Document ID: SEC-2015-2015-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: Chicago Board Options Exchange, Inc
Posted Date: 2015-12-03T05:00Z

[Federal Register Volume 80, Number 232 (Thursday, December 3, 2015)]
[Notices]
[Pages 75695-75699]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-30608]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-76529; File No. SR-CBOE-2015-106]

Self-Regulatory Organizations; Chicago Board Options Exchange, 
Incorporated; Notice of Filing of a Proposed Rule Change To Permit 
P.M.-Settled Options on Broad-Based Indexes To Expire on Any Wednesday 
of the Month by Expanding the End of Week/End of Month Pilot Program

November 30, 2015.
    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 17, 2015, Chicago Board Options Exchange, Incorporated 
(the ``Exchange'' or ``CBOE'') filed with the Securities and Exchange 
Commission (the ``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

    The Exchange seeks to expand the End of Week/End of Month Pilot 
Program to permit P.M.-settled options on broad-based indexes to expire 
on any Wednesday of the month. The text of the proposed rule change is 
provided below (additions are italicized; deletions are [bracketed]).
* * * * *

Chicago Board Options Exchange, Incorporated Rules

* * * * *

Rule 24.4. Position Limits for Broad-Based Index Options

    (a) No change.
    (b) End of Week Expirations, [and] End of Month Expirations, and 
Wednesday Expirations (as provided for in Rule 24.9(e), QIXs, Q-
CAPS, Packaged Vertical Spreads and Packaged Butterfly Spreads on a 
broad-based index shall be aggregated with option contracts on the 
same broad-based index and shall be subject to the overall position 
limit.
* * * * *

Rule 24.9. Terms of Index Option Contracts

    (a)-(d) No change.
    (e) Nonstandard Expirations Pilot Program [End of Week/End of 
Month Expirations Pilot Program (``EOW/EOM Pilot Program'')]
    (1) End of Week (``EOW'') Expirations. The Exchange may open for 
trading EOWs on any

[[Page 75696]]

broad-based index eligible for standard options trading to expire on 
any Friday of the month, other than the third Friday-of-the-month. 
EOWs shall be subject to all provisions of this Rule and treated the 
same as options on the same underlying index that expire on the 
third Friday of the expiration month; provided, however, that EOWs 
shall be P.M.-settled.
    The maximum numbers of expirations that may be listed for EOWs 
is the same as the maximum numbers of expirations permitted in Rule 
24.9(a)(2) for standard options on the same broad-based index. Other 
than expirations that are third Friday-of-the-month or that coincide 
with an EOM expiration, EOW expirations shall be for [the nearest] 
consecutive Friday expirations. [from the actual listing date, other 
than the third Friday-of-the-month or that coincide with an EOM 
expiration]. EOWs that are first listed in a given class may expire 
up to four weeks from the actual listing date. If the last trading 
day of a month is a Friday and the Exchange lists EOMs and EOWs in a 
given class, the Exchange will list an EOM instead of [and not] an 
EOW in the given class. Other expirations in the same class are not 
counted as part of the maximum numbers of EOW expirations for a 
broad-based index class.
    (2) End of Month (``EOM'') Expirations. The Exchange may open 
for trading EOMs on any broad-based index eligible for standard 
options trading to expire on last trading day of the month. EOMs 
shall be subject to all provisions of this Rule and treated the same 
as options on the same underlying index that expire on [on] the 
third Friday of the expiration month; provided, however, that EOMs 
shall be P.M.-settled.
    The maximum numbers of expirations that may be listed for EOMs 
is the same as the maximum numbers of expirations permitted in Rule 
24.9(a)(2) for standard options on the same broad-based index. EOM 
expirations shall be for [the nearest] consecutive end of month 
expirations [from the actual listing date]. EOMs that are first 
listed in a given class may expire up to four weeks from the actual 
listing date. Other expirations in the same class are not counted as 
part of the maximum numbers of EOM expirations for a broad-based 
index class.
    (3) Wednesday (``WED'') Expirations. The Exchange may open for 
trading WEDs on any broad-based index eligible for standard options 
trading to expire on any Wednesday of the month, other than a 
Wednesday that is EOM. WEDs shall be subject to all provisions of 
this Rule and treated the same as options on the same underlying 
index that expire on the third Friday of the expiration month; 
provided, however, that WEDs shall be P.M.-settled.
    The maximum numbers of expirations that may be listed for WEDs 
is the same as the maximum numbers of expirations permitted in Rule 
24.9(a)(2) for standard options on the same broad-based index. Other 
than expirations that coincide with an EOM expiration, WED 
expirations shall be for consecutive Wednesday expirations. WEDs 
that are first listed in a given class may expire up to four weeks 
from the actual listing date. If the last trading day of a month is 
a Wednesday and the Exchange lists EOMs and WEDs in a given class, 
the Exchange will list an EOM instead of a WED in the given class. 
Other expirations in the same class are not counted as part of the 
maximum numbers of WED expirations for a broad-based index class.
    [(3)] (4) Duration of Nonstandard Expirations Pilot Program 
[EOW/EOM Pilot Program]. The Nonstandard Expirations Pilot Program 
[EOW/EOM Pilot Program] shall be through May 3, [2016] 2017.
    [(4)] (5) EOW/EOM/WED Trading Hours on the Last Trading Day. On 
the last trading day, transactions in expiring EOWs, [and] EOMs, and 
WEDs may be effected on the Exchange between the hours of 8:30 a.m. 
(Chicago time) and 3:00 p.m. (Chicago time).

    The text of the proposed rule change is also available on the 
Exchange's Web site (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
    On September 14, 2010, the Commission approved a CBOE proposal to 
establish a pilot program under which the Exchange is permitted to list 
P.M.-settled options on broad-based indexes to expire on (a) any Friday 
of the month, other than the third Friday-of-the-month (``EOWs''), and 
(b) the last trading day of the month (``EOM'').\3\ Under the terms of 
the End of Week/End of Month Expirations Pilot Program (the ``Pilot''), 
EOWs and EOMs are permitted on any broad-based index that is eligible 
for regular options trading. EOWs and EOMs are cash-settled expirations 
with European-style exercise, and are subject to the same rules that 
govern the trading of standard index options.
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    \3\ See Securities Exchange Act Release No. 62911 (September 14, 
2010), 75 FR 57539 (September 21, 2010) (order approving SR-CBOE-
2009-075).
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    The purpose of this filing is to expand the Pilot to permit P.M.-
settled options on broad-based indexes to expire on any Wednesday of 
the month (``WEDs''), other than Wednesdays that are EOM. To expand the 
Pilot as described, the Exchange is proposing to amend Rule 24.9(e)(3) 
to expressly provide the Exchange with the ability to list P.M.-settled 
WEDs on broad-based indexes eligible for options trading. In order to 
allow data regarding WEDs to be collected, this proposal seeks to 
extend the duration of the Pilot to May 3, 2017.\4\ Additionally, if 
the Exchange were to propose an extension of the Pilot or should the 
Exchange propose to make the Pilot permanent, then the Exchange would 
submit a filing proposing such amendments to the Pilot. Furthermore, 
any positions established under the Pilot would not be impacted by the 
expiration of the Pilot. For example, if the Exchange lists an EOW, 
EOM, or WED expiration that expires after the Pilot expires (and is not 
extended) then those positions would continue to exist. However, any 
further trading in those series would be restricted to transactions 
where at least one side of the trade is a closing transaction.
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    \4\ See Securities Exchange Act Release No. 73422 (October 24, 
2014), 79 FR 64640 (October 30, 2014) (SR-CBOE-2014-079). The Pilot 
is currently set to expire on May 3, 2016.
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Wednesday Expiration
    With respect to Wednesday expirations, the Exchange proposes to 
amend Rule 24.9(e)(3) by adding the following rule text

    Wednesday (``WED'') Expirations. The Exchange may open for 
trading WEDs on any broad-based index eligible for standard options 
trading to expire on any Wednesday of the month, other than a 
Wednesday that is EOM. WEDs shall be subject to all provisions of 
this Rule and treated the same as options on the same underlying 
index that expire on the third Friday of the expiration month; 
provided, however, that WEDs shall be P.M.-settled.

    WEDs will be subject to the same rules that currently govern the 
trading of traditional index options, including sales practice rules, 
margin requirements, and floor trading procedures. Contract terms for 
WEDs will be similar to EOWs.
Maximum Number of Expirations
    With respect to the maximum number of expirations, the Exchange 
proposes to amend Rule 24.9(e)(3) by adding the following rule text:

    The maximum numbers of expirations that may be listed for WEDs 
is the same as the maximum numbers of expirations permitted

[[Page 75697]]

in Rule 24.9(a)(2) for standard options on the same broad-based 
index. Other than expirations that coincide with an EOM expiration, 
WED expirations shall be for consecutive Wednesday expirations. WEDs 
that are first listed in a given class may expire up to four weeks 
from the actual listing date. If the last trading day of a month is 
a Wednesday and the Exchange lists EOMs and WEDs in a given class, 
the Exchange will list an EOM instead of a WED in the given class. 
Other expirations in the same class are not counted as part of the 
maximum numbers of WED expirations for a broad-based index class.

    In support of this change, CBOE states that under Rule 24.9(a)(2), 
the maximum numbers [sic] of expirations varies depending on the type 
of class or by specific class. Therefore, the maximum number of 
expirations permitted for WEDs on a given class would be determined 
based on the specific broad-based index option class. For example, if 
the broad-based index option class is used to calculate a volatility 
index, the maximum number of WEDs permitted in that class would be 12 
expirations (as is permitted in Rule 24.9(a)(2)).
    For WEDs, CBOE proposes that other than expirations that coincide 
with an EOM expiration, WED expirations shall be for consecutive 
Wednesday expirations.\5\ However, the Exchange is also proposing that 
WEDs that are first listed in a given class may expire up to four weeks 
from the actual listing date.\6\ It is generally the Exchange's 
practice to list new expirations in a class in a manner that allows 
market participants to trade a particular product for longer than a 
week. Even weekly products such as EOWs and WEDs are not designed to 
have a life cycle--from listing to expiration--of one week; instead, 
they are simply designed to expire weekly. Thus, consistent with the 
Exchange's listing practices, this rule change will explicitly allow 
the Exchange to launch WEDs in an options class that do not expire on 
the following Wednesday from the actual listing date. For example, upon 
approval of this rule change, if the actual listing date of the first 
WEDs in a class is Monday, November 2nd, the expiration date of the 
first WEDs need not be Wednesday, November 4th; rather, the first 
expiration could be November 11th or a Wednesday thereafter. A similar 
provision will apply to EOWs and EOMs.
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    \5\ This proposal also provides that for EOWs, other than 
expirations that are third Friday-of-the-month or that coincide with 
an EOM expiration, EOW expirations shall be for consecutive Friday 
expirations.
    \6\ The purpose of these provisions is to prevent gaps in 
expirations. For example, the provision prevents the Exchange from 
listing a WED expiration to expire on Wednesday, October 14th, then 
not listing a WED expiration to expire on October 21st, and then 
listing a WED expiration to expire on October 28th. The provision is 
not meant to prevent the Exchange from launching a new product and 
having the initial expiration dates be weeks from the initial 
launch.
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    CBOE also proposes to follow the listing hierarchy described in the 
original Pilot filing, which provides that if the last trading day of 
the month is a Friday, the Exchange will list an EOM instead of an 
EOW.\7\ Thus, with regards to WEDs, if the last trading day of a month 
is a Wednesday, the Exchange would list an EOM and not a WED. However, 
the Exchange is clarifying in Rules 24.9(e)(1) for EOWs and 24.9(e)(3) 
for WEDs that the hierarchy of EOMs over EOWs and WEDs only arises when 
the Exchange lists EOMs and EOWs or WEDs in a particular options class. 
In other words, if the last trading day of a month is a Wednesday and 
the Exchange does not list EOMs in class ABC but does list WEDs in ABC, 
then the Exchange may list a WED expiration for the last trading day of 
the month in class ABC. The same goes for EOWs. If the last trading day 
of a month is a Friday and the Exchange does not list EOMs in a 
particular options class but lists EOWs in the class, then the Exchange 
may list EOWs for the last trading day of the month in that particular 
options class.
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    \7\ See Securities Exchange Act Release No. 62658 (August 5, 
2010), 75 FR 49010 (SR-CBOE-2009-075).
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    Finally, CBOE proposes to add that other expirations in the same 
class would not be counted as part of the maximum numbers of WED 
expirations for a broad-based index class. CBOE states that this 
provision is modeled after the maximum number of expirations applicable 
to EOW and EOM options.\8\ This provision is also similar to one 
recently adopted in connection with weekly CBOE Volatility Index 
(``VIX'') expirations, in that standard VIX expirations are not counted 
toward the maximum number of expirations permitted for weekly 
expiration in VIX options.\9\
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    \8\ See Rule 24.9(e)(1) and (2).
    \9\ See fourth bullet under Rule 24.9(a)(2).
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    CBOE has analyzed its capacity and represents that it believes the 
Exchange and the Options Price Reporting Authority (``OPRA'') have the 
necessary systems capacity to handle any additional traffic associated 
with the listing of the maximum number of WED expirations permitted 
under the Pilot.
Position Limits
    Since WEDs will be a new type of series and not a new class, the 
Exchange proposes that WEDs on the same broad-based index (e.g., of the 
same class) shall be aggregated for position limits (if any) and any 
applicable reporting and other requirements.\10\ The Exchange is 
proposing to add ``WEDs'' to Rule 24.4(b) to reflect the aggregation 
requirement. This proposed aggregation is consistent with the 
aggregation requirements for other types of option series (e.g., EOWs, 
EOMs, QOS, QIXs) that are listed on the Exchange and which do not 
expire on the customary ``third Saturday. '' \11\
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    \10\ See e.g., Rule 4.13, Reports Related to Position Limits and 
Interpretation and Policy .03 to Rule 24.4 which sets forth the 
reporting requirements for certain broad-based indexes that do not 
have position limits.
    \11\ As will be discussed in detail below, the Exchange trades 
structured quarterly and short term options. FLEX Options do not 
become fungible with subsequently introduced Non-FLEX structured 
quarterly and short term options. See Securities Exchange Act 
Release No. 59675 (April 1, 2009), 74 FR 15794 (April 7, 2009) (SR-
OCC-2009-05). Because of the similarities between WED expirations 
and existing structured quarterly and short term options, FLEX 
Options will similarly not become fungible with WED expirations 
listed for trading.
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Retitle the EOW/EOM Pilot Program
    As part of adding WED expirations to the existing EOW/EOM Pilot 
Program, the Exchange believes it is necessary to retitle paragraph (e) 
of Rule 24.9. Thus, the Exchange proposes to retitle the Pilot as the 
``Nonstandard Expirations Pilot Program.''
Annual Pilot Program Report
    As part of the Pilot, the Exchange currently submits a Pilot report 
to the Securities and Exchange Commission (``Commission'') at least two 
months prior to the expiration date of the Pilot (the ``annual 
report'') . The annual report contains an analysis of volume, open 
interest and trading patterns. In addition, for series that exceed 
certain minimum open interest parameters, the annual report provides 
analysis of index price volatility and, if needed, share trading 
activity. The annual report will be expanded to provide the same data 
and analysis related to WED expirations as is currently provided for 
EOW and EOM expirations.
    The Pilot is currently set to expire on May 3, 2016. As the annual 
report is provided at least two months prior the expiration date of the 
Pilot, there would not be significant data concerning WED expirations 
in the next annual report, which is due in approximately February 2016. 
Thus, the Exchange is seeking to extend the pilot to May 3, 2017. The 
Exchange will still provide an annual report in approximately February 
2016 that covers EOWs, EOMs, and WEDs.

[[Page 75698]]

All annual reports will continue to be provided to the Commission on a 
confidential basis.
Analysis of Volume and Open Interest
    For EOW, EOM, and WED series, the annual report will contain the 
following volume and open interest data for each broad-based index 
overlying EOW, EOM, and WED options:
    (1) Monthly volume aggregated for all EOW, EOM, and WED series,
    (2) Volume in EOW, EOM, and WED series aggregated by expiration 
date,
    (3) Month-end open interest aggregated for all EOW, EOM, and WED 
series,
    (4) Month-end open interest for EOM series aggregated by expiration 
date, week-ending open interest for EOW series aggregated by expiration 
date, and Wednesday-ending open interest for WED series aggregated by 
expiration date,
    (5) Ratio of monthly aggregate volume in EOW, EOM, and WED series 
to total monthly class volume, and
    (6) Ratio of month-end open interest in EOM series to total month-
end class open interest, ratio of week-ending open interest in EOW 
series to total week-ending open interest, and ratio of Wednesday-
ending open interest in WED series to total week-ending open interest.
    Upon request by the SEC, CBOE will provide a data file containing: 
(1) EOW, EOM, and WED option volume data aggregated by series, and (2) 
EOW week-ending open interest for expiring series, EOM month-end open 
interest for expiring series, and WED Wednesday-ending open interest 
for expiring series.
Monthly Analysis of EOW & EOM & WED Trading Patterns
    In the annual report, CBOE also proposes to identify EOW, EOM, and 
WED trading patterns by undertaking a time series analysis of open 
interest in EOW, EOM, and WED series aggregated by expiration date 
compared to open interest in near-term standard Expiration Friday A.M.-
settled series in order to determine whether users are shifting 
positions from standard series to EOW, EOM, and WED series. Declining 
open interest in standard series accompanied by rising open interest in 
EOW, EOM, and WED series would suggest that users are shifting 
positions.
Provisional Analysis of Index Price Volatility and Share Trading 
Activity
    For each EOW, EOM, and WED Expiration that has open interest that 
exceeds certain minimum thresholds, the annual report will contain the 
following analysis related to index price changes and, if needed, 
underlying share trading volume at the close on expiration dates:
    (1) A comparison of index price changes at the close of trading on 
a given expiration date with comparable price changes from a control 
sample. The data will include a calculation of percentage price changes 
for various time intervals and compare that information to the 
respective control sample. Raw percentage price change data as well as 
percentage price change data normalized for prevailing market 
volatility, as measured by the CBOE Volatility Index (``VIX''), will be 
provided; and
    (2) if needed, a calculation of share volume for a sample set of 
the component securities representing an upper limit on share trading 
that could be attributable to expiring in-the-money EOW, EOM, and WED 
expirations. The data, if needed, will include a comparison of the 
calculated share volume for securities in the sample set to the average 
daily trading volumes of those securities over a sample period.
    The minimum open interest parameters, control sample, time 
intervals, method for selecting the component securities, and sample 
periods will be determined by the Exchange and the Commission.
Discussion
    In support of this proposal, the Exchange states that it trades 
other types of series and FLEX Options \12\ that expire on different 
days than regular options and in some cases have P.M.-settlement. For 
example, since 1993 the Exchange has traded Quarterly Index Expirations 
(``QIXs'') that are cash-settled options on certain broad-based indexes 
which expire on the first business day of the month following the end 
of a calendar quarter and are P.M.-settled.\13\ The Exchange also 
trades Quarterly Option Series (``QOS'') that overlie exchange traded 
funds (``ETFs'') or indexes which expire at the close of business on 
the last business day of a calendar quarter and are P.M.-settled.\14\ 
Additionally, as described above, this Pilot currently allows the 
Exchange to trade EOW and EOM options that are P.M.-settled. The 
Exchange has experience with these special dated options and has not 
observed any market disruptions resulting from the P.M.-settlement 
feature of these options. The Exchange does not believe that any market 
disruptions will be encountered with the introduction of P.M.-
settlement WED expirations.
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    \12\ See Securities Exchange Act Release No. 61439 (January 28, 
2010), 75 FR 5831 (February 4, 2010) (SR-CBOE-2009-087) (order 
approving rule change to establish a pilot program to modify FLEX 
option exercise settlement values and minimum value sizes).
    \13\ See Rule 24.9(c).
    \14\ See Rules 5.5(e) and 24.9(a)(2)(B).
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    The Exchange trades P.M.-settled EOW expirations, which provide 
market participants a tool to hedge special events and to reduce the 
premium cost of buying protection. The Exchange seeks to introduce 
P.M.-settled WED expirations to, among other things, expand hedging 
tools available to market participants and to continue the reduction of 
premium cost of buying protection. The Exchange believes that a WED 
expiration, similar to EOW expirations, would allow market participants 
to purchase an option based on their needed timing and allow them to 
tailor their investment or hedging needs more effectively. With SPX 
WEDs in particular, the Exchange believes VIX options and futures 
traders will be able to use SPX WEDs to more effectively manage the 
pricing complexity and risk of VIX options and futures. In addition, 
because P.M.-settlement permits trading throughout the day on the day 
the contract expires, the Exchange believes this feature will permit 
market participants to more effectively manage overnight risk and trade 
out of their positions up until the time the contract settles.
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

[[Page 75699]]

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\ Id.
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    In particular, the Exchange believes the EOW/EOM Pilot has been 
successful to date and that WEDs simply expand the ability of investors 
to hedge risks against market movements stemming from economic releases 
or market events that occur throughout the month in the same way that 
EOWs and EOMs have expanded the landscape of hedging. Similarly, the 
Exchange believes WEDs should create greater trading and hedging 
opportunities and flexibility, and provide customers with the ability 
to more closely tailor their investment objectives.

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

    CBOE 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. Specifically, the Exchange does 
not believe the proposal will impose any burden on intramarket 
competition as all market participants will be treated in the same 
manner as existing EOWs and EOMs. Additionally, the Exchange does not 
believe the proposal will impose any burden on intermarket competition 
as market participants on other exchanges are welcome to become Trading 
Permit Holders and trade at CBOE if they determine that this proposed 
rule change has made CBOE more attractive or favorable. Finally, 
although the majority of the Exchange's broad-based index options are 
exclusively-listed at CBOE, all options exchanges are free to compete 
by listing and trading their own broad-based index options that expire 
on Wednesdays.

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 Registeror 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 (http://www.sec.gov/rules/sro.shtml); or
     Send an email to rule-comments@sec.gov. Please include 
File Number SR-CBOE-2015-106 on the subject line.

Paper Comments

     Send paper comments in triplicate to Brent J. Fields, 
Secretary, Securities and Exchange Commission, 100 F Street NE., 
Washington, DC 20549-1090.

All submissions should refer to File Number SR-CBOE-2015-106. 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-CBOE-2015-106 and should be 
submitted on or before December 24, 2015.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\18\
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    \18\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-30608 Filed 12-2-15; 8:45 am]
 BILLING CODE 8011-01-P