81 FR 54643 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Order Approving a Proposed Rule Change To Expand the Nonstandard Expirations Pilot Program To Include Monday Expirations
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 158 (August 16, 2016)
Federal Register Volume 81, Issue 158 (August 16, 2016)
| Page Range | 54643-54645 | |
| FR Document | 2016-19441 |
[Federal Register Volume 81, Number 158 (Tuesday, August 16, 2016)] [Notices] [Pages 54643-54645] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-19441] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-78531; File No. SR-CBOE-2016-046] Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Order Approving a Proposed Rule Change To Expand the Nonstandard Expirations Pilot Program To Include Monday Expirations August 10, 2016. I. Introduction On June 14, 2016, Chicago Board Options Exchange, Incorporated (``CBOE'' or ``Exchange'') filed with the Securities and Exchange Commission (``Commission''), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a proposed rule change 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 Monday of the month. The proposed rule change was published for comment in the Federal Register on June 28, 2016.\3\ The Commission received no comments on the proposal. This order approves the proposed rule change. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. \3\ See Securities Exchange Act Release No. 78132 (June 22, 2016), 81 FR 42018 (June 28, 2016) (``Notice''). --------------------------------------------------------------------------- II. Description of the Proposal CBOE proposes to expand its existing Nonstandard Expirations Pilot Program (the ``Pilot'').\4\ Under the terms of the current Pilot, 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 (``EOW''), (b) the last trading day of the month (``EOM''), and (c) any Wednesday of the month, other than a Wednesday that coincides with an EOM (``WED'').\5\ Under the proposal, the Exchange will expand the Pilot to permit P.M.-settled options on broad- based indexes to [[Page 54644]] expire on any Monday of the month other than Mondays that coincide with an EOM (``Monday Expirations''). The Exchange also proposes to reorganize the rules relating to existing EOW and WED expirations together with the proposed Monday Expirations into a new category called ``Weekly Expirations.'' \6\ --------------------------------------------------------------------------- \4\ See Securities Exchange Act Release No. 62911 (September 14, 2010), 75 FR 57539 (September 21, 2010) (order approving SR-CBOE- 2009-075) (``Pilot Approval Order''). See also Securities Exchange Act Release No. 76909 (January 14, 2016), 81 FR 3512 (January 21, 2016) (SR-CBOE-2015-106) (order approving an expansion and extension of the Pilot) (``WED Approval Order''). The Pilot is currently set to expire on May 3, 2017. See id. \5\ EOWs, EOMs, and WEDs are permitted on any broad-based index that is eligible for regular options trading. EOWs, EOMs, and WEDs are cash-settled expirations with European-style exercise, and are subject to the same rules that govern the trading of standard index options. See CBOE Rule 24.9(e). \6\ The Exchange also proposes conforming changes to CBOE Rule 24.9(e)(2), which the Exchange represents are non-substantive in nature. See Notice, supra note 3, at n. 6. --------------------------------------------------------------------------- A. Monday Expirations The Exchange's proposed rule change will allow it to open for trading Monday Expirations on any broad-based index eligible for standard options trading to expire on any Monday of the month, other than a Monday that is EOM.\7\ Monday Expirations will be treated the same as options on the same underlying index that expire on the third Friday of the expiration month, except that they will be P.M.- settled,\8\ and 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.\9\ In addition, Monday Expirations on the same broad-based index will be aggregated with option contracts on the same broad-based index for position limits, if any, and any applicable reporting and other requirements.\10\ Contract terms for Monday Expirations will be similar to the current EOWs and WEDs, as described below.\11\ --------------------------------------------------------------------------- \7\ See proposed CBOE Rule 24.9(e)(1). \8\ See id. \9\ See Notice, supra note 3, at 42019. \10\ See proposed CBOE Rule 24.4(b). \11\ See Notice, supra note 3, at 42019. --------------------------------------------------------------------------- B. Weekly Expirations The proposal would eliminate the designations ``EOW'' and ``WED'' but preserve the existing concepts of EOWs and WEDs by combining them with the proposed Monday Expirations into a new category, Weekly Expirations. The maximum number of expirations that may be listed for Weekly Expirations (including the proposed Monday Expirations) is the same as the maximum number of expirations permitted in CBOE Rule 24.9(a)(2) for standard options on the same broad-based index, and CBOE proposes that other expirations in the same class will not be counted as part of the maximum number of Weekly Expirations expirations for a particular broad-based index class.\12\ Other than expirations that coincide with an EOM expiration, CBOE's proposed rule will require that Weekly Expirations (including the proposed Monday Expirations) expire on consecutive Mondays, Wednesdays, or Fridays, as applicable.\13\ Further, a new group of Weekly Expirations (including the proposed Monday Expirations) that are first listed in a given class may begin with an initial expiration up to four weeks from the date that CBOE first lists the group.\14\ --------------------------------------------------------------------------- \12\ See proposed CBOE Rule 24.9(e)(1). \13\ See id. \14\ See id. --------------------------------------------------------------------------- With respect to listing, if the last trading day of a month falls on a day on which the exchange would normally list an EOM and a Weekly Expiration (including the proposed Monday Expirations), the Exchange will list an EOM and not a Weekly Expiration.\15\ --------------------------------------------------------------------------- \15\ See id. --------------------------------------------------------------------------- Finally, the exchange proposes to address the expiration of Weekly Expirations on days that the Exchange is not open for business: If the exchange is not open for business on a respective Monday, the normally Monday-expiring Weekly Expirations will expire on the following business day. If the Exchange is not open for business on a respective Wednesday or Friday, the normally Wednesday- or Friday-expiring Weekly Expirations will expire on the previous business day.\16\ --------------------------------------------------------------------------- \16\ See id. --------------------------------------------------------------------------- C. Annual Pilot Program Report The Exchange has previously undertaken to submit a Pilot report to the Commission at least two months prior to the expiration date of the Pilot (the ``Annual Report''). The Exchange represents that it will expand the Annual Report to provide the same data and analysis related to the proposed Monday Expirations (encompassed by the proposed Weekly Expirations category) as is currently provided for EOW, EOM, and WED expirations.\17\ --------------------------------------------------------------------------- \17\ See Notice, supra note 3, at 42020-21. --------------------------------------------------------------------------- III. Discussion and Commission Findings After careful review, the Commission finds that the proposed rule change is consistent with the requirements of the Act and the rules and regulations thereunder applicable to a national securities exchange and, in particular, with Section 6(b) of the Act.\18\ In particular, the Commission finds that the proposed rule change is consistent with Section 6(b)(5) of the Act,\19\ which requires, among other things, that a national securities exchange have rules 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. --------------------------------------------------------------------------- \18\ 15 U.S.C. 78f(b). In approving this proposed rule change, the Commission has considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). \19\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The Commission has had concerns about the adverse effects and impact of P.M. settlement upon market volatility and the operation of fair and orderly markets on the underlying cash market at or near the close of trading. Only in limited instances has the Commission previously approved P.M. settlement for cash-settled options. In addition to approving the original Pilot \20\ and expanding it to include WEDs,\21\ in 1993, the Commission approved CBOE's listing of P.M.-settled, cash-settled options on certain broad-based indexes expiring on the first business day of the month following the end of each calendar quarter.\22\ In 2010, the Commission approved CBOE's listing of P.M.-settled FLEX options on a pilot basis.\23\ The Commission also approved the listing of P.M.-settled SPX index options on a pilot basis.\24\ --------------------------------------------------------------------------- \20\ See Pilot Approval Order, supra note 4. \21\ See WED Approval Order, supra note 4. \22\ See Securities Exchange Act Release No. 31800 (February 1, 1993), 58 FR 7274 (February 5, 1993) (SR-CBOE-92-13). In 2006, CBOE implemented, on a pilot basis, listing of P.M.-settled index options expiring on the last business day of a calendar quarter. See Securities Exchange Act Release No. 54123 (July 11, 2006), 71 FR 40558 (July 17, 2006) (SR-CBOE-2006-65). \23\ See Securities Exchange Act Release No. 61439 (January 28, 2010), 75 FR 5831 (February 4, 2010) (SR-CBOE-2009-087). \24\ The Commission initially approved P.M.-settled SPX index options (``SPXPM'') on a 14-month pilot basis (the ``SPXPM Pilot'') on C2 Options Exchange, Incorporated (``C2''). See Securities Exchange Act Release No. 65256 (September 2, 2011), 76 FR 55969 (September 9, 2011) (SR-C2-2011-008). The SPXPM Pilot was subsequently transferred from C2 to CBOE and reset to a new 12-month pilot period. See Securities Exchange Act Release No. 68888 (February 8, 2013), 78 FR 10668 (February 14, 2013) (SR-CBOE-2012- 120). In 2013, the Commission approved the addition of P.M.-settled mini-SPX index options to the SPXPM Pilot and the pilot's extension. See Securities Exchange Act Release No. 70087 (July 31, 2013), 78 FR 47809 (August 6, 2013) (SR-CBOE-2013-055). --------------------------------------------------------------------------- The Commission believes that it is appropriate to approve the Monday Expirations proposal (as encompassed by the proposed Weekly Expirations category) on a pilot basis in order to allow the Exchange to gain experience with the new Monday Expirations and collect data concerning Monday [[Page 54645]] Expirations. The addition of Monday Expirations would offer additional investment options to investors and may be useful for their investment or hedging objectives, including the ability to hedge over-the-weekend risk. The Commission believes that the proposal strikes a reasonable balance between the Exchange's desire to offer a wider array of investment opportunities and the need to avoid unnecessary proliferation of options series that may burden some liquidity providers and further stress options quotation and transaction infrastructure. Further, including the new Monday Expirations in the Pilot should allow for both the Exchange and the Commission to continue monitoring the potential for adverse market effects of P.M. settlement on the market, including the underlying cash equities markets at the expiration of these options. The Commission notes that CBOE will provide the Commission with the Annual Report analyzing volume and open interest of EOMs and Weekly Expirations (including the proposed Monday Expirations), which will also contain information and analysis of EOMs and Weekly Expirations trading patterns and index price volatility and share trading activity for series that exceed minimum parameters. This information should be useful to the Commission as it evaluates whether allowing P.M. settlement for EOMs and Weekly Expirations has resulted in increased market and price volatility in the underlying component stocks, particularly at expiration. The Pilot information should help the Commission and CBOE assess the impact on the markets and determine whether changes to these programs are necessary or appropriate. Furthermore, the Exchange's ongoing analysis of the Pilot should help it monitor any potential risks from large P.M.-settled positions and take appropriate action if warranted. IV. Conclusion It is Therefore Ordered, pursuant to Section 19(b)(2) of the Act,\25\ that the proposed rule change (SR-CBOE-2016-046) be, and it hereby is, approved. --------------------------------------------------------------------------- \25\ 15 U.S.C. 78s(b)(2). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\26\ --------------------------------------------------------------------------- \26\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2016-19441 Filed 8-15-16; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 81, No. 158 / Tuesday, August 16, 2016 / Notices 54643
alternatives offer them better value. The Comments may be submitted by any of SECURITIES AND EXCHANGE
Exchange does not believe that the the following methods: COMMISSION
proposed additional tier would burden
competition, but instead, enhances Electronic Comments [Release No. 34–78531; File No. SR–CBOE–
2016–046]
competition, as it is intended to increase • Use the Commission’s Internet
the competitiveness of and draw comment form (http://www.sec.gov/ Self-Regulatory Organizations;
additional volume to the Exchange. The rules/sro.shtml); or Chicago Board Options Exchange,
Exchange does not believe the amended Incorporated; Order Approving a
tier would burden intramarket • Send an email to rule-comments@
sec.gov. Please include File Number SR– Proposed Rule Change To Expand the
competition as it would apply to all Nonstandard Expirations Pilot
Members uniformly. Accordingly, the BatsEDGX–2016–42 on the subject line.
Program To Include Monday
Exchange does not believe that the Paper Comments Expirations
proposed change will impair the ability
of Members or competing venues to • Send paper comments in triplicate August 10, 2016.
maintain their competitive standing in to Secretary, Securities and Exchange I. Introduction
the financial markets. Commission, 100 F Street NE.,
With regard to the proposed logical Washington, DC 20549–1090. On June 14, 2016, Chicago Board
port fee amendment, the Exchange Options Exchange, Incorporated
All submissions should refer to File (‘‘CBOE’’ or ‘‘Exchange’’) filed with the
believes that fees for connectivity are
Number SR–BatsEDGX–2016–42. This Securities and Exchange Commission
constrained by the robust competition
file number should be included on the (‘‘Commission’’), pursuant to Section
for order flow among exchanges and
subject line if email is used. To help the 19(b)(1) of the Securities Exchange Act
non-exchange markets. Further,
Commission process and review your of 1934 (‘‘Act’’) 1 and Rule 19b–4
excessive fees for connectivity,
including logical port fees, would serve comments more efficiently, please use thereunder,2 a proposed rule change to
to impair an exchange’s ability to only one method. The Commission will expand the End of Week/End of Month
compete for order flow rather than post all comments on the Commission’s Pilot Program to permit P.M.-settled
burdening competition. The Exchange Internet Web site (http://www.sec.gov/ options on broad-based indexes to
also does not believe the proposed rule rules/sro.shtml). Copies of the expire on any Monday of the month.
change would impact intramarket submission, all subsequent The proposed rule change was
competition as it would apply to all amendments, all written statements published for comment in the Federal
Members and non-Members equally. with respect to the proposed rule Register on June 28, 2016.3 The
change that are filed with the Commission received no comments on
C. Self-Regulatory Organization’s Commission, and all written the proposal. This order approves the
Statement on Comments on the communications relating to the proposed rule change.
Proposed Rule Change Received From proposed rule change between the
Members, Participants, or Others II. Description of the Proposal
Commission and any person, other than
those that may be withheld from the CBOE proposes to expand its existing
The Exchange has not solicited, and
public in accordance with the Nonstandard Expirations Pilot Program
does not intend to solicit, comments on
provisions of 5 U.S.C. 552, will be (the ‘‘Pilot’’).4 Under the terms of the
this proposed rule change. The
available for Web site viewing and current Pilot, the Exchange is permitted
Exchange has not received any
printing in the Commission’s Public to list P.M.-settled options on broad-
unsolicited written comments from
Reference Room, 100 F Street NE., based indexes to expire on (a) any
Members or other interested parties.
Washington, DC 20549, on official Friday of the month, other than the
III. Date of Effectiveness of the business days between the hours of third Friday-of-the-month (‘‘EOW’’), (b)
Proposed Rule Change and Timing for 10:00 a.m. and 3:00 p.m. Copies of the the last trading day of the month
Commission Action filing also will be available for (‘‘EOM’’), and (c) any Wednesday of the
inspection and copying at the principal month, other than a Wednesday that
The foregoing rule change has become
office of the Exchange. All comments coincides with an EOM (‘‘WED’’).5
effective pursuant to Section 19(b)(3)(A)
received will be posted without change; Under the proposal, the Exchange will
of the Act 21 and paragraph (f) of Rule
the Commission does not edit personal expand the Pilot to permit P.M.-settled
19b–4 thereunder.22 At any time within
identifying information from options on broad-based indexes to
60 days of the filing of the proposed rule
change, the Commission summarily may submissions. You should submit only 1 15 U.S.C. 78s(b)(1).
temporarily suspend such rule change if information that you wish to make 2 17 CFR 240.19b–4.
it appears to the Commission that such available publicly. All submissions 3 See Securities Exchange Act Release No. 78132
action is necessary or appropriate in the should refer to File Number SR– (June 22, 2016), 81 FR 42018 (June 28, 2016)
public interest, for the protection of BatsEDGX–2016–42, and should be (‘‘Notice’’).
4 See Securities Exchange Act Release No. 62911
investors, or otherwise in furtherance of submitted on or before September 6,
(September 14, 2010), 75 FR 57539 (September 21,
the purposes of the Act. 2016. 2010) (order approving SR–CBOE–2009–075)
For the Commission, by the Division of (‘‘Pilot Approval Order’’). See also Securities
IV. Solicitation of Comments Exchange Act Release No. 76909 (January 14, 2016),
asabaliauskas on DSK3SPTVN1PROD with NOTICES
Trading and Markets, pursuant to delegated
Interested persons are invited to 81 FR 3512 (January 21, 2016) (SR–CBOE–2015–
authority.23 106) (order approving an expansion and extension
submit written data, views, and Robert W. Errett, of the Pilot) (‘‘WED Approval Order’’). The Pilot is
arguments concerning the foregoing, currently set to expire on May 3, 2017. See id.
including whether the proposed rule Deputy Secretary. 5 EOWs, EOMs, and WEDs are permitted on any
change is consistent with the Act. [FR Doc. 2016–19444 Filed 8–15–16; 8:45 am] broad-based index that is eligible for regular options
BILLING CODE 8011–01–P
trading. EOWs, EOMs, and WEDs are cash-settled
expirations with European-style exercise, and are
21 15 U.S.C. 78s(b)(3)(A). subject to the same rules that govern the trading of
22 17 CFR 240.19b–4(f). 23 17 CFR 200.30–3(a)(12). standard index options. See CBOE Rule 24.9(e).
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![Federal Register / Vol. 81, No. 158 / Tuesday, August 16, 2016 / Notices 54645
Expirations. The addition of Monday SMALL BUSINESS ADMINISTRATION SMALL BUSINESS ADMINISTRATION
Expirations would offer additional
investment options to investors and may Meeting of the Advisory Committee on Meeting of the Interagency Task Force
be useful for their investment or Veterans Business Affairs on Veterans Small Business
hedging objectives, including the ability Development
to hedge over-the-weekend risk. The AGENCY:U.S. Small Business
Administration AGENCY: U.S. Small Business
Commission believes that the proposal Administration
strikes a reasonable balance between the Notice of open Federal Advisory
ACTION: ACTION: Notice of open Federal
Exchange’s desire to offer a wider array Committee meeting. Interagency Task Force Meeting.
of investment opportunities and the
need to avoid unnecessary proliferation SUMMARY: The SBA is issuing this notice SUMMARY: The SBA is issuing this notice
of options series that may burden some to announce the loation, date, time and to announce the loation, date, time and
liquidity providers and further stress agenda for the next meeting of the agenda for the next meeting of the
options quotation and transaction Advisory Committee on Veterans Interagency Task Force on Veterans
infrastructure. Further, including the Business Affairs. The meeting will be Small Business Development. The
new Monday Expirations in the Pilot open to the public. meeting will be open to the public.
should allow for both the Exchange and DATES: Date and Time: Thursday,
DATES: Wednesday, September 16, 2016,
the Commission to continue monitoring September 15, 2016, from 9:00 a.m. to
from 9:00 a.m. to 4:00 p.m.
the potential for adverse market effects 12:00 noon.
of P.M. settlement on the market, ADDRESSES: U.S. Small Business ADDRESSES: U.S. Small Business
including the underlying cash equities Administration, 409 3rd Street SW., Administration, 409 3rd Street SW.,
markets at the expiration of these Washington, DC 20416, Eisenhower Washington, DC 20416.
options. Conference room, side B, located on the Where: Eisenhower Conference room,
The Commission notes that CBOE will concourse level. side b, located on the Concourse level.
provide the Commission with the SUPPLEMENTARY INFORMATION: Pursuant SUPPLEMENTARY INFORMATION: Pursuant
Annual Report analyzing volume and to section 10(a)(2) of the Federal to section 10(a)(2) of the Federal
open interest of EOMs and Weekly Advisory Committee Act (5 U.S.C., Advisory Committee Act (5 U.S.C.,
Expirations (including the proposed Appendix 2), SBA announces the Appendix 2), SBA announces the
Monday Expirations), which will also meeting of the Advisory Committee on meeting of the Interagency Task Force
contain information and analysis of Veterans Business Affairs (ACVBA). The on Veterans Small Business
EOMs and Weekly Expirations trading ACVBA serves as an independent Development. The Task Force is
patterns and index price volatility and source of advice and policy established pursuant to Executive Order
share trading activity for series that recommendation to the Administrator of 13540 and focused on coordinating and
exceed minimum parameters. This the U.S. Small Business Administration. pre-established Federal contracting
information should be useful to the The purpose of this meeting is to goals for small business concers owned
Commission as it evaluates whether discuss the formation and growth of and controlled by veterans and service-
allowing P.M. settlement for EOMs and small business concerns owned and disabled veterans. Moreover, the Task
Weekly Expirations has resulted in controlled by veterans and service Force shall coordinate administrative
increased market and price volatility in disable-veterans and to focus on and regulatory activities and develop
the underlying component stocks, strategic planning and provide updates proposals relating to ‘‘six focus areas’’:
particularly at expiration. The Pilot on past and current events. (1) Access to capital (loans, surety
information should help the Additional Information: This meeting bonding and franchising); (2) Ensure
Commission and CBOE assess the is open to the public. Advance notice of achievement of pre-established
impact on the markets and determine attendance is requested. Anyone contracting goals, including mentor
whether changes to these programs are wishing to attend and/or make protégé and matching with contracting
necessary or appropriate. Furthermore, comments to the Advisory Committee opportunities; (3) Increase the integrity
the Exchange’s ongoing analysis of the contact the Office of Veterans Business of certifications of status as a small
Pilot should help it monitor any Development no later than September 9, business; (4) Reducing paperwork and
potential risks from large P.M.-settled 2016 at vetstaskforce@sba.gov. administrative burdens in accessing
positions and take appropriate action if Comments will be limited to five business development and
warranted. minutes in the interest of time and to entrepreneurship opportunities; (5)
accommodate as many participants as Increasing and improving training and
IV. Conclusion counseling services; and (6) Making
possible. Written comments should also
It is Therefore Ordered, pursuant to be sent to the above email no later than other improvements to support veteran
Section 19(b)(2) of the Act,25 that the September 9, 2016. Special business development by the Federal
proposed rule change (SR–CBOE–2016– accomodations requests should also be government.
046) be, and it hereby is, approved. directed to the Office of Veterans Additional Information: This meeting
Business Development at (202) 205– is open to the public. Advance notice of
For the Commission, by the Division of attendance is requested. Anyone
Trading and Markets, pursuant to delegated 6773 or above email. For more
wishing to attend and/or make
asabaliauskas on DSK3SPTVN1PROD with NOTICES
authority.26 information on veteran owned small
business programs, please visit comments to the Task Force must
Robert W. Errett, contact the Office of Veterans Business
www.sba.gov/vets.
Deputy Secretary. Development no later than September 9,
[FR Doc. 2016–19441 Filed 8–15–16; 8:45 am] Dated: August 2, 2016. 2016 at vetstaskforce@sba.gov.
BILLING CODE 8011–01–P Miguel J. L’Heureux, Comments for the record should be
SBA Committee Management Officer. applicable to the ‘‘six focus areas’’ of the
25 15 U.S.C. 78s(b)(2). [FR Doc. 2016–19488 Filed 8–15–16; 8:45 am] Task Force and will be limited to five
26 17 CFR 200.30–3(a)(12). BILLING CODE 8025–01–P minutes in the interest of time and to
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Document Created: 2016-08-16 03:20:42
Document Modified: 2016-08-16 03:20:42
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