Document ID: SEC-2013-2004-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: International Securities Exchange, LLC
Posted Date: 2013-11-25T05:00Z

[Federal Register Volume 78, Number 227 (Monday, November 25, 2013)]
[Notices]
[Pages 70382-70386]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-28160]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-70900; File No. SR-ISE-2013-58]

Self-Regulatory Organizations; International Securities Exchange, 
LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule 
Change To Change the Expiration Date for Most Options Contracts to the 
Third Friday of the Expiration Month Instead of the Saturday Following 
the Third Friday

November 19, 2013.
    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 November 7, 2013, the International Securities Exchange, LLC 
(the ``Exchange'' or the ``ISE'') 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 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

    The Exchange is proposing to amend its rules to change the 
expiration date for most option contracts to the third Friday of the 
expiration month instead

[[Page 70383]]

of the Saturday following the third Friday, and to make other 
amendments to its rules consistent with the industry-wide change to 
Friday expiration. The text of the proposed rule change is available on 
the Exchange's Internet Web site at http://www.ise.com, 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 self-regulatory organization has prepared summaries, 
set forth in Sections A, B and C below, of the most significant aspects 
of such statements.

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

1. Purpose
    The Exchange is proposing to amend its rules to change the 
expiration date for most option contracts to the third Friday of the 
expiration month instead of the Saturday following the third Friday. 
More specifically, the Exchange is proposing to amend rule text 
referencing Saturday expirations. The Exchange notes, however, that 
this change will apply to all standard expiration contracts including 
those in which the rules are silent on the expiration date.\3\ The 
Exchange is making this filing to harmonize its rules in connection 
with a recently approved rule filing made by The Options Clearing 
Corporation (``OCC'') which made substantially similar changes.\4\ The 
Exchange believes that the industry must remain consistent in 
expiration dates, and, thus, is proposing to update its rules to remain 
consistent with those of OCC. In addition, the Exchange understands 
that other exchanges have or will be filing similar rules to effect 
this industry-wide initiative.\5\
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    \3\ Mini Options expirations are the same as those for Standard 
Options and would be amended as specified in this proposal.
    \4\ See Securities Exchange Act Release No. 69772 (June 17, 
2013), 78 FR 37645 (June 21, 2013) (order approving SR-OCC-2013-004 
[sic]).
    \5\ See e.g. Securities Exchange Act Release Nos. 70372 
(September 11, 2013) 78 FR 57186 (September 17, 2013) (SR-NYSEARCA-
2013-88); 70259 (August 26, 2013), 78 FR 53809 (August 30, 2013) 
(SR-PHLX-2013-89); 70091 (August 1, 2013), 78 FR 48212 (August 7, 
2013) (SR-CBOE-2013-073).
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    Most option contracts (``standard expiration contracts'') currently 
expire at the ``expiration time'' (11:59 p.m. Eastern Time) on the 
Saturday following the third Friday of the specified expiration month 
(the ``expiration date''). As a result of this proposed rule change, 
the expiration date for standard expiration contracts would be changed 
to the third Friday of the expiration month. The expiration time would 
continue to be 11:59 p.m. Eastern Time on the expiration date. This 
change would apply only to standard expiration contracts expiring after 
February 1, 2015, and the Exchange, similar to OCC, does not propose to 
change the expiration date for any outstanding option contracts already 
listed with a Saturday expiration date. Option contracts having non-
standard expiration dates (``non-standard expiration contracts'') will 
be unaffected by this proposed rule change.\6\
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    \6\ Options with non-standard expiration contracts include 
Quarterly Option Series (Supplementary Material .03 to Rule 504, and 
Supplementary Material .02 to Rule 2009), and Short Term Option 
Series (Supplementary Material .02 to Rule 504, and Supplementary 
Material .01 to Rule 2009).
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    In order to provide a smooth transition to Friday expiration OCC 
has moved the expiration exercise procedures to Friday for all standard 
expiration contracts even though the contracts would continue to expire 
on Saturday.\7\ After February 1, 2015, virtually all standard 
expiration contracts will actually expire on Friday. The only standard 
expiration contracts that will expire on a Saturday after February 1, 
2015 are certain options that had been listed prior to the 
effectiveness of the OCC rule change and the completion of systems 
changes to support Friday expiration. The Exchange will not list any 
additional options with Saturday expiration dates falling after 
February 1, 2015.
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    \7\ See SR-OCC-2013-04.
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    Certain option contracts have already been listed with Saturday 
expiration dates as distant as December 2016. For these contracts, 
transitioning to Friday expiration for newly listed option contracts 
expiring after February 1, 2015 would create a situation under which 
certain options with open interest would expire on a Saturday while 
other options with open interest would expire on a Friday in the same 
expiration month. Clearing members have expressed a clear preference to 
not have a mix of options with open interest that expire on different 
days in a single month.\8\ Accordingly, OCC represented in its recently 
approved filing that it will not issue and clear any new option 
contract with a Friday expiration if existing option contracts of the 
same options class expire on the Saturday following the third Friday of 
the same month. However, Friday expiration processing will be in effect 
for these Saturday expiration contracts. As with standard expiration 
options during the transition period, exercise requests received after 
Friday expiration processing is complete but before the Saturday 
contract expiration time will continue to be processed without fines or 
penalties.
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    \8\ Id.
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    Consistent with the OCC filing, the Exchange is proposing to adopt 
a definition of expiration date and add language to its rules that 
reflects a Saturday expiration date for series expiring prior to 
February 1, 2015 and a Friday expiration date for series expiring on or 
after February 1, 2015.\9\ In particular, the Exchange proposes to 
amend its rules as described in the paragraphs below.
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    \9\ With the exception of expirations that were listed prior to 
the effective date of the OCC filing and have open interest.
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    The Exchange proposes to amend Rule 100 (Definitions) to adopt a 
definition of expiration date, as described above, and to modify the 
definition of the term ``outstanding'' to mean an option contract which 
has been issued by the Clearing Corporation and has neither been the 
subject of a closing writing transaction nor has expired.
    The Exchange proposes to amend Rule 418 (Other Restrictions on 
Option Transactions and Exercises) with respect to certain timing for 
restrictions on the exercise of option contracts. Specifically, the 
Exchange proposes to specify that the 10-business day period referenced 
in Rule 418(a)(2) includes the expiration date for an option contract 
that expires on a business day. The Exchange also proposes to specify 
that, with respect to index options, restrictions on exercise may be in 
effect until the opening of business on the business day of their 
expiration (i.e., for Friday expirations), or, in the case of an option 
contract expiring on a day that is not a business day, and as is 
currently the case for Saturday expirations, on the last business day 
before the expiration date. Finally, the Exchange proposes to specify 
in Rule 418(a)(3)(ii) that exercises of expiring American-style, cash-
settled index options are not prohibited on the business day of their 
expiration (i.e., for Friday expirations), or, in the case of an option 
contract

[[Page 70384]]

expiring on a day that is not a business day, and as is currently the 
case for Saturday expirations, on the last business day prior to their 
expiration.
    The Exchange proposes to amend Rule 504 (Series of Options 
Contracts Open for Trading) to differentiate between Friday and 
Saturday expirations. Specifically, the Exchange proposes to specify 
that additional series of individual stock options may be added in 
unusual market conditions until the close of trading on the business 
day prior to expiration in the case of an option contract expiring on a 
business day (i.e., Thursday for Friday expirations), or, in the case 
of an option contract expiring on a day that is not a business day, and 
as is currently the case for Saturday expirations, until the close of 
trading on the second business day prior to expiration (i.e., Thursday 
for Saturday expirations). In addition, the Exchange proposes to make a 
related technical correction to Rule 504. Currently Rule 504 states, in 
part, that new series of FLEX Equity Options may be added on any 
business day prior to the expiration date. As the ISE does not list 
FLEX Equity Options, the Exchange proposes to remove this reference.
    The Exchange proposes to amend Rule 720 (Obvious and Catastrophic 
Errors) to add greater specificity regarding the timing surrounding 
notifying the Exchange of a ``Catastrophic Error.'' Specifically, the 
Exchange proposes to specify that, for such transactions in an expiring 
options series that take place on an expiration date that is a business 
day (i.e., for Friday expirations), a member must notify the Exchange 
by 5:00 p.m. Eastern Time that same day. For such transactions in an 
options series that take place on the business day immediately prior to 
an expiration date that is not a business day (i.e., for Saturday 
expirations), a member must notify the Exchange by 5:00 p.m. Eastern 
Time on such business day (i.e., on Friday).
    The Exchange proposes to amend Rule 1100 (Exercise of Options 
Contracts) in several areas, each of which is designed to differentiate 
between Friday and Saturday expirations. First, the Exchange proposes 
to specify in Rule 1100(b) that special procedures apply to the 
exercise of equity options on the business day of their expiration 
(i.e., for Friday expirations), or, in the case of an option contract 
expiring on a day that is not a business day, and as is currently the 
case for Saturday expirations, on the last business day before their 
expiration. Second, the Exchange proposes to specify in Rule 1100(c) 
that, regarding exercise cut-off times, option holders have until 5:30 
p.m. Eastern Time on the business day of their expiration (i.e., for 
Friday expirations), or, in the case of an option contract expiring on 
a day that is not a business day, and as is currently the case for 
Saturday expirations, on the business day immediately prior to the 
expiration date. Third, the Exchange proposes to specify in Rule 
1100(h) that the advance notice described therein is applicable if 
provided by the Exchange on or before 5:30 p.m. Eastern Time on the 
business day immediately prior to the business day of expiration (i.e., 
Thursday for Friday expirations), or, in the case of an option contract 
expiring on a day that is not a business day, and as is currently the 
case for Saturday expirations, the business day immediately prior to 
the last business day before the expiration date (i.e., Thursday for 
Saturday expirations). Fourth, the Exchange proposes to specify in Rule 
1100(i)(2) that the reference therein to ``unusual circumstances'' 
includes, but is not limited to, a significant news announcement 
concerning the underlying security of an option contract that is 
scheduled to be released just after the close on the business day the 
option contract expires (i.e., for Friday expirations), or, in the case 
of an option contract expiring on a day that is not a business day, and 
as is currently the case for Saturday expirations, the business day 
immediately prior to expiration. Fifth, the Exchange proposes to 
specify in Rule 1100(h)(8)(ii) that exercises of expiring American-
style, cash-settled index options are not prohibited on the business 
day of their expiration (i.e., for Friday expirations), or, in the case 
of an option contract expiring on a day that is not a business day, and 
as is currently the case for Saturday expirations, on the last business 
day prior to their expiration. The Exchange notes that due to an error 
in its rulebook it currently has two rules labeled as Rule 1100(h), the 
Exchange therefore also proposes to move one of these subsections, 
which deals with procedures for exercise of American-style cash-settled 
index options contracts, to Rule 1100(l).\10\
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    \10\ New Rule 1100(l), previously Rule 1100(h), has been 
mistakenly referenced in the Exchange's rulebook as Rule 1102(h). 
With this filing the Exchange will move the rule back to Rule 1100 
as approved in SR-ISE-2003-05 but will move it to subsection (l) to 
avoid conflicting with another rule currently labeled as Rule 
1100(h). See Securities Exchange Act Release No. 48405 (August 25, 
2003), 68 FR 52257 (September 2, 2003) (SR-ISE-2003-05).
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    The Exchange proposes to amend Rule 2001 (Definitions) to clarify 
the definition of the term ``American-style index option'' to mean an 
option on an industry or market index that can be exercised on any 
business day prior to expiration, including the business day of 
expiration in the case of an option contract expiring on a business day 
(i.e., for Friday expirations), and the term ``European-style index 
option'' to mean an option on an industry or market index that can be 
exercised only on the business day of its expiration (i.e., for Friday 
expirations), or, in the case of an option contract expiring on a day 
that is not a business day, and as is currently the case for Saturday 
expirations, on the last business day prior to the day it expires.
    The Exchange proposes to amend Rule 2009 (Terms of Index Option 
Contracts) with respect to the permitted timing for adding new series 
of index option contracts so as to differentiate between Friday and 
Saturday expirations. First, the Exchange proposes to specify in Rule 
2009(a)(5) that the last day of trading for A.M.-settled index options 
is the business day preceding the business day of expiration (i.e., for 
Friday expirations), or, in the case of an option contract expiring on 
a day that is not a business day, and as is currently the case for 
Saturday expirations, the business day preceding the last day of 
trading in the underlying securities prior to the expiration date. 
Second, the Exchange proposes to specify in Rule 2009(c)(2) that new 
series of index option contracts may be added up to, but not on or 
after, the fourth business day prior to expiration for an option 
contract expiring on a business day (i.e., up to, but not on or after, 
the opening of trading on Monday morning for Friday expirations), or, 
in the case of an option contract expiring on a day that is not a 
business day, and as is currently the case for Saturday expirations, 
the fifth business day prior to expiration. Third, the Exchange 
proposes to specify in Rule 2009(d) that the reported level of the 
underlying index that is calculated by the reporting authority on the 
business day of expiration (i.e., for Friday expirations), or, in the 
case of an option contract expiring on a day that is not a business 
day, and as is currently the case for Saturday expirations, the last 
day of trading in the underlying securities prior to the expiration 
date for purposes of determining the current index value at the 
expiration of an A.M.-settled index option may differ from the level of 
the index that is separately calculated and reported by the reporting 
authority and that reflects trading activity

[[Page 70385]]

subsequent to the opening of trading in any of the underlying 
securities.
    Finally, the Exchange proposes to amend Rule 2206 (Terms of Foreign 
Currency Options Contracts) to specify that foreign currency options 
shall be European-style, which means that they may be exercised only on 
the business day of expiration (i.e., for Friday expirations), or, in 
the case of an option contract expiring on a day that is not a business 
day, and as is currently the case for Saturday expirations, the last 
business day prior to the expiration date (normally a Friday).
    To the extent applicable to the timeframes herein, the Exchange is 
also proposing, with this filing, to replace any reference in the 
purpose section of any past Exchange rule filings or notices to any 
expiration date other than Friday for a standard options contract with 
the new Friday standard. Essentially, the Exchange is now proposing to 
replace any relevant historic references to expiration dates to be 
replaced with the proposed Friday expiration. As stated above, the 
Exchange believes the proposed change will keep the Exchange consistent 
with the processing at OCC and will enable the Exchange to give effect 
to the industry-wide initiative. In addition, the Exchange understands 
that other exchanges have filed or will be filing similar rules, thus 
creating a uniform expiration date for standard options on listed 
classes.\11\
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    \11\ See supra note 5.
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    The Exchange notes that OCC, industry groups, clearing members and 
the other exchanges have been active participants in planning for the 
transition to the Friday expiration.\12\ In March 2012, OCC began to 
discuss moving standard contract expirations to Friday expiration dates 
with industry groups, including two Securities Industry and Financial 
Markets Association (``SIFMA'') committees, the Operations and 
Technology Steering Committee and the Options Committee, and at two 
major industry conferences, the SIFMA Operations Conference and the 
Options Industry Conference.\13\ OCC also discussed the project with 
the Intermarket Surveillance Group and at an OCC Operations Roundtable. 
In each case, there was broad support for the initiative.\14\
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    \12\ Id.
    \13\ Id.
    \14\ Id.
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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.\15\ Specifically, the 
Exchange believes the proposed rule change is consistent with the 
Section 6(b)(5) \16\ 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) \17\ requirement that the rules of an exchange not be 
designed to permit unfair discrimination between customers, issuers, 
brokers, or dealers.
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    \15\ 15 U.S.C. 78f(b).
    \16\ 15 U.S.C. 78f(b)(5).
    \17\ 15 U.S.C. 78f(b)(5).
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    In particular, the Exchange believes that keeping its rules 
consistent with those of the industry will protect all participants in 
the market by eliminating confusion. The proposed changes thus allow 
for a more orderly market by allowing all options markets, including 
the clearing agencies, to have the same expiration date for standard 
options. In addition, the proposed changes will foster cooperation and 
coordination with persons engaged in regulating clearing, settling, 
processing information with respect to, and facilitating transactions 
in securities by aligning a pivotal part of the options processing to 
be consistent industry-wide. If the industry were to differ, investors 
would suffer from confusion and be more vulnerable to violate different 
exchange rules. The proposed changes do not permit unfair 
discrimination between any members because they are applied to all 
members equally. Moreover, the Exchange believes that it helps all 
members by keeping the Exchange consistent with OCC practices and those 
of other exchanges.

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

    The Exchange does not believe that the proposed rule change will 
result in any burden on competition that is not necessary or 
appropriate in furtherance of the purposes of the Act, as amended. 
Specifically, the Exchange does not believe the proposed rule change 
will impose a burden on intramarket competition because it will be 
applied to all members equally. In addition, the Exchange does not 
believe the proposed rule change will impose any burden to intermarket 
competition because it will be applied industry-wide and apply to all 
market participants. The proposed rule change is structured to enhance 
competition because the shift from an expiration date of the Saturday 
following the third Friday to the third Friday is anticipated to be 
adopted industry-wide and will apply to all option classes listed on 
the Exchange. This in turn will allow the Exchange to compete more 
effectively with other exchanges making similar rule changes.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    The Exchange has not solicited, and does not intend to solicit, 
comments on this proposed rule change. The Exchange has not received 
any unsolicited written comments from members or other interested 
parties.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    The Exchange has filed the proposed rule change pursuant to Section 
19(b)(3)(A)(iii) of the Act \18\ and Rule 19b-4(f)(6) thereunder.\19\ 
Because the 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, the proposed rule change has become effective 
pursuant to Section 19(b)(3)(A) of the Act and Rule 19b-4(f)(6) 
thereunder.\20\
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    \18\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \19\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) 
requires the Exchange to give the Commission written notice of the 
Exchange's 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.
    \20\ 17 CFR 240.19b-4(f)(6)(iii).
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    A proposed rule change filed under Rule 19b-4(f)(6) \21\ normally 
does not become operative prior to 30 days after the date of the 
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\22\ the Commission 
may designate a shorter time if such action is consistent with the 
protection of investors and the public interest. The Exchange has asked 
the

[[Page 70386]]

Commission to waive the 30-day operative delay so that the proposal may 
become operative immediately upon filing. The Exchange stated that 
waiver of this requirement will allow the Exchange to more quickly 
align its rules with an industry-wide initiative. The Exchange noted 
that the transition to Friday expiration has already begun, and that 
certain option series expiring after February 1, 2015 have already been 
listed with a Friday expiration date. The Exchange also stated that the 
proposal will provide greater clarity to members and investors 
regarding how ISE rules will apply to the expiration of those 
contracts. Finally, the Exchange noted that none of the options 
contracts expiring within the next 30-days would be affected by the 
proposed changes. Based on the Exchange representations above, and 
since the proposal is based, in part, on a proposal submitted by the 
OCC and approved by the Commission,\23\ the Commission waives the 30-
day operative delay requirement and designates the proposed rule change 
as operative upon filing.\24\
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    \21\ 17 CFR 240.19b-4(f)(6).
    \22\ 17 CFR 240.19b-4(f)(6)(iii).
    \23\ See supra note 4.
    \24\ For purposes only of waiving the 30-day operative delay, 
the Commission has also considered the proposed rule's impact on 
efficiency, competition, and capital formation. See 15 U.S.C. 
78c(f).
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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: (i) 
Necessary or appropriate in the public interest; (ii) for the 
protection of investors; or (iii) otherwise in furtherance of the 
purposes of the Act. If the Commission takes such action, the 
Commission shall institute proceedings under Section 19(b)(2)(B) \25\ 
of the Act to determine whether the proposed rule should be approved or 
disapproved.
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    \25\ 15 U.S.C. 78s(b)(2)(B).
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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-2013-58 on the subject line.

Paper Comments

     Send paper comments in triplicate to Elizabeth M. Murphy, 
Secretary, Securities and Exchange Commission, 100 F Street NE., 
Washington, DC 20549-1090.

All submissions should refer to File Number SR-ISE-2013-58. 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 Web site (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 Web site 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-2013-58 and should be 
submitted on or before December 16, 2013.
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    \26\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\26\
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-28160 Filed 11-22-13; 8:45 am]
BILLING CODE 8011-01-P