81 FR 60070 - Self-Regulatory Organizations; Bats EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 19.6, Series of Options Contracts Open for Trading, To Allow Wednesday Expirations for SPY Options

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 169 (August 31, 2016)

Page Range		60070-60072
FR Document		2016-20963
Federal Register, Volume 81 Issue 169 (Wednesday, August 31, 2016)
[Federal Register Volume 81, Number 169 (Wednesday, August 31, 2016)]
[Notices]
[Pages 60070-60072]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-20963]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-78696; File No. SR-BatsEDGX-2016-50]


Self-Regulatory Organizations; Bats EDGX Exchange, Inc.; Notice 
of Filing and Immediate Effectiveness of Proposed Rule Change To Amend 
Rule 19.6, Series of Options Contracts Open for Trading, To Allow 
Wednesday Expirations for SPY Options

August 26, 2016.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given 
that, on August 25, 2016, Bats EDGX Exchange, Inc. (the ``Exchange'' or 
``EDGX'') filed with the Securities and Exchange Commission 
(``Commission'') the proposed rule change as described in Items I and 
II below, which Items have been prepared by the Exchange. The Exchange 
has designated this proposal as a ``non-controversial'' proposed rule 
change pursuant to Section 19(b)(3)(A) of the Act \3\ and Rule 19b-
4(f)(6) thereunder,\4\ which renders it effective upon filing with the 
Commission. The Commission is publishing this notice to solicit 
comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A).
    \4\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange filed a proposal to amend Rule 19.6, entitled ``Series 
of Options Contracts Open for Trading,'' related to the Short Term 
Option Series (``STOS'') Program to allow Wednesday expirations for SPY 
options. The Exchange also proposes to make corresponding changes to 
Rule 16.1, entitled ``Definitions.''
    The text of the proposed rule change is available at the Exchange's 
Web site at www.batstrading.com, at the principal office of the 
Exchange, and at the Commission's Public Reference Room.

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

    In its filing with the Commission, the Exchange included statements 
concerning the purpose of and basis for the proposed rule change and 
discussed any comments it received on the proposed rule change. The 
text of these statements may be examined at the places specified in 
Item IV below. The Exchange has prepared summaries, set forth in 
Sections A, B, and C below, of the most significant parts of such 
statements.

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

1. Purpose
    The purpose of the proposed rule change is to harmonize the 
Exchange's rules with the rules governing Short Term Options Series 
programs of other options exchanges. Specifically, the Exchange 
proposes to amend Rule 19.6, entitled ``Series of Options Contracts 
Open for Trading,'' related to the STOS Program to allow Wednesday 
expirations for SPY options. The Exchange also proposes to make certain 
corresponding changes to 16.1, entitled ``Definitions.'' The proposed 
rule change is based on the recent approval of a filing submitted by 
the BOX Options Exchange LLC (``BOX'').\5\
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    \5\ See Securities and Exchange Act Release No. 78668 (August 
24, 2016) (SR-BOX-2016-28).
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    Currently, under the STOS Program, the Exchange may open for 
trading on any Thursday or Friday that is a business day series of 
options on that class that expire on each of the next five Fridays, 
provided that such Friday is not a Friday in which monthly options 
series or Quarterly Options Series expire (``Short Term Option 
Series''). The Exchange is now proposing to amend its rule to permit 
the listing of options expiring on Wednesdays. Specifically, the 
Exchange is proposing that it may open for trading on any Tuesday or 
Wednesday that is a business day, series of options on the SPDR S&P 500 
ETF Trust (``SPY'') to expire on any Wednesday of the month that is a 
business day and is not a Wednesday in which Quarterly Options Series 
expire (``Wednesday SPY Expirations'').\6\ The proposed Wednesday SPY 
Expiration series will be similar to the current Short Term Option 
Series, with certain exceptions, as explained in greater detail below. 
The Exchange notes that having Wednesday expirations is not a novel 
proposal. Specifically, the Chicago Board Options Exchange, 
Incorporated (``CBOE'') recently received approval to list Wednesday 
expirations for broad-based indexes.\7\
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    \6\ See proposed paragraph (g) of Interpretation and Policy .05 
to Rule 19.6.
    \7\ See Securities Exchange Act Release No. 76909 (January 14, 
2016), 81 FR 3512 (January 21, 2016) (SR-CBOE-2015-106).
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    In regards to Wednesday SPY Expirations, the Exchange is proposing 
to remove the current restriction preventing it from listing Short Term 
Option Series that expire in the same week in which monthly option 
series in the same class expire. Specifically, the Exchange will be 
allowed to list Wednesday SPY Expirations in the same week in which 
monthly option series in SPY expire. The current restriction to 
prohibit the expiration of monthly and Short Term Option Series from 
expiring on the same trading day is reasonable to avoid investor 
confusion. This confusion will not apply with Wednesday SPY Expirations 
and standard monthly options because they will not expire on the same 
trading day, as standard monthly options do not expire on Wednesdays. 
Additionally, it would lead to investor confusion if Wednesday SPY 
Expirations were not listed for one week every month because there was 
a monthly SPY expiration on the Friday of that week.
    Under the proposed Wednesday SPY Expirations, the Exchange may list 
up to five consecutive Wednesday SPY Expirations at one time. The 
Exchange may have no more than a total of five Wednesday SPY 
Expirations listed. This is the same listing procedure as Short Term 
Option Series that expire on Fridays. The Exchange is also proposing to 
clarify that the five series limit in the current Short Term Option 
Series Program Rule will not include any Wednesday SPY Expirations.\8\ 
This means, under the proposal, the Exchange would be allowed to list 
five Short Term Option Series expirations for SPY expiring on Friday 
under the current rule and five Wednesday SPY Expirations. The interval 
between strike prices for the proposed Wednesday SPY Expirations will 
be the same as those for the current Short Term Option Series.

[[Page 60071]]

Specifically, the Wednesday SPY Expirations will have $0.50 strike 
intervals.
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    \8\ See proposed changes to Interpretation and Policy .05 to 
Rule 19.6.
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    Currently, for each Short Term Option Expiration Date,\9\ the 
Exchange is limited to opening thirty (30) series for each expiration 
date for the specific class. The thirty (30) series restriction does 
not include series that are open by other securities exchanges under 
their respective short term option rules; the Exchange may list these 
additional series that are listed by other exchanges.\10\ The thirty 
(30) series restriction shall apply to Wednesday SPY Expiration series 
as well. In addition, the Exchange will be able to list series that are 
listed by other exchanges, assuming they file similar rules with the 
Commission to list SPY options expiring on Wednesdays. As is the case 
with current Short Term Option Series, the Wednesday SPY Expiration 
series will be P.M.-settled. The Exchange does not believe that any 
market disruptions will be encountered with the introduction of P.M.-
settled Wednesday SPY Expirations. The Exchange currently trades P.M.-
settled Short Term Option Series that expire almost every Friday, which 
provide market participants a tool to hedge special events and to 
reduce the premium cost of buying protection. The Exchange seeks to 
introduce Wednesday SPY Expirations to, among other things, expand 
hedging tools available to market participants and to continue the 
reduction of the premium cost of buying protection. The Exchange 
believes that Wednesday expirations, similar to Friday expirations, 
would allow market participants to purchase an option based on their 
timing as needed and allow them to tailor their investment and hedging 
needs more effectively.
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    \9\ The Exchange may open for trading on any Thursday or Friday 
that is a business day series of options on that class that expire 
on each of the next five Fridays that are business days and are not 
Fridays in which monthly options series or Quarterly Options Series 
expire (``Short Term Option Expiration Dates''). See Interpretation 
and Policy .05 to Rule 19.6.
    \10\ See current paragraph (a) of Interpretation and Policy .05 
to Rule 19.6.
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    The Exchange is also proposing to amend the definition of Short 
Term Option Series contained in Exchange Rule 16.1(a)(57) to make clear 
that STOS includes Wednesday expirations and to conform to BOX Rule 
100(a)(64). Specifically, the Exchange is amending the definition to 
expand Short Term Option Series to those listed on any Tuesday or 
Wednesday and that expire on the Wednesday of the next business week. 
If a Tuesday or Wednesday is not a business day, the series may be 
opened (or shall expire) on the first business day immediately prior to 
that Tuesday or Wednesday.
    The Exchange believes that the introduction of Wednesday SPY 
Expirations will provide investors with a flexible and valuable tool to 
manage risk exposure, minimize capital outlays, and be more responsive 
to the timing of events affecting the industry. The proposed rule 
change is a competitive proposal designed to enable the Exchange to 
compete equally and fairly with other options exchanges in satisfying 
high market demand for weekly options and continuing strong customer 
demand to use STOS to execute hedging and trading strategies.
2. Statutory Basis
    The rule changes proposed herein are consistent with the 
requirements of the Act and the rules and regulations thereunder that 
are applicable to a national securities exchange, and, in particular, 
with the requirements of Section 6(b) of the Act.\11\ Specifically, the 
proposed change is consistent with Section 6(b)(5) of the Act,\12\ 
because it is designed to promote just and equitable principles of 
trade, to remove impediments to, and perfect the mechanism of, a free 
and open market and, in general, to protect investors and the public 
interest. Additionally, the Exchange believes that the proposed rule 
change is consistent with the Section 6(b)(5) \13\ requirement that the 
rules of an exchange not be designed to permit unfair discrimination 
between customers, issuers, brokers, or dealers.
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    \11\ 15 U.S.C. 78f(b).
    \12\ 15 U.S.C. 78f(b)(5).
    \13\ Id.
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    In particular, the Exchange believes the Short Term Option Series 
Program has been successful to date and that Wednesday SPY Expirations 
simply expand the ability of investors to hedge risk against market 
movements stemming from economic releases or market events that occur 
throughout the month in the same way that the Short Term Option Series 
Program has expanded the landscape of hedging. Similarly, the Exchange 
believes Wednesday SPY Expirations should create greater trading and 
hedging opportunities and flexibility, and provide customers with the 
ability to more closely tailor their investment objectives. The 
Exchange believes that allowing Wednesday SPY Expirations and monthly 
SPY expirations in the same week will benefit investors and minimize 
investor confusion by providing Wednesday SPY Expirations in a 
continuous and uniform manner. Finally, the Exchange represents that it 
has an adequate surveillance program in place to detect manipulative 
trading in Wednesday SPY Expirations in the same way it monitors 
trading in the current Short Term Option Series. The Exchange also 
represents that it has the necessary systems capacity to support the 
new options series.

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

    The Exchange does not believe that the proposed rule change will 
impose any burden on competition not necessary or appropriate in 
furtherance of the purposes of the Act. To the contrary, with respect 
to intermarket competition, the Exchange believes the proposal is pro-
competitive and will allow the Exchange to compete more effectively 
with BOX, which has already adopted changes to its STOS programs that 
are substantially identical to the changes proposed by this filing.\14\ 
In addition to BOX, the Exchange expects that other options exchanges 
will file similar proposals to adopt the changes in order to provide 
Wednesday SPY Expirations.
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    \14\ See supra note 5.
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    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 Short Term Option Series. The Exchange 
believes that the proposal will result in additional investment options 
and opportunities to achieve the investment objectives of market 
participants seeking efficient trading and hedging vehicles, to the 
benefit of investors, market participants, and the marketplace in 
general.

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

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

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

    Because the foregoing proposed rule change does not: (i) 
Significantly affect the protection of investors or the public 
interest; (ii) impose any significant burden on competition; and (iii) 
become operative for 30 days from the date on which it was filed, or 
such shorter time as the Commission may designate, the proposed rule 
change has become

[[Page 60072]]

effective pursuant to Section 19(b)(3)(A) of the Act \15\ and Rule 19b-
4(f)(6) thereunder.\16\
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    \15\ 15 U.S.C. 78s(b)(3)(A).
    \16\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) 
requires a self-regulatory organization to give the Commission 
written notice of its intention to file the proposed rule change at 
least five business days prior to the date of filing of the proposed 
rule change, or such shorter time as designated by the Commission. 
The Exchange has satisfied this requirement.
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    A proposed rule change filed under Rule 19b-4(f)(6) normally does 
not become operative for 30 days from the date of filing. However, Rule 
19b-4(f)(6)(iii) \17\ permits the Commission to designate a shorter 
time if such action is consistent with the protection of investors and 
the public interest. The Exchange has asked the Commission to waive the 
30-day operative delay so that the proposal may become operative 
immediately upon filing. The Commission notes that it recently approved 
BOX's substantially similar proposal to list and trade Wednesday SPY 
Expirations.\18\ The Exchange has stated that waiver of the operative 
delay will allow the Exchange to list and trade Wednesday SPY 
Expirations as soon as possible, and therefore, promote competition 
among the option exchanges. For these reasons, the Commission believes 
that the proposed rule change presents no novel issues and that waiver 
of the 30-day operative delay is consistent with the protection of 
investors and the public interest, and will allow the Exchange to 
remain competitive with other exchanges. Therefore, the Commission 
hereby waives the 30-day operative delay and designates the proposal 
effective upon filing.\19\ At any time within 60 days of the filing of 
the proposed rule change, the Commission summarily may temporarily 
suspend such rule change if it appears to the Commission that such 
action is necessary or appropriate in the public interest, for the 
protection of investors, or otherwise in furtherance of the purposes of 
the Act. If the Commission takes such action, the Commission shall 
institute proceedings to determine whether the proposed rule should be 
approved or disapproved.
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    \17\ 17 CFR 240.19b-4(f)(6)(iii).
    \18\ See supra note 5.
    \19\ For purposes only of waiving the 30-day operative delay, 
the Commission has also considered the proposed rule's impact on 
efficiency, competition, and capital formation. See 15 U.S.C. 
78c(f).
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IV. Solicitation of Comments

    Interested persons are invited to submit written data, views and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act. Comments may be submitted by any of 
the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include 
File Number SR-BatsEDGX-2016-50 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-BatsEDGX-2016-50. 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-BatsEDGX-2016-50 and should 
be submitted on or before September 21, 2016.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\20\
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    \20\ 17 CFR 200.30-3(a)(12).
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Brent J. Fields,
Secretary.
[FR Doc. 2016-20963 Filed 8-30-16; 8:45 am]
 BILLING CODE 8011-01-P
60070 Federal Register / Vol. 81, No. 169 / Wednesday, August 31, 2016 / Notices

V. Conclusion Exchange also proposes to make business day and is not a Wednesday in
Accordingly, for the reasons corresponding changes to Rule 16.1, which Quarterly Options Series expire
discussed above, the Commission finds entitled ‘‘Definitions.’’ (‘‘Wednesday SPY Expirations’’).6 The
The text of the proposed rule change proposed Wednesday SPY Expiration
that the proposed rule change is
is available at the Exchange’s Web site series will be similar to the current
consistent with the Act and the rules
at www.batstrading.com, at the Short Term Option Series, with certain
and regulations thereunder applicable to
principal office of the Exchange, and at exceptions, as explained in greater
such organization.
the Commission’s Public Reference detail below. The Exchange notes that
It is therefore ordered, pursuant to
Room. having Wednesday expirations is not a
Section 19(b)(2) of the Act,332 that the
II. Self-Regulatory Organization’s novel proposal. Specifically, the
proposed rule change (SR–FINRA–
Statement of the Purpose of, and Chicago Board Options Exchange,
2015–056) be, and hereby is, approved.
Statutory Basis for, the Proposed Rule Incorporated (‘‘CBOE’’) recently
By the Commission. received approval to list Wednesday
Change
Brent J. Fields, expirations for broad-based indexes.7
Secretary. In its filing with the Commission, the In regards to Wednesday SPY
[FR Doc. 2016–20888 Filed 8–30–16; 8:45 am]
Exchange included statements Expirations, the Exchange is proposing
concerning the purpose of and basis for to remove the current restriction
BILLING CODE 8011–01–P
the proposed rule change and discussed preventing it from listing Short Term
any comments it received on the Option Series that expire in the same
SECURITIES AND EXCHANGE proposed rule change. The text of these week in which monthly option series in
COMMISSION statements may be examined at the the same class expire. Specifically, the
places specified in Item IV below. The Exchange will be allowed to list
[Release No. 34–78696; File No. SR– Exchange has prepared summaries, set Wednesday SPY Expirations in the same
BatsEDGX–2016–50] forth in Sections A, B, and C below, of week in which monthly option series in
the most significant parts of such SPY expire. The current restriction to
Self-Regulatory Organizations; Bats
statements. prohibit the expiration of monthly and
EDGX Exchange, Inc.; Notice of Filing
and Immediate Effectiveness of A. Self-Regulatory Organization’s Short Term Option Series from expiring
Proposed Rule Change To Amend Rule Statement of the Purpose of, and on the same trading day is reasonable to
19.6, Series of Options Contracts Open Statutory Basis for, the Proposed Rule avoid investor confusion. This
for Trading, To Allow Wednesday Change confusion will not apply with
Expirations for SPY Options Wednesday SPY Expirations and
1. Purpose standard monthly options because they
August 26, 2016. The purpose of the proposed rule will not expire on the same trading day,
Pursuant to Section 19(b)(1) of the change is to harmonize the Exchange’s as standard monthly options do not
Securities Exchange Act of 1934 rules with the rules governing Short expire on Wednesdays. Additionally, it
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 Term Options Series programs of other would lead to investor confusion if
notice is hereby given that, on August options exchanges. Specifically, the Wednesday SPY Expirations were not
25, 2016, Bats EDGX Exchange, Inc. (the Exchange proposes to amend Rule 19.6, listed for one week every month because
‘‘Exchange’’ or ‘‘EDGX’’) filed with the entitled ‘‘Series of Options Contracts there was a monthly SPY expiration on
Securities and Exchange Commission Open for Trading,’’ related to the STOS the Friday of that week.
(‘‘Commission’’) the proposed rule Program to allow Wednesday Under the proposed Wednesday SPY
change as described in Items I and II expirations for SPY options. The Expirations, the Exchange may list up to
below, which Items have been prepared Exchange also proposes to make certain five consecutive Wednesday SPY
by the Exchange. The Exchange has corresponding changes to 16.1, entitled Expirations at one time. The Exchange
designated this proposal as a ‘‘non- ‘‘Definitions.’’ The proposed rule may have no more than a total of five
controversial’’ proposed rule change change is based on the recent approval Wednesday SPY Expirations listed. This
pursuant to Section 19(b)(3)(A) of the of a filing submitted by the BOX is the same listing procedure as Short
Act 3 and Rule 19b–4(f)(6) thereunder,4 Options Exchange LLC (‘‘BOX’’).5 Term Option Series that expire on
which renders it effective upon filing Currently, under the STOS Program, Fridays. The Exchange is also proposing
with the Commission. The Commission the Exchange may open for trading on to clarify that the five series limit in the
is publishing this notice to solicit any Thursday or Friday that is a current Short Term Option Series
comments on the proposed rule change business day series of options on that Program Rule will not include any
from interested persons. class that expire on each of the next five Wednesday SPY Expirations.8 This
Fridays, provided that such Friday is means, under the proposal, the
I. Self-Regulatory Organization’s not a Friday in which monthly options Exchange would be allowed to list five
Statement of the Terms of Substance of series or Quarterly Options Series expire Short Term Option Series expirations
the Proposed Rule Change (‘‘Short Term Option Series’’). The for SPY expiring on Friday under the
The Exchange filed a proposal to Exchange is now proposing to amend its current rule and five Wednesday SPY
amend Rule 19.6, entitled ‘‘Series of rule to permit the listing of options Expirations. The interval between strike
Options Contracts Open for Trading,’’ expiring on Wednesdays. Specifically, prices for the proposed Wednesday SPY
related to the Short Term Option Series the Exchange is proposing that it may Expirations will be the same as those for
the current Short Term Option Series.
mstockstill on DSK3G9T082PROD with NOTICES

(‘‘STOS’’) Program to allow Wednesday open for trading on any Tuesday or
expirations for SPY options. The Wednesday that is a business day, series
6 See proposed paragraph (g) of Interpretation and
of options on the SPDR S&P 500 ETF
Policy .05 to Rule 19.6.
332 15U.S.C. 78s(b)(2). Trust (‘‘SPY’’) to expire on any 7 See Securities Exchange Act Release No. 76909
1 15 U.S.C. 78s(b)(1). Wednesday of the month that is a (January 14, 2016), 81 FR 3512 (January 21, 2016)
2 17 CFR 240.19b–4.
(SR–CBOE–2015–106).
3 15 U.S.C. 78s(b)(3)(A). 5 See Securities and Exchange Act Release No. 8 See proposed changes to Interpretation and
4 17 CFR 240.19b–4(f)(6). 78668 (August 24, 2016) (SR–BOX–2016–28). Policy .05 to Rule 19.6.

VerDate Sep<11>2014 21:59 Aug 30, 2016 Jkt 238001 PO 00000 Frm 00095 Fmt 4703 Sfmt 4703 E:\FR\FM\31AUN1.SGM 31AUN1
Document Created: 2018-02-02 12:14:56
Document Modified: 2018-02-02 12:14:56
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		81 FR 60070