80 FR 75695 - 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
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 232 (December 3, 2015)
Federal Register Volume 80, Issue 232 (December 3, 2015)
| Page Range | 75695-75699 | |
| FR Document | 2015-30608 |
[Federal Register Volume 80, Number 232 (Thursday, December 3, 2015)] [Notices] [Pages 75695-75699] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-30608] ======================================================================= ----------------------------------------------------------------------- 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. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- 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. --------------------------------------------------------------------------- \3\ See Securities Exchange Act Release No. 62911 (September 14, 2010), 75 FR 57539 (September 21, 2010) (order approving SR-CBOE- 2009-075). --------------------------------------------------------------------------- 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. --------------------------------------------------------------------------- \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. --------------------------------------------------------------------------- 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. --------------------------------------------------------------------------- \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. --------------------------------------------------------------------------- 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. --------------------------------------------------------------------------- \7\ See Securities Exchange Act Release No. 62658 (August 5, 2010), 75 FR 49010 (SR-CBOE-2009-075). --------------------------------------------------------------------------- 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\ --------------------------------------------------------------------------- \8\ See Rule 24.9(e)(1) and (2). \9\ See fourth bullet under Rule 24.9(a)(2). --------------------------------------------------------------------------- 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\ --------------------------------------------------------------------------- \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. --------------------------------------------------------------------------- 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. --------------------------------------------------------------------------- \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). --------------------------------------------------------------------------- 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. --------------------------------------------------------------------------- \15\ 15 U.S.C. 78f(b). \16\ 15 U.S.C. 78f(b)(5). \17\ Id. --------------------------------------------------------------------------- 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 CommentsUse 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-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\ --------------------------------------------------------------------------- \18\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2015-30608 Filed 12-2-15; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 80, No. 232 / Thursday, December 3, 2015 / Notices 75695
numbers) or by email at DOL_PRA_ renewal. The DOL seeks to extend PRA SECURITIES AND EXCHANGE
PUBLIC@dol.gov. authorization for this information COMMISSION
Submit comments about this request collection for three (3) more years,
by mail or courier to the Office of [Release No. 34–76529; File No. SR–CBOE–
without any change to existing 2015–106]
Information and Regulatory Affairs, requirements. The DOL notes that
Attn: OMB Desk Officer for DOL–OSHA, existing information collection Self-Regulatory Organizations;
Office of Management and Budget, requirements submitted to the OMB Chicago Board Options Exchange,
Room 10235, 725 17th Street NW., receive a month-to-month extension Incorporated; Notice of Filing of a
Washington, DC 20503; by Fax: 202– while they undergo review. For Proposed Rule Change To Permit P.M.-
395–5806 (this is not a toll-free additional substantive information Settled Options on Broad-Based
number); or by email: OIRA_ about this ICR, see the related notice Indexes To Expire on Any Wednesday
submission@omb.eop.gov. Commenters published in the Federal Register on of the Month by Expanding the End of
are encouraged, but not required, to May 18, 2015 (80 FR 28300). Week/End of Month Pilot Program
send a courtesy copy of any comments Interested parties are encouraged to
by mail or courier to the U.S. send comments to the OMB, Office of November 30, 2015.
Department of Labor-OASAM, Office of Information and Regulatory Affairs at Pursuant to Section 19(b)(1) of the
the Chief Information Officer, Attn: the address shown in the ADDRESSES Securities Exchange Act of 1934 (the
Departmental Information Compliance section within thirty (30) days of ‘‘Act’’),1 and Rule 19b–4 thereunder,2
Management Program, Room N1301, publication of this notice in the Federal notice is hereby given that on November
200 Constitution Avenue NW., Register. In order to help ensure 17, 2015, Chicago Board Options
Washington, DC 20210; or by email: appropriate consideration, comments Exchange, Incorporated (the ‘‘Exchange’’
DOL_PRA_PUBLIC@dol.gov. should mention OMB Control Number or ‘‘CBOE’’) filed with the Securities
FOR FURTHER INFORMATION CONTACT: 1218–0101. The OMB is particularly and Exchange Commission (the
Michel Smyth by telephone at 202–693– interested in comments that: ‘‘Commission’’) the proposed rule
4129, TTY 202–693–8064, (these are not • Evaluate whether the proposed change as described in Items I, II, and
toll-free numbers) or by email at DOL_ collection of information is necessary III below, which Items have been
PRA_PUBLIC@dol.gov. for the proper performance of the prepared by the Exchange. The
Authority: 44 U.S.C. 3507(a)(1)(D). functions of the agency, including Commission is publishing this notice to
whether the information will have solicit comments on the proposed rule
SUPPLEMENTARY INFORMATION: This ICR change from interested persons.
seeks to extend PRA authority for the practical utility;
1,2-Dibromo-3-Chloropropane (DBCP) • Evaluate the accuracy of the I. Self-Regulatory Organization’s
Standard information collection agency’s estimate of the burden of the Statement of the Terms of Substance of
requirements codified in regulations 29 proposed collection of information, the Proposed Rule Change
CFR 1910–1044. The Standard mandates including the validity of the The Exchange seeks to expand the
an Occupational Safety and Health Act methodology and assumptions used; End of Week/End of Month Pilot
(OSH Act) covered employer subject to • Enhance the quality, utility, and Program to permit P.M.-settled options
the Standard to train workers about the clarity of the information to be on broad-based indexes to expire on any
hazards of DBCP, to monitor worker collected; and Wednesday of the month. The text of
exposure, to provide medical • Minimize the burden of the the proposed rule change is provided
surveillance, and to maintain accurate collection of information on those who below (additions are italicized;
records of worker exposure to DBCP. are to respond, including through the deletions are [bracketed]).
Employers, workers, physicians, and the use of appropriate automated, * * * * *
Government use these records to ensure electronic, mechanical, or other
workers are not harmed by exposure to technological collection techniques or Chicago Board Options Exchange,
DBCP in the workplace. OSH Act Incorporated Rules
other forms of information technology,
sections 2(b)(9), 6, and 8(c) authorize e.g., permitting electronic submission of * * * * *
this information collection. See 29 responses. Rule 24.4. Position Limits for Broad-Based
U.S.C. 651(b)(9), 655, and 657(c). Agency: DOL–OSHA. Index Options
This information collection is subject
Title of Collection: The 1,2-Dibromo- (a) No change.
to the PRA. A Federal agency generally (b) End of Week Expirations, [and] End of
3-Chloropropane (DBCP) Standard.
cannot conduct or sponsor a collection Month Expirations, and Wednesday
of information, and the public is OMB Control Number: 1218–0101.
Expirations (as provided for in Rule 24.9(e),
generally not required to respond to an Affected Public: Private Sector— QIXs, Q–CAPS, Packaged Vertical Spreads
information collection, unless it is businesses or other for-profits. and Packaged Butterfly Spreads on a broad-
approved by the OMB under the PRA Total Estimated Number of based index shall be aggregated with option
and displays a currently valid OMB Respondents: 1. contracts on the same broad-based index and
Control Number. In addition, Total Estimated Number of shall be subject to the overall position limit.
notwithstanding any other provisions of Responses: 1. * * * * *
law, no person shall generally be subject Total Estimated Annual Time Burden: Rule 24.9. Terms of Index Option Contracts
to penalty for failing to comply with a 1 hour.
(a)–(d) No change.
collection of information that does not Total Estimated Annual Other Costs (e) Nonstandard Expirations Pilot Program
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display a valid Control Number. See 5 Burden: $0. [End of Week/End of Month Expirations Pilot
CFR 1320.5(a) and 1320.6. The DOL Program (‘‘EOW/EOM Pilot Program’’)]
Dated: November 27, 2015.
obtains OMB approval for this (1) End of Week (‘‘EOW’’) Expirations. The
information collection under Control Michel Smyth,
Exchange may open for trading EOWs on any
Number 1218–0101. Departmental Clearance Officer.
OMB authorization for an ICR cannot [FR Doc. 2015–30575 Filed 12–2–15; 8:45 am] 1 15 U.S.C. 78s(b)(1).
be for more than three (3) years without BILLING CODE 4510–26–P 2 17 CFR 240.19b–4.
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![75696 Federal Register / Vol. 80, No. 232 / Thursday, December 3, 2015 / Notices
broad-based index eligible for standard and WEDs in a given class, the Exchange will The purpose of this filing is to expand
options trading to expire on any Friday of the list an EOM instead of a WED in the given the Pilot to permit P.M.-settled options
month, other than the third Friday-of-the- class. Other expirations in the same class are on broad-based indexes to expire on any
month. EOWs shall be subject to all not counted as part of the maximum Wednesday of the month (‘‘WEDs’’),
provisions of this Rule and treated the same numbers of WED expirations for a broad-
as options on the same underlying index that based index class.
other than Wednesdays that are EOM.
expire on the third Friday of the expiration [(3)] (4) Duration of Nonstandard To expand the Pilot as described, the
month; provided, however, that EOWs shall Expirations Pilot Program [EOW/EOM Pilot Exchange is proposing to amend Rule
be P.M.-settled. Program]. The Nonstandard Expirations Pilot 24.9(e)(3) to expressly provide the
The maximum numbers of expirations that Program [EOW/EOM Pilot Program] shall be Exchange with the ability to list P.M.-
may be listed for EOWs is the same as the through May 3, [2016] 2017. settled WEDs on broad-based indexes
maximum numbers of expirations permitted [(4)] (5) EOW/EOM/WED Trading Hours on eligible for options trading. In order to
in Rule 24.9(a)(2) for standard options on the the Last Trading Day. On the last trading day, allow data regarding WEDs to be
same broad-based index. Other than transactions in expiring EOWs, [and] EOMs, collected, this proposal seeks to extend
expirations that are third Friday-of-the- and WEDs may be effected on the Exchange
month or that coincide with an EOM the duration of the Pilot to May 3,
between the hours of 8:30 a.m. (Chicago time)
expiration, EOW expirations shall be for [the and 3:00 p.m. (Chicago time).
2017.4 Additionally, if the Exchange
nearest] consecutive Friday expirations. were to propose an extension of the
[from the actual listing date, other than the The text of the proposed rule change Pilot or should the Exchange propose to
third Friday-of-the-month or that coincide is also available on the Exchange’s Web make the Pilot permanent, then the
with an EOM expiration]. EOWs that are first site (http://www.cboe.com/AboutCBOE/ Exchange would submit a filing
listed in a given class may expire up to four CBOELegalRegulatoryHome.aspx), at proposing such amendments to the
weeks from the actual listing date. If the last the Exchange’s Office of the Secretary, Pilot. Furthermore, any positions
trading day of a month is a Friday and the
and at the Commission’s Public established under the Pilot would not be
Exchange lists EOMs and EOWs in a given
class, the Exchange will list an EOM instead Reference Room. impacted by the expiration of the Pilot.
of [and not] an EOW in the given class. Other For example, if the Exchange lists an
II. Self-Regulatory Organization’s EOW, EOM, or WED expiration that
expirations in the same class are not counted Statement of the Purpose of, and
as part of the maximum numbers of EOW expires after the Pilot expires (and is not
expirations for a broad-based index class.
Statutory Basis for, the Proposed Rule extended) then those positions would
(2) End of Month (‘‘EOM’’) Expirations. Change continue to exist. However, any further
The Exchange may open for trading EOMs on In its filing with the Commission, the trading in those series would be
any broad-based index eligible for standard restricted to transactions where at least
Exchange included statements
options trading to expire on last trading day
concerning the purpose of and basis for one side of the trade is a closing
of the month. EOMs shall be subject to all
provisions of this Rule and treated the same the proposed rule change and discussed transaction.
as options on the same underlying index that any comments it received on the Wednesday Expiration
expire on [on] the third Friday of the proposed rule change. The text of these
expiration month; provided, however, that statements may be examined at the With respect to Wednesday
EOMs shall be P.M.-settled. places specified in Item IV below. The expirations, the Exchange proposes to
The maximum numbers of expirations that Exchange has prepared summaries, set amend Rule 24.9(e)(3) by adding the
may be listed for EOMs is the same as the forth in sections A, B, and C below, of following rule text
maximum numbers of expirations permitted
the most significant aspects of such Wednesday (‘‘WED’’) Expirations. The
in Rule 24.9(a)(2) for standard options on the Exchange may open for trading WEDs on any
same broad-based index. EOM expirations statements.
broad-based index eligible for standard
shall be for [the nearest] consecutive end of A. Self-Regulatory Organization’s options trading to expire on any Wednesday
month expirations [from the actual listing Statement of the Purpose of, and of the month, other than a Wednesday that
date]. EOMs that are first listed in a given is EOM. WEDs shall be subject to all
Statutory Basis for, the Proposed Rule
class may expire up to four weeks from the provisions of this Rule and treated the same
actual listing date. Other expirations in the Change
as options on the same underlying index that
same class are not counted as part of the 1. Purpose expire on the third Friday of the expiration
maximum numbers of EOM expirations for a month; provided, however, that WEDs shall
broad-based index class. On September 14, 2010, the be P.M.-settled.
(3) Wednesday (‘‘WED’’) Expirations. The Commission approved a CBOE proposal
Exchange may open for trading WEDs on any WEDs will be subject to the same
to establish a pilot program under
broad-based index eligible for standard rules that currently govern the trading of
which the Exchange is permitted to list
options trading to expire on any Wednesday traditional index options, including
P.M.-settled options on broad-based
of the month, other than a Wednesday that sales practice rules, margin
is EOM. WEDs shall be subject to all indexes to expire on (a) any Friday of
requirements, and floor trading
provisions of this Rule and treated the same the month, other than the third Friday-
procedures. Contract terms for WEDs
as options on the same underlying index that of-the-month (‘‘EOWs’’), and (b) the last
will be similar to EOWs.
expire on the third Friday of the expiration trading day of the month (‘‘EOM’’).3
month; provided, however, that WEDs shall Under the terms of the End of Week/End Maximum Number of Expirations
be P.M.-settled. of Month Expirations Pilot Program (the With respect to the maximum number
The maximum numbers of expirations that ‘‘Pilot’’), EOWs and EOMs are permitted
may be listed for WEDs is the same as the of expirations, the Exchange proposes to
on any broad-based index that is eligible amend Rule 24.9(e)(3) by adding the
maximum numbers of expirations permitted
for regular options trading. EOWs and following rule text:
in Rule 24.9(a)(2) for standard options on the
EOMs are cash-settled expirations with
Lhorne on DSK5TPTVN1PROD with NOTICES
same broad-based index. Other than The maximum numbers of expirations that
expirations that coincide with an EOM European-style exercise, and are subject
may be listed for WEDs is the same as the
expiration, WED expirations shall be for to the same rules that govern the trading maximum numbers of expirations permitted
consecutive Wednesday expirations. WEDs of standard index options.
that are first listed in a given class may 4 See Securities Exchange Act Release No. 73422
expire up to four weeks from the actual 3 See Securities Exchange Act Release No. 62911 (October 24, 2014), 79 FR 64640 (October 30, 2014)
listing date. If the last trading day of a month (September 14, 2010), 75 FR 57539 (September 21, (SR–CBOE–2014–079). The Pilot is currently set to
is a Wednesday and the Exchange lists EOMs 2010) (order approving SR–CBOE–2009–075). expire on May 3, 2016.
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![Federal Register / Vol. 80, No. 232 / Thursday, December 3, 2015 / Notices 75697
in Rule 24.9(a)(2) for standard options on the the first WEDs need not be Wednesday, proposes that WEDs on the same broad-
same broad-based index. Other than November 4th; rather, the first based index (e.g., of the same class)
expirations that coincide with an EOM expiration could be November 11th or a shall be aggregated for position limits (if
expiration, WED expirations shall be for
Wednesday thereafter. A similar any) and any applicable reporting and
consecutive Wednesday expirations. WEDs
that are first listed in a given class may provision will apply to EOWs and other requirements.10 The Exchange is
expire up to four weeks from the actual EOMs. proposing to add ‘‘WEDs’’ to Rule
listing date. If the last trading day of a month CBOE also proposes to follow the 24.4(b) to reflect the aggregation
is a Wednesday and the Exchange lists EOMs listing hierarchy described in the requirement. This proposed aggregation
and WEDs in a given class, the Exchange will original Pilot filing, which provides that is consistent with the aggregation
list an EOM instead of a WED in the given if the last trading day of the month is requirements for other types of option
class. Other expirations in the same class are series (e.g., EOWs, EOMs, QOS, QIXs)
a Friday, the Exchange will list an EOM
not counted as part of the maximum numbers
instead of an EOW.7 Thus, with regards that are listed on the Exchange and
of WED expirations for a broad-based index
class. to WEDs, if the last trading day of a which do not expire on the customary
month is a Wednesday, the Exchange ‘‘third Saturday. ’’ 11
In support of this change, CBOE states
would list an EOM and not a WED. Retitle the EOW/EOM Pilot Program
that under Rule 24.9(a)(2), the
However, the Exchange is clarifying in
maximum numbers [sic] of expirations As part of adding WED expirations to
Rules 24.9(e)(1) for EOWs and 24.9(e)(3)
varies depending on the type of class or the existing EOW/EOM Pilot Program,
for WEDs that the hierarchy of EOMs
by specific class. Therefore, the the Exchange believes it is necessary to
over EOWs and WEDs only arises when
maximum number of expirations retitle paragraph (e) of Rule 24.9. Thus,
the Exchange lists EOMs and EOWs or
permitted for WEDs on a given class the Exchange proposes to retitle the
WEDs in a particular options class. In
would be determined based on the Pilot as the ‘‘Nonstandard Expirations
other words, if the last trading day of a
specific broad-based index option class. Pilot Program.’’
month is a Wednesday and the
For example, if the broad-based index
option class is used to calculate a Exchange does not list EOMs in class Annual Pilot Program Report
volatility index, the maximum number ABC but does list WEDs in ABC, then As part of the Pilot, the Exchange
of WEDs permitted in that class would the Exchange may list a WED expiration currently submits a Pilot report to the
be 12 expirations (as is permitted in for the last trading day of the month in Securities and Exchange Commission
Rule 24.9(a)(2)). class ABC. The same goes for EOWs. If (‘‘Commission’’) at least two months
For WEDs, CBOE proposes that other the last trading day of a month is a prior to the expiration date of the Pilot
than expirations that coincide with an Friday and the Exchange does not list (the ‘‘annual report’’) . The annual
EOM expiration, WED expirations shall EOMs in a particular options class but report contains an analysis of volume,
be for consecutive Wednesday lists EOWs in the class, then the open interest and trading patterns. In
expirations.5 However, the Exchange is Exchange may list EOWs for the last addition, for series that exceed certain
also proposing that WEDs that are first trading day of the month in that minimum open interest parameters, the
listed in a given class may expire up to particular options class. annual report provides analysis of index
four weeks from the actual listing date.6 Finally, CBOE proposes to add that price volatility and, if needed, share
It is generally the Exchange’s practice to other expirations in the same class trading activity. The annual report will
list new expirations in a class in a would not be counted as part of the be expanded to provide the same data
manner that allows market participants maximum numbers of WED expirations and analysis related to WED expirations
to trade a particular product for longer for a broad-based index class. CBOE as is currently provided for EOW and
than a week. Even weekly products such states that this provision is modeled EOM expirations.
as EOWs and WEDs are not designed to after the maximum number of The Pilot is currently set to expire on
have a life cycle—from listing to expirations applicable to EOW and EOM May 3, 2016. As the annual report is
expiration—of one week; instead, they options.8 This provision is also similar provided at least two months prior the
are simply designed to expire weekly. to one recently adopted in connection expiration date of the Pilot, there would
Thus, consistent with the Exchange’s with weekly CBOE Volatility Index not be significant data concerning WED
listing practices, this rule change will (‘‘VIX’’) expirations, in that standard expirations in the next annual report,
explicitly allow the Exchange to launch VIX expirations are not counted toward which is due in approximately February
WEDs in an options class that do not the maximum number of expirations 2016. Thus, the Exchange is seeking to
expire on the following Wednesday permitted for weekly expiration in VIX extend the pilot to May 3, 2017. The
from the actual listing date. For options.9 Exchange will still provide an annual
example, upon approval of this rule CBOE has analyzed its capacity and report in approximately February 2016
change, if the actual listing date of the represents that it believes the Exchange that covers EOWs, EOMs, and WEDs.
first WEDs in a class is Monday, and the Options Price Reporting
November 2nd, the expiration date of Authority (‘‘OPRA’’) have the necessary 10 See e.g., Rule 4.13, Reports Related to Position
systems capacity to handle any Limits and Interpretation and Policy .03 to Rule
5 This proposal also provides that for EOWs, other additional traffic associated with the 24.4 which sets forth the reporting requirements for
than expirations that are third Friday-of-the-month listing of the maximum number of WED certain broad-based indexes that do not have
or that coincide with an EOM expiration, EOW position limits.
expirations shall be for consecutive Friday
expirations permitted under the Pilot. 11 As will be discussed in detail below, the
expirations. Position Limits Exchange trades structured quarterly and short term
6 The purpose of these provisions is to prevent options. FLEX Options do not become fungible with
Since WEDs will be a new type of
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gaps in expirations. For example, the provision subsequently introduced Non-FLEX structured
prevents the Exchange from listing a WED series and not a new class, the Exchange quarterly and short term options. See Securities
expiration to expire on Wednesday, October 14th, Exchange Act Release No. 59675 (April 1, 2009), 74
then not listing a WED expiration to expire on FR 15794 (April 7, 2009) (SR–OCC–2009–05).
7 See Securities Exchange Act Release No. 62658
October 21st, and then listing a WED expiration to Because of the similarities between WED
expire on October 28th. The provision is not meant (August 5, 2010), 75 FR 49010 (SR–CBOE–2009– expirations and existing structured quarterly and
to prevent the Exchange from launching a new 075). short term options, FLEX Options will similarly not
8 See Rule 24.9(e)(1) and (2).
product and having the initial expiration dates be become fungible with WED expirations listed for
weeks from the initial launch. 9 See fourth bullet under Rule 24.9(a)(2). trading.
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![Federal Register / Vol. 80, No. 232 / Thursday, December 3, 2015 / Notices 75699
to permit unfair discrimination between B. institute proceedings to determine For the Commission, by the Division of
customers, issuers, brokers, or dealers. whether the proposed rule change Trading and Markets, pursuant to delegated
should be disapproved. authority.18
In particular, the Exchange believes
the EOW/EOM Pilot has been successful Robert W. Errett,
IV. Solicitation of Comments Deputy Secretary.
to date and that WEDs simply expand
the ability of investors to hedge risks [FR Doc. 2015–30608 Filed 12–2–15; 8:45 am]
Interested persons are invited to
against market movements stemming submit written data, views, and BILLING CODE 8011–01–P
from economic releases or market events arguments concerning the foregoing,
that occur throughout the month in the including whether the proposed rule
same way that EOWs and EOMs have change is consistent with the Act. DEPARTMENT OF STATE
expanded the landscape of hedging. Comments may be submitted by any of [Public Notice: 9367]
Similarly, the Exchange believes WEDs the following methods:
should create greater trading and Overseas Schools Advisory Council
hedging opportunities and flexibility, Electronic Comments Notice of Meeting
and provide customers with the ability
to more closely tailor their investment • Use the Commission’s Internet The Overseas Schools Advisory
objectives. comment form (http://www.sec.gov/ Council, Department of State, will hold
rules/sro.shtml); or its Executive Committee Meeting on
B. Self-Regulatory Organization’s Thursday, January 21, 2016, at 9:30 a.m.
Statement on Burden on Competition • Send an email to rule-comments@
in conference room 1498, Marshall
sec.gov. Please include File Number SR–
CBOE does not believe that the Center, Department of State Building,
CBOE–2015–106 on the subject line.
proposed rule change will impose any 2201 C Street NW., Washington, DC.
burden on competition that is not Paper Comments The meeting is open to the public and
necessary or appropriate in furtherance will last until approximately 12:00 p.m.
• Send paper comments in triplicate The Overseas Schools Advisory
of the purposes of the Act. Specifically,
to Brent J. Fields, Secretary, Securities Council works closely with the U.S.
the Exchange does not believe the
and Exchange Commission, 100 F Street business community to improve
proposal will impose any burden on
NE., Washington, DC 20549–1090. American-sponsored schools overseas
intramarket competition as all market
that are assisted by the Department of
participants will be treated in the same All submissions should refer to File State and attended by dependents of
manner as existing EOWs and EOMs. Number SR–CBOE–2015–106. This file U.S. government employees, and
Additionally, the Exchange does not number should be included on the children of employees of U.S.
believe the proposal will impose any subject line if email is used. To help the corporations and foundations abroad.
burden on intermarket competition as Commission process and review your This meeting will deal with issues
market participants on other exchanges comments more efficiently, please use related to the work and support
are welcome to become Trading Permit only one method. The Commission will provided by the Overseas Schools
Holders and trade at CBOE if they post all comments on the Commission’s Advisory Council to the American-
determine that this proposed rule Internet Web site (http://www.sec.gov/ sponsored overseas schools. There will
change has made CBOE more attractive rules/sro.shtml). Copies of the be a report and discussion about the
or favorable. Finally, although the submission, all subsequent status of the Council-sponsored projects
majority of the Exchange’s broad-based amendments, all written statements such as The World Virtual School and
index options are exclusively-listed at with respect to the proposed rule The Child Protection Project. The
CBOE, all options exchanges are free to change that are filed with the Regional Education Officers in the
compete by listing and trading their Commission, and all written Office of Overseas Schools will make
own broad-based index options that communications relating to the presentations on the activities and
expire on Wednesdays. initiatives in the American-sponsored
proposed rule change between the
C. Self-Regulatory Organization’s Commission and any person, other than overseas schools.
Statement on Comments on the those that may be withheld from the Members of the public may attend the
Proposed Rule Change Received From public in accordance with the meeting and join in the discussion,
Members, Participants, or Others provisions of 5 U.S.C. 552, will be subject to the instructions of the Chair.
available for Web site viewing and Admittance of public members will be
The Exchange neither solicited nor limited to the seating available. Access
received comments on the proposed printing in the Commission’s Public
Reference Room, 100 F Street NE., to the State Department is controlled,
rule change. and individual building passes are
Washington, DC 20549 on official
III. Date of Effectiveness of the business days between the hours of required for all attendees. Persons who
Proposed Rule Change and Timing for 10:00 a.m. and 3:00 p.m. Copies of the plan to attend should advise the office
Commission Action filing also will be available for of Dr. Keith D. Miller, Department of
State, Office of Overseas Schools,
Within 45 days of the date of inspection and copying at the principal
telephone 202–261–8200, prior to
publication of this notice in the Federal office of the Exchange. All comments
January 14, 2016. Each visitor will be
Registeror within such longer period up received will be posted without change;
asked to provide his/her date of birth
to 90 days (i) as the Commission may the Commission does not edit personal
and either a driver’s license or passport
identifying information from
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designate if it finds such longer period number at the time of registration and
to be appropriate and publishes its submissions. You should submit only attendance, and must carry a valid
reasons for so finding or (ii) as to which information that you wish to make photo ID to the meeting.
the Exchange consents, the Commission available publicly. All submissions Personal data is requested pursuant to
will: should refer to File Number SR–CBOE– Public Law 99–399 (Omnibus
A. By order approve or disapprove 2015–106 and should be submitted on
such proposed rule change, or or before December 24, 2015. 18 17 CFR 200.30–3(a)(12).
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Document Created: 2015-12-14 13:51:59
Document Modified: 2015-12-14 13:51:59
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Notices | |
| FR Citation | 80 FR 75695 |
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