Document ID: SEC-2023-1149-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: Cboe Exchange, Inc.
Posted Date: 2023-10-04T04:00Z

[Federal Register Volume 88, Number 191 (Wednesday, October 4, 2023)]
[Notices]
[Pages 68833-68837]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-21939]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-98593; File No. SR-CBOE-2023-049]

Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of 
Filing of a Proposed Rule Change To Amend Its Rules To Adopt Monthly 
Options Series

September 28, 2023.
    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 27, 2023, Cboe Exchange, Inc. (``Exchange'' or ``Cboe 
Options'') filed with the Securities and Exchange Commission 
(``Commission'') the proposed rule change as described in Items I, II, 
and III 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.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

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

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

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

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

1. Purpose
    The Exchange proposes to amend its Rules to accommodate the listing 
of option series that would expire at the close of business on the last 
business day of a calendar month (``Monthly Option Series''). Pursuant 
to proposed Rules 4.5(g)(1) and 4.13(a)(2)(C)(i), the Exchange may list 
Monthly Option Series for up to five currently listed option classes 
that are either index options or options on exchange-traded funds 
(``ETFs'').\3\ In addition, the Exchange may also list Monthly Option 
Series on any options classes that are selected by other securities 
exchanges

[[Page 68834]]

that employ a similar program under their respective rules.\4\ The 
Exchange may list 12 expirations for Monthly Option Series. Monthly 
Option Series need not be for consecutive months; however, the 
expiration date of a nonconsecutive expiration may not be beyond what 
would be considered the last expiration date if the maximum number of 
expirations were listed consecutively.\5\ Other expirations in the same 
class are not counted as part of the maximum numbers of Monthly Option 
Series expirations for a class.\6\ Monthly Options Series will be P.M.-
settled.\7\
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    \3\ The Exchange proposes to amend Rule 4.5(a) and (b) to 
provide that proposed Rule 4.5(g) will describe how the Exchange 
will fix a specific expiration date and exercise price for Monthly 
Option Series and that proposed Rule 4.5(g) will govern the 
procedures for opening Monthly Options Series, respectively. This is 
consistent with language in current Rules 4.5(a) and (b) for other 
Short Term Option Series, Quarterly Options Series, and Delayed 
Start Option Series.
    \4\ The Exchange is unaware of any other options exchanges that 
currently have a similar program but expect other options exchanges 
may adopt similar programs in the future.
    \5\ The Exchange notes this provision considers consecutive 
monthly listings. In other words, as other expirations (such as 
Quarterly Option Series) are not counted as part of the maximum, 
those expirations would not be considered when considering when the 
last expiration date would be if the maximum number were listed 
consecutively. For example, if it is January 2024 and the Exchange 
lists Quarterly Options Series in class ABC with expirations in 
March, June, September, December, and the following March, the 
Exchange could also list Monthly Options Series in class ABC with 
expirations in January, February, April, May, July, August, October, 
and November 2024 and January and February of 2025. This is because, 
if Quarterly Option Series, for example, were counted, the Exchange 
would otherwise never be able to list the maximum number of Monthly 
Option Series. This is consistent with the listing provisions for 
Quarterly Options Series, which permit give calendar quarter 
expirations. The need to list series with the same expiration in the 
current calendar year and the following calendar year (whether 
Monthly or Quarterly expiration) is to allow market participants to 
execute one-year strategies pursuant to which they may roll their 
exposures in the longer-dated options (e.g. January 2025) prior to 
the expiration of the nearer-dated option (e.g. January 2024).
    \6\ See proposed Rules 4.5(g)(2) and 4.13(a)(2)(C)(ii).
    \7\ See proposed Rule 4.5(g)(3) and 4.13(a)(2)(C)(iii).
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    The strike price of each Monthly Options Series will be fixed at a 
price per share, with at least two, but no more than five, strike 
prices above and at least two, but no more than five, strike prices 
below the value of the underlying index or price of the underlying 
security at about the time that a Monthly Options Series is opened for 
trading on the Exchange. The Exchange will list strike prices for 
Monthly Options Series that are reasonably related to the current price 
of the underlying security or current index value of the underlying 
index to which such series relates at about the time such series of 
options is first opened for trading on the Exchange. The term 
``reasonably related to the current price of the underlying security or 
index value of the underlying index'' means that the exercise price is 
within 30% of the current underlying security price or index value.\8\ 
Additional Monthly Options Series of the same class may be open for 
trading on the Exchange when the Exchange deems it necessary to 
maintain an orderly market, to meet customer demand, or when the market 
price of the underlying security moves substantially from the initial 
exercise price or prices. To the extent that any additional strike 
prices are listed by the Exchange, such additional strike prices will 
be within 30% above or below the closing price of the underlying index 
or security on the preceding day. The Exchange may also open additional 
strike prices of Monthly Option Series that are more than 30% above or 
below the current price of the underlying security, provided that 
demonstrated customer interest exists for such series, as expressed by 
institutional, corporate, or individual customers or their brokers. 
Market-Makers trading for their own account will not be considered when 
determining customer interest under this provision. The opening of the 
new Monthly Options Series will not affect the series of options of the 
same class previously opened.\9\ The interval between strike prices on 
Monthly Options Series will be the same as the interval for strike 
prices for series in that same options class that expire in accordance 
with the normal monthly expiration cycle.\10\
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    \8\ See proposed Rule 4.5(g)(4) and 4.13(a)(2)(C)(iv). The 
Exchange notes these proposed provisions are consistent with the 
initial series provision for the Quarterly Options Series program in 
Rule 4.13(a)(2)(B)(iv). While different than the initial strike 
listing provision for the Quarterly Options Series program in 
current Rule 4.5(e)(4), the Exchange believes the proposed provision 
is appropriate, as it contemplates classes that may have strike 
intervals of $5 or greater. For consistency, the Exchange also 
proposes to amend Rule 4.5(e)(4) to incorporate the same provision 
for initial series.
    \9\ See proposed Rule 4.5(g)(5) and 4.13(a)(2)(C)(v).
    \10\ See proposed Rule 4.5(g)(6) and 4.13(a)(2)(C)(vi); see also 
Rule 4.5, Interpretations and Policies .01 and .04-.07 (permissible 
strike prices for ETF classes) and Rules 4.5, Interpretations and 
Policies .06, .09, .10, .12, .13, .15 and 4.13, Interpretations and 
Policies .01, .04, .10, and .11 (permissible strike prices for index 
options).
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    By definition, Monthly Option Series can never expire in the same 
week as a standard expiration series (which expire on the third Friday 
of a month) in the same class expires. The same, however, is not the 
case with regards to Short Term Options Series or Quarterly Options 
Series. Therefore, to avoid any confusion in the marketplace, the 
Exchange proposes to amend Rules 4.5(d) and 4.13(a)(2)(A) to provide 
the Exchange will not list a Short Term Options Series in a class on a 
date on which a Monthly Options Series or Quarterly Options Series 
expires.\11\ Similarly, proposed Rules 4.5(g)(2) and 4.13(a)(2)(C)(ii) 
provide that no Monthly Options Series may expire on a date that 
coincides with an expiration date of a Quarterly Options Series in the 
same index or ETF class. In other words, the Exchange will not list a 
Short Term Options Series on an index or ETF if a Monthly Options 
Series on that index or ETF were to expire on the same date, nor will 
the Exchange list a Monthly Options Series on an ETF or index if a 
Quarterly Options Series on that index or ETF were to expire on the 
same date to prevent the listing of series with concurrent 
expirations.\12\
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    \11\ The Exchange also proposes to make a nonsubstantive change 
to Rules 4.5(d) and 4.13(a)(2)(A) to change current references to 
``monthly options series'' to ``standard expiration options series'' 
(i.e., series that expire on the third Friday of a month), to 
eliminate potential confusion. The current references to ``monthly 
options series'' are intended to refer to those series that expire 
on the third Friday of a month, which are generally referred to in 
the industry as standard expirations.
    \12\ The Exchange notes this would not prevent the Exchange from 
listing a P.M.-settled Monthly Options Series on an index with the 
same expiration date as an A.M.-settled Short Term Options Series on 
the same index, both of which may expire on a Friday. In other 
words, the Exchange may list a P.M-settled Monthly Options Series on 
an index concurrent with an A.M.-settled Short Term Options Series 
on that index and both of which expire on a Friday. The Exchange 
believes this concurrent listing would provide investors with yet 
another hedging mechanism and is reasonable given these series would 
not be identical (unlike if they were both P.M-settled). This could 
not occur with respect to ETFs, as all Short Term Options Series on 
ETFs are P.M.-settled.
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    With respect to Monthly Options Series added pursuant to proposed 
Rules 4.5(g)(1) through (6) and 4.13(a)(2)(C)(i) through (iv), the 
Exchange will, on a monthly basis, review series that are outside a 
range of five strikes above and five strikes below the current price of 
the underlying index or security, and delist series with no open 
interest in both the put and the call series having a: (i) strike 
higher than the highest strike price with open interest in the put and/
or call series for a given expiration month; and (ii) strike lower than 
the lowest strike price with open interest in the put and/or call 
series for a given expiration month. Notwithstanding this delisting 
policy, customer requests to add strikes and/or maintain strikes in 
Monthly Options Series in series eligible for delisting will be 
granted. In connection with this delisting policy, if the Exchange 
identifies series for delisting, the Exchange will notify other options 
exchanges with similar delisting policies regarding eligible series for 
delisting and will work with such other exchanges to develop a uniform 
list of

[[Page 68835]]

series to be delisted, so as to ensure uniform series delisting of 
multiply listed Monthly Options Series.\13\
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    \13\ See proposed Rules 4.5(g)(7) and 4.13(a)(2)(C)(vii). 
Pursuant to Rule 8.42, exercise limits for impacted index and ETF 
classes would be equal to the applicable position limits.
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    The Exchange believes that Monthly Options Series will provide 
investors with another flexible and valuable tool to manage risk 
exposure, minimize capital outlays, and be more responsive to the 
timing of events affecting the securities that underlie option 
contracts. The Exchange believes limiting Monthly Options Series to 
five classes will ensure the addition of these new series will have a 
negligible impact on the Exchange's and the Options Price Reporting 
Authority's (``OPRA's'') quoting capacity. The Exchange represents it 
has the necessary systems capacity to support new options series that 
will result from the introduction of Monthly Options Series.
    The Exchange also proposes to amend Rules 8.30 through 8.34 to 
provide that positions in Monthly Options Series will be aggregated 
with positions in options contracts on the same underlying security or 
index.\14\ This is consistent with how position (and exercise) limits 
are currently imposed on series with other expirations (Short Term 
Options Series, Quarterly Options Series, and Delayed Start Options 
Series). Therefore, positions in options within class of index or ETF 
options, regardless of their expirations, would continue to be subject 
to existing position (and exercise) limits. The Exchange believes this 
will address potential manipulative schemes and adverse market impacts 
surrounding the use of options.
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    \14\ See proposed Rules 8.30, Interpretation and Policy .09 
(regarding position limits for options on stocks and ETFs), 8.31(e) 
(regarding position limits for broad-based index options), 8.32(f) 
(regarding position limits for industry index options), 8.33(c) 
(regarding position limits for micro narrow-based indexes), and 
8.34(c) (regarding position limits for individual stock or ETF based 
volatility index options). The Exchange notes the proposed rule 
change adds Interpretation and Policy .09 to Rule 8.30 to state that 
with respect to options on stocks or ETFs, positions in Short Term 
Option Series, Monthly Options Series, and Quarterly Options Series 
shall be aggregated with positions in options contracts on the same 
underlying security. This is currently true with respect to Short 
Term Option Series and Quarterly Options Series but was 
inadvertently omitted from Rule 8.30.
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    The Exchange also represents its current surveillance programs will 
apply to Monthly Options Series and will properly monitor trading in 
the proposed Monthly Options Series. The Exchange currently lists 
Quarterly Options Series in certain index \15\ and ETF classes, which 
expire at the close of business at the end of four calendar months 
(i.e., the end of each calendar quarter), and has not experienced any 
market disruptions nor issues with capacity. The Exchange's 
surveillance programs currently in place to support and properly 
monitor trading in these Quarterly Options Series, as well as Short 
Term Option Series and standard expiration series, will apply to the 
proposed Monthly Options Series. The Exchange believes its 
surveillances continue to be designed to deter and detect violations of 
its Rules, including position and exercise limits and possible 
manipulative behavior, and these surveillances will apply to Monthly 
Options Series that the Exchange determines to list for trading. 
Ultimately, the Exchange does not believe the proposed rule change 
raises any unique regulatory concerns because existing safeguards--such 
as position and exercise limits (and the aggregation of options 
overlying the same index or ETF) and reporting requirements--would 
continue to apply.
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    \15\ The Exchange notes it currently lists quarterly expirations 
on index options pursuant to Rule 4.13(c) (regarding quarterly index 
expirations or ``QIXs'').
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2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with 
the Securities Exchange Act of 1934 (the ``Act'') and the rules and 
regulations thereunder applicable to the Exchange and, in particular, 
the requirements of Section 6(b) of the Act.\16\ Specifically, the 
Exchange believes the proposed rule change is consistent with the 
Section 6(b)(5) \17\ requirements that the rules of an exchange be 
designed to prevent fraudulent and manipulative acts and practices, to 
promote just and equitable principles of trade, to foster cooperation 
and coordination with persons engaged in regulating, clearing, 
settling, processing information with respect to, and facilitating 
transactions in securities, to remove impediments to and perfect the 
mechanism of a free and open market and a national market system, and, 
in general, to protect investors and the public interest. Additionally, 
the Exchange believes the proposed rule change is consistent with the 
Section 6(b)(5) \18\ requirement that the rules of an exchange not be 
designed to permit unfair discrimination between customers, issuers, 
brokers, or dealers.
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    \16\ 15 U.S.C. 78f(b).
    \17\ 15 U.S.C. 78f(b)(5).
    \18\ Id.
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    In particular, the Exchange believes the introduction of Monthly 
Options Series will remove impediments to and perfect the mechanism of 
a free and open market and a national market system by expanding 
hedging tools available to market participants. The Exchange believes 
the proposed monthly expirations will allow market participants to 
transact in the index and ETF options listed pursuant to the proposed 
rule change based on their timing as needed and allow them to tailor 
their investment and hedging needs more effectively. Further, the 
Exchange believes the availability of Monthly Options Series would 
protect investors and the public interest by providing investors with 
more flexibility to closely tailor their investment and hedging 
decisions in these options, thus allowing them to better manage their 
risk exposure.
    The Exchange believes the Quarterly Options Series Program has been 
successful to date and the proposed Monthly Options Series program 
simply expands the ability of investors to hedge risk against market 
movements stemming from economic releases or market events that occur 
at months' ends in the same way the Quarterly Options Series Program 
has expanded the landscape of hedging for quarter-end news. Monthly 
Options Series will also complement Short Term Options Series, which 
allow investors to hedge risk against events that occur throughout a 
month. The Exchange believes the availability of additional expirations 
should create greater trading and hedging opportunities for investors, 
as well as provide investors with eh ability to tailor their investment 
objectives more effectively.
    The Exchange notes the proposed terms of Monthly Options Series, 
including the limitation to five index and ETF option classes, are 
substantively the same as the current terms of Quarterly Options 
Series.\19\ Quarterly Options Series expire on the last business day of 
a calendar quarter, which is the last business day of every third 
month. The proposed Monthly Options Series would fill the gaps between 
Quarterly Options Series expirations by permitting series to expire on 
the last business day of every month, rather than every third month. 
The proposed Monthly Options Series may be listed in accordance with 
the same terms as Quarterly Options Series, including permissible 
strikes.\20\ As is

[[Page 68836]]

the case with Quarterly Options Series, no Short Term Options Series 
may expire on the same day as a Monthly Options Series. Similarly, as 
proposed, no Monthly Options Series may expire on the same day as a 
Quarterly Options Series. The Exchange believes preventing listing 
series with concurrent expirations in a class will eliminate potential 
investors confusion and thus protect investors and the public interest. 
Given that Quarterly Options Series the Exchange currently lists are 
essentially Monthly Options Series that can expire at the end of only 
certain calendar months, the Exchange believes it is reasonable to list 
Monthly Options Series in accordance with the same terms, as it will 
promote just and equitable principles of trade. The Exchange believes 
limiting Monthly Options Series to five classes will ensure the 
addition of these new series will have a negligible impact on the 
Exchange's and OPRA's quoting capacity. The Exchange represents it has 
the necessary systems capacity to support new options series that will 
result from the introduction of Monthly Options Series.
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    \19\ Compare proposed Rules 4.5(g) and 4.13(a)(2)(C) to Rules 
4.5(e) and 4.13(a)(2)(B), respectively.
    \20\ The Exchange notes the proposed maximum number of 
expirations is consistent with the maximum number of expirations 
permitted for end-of-month series in index classes. See Rule 
4.13(e)(2) (which references Rule 4.13(a)(2), which permits up to 12 
standard monthly expirations on the majority of index options 
currently listed on the Exchange).
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    The Exchange further believes the proposed rule change regarding 
the treatment of Monthly Options Series with respect to determining 
compliance with position and exercise limits is designed to prevent 
fraudulent and manipulative acts and practices and promote just and 
equitable principles of trade. Monthly Options Series will be 
aggregated with options overlying the same ETF or index for purposes of 
compliance with position (and exercise) limits, which is consistent 
with how position (and exercise) limits are currently imposed on series 
with other expirations (Short Term Options Series, Quarterly Options 
Series, and Delayed Start Options Series). Therefore, options positions 
within ETF or index option classes for which Monthly Options Series are 
listed, regardless of their expirations, would continue to be subject 
to existing position (and exercise) limits. The Exchange believes this 
will address potential manipulative schemes and adverse market impacts 
surrounding the use of options. The Exchange also represents its 
current surveillance programs will apply to Monthly Options Series and 
will properly monitor trading in the proposed Monthly Options Series. 
The Exchange currently trades Quarterly Options Series in certain index 
and ETF classes, which expire at the close of business at the end of 
four calendar months (i.e., the end of each calendar quarter), and has 
not experienced any market disruptions nor issues with capacity. The 
Exchange's surveillance programs currently in place to support and 
properly monitor trading in these Quarterly Options Series, as well as 
Short Term Option Series and standard expiration series, will apply to 
the proposed Monthly Options Series. The Exchange believes its 
surveillances continue to be designed to deter and detect violations of 
its Rules, including position and exercise limits and possible 
manipulative behavior, and these surveillances will apply to Monthly 
Options Series that the Exchange determines to list for trading. 
Ultimately, the Exchange does not believe the proposed rule change 
raises any unique regulatory concerns because existing safeguards--such 
as position and exercise limits (and the aggregation of options 
overlying the same ETF or index) and reporting requirements--would 
continue to apply.

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will 
impose any burden on competition that is not necessary or appropriate 
in furtherance of the purposes of the Act. The Exchange does not 
believe the proposed rule change to list Monthly Option Series will 
impose any burden on intramarket competition that is not necessary or 
appropriate in furtherance of the purposes of the Act, as any Monthly 
Options Series the Exchange lists for trading will be available in the 
same manner for all market participants who wish to trade such options. 
The Exchange notes the proposed terms of Monthly Options Series, 
including the limitation to five index and ETF option classes, are 
substantively the same as the current terms of Quarterly Options 
Series.\21\ Quarterly Options Series expire on the last business day of 
a calendar quarter, which is the last business day of every third 
month, making the concept of Monthly Options Series in a limited number 
of index and ETF options not novel. The proposed Monthly Options Series 
will fill the gaps between Quarterly Options Series expirations by 
permitting series to expire on the last business day of every month, 
rather than every third month. The proposed Monthly Options Series may 
be listed in accordance with the same terms as Quarterly Options 
Series, including permissible strikes.\22\ Monthly Options Series will 
trade on the Exchange in the same manner as other options in the same 
class.
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    \21\ See Rules 4.5(e) and 4.13(a)(2)(B).
    \22\ The Exchange notes the proposed maximum number of 
expirations is consistent with the maximum number of expirations 
permitted for end-of-month series in index classes. See Rule 
4.13(e)(2) (which references Rule 4.13(a)(2), which permits up to 12 
standard monthly expirations on the majority of index options 
currently listed on the Exchange).
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    The Exchange does not believe the proposed rule change to list 
Monthly Option Series will impose any burden on intermarket competition 
that is not necessary or appropriate in furtherance of the purposes of 
the Act, as nothing prevents other options exchanges from proposing 
similar rules. As discussed above, the proposed rule change would 
permit listing of Monthly Options Series in five index or ETF options, 
as well as any other classes that other exchanges may list under 
similar programs. To the extent that the availability of Monthly 
Options Series makes the Exchange a more attractive marketplace to 
market participants at other exchanges, market participants are free to 
elect to become market participants on the Exchange.
    The Exchange believes that the proposed rule change may relieve any 
burden on, or otherwise promote, competition. Similar to Short Term 
Options Series and Quarterly Options Series, the Exchange believes the 
introduction of Monthly Options Series will not impose an undue burden 
on competition. The Exchange believes that it will, among other things, 
expand hedging tools available to market participants. The Exchange 
believes Monthly Options Series will allow market participants to 
purchase options based on their timing as needed and allow them to 
tailor their investment and hedging needs more effectively.
    The Exchange does not believe the proposed rule change to provide 
that positions in Monthly Options Series will be aggregated with 
positions in options contracts on the same underlying index or security 
for purposes of determining compliance with position (and exercise) 
limits will impose any burden on intramarket competition that is not 
necessary or appropriate in furtherance of the purposes of the Act, as 
it will apply in the same manner to all market participants. The 
Exchange proposes to apply position (and exercise) limits to Monthly 
Options Series in the same manner it applies position limits to series 
with other expirations (Short Term Options Series, Quarterly Options 
Series, and Delayed Start Options Series). Therefore, positions in 
options in a class of ETF or index options, regardless of their 
expirations, would continue to be subject to existing position (and 
exercise) limits.

[[Page 68837]]

Additionally, the Exchange does not believe this proposed rule change 
will impose any burden on intermarket competition that is not necessary 
or appropriate in furtherance of the purposes of the Act, because it 
will address potential manipulative schemes and adverse market impacts 
surrounding the use of options.

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

    Within 45 days of the date of publication of this notice in the 
Federal Register or within such longer period up to 90 days (i) as the 
Commission may designate if it finds such longer period to be 
appropriate and publishes its reasons for so finding or (ii) as to 
which the Exchange consents, the Commission will:
    A. by order approve or disapprove such proposed rule change, or
    B. institute proceedings to determine whether the proposed rule 
change should be 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 [email protected]. Please include 
file number SR-CBOE-2023-049 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-CBOE-2023-049. This file 
number should be included on the subject line if email is used. To help 
the Commission process and review your comments more efficiently, 
please use only one method. The Commission will post all comments on 
the Commission's internet website (https://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all 
written statements with respect to the proposed rule change that are 
filed with the Commission, and all written communications relating to 
the proposed rule change between the Commission and any person, other 
than those that may be withheld from the public in accordance with the 
provisions of 5 U.S.C. 552, will be available for website viewing and 
printing in the Commission's Public Reference Room, 100 F Street NE, 
Washington, DC 20549, on official business days between the hours of 10 
a.m. and 3 p.m. Copies of the filing also will be available for 
inspection and copying at the principal office of the Exchange. Do not 
include personal identifiable information in submissions; you should 
submit only information that you wish to make available publicly. We 
may redact in part or withhold entirely from publication submitted 
material that is obscene or subject to copyright protection. All 
submissions should refer to file number SR-CBOE-2023-049 and should be 
submitted on or before October 25, 2023.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\23\
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    \23\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-21939 Filed 10-3-23; 8:45 am]
BILLING CODE 8011-01-P