83 FR 44682 - Self-Regulatory Organizations; BOX Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend BOX Rules 5050 and 5070
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 170 (August 31, 2018)
Federal Register Volume 83, Issue 170 (August 31, 2018)
| Page Range | 44682-44684 | |
| FR Document | 2018-18894 |
[Federal Register Volume 83, Number 170 (Friday, August 31, 2018)] [Notices] [Pages 44682-44684] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-18894] [[Page 44682]] ======================================================================= ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-83960; File No. SR-BOX-2018-28] Self-Regulatory Organizations; BOX Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend BOX Rules 5050 and 5070 August 27, 2018. 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 15, 2018, BOX Exchange LLC (the ``Exchange'') 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 self-regulatory organization. The Commission is publishing this notice to solicit comments on the proposed rule 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 proposes to amend BOX Rule Rules 5050 (Series of Options Contracts Open for Trading) and 5070 (Long-term Options Contracts) to conform to the recently approved changes to the Options Listing Procedures Plan (``OLPP'').\3\ The text of the proposed rule change is available from the principal office of the Exchange, at the Commission's Public Reference Room and also on the Exchange's internet website at http://boxoptions.com. --------------------------------------------------------------------------- \3\ See Securities Exchange Act Release Nos. 82235 (December 7, 2017), 82 FR 58668 (December 13, 2017) (order approving the Fourth Amendment to the OLPP); 81893 (October 18, 2017), 82 FR 49249 (``OLPP Notice''). --------------------------------------------------------------------------- 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 self-regulatory organization included statements concerning the purpose of, and basis for, the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The self-regulatory organization has prepared summaries, set forth in Sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The purpose of this filing is to amend Rules 5050 (Series of Options Contracts Open for Trading) and 5070 (Long-term Options Contracts) to conform to the recently approved changes to the Options Listing Procedures Plan (``OLPP'').\4\ --------------------------------------------------------------------------- \4\ Id. --------------------------------------------------------------------------- The Exchange, which is one of the Participant Exchanges to the OLPP, currently has rules that are designed to incorporate the requirements of the OLPP.\5\ All Participant Exchanges have similar such (essentially uniform) rules to ensure consistency and compliance with the OLPP. The Exchange proposes to modify such rules to reflect the recent updates as described below. --------------------------------------------------------------------------- \5\ In addition to the Exchange, the ``Participant Exchanges'' are: Chicago Board Options Exchange, Incorporated (now known as Cboe Exchange, Inc.), on behalf of the BATS Exchange, Inc. (now known as Cboe BZX Exchange, Inc.); C2 Exchange, Incorporated (now known as Cboe C2 Exchange, Inc.); EDGX Exchange, Inc. (now known as Cboe EDGX Exchange, Inc.); Miami International Securities Exchange, LLC; MIAX PEARL, LLC; Nasdaq BX, Inc.; Nasdaq GEMX, LLC; Nasdaq ISE, LLC; Nasdaq MRX, LLC; Nasdaq Options Market, LLC; Nasdaq PHLX, LLC; NYSE Arca, Inc.; and NYSE American, LLC. --------------------------------------------------------------------------- Addition of Long-Term Equity Options (``LEAPS'') First, the OLPP has been amended to change the earliest date on which new January LEAPS on equity options, options on Exchange Traded Funds (``ETF''), or options on Trust Issued Receipts (``TIR'') may be added to a single date (from three separate months). As noted in the OLPP Notice, in the past there were operational concerns related to adding new January LEAPs series for all options classes on which LEAPs were listed on a single trading day. And, the addition of new series in a pre-electronic trading environment was a manual process. To accommodate this, the addition of new January LEAPs series was spread across three months (September, October, and November). Today, however, these operational concerns related to January LEAPs have been alleviated as new series can be added in bulk electronically. The Plan Participants, including the Exchange, believe that moving the addition of new January LEAPs series to no earlier than the Monday prior to the September expiration would reduce marketplace confusion about available January LEAPs series. Where previously January LEAPs series for options classes on the February or March expiration cycles would not have been available as early as January LEAPs series for options classes on the January expiration cycle, under the proposed change, all January LEAPs series will be available concurrently. Accordingly, to conform to this change, the Exchange proposes to modify Rule 5070(c) to reflect that new January LEAPS series on equity options classes, options on ETFs, or options on TIRs, may not be added on a currently listed and traded option class earlier than the Monday prior to the September expiration (which is 28 months before the expiration). Addition of Equity, ETF, and TIR Option Series After Regular Trading Hours Second, the OLPP has been amended to allow equity, ETF, and TIR option series to be added based on trading after regular trading hours (i.e., after-market). As noted in the OLPP Notice, the prior version of the OLPP did not allow for option series to be added based on trading following regular trading hours. As such, the Exchange Participants were unable to add new option series that may result from trading following regular trading hours until the next morning, depending on the range of prices in pre-market trading, which is significant because events that occur after regular trading hours, such as earnings releases, often have an important impact on the price of an underlying security. In addition, there are operational difficulties for market participants throughout the industry adding series after system startup. To avoid the potential burden that would result from the inability to add series as a result of trading following regular trading hours, the OLPP was amended to allow an additional category by which the price of an underlying security may be measured. Specifically, to conform to the amended OLPP, the Exchange proposes to add to Rule 5050(b)(1) to provide that ``for option series to be added based on trading following regular trading hours,'' the price of the underlying security is measured by ``the most recent share price reported by all national securities exchanges between 4:15 p.m. and 6:00 p.m. Eastern Time.'' Technical Changes The Exchange proposes to modify Rule 5070(b) to delete now obsolete operational language, which dates back to when LEAPs were first adopted. The language in question provides that: [[Page 44683]] After a new long-term options contract series is listed, such series will be opened for trading either when there is buying or selling interest, or forty (40) minutes prior to the close, whichever occurs first. No quotations will be posted for such options series until they are opened for trading. The Exchange proposes to delete this language because when this language was adopted LEAPs were not opened for trading until late in the trading day unless there was buying or selling interest. Today, however, technological improvements allow the Exchange to open all LEAP series at the same time as all other series in an option class. 2. Statutory Basis The Exchange believes that the proposal is consistent with the requirements of Section 6(b) of the Securities Exchange Act of 1934 (the ``Act''),\6\ in general, and Section 6(b)(5) of the Act,\7\ in particular, in that it is 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 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. --------------------------------------------------------------------------- \6\ 15 U.S.C. 78f(b). \7\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- In particular, the proposed rule change, which conforms to the recently adopted provisions of the OLPP, as amended, allows the Exchange to continue to list extended far term option series that have been viewed as beneficial to traders, investors and public customers. Accordingly, the Exchange believes that the proposal is consistent with the Act because it will allow the Exchange to list all January, 2021 expiration series on the Monday prior to the September, 2018 expiration. Moreover, this change would simplify the process for adding new January LEAP options series and reduce potential for investor confusion because all new January LEAP options would be made available beginning at the same time, consistent with the amended OLPP. The Exchange notes that this proposal does not propose any new provisions that have not already been approved by the Commission in the amended OLPP, but instead maintains series listing rules that conform to the amended OLPP. The proposal to permit series to be added based on after-market trading is designed to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in facilitating transactions in securities, and to remove impediments to and perfect the mechanisms of a free and open market and a national market system, by allowing the Exchange to make series available for trading with reduced operational difficulties. The Exchange notes that this proposed change, which is consistent with the amended OLPP should provide market participants with earlier notice regarding what options series will be available for trading the following day, and should help to enhance investors' ability to plan their options trading. The Exchange also believes that the proposed technical changes, including deleting obsolete language and reorganizing and consolidating the rule, promote just and equitable principles of trade, foster cooperation and coordination with persons engaged in facilitating transactions in securities, and remove impediments to and perfect the mechanism of a free and open market and a national market system. 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. Specifically, the Exchange believes that by conforming Exchange rules to the amended OLPP, the Exchange would promote regulatory clarity and consistency, thereby reducing burdens on the marketplace and facilitating investor protection. The Exchange believes that adopting rules, which it anticipates will likewise be adopted by Participant Exchanges, would allow for continued competition between Exchange market participants trading similar products as their counterparts on other exchanges, while at the same time allowing the Exchange to continue to compete for order flow with other exchanges in option issues. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others The Exchange has neither solicited nor received comments on the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The Exchange has filed the proposed rule change pursuant to Section 19(b)(3)(A)(iii) of the Act \8\ and Rule 19b-4(f)(6) thereunder.\9\ Because the proposed rule change does not: (i) Significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative prior to 30 days from the date on which it was filed, or such shorter time as the Commission may designate, if consistent with the protection of investors and the public interest, the proposed rule change has become effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b- 4(f)(6)(iii) thereunder.\10\ --------------------------------------------------------------------------- \8\ 15 U.S.C. 78s(b)(3)(A)(iii). \9\ 17 CFR 240.19b-4(f)(6). \10\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii) requires a self-regulatory organization to give the Commission written notice of its intent to file the proposed rule change, along with a brief description and text of the proposed rule change, at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. The Exchange has satisfied this requirement. --------------------------------------------------------------------------- A proposed rule change filed under Rule 19b-4(f)(6) \11\ normally does not become operative prior to 30 days after the date of the filing. However, pursuant to Rule 19b-4(f)(6)(iii),\12\ the Commission may designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange has asked the Commission to waive the 30-day operative delay so that the proposal may become operative immediately upon filing. The Commission notes that the Exchange's proposal would conform the Exchange's rules to the amended OLPP, which the Commission previously approved.\13\ Accordingly, the Commission believes that the proposal raises no new or novel regulatory issues and waiver of the 30-day operative delay is consistent with the protection of investors and the public interest. The Commission therefore waives the 30-day operative delay and designates the proposed rule change to be operative upon filing.\14\ --------------------------------------------------------------------------- \11\ 17 CFR 240.19b-4(f)(6). \12\ 17 CFR 240.19b-4(f)(6)(iii). \13\ See OLPP Notice, supra note 3. \14\ 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). --------------------------------------------------------------------------- At any time within 60 days of the filing of such 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 [[Page 44684]] under Section 19(b)(2)(B) \15\ of the Act to determine whether the proposed rule change should be approved or disapproved. --------------------------------------------------------------------------- \15\ 15 U.S.C. 78s(b)(2)(B). --------------------------------------------------------------------------- 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 rule-comments@sec.gov. Please include File Number SR-BOX-2018-28 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-BOX-2018-28. 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 website (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 website 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 a.m. and 3 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. Persons submitting comments are cautioned that we do not redact or edit personal identifying information from comment submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-BOX-2018-28 and should be submitted on or before September 21, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\16\ --------------------------------------------------------------------------- \16\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-18894 Filed 8-30-18; 8:45 am] BILLING CODE 8011-01-P
![44682 Federal Register / Vol. 83, No. 170 / Friday, August 31, 2018 / Notices
SECURITIES AND EXCHANGE A. Self-Regulatory Organization’s LEAPs series for options classes on the
COMMISSION Statement of the Purpose of, and February or March expiration cycles
Statutory Basis for, the Proposed Rule would not have been available as early
[Release No. 34–83960; File No. SR–BOX– Change as January LEAPs series for options
2018–28] classes on the January expiration cycle,
1. Purpose
under the proposed change, all January
Self-Regulatory Organizations; BOX The purpose of this filing is to amend LEAPs series will be available
Exchange LLC; Notice of Filing and Rules 5050 (Series of Options Contracts concurrently.
Immediate Effectiveness of a Proposed Open for Trading) and 5070 (Long-term Accordingly, to conform to this
Rule Change To Amend BOX Rules Options Contracts) to conform to the change, the Exchange proposes to
5050 and 5070 recently approved changes to the modify Rule 5070(c) to reflect that new
Options Listing Procedures Plan January LEAPS series on equity options
August 27, 2018. (‘‘OLPP’’).4 classes, options on ETFs, or options on
Pursuant to Section 19(b)(1) of the The Exchange, which is one of the TIRs, may not be added on a currently
Securities Exchange Act of 1934 Participant Exchanges to the OLPP, listed and traded option class earlier
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 currently has rules that are designed to than the Monday prior to the September
notice is hereby given that on August incorporate the requirements of the expiration (which is 28 months before
15, 2018, BOX Exchange LLC (the OLPP.5 All Participant Exchanges have the expiration).
‘‘Exchange’’) filed with the Securities similar such (essentially uniform) rules
and Exchange Commission to ensure consistency and compliance Addition of Equity, ETF, and TIR
(‘‘Commission’’) the proposed rule with the OLPP. The Exchange proposes Option Series After Regular Trading
change as described in Items I and II to modify such rules to reflect the recent Hours
below, which Items have been prepared updates as described below. Second, the OLPP has been amended
by the self-regulatory organization. The to allow equity, ETF, and TIR option
Addition of Long-Term Equity Options
Commission is publishing this notice to series to be added based on trading after
(‘‘LEAPS’’)
solicit comments on the proposed rule regular trading hours (i.e., after-market).
from interested persons. First, the OLPP has been amended to As noted in the OLPP Notice, the prior
change the earliest date on which new version of the OLPP did not allow for
I. Self-Regulatory Organization’s January LEAPS on equity options,
Statement of the Terms of Substance of option series to be added based on
options on Exchange Traded Funds trading following regular trading hours.
the Proposed Rule Change (‘‘ETF’’), or options on Trust Issued As such, the Exchange Participants were
The Exchange proposes to amend Receipts (‘‘TIR’’) may be added to a unable to add new option series that
BOX Rule Rules 5050 (Series of Options single date (from three separate may result from trading following
Contracts Open for Trading) and 5070 months). As noted in the OLPP Notice, regular trading hours until the next
(Long-term Options Contracts) to in the past there were operational morning, depending on the range of
conform to the recently approved concerns related to adding new January prices in pre-market trading, which is
changes to the Options Listing LEAPs series for all options classes on significant because events that occur
Procedures Plan (‘‘OLPP’’).3 The text of which LEAPs were listed on a single after regular trading hours, such as
the proposed rule change is available trading day. And, the addition of new earnings releases, often have an
from the principal office of the series in a pre-electronic trading important impact on the price of an
Exchange, at the Commission’s Public environment was a manual process. To underlying security. In addition, there
Reference Room and also on the accommodate this, the addition of new are operational difficulties for market
Exchange’s internet website at http:// January LEAPs series was spread across participants throughout the industry
boxoptions.com. three months (September, October, and adding series after system startup. To
November). Today, however, these avoid the potential burden that would
II. Self-Regulatory Organization’s operational concerns related to January
Statement of the Purpose of, and result from the inability to add series as
LEAPs have been alleviated as new a result of trading following regular
Statutory Basis for, the Proposed Rule series can be added in bulk
Change trading hours, the OLPP was amended
electronically. The Plan Participants, to allow an additional category by
In its filing with the Commission, the including the Exchange, believe that which the price of an underlying
self-regulatory organization included moving the addition of new January security may be measured. Specifically,
statements concerning the purpose of, LEAPs series to no earlier than the to conform to the amended OLPP, the
and basis for, the proposed rule change Monday prior to the September Exchange proposes to add to Rule
and discussed any comments it received expiration would reduce marketplace 5050(b)(1) to provide that ‘‘for option
on the proposed rule change. The text confusion about available January series to be added based on trading
of these statements may be examined at LEAPs series. Where previously January following regular trading hours,’’ the
the places specified in Item IV below. 4 Id.
price of the underlying security is
The self-regulatory organization has 5 In addition to the Exchange, the ‘‘Participant
measured by ‘‘the most recent share
prepared summaries, set forth in Exchanges’’ are: Chicago Board Options Exchange, price reported by all national securities
Sections A, B, and C below, of the most Incorporated (now known as Cboe Exchange, Inc.), exchanges between 4:15 p.m. and 6:00
significant aspects of such statements. on behalf of the BATS Exchange, Inc. (now known p.m. Eastern Time.’’
daltland on DSKBBV9HB2PROD with NOTICES
as Cboe BZX Exchange, Inc.); C2 Exchange,
1 15
Incorporated (now known as Cboe C2 Exchange, Technical Changes
U.S.C. 78s(b)(1). Inc.); EDGX Exchange, Inc. (now known as Cboe
2 17 CFR 240.19b–4.
EDGX Exchange, Inc.); Miami International The Exchange proposes to modify
3 See Securities Exchange Act Release Nos. 82235 Securities Exchange, LLC; MIAX PEARL, LLC; Rule 5070(b) to delete now obsolete
(December 7, 2017), 82 FR 58668 (December 13, Nasdaq BX, Inc.; Nasdaq GEMX, LLC; Nasdaq ISE,
2017) (order approving the Fourth Amendment to LLC; Nasdaq MRX, LLC; Nasdaq Options Market,
operational language, which dates back
the OLPP); 81893 (October 18, 2017), 82 FR 49249 LLC; Nasdaq PHLX, LLC; NYSE Arca, Inc.; and to when LEAPs were first adopted. The
(‘‘OLPP Notice’’). NYSE American, LLC. language in question provides that:
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![44684 Federal Register / Vol. 83, No. 170 / Friday, August 31, 2018 / Notices
under Section 19(b)(2)(B) 15 of the Act to For the Commission, by the Division of A. Self-Regulatory Organization’s
determine whether the proposed rule Trading and Markets, pursuant to delegated Statement of the Purpose of, and
change should be approved or authority.16 Statutory Basis for, the Proposed Rule
disapproved. Eduardo A. Aleman, Change
Assistant Secretary.
IV. Solicitation of Comments 1. Purpose
[FR Doc. 2018–18894 Filed 8–30–18; 8:45 am]
Interested persons are invited to BILLING CODE 8011–01–P
The purpose of this proposed rule
submit written data, views, and change is to amend Rules 19.8 and 29.11
arguments concerning the foregoing, to delete now obsolete operational
including whether the proposed rule SECURITIES AND EXCHANGE language, which dates back to when
change is consistent with the Act. COMMISSION long-term options contracts were first
Comments may be submitted by any of adopted. This language provides that
the following methods: [Release No. 34–83958; File No. SR– when a new equity or index long-term
CboeEDGX–2018–039]
options contract series, as applicable, is
Electronic Comments
Self-Regulatory Organizations; Cboe listed, such series will be opened for
• Use the Commission’s internet trading either when there is buying or
comment form (http://www.sec.gov/ EDGX Exchange, Inc.; Notice of Filing
and Immediate Effectiveness of a selling interest, or 40 minutes prior to
rules/sro.shtml); or the close, whichever occurs first. No
• Send an email to rule-comments@ Proposed Rule Change To Delete
Obsolete Language Regarding the quotations will be posted for such
sec.gov. Please include File Number SR– option series until they are opened for
BOX–2018–28 on the subject line. Timing of Listing Long-Term Options
Series trading. The Exchange proposes to
Paper Comments delete this language because when this
August 27, 2018. language was adopted, long-term
• Send paper comments in triplicate options contracts were not opened for
to Secretary, Securities and Exchange Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the trading until late in the trading day
Commission, 100 F Street NE, unless there was buying or selling
Washington, DC 20549–1090. ‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on August interest. Today, however, technological
All submissions should refer to File improvements 3 allow the Exchange to
24, 2018, Cboe EDGX Exchange, Inc.
Number SR–BOX–2018–28. This file open all long-term options contract
(the ‘‘Exchange’’ or ‘‘EDGX’’) filed with
number should be included on the series at the same time as all other series
the Securities and Exchange
subject line if email is used. To help the in an option class.4
Commission (‘‘Commission’’) the
Commission process and review your
proposed rule change as described in 2. Statutory Basis
comments more efficiently, please use
Items I and II below, which Items have
only one method. The Commission will The Exchange believes the proposed
been prepared by the Exchange. The
post all comments on the Commission’s rule change is consistent with the
Commission is publishing this notice to
internet website (http://www.sec.gov/ Securities Exchange Act of 1934 (the
solicit comments on the proposed rule
rules/sro.shtml). Copies of the ‘‘Act’’) and the rules and regulations
change from interested persons.
submission, all subsequent thereunder applicable to the Exchange
amendments, all written statements I. Self-Regulatory Organization’s and, in particular, the requirements of
with respect to the proposed rule Statement of the Terms of Substance of Section 6(b) of the Act.5 Specifically,
change that are filed with the the Proposed Rule Change the Exchange believes the proposed rule
Commission, and all written The Exchange is proposing to amend change is consistent with the Section
communications relating to the Rules 19.8 and 29.11. 6(b)(5) 6 requirements that the rules of
proposed rule change between the The text of the proposed rule change an exchange be designed to prevent
Commission and any person, other than is available at the Exchange’s website at fraudulent and manipulative acts and
those that may be withheld from the www.markets.cboe.com, at the principal practices, to promote just and equitable
public in accordance with the office of the Exchange, and at the principles of trade, to foster cooperation
provisions of 5 U.S.C. 552, will be Commission’s Public Reference Room. and coordination with persons engaged
available for website viewing and in regulating, clearing, settling,
printing in the Commission’s Public II. Self-Regulatory Organization’s processing information with respect to,
Reference Room, 100 F Street NE, Statement of the Purpose of, and and facilitating transactions in
Washington, DC 20549, on official Statutory Basis for, the Proposed Rule securities, to remove impediments to
business days between the hours of 10 Change and perfect the mechanism of a free and
a.m. and 3 p.m. Copies of the filing also In its filing with the Commission, the open market and a national market
will be available for inspection and Exchange included statements system, and, in general, to protect
copying at the principal office of the concerning the purpose of and basis for investors and the public interest.
Exchange. All comments received will the proposed rule change and discussed Additionally, the Exchange believes the
be posted without change. Persons any comments it received on the proposed rule change is consistent with
submitting comments are cautioned that proposed rule change. The text of these
3 Historically, market participants needed to
we do not redact or edit personal statements may be examined at the manually adjust pricing models when a new long-
identifying information from comment places specified in Item IV below. The term options contract series was added, which was
submissions. You should submit only Exchange has prepared summaries, set time-consuming and created pricing risk. Market
daltland on DSKBBV9HB2PROD with NOTICES
information that you wish to make forth in Sections A, B, and C below, of participants’ systems are able to incorporate series
available publicly. All submissions added intraday in an automatic, and thus more
the most significant parts of such timely, manner. Therefore, any previous operational
should refer to File Number SR–BOX– statements. concerns related to the historic manual process
2018–28 and should be submitted on or have been alleviated.
before September 21, 2018. 16 17 CFR 200.30–3(a)(12). 4 See Rule 19.6(a)–(c) and 29.11(c).
1 15 U.S.C. 78s(b)(1). 5 15 U.S.C. 78f(b).
15 15 U.S.C. 78s(b)(2)(B). 2 17 CFR 240.19b–4. 6 15 U.S.C. 78f(b)(5).
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Document Created: 2018-08-31 00:53:52
Document Modified: 2018-08-31 00:53:52
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| Section | Notices | |
| FR Citation | 83 FR 44682 |
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