 

Exchange, Inc.; Order Granting 

Approval of a Proposed Rule Change 

To Adopt a Modified Trading Schedule 

for Holidays 

February 15, 2022. 

I. Introduction 

On November 15, 2021, Cboe 

Exchange, Inc. (‘‘Exchange’’ or ‘‘CBOE’’) 

filed with the Securities and Exchange 

Commission (‘‘Commission’’), pursuant 

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

Exchange Act of 1934 (‘‘Act’’),1 and 

Rule 19b–4 thereunder,2 a proposed rule 

change to adopt a modified trading 

schedule for holidays. The proposed 

rule change was published for comment 

in the Federal Register on December 3, 

2021.3 On January 12, 2022, the 

Commission designated a longer period 

for Commission action on the proposed 

rule change, until March 3, 2022.4 The 

Commission has received no comment 

letters on the proposal. This order 

approves the proposed rule change. 

II. Description of the Proposed Rule 

Change 

The Exchange proposes to adopt a 

modified trading schedule for holidays 

observed by the Exchange and amend 

and conform various rules relating to 

the proposed holiday trading sessions, 

as described more fully below. 

Particularly, the Exchange proposes to 

(i) adopt an additional Global Trading 

Hours (‘‘GTH’’) 5 trading session that 

would immediately precede domestic 

holidays and (ii) start the GTH session 

that immediately follows a holiday at 

8:15 p.m. on the holiday.6

The Exchange currently offers two 

trading sessions.7 Regular Trading 

Hours (‘‘RTH’’) and GTH. CBOE Rule 

5.1 currently sets forth the trading hours 

for the Exchange’s RTH and GTH 

trading sessions, as well as the trading 

schedule for holidays observed by the 

Exchange. RTH for transactions in index 

options are from 9:30 a.m. to 4:15 p.m., 

subject to certain exceptions.8

Currently, the GTH session begins at 

8:15 p.m. (previous day) and end at 9:15 

a.m. on Monday through Friday.9 Any 

GTH session that follows a holiday 

listed under Rule 5.1(d) begins at 12:00 

a.m. on the calendar day immediately 

following the day the holiday is 

observed and ends at 9:15 a.m., unless 

the holiday is observed on a Friday, in 

which case the subsequent GTH session 

will begin at 8:15 p.m. (Sunday) and 

will end at 9:15 a.m. (Monday).10

Transactions effected during the GTH 

session have the same trade date as the 

RTH session that immediately follows 

it.11

Additionally, there are several 

holidays on which the Exchange is 

currently not open for business.12 For 

any holiday observed by the Exchange 

that falls on a Saturday, the Exchange is 

not open for business on the preceding 

Friday, and when any holiday observed 

by the Exchange falls on a Sunday, the 


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9730 Federal Register / Vol. 87, No. 35 / Tuesday, February 22, 2022 / Notices 

13See CBOE Rule 1.1, definition of ‘‘Business 

Day’’ and ‘‘Trading Day’’. 

14 Domestic holidays include Martin Luther King, 

Jr. Day, Presidents’ Day, Memorial Day, 

Independence Day, Labor Day and Thanksgiving 

Day. 

15 International holidays include Good Friday, 

Christmas Day and New Year’s Day. 

16The Exchange also proposes making 

conforming changes to CBOE Rule 5.1(c) to reflect 

the proposed holiday schedule. See Notice, supra 

note 3, 86 FR at 68704. 

17The Exchange would further amend the 

definition of ‘‘Business Day and Trading Day’’ 

under Proposed CBOE Rule 1.1 to conform to the 

proposed rule change by clarifying that a ‘‘business 

day or trading day that immediately follows a 

domestic holiday . . . includes the Regular Trading 

Hours session and the two Global Trading Hours 

sessions that immediately precede it.’’ See also 

Notice, supra note 3, 86 FR at 68705–06. 

18Pursuant to CBOE Rule 6.4 (Reporting of Trades 

to OCC), all transactions made on the Exchange 

during these sessions will continue to be submitted 

for clearance to the Options Clearing Corporation 

(‘‘OCC’’) in the same manner they are today. 

However, as noted, such trades will have the trade 

date of the trading day following the holiday. 

19Moreover, according to the Exchange, futures 

markets similarly do not provide an extended 

trading hours session that precede certain 

international holidays. See e.g., CFE Rule 1202, 

which provides, among other things, that there will 

be no extended trading hours session preceding 

New Year’s Day and Christmas Day. 20See CBOE Rule 5.6(c). The terms ‘‘Good-tilCancelled’’ and ‘‘GTC’’ mean, for an order so 

designated, if after entry into the System, the order 

is not fully executed, the order (or unexecuted 

portion) remains available for potential display or 

execution (with the same timestamp) unless 

cancelled by the entering User, or until the option 

expires, whichever comes first. Users may not 

designate bulk messages as GTC. 

21See CBOE Rule 5.6(c). The terms ‘‘Good-tilDate’’ and ‘‘GTD’’ mean, for an order so designated, 

if after entry into the System, the order is not fully 

executed, the order (or unexecuted portion) remains 

available for potential display or execution (with 

the same timestamp) until a date and time specified 

by the entering User unless cancelled by the 

entering User. Users may not designate bulk 

messages as GTD. A User may not designate a GTD 

order as Direct to PAR. 

Exchange is not open for business on 

the following Monday, unless unusual 

business conditions exist at the time. 

Currently, if the Exchange is not open 

for RTH on a day, including holidays, 

then it will not be open for GTH on that 

same day.13

The Exchange now proposes to also 

adopt a modified holiday trading hours 

schedule to, according to the Exchange, 

provide global market participants the 

ability to trade during GTH sessions that 

overlap with U.S. domestic holidays. 

Trading Hours 

The Exchange proposes to amend 

CBOE Rule 5.1(d) to adopt modified 

trading schedules for domestic 14 and 

international 15 holidays.16 First, the 

Exchange proposes to adopt CBOE Rule 

5.1(d)(1), which would outline the 

trading hours schedule for domestic 

holidays and provide specifically that 

for Martin Luther King, Jr. Day, 

Presidents’ Day, Memorial Day, 

Independence Day, Labor Day, and 

Thanksgiving Day (i.e., domestic 

holidays), the trading day following the 

holiday would consist of the following 

three trading sessions: (i) A GTH session 

from 8:15 p.m. on the calendar day 

preceding the holiday (observed) to 

11:30 a.m. on the holiday (observed), (ii) 

a GTH session from 8:15 p.m. on the 

holiday, or if the holiday is on a Friday, 

on the Sunday following the holiday, to 

9:15 a.m. on the trading day and (iii) a 

RTH session on the trading day.17

Proposed CBOE Rule 5.1(d)(1) would 

also make clear that there would 

continue to be no RTH session on the 

day a domestic holiday is observed. 

According to the Exchange, the 

proposed hours of operation for the 

GTH session immediately preceding a 

RTH session that is closed due to a 

domestic holiday overlaps with the 

hours of operation of many international 

markets, which do not observe U.S. 

domestic holidays and are therefore still 

open at this time. Moreover, both GTH 

trading sessions would be considered 

part of the next trading day (i.e., both 

GTH sessions would have the trade date 

of the trading day following the 

holiday).18 As an example, the holiday 

GTH session preceding Memorial Day 

would start at 8:15 p.m. on the Sunday 

prior to Memorial Day and end at 11:30 

a.m. on Memorial Day. The market 

would then be closed at 11:30 a.m. on 

Memorial Day (Monday) (i.e., there 

would be no RTH session on Memorial 

Day). The next GTH trading session 

would begin at 8:15 p.m. on Memorial 

Day and proceed as normal until 9:15 

a.m. on Tuesday, which would be 

followed by a normal RTH session that 

begins as 9:30 a.m. on Tuesday. All 

trading from Sunday night through 

Tuesday RTH market close would be 

considered to be part of the Tuesday 

trading day. The following also 

illustrates how the holiday schedule 

applies for U.S. domestic holidays that 

are observed on a Friday. For example, 

if Independence Day is observed on a 

Friday, the trading day following the 

Friday holiday (Monday Trading Day) 

would consist of three trading sessions: 

(1) A GTH session open from 8:15 p.m. 

on the Thursday preceding 

Independence Day to 11:30 a.m. on 

Independence Day, (2) a GTH session 

from 8:15 p.m. on the Sunday following 

Independence Day to 9:15 a.m. on the 

following Monday and (3) a RTH 

session from 9:30 a.m. to 4:15 p.m. on 

Monday. All trading from Thursday 

night through Friday, and from Sunday 

night through Monday RTH market 

close is considered to be part of the 

Monday trading day. 

The Exchange next proposes to adopt 

CBOE Rule 5.1(d)(2), which would 

outline the trading hours schedule for 

international holidays and provide 

specifically that for Good Friday, 

Christmas Day and New Year’s Day (i.e., 

international holidays), the trading day 

following the holiday would consist of 

the following two trading sessions: (i) A 

GTH session from 8:15 p.m. on the 

holiday, or if the holiday is observed on 

a Friday, on the Sunday following the 

holiday, to 9:15 a.m. on the trading day 

and (ii) a RTH session on the trading 

day. Pursuant to proposed CBOE Rule 

5.1(d)(2) there would not be a RTH 

session on the day an international 

holiday is observed nor a GTH session 

immediately preceding the day an 

international holiday is observed, since 

according to the Exchange, international 

holidays, unlike domestic holidays, are 

observed not just by U.S. residents, but 

by many global market participants. 

Therefore, many international markets 

are also closed in observance of these 

international holidays.19 Just like 

regular GTH trading sessions, a GTH 

trading session that starts on an 

international holiday at 8:15 p.m., 

would be considered part of the next 

trading day. For example, there would 

be no GTH session immediately 

preceding Good Friday (i.e., no GTH 

session that starts on Thursday). Rather, 

the market would be closed from RTH 

market close on the Thursday preceding 

Good Friday until the GTH session that 

starts at 8:15 p.m. on the Sunday 

following Good Friday. All trading from 

Sunday night through RTH market close 

on the following Monday is for a trading 

day of Monday. 

Entry of Orders, Quotes and 

Cancellations 

The Exchange lastly proposes to 

update CBOE Rule 5.7(e), which 

provides that after RTH market close, 

Users may cancel orders and quotes 

with Time-in-Force of Good-tilCancelled (‘‘GTC’’) 20 or Good-til-Date 

(‘‘GTD’’) 21 that remain in the Book until 

4:45 p.m. In light of the proposed 

holiday schedule for GTH sessions on 

domestic holidays (i.e., the GTH session 

would end at 11:30 a.m. on a domestic 

holiday (observed)), the Exchange 

proposes to amend CBOE Rule 5.7(e) to 

provide that on such domestic holidays, 

users may cancel orders and quotes with 

Time-in-Force of GTC or GTD until 

11:45 a.m. Pursuant to the proposed rule 

change, Users would be able to cancel 

any GTC and GTD orders until 11:45 

a.m. on domestic holidays, not just 


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Federal Register / Vol. 87, No. 35 / Tuesday, February 22, 2022 / Notices 9731 

22See Notice, supra note 3, 86 FR at 68706. 

23See CBOE Rule 5.52(d)(2). 

24See Notice, supra note 3, 86 FR at 68706. 

25 Id. 

26 Id. 

27 Id. 

28 Id. 

29 Id. 

30For example, business conduct rules in Chapter 

8 and rules related to doing business with the 

public in Chapter 9 would continue to apply during 

the GTH holiday session. Id. at 68707, n.29. 

Additionally, a broker-dealer’s due diligence and 

best execution obligations would apply during the 

GTH holiday session. Id. As there would still be no 

open outcry trading on the floor during GTH, 

Chapter 5, Section G would continue not to apply 

as such rules pertain to manual order handling and 

open-outcry trading. Id. 

31 Id. at 68707. 

32 Id. 

33 Id. 

34 Id. 

35 In order to participate in GTH, even as 

amended, a TPH must have a letter of guarantee 

from a Clearing TPH that is properly authorized by 

the OCC to operate during the GTH session. See 

CBOE Rule 3.61. 

36The same telecommunications lines used by 

TPHs during RTH and/or GTH today may be used 

during GTH, even as extended, and these lines 

would be connected to the same application server 

at the Exchange during both trading sessions. 

37The term ‘‘EFID’’ means an Executing Firm ID. 

See CBOE Rule 1.1. The Exchange assigns an EFID 

to a TPH, which the System uses to identify the 

TPH and the clearing number for the execution of 

orders and quotes submitted to the System with that 

EFID. 

38A TPH may elect to have separate ports or 

EFIDs for each trading session, but the Exchange 

would not require that. 

39The Exchange represents that it would report 

its best bid and offer and executed trades to OPRA 

during the proposed additional holiday trading 

hours in the same manner that they are reported 

during RTH and GTH today. 

40See CBOE Rule 5.24. 

orders in All Sessions classes (i.e., SPX 

and VIX).22

Market-Maker Rules 

Current CBOE Rule 5.50(a) (MarketMaker Appointments) provides that a 

Market-Maker’s selected class 

appointment applies to classes during 

all trading sessions. In other words, if a 

Market-Maker selects an appointment in 

SPX options, for example, that 

appointment would apply during both 

GTH and RTH (and thus, the MarketMaker would have an appointment to 

make markets in SPX during GTH and 

RTH). As a result, the Market-Maker 

continuous quoting obligations set forth 

in Rule 5.52(d) would apply to the class 

for an entire trading day (including both 

trading sessions). Pursuant to Rule 

5.52(d), a Market-Maker must enter 

continuous bids and offers in 60% of 

the series of the Market-Maker’s 

appointed classes, excluding any 

adjusted series, any intra-day add-on 

series on the day during which such 

series are added for trading, any 

Quarterly Option series, and any series 

with an expiration of greater than 270 

days.23 According to the Exchange, it 

calculates this requirement by taking the 

total number of seconds the MarketMaker disseminates quotes in each 

appointed class (excluding the series 

noted above) and dividing that time by 

the eligible total number of seconds 

each appointed class is open for trading 

that day.24 However, according to the 

Exchange, the obligations apply only 

when the Market-Maker is quoting in a 

particular class during a given trading 

day and the obligations are not 

applicable to an appointed class if a 

Market-Maker is not quoting in that 

appointed class.25 Accordingly, if a 

Market-Maker does not wish to quote 

during the proposed new GTH sessions, 

then so long as the Market-Maker does 

not log in and quote during those hours, 

it would not be considered when 

determining a Market-Maker’s 

compliance with the quoting 

obligations.26

Further, the Exchange has represented 

that it does not anticipate any changes 

with respect to the current Lead-MarketMakers (‘‘LMMs’’) structure used today 

during GTH.27 Accordingly, LMMs 

appointed in the GTH holiday sessions 

would therefore continue to not be 

obligated to satisfy heightened 

continuous quoting and opening 

quoting standards during GTH, nor 

would they receive a benefit in 

exchange for satisfying an obligation 

(i.e., LMMs do and would not receive a 

participation entitlement during GTH, 

including during holiday trading 

hours).28

Exchange Representations 

According to the Exchange, the 

proposed rule change to adopt a 

modified holiday trading schedule 

would not make any changes to the 

trading rules applicable to GTH.29 The 

GTH trading session, including GTH 

holiday sessions, would continue to be 

a separate trading sessions from RTH 

and the rules that currently apply (or do 

not apply) to the current GTH session 

would continue to apply (or not apply) 

to the GTH holiday session.30 The 

Exchange would continue to use the 

same servers and hardware during the 

GTH holiday sessions as it uses for RTH 

and GTH today.31 Further, according to 

the Exchange, Trading Permit Holders 

(‘‘TPHs’’) may continue to use the same 

ports and connections to the Exchange 

for all trading sessions.32 The Book used 

during the GTH holiday sessions would 

also be the same Book used currently 

during RTH and GTH.33 Moreover, the 

Exchange represented the following:34

• All TPHs would continue to be 

allowed to, but would not be required 

to, participate during GTH holiday 

trading hours.35

• The Exchange would continue to 

use the same connection lines, message 

formats, and feeds during RTH and 

GTH, including GTH holiday sessions.36

TPHs may use the same ports and 

EFIDs 37 for each trading session.38

• The same opening process would 

continue to be used to open GTH. 

• Order processing would operate in 

the same manner as it does during RTH 

and the current GTH session. There 

would be no changes to the ranking, 

display, or allocation algorithms rules. 

• There would be no changes to the 

processes for clearing, settlement, 

exercise, and expiration. 

• The Exchange would report 

Exchange quotation and last sale 

information to the Options Price 

Reporting Authority (‘‘OPRA’’) pursuant 

to the Plan for Reporting of 

Consolidated Options Last Sale Reports 

and Quotation Information (‘‘OPRA 

Plan’’) during the proposed additional 

holiday hours in the same manner it 

currently reports this information to 

OPRA during RTH and GTH today.39

The Exchange would also continue to 

disseminate an opening quote and trade 

price through OPRA during the 

proposed additional holiday trading 

hours (as it does for RTH and GTH 

today). Therefore, all TPHs that elect to 

trade during the proposed holiday 

trading hours would have access to 

quote and last sale information during 

that trading session. Exchange 

proprietary data feeds would also 

continue to be disseminated during 

holiday trading hours using the same 

formats and delivery mechanisms with 

which the Exchange disseminates them 

during RTH and GTH today. Use of 

these proprietary data feeds during 

holiday trading hours would be optional 

(as they are today during RTH and 

GTH). 

• The same TPHs that are required to 

maintain connectivity to a backup 

trading facility during RTH and GTH 

today would be required to do so during 

the proposed holiday trading hours.40

According to the Exchange, because the 

same connections and servers would be 

used for all trading sessions, including 

any holiday trading hours, a TPH would 

not be required to take any additional 

action to comply with this requirement, 


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9732 Federal Register / Vol. 87, No. 35 / Tuesday, February 22, 2022 / Notices 

41See CBOE Rule 5.20(a)(6). As discussed above, 

futures markets already follow a modified holiday 

trading schedule similar to what the Exchange is 

proposing. As such, should a halt of trading in 

related futures occur during the time a GTH holiday 

session is open, then the Exchange may consider 

whether to halt during that session, just as it may 

do during regular GTH (and RTH) sessions. See 

Notice, supra note 3, 86 FR at 68707, n.38. 

42 Id. at 68708. 

43 Id. 

44 Id. 

45 Id. 

46See id. at 68708. 

47 15 U.S.C. 78f. 

48 In approving this proposed rule change, the 

Commission has considered the proposed rule’s 

impact on efficiency, competition, and capital 

formation. See 15 U.S.C. 78c(f). 

49 15 U.S.C. 78f(b)(5). 

50 In connection with the modified trading 

schedule for GTH during domestic and 

international holidays, the Exchange is also 

amending Cboe Rule 5.7(e) to allow all GTC or GTD 

orders to be cancelled until 11:45 a.m. on the day 

a domestic holiday is observed. 

51See Notice, supra note 3, 86 FR at 68708. 

52See id. 

53See id. 54See id. at 68704. 55See id. 56See id. 57See id. at 68707, n.29. 58See id. at 68707. 59See id. at 68707–08. 60See id. at 68707, n.34. 61 15 U.S.C. 78k–1(a)(1)(C). 

regardless of whether the TPH chooses 

to trade during holiday trading hours. 

• The Exchange would process all 

clearly erroneous trade breaks during 

holiday trading hours in the same 

manner it does during RTH and GTH 

today and would have Exchange 

officials available to do so. 

• The Exchange would perform all 

necessary surveillance coverage during 

holiday trading hours. 

• The Exchange may halt trading 

during GTH holiday sessions in the 

interests of a fair and orderly market in 

the same manner it may during RTH 

and GTH today pursuant to Rule 5.20. 

Among the factors that may be 

considered in making the foregoing 

determinations are whether there has 

been an activation of price limits on 

futures exchanges or the halt of trading 

in related futures with respect to index 

options.41

• CBOE Rule 5.22 (Market-wide 

Trading Halts due to Extraordinary 

Market Volatility) would continue to not 

apply during GTH, including the 

proposed GTH holiday sessions. 

The Exchange has further represented 

that it would have appropriate staff onsite and otherwise available as 

necessary during the proposed GTH 

holiday sessions to handle any technical 

and support issues that may arise during 

those hours.42 Additionally, the 

Exchange would have personnel 

available to address any trading issues 

that may arise during the additional 

GTH trading hours.43 According to the 

Exchange, it is also committed to 

fulfilling its obligations as a selfregulatory organization at all times, 

including during GTH, and would have 

appropriately trained, qualified 

regulatory staff in place during GTH 

holiday sessions.44 Moreover, the 

Exchange has represented that while it 

believes its surveillance procedures are 

adequate to properly monitor trading 

during the proposed GTH holiday 

sessions, it will revise such procedures 

to the extent necessary if additional 

changes are needed in the future.45

Implementation Date 

The Exchange represents that it will 

announce the implementation date of 

the proposed rule change in accordance 

with Rule 1.5.46

III. Discussion and Commission 

Findings 

After careful review, the Commission 

finds that the proposed rule change is 

consistent with the requirements of the 

Act,47 and the rules and regulations 

thereunder applicable to a national 

securities exchange.48 In particular, the 

Commission finds that the proposed 

rule change is consistent with Section 

6(b)(5) of the Act,49 which requires, 

among other things, that the rules of a 

national securities exchange be 

designed to prevent fraudulent and 

manipulative acts and practices, to 

promote just and equitable principles of 

trade, 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. 

As described above, CBOE proposes 

to adopt a modified trading schedule for 

GTH during holidays.50 The proposed 

modified trading schedule for holidays 

is designed to more closely align the 

Exchange’s trading hours with extended 

trading hours of futures exchanges and 

market hours of other geographic 

regions. Specifically, the Exchange 

states that the modified trading 

schedule on holidays will increase the 

overlap in time that SPX and VIX 

options are open alongside the related 

futures contracts and provide global 

market participants with expanded 

access to trade the products offered 

during GTH.51 Among other things, the 

Exchange believes that the proposed 

modified holiday trading schedule is 

designed to respond to investor demand 

to hedge risk, react to global 

macroeconomic events 

contemporaneously, and adjust SPX and 

VIX options positions outside of RTH.52

The Exchange believes that the 

proposed rule change will allow market 

participants operating in geographic 

locations that do not observe U.S. 

domestic holidays to respond to 

international market conditions that 

may occur during such holidays.53 As a 

result, the Exchange believes that the 

proposal will allow a new segment of 

global market participants the ability to 

trade GTH products in their local time, 

particularly those trading SPX and VIX 

options.54

The Commission finds that the 

proposed modifications to the GTH 

trading schedule for domestic and 

international holidays are consistent 

with the Act.55 The Commission notes 

that the Exchange has represented that 

the modified holiday trading schedule 

makes no changes to the trading rules 

applicable to GTH.56 Specifically, the 

Exchange represents, among other 

things, that the business conduct rules 

in Chapter 8 of the Rules and rules 

related to doing business with the 

public in Chapter 9 of the Rules will 

continue to apply during the modified 

GTH holiday schedule.57 The processes 

for options clearing, settlement, 

exercise, and expiration, as well as 

clearly erroneous trades, will remain the 

same during the modified GTH holiday 

trading schedule.58 Moreover, the 

Exchange has represented that it will 

perform all necessary surveillance and 

have qualified regulatory staff available 

during the modified GTH holiday 

sessions in keeping with its obligations 

as an self-regulatory organization.59 The 

Exchange also states that it has held 

discussions with the OCC, which has 

informed the Exchange that it will be 

able to clear and settle all transactions 

that occur on the Exchange during the 

proposed holiday trading hours subject 

to its existing requirements for 

transactions executed during extended 

and overnight trading sessions.60 As a 

result, the Commission finds that the 

proposed rule change is reasonably 

designed to help prevent fraudulent and 

manipulative acts and practices, and 

promote just and equitable principles of 

trade, by conditioning the increased 

availability for TPHs to trade outside of 

the current RTH and GTH sessions with 

Exchange oversight and regulatory 

surveillance and reporting. 

The proposed rule change is also 

consistent with Section 11A(a)(1)(C) of 

the Act.61 Congress found in those 

provisions that it is in the public 

interest and appropriate for the 

protection of investors and the 

maintenance of fair and orderly markets 


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Federal Register / Vol. 87, No. 35 / Tuesday, February 22, 2022 / Notices 9733 

62See Notice, supra note 3, 86 FR at 68707, 

nn.35–36 and accompanying text. 

63 Id. 

64 17 CFR 200.30–3(a)(57) and (58). 

1 Implementation of the Whistleblower Provisions 

of Section 21F of the Securities Exchange Act of 

1934, Release No. 34–64545; File No. S7–33–10 

(adopted May 25, 2011). 

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

2 17 CFR 240.19b–4. 

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

4 17 CFR 240.19b–4(f)(2). 

to assure the availability to brokers, 

dealers, and investors of information 

with respect to quotations for and 

transactions in securities, and to assure 

the practicability of brokers executing 

investors’ orders in the best market. The 

proposed rule change is designed to 

accomplish these objectives by ensuring 

that the Exchange will report its best bid 

and offer and executed trades to OPRA 

during the modified GTH holiday 

sessions in the same manner that they 

are reported currently during RTH and 

GTH,62 thereby providing public 

transparency of activity during the 

modified GTH holiday session. 

Finally, the Commission also believes 

that the Exchange’s proposed change to 

Cboe Rule 5.7(e), which would allow 

Users to cancel all GTC or GTD orders 

until 11:45 a.m. on domestic holidays 

(observed) is also consistent with the 

Act. The Commission notes that Users 

are currently able to cancel orders and 

quotes prior to RTH starting at 7:30 a.m. 

for RTH Classes. The Commission 

believes that this proposed change 

should provide Users with additional 

flexibility to manage their GTC or GTD 

orders. 

IV. Conclusion 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act,63 that the 

proposed rule change (SR–CBOE–2021– 

068) be, and hereby is, approved. 

For the Commission, by the Division 

of Trading and Markets, pursuant to 

delegated authority.64

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–03650 Filed 2–18–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–621, OMB Control No. 

3235–0672, (Electronic Data Collection 

System); SEC File No. 270–625, OMB 

Control No. 3235–0686, (Form TCR)] 

Proposed Collection; Comment 

Request 

Upon Written Request, Copies Available 

From: Securities and Exchange 

Commission, Office of FOIA Services, 

100 F Street NE, Washington, DC 

20549–2736 

Extensions: 

Electronic Data Collection System, Form 

TCR 

Notice is hereby given that, pursuant 

to the Paperwork Reduction Act of 1995 

(44 U.S.C. 3501 et seq.), the Securities 

and Exchange Commission 

(‘‘Commission’’) is soliciting comments 

on the collection of information 

summarized below. The Commission 

plans to submit an extension for these 

two current collections of information to 

the Office of Management and Budget 

for approval, and to consolidate both 

collections of information within OMB 

Control No. 3235–0672. 

The Commission invites comment on 

updates to its Electronic Data Collection 

System database (the Database), which 

will support information provided by 

members of the public who would like 

to file an online tip, complaint or 

referral (TCR) to the Commission. The 

Database will be a web based e-filed 

dynamic report based on technology 

that pre-populates and establishes a 

series of questions based on the data 

that the individual enters. The 

individual will then complete specific 

information on the subject(s) and nature 

of the suspicious activity, using the data 

elements appropriate to the type of 

complaint or subject. The information 

collection is voluntary. The public 

interface to the Database will be 

available using the agency’s website, 

www.sec.gov. The Commission 

estimates that it takes a complainant, on 

average, 30 minutes to submit a TCR 

through the Database. Based on the 

receipt of an average of approximately 

28,000 annual TCRs for the past three 

fiscal years, the Commission estimates 

that the annual reporting burden is 

14,000 hours. 

The Commission further invites 

comment on updates to Form TCR, 

which is a hard copy form adopted by 

the Commission in 2011.1 Form TCR 

may be submitted by whistleblowers 

who wish to provide information to the 

Commission and its staff regarding 

potential violations of the federal 

securities laws. The Commission 

estimates that it takes a whistleblower, 

on average, one and one half hours to 

complete Form TCR. Based on the 

receipt of an average of approximately 

560 annual Form TCR submissions for 

the past three fiscal years, the 

Commission estimates that the annual 

reporting burden of Form TCR is 840 

hours. 

Written comments are invited on: (a) 

Whether this collection of information 

is necessary for the proper performance 

of the functions of the agency, including 

whether the information will have 

practical utility; (b) the accuracy of the 

agency’s estimate of the burden imposed 

by the collection of information; (c) 

ways to enhance the quality, utility, and 

clarity of the information collected; and 

(d) ways to minimize the burden of the 

collection of information on 

respondents, including through the use 

of automated collection techniques or 

other forms of information technology. 

Consideration will be given to 

comments and suggestions submitted in 

writing within 30 days of this 

publication. Please direct your written 

comments to David Bottom, Director/ 

Chief Information Officer, Securities 

and Exchange Commission, c/o John R. 

Pezzullo, 100 F St. NE, Washington, DC 

20549; or send an email to: PRA_

Mailbox@sec.gov. 

Dated: February 15, 2022. 

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–03623 Filed 2–18–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94262; File No. SR–MIAX– 

2022–10] 

Self-Regulatory Organizations; Miami 

International Securities Exchange, 

LLC; Notice of Filing of a Proposed 

Rule Change To Establish Fees for the 

Exchange’s cToM Market Data 

Product; Suspension of and Order 

Instituting Proceedings To Determine 

Whether To Approve or Disapprove the 

Proposed Rule Change 

February 15, 2022. 

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 February 

7, 2022, Miami International Securities 

Exchange, LLC (‘‘MIAX’’ or ‘‘Exchange’’) 

filed with the Securities and Exchange 

Commission (‘‘Commission’’) a 

proposed rule change as described in 

Item II below, which Item has been 

prepared by the Exchange. The 

Exchange filed the proposed rule change 

pursuant to Section 19(b)(3)(A)(ii) of the 

Act,3 and Rule 19b–4(f)(2) thereunder.4

The Commission is publishing this 

notice to solicit comments on the 

proposed rule change from interested 

persons and is, pursuant to Section 

19(b)(3)(C) of the Act, hereby: (i) 

Temporarily suspending the proposed 


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