13350 Federal Register / Vol. 87, No. 46 / Wednesday, March 9, 2022 / Notices 

68 15 U.S.C. 78s(b)(2). 

69 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

IV. Solicitation of Comments on 

Amendment Nos. 1 and 2 

Interested persons are invited to 

submit written data, views, and 

arguments concerning whether 

Amendment Nos. 1 and 2 are consistent 

with the Act. 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 Number SR– 

MIAX–2021–58 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–2021–58. 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 such 

filing also will be available for 

inspection and copying at the principal 

office of the Exchange. All comments 

received will be posted without change; 

the Commission does not edit personal 

identifying information from 

submissions. You should submit only 

information that you wish to make 

available publicly. All submissions 

should refer to File Number SR–MIAX– 

2021–58, and should be submitted on or 

before March 30, 2022. 

V. Accelerated Approval of Proposed 

Rule Change, as Modified by 

Amendment Nos. 1 and 2 

The Commission finds good cause to 

approve the proposed rule change, as 

modified by Amendment Nos. 1 and 2, 

prior to the thirtieth day after the date 

of publication of the notice of 

Amendment Nos. 1 and 2 in the Federal 

Register. As described more fully above, 

Amendment No. 1 revises the proposal 

to, among other things, indicate that, if 

enabled, the Managed Protection 

Override will apply to all of the price 

protections that are subject to the 

Managed Protection Override; add 

clarifying detail to the proposed 

definition of Butterfly Spread and to the 

Market Maker Single Side Protection; 

describe the treatment of orders and 

eQuotes priced outside the trading price 

limits in the proposed Butterfly Spread 

Variance, Calendar Spread Variance, 

and Vertical Spread Variance rules; add 

proposed Exchange Rule 532, 

Interpretation and Policy .01 to indicate 

that the System will apply the most 

conservative price protection when an 

order is eligible for multiple price 

protections; and describe the rationale 

for the pre-set value used in the 

proposed MIAX Strategy Price 

Protection Variance. Amendment No. 2 

adds clarifying detail to the proposed 

MIAX Strategy Price Protection by 

describing how the price protection will 

apply to complex market orders. 

Amendment Nos. 1 and 2 raise no novel 

regulatory issues and provide additional 

detail and clarifications that help to 

more fully describe the operation of the 

proposed rules. In addition, the 

additional information in Amendment 

Nos. 1 and 2 assists the Commission in 

evaluating the Exchange’s proposal and 

finding that it is consistent with the Act. 

Accordingly, the Commission finds 

good cause for approving the proposed 

rule change, as modified by Amendment 

Nos. 1 and 2, on an accelerated basis. 

VI. Conclusion 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act,68 that the 

proposed rule change (File No. SR– 

MIAX–2021–58), as modified by 

Amendment Nos. 1 and 2, is approved 

on an accelerated basis. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.69

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–04921 Filed 3–8–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94354; File No. SR–ISE– 

2022–04] 

Self-Regulatory Organizations; Nasdaq 

ISE, LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend Index Options 

Rules 

March 3, 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 

18, 2022, Nasdaq ISE, LLC (‘‘ISE’’ or 

‘‘Exchange’’) filed with the Securities 

and Exchange Commission (‘‘SEC’’ or 

‘‘Commission’’) the proposed rule 

change as described in Items I and II 

below, which Items have been prepared 

by the Exchange. The Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to amend ISE 

Rules at Options 3, Section 1, Days and 

Hours of Business; Options 4A, Section 

11, Trading Sessions; and Options 4A, 

Section 12, Terms of Index Options 

Contracts. The Exchange also proposes 

to adopt new Options 4A, Section 4 

which is currently reserved. Finally, the 

Exchange proposes to make a technical 

amendment to Options 7, Section 1, 

General Provisions. 

The text of the proposed rule change 

is available on the Exchange’s website at 

https://listingcenter.nasdaq.com/ 

rulebook/ise/rules, at the principal 

office of the Exchange, 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. 


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3See Securities Exchange Act Release No. 93675 

(November 29, 2021), 86 FR 68714 (December 3, 

2021) (SR–NASDAQ–2021–69) (Notice of Filing and 

Immediate Effectiveness of Proposed Rule Change 

To Include Juneteenth National Independence Day 

as a Holiday). ISE’s General 3 rules incorporate by 

reference The Nasdaq Stock Market LLC’s General 

3 Rules. Rule 1030 of General 3 memorialized all 

current Exchange holidays and added a provision 

to permit the Exchange the authority to halt or 

suspend trading or close Exchange facilities for 

certain unanticipated closures. 

4See Securities Exchange Act Release No. 50269 

(August 26, 2004), 69 FR 53755 (September 2, 2004) 

(SR–CBOE–2004–42) (Notice of Filing and 

Immediate Effectiveness of Proposed Rule Change 

Relating to the Calculation of Securities Indexes 

Underlying Options). 

5See Phlx Options 4A, Section 4(c)(1) and Cboe 

Rule 4.13 at .09 of Interpretations and Policies. 

6The term ‘‘current index value’’ with respect to 

a particular index options contract means the level 

of the underlying index reported by the reporting 

authority for the index, or any multiple or fraction 

of such reported level specified by the Exchange. 

The current index value with respect to a reducedvalue long term options contract is one-tenth of the 

current index value of the related index option. The 

‘‘closing index value’’ shall be the last index value 

reported on a business day. See ISE Options 4A, 

Section 2(e). 

7See ISE Options 4A, Section 2(n). See also 

Supplementary Material .01 to Options 4A, Section 

2. 

8Currently, the Exchange lists p.m.-settled 

products. This new paragraph will expand upon the 

current p.m.-settled products which are described 

in Options 4A, Section 12(a)(6) (an index option) 

and (b)(5) (nonstandard program). 

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 ISE 

Rules at Options 3, Section 1, Days and 

Hours of Business; Options 4A, Section 

11, Trading Sessions; and Options 4A, 

Section 12, Terms of Index Options 

Contracts. The Exchange also proposes 

to adopt new Options 4A, Section 4 

which is currently reserved. Finally, the 

Exchange proposes to make a technical 

amendment to Options 7, Section 1, 

General Provisions. Each change is 

described below. 

Options 3, Section 1 

The Exchange proposes to amend 

Options 3, Section 1 concerning the 

Days and Hours of Business. The 

Exchange proposes to amend the title 

from ‘‘Days and Hours of Business’’ to 

‘‘Hours of Business.’’ ISE recently filed 

to establish General 3, Section 1030, 

which governs the days the Exchange 

will be open for business.3 At this time 

the Exchange proposes to amend the 

first paragraph of Options 3, Section 1 

which provides, ‘‘The Board shall 

determine the days the Exchange shall 

be open for business (referred to as 

‘‘business days’’) and the hours of such 

days during which transactions may be 

made on the Exchange.’’ The Exchange 

proposes to remove this sentence and 

instead provide, ‘‘ISE shall be open for 

business as provided within General 3, 

Rule 1030.’’ This proposed text will 

make clear that while General 3, Section 

1030 governs the days the Exchange will 

be open for business, the remainder of 

the rule addresses the hours of 

operation of the System and specific 

products. The Exchange also proposes 

to remove paragraph (e) as holidays are 

addressed within General 3, Section 

1030. The remainder of the paragraphs 

are proposed to be re-lettered. 

Options 4A, Section 4 

The Exchange proposes to adopt a 

new rule at Options 4A, Section 4, 

which is currently reserved, and title 

the rule ‘‘Index Options Values for 

Settlement.’’ Proposed Options 4A, 

Section 4 would specify the way the 

Exchange would arrive at index options 

values in cases where the Exchange’s 

index rules would not otherwise apply. 

The Exchange is relocating certain 

portions of current ISE Options 4A rules 

into proposed new Options 4A, Section 

4 so all related rule text would be 

within the same rule. 

Proposed Options 4A, Section 4(a) 

rule text is being relocated from current 

rule text within Options 4A, Section 

12(e) without change. The rule text 

currently provides that where Exchange 

index options rules do not apply, ISE 

index options would settle based on the 

current index value used to settle the 

exercise of an index options contract, 

which would be the closing index value 

for the day on which the index options 

contract is exercised in accordance with 

the Rules of The Options Clearing 

Corporation (‘‘OCC’’) or, if such day is 

not a business day, for the most recent 

business day. 

Proposed Options 4A, Section 4(b) 

rule text is being relocated from current 

rule text within Options 4A, Section 

11(g) without change. The rule text 

currently provides for the current index 

value in the instance the primary market 

for a security underlying the current 

index value of an index option does not 

open for trading on a given day, which 

is an expiration day. In this case, the 

settlement price at expiration shall be 

the last reported sale price of the 

security from the previous trading day, 

unless the current index value at 

expiration is fixed in accordance with 

the Rules and By-Laws of OCC. 

The Exchange also proposes to add 

new rule text within Options 4A, 

Section 4(c) which states, 

With respect to any securities index on 

which options are traded on the Exchange, 

the source of the prices of component 

securities used to calculate the current index 

level at expiration is determined by the 

Reporting Authority for that index. 

This rule text is identical to the rule 

text within Phlx Options 4A, Section 

4(c)(1) and Cboe Exchange, Inc. 

(‘‘Cboe’’) Rule 4.13 at .09 of 

Interpretations and Policies and follows 

the Exchange’s current practice.4 The 

purpose of the proposed rule change is 

to clarify that the Reporting Authority 

for a securities index on which options 

are traded on the Exchange is the source 

of prices of component securities used 

to calculate the current index level at 

expiration. Certain ISE rules may be 

interpreted in a manner that suggests 

that the current index value at 

expiration of any securities index is 

determined by the opening (or closing) 

prices of the underlying components as 

reported by each respective underlying 

component’s ‘‘primary market’’ such as 

current Options 4A, Section 11(g). 

Because Options 4A, Section 11(g) 

could be interpreted to mean that the 

primary market for each security that 

comprises an index will always be the 

source of opening and closing prices 

used in the calculation of the particular 

index’s value at expiration, the 

Exchange proposes to adopt the same 

rule text as Phlx and Cboe.5

The Exchange believes that Options 

4A, Section 4 will provide a transparent 

reference to the way the Exchange 

arrives at index options values for 

settlement where the Exchange’s rules 

may not apply. With respect to a 

particular index, the Reporting 

Authority is the institution(s) or 

reporting service designated by the 

Exchange as the official source for 

calculating and determining the current 

value 6 or the closing index value of the 

index.7

As noted above, the rule text within 

ISE Options 4A, Section 11(g) is 

proposed to be relocated to ISE Options 

4A, Section 4(b) without change. 

Options 4A, Section 12 

The Exchange proposes to amend 

Options 4A, Section 12(a)(4) concerning 

European-style options, to reword the 

current rule text to make clear that the 

list which follows represents indexes on 

which options may be listed. The 

Exchange is also adding a reference to 

the p.m.-settled index options 8 which is 

proposed to be listed within proposed 

paragraph (a)(6)(i), described below. All 

of the indexes listed within Options 4A, 

Section 12(a)(4) are currently Europeanstyle. The p.m.-settled index option is 


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9See ISE Options 4A, Section 12(a)(6) (an index 

option) and Supplementary Material .07 to Options 

4A, Section 12 (nonstandard program). 

10The Nasdaq Options Market LLC (‘‘NOM’’) 

Rules at Options 4A, Section 12(a)(6) and Phlx 

Options 4A, Section 12(f) contain a paragraph 

describing p.m.-settled index options. 

11See Securities Exchange Act Release Nos. 

82911 (March 20, 2018), 83 FR 12966 (March 26, 

2018) (SR–ISE–2017–106) (Approval Order); 86071 

(June 10, 2019), 84 FR 27822 (June 14, 2019) (SR– 

ISE–2019–18); 87379 (October 22, 2019), 84 FR 

57793 (October 28, 2019) (SR–ISE–2019–27); 88683 

(April 17, 2020), 85 FR 22768 (April 23, 2020) (SR– 

ISE–2020–18); 90257 (October 22, 2020), 85 FR 

68387 (October 28, 2020) (SR–ISE–2020–33); 91485 

(April 6, 2021), 86 FR 19052 (April 12, 2021) (SR– 

ISE–2021–05); and 93449 (October 28, 2021), 86 FR 

60679 (November 3, 2021); and 93448 (October 28, 

2021), 86 FR 60717 (November 3, 2021) (SR–ISE– 

2021–22). 

12See Securities Exchange Act Release Nos. 

82612 (February 1, 2018), 83 FR 5470 (February 7, 

2018) (approving SR–ISE–2017–111) (Order 

Approving a Proposed Rule Change To Establish a 

Nonstandard Expirations Pilot Program); 85030 

(February 1, 2019), 84 FR 2633 (February 7, 2019) 

(SR–ISE–2019–01); 85672 (April 17, 2019), 84 FR 

16899 (April 23, 2019) (SR–ISE–2019–11); 87380 

(October 22, 2019), 84 FR 57786 (October 28, 2019) 

(SR–ISE–2019–28); 88681 (April 17, 2020), 85 FR 

22775 (April 23, 2020) (SR–ISE–2020–17); 90265 

(October 23, 2020), 85 FR 68605 (October 29, 2020) 

(SR–ISE–2020–34); 91486 (April 6, 2021), 86 FR 

19048 (April 12, 2021) (SR–ISE–2021–06); and 

93449 (October 28, 2021), 86 FR 60679 (November 

3, 2021) (SR–ISE–2021–23). 

13 15 U.S.C. 78f(b). 

14 15 U.S.C. 78f(b)(5). 15See note 3 above. 

part of a pilot program.9 The proposed 

amendments merely organize the 

products as either a.m.-settled or p.m.- 

settled within Options 4A, Section 12 

for greater clarity. The proposed 

changes are non-substantive as they 

represent the way these products trade. 

The Exchange proposes to add the 

phrase ‘‘on the following indexes’’ to 

the end of Options 4A, Section 12(a)(4) 

and 12(a)(5) for clarity and relocate the 

word ‘‘following’’ within Options 4A, 

Section 12(a)(5), as well as make other 

minor technical amendments, in an 

effort to organize the lists of options 

indexes. 

The Exchange proposes to add a new 

paragraph (a)(6) within Options 4A, 

Section 12 which describes the manner 

in which p.m.-settled index options 10

are handled today. This language is 

consistent with how p.m.-settled index 

options on ISE are treated today. This 

new paragraph would provide: 

P.M.—Settled Index Options. The last day 

of trading for P.M.-settled index options shall 

be the business day of expiration, or, in the 

case of an option contract expiring on a day 

that is not a business day, on the last 

business day before its expiration date. The 

current index value at expiration of the index 

is determined by the last reported sale price 

of each component security. In the event that 

the primary market for an underlying 

security does not open for trading on the 

expiration date, the price of that security 

shall be the last reported sale price prior to 

the expiration date. The following P.M.- 

settled index options are approved for 

trading on ISE: 

This paragraph would serve to 

distinguish a.m.-settled and p.m.-settled 

index options as there is a similar 

paragraph regarding a.m.-settled index 

options within Options 4A, Section 

12(a)(5). 

The Exchange proposes to re-number 

current paragraph (a)(6) as (a)(6)(i) of 

Options 4A, Section 12. Current Options 

4A, Section 12(a)(6) describes the 

Nasdaq 100 Reduced Value Index 

(‘‘NQX’’) which is a p.m.-settled index 

that is subject to a pilot program.11 The 

Non-Standard Program, another p.m.- 

settled product, is separately described 

in detail within Options 4A, Section 

12(b)(5).12 These are both pilot 

programs. The proposed changes are 

non-substantive and merely seek to 

categorize existing products which were 

all filed with the Commission. 

Finally, the Exchange proposes to 

amend current Options 4A, Section 

12(d) to remove references to a.m.- 

settled index options because p.m.- 

settled index options are listed on ISE 

as well. By removing the phrase, ‘‘at the 

expiration of an A.M.-settled index 

option’’ the paragraph would apply to 

both a.m.-settled and p.m.-settled index 

options. Currently, Options 4A, Section 

12(d) applies to p.m.-settled index 

options. The Exchange is not otherwise 

amending Options 4A, Section 12(d). 

Options 4A, Section 12(d) describes the 

manner in which the reported level of 

the underlying index that is calculated 

by the reporting authority may differ 

from the level of the index that is 

separately calculated and reported by 

the reporting authority. 

As noted above, Options 4A, Section 

12(e) is proposed to be relocated to 

Options 4A, Section 4(a) without 

change. 

Technical Amendments 

The Exchange proposes to amend 

Options 7, Section 1, General 

Provisions, to add a ‘‘(c)’’ before certain 

defined terms to provide a way to cite 

to that rule text. This amendment is 

non-substantive. 

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with Section 6(b) 

of the Act,13 in general, and furthers the 

objectives of Section 6(b)(5) of the Act,14

in particular, in that it is designed to 

promote just and equitable principles of 

trade and to protect investors and the 

public interest. 

Options 3, Section 1 

The Exchange’s proposal to amend 

Options 3, Section 1 concerning the 

Days and Hours of Business is 

consistent with the Act. The proposal to 

amend the title from ‘‘Days and Hours 

of Business’’ to ‘‘Hours of Business’’ 

will bring greater clarity to the rule. BX 

recently filed to establish General 3, 

Section 1030, which governs the days 

the Exchange will be open for 

business.15 Amending the rule text to 

reference General 3, Section 1030 will 

provide Members with a guidepost as to 

where to locate the rule that applies to 

the days the Exchange is open for 

business. Finally removing Options 3, 

Section 1(e) will avoid confusion. 

Options 4A, Section 4 

The Exchange’s proposal to adopt a 

new rule at Options 4A, Section 4, 

which is currently reserved, and title 

the rule ‘‘Index Options Values for 

Settlement’’ is consistent with the Act. 

Proposed Options 4A, Section 4 would 

specify the way the Exchange would 

arrive at index options values in cases 

where the Exchange’s index rules would 

not otherwise apply. The Exchange is 

relocating certain portions of current 

Phlx Options 4A rules into proposed 

new Options 4A, Section 4, without 

change, so all related rule text would be 

within the same rule. 

The relocation of certain rule text 

within Options 4A, without change, is 

non-substantive. The proposal to add 

rule text within Options 4A, Section 

4(c), which is identical to rule text 

within Phlx Options 4A, Section 4(c)(1) 

and Cboe Rule 4.13 at .09 of 

Interpretations and Policies is consistent 

with the Act. The proposed language is 

consistent with current practice. The 

Reporting Authority is the source of 

prices of component securities used to 

calculate the current index level at 

expiration. Today, ISE rules may be 

interpreted in a manner that suggests 

that the current index value at 

expiration of any particular securities 

index is determined by the opening (or 

closing) prices of the underlying 

components as reported by each 

respective underlying component’s 

‘‘primary market’’ such as current 

Options 4A, Section 11(g). Because 

Options 4A, Section 11(g) could be 

interpreted to mean that the primary 

market for each security that comprises 

an index will always be the source of 

opening and closing prices used in the 

calculation of the particular index’s 

value at expiration, the Exchange 


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16See note 5 above. 

17See note 6 above. 

18See note 7 above. 

19See note 8 above. 

20See note 9 above. 

21See note 8 above. 

22See note 9 above. 

23 15 U.S.C. 78s(b)(3)(A)(iii). 

proposes to adopt rule text identical to 

Phlx and Cboe.16

The Exchange believes that this 

proposed rule will provide a transparent 

reference to the way the Exchange 

arrives at index options values for 

settlement where the Exchange’s rules 

may not apply. With respect to a 

particular index, the Reporting 

Authority is the institution(s) or 

reporting service designated by the 

Exchange as the official source for 

calculating and determining the current 

value 17 or the closing index value of the 

index.18

Options 4A, Section 12 

The Exchange’s proposal to amend 

Options 4A, Section 12(a)(4) concerning 

European-style options, to reword the 

current rule text to make clear that the 

list which follows represents indexes on 

which options may be listed is 

consistent with the Act. The current 

language does not distinguish between 

a.m.-settled and p.m.-settled index 

options. Adding a paragraph describing 

a p.m.-settled index option 19 to 

proposed Options 4A, Section 12(a)(6) 

will make clear the index within 

proposed Options 4A, Section 12(a)(6)(i) 

is p.m.-settled. The only index that is 

p.m.-settled is part of a pilot program.20

The proposed amendments merely 

organize the products as either a.m.- 

settled or p.m.-settled within Options 

4A, Section 12 for greater clarity. The 

proposed changes are non-substantive 

as they represent the way these products 

trade. Further, adding new paragraph 

(a)(6) within Options 4A, Section 12 

which describes a p.m.-settled index 

options will serve to distinguish a.m.- 

settled and p.m.-settled index options. 

Rewording current Options 4A, 

Section 12(d) to remove references to 

a.m.-settled index options is consistent 

with the Act as p.m.-settled index 

options are listed on ISE as well. By 

removing the phrase, ‘‘at the expiration 

of an A.M.-settled index option’’ the 

paragraph would apply to both a.m.- 

settled and p.m.-settled index options. 

Currently, Options 4A, Section 12(d) 

applies to p.m.-settled index options. 

Options 4A, Section 12(d) describes the 

way the reported level of the underlying 

index that is calculated by the reporting 

authority may differ from the level of 

the index that is separately calculated 

and reported by the reporting authority. 

The remainder of the proposed 

changes to Options 4A, Section 12 are 

technical and non-substantive. 

Technical Amendments 

The Exchange’s proposal to amend 

Options 7, Section 1, General 

Provisions, to add a ‘‘(c)’’ before certain 

defined terms to provide a way to cite 

to that rule text is a non-substantive 

amendment. 

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. 

Options 3, Section 1 

The Exchange’s proposal to amend 

Options 3, Section 1 concerning the 

Days and Hours of Business does not 

impose an undue burden on 

competition. The proposal to amend the 

title from ‘‘Days and Hours of Business’’ 

to ‘‘Hours of Business’’ will bring 

greater clarity to the rule. Amending the 

rule text to reference General 3, Section 

1030 will provide Members with a 

guidepost as to where to locate the rule 

that applies to the days the Exchange is 

open for business. Finally, the removal 

of Options 3, Section 1(e) will avoid 

confusion. 

Options 4A, Section 4 

The Exchange’s proposal to adopt a 

new rule at Options 4A, Section 4, does 

not impose an undue burden on 

competition. Proposed Options 4A, 

Section 4 would specify the way the 

Exchange would arrive at index options 

values in cases where the Exchange’s 

index rules would not otherwise apply. 

The Exchange is relocating certain 

portions of current Phlx Options 4A 

rules into proposed new Options 4A, 

Section 4, without change and, 

therefore, those amendments are nonsubstantive. The proposal to add rule 

text within Options 4A, Section 4(c), 

which is identical to rule text within 

Phlx Options 4A, Section 4(c)(1) and 

Cboe Rule 4.13 at .09 of Interpretations 

and Policies, and which follows the 

Exchange’s current practice, does not 

impose an undue burden on 

competition. The Reporting Authority is 

the source of prices of component 

securities used to calculate the current 

index level at expiration. The Exchange 

believes that this proposed rule will 

provide a transparent reference to the 

way the Exchange arrives at index 

options values for settlement where the 

Exchange’s rules may not apply. The 

addition of this information to the rules 

will bring greater clarity and 

transparency to the Exchange’s Rules. 

Options 4A, Section 12 

The Exchange’s proposal to amend 

Options 4A, Section 12(a)(4) concerning 

European-style options, to reword the 

current rule text to make clear that the 

list which follows represents indexes on 

which options may be listed does not 

impose an undue burden on 

competition. The current language does 

not distinguish between a.m.-settled and 

p.m.-settled index options. Adding a 

paragraph describing a p.m.-settled 

index options 21 to proposed Options 

4A, Section 12(a)(6) will make clear the 

index within proposed Options 4A, 

Section 12(a)(6)(i) is p.m.-settled. This 

p.m.-settled index is part of a pilot 

program.22 The proposed amendments 

merely organize the products as either 

a.m.-settled or p.m.-settled within 

Options 4A, Section 12 for greater 

clarity. Rewording current Options 4A, 

Section 12(d) to remove references to 

a.m.-settled index options does not 

impose an undue burden on 

competition as p.m.-settled index 

options are listed on ISE as well. By 

removing the phrase, ‘‘at the expiration 

of an A.M.-settled index option’’ the 

paragraph would apply to p.m.-settled 

index options as well, as is the case 

today. 

Technical Amendments 

The Exchange’s proposal to amend 

Options 7, Section 1, General 

Provisions, to add a ‘‘(c)’’ before certain 

defined terms to provide a way to cite 

to that rule text is a non-substantive 

amendment. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were either 

solicited or received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

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 23 and 


jspears on DSK121TN23PROD with NOTICES1
13354 Federal Register / Vol. 87, No. 46 / Wednesday, March 9, 2022 / Notices 

24 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6) requires a self-regulatory organization to give 

the Commission written notice of its intent to file 

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. 

25 17 CFR 240.19b–4(f)(6). 

26 17 CFR 240.19b–4(f)(6)(iii). 

27For purposes only of waiving the 30-day 

operative delay, the Commission has considered the 

proposed rule’s impact on efficiency, competition, 

and capital formation. See 15 U.S.C. 78c(f). 28 17 CFR 200.30–3(a)(12). 

subparagraph (f)(6) of Rule 19b–4 

thereunder.24

A proposed rule change filed under 

Rule 19b–4(f)(6) 25 normally does not 

become operative prior to 30 days after 

the date of the filing. However, pursuant 

to Rule 19b–4(f)(6)(iii),26 the 

Commission may designate a shorter 

time if such action is consistent with the 

protection of investors and the public 

interest. The Exchange requests that the 

Commission waive the 30-day operative 

delay so that the proposal may become 

operative immediately upon filing. As 

the proposal raises no new or novel 

issues, the Commission believes that 

waiving the 30-day operative delay is 

consistent with the protection of 

investors and the public interest. 

Accordingly, the Commission waives 

the 30-day operative delay and 

designates the proposed rule change 

operative upon filing.27

At any time within 60 days of the 

filing of the proposed rule change, the 

Commission summarily may 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is necessary or appropriate in the 

public interest, for the protection of 

investors, or otherwise in furtherance of 

the purposes of the Act. If the 

Commission takes such action, the 

Commission shall institute proceedings 

to determine whether the proposed rule 

should be approved or disapproved. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s internet 

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

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

ISE–2022–04 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Securities and Exchange Commission, 

100 F Street NE, Washington, DC 

20549–1090. 

All submissions should refer to File 

Number SR–ISE–2022–04. 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 

10:00 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; 

the Commission does not edit personal 

identifying information from 

submissions. You should submit only 

information that you wish to make 

available publicly. All submissions 

should refer to File Number SR–ISE– 

2022–04 and should be submitted on or 

before March 30, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.28

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–04955 Filed 3–8–22; 8:45 am] 

BILLING CODE 8011–01–P 

DEPARTMENT OF TRANSPORTATION 

Federal Aviation Administration 

Notice of Opportunity for Public 

Comment on Release of Federally 

Obligated Land at the Myrtle Beach 

International Airport (MYR), Myrtle 

Beach, SC 

AGENCY: Federal Aviation 

Administration (FAA), Transportation 

(DOT). 

ACTION: Notice. 

SUMMARY: The FAA proposes to rule and 

invites public comment on the release of 

land at the Myrtle Beach International 

Airport (MYR), Myrtle Beach, South 

Carolina. 

DATES: Comments must be received on 

or before April 8, 2022. 

ADDRESSES: Documents are available for 

review by prior appointment at the 

following location: Atlanta Airports 

District Office, Attn: Joseph Robinson, 

Planner, 1701 Columbia Ave., Suite 220, 

College Park, Georgia 30337–2747, 

Telephone: (404) 305–6749. 

Comments on this notice may be 

mailed or delivered in triplicate to the 

FAA at the following address: Atlanta 

Airports District Office, Attn: Joseph 

Robinson, Planner, 1701 Columbia Ave., 

Suite 220, College Park, Georgia 30337– 

2747. 

In addition, one copy of any 

comments submitted to the FAA must 

be mailed or delivered to Breck Dunne, 

Director of Airport Development, Myrtle 

Beach International Airport at the 

following address: 1100 Jetport Rd., 

Myrtle Beach, South Carolina 29577. 

FOR FURTHER INFORMATION CONTACT: 

Joseph Robinson, Airport Planner, 

Atlanta Airports District Office, 1701 

Columbia Ave., Suite 220, College Park, 

Georgia 30337–2747, (404) 305–6749. 

The application may be reviewed in 

person at this same location. 

SUPPLEMENTARY INFORMATION: The FAA 

invites public comment on the request 

to release and sell one tract of land 

consisting of approximately 21.12 acres 

of airport property at the Myrtle Beach 

International Airport (MYR) under the 

provisions of 49 U.S.C. 47107(h)(2). On 

March 2, 2022, the FAA determined the 

request to release property at the Myrtle 

Beack International Airport (MYR) 

submitted by the Sponsor meets the 

procedural requirements of the Federal 

Aviation Administration and the release 

of the property does not and will not 

impact future aviation needs at the 

airport. The FAA may approve the 

request, in whole or in part, no sooner 

than thirty days after the publication of 

this notice. 

The following is a brief overview of 

the request: 

The Myrtle Beach International 

Airport (MYR) is proposing the release 

of airport property containing 20.12 

acres, more or less. The release of land 

is necessary to comply with Federal 

Aviation Administration Grant 

Assurances that do not allow federally 

acquired airport property to be used for 

non-aviation purposes. The sale of the 

subject property will result in the land 

at the Myrtle Beach International 

Airport (MYR) being changed from 

aeronautical to non-aeronautical use 

and release the lands from the 


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