[Federal Register Volume 85, Number 36 (Monday, February 24, 2020)]
[Notices]
[Pages 10491-10495]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-03532]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-88232; File No. SR-CBOE-2020-010]


Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of 
Filing of a Proposed Rule Change Relating To Adopt Flexible Exchange 
Options (``FLEX Options'') With a Contract Multiplier of One (``FLEX 
Micro Options'')

February 18, 2020.
    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 4, 2020, Cboe Exchange, Inc. (the ``Exchange'' or 
``Cboe Options'') filed with the Securities and Exchange Commission 
(the ``Commission'') the proposed rule change as described in Items I, 
II, and III 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.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    Cboe Exchange, Inc. (the ``Exchange'' or ``Cboe Options'') proposes 
to adopt flexible exchange options (``FLEX options'') with a contract 
multiplier of one (``FLEX Micro Options''). The text of the proposed 
rule change is provided in Exhibit 5.

[[Page 10492]]

    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 proposed rule change adopts FLEX Micro Options, which are FLEX 
Options with a contract multiplier of one. Rule 4.21(b) provides that a 
FLEX Trader \3\ must include all terms of a FLEX Option series when 
submitting a FLEX Order.\4\ Currently, the contract multiplier for all 
FLEX Options is 100.\5\ The proposed rule change amends Rule 4.21(b)(1) 
to state that when identifying the underlying security or index, the 
FLEX Trader must also include whether the contract multiplier is one or 
100, and defines FLEX Options with a multiplier of one as FLEX Micro 
Options. In other words, 100 FLEX Micro Options are equivalent to one 
standard FLEX Option.\6\ Because non-FLEX Options have multipliers of 
100, FLEX Micro Options will not be fungible with any non-FLEX Options, 
and thus will only be available for trading pursuant to FLEX trading 
procedures in Chapter 5, Section F of the Rules.\7\
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    \3\ A ``FLEX Trader'' is a Trading Permit Holder the Exchange 
has approved to trade FLEX Options on the Exchange.
    \4\ These terms include the underlying equity security or index, 
the type of options (put or call), exercise style, expiration date, 
settlement type, and exercise price. See Rule 4.21(b). A FLEX'' 
Order'' is an order submitted in FLEX Options. The submission of a 
FLEX Order makes the FLEX Option series in that order eligible for 
trading. See Rule 5.72(b).
    \5\ Rule 4.21(b)(1). The proposed rule change clarifies in Rule 
4.21(b)(1) that the contract multiplier for both FLEX Equity and 
Index Options is 100, as the current rule only provides that the 
index multiplier is 100 for FLEX Index Options. This is not a 
substantive change and merely a clarification in the Rules regarding 
the current multiplier for FLEX Options.
    \6\ The proposed rule change also amends Rule 5.74(a)(4) to 
provide that the minimum size of an agency order for a FLEX 
solicitation auction mechanism (``SAM'') will be 50,000 FLEX Micro 
Option contracts, which is equivalent to 500 standard FLEX option 
contracts, the current minimum size of agency orders for SAM 
auctions. This corresponds to the minimum size of 5,000 mini-
options.
    \7\ See proposed Rule 4.22(d).
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    For example, on January 28, 2020, the S&P 500 Index was at 3273.76 
intraday. Therefore, at that time, one S&P 500 Index option (``SPX 
option'') contract had a notional value of $327,376 (100 times 
3273.76). The SPX Feb 3300 call option was trading at $30.20, making 
the cost of the standard contract overlying 100 units of the index was 
be $3,020. Proportionately equivalent FLEX Micro Option contracts on 
SPX would provide investors with the ability to manage and hedge their 
positions and portfolio risk on their underlying investment, at a price 
of $30.20 per contract. The table below demonstrates the proposed 
differences between a FLEX Micro Options contract and a standard FLEX 
Option contract with an exercise price of $3025 and a bid or offer of 
$3.20:

------------------------------------------------------------------------
                  Term                       Standard          Micro
------------------------------------------------------------------------
Contract Multiplier.....................             100               1
Strike Price............................            3025            3025
Bid/offer...............................            3.20            3.20
                                         -------------------------------
    Total Value of Deliverable..........        $302,500          $3,025
                                         -------------------------------
    Total Value of Contract.............            $320           $3.20
------------------------------------------------------------------------

    The Exchange believes there is a demand from investors for FLEX 
Micro Options, and that the proposed rule change will expand investors' 
choices and flexibility with respect to the trading of FLEX Options. 
These options will provide investors with additional granularity with 
respect to the prices at which they may execute and exercise their FLEX 
Options on the Exchange, as investors may execute and exercise over-
the-counter options with this smaller contract multiplier. The Exchange 
believes this additional granularity will appeal to investors, as it 
will provide them with an additional tool to manage their positions 
based on notional value, which currently may equal a fraction of a 
standard contract.
    For example, suppose a FLEX Trader holds a security portfolio of 
$10,000,000. The FLEX Trader desires to hedge its portfolio with FLEX 
SPX Options. Assume the current value of the S&P 500 Index is 3,253.82. 
With a 100 multiplier, a standard FLEX SPX Option contract would have a 
notional value of $325,382.00. In order to hedge the entire portfolio, 
the FLEX Trader would need to trade 30.73 contracts ($10,000,000/
$325,382). The nearest whole number of contracts would 31 contracts, 
which would have a total notional value of $10,086,842. As a result, 
the FLEX Trader could only hedge within $86,842 of its portfolio value 
with standard FLEX Options. With a one multiplier, a FLEX SPX Micro 
Option contract would have a notional value of $3,253.82. In order to 
hedge the entire $10,000,000 portfolio, the FLEX Trader would need to 
trade 3,073.3 ($10,000,000/$3,253.82). The nearest whole number of 
contracts would be 3,073 FLEX Micro SPX Option contracts, which would 
have a total notional value of $9,998,988.86.\8\ This will allow the 
FLEX Trader to hedge within $1,011.14 of its portfolio value. 
Therefore, the availability of FLEX Micro Options would permit this 
FLEX Trader to hedge its portfolio with far greater precision 
($85,830.86).
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    \8\ The FLEX Trader could also trade 30 standard FLEX SPX Option 
contracts (for a total notional value of $9,761,460) and 73 FLEX SPX 
Micro Option contracts (for a total notional value of $237,528.86), 
which would have the same total notional value.
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    FLEX Micro Options will be traded in the same manner as all other 
FLEX Options pursuant to Chapter 5, Section F of the Rules. As 
demonstrated above, there are two important distinctions between 
standard FLEX Options and

[[Page 10493]]

FLEX Micro Options due to the difference in multipliers. The proposed 
rule change amends certain Rules describing the exercise prices and 
bids and offers of FLEX Options to reflect these distinctions. The 
proposed rule change amends Rule 4.21(b)(6) to describe the difference 
between the meaning of the exercise price of a standard FLEX Option and 
a FLEX Micro Option. Specifically, the proposed rule change states that 
exercise prices for FLEX Micro Options are set at the same level as 
they are for standard FLEX Options. For example, a standard FLEX Equity 
Option series with an exercise price to deliver 100 shares of the 
underlying security at $50 has a total deliverable value of $5,000, and 
would have an exercise price of 50. This is true today, and merely adds 
an example to the rule regarding the exercise price of a standard FLEX 
Option series, the deliverables for which are equal to the exercise 
price times the 100 contract multiplier to determine the deliverable 
dollar value. The proposed rule change also adds how the deliverable 
dollar value will be determined for a FLEX Micro Option. A FLEX Micro 
Equity Option series with an exercise price to deliver one share of the 
underlying security at $50 has a total deliverable value of $50, and 
would have an exercise price of 50.\9\ Because a FLEX Micro Option has 
a multiplier of 1/100 of the multiplier of a standard FLEX Option, the 
value of a FLEX Micro Option's deliverable as a result is 1/100 of the 
value of a standard FLEX Option's deliverable.
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    \9\ This corresponds to the calculation of exercise prices for 
other types of options with reduced multiplier. For example, Rule 
4.5, Interpretation and Policy .18(b) provides that strike prices 
(i.e., exercise prices) for mini-options (which have multipliers of 
10 rather than 100, as set forth in Rule 4.5, Interpretation and 
Policy .18(a)) are set at the same level as for standard options. 
For example, a call series strike price to deliver 10 shares of 
stock at $125 per share has a total deliverable value of $1,250 (10 
x 125) if the strike is 125. A standard non-FLEX option with a 
strike price of 125 would have a total deliverable value of $12,500 
(100 x 125).
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    Similarly, the proposed rule change amends Rule 5.3(e)(3) to 
describe the difference between the meaning of bids and offers for 
standard FLEX Options and FLEX Micro Options. Currently, that rule 
states that bids and offers for FLEX Options must be expressed in (a) 
U.S. dollars and decimals if the exercise price for the FLEX Option 
series is a fixed price, or (b) a percentage, if the exercise price for 
the FLEX Option series is a percentage of the closing value of the 
underlying equity security or index on the trade date, per unit. As 
noted above, a standard FLEX Option contract unit consists of 100 
shares of the underlying security or 100 times the value of the 
underlying index, as they currently have a 100 contract multiplier.\10\ 
The proposed rule change clarifies that bids and offers are expressed 
per unit, if a standard FLEX Option, and adds an example. Specifically, 
the proposed rule change states that for a standard FLEX Option with an 
exercise price expressed as U.S. dollars and decimals, a bid of 
``0.50'' represents a bid of $50 (0.50 times 100). The proposed rule 
change also adds to Rule 5.3(e)(3) the meaning of FLEX Micro Option 
bids and offers. Specifically, bids and offers for FLEX Micro Options 
must be expressed in (a) U.S. dollars and decimals if the exercise 
price for the FLEX Option series is a fixed price, or (b) a percentage, 
if the exercise price for the FLEX Option series is a percentage of the 
closing value of the underlying equity security or index on the trade 
date, per 1/100th unit of the underlying security or index, as 
applicable.\11\ Additionally, the proposed rule change states that for 
a FLEX Micro Option, a bid of ``0.50'' represents a bid of $0.50 (0.50 
times one). The Exchange believes this approach identifies a clear, 
transparent description of the differences between standard FLEX 
Options and FLEX Micro Options. Additionally, the Exchange believes the 
proposed terms of FLEX Micro Options are consistent with the terms of 
the Options Disclosure Document.\12\
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    \10\ See current Rule 4.21(b)(1).
    \11\ This corresponds to the meaning of bids and offers for 
other types of options with reduced multiplier. For example, Rule 
5.3(c) provides that bids and offers for an option contract 
overlying 10 shares (i.e., mini-options) must be expressed in terms 
of dollars per 1/10th part of the total value of the contract (for 
example, an offer of 0.50 represents an offer of $5.00 for an option 
contract having a unit of trading consisting of 10 shares, as 
opposed to $50 for a standard option contract having a unit of 
trading consisting of 100 shares).
    \12\ The Options Disclosure Document (``ODD'') is available at 
https://www.theocc.com/about/publications/character-risks.jsp. The 
ODD states that the exercise price of a stock option is multiplied 
by the number of shares underlying the option to determine the 
aggregate exercise price and aggregate premium of that option. See 
ODD at 18. Similarly, the ODD states that the total exercise price 
for an index option is the exercise price multiplied by the 
multiplier, and the aggregate premium is the premium multiplied by 
the multiplier. See ODD at 8, 9, and 125. Per the ODD, the amount of 
the underlying interest may be a variable term with respect to 
flexibly structured options (i.e., FLEX Options).
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    The proposed rule change amends Rule 8.35(a) regarding position 
limits for FLEX Options to describe how FLEX Micro Options will be 
counted for purposes of determining compliance with position limits. 
Because 100 FLEX Micro Options are equivalent to one standard FLEX 
Option due to the difference in contract multipliers, proposed Rule 
8.35(a)(7) states that for purposes of determining compliance with the 
position limits under Rule 8.35, 100 FLEX Micro Option contracts equal 
one standard FLEX Option contract with the same underlying security or 
underlying index.\13\ The proposed rule change adds paragraph (g) to 
Rule 8.42 to make a corresponding statement regarding the application 
of exercise limits to FLEX Micro Options. The margin requirements set 
forth in Chapter 10 of the Rules will apply to FLEX Micro Options (as 
they currently do to all FLEX Options).
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    \13\ The proposed rule change makes a corresponding change to 
Rule 8.35(b) to clarify that, like reduced-value FLEX contracts, 
FLEX Micro Option contracts will be aggregated with full-value 
contracts and counted by the amount by which they equal a full-value 
contract for purposes of the reporting obligation in that provision 
(i.e., 100 FLEX Micro Options will equal one standard FLEX Option 
overlying the same index).
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    The proposed rule change also corrects an administrative error in 
Rule 8.35(a). Currently, there are two subparagraphs numbered as 
(a)(5). The proposed rule change amends paragraph (a) to renumber the 
second subparagraph (a)(5) to be subparagraph (a)(6).
    With regard to the impact of this proposal on system capacity, the 
Exchange has analyzed its capacity and represents that it and the 
Options Price Reporting Authority have the necessary systems capacity 
to handle the potential additional traffic associated with the listing 
and trading of FLEX Micro Options. The Exchange also understands that 
the Options Clearing Corporation will be able to accommodate the 
listing and trading of FLEX Micro Options.\14\
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    \14\ FLEX Micro Options will be listed with different trading 
symbols than FLEX Options with the same underlying to reduce any 
potential confusion. For example, a standard FLEX Option for class 
ABC may have symbol 4ABC, while a FLEX Micro Option for class ABC 
may have symbol 4ABC9.
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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.\15\ Specifically, the 
Exchange believes the proposed rule change is consistent with the 
Section 6(b)(5) \16\ requirements that the rules of an exchange be 
designed to prevent fraudulent and manipulative acts and practices, to 
promote just and equitable

[[Page 10494]]

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) \17\ requirement that the rules of an exchange not be designed 
to permit unfair discrimination between customers, issuers, brokers, or 
dealers.
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    \15\ 15 U.S.C. 78f(b).
    \16\ 15 U.S.C. 78f(b)(5).
    \17\ Id.
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    In particular, the Exchange believes the proposed rule change will 
benefit investors by expanding investors' choices and flexibility with 
respect to the trading of FLEX Options. These options will provide 
investors with additional granularity with respect to the prices at 
which they may execute and exercise their FLEX Options on the Exchange, 
as investors may execute and exercise over-the-counter options with 
this smaller contract multiplier. The Exchange believes this additional 
granularity will provide investors with an additional tool to manage 
more efficiently their positions based on notional value so that they 
equal whole contracts, as opposed to fractions of a standard contract 
as currently may happen. Given the various trading and hedging 
strategies employed by investors, this additional granularity may 
provide them with more control over the trading of their FLEX 
strategies.
    FLEX Micro Options will trade in the same manner as all other FLEX 
Options, with premiums (i.e., bids and offers) and exercise prices 
adjusted proportionately to reflect the difference in multiplier, and 
thus the difference in the deliverable value of the underlying. The 
Exchange believes the proposed rule change adds transparency and 
clarity to the Rules regarding the distinctions between standard FLEX 
Options and FLEX Micro Options due to the different multipliers will 
benefit investors. These proposed rule changes include (1) providing 
examples of the meaning of the exercise prices and premiums (i.e., bids 
and offers) of both standard FLEX Options and FLEX Micro Options, (2) 
stating that FLEX Micro Options will not be fungible with any non-FLEX 
Options, as they cannot have the same terms as any non-FLEX Options (as 
no non-FLEX Options have multipliers of one), and (3) including the 
corresponding minimum size for a FLEX SAM Agency Order consisting of 
FLEX Micro Options. This proposal is similar to rules regarding other 
reduced-value options.\18\
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    \18\ See, e.g., Rules 4.5, Interpretation and Policy .18 
(description of strike prices for mini-options, which have a 
multiplier of 10), 5.3(c) (description of bids and offers for mini-
options), and 5.74(a)(4) (description of minimum size of FLEX Agency 
Order for mini-options). Just as terms for mini-options, which have 
a multiplier of 1/10th the size of standard options, equal 1/10th of 
the same terms for standard options, the proposed terms for FLEX 
Micro Options, which have a multiplier 1/100th the size of standard 
FLEX Options equal 1/100th of the same terms as standard FLEX 
Options.
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    The Exchange believes the proposed rule change regarding the 
treatment of FLEX Micro Options with respect to determining compliance 
with position and exercise limits is designed to prevent fraudulent and 
manipulative acts and practices and promote just and equitable 
principles of trade, as FLEX Micro Options will be counted for purposes 
of those limits in a proportional manner to standard FLEX Options. This 
is similar to limits imposed on other reduced-value options.\19\ The 
Exchange believes its enhanced surveillances continue to be designed to 
deter and detect violations of Exchange Rules, including position and 
exercise limits and possible manipulative behavior, and those 
surveillance will apply to FLEX Micro Options.
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    \19\ See, e.g., Rule 8.30, Interpretation and Policy .08 
(describing position limits for mini-options).
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    By permitting FLEX Options to trade with the same multiplier 
currently available to customized options in the OTC market, the 
Exchange believes the proposed rule change will remove impediments to 
and perfects the mechanism of a free and open market and a national 
market system by further improving a comparable alternative to the OTC 
market in customized options. By enhancing our FLEX trading platform to 
provide additional flexible terms available in the OTC market but not 
currently available in the listed options market, the Exchange believes 
it may be a more attractive alternative to the OTC market. The Exchange 
believes market participants benefit from being able to trade 
customized options in an exchange environment in several ways, 
including but not limited to the following: (1) Enhanced efficiency in 
initiating and closing out positions; (2) increased market 
transparency; and (3) heightened contra-party creditworthiness due to 
the role of The Options Clearing Corporation (``OCC'') as issuer and 
guarantor of FLEX Options.
    The Exchange believes the proposed nonsubstantive changes (to 
clarify the current contract multiplier for standard FLEX Options in 
Rule 4.21(b) and to correct the numbering of subparagraphs in Rule 
8.35(a)) will protect investors, as they enhance transparency and 
clarity in the Rules. Additionally, the correction to subparagraph 
numbering will enable investors to more easily reference rule 
provisions in different subparagraphs.

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 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 Exchange does not believe the proposed rule 
change will impose any burden on intramarket competition that is not 
necessary or appropriate in furtherance of the purposes of the Act, 
because all FLEX Micro Options will be available for all underlying 
securities and indexes currently eligible for FLEX trading, and all 
FLEX Traders may trade FLEX Micro Options. FLEX Micro Options will 
trade in the same manner as all standard FLEX Options, with certain 
terms proportionately adjusted to reflect the different contract 
multipliers. The Exchange does not believe the proposed rule change 
will impose any burden on intermarket competition that is not necessary 
or appropriate in furtherance of the purposes of the Act, because the 
proposed rule change relates solely to products that may be listed for 
trading on the Exchange. Other options exchanges may offer flexible 
options, including with a different contract multiplier. To the extent 
the proposed rule change makes the Exchange a more attractive trading 
venue for market participants on other exchanges, those market 
participants may elect to become Exchange market participants.
    The Exchange believes that the proposed rule change may relieve any 
burden on, or otherwise promote, competition. The Exchange believes 
this is an enhancement to a comparable alternative to the OTC market in 
customized options. By enhancing our FLEX trading platform to provide 
additional contract granularity that available in the OTC market but 
not currently available in the listed options market, the Exchange 
believes it may be a more attractive alternative to the OTC market. The 
Exchange believes market participants will benefit from being able to 
trade customized options in an exchange environment in several ways, 
including but not limited to the

[[Page 10495]]

following: (1) Enhanced efficiency in initiating and closing out 
position; (2) increased market transparency; and (3) heightened contra-
party creditworthiness due to the role of OCC as issuer and guarantor 
of FLEX Options.
    The proposed nonsubstantive changes (to clarify the current 
contract multiplier for standard FLEX Options in Rule 4.21(b) and to 
correct the numbering of subparagraphs in Rule 8.35(a)) will have no 
impact on competition, as they merely clarify or correct, as 
applicable, information in the Rules and make no changes to how FLEX 
Options trade.

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

    Within 45 days of the date of publication of this notice in the 
Federal Register or within such longer period up to 90 days (i) as the 
Commission may designate if it finds such longer period to be 
appropriate and publishes its reasons for so finding or (ii) as to 
which the Exchange consents, the Commission will:
    A. By order approve or disapprove such proposed rule change, or
    B. institute proceedings to determine whether the proposed rule 
change should be disapproved.

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to rule-comments@sec.gov. Please include 
File Number SR-CBOE-2020-010 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-CBOE-2020-010. 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 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-CBOE-2020-010, and should be submitted 
on or before March 16, 2020.
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    \20\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\20\
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2020-03532 Filed 2-21-20; 8:45 am]
BILLING CODE 8011-01-P


