Document ID: SEC-2022-1054-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: Cboe Exchange, Inc.
Posted Date: 2022-08-05T04:00Z

[Federal Register Volume 87, Number 150 (Friday, August 5, 2022)]
[Notices]
[Pages 48045-48049]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-16763]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-95398; File No. SR-CBOE-2022-040]

Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of 
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend 
Rule 4.5

August 1, 2022.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given 
that on July 29, 2022, Cboe Exchange, Inc. (``Exchange'' or ``Cboe 
Options'') filed with the Securities and Exchange Commission 
(``Commission'') the proposed rule change as described in Items I and 
II below, which Items have been prepared by the Exchange. The Exchange 
filed the proposal as a ``non-controversial'' proposed rule change 
pursuant to Section 19(b)(3)(A)(iii) of the Act \3\ and Rule 19b-
4(f)(6) thereunder.\4\ The Commission is publishing this notice to 
solicit comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \4\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    Cboe Exchange, Inc. (the ``Exchange'' or ``Cboe Options'') proposes 
to amend Rule 4.5. 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 proposed rule change amends Rule 4.5(d). Specifically, the 
Exchange proposes to amend Rule 4.5(d)(6) to account for conflicts 
between different provisions within the Short Term Option Series Rules 
and make other clarifying changes.
    In 2021, the Exchange amended Rule 4.5 to limit the intervals 
between strikes in equity options listed as part of the Short Term 
Option Series Program, excluding Exchange-Traded Fund Shares and ETNs, 
that have an expiration date more than twenty-one days from the listing 
date (``Strike Interval Proposal'').\5\ The Strike Interval Proposal 
adopted new subparagraph (d)(6), which included a table that intended 
to specify the applicable strike intervals that would supersede 
subparagraph (d)(5) \6\ for Short Term Option Series in equity options, 
excluding options on exchange-traded fund shares and on exchange-traded 
notes, which have an expiration more than 21 days from the listing 
date. The Strike Interval Proposal was designed to reduce the density 
of strike intervals that would be listed in later weeks, within the 
Short Term Option Series Program, by utilizing limitations for 
intervals between strikes that have an expiration date more than 21 
days from the listing date.
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    \5\ See Securities Exchange Act Release No. 91456 (April 1, 
2021), 86 FR 18090 (April 7, 2021) (SR-CBOE-2021-019).
    \6\ Rule 4.5(d)(5) states the interval between strike prices on 
Short Term Option Series may be: (a) $0.50 or greater where the 
strike is less than $100 and $1 or greater where the strike price is 
between $100 and $150 for all classes that participate in the Short 
Term Option Series Program; (b) $0.50 or greater for classes that 
trade in one dollar increments in non-Short Term Options and that 
participate in the Short Term Option Series Program; or (c) $2.50 or 
greater where the strike price is above $150. A non-Short Term 
Option that is on a class that has been selected to participate in 
the Short Term Option Series Program is referred to as a ``Related 
non-Short Term Option.''
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    The Exchange proposes to amend Rule 4.5(d)(6) to clarify the 
current rule text and amend the application of the table to account for 
potential conflicts within the Short Term Option Series Rules. 
Currently, Rule 4.5(d)(6) provides that notwithstanding subparagraph 
(d)(5), when Short Term Option Series in equity options (excluding 
options on ETFs and ETNs) have an expiration more than 21 days from the 
listing date, the strike interval for each option class will be based 
on the following table:

[[Page 48046]]

----------------------------------------------------------------------------------------------------------------
                                                                  Share price \7\
                                 -------------------------------------------------------------------------------
   Tier     Average daily volume                    $25 to less     $75 to less    $150 to less       $500 or
                                   Less than $25     than $75        than $150       than $500        greater
----------------------------------------------------------------------------------------------------------------
1........  Greater than 5,000...           $0.50           $1.00           $1.00           $5.00           $5.00
2........  Greater than 1,000 to            1.00            1.00            1.00            5.00           10.00
            5,000.
3........  0 to 1,000...........            2.50            5.00            5.00            5.00           10.00
----------------------------------------------------------------------------------------------------------------

    First, the Exchange proposes to add the phrase ``which specifies 
the applicable interval for listing'' to the end of the first sentence 
of subparagraph (d)(6). The table within that subparagraph provides for 
the listing of intervals based on certain parameters (average daily 
volume and share price). The Exchange proposes to add the phrase 
``which specifies the applicable interval for listing'' to clarify that 
the only permitted intervals are as specified in the table within 
subparagraph (d)(6), as proposed to be amended.
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    \7\ Share Price is the closing price on the primary market on 
the last day of the calendar quarter. In the event of a corporate 
action, the Share Price of the surviving company is utilized. The 
Average Daily Volume is the total number of option contracts traded 
in a given security for the applicable calendar quarter divided by 
the number of trading days in the applicable calendar quarter. 
Beginning on the second trading day in the first month of each 
calendar quarter, the Average Daily Volume is calculated by 
utilizing data from the prior calendar quarter based on Customer-
cleared volume at OCC. For options listed on the first trading day 
of a given calendar quarter, the Average Daily Volume is calculated 
using the quarter prior to the last trading calendar quarter. See 
Rule 4.5(d)(6)(A) and (B).
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    Second, the Exchange proposes to amend the table in subparagraph 
(d)(6) to address situations in which there is a conflict between 
applying the intervals in subparagraph (d)(5) and the table in 
subparagraph (d)(6). Today, there are instances where a conflict is 
presented as between the application of the table within subparagraph 
(d)(6) and the rule text within subparagraph (d)(5) with respect to the 
correct interval. To address these potential conflicts, the Exchange 
proposes that to the extent there is a conflict between applying the 
current table within subparagraph (d)(6) and the rule text within 
subparagraph (d)(5), the greater interval would apply. To reflect this 
within the Rules, the Exchange proposes to amend the table in 
subparagraph (d)(6) to specify what the greater interval would be, and 
thus the interval the Exchange would apply, in the event of any 
possible conflict between the two rule provisions. Specifically, the 
proposed rule change amends the table as follows:

----------------------------------------------------------------------------------------------------------------
                                                                   Share price
                 Average daily  --------------------------------------------------------------------------------
     Tier            volume                         $25 to less     $75 to less    $150 to less       $500 or
                                  Less than $25      than $75        than $150       than $500        greater
----------------------------------------------------------------------------------------------------------------
1.............  Greater than     $0.50 for             $1.00 for       $1.00 for           $5.00           $5.00
                 5,000.           strikes less      strikes less    strikes less
                                  than $100 in         than $150       than $150
                                  Short Term
                                  Option Series
                                  Program
                                  classes and
                                  classes that
                                  trade in $1
                                  increments in
                                  non-Short Term
                                  Options.
                                 $1.00 for             $2.50 for       $2.50 for  ..............  ..............
                                  strikes                strikes         strikes
                                  between $100      greater than    greater than
                                  and $150 for              $150            $150
                                  classes that
                                  do not
                                  otherwise
                                  trade in $1.00
                                  increments in
                                  non-Short Term
                                  Options.
                                 $2.50 for        ..............  ..............  ..............  ..............
                                  strikes
                                  greater than
                                  $150.
2.............  Greater than     $1.00 for             $1.00 for       $1.00 for           $5.00          $10.00
                 1,000 to 5,000.  strikes less      strikes less    strikes less
                                  than $150.           than $150       than $150
                                 $2.50 for             $2.50 for       $2.50 for  ..............  ..............
                                  strikes                strikes         strikes
                                  greater than      greater than    greater than
                                  $150.                     $150            $150
3.............  0 to 1,000.....  $2.50..........           $5.00           $5.00           $5.00          $10.00
----------------------------------------------------------------------------------------------------------------

    Below are some examples to demonstrate the application of the 
proposed table:
    Example 1: Assume a Tier 1 stock that closed on the last day of Q1 
with a quarterly share price higher than $75 but less than $150. 
Therefore, utilizing the current table within subparagraph (d)(6), the 
interval would be $1.00 for strikes added during Q2 even for strikes 
above $150. However, subparagraph (d)(5) provides that the Exchange may 
list a Short Term Option Series at $2.50 intervals where the strike 
price is above $150. In other words, there is a potential conflict 
between the permitted strike intervals above $150 during Q2. In this 
example, current subparagraph (d)(6) would specify a $1.00 interval 
whereas current subparagraph (d)(5) would specify a $2.50 interval. 
Consistent with selecting the greater interval (from current 
subparagraph (d)(5)), the permissible strike interval in this scenario 
would be $2.50 as set forth in the proposed table. Therefore, during 
Q2, the following strikes would be eligible to list: $152.50 and 
$157.50. For strikes less than $150, the following strikes would be 
eligible to list during Q2: $149 and $148 because Short Term Option 
Series with expiration dates more than 21 days from the listing date as 
well as Short Term Option Series with expiration dates less than 21 
days from the listing date would both be eligible to list $1 intervals 
pursuant to both subparagraphs (d)(5) and (d)(6).
    Example 2: Assume a Tier 2 stock that closed on the last day of Q1 
with a quarterly share price less than $25. Therefore, utilizing the 
current table within subparagraph (d)(6), the interval would be $1.00 
for strikes added during Q2 even for strikes above $25. However, 
subparagraph (d)(5) provides that the Exchange may list a Short Term 
Option Series at $0.50 intervals where the strike is less than $100, at 
$1.00 intervals where the strike price is between $100 and $150, and at 
$2.50 intervals where

[[Page 48047]]

the strike price is above $150. In other words, there is a potential 
conflict between the permitted strike intervals below $100 and above 
$150 during Q2. In this example, current subparagraph (d)(6) would 
specify a $1.00 interval for strikes below $100 whereas current 
subparagraph (d)(5) would specify a $0.50 interval. Consistent with 
selecting the greater interval (from current subparagraph (d)(6)), the 
permissible strike interval in this scenario for strikes below $100 
would be $1.00 as set forth in the proposed table. For strikes between 
$100 and $150, there is no conflict, as both provisions would provide 
$1.00 intervals for those strikes. For strikes above $150, current 
subparagraph (d)(6) would specify a $1.00 interval for strikes above 
$150 whereas current subparagraph (d)(5) would specify a $2.50 
interval. Consistent with selecting the greater interval (from current 
subparagraph (d)(5)), the permissible strike interval in this scenario 
for strikes above $150 would be $2.50 as set forth in the proposed 
table.
    Example 3: Assume a Tier 3 stock that closed on the last day of Q1 
with a quarterly share price less than $25. Therefore, utilizing the 
current table within subparagraph (d)(6), the interval would be $2.50 
for all strikes added during Q2. However, subparagraph (d)(5) provides 
that the Exchange may list a Short Term Option Series at $0.50 
intervals where the strike price is less than $100, $1.00 intervals 
where the strike price is between $100 and $150, and $2.50 intervals 
where the strike price is above $150. In other words, there is a 
potential conflict between the permitted strike intervals below $150 
during Q2 (there is no conflict for strikes above $150, as both 
provisions provide for a $2.50 strike interval). Consistent with 
selecting the greater interval (from current subparagraph (d)(6)), the 
permissible strike interval in this scenario for strikes below $150 
would be $2.50 as set forth in the proposed table.\8\
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    \8\ The Exchange made similar corresponding changes to the table 
for tier 1 and tier 2 stocks with prices $25 to less than $75 and 
$75 to less than $150, with all potential conflicts between current 
subparagraphs (d)(5) and (d)(6) resolved to apply the greater 
interval.
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    Third, the Exchange proposes to delete the last sentence of the 
introductory paragraph of subparagraph (d)(6), which states ``[t]he 
below table indicates the applicable strike intervals and supersedes 
subparagraph (d)(4) above, which permits additional series to be opened 
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 exercise 
price or prices of the series already opened.'' The table within 
subparagraph (d)(6) supersedes other rules pertaining to strike 
intervals, but the table does not supersede rules governing the 
addition of options series. Therefore, the table within subparagraph 
(d)(6) and the rule text of subparagraph (d)(4) do not conflict with 
each other. Deleting the reference to subparagraph (d)(4) will avoid 
potential confusion.
    Fourth, the Exchange proposes to delete subparagraph (d)(6)(D), 
which states ``[n]otwithstanding the limitations imposed by this 
subparagraph (d)(6), this subparagraph (d)(6) does not amend the range 
of strikes for Short Term Option Series may be listed pursuant to 
subparagraph (d)(5) above.'' While the range limitations continue to be 
applicable within subparagraph (d)(6), the strike ranges do not 
conflict with the strike intervals and therefore the sentence is not 
necessary. Removing this provision will avoid potential confusion.
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.\9\ Specifically, the 
Exchange believes the proposed rule change is consistent with the 
Section 6(b)(5) \10\ 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) \11\ requirement that the rules of an exchange not be 
designed to permit unfair discrimination between customers, issuers, 
brokers, or dealers. The Exchange believes the Strike Proposal 
continues to limit the intervals between strikes listed in the Short 
Term Option Series Program that have an expiration date more than 
twenty-one days.
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    \9\ 15 U.S.C. 78f(b).
    \10\ 15 U.S.C. 78f(b)(5).
    \11\ Id.
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    In particular, the Exchange's proposed addition to the first 
sentence of Rule 4.5(d)(6) is consistent with the Act because it 
clarifies that the only permitted intervals are as specified in the 
table within that subparagraph, as amended. The Exchange believes this 
proposed rule change will bring greater transparency to the rule. The 
proposed rule change to amend the table within Rule 4.5(d)(6) to 
address potential conflicts between that subparagraph and subparagraph 
(d)(5) with respect to the correct strike interval is consistent with 
the Act because it protects investors and the public interest by adding 
transparency to the manner in which the Exchange implements its listing 
rules and removes potential uncertainty. The proposed rule text 
specifies the applicable intervals when there is a conflict between the 
rule text within subparagraphs (d)(5) and (d)(6), thereby providing 
certainty as to the outcome. The table within subparagraph (d)(6) 
impacts strike intervals and supersedes other strike interval rules but 
does not supersede the addition of option series. Therefore, 
subparagraph (d)(4) regarding the addition of option series does not 
conflict with the table in subparagraph (d)(6). Deleting the last 
sentence of the introductory paragraph of Rule 4.5(d)(6) that includes 
the reference to subparagraph (d)(4) is therefore consistent with the 
Act. Similarly, deleting Rule 4.5(d)(6)(D) is consistent with the Act 
because while the range limitations continue to be applicable, the 
strike ranges do not conflict with strike intervals, rendering the 
sentence unnecessary. Deletion of this provision will avoid potential 
confusion.
    The Strike Interval Proposal was designed to reduce the density of 
strike intervals that would be listed in later weeks, within the Short 
Term Option Series Program, by utilizing limitations for intervals 
between strikes which have an expiration date more than twenty-one days 
from the listing date. The Exchange's proposal intends to continue to 
remove certain strike intervals where there exist clusters of strikes 
whose characteristics closely resemble one another and, therefore, do 
not serve different trading needs,\12\ rendering these strikes less 
useful. Also, the Strike Interval Proposal continues to reduce the 
number of strikes listed on the Exchange, allowing Market-Makers to 
expend their capital in the options market in a more efficient manner,

[[Page 48048]]

thereby improving overall market quality on the Exchange.
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    \12\ For example, two strikes that are densely clustered may 
have the same risk properties and may also be the same percentage 
out-of-the-money.
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    Additionally, by applying the greater interval would control as 
between the rule text within current Rule 4.5(d)(5) and (d)(6), the 
Exchange is reducing the number of strikes listed in a manner 
consistent with the intent of the Strike Interval Proposal, which was 
to reduce strikes which were farther out in time. The result of this 
clarification is to select wider strike intervals for Short Term Option 
Series in equity options which have an expiration date more than 
twenty-one days from the listing date. This rule change would harmonize 
strike intervals as between inner weeklies (those having less than 
twenty-one days from the listing date) and outer weeklies (those having 
more than twenty-one days from the listing date) so that strike 
intervals are not widening as the listing date approaches.

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 Strike Interval Proposal 
continues to limit the number of Short Term Option Series Program 
strike intervals available for quoting and trading on the Exchange for 
all Trading Permit Holders.
    The Exchange believes adding clarifying language to the first 
sentence of Rule 4.5(d)(6) regarding which parameter the table within 
that provision amends within the Short Term Option Series Program will 
bring greater transparency to the rules. Amending the table within 
subparagraph (d)(6) to address potential conflicts as between the rule 
text of Rule 4.5(d)(5) and (d)(6) will bring greater transparency to 
and reduce potential confusion regarding the manner in which the 
Exchange implements its listing rules. Deleting the last sentence of 
the first paragraph of the introductory paragraph of Rule 4.5(d)(6) 
that references subparagraph (d)(4) does not impose an undue burden on 
competition and will avoid potential confusion because the table within 
Rule 4.5(d)(6) impacts strike intervals and supersedes other rules 
pertaining to strike intervals, but the table does not supersede rules 
governing the addition of options series, such as Rule 4.5(d)(4). 
Deleting Rule 4.5(d)(6)(D) will also avoid any potential confusion 
because, while the range limitations continue to be applicable, the 
strike ranges do not conflict with strike intervals and are not 
necessary.
    While this proposal continues to limit the intervals of strikes 
listed on the Exchange, the Exchange continues to balance the needs of 
market participants by continuing to offer a number of strikes to meet 
a market participant's investment objective. The Exchange's Strike 
Interval Proposal does not impose an undue burden on intermarket 
competition as this Strike Interval Proposal does not impact the 
listings available at another self-regulatory organization.

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

    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 after the date of the filing, or such 
shorter time as the Commission may designate, it has become effective 
pursuant to 19(b)(3)(A) of the Act \13\ and Rule 19b-4(f)(6) \14\ 
thereunder.
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    \13\ 15 U.S.C. 78s(b)(3)(A).
    \14\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii) 
requires a self-regulatory organization to give the Commission 
written notice of its intent to file the proposed rule change, along 
with a brief description and text of the proposed rule change, at 
least five business days prior to the date of filing of the proposed 
rule change, or such shorter time as designated by the Commission. 
The Exchange has satisfied this requirement.
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    A proposed rule change filed under Rule 19b-4(f)(6) \15\ normally 
does not become operative prior to 30 days after the date of the 
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\16\ the Commission 
may designate a shorter time if such action is consistent with the 
protection of investors and the public interest. The Exchange has 
requested that the Commission waive the 30-day operative delay so that 
the Exchange may implement the proposed rule change on August 1, 2022--
the same time other exchanges are implementing the same change.\17\ The 
Exchange states that implementing the proposal simultaneously with 
other option exchanges will promote the protection of investors by 
harmonizing the strike listing methodology across exchanges. For these 
reasons, the Commission believes that waiver of the 30-day operative 
delay is consistent with the protection of investors and the public 
interest. Accordingly, the Commission hereby waives the operative 
delay.\18\
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    \15\ 17 CFR 240.19b-4(f)(6).
    \16\ 17 CFR 240.19b-4(f)(6)(iii).
    \17\ The Commission recently approved a substantially similar 
proposal. See Securities Exchange Act Release No. 95085 (June 10, 
2022), 87 FR 36353 (June 16, 2022) (SR-ISE-2022-10) (Order Approving 
a Proposed Rule Change, as Modified by Amendment No. 1, to Amend ISE 
Options 4, Section 5, Series of Options Contracts Open for Trading).
    \18\ For purposes only of waiving the 30-day operative delay, 
the Commission also has considered the proposed rule's impact on 
efficiency, competition, and capital formation. See 15 U.S.C. 
78c(f).
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    At any time within 60 days of the filing of the proposed rule 
change, the Commission summarily may temporarily suspend such rule 
change if it appears to the Commission that such action is necessary or 
appropriate in the public interest, for the protection of investors, or 
otherwise in furtherance of the purposes of the Act. If the Commission 
takes such action, the Commission 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 [email protected]. Please include 
File Number SR-CBOE-2022-040 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-2022-040. This file 
number should be included on the subject line if email is used. To help 
the Commission process and review your comments more efficiently, 
please use only one method. The Commission will post all comments on 
the Commission's internet website (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

[[Page 48049]]

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-
CBOE-2022-040, and should be submitted on or before August 26, 2022.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\19\
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    \19\ 17 CFR 200.30-3(a)(12), (59).
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J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022-16763 Filed 8-4-22; 8:45 am]
BILLING CODE 8011-01-P