[Federal Register Volume 83, Number 37 (Friday, February 23, 2018)]
[Notices]
[Pages 8128-8131]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-03696]



[[Page 8128]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-82735; File No. SR-CboeBZX-2018-012]


Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of 
Filing and Immediate Effectiveness of a Proposed Rule Change To Expand 
the Short Term Options Series Program To Allow Monday Expirations for 
SPDR S&P 500 ETF Trust Options on the Exchange's Equity Options 
Platform

February 16, 2018.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given 
that on February 15, 2018, Cboe BZX Exchange, Inc. (the ``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 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)(iii) 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)(iii).
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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 expand the Short Term Options 
Series Program to allow Monday expirations for SPDR S&P 500 ETF Trust 
(``SPY'') options.
(additions are italicized; deletions are [bracketed])
* * * * *

Rules of Cboe BZX Exchange, Inc.

* * * * *
Rule 16.1. Definitions
    (a) With respect to the Rules contained in Chapters XVI to XXIX 
below, relating to the trading of options contracts on the Exchange, 
the following terms shall have the meanings specified in this Rule. A 
term defined elsewhere in the Exchange Rules shall have the same 
meaning with respect to this Chapter XVI, unless otherwise defined 
below.
    (1)-(56) (No change).
    (57) The term ``Short Term Option Series'' means a series in an 
option class that is approved for listing and trading on the Exchange 
in which the series is opened for trading on any Monday, Tuesday, 
Wednesday, Thursday or Friday that is a business day and that expires 
on the Monday, Wednesday or Friday of the next business week, or, in 
the case of a series that is listed on a Friday and expires on a 
Monday, is listed one business week and one business day prior to that 
expiration. If a Tuesday, Wednesday, Thursday or Friday is not a 
business day, the series may be opened (or shall expire) on the first 
business day immediately prior to that Tuesday, Wednesday, Thursday or 
Friday, respectively. For a series listed pursuant to this section for 
Monday expiration, if a Monday is not a business day, the series shall 
expire on the first business day immediately following that Monday.
    (58)-(63) (No change).
    Interpretations and Policies
    .01 (No change).
* * * * *
Rule 19.6. Series of Options Contracts Open for Trading
    (a)-(g) (No change).

Interpretations and Policies

    .01-.04 (No change).
    .05 After an option class has been approved for listing and trading 
on BZX Options, the Exchange may open for trading on any Thursday or 
Friday that is a business day (``Short Term Option Opening Date'') 
series of options on that class that expire on each of the next five 
(5) Fridays that are business days and are not Fridays in which monthly 
options series or Quarterly Options Series expire (``Short Term Option 
Expiration Dates''). The Exchange may have no more than a total of five 
Short Term Option Expiration Dates, not including any Monday or 
Wednesday SPY Expirations as provided in paragraph (g) below. If BZX 
Options is not open for business on the respective Thursday or Friday, 
the Short Term Option Opening Date will be the first business day 
immediately prior to that respective Thursday or Friday. Similarly, if 
BZX Options is not open for business on the Friday that the options are 
set to expire, the Short Term Option Expiration Date will be the first 
business day immediately prior to that Friday. Regarding Short Term 
Option Series:
    (a) (No change).
    (b) With the exception of Monday and Wednesday SPY Expirations, no 
Short Term Option Series may expire in the same week in which monthly 
option series on the same class expire or, in the case of Quarterly 
Options Series, on an expiration that coincides with an expiration of 
Quarterly Options Series on the same class.
    (c)-(f) (No change).
    (g) Monday and Wednesday SPY Expirations. The Exchange may open for 
trading on any Friday or Monday that is a business day series of 
options on the SPDR S&P 500 ETF Trust (``SPY'') to expire on any Monday 
of the month that is a business day and is not a Monday on which 
Quarterly Options Series expire (``Monday SPY Expirations''), provided 
that any Friday on which the Exchange opens for trading a Monday SPY 
Expiration is one business week and one business day prior to 
expiration. The Exchange may also open for trading on any Tuesday or 
Wednesday that is a business day series of SPY 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 [i]on which Quarterly Options 
Series expire (``Wednesday SPY Expirations''). The Exchange may list up 
to five consecutive Monday SPY Expirations and up to five consecutive 
Wednesday SPY Expirations at one time; the Exchange may have no more 
than a total of five Monday SPY Expirations and no more than a total of 
five Wednesday SPY Expirations. Monday and Wednesday SPY Expirations 
will be subject to the provisions of this Rule.
    .06-.07 (No change).
* * * * *
    The text of the proposed rule change is available at the Exchange's 
website at www.markets.cboe.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.

[[Page 8129]]

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

1. Purpose
    The Exchange proposes to expand the Short Term Options Series 
Program described in Rule 19.6 to allow the listing and trading of SPY 
options with Monday expirations. The Exchange also proposes to make 
corresponding changes to the definition of Short Term Options Series in 
Rule 16.1. This is a competitive filing based on a filing submitted by 
Nasdaq PHLX LLC (``Phlx''), which the Securities and Exchange 
Commission (``Commission'') recently approved.\5\
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    \5\ See Securities Exchange Act Release No. 82611, February 1, 
2018 (order approving SR-Phlx-2017-103).
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    Currently, as set forth in Rule 16.1(a)(57), a Short Term Option 
Series is a series in an option class that is approved for listing and 
trading on the Exchange in which the series is opened for trading on 
any Tuesday, Wednesday, Thursday, or Friday that is a business day and 
that expires on the Wednesday or Friday of the next business week. The 
Exchange now proposes to amend Rule 16.1(a)(57) to permit the listing 
of options series that expire on Mondays. Specifically, the Exchange 
proposes that it may open for trading series of options on any Monday 
that is a business day and that expires on the Monday of the next 
business week. The Exchange also proposes to list Monday expirations 
series on Fridays that precede the expiration Monday by one business 
week plus one business day. Since Rule 16.1(a)(57) already provides for 
the listing of short term option series on Fridays, the Exchange is not 
modifying this provision to allow for Friday listing of Monday 
expiration series. However, the Exchange is amending Rule 16.1(a)(57) 
to clarify that, in the case of a series that is listed on a Friday and 
expires on a Monday, that series must be listed one business week and 
one business day prior to that expiration (i.e. two Fridays prior to 
expiration). Monday expirations are not a novel proposal. Specifically, 
Cboe Exchange, Inc. (``Cboe Options'') is currently able to list Monday 
expirations for broad-based index options.\6\ Additionally, Phlx 
recently received Commission approval to list Monday SPY 
Expirations.\7\
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    \6\ See Cboe Options Rule 24.9(e) (describing Cboe Options 
nonstandard expirations pilot program). Pursuant to the nonstandard 
expirations pilot program, if Cboe Options is not open for business 
on a respective Monday, the normally Monday expiring Weekly 
Expirations will expire on the following business day.
    \7\ See supra note 5.
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    The Exchange also proposes to amend Rule 16.1(a)(57) to address the 
expiration of Monday expiration series when the Monday is not a 
business day. In that case, the rule will provide that the series will 
expire on the first business day immediately following that Monday. 
This procedure differs from the expiration date of the Wednesday 
expiration series that are scheduled to expire on a holiday. In that 
case, the Wednesday expiration series will expire on the first business 
day immediately prior to that Wednesday (e.g., Tuesday of that 
week).\8\ However, the Exchange believes it is preferable to require 
Monday expiration series in this scenario to expire on the Tuesday of 
that week rather than the previous business day (e.g., the previous 
Friday), since the Tuesday is closer in time to the scheduled 
expiration date of the series than the previous Friday, and therefore 
may be more representative of anticipated market conditions. The 
Exchange also notes that Cboe Options uses the same procedure for 
options on the S&P 500 index (``SPX'') with Monday expirations that are 
listed pursuant to its Nonstandard Expirations Pilot Program and that 
are scheduled to expire on a holiday.\9\
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    \8\ See Rule 16.1(a)(57).
    \9\ See Rule 24.9(e) (describing Cboe Options' nonstandard 
expirations pilot program). Pursuant to the nonstandard expirations 
pilot program, if Cboe Options is not open for business on a 
respective Monday, the normally Monday expiring Weekly Expirations 
will expire on the following business day.
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    The Exchange also proposes to make corresponding changes to Rule 
19.6, Interpretation and Policy .05, which sets forth the requirements 
for SPY options that are listed pursuant to the Short Term Options 
Series Program, to permit Monday SPY expirations (``Monday SPY 
Expirations''). Accordingly, the Exchange proposes to amend 
Interpretation and Policy .05(g) to state the Exchange may open for 
trading on any Friday or Monday that is a business day series of SPY 
options to expire on any Monday of the month that is a business day and 
is not a Monday on which Quarterly Options Series expire, provided that 
Monday SPY Expirations that are listed on a Friday must be listed at 
least one business week and one business day prior to the expiration.
    As with Wednesday SPY Expirations, the proposed rule change states 
the Exchange may list up to five consecutive Monday SPY Expirations at 
one time, and may have no more than a total of five Monday SPY 
Expirations (in addition to a maximum of five Short Term Options Series 
expirations for SPY options expiring on Friday and five Wednesday SPY 
Expirations). The Exchange proposes to clarify that the five 
expirations limit in the current Short Term Option Series Program would 
not include any Monday SPY Expirations. The five expirations limit in 
the current Short Term Option Series Program currently excludes any 
Wednesday SPY Expirations. This means, under the proposed rule change, 
the Exchange may list five Short Term Option Series expirations for SPY 
expiring on Friday, five Wednesday SPY Expirations, and five Monday SPY 
Expirations. The Exchange will also clarify that, as with Wednesday SPY 
Expirations, Monday SPY Expirations will be subject to the provisions 
of Rule 19.6.
    The proposed rule change also amends Rule 19.6, Interpretation and 
Policy .05(b), which addresses the listing of Short Term Option Series 
that expire in the same week as monthly or quarterly options series. 
Currently, the rule states no Short Term Option Series may expire in 
the same week in which monthly option series on the same class expire 
(with the exception of Wednesday SPY Expirations) or, in the case of 
Quarterly Option Series, on an expiration that coincides with an 
expiration of Quarterly Option Series on the same class. As with 
Wednesday SPY Expirations, the Exchange proposes to permit Monday SPY 
Expirations to expire in the same week as monthly option series on the 
same class. The Exchange believes it is reasonable to extend this 
exemption to Monday SPY Expirations because Monday SPY Expirations and 
standard monthly options will not expire on the same trading day, as 
standard monthly options expire on Fridays. Additionally, the Exchange 
believes that not listing Monday SPY Expirations for one week every 
month because there was a monthly SPY expiration on the Friday of that 
week would create investor confusion.
    The interval between strike prices for the proposed Monday SPY 
Expirations will be the same as those for the current Short Term Option 
Series for Wednesday and Friday SPY Expirations, which is a $0.50 
strike interval minimum.\10\
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    \10\ See Rule 19.6, Interpretation and Policy .05(f) (the 
Exchange may open for trading Short Term Option Series at $0.50 
strike price intervals for classes that trade in $1 dollar 
increments and are in the Short Term Option Series Program). 
Pursuant to Rule 19.4(d)(4), Interpretation and Policy .02, SPY 
options have $1 strike price intervals for non-Short Term Option 
Program series.

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[[Page 8130]]

    Currently, for each option class eligible for participation in the 
Short Term Option Series Program, the Exchange is limited to opening 30 
series for each expiration date for the specific class. The 30 series 
restriction does not include series that are opened by other securities 
exchanges under their respective short term option rules; the Exchange 
may list these additional series that are listed by other 
exchanges.\11\ This 30 series restriction will apply to Monday SPY 
Expirations 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 Mondays.
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    \11\ See Rule 19.6, Interpretation and Policy .05(a).
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    As is the case with other options series listed pursuant to the 
Short Term Option Series, the Monday 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 Monday 
expirations. The Exchange has necessary capacity and surveillance 
programs in place to support and properly monitor trading in the 
proposed Monday expiration series, including Monday SPY Expirations. 
The Exchange currently trades p.m.-settled Short Term Option Series 
that expire almost every Wednesday and Friday, which provide market 
participants with a tool to hedge special events and to reduce the 
premium cost of buying protection. The Exchange notes it has been 
listing Wednesday expirations since 2016. With the exception of Monday 
expiration series that are scheduled to expire on a holiday, the 
Exchange does not believe there are any material differences between 
Monday SPY Expirations and Wednesday or Friday SPY Expirations.
    The Exchange seeks to introduce Monday 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 Monday SPY Expirations, similar to Wednesday and 
Friday SPY Expirations, will allow market participants to purchase a 
SPY option based on their timing as needed and allow them to tailor 
their investment and hedging needs more effectively.
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.\12\ Specifically, the 
Exchange believes the proposed rule change is consistent with the 
Section 6(b)(5) \13\ requirements that the rules of an exchange be 
designed to prevent fraudulent and manipulative acts and practices, to 
promote just and equitable principles of trade, to foster cooperation 
and coordination with persons engaged in regulating, clearing, 
settling, processing information with respect to, and facilitating 
transactions in securities, to remove impediments to and perfect the 
mechanism of a free and open market and a national market system, and, 
in general, to protect investors and the public interest. Additionally, 
the Exchange believes the proposed rule change is consistent with the 
Section 6(b)(5) \14\ requirement that the rules of an exchange not be 
designed to permit unfair discrimination between customers, issuers, 
brokers, or dealers.
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    \12\ 15 U.S.C. 78f(b).
    \13\ 15 U.S.C. 78f(b)(5).
    \14\ Id.
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    In particular, the Exchange believes the Short Term Option Series 
Program has been successful to date and that Monday 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 the Short Term Option Series 
Program has expanded the landscape of hedging. Similarly, the Exchange 
believes Monday SPY Expirations should create greater trading and 
hedging opportunities and flexibility, and will provide customers with 
the ability to tailor their investment objectives more effectively. 
With the exception of Monday expiration series that are scheduled to 
expire on a holiday, the Exchange does not believe there are any 
material differences between Monday SPY Expirations and Wednesday or 
Friday SPY Expirations. The Exchange has been listing Wednesday SPY 
Expirations pursuant to Rule 19.6, Interpretation and Policy .05 since 
2016. The Exchange believes it is consistent with the Act to treat 
Monday SPY Expirations that expire on a holiday differently than 
Wednesday and Friday SPY Expirations, since the proposed treatment for 
Monday SPY Expirations will result in an expiration date that is closer 
in time to the scheduled expiration date of the series, and therefore 
may be more representative of anticipated market conditions. Cboe 
Options uses the same procedure for broad-based index options with 
Monday expirations listed pursuant the Nonstandard Expirations Pilot 
Program that are scheduled to expire on a holiday.\15\
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    \15\ See Cboe Options Rule 24.9(e) (describing Cboe Options' 
nonstandard expirations pilot program). Pursuant to the nonstandard 
expirations pilot program, 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.
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    Given the similarities between Monday SPY Expirations and Wednesday 
and Friday SPY Expirations, the Exchange believes applying the 
provisions in Rules 16.1(a)(57) and 19.6, Interpretation and Policy .05 
that currently apply to Wednesday SPY Expirations to Monday SPY 
Expirations is justified. For example, the Exchange believes allowing 
Monday SPY Expirations and monthly SPY expirations in the same week 
will benefit investors and minimize investor confusion by providing 
Monday SPY Expirations in a continuous and uniform manner. 
Additionally, the Exchange believes it is appropriate to not permit 
Monday SPY Expirations to expire on the same day as an expiration of 
SPY Quarterly Option Series. This is consistent with treatment of 
Wednesday SPY Expirations, which may currently expire in the same week 
as a monthly SPY expiration but may not expire on the same day as an 
expiration of SPY Quarterly Option Series.
    The Exchange represents it has an adequate surveillance program in 
place to detect manipulative trading in Monday SPY Expirations in the 
same way it monitors trading in the current Short Term Option Series. 
The Exchange also represents it has the necessary systems capacity to 
support the new options series.
    The proposed rule change is consistent with current rules of 
another options exchange, pursuant to which Cboe Options currently 
lists Monday expirations for weekly broad-based index options.\16\ 
Additionally, the proposed rule change is consistent with rules of 
another options exchange, as Phlx recently received Commission approval 
to list Monday SPY Expirations.\17\
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    \16\ Id.
    \17\ See supra note 5.
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(B) Self-Regulatory Organization's Statement on Burden on Competition

    BZX Options 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. Having Monday expirations is 
not a novel proposal, as Cboe Options currently lists weekly broad-
based index options with

[[Page 8131]]

Monday expirations pursuant to its nonstandard expirations pilot 
program. BZX Options does not believe the proposed rule change will 
impose any burden on intramarket competition, as all market 
participants will be treated in the same manner as they are with 
respect to existing Short Term Option Series. BZX Options does not 
believe the proposed rule change will impose any burden on intermarket 
competition, as Phlx recently received Commission approval to list 
Monday SPY Expirations.\18\ BZX Options believes this proposed rule 
change is necessary to ensure fair competition among the options 
exchanges. Additionally, nothing prevents other options exchange from 
proposing similar rules to list and trade short-term option series in 
SPY with Monday expirations.
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    \18\ Id.
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(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, the proposed rule 
change has become effective pursuant to Section 19(b)(3)(A) of the Act 
\19\ and Rule 19b-4(f)(6) thereunder.\20\
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    \19\ 15 U.S.C. 78s(b)(3)(A).
    \20\ 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) \21\ 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 
Phlx's substantially similar proposal to list and trade Monday SPY 
Expirations.\22\ The Exchange has stated that waiver of the operative 
delay will allow the Exchange to list and trade Monday 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 operative 
upon filing.\23\
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    \21\ 17 CFR 240.19b-4(f)(6)(iii).
    \22\ See supra note 5.
    \23\ 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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    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.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views and 
arguments concerning the foregoing, including whether the proposal 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 No. SR-CboeBZX-2018-012 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 No. SR-CboeBZX-2018-012. 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 10:00 a.m. and 
3:00 p.m. Copies of such filing will also 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 No. SR-CboeBZX-2018-012 and should be submitted on 
or before March 16, 2018.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\24\
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    \24\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-03696 Filed 2-22-18; 8:45 am]
 BILLING CODE 8011-01-P


