83 FR 62911 - Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 19.8, Long-Term Options Contracts
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 234 (December 6, 2018)
Federal Register Volume 83, Issue 234 (December 6, 2018)
| Page Range | 62911-62913 | |
| FR Document | 2018-26513 |
[Federal Register Volume 83, Number 234 (Thursday, December 6, 2018)] [Notices] [Pages 62911-62913] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-26513] ======================================================================= ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-84695; File No. SR-CboeBZX-2018-084] Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 19.8, Long-Term Options Contracts November 30, 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 November 23, 2018, Cboe BZX Exchange, Inc. (``Exchange'' or ``BZX Options'') 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 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 Cboe BZX Exchange, Inc. (the ``Exchange'' or ``BZX Options'') proposes to amend Rule 19.8, Long-Term Options Contracts. The text of the proposed rule change is provided below. (additions are italicized; deletions are [bracketed]) * * * * * Rules of Cboe BZX Exchange, Inc. * * * * * Rule 19.8. Long-Term Options Contracts [(a)] Notwithstanding conflicting language in Rule 19.6 (Series of Options Contracts Open for Trading), the Exchange may list long-term options contracts that expire from twelve (12) to thirty-nine (39) months from the time they are listed. There may be up to ten (10) additional expiration months for options on SPY and up to six (6) additional expiration months for all other option classes. Strike price interval, bid/ask differential and continuity rules shall not apply to such options series until the time to expiration is less than nine (9) months. * * * * * The text of the proposed rule change is also available on the Exchange's website (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 The Exchange proposes to amend Rule 19.8, Long-Term Option Contracts, to permit the listing and trading of up to ten (10) long- term expiration months for long-term options on the SPDR[supreg] S&P 500[supreg] exchange-traded fund (``SPY'') in response to customer demand.\3\ Rule 19.8 currently provides that the Exchange may list long-term option contracts that expire from twelve (12) to thirty-nine (39) months from the time they are listed (``long-term expiration months''). There may be up to six (6) long-term expiration months per option class.\4\ The proposal will add liquidity to the SPY options market by allowing market participants to hedge risks relating to SPY positions over a longer period with a known and limited cost. --------------------------------------------------------------------------- \3\ The proposed rule change also deletes the paragraph letter (a) in Rule 19.8, as there is only one paragraph in the Rule, making a paragraph letter unnecessary. In contrast to Rule 19.8, Rule 29.11(b)(1)(A) (which applies to index options) permits the Exchange to list long-term index options series based on either the full or reduced value of the underlying index, adding up to ten (10) expiration months. The Exchange seeks to list ten (10) long-term expiration months on SPY, just as it now may list ten (10) expiration months on long-term index option series, in order to provide investors with a wider choice of investments. \4\ Pursuant to rule 19.8, strike price interval, bid/ask differential, and continuity rules do not apply to such options series until the time to expiration is less than nine (9) months. --------------------------------------------------------------------------- The SPY options market today is characterized by its tremendous daily and annual liquidity. As a consequence, the Exchange believes that the listing of additional SPY long-term expiration months would be well received by investors. This proposal to expand the number of permitted SPY long-term expiration months would not apply to long-term expiration months on any other class of options.\5\ --------------------------------------------------------------------------- \5\ Historically, SPY is the largest and most actively traded ETF in the United States as measured by its assets under management and the value of shares traded. --------------------------------------------------------------------------- The Exchange proposes to implement the proposed rule change on the date of this rule filing. 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.\6\ Specifically, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5) \7\ 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 [[Page 62912]] 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) \8\ requirement that the rules of an exchange not be designed to permit unfair discrimination between customers, issuers, brokers, or dealers. --------------------------------------------------------------------------- \6\ 15 U.S.C. 78f(b). \7\ 15 U.S.C. 78f(b)(5). \8\ Id. --------------------------------------------------------------------------- In particular, the proposed rule change offers market participants additional long-term expiration months on SPY options for their investment and risk management purposes. The proposal is intended simply to provide additional trading opportunities which have been requested by customers, thereby facilitating transactions in options and contributing to the protection of investors and the maintenance of fair and orderly markets. The proposed rule change responds to the continuing needs of market participants, particularly portfolio managers and other institutional customers, by providing protection from long-term market moves and by offering an alternative to hedging portfolios with future positions or off-exchange customized derivative instruments. Rule 19.8 has permitted up to six (6) long-term expiration months in option classes since the launch of BZX Options in 2010. Other exchanges, such as Nasdaq PHLX LLC (``Phlx''), have permitted up to six ``LEAPS'' since 1991, when it increased the number of permissible expiration months from four to six. As noted by Phlx (in its recent proposal to permit up to ten LEAPS expiration months for options on SPY), when the Securities and Exchange Commission (the ``Commission'') approved the increase to six expiration months, the Commission stated that it did not believe that increasing the number of expiration months to six would cause, by itself, a proliferation of expiration months. The Commission also required that Phlx monitor the volume of additional options series listed as a result of the rule change, and the effect on Phlx's system capacity and quotation dissemination displays.\9\ --------------------------------------------------------------------------- \9\ See Securities Exchange Act Release No. 84449 (October 18, 2018), 83 FR 53699 (October 24, 2018)(SR-Phlx-2018-64); see also Securities Exchange Act Release No. 29103 (April 18, 1991), 56 FR 19132 (April 25, 1991) (approving SR-Phlx-91-18). --------------------------------------------------------------------------- The Exchange believes that the addition today of four (4) additional long-term expiration months on SPY options likewise does not represent a proliferation of expiration months, but is instead a very modest expansion of long-term options in response to stated customer demand. Significantly, the proposal would feature new long-term expiration months in only a single class of options that are very liquid and heavily traded, as discussed above. Additionally, the Exchange notes by way of precedent, that ten (10) expiration months are already permitted for long-term index options series. Further, the Exchange has the necessary systems capacity to support the new SPY long-term expiration months. 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 that is not necessary or appropriate in furtherance of the purposes of the Act. The proposal merely provides investors additional investment and risk management opportunities by providing flexibility to the Exchange to list additional long-term options expiration series, expanding the number of SPY long-term expiration months offered on the Exchange from six (6) long-term expiration months to ten (10) long-term expiration months. Other options exchanges currently permit the listing of ten (10) long-term expiration months for SPY.\10\ --------------------------------------------------------------------------- \10\ See, e.g., Phlx Rule 1012(a)(i)(D); Miami International Securities Exchange, LLC (``MIAX'') Rule 406(a); and NYSE Arca, Inc. (``Arca'') Rule 6.4-O(d)(i). --------------------------------------------------------------------------- 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 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, it has become effective pursuant to Section 19(b)(3)(A) of the Act \11\ and Rule 19b- 4(f)(6) thereunder.\12\ --------------------------------------------------------------------------- \11\ 15 U.S.C. 78s(b)(3)(A). \12\ 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 Commission has waived this requirement in this case. --------------------------------------------------------------------------- A proposed rule change filed under Rule 19b-4(f)(6) \13\ normally does not become operative prior to 30 days after the date of the filing. However, pursuant to Rule 19b-4(f)(6)(iii),\14\ 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 upon filing. The Exchange's proposal would conform the Exchange's rules relating to the permitted number of long term expiration months for long-term options on SPY to those of other exchanges.\15\ 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 proposal operative upon filing.\16\ --------------------------------------------------------------------------- \13\ Id. \14\ 17 CFR 240.19b-4(f)(6)(iii). \15\ See supra note 10. \16\ 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 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. 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-CboeBZX-2018-084 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-CboeBZX-2018-084. This file number should be included on the [[Page 62913]] 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 10:00 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. 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- CboeBZX-2018-084, and should be submitted on or before December 27, 2018. --------------------------------------------------------------------------- \17\ 17 CFR 200.30-3(a)(12). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\17\ Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-26513 Filed 12-4-18; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 83, No. 234 / Thursday, December 6, 2018 / Notices 62911
POSTAL SERVICE I. Self-Regulatory Organization’s for long-term options on the SPDR® S&P
Statement of the Terms of Substance of 500® exchange-traded fund (‘‘SPY’’) in
Product Change—Priority Mail the Proposed Rule Change response to customer demand.3 Rule
Negotiated Service Agreement 19.8 currently provides that the
Cboe BZX Exchange, Inc. (the
‘‘Exchange’’ or ‘‘BZX Options’’) Exchange may list long-term option
AGENCY: Postal ServiceTM. contracts that expire from twelve (12) to
proposes to amend Rule 19.8, Long-
ACTION: Notice. thirty-nine (39) months from the time
Term Options Contracts. The text of the
they are listed (‘‘long-term expiration
proposed rule change is provided
SUMMARY: The Postal Service gives months’’). There may be up to six (6)
below.
notice of filing a request with the Postal long-term expiration months per option
(additions are italicized; deletions are
Regulatory Commission to add a class.4 The proposal will add liquidity
[bracketed])
domestic shipping services contract to to the SPY options market by allowing
* * * * * market participants to hedge risks
the list of Negotiated Service Rules of Cboe BZX Exchange, Inc.
Agreements in the Mail Classification relating to SPY positions over a longer
Schedule’s Competitive Products List. * * * * * period with a known and limited cost.
The SPY options market today is
Date of required notice:
DATES:
Rule 19.8. Long-Term Options Contracts
characterized by its tremendous daily
December 5, 2018. [(a)] Notwithstanding conflicting and annual liquidity. As a consequence,
language in Rule 19.6 (Series of Options the Exchange believes that the listing of
FOR FURTHER INFORMATION CONTACT:
Contracts Open for Trading), the additional SPY long-term expiration
Elizabeth Reed, 202–268–3179.
Exchange may list long-term options months would be well received by
SUPPLEMENTARY INFORMATION: The contracts that expire from twelve (12) to investors. This proposal to expand the
United States Postal Service® hereby thirty-nine (39) months from the time number of permitted SPY long-term
gives notice that, pursuant to 39 U.S.C. they are listed. There may be up to ten expiration months would not apply to
3642 and 3632(b)(3), on November 30, (10) additional expiration months for long-term expiration months on any
2018, it filed with the Postal Regulatory options on SPY and up to six (6) other class of options.5
Commission a USPS Request to Add additional expiration months for all The Exchange proposes to implement
Priority Mail Contract 485 to other option classes. Strike price the proposed rule change on the date of
Competitive Product List. Documents interval, bid/ask differential and this rule filing.
are available at www.prc.gov, Docket continuity rules shall not apply to such 2. Statutory Basis
Nos. MC2019–36, CP2019–38. options series until the time to
expiration is less than nine (9) months. The Exchange believes the proposed
Elizabeth Reed, rule change is consistent with the
Attorney, Corporate and Postal Business Law. * * * * *
Securities Exchange Act of 1934 (the
The text of the proposed rule change
[FR Doc. 2018–26451 Filed 12–4–18; 8:45 am] ‘‘Act’’) and the rules and regulations
is also available on the Exchange’s thereunder applicable to the Exchange
BILLING CODE 7710–12–P
website (http://www.cboe.com/ and, in particular, the requirements of
AboutCBOE/CBOELegal Section 6(b) of the Act.6 Specifically,
RegulatoryHome.aspx), at the the Exchange believes the proposed rule
SECURITIES AND EXCHANGE Exchange’s Office of the Secretary, and change is consistent with the Section
COMMISSION at the Commission’s Public Reference 6(b)(5) 7 requirements that the rules of
Room. an exchange be designed to prevent
[Release No. 34–84695; File No. SR– II. Self-Regulatory Organization’s fraudulent and manipulative acts and
CboeBZX–2018–084] Statement of the Purpose of, and practices, to promote just and equitable
Statutory Basis for, the Proposed Rule principles of trade, to foster cooperation
Self-Regulatory Organizations; Cboe Change and coordination with persons engaged
BZX Exchange, Inc.; Notice of Filing in regulating, clearing, settling,
In its filing with the Commission, the
and Immediate Effectiveness of a processing information with respect to,
Exchange included statements
Proposed Rule Change To Amend Rule and facilitating transactions in
19.8, Long-Term Options Contracts concerning the purpose of and basis for
the proposed rule change and discussed 3 The proposed rule change also deletes the
November 30, 2018. any comments it received on the paragraph letter (a) in Rule 19.8, as there is only one
Pursuant to Section 19(b)(1) of the proposed rule change. The text of these paragraph in the Rule, making a paragraph letter
statements may be examined at the unnecessary. In contrast to Rule 19.8, Rule
Securities Exchange Act of 1934 29.11(b)(1)(A) (which applies to index options)
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 places specified in Item IV below. The permits the Exchange to list long-term index
notice is hereby given that on November Exchange has prepared summaries, set options series based on either the full or reduced
23, 2018, Cboe BZX Exchange, Inc. forth in sections A, B, and C below, of value of the underlying index, adding up to ten (10)
the most significant aspects of such expiration months. The Exchange seeks to list ten
(‘‘Exchange’’ or ‘‘BZX Options’’) filed (10) long-term expiration months on SPY, just as it
with the Securities and Exchange statements. now may list ten (10) expiration months on long-
Commission (‘‘Commission’’) the A. Self-Regulatory Organization’s term index option series, in order to provide
investors with a wider choice of investments.
proposed rule change as described in Statement of the Purpose of, and 4 Pursuant to rule 19.8, strike price interval, bid/
Items I and II below, which Items have
khammond on DSK30JT082PROD with NOTICES
Statutory Basis for, the Proposed Rule ask differential, and continuity rules do not apply
been prepared by the Exchange. The Change to such options series until the time to expiration
Commission is publishing this notice to is less than nine (9) months.
solicit comments on the proposed rule 1. Purpose 5 Historically, SPY is the largest and most actively
traded ETF in the United States as measured by its
change from interested persons. The Exchange proposes to amend assets under management and the value of shares
Rule 19.8, Long-Term Option Contracts, traded.
1 15 U.S.C. 78s(b)(1). to permit the listing and trading of up 6 15 U.S.C. 78f(b).
2 17 CFR 240.19b–4. to ten (10) long-term expiration months 7 15 U.S.C. 78f(b)(5).
VerDate Sep<11>2014 20:35 Dec 04, 2018 Jkt 247001 PO 00000 Frm 00079 Fmt 4703 Sfmt 4703 E:\FR\FM\06DEN1.SGM 06DEN1](https://thefederalregister.org/doc/83_FR_63145/page/1.svg)
![Federal Register / Vol. 83, No. 234 / Thursday, December 6, 2018 / Notices 62913
subject line if email is used. To help the with the Securities and Exchange A. Self-Regulatory Organization’s
Commission process and review your Commission (‘‘Commission’’) the Statement of the Purpose of, and
comments more efficiently, please use proposed rule change as described in Statutory Basis for, the Proposed Rule
only one method. The Commission will Items I and II below, which Items have Change
post all comments on the Commission’s been prepared by the Exchange. The 1. Purpose
internet website (http://www.sec.gov/ Commission is publishing this notice to
rules/sro.shtml). Copies of the solicit comments on the proposed rule The Exchange proposes to amend
submission, all subsequent change from interested persons. Rule 19.8, Long-Term Option Contracts,
amendments, all written statements to permit the listing and trading of up
with respect to the proposed rule I. Self-Regulatory Organization’s to ten (10) long-term expiration months
change that are filed with the Statement of the Terms of Substance of for long-term options on the SPDR® S&P
Commission, and all written the Proposed Rule Change 500® exchange-traded fund (‘‘SPY’’) in
communications relating to the Cboe EDGX Exchange, Inc. (the response to customer demand.3 Rule
proposed rule change between the 19.8 currently provides that the
‘‘Exchange’’ or ‘‘EDGX Options’’)
Commission and any person, other than Exchange may list long-term option
proposes to amend Rule 19.8, Long-
those that may be withheld from the contracts that expire from twelve (12) to
Term Options Contracts. The text of the
public in accordance with the thirty-nine (39) months from the time
proposed rule change is provided
provisions of 5 U.S.C. 552, will be they are listed (‘‘long-term expiration
below.
available for website viewing and months’’). There may be up to six (6)
printing in the Commission’s Public (additions are italicized; deletions are long-term expiration months per option
Reference Room, 100 F Street NE, [bracketed]) class.4 The proposal will add liquidity
Washington, DC 20549 on official * * * * * to the SPY options market by allowing
business days between the hours of Rules of Cboe EDGX Exchange, Inc. market participants to hedge risks
10:00 a.m. and 3:00 p.m. Copies of the relating to SPY positions over a longer
* * * * *
filing also will be available for period with a known and limited cost.
inspection and copying at the principal Rule 19.8. Long-Term Options The SPY options market today is
office of the Exchange. All comments Contracts characterized by its tremendous daily
received will be posted without change. [(a)] Notwithstanding conflicting and annual liquidity. As a consequence,
Persons submitting comments are language in Rule 19.6 (Series of Options the Exchange believes that the listing of
cautioned that we do not redact or edit Contracts Open for Trading), the additional SPY long-term expiration
personal identifying information from Exchange may list long-term options months would be well received by
comment submissions. You should contracts that expire from twelve (12) to investors. This proposal to expand the
submit only information that you wish thirty-nine (39) months from the time number of permitted SPY long-term
to make available publicly. All they are listed. There may be up to ten expiration months would not apply to
submissions should refer to File (10) additional expiration months for long-term expiration months on any
Number SR–CboeBZX–2018–084, and options on SPY and up to six (6) other class of options.5
should be submitted on or before additional expiration months for all The Exchange proposes to implement
December 27, 2018. other option classes. Strike price the proposed rule change on the date of
interval, bid/ask differential and this rule filing.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated continuity rules shall not apply to such 2. Statutory Basis
authority.17 options series until the time to
expiration is less than nine (9) months. The Exchange believes the proposed
Eduardo A. Aleman, rule change is consistent with the
Assistant Secretary. * * * * * Securities Exchange Act of 1934 (the
[FR Doc. 2018–26513 Filed 12–4–18; 8:45 am] The text of the proposed rule change ‘‘Act’’) and the rules and regulations
BILLING CODE 8011–01–P is also available on the Exchange’s thereunder applicable to the Exchange
website (http://www.cboe.com/ and, in particular, the requirements of
AboutCBOE/CBOELegal Section 6(b) of the Act.6 Specifically,
SECURITIES AND EXCHANGE RegulatoryHome.aspx), at the the Exchange believes the proposed rule
COMMISSION Exchange’s Office of the Secretary, and change is consistent with the Section
[Release No. 34–84699; File No. SR– at the Commission’s Public Reference
CboeEDGX–2018–056] Room. 3 The proposed rule change also deletes the
paragraph letter (a) in Rule 19.8, as there is only one
Self-Regulatory Organizations; Cboe II. Self-Regulatory Organization’s paragraph in the Rule, making a paragraph letter
EDGX Exchange, Inc.; Notice of Filing Statement of the Purpose of, and unnecessary. In contrast to Rule 19.8, Rule
Statutory Basis for, the Proposed Rule 29.11(b)(1)(A) (which applies to index options)
and Immediate Effectiveness of a permits the Exchange to list long-term index
Proposed Rule Change To Amend Rule Change options series based on either the full or reduced
19.8, Long-Term Options Contracts value of the underlying index, adding up to ten (10)
In its filing with the Commission, the expiration months. The Exchange seeks to list ten
November 30, 2018. Exchange included statements (10) long-term expiration months on SPY, just as it
Pursuant to Section 19(b)(1) of the concerning the purpose of and basis for now may list ten (10) expiration months on long-
the proposed rule change and discussed term index option series, in order to provide
Securities Exchange Act of 1934 investors with a wider choice of investments.
any comments it received on the
khammond on DSK30JT082PROD with NOTICES
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 4 Pursuant to rule 19.8, strike price interval, bid/
notice is hereby given that on November proposed rule change. The text of these ask differential, and continuity rules do not apply
23, 2018, Cboe EDGX Exchange, Inc. statements may be examined at the to such options series until the time to expiration
places specified in Item IV below. The is less than nine (9) months.
(‘‘Exchange’’ or ‘‘EDGX Options’’) filed 5 Historically, SPY is the largest and most actively
Exchange has prepared summaries, set
traded ETF in the United States as measured by its
17 17 CFR 200.30–3(a)(12). forth in sections A, B, and C below, of assets under management and the value of shares
1 15 U.S.C. 78s(b)(1). the most significant aspects of such traded.
2 17 CFR 240.19b–4. statements. 6 15 U.S.C. 78f(b).
VerDate Sep<11>2014 20:35 Dec 04, 2018 Jkt 247001 PO 00000 Frm 00081 Fmt 4703 Sfmt 4703 E:\FR\FM\06DEN1.SGM 06DEN1](https://thefederalregister.org/doc/83_FR_63145/page/3.svg)
Document Created: 2018-12-05 02:36:27
Document Modified: 2018-12-05 02:36:27
| 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 | 83 FR 62911 |
2025 Federal Register | Disclaimer | Privacy Policy
USC | CFR | eCFR