[Federal Register Volume 85, Number 88 (Wednesday, May 6, 2020)]
[Notices]
[Pages 27004-27008]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-09632]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-88782; File No. SR-CBOE-2020-039]
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Extend
the Operation of Its Flexible Exchange Options (``FLEX Options'') PM
Exercise Settlement Pilot Program for FLEX Index Options
April 30, 2020.
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 April 16, 2020, Cboe Exchange, Inc. (``Exchange'' or ``Cboe
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
filed the proposal as a ``non-controversial'' proposed rule change
pursuant to Section 19(b)(3)(A)(iii) of the Act \3\ and Rule 19b-
4(f)(6) thereunder.\4\ 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.
\3\ 15 U.S.C. 78s(b)(3)(A)(iii).
\4\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
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 extend the operation of its Flexible Exchange Options (``FLEX
Options'') pilot program regarding permissible exercise settlement
values for FLEX Index Options. The text of the proposed rule change is
provided below.
(additions are in italics; deletions are [bracketed])
* * * * *
Rules of Cboe Exchange, Inc.
* * * * *
Rule 4.21. Series of FLEX Options
(a) No change.
[[Page 27005]]
(b) Terms. When submitting a FLEX Order for a FLEX Option series
to the System, the submitting FLEX Trader must include one of each
of the following terms in the FLEX Order (all other terms of a FLEX
Option series are the same as those that apply to non-FLEX Options),
which terms constitute the FLEX Option series:
(1)-(4) No change.
(5) settlement type:
(A) No change.
(B) FLEX Index Options. FLEX Index Options are settled in U.S.
dollars, and may be:
(i) No change.
(ii) p.m.-settled (with exercise settlement value determined by
reference to the reported level of the index derived from the
reported closing prices of the component securities), except for a
FLEX Index Option that expires on any business day that falls on or
within two business days of a third Friday-of-the-month expiration
day for a non-FLEX Option (other than a QIX option) may only be
a.m.-settled; however, for a pilot period ending the earlier of [May
4]November 2, 2020 or the date on which the pilot program is
approved on a permanent basis, a FLEX Index Option with an
expiration date on the third-Friday of the month may be p.m.-
settled;
(iii)-(iv) No change.
* * * * *
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
On January 28, 2010, the Securities and Exchange Commission (the
``Commission'') approved a Cboe Options rule change that, among other
things, established a pilot program regarding permissible exercise
settlement values for FLEX Index Options.\5\ The Exchange has extended
the pilot period numerous times, which is currently set to expire on
the earlier of May 4, 2020 or the date on which the pilot program is
approved on a permanent basis.\6\ The purpose of this rule change
filing is to extend the pilot program through the earlier of November
2, 2020 or the date on which the pilot program is approved on a
permanent basis. This filing simply seeks to extend the operation of
the pilot program and does not propose any substantive changes to the
pilot program.
---------------------------------------------------------------------------
\5\ Securities Exchange Act Release No. 61439 (January 28,
2010), 75 FR 5831 (February 4, 2010) (SR-CBOE-2009-087) (``Approval
Order''). The initial pilot period was set to expire on March 28,
2011, which date was added to the rules in 2010. See Securities
Exchange Act Release No. 61676 (March 9, 2010), 75 FR 13191 (March
18, 2010) (SR-CBOE-2010-026).
\6\ See Securities Exchange Act Release Nos. 64110 (March 23,
2011), 76 FR 17463 (March 29, 2011) (SR-CBOE-2011-024) (extending
the pilot program through the earlier of March 30, 2012 or the date
on which the pilot program is approved on the permanent basis);
66701 (March 30, 2012), 77 FR 20673 (April 5, 2012) (SR-CBOE-2012-
027) (extending the pilot through the earlier of November 2, 2012 or
the date on which the pilot program is approved on a permanent
basis); 68145 (November 2, 2012), 77 FR 67044 (November 8, 2012)
(SR-CBOE-2012-102) (extending the pilot program through the earlier
of November 2, 2013 or the date on which the pilot program is
approved on a permanent basis); 70752 (October 24, 2013), 78 FR
65023 (October 30, 2013) (SR-CBOE-2013-099) (extending the pilot
program through the earlier of November 3, 2014 or the date on which
the pilot program is approved on a permanent basis); 73460 (October
29, 2014), 79 FR 65464 (November 4, 2014) (SR-CBOE-2014-080)
(extending the pilot program through the earlier of May 3, 2016 or
the date on which the pilot program is approved on a permanent
basis); 77742 (April 29, 2016), 81 FR 26857 (May 4, 2016) (SR-CBOE-
2016-032) (extending the pilot program through the earlier of May 3,
2017 or the date on which the pilot program is approved on a
permanent basis); 80443 (April 12, 2017), 82 FR 18331 (April 18,
2017) (SR-CBOE-2017-032), 83 FR 21808 (May 10, 2018) (extending the
pilot program through the earlier of May 3, 2018 or the date on
which the pilot program is approved on a permanent basis); 83175
(May 4, 2018), 83 FR 21808 (May 10, 2018) (SR-CBOE-2018-037); 84537
(November 5, 2018), 83 FR 56113 (November 9, 2018) (SR-CBOE-2018-
071); 85707 (April 23, 2019), 84 FR 18100 (April 29, 2019) (SR-CBOE-
2019-021); and 87515 (November 13, 2020), 84 FR 63945 (November 19,
2019) (SR-CBOE-2019-108). At the same time the permissible exercise
settlement values pilot was established for FLEX Index Options, the
Exchange also established a pilot program eliminating the minimum
value size requirements for all FLEX Options. See Approval Order,
supra note 2. The pilot program eliminating the minimum value size
requirements was extended twice pursuant to the same rule filings
that extended the permissible exercise settlement values (for the
same extended periods) and was approved on a permanent basis in a
separate rule change filing. See id; and Securities Exchange Act
Release No. 67624 (August 8, 2012), 77 FR 48580 (August 14, 2012)
(SR-CBOE-2012-040).
---------------------------------------------------------------------------
Under Rule 4.21(b), Series of FLEX Options (regarding terms of a
FLEX Option),\7\ a FLEX Option may expire on any business day
(specified to day, month and year) no more than 15 years from the date
on which a FLEX Trader submits a FLEX Order to the System.\8\ FLEX
Index Options are settled in U.S. dollars, and may be a.m.-settled
(with exercise settlement value determined by reference to the reported
level of the index derived from the reported opening prices of the
component securities) or p.m.-settled (with exercise settlement value
determined by reference to the reported level of the index derived from
the reported closing prices of the component securities).\9\
Specifically, a FLEX Index Option that expires on, or within two
business days of, a third Friday-of-the-month expiration day for a non-
FLEX Option (other than a QIX option), may only be a.m. settled.\10\
However, under the exercise settlement values pilot, this restriction
on p.m.-settled FLEX Index Options was eliminated.\11\ As stated, the
exercise settlement values pilot is currently set to expire on the
earlier of May 4, 2020 or the date on which the pilot program is
approved on a permanent basis.
---------------------------------------------------------------------------
\7\ On October 7, 2019, the Exchange migrated its trading
platform to the same system used by the Cboe Affiliated Exchanges
(Cboe C2 Exchange, Inc. (``C2''), Cboe EDGX Exchange, Inc.
(``EDGX''), Cboe BZX Exchange, Inc. (``BZX''), Cboe BYX Exchange,
Inc. (``BYX''), Cboe EDGA Exchange, Inc. (``EDGA'')). In connection
with this migration the Exchange restructured its Rulebook. Prior
Rule 24A.4.01, covering the pilot program, was relocated to current
Rule 4.21(b)(5). See Securities Exchange Act Release No. 87235
(October 4, 2019), 84 FR 54671 (October 10, 2019) (SR-CBOE-2019-
084).
\8\ Except an Asian-settled or Cliquet-settled FLEX Option
series, which must have an expiration date that is a business day
but may only expire 350 to 371 days (which is approximately 50 to 53
calendar weeks) from the date on which a FLEX Trader submits a FLEX
Order to the System.
\9\ See Rule 4.21(b)(5)(B); see also Securities Exchange Act
Release No. 87235 (October 4, 2019), 84 FR 54671 (October 10, 2019)
(SR-CBOE-2019-084). The rule change removed the provision regarding
the exercise settlement value of FLEX Index Options on the NYSE
Composite Index, as the Exchange no longer lists options on that
index for trading, and included the provisions regarding how the
exercise settlement value is determined for each settlement type, as
how the exercise settlement value is determined is dependent on the
settlement type.
\10\ For example, notwithstanding the pilot, the exercise
settlement value of a FLEX Index Option that expires on the Tuesday
before the third Friday-of-the-month could be a.m. or p.m. settled.
However, the exercise settlement value of a FLEX Index Option that
expires on the Wednesday before the third Friday-of-the-month could
only be a.m. settled.
\11\ No change was necessary or requested with respect to FLEX
Equity Options. Regardless of the expiration date, FLEX Equity
Options are settled by physical delivery of the underlying.
---------------------------------------------------------------------------
Cboe Options is proposing to extend the pilot program through the
earlier of November 2, 2020 or the date on which the pilot program is
approved on a permanent basis. Cboe Options believes the pilot program
has been successful
[[Page 27006]]
and well received by its Trading Permit Holders and the investing
public for the period that it has been in operation as a pilot. In
support of the proposed extension of the pilot program, and as required
by the pilot program's Approval Order, the Exchange has submitted to
the Commission pilot program reports regarding the pilot, which detail
the Exchange's experience with the program. Specifically, the Exchange
provided the Commission with annual reports analyzing volume and open
interest for each broad-based FLEX Index Options class overlying a
third Friday-of-the-month expiration day, p.m.-settled FLEX Index
Options series.\12\ The annual reports also contained information and
analysis of FLEX Index Options trading patterns. The Exchange also
provided the Commission, on a periodic basis, interim reports of volume
and open interest. In providing the pilot reports to the Commission,
the Exchange has previously requested confidential treatment of the
pilot reports under the Freedom of Information Act (``FOIA'').\13\
---------------------------------------------------------------------------
\12\ The annual reports also contained certain pilot period and
pre-pilot period analyses of volume and open interest for third
Friday-of-the-month expiration days, a.m.-settled FLEX Index series
and third Friday-of-the-month expiration day Non-FLEX Index series
overlying the same index as a third Friday-of-the-month expiration
day, p.m.-settled FLEX Index option.
\13\ 5 U.S.C. 552; see infra note 12.
---------------------------------------------------------------------------
The Exchange believes there is sufficient investor interest and
demand in the pilot program to warrant its extension. The Exchange
believes that, for the period that the pilot has been in operation, the
program has provided investors with additional means of managing their
risk exposures and carrying out their investment objectives.
Furthermore, the Exchange believes that it has not experienced any
adverse market effects with respect to the pilot program, including any
adverse market volatility effects that might occur as a result of large
FLEX exercises in FLEX Option series that expire near Non-FLEX
expirations and use a p.m. settlement (as discussed below).
In that regard, based on the Exchange's experience in trading FLEX
Options to date and over the pilot period, Cboe Options continues to
believe that the restrictions on exercise settlement values are no
longer necessary to insulate Non-FLEX expirations from the potential
adverse market impacts of FLEX expirations.\14\ To the contrary, Cboe
Options believes that the restriction actually places the Exchange at a
competitive disadvantage to its OTC counterparts in the market for
customized options, and unnecessarily limits market participants'
ability to trade in an exchange environment that offers the added
benefits of transparency, price discovery, liquidity, and financial
stability.
---------------------------------------------------------------------------
\14\ In further support, the Exchange also notes that the p.m.
settlements are already permitted for FLEX Index Options on any
other business day except on, or within two business days of, the
third Friday-of-the-month. The Exchange is not aware of any market
disruptions or problems caused by the use of these settlement
methodologies on these expiration dates (or on the expiration dates
addressed under the pilot program). The Exchange is also not aware
of any market disruptions or problems caused by the use of
customized options in the over-the-counter (``OTC'') markets that
expire on or near the third Friday-of-the-month and are p.m.
settled. In addition, the Exchange believes the reasons for limiting
expirations to a.m. settlement, which is something the SEC has
imposed since the early 1990s for Non-FLEX Options, revolved around
a concern about expiration pressure on the New York Stock Exchange
(``NYSE'') at the close that are no longer relevant in today's
market. Today, the Exchange believes stock exchanges are able to
better handle volume. There are multiple primary listing and
unlisted trading privilege (``UTP'') markets, and trading is
dispersed among several exchanges and alternative trading systems.
In addition, the Exchange believes that surveillance techniques are
much more robust and automated. In the early 1990s, it was also
thought by some that opening procedures allow more time to attract
contra-side interest to reduce imbalances. The Exchange believes,
however, that today, order flow is predominantly electronic and the
ability to smooth out openings and closes is greatly reduced (e.g.,
market-on-close procedures work just as well as openings). Also,
other markets, such as the NASDAQ Stock Exchange, do not have the
same type of pre-opening imbalance disseminations as NYSE, so many
stocks are not subject to the same procedures on the third Friday-
of-the-month. In addition, the Exchange believes that NYSE has
reduced the required time a specialist has to wait after
disseminating a pre-opening indication. So, in this respect, the
Exchange believes there is less time to react in the opening than in
the close. Moreover, to the extent there may be a risk of adverse
market effects attributable to p.m. settled options that would
otherwise be traded in a non-transparent fashion in the OTC market,
the Exchange continues to believe that such risk would be lessened
by making these customized options eligible for trading in an
exchange environment because of the added transparency, price
discovery, liquidity, and financial stability available.
---------------------------------------------------------------------------
The Exchange also notes that certain position limit, aggregation
and exercise limit requirements continue to apply to FLEX Index Options
in accordance with Rules 8.35, Position Limits for FLEX Options,
8.42(g) Exercise Limits (in connection with FLEX Options) and 8.43(j),
Reports Related to Position Limits (in connection with FLEX Options).
Additionally, all FLEX Options remain subject to the general position
reporting requirements in Rule 8.43(a).\15\ Moreover, the Exchange and
its Trading Permit Holder organizations each have the authority,
pursuant to Rule 10.9, Margin Required is Minimum, to impose additional
margin as deemed advisable. Cboe Options continues to believe these
existing safeguards serve sufficiently to help monitor open interest in
FLEX Option series and significantly reduce any risk of adverse market
effects that might occur as a result of large FLEX exercises in FLEX
Option series that expire near Non-FLEX expirations and use a p.m.
settlement.
---------------------------------------------------------------------------
\15\ Rule 8.43(a) provides that ``[i]n a manner and form
prescribed by the Exchange, each Trading Permit Holder shall report
to the Exchange, the name, address, and social security or tax
identification number of any customer who, acting alone, or in
concert with others, on the previous business day maintained
aggregate long or short positions on the same side of the market of
200 or more contracts of any single class of option contracts dealt
in on the Exchange. The report shall indicate for each such class of
options, the number of option contracts comprising each such
position and, in the case of short positions, whether covered or
uncovered.'' For purposes of Rule 8.43, the term ``customer'' in
respect of any Trading Permit Holder includes ``the Trading Permit
Holder, any general or special partner of the Trading Permit Holder,
any officer or director of the Trading Permit Holder, or any
participant, as such, in any joint, group or syndicate account with
the Trading Permit Holder or with any partner, officer or director
thereof.'' Rule 8.43(d).
---------------------------------------------------------------------------
Cboe Options is also cognizant of the OTC market, in which similar
restrictions on exercise settlement values do not apply. Cboe Options
continues to believe that the pilot program is appropriate and
reasonable and provides market participants with additional flexibility
in determining whether to execute their customized options in an
exchange environment or in the OTC market. Cboe Options continues to
believe that market participants benefit from being able to trade these
customized options in an exchange environment in several ways,
including, but not limited to, enhanced efficiency in initiating and
closing out positions, increased market transparency, and heightened
contra-party creditworthiness due to the role of the Options Clearing
Corporation as issuer and guarantor of FLEX Options.
If, in the future, the Exchange proposes an additional extension of
the pilot program, or should the Exchange propose to make the pilot
program permanent, the Exchange will submit, along with any filing
proposing such amendments to the pilot program, an annual report
(addressing the same areas referenced above and consistent with the
pilot program's Approval Order) to the Commission at least two months
prior to the expiration date of the program. The Exchange will also
continue, on a periodic basis, to submit interim reports of volume and
open interest consistent with the terms of the exercise settlement
values pilot program as described in the pilot program's Approval
Order. Additionally, the Exchange will provide the Commission
[[Page 27007]]
with any additional data or analyses the Commission requests because it
deems such data or analyses necessary to determine whether the pilot
program is consistent with the Exchange Act. The Exchange is in the
process of making public on its website all data and analyses
previously submitted to the Commission under the pilot program, and
will make public any data and analyses it submits to the Commission
under the pilot program in the future.\16\
---------------------------------------------------------------------------
\16\ Available at https://www.cboe.com/aboutcboe/legal-regulatory/national-market-system-plans/pm-settlement-flex-pm-data.
---------------------------------------------------------------------------
As noted in the pilot program's Approval Order, any positions
established under the pilot program would not be impacted by the
expiration of the pilot program.\17\
---------------------------------------------------------------------------
\17\ For example, a position in a p.m.-settled FLEX Index Option
series that expires on the third Friday-of-the-month in January 2020
could be established during the exercise settlement values pilot. If
the pilot program were not extended (or made permanent), then the
position could continue to exist. However, the Exchange notes that
any further trading in the series would be restricted to
transactions where at least one side of the trade is a closing
transaction. See Approval Order at footnote 3, supra note 2.
---------------------------------------------------------------------------
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.\18\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \19\ 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) \20\ requirement that the rules of an exchange not be
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers.
---------------------------------------------------------------------------
\18\ 15 U.S.C. 78f(b).
\19\ 15 U.S.C. 78f(b)(5).
\20\ Id.
---------------------------------------------------------------------------
In particular, the Exchange believes that the proposed extension of
the pilot program, which permits an additional exercise settlement
value, would provide greater opportunities for investors to manage risk
through the use of FLEX Options. Further, the Exchange believes that it
has not experienced any adverse effects from the operation of the pilot
program, including any adverse market volatility effects that might
occur as a result of large FLEX exercises in FLEX Option series that
expire near Non-FLEX expirations and are p.m.-settled. The Exchange
also believes that the extension of the exercise settlement values
pilot does not raise any unique regulatory concerns. In particular,
although p.m. settlements may raise questions with the Commission, the
Exchange believes that, based on the Exchange's experience in trading
FLEX Options to date and over the pilot period, market impact and
investor protection concerns will not be raised by this rule change.
The Exchange also believes that the proposed rule change would continue
to provide Trading Permit Holders and investors with additional
opportunities to trade customized options in an exchange environment
(which offers the added benefits of transparency, price discovery,
liquidity, and financial stability as compared to the over-the-counter
market) and subject to exchange-based rules, and investors would
benefit as a result.
B. Self-Regulatory Organization's Statement on Burden on Competition
Cboe 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. The Exchange believes there
is sufficient investor interest and demand in the pilot program to
warrant its extension. The Exchange believes that, for the period that
the pilot has been in operation, the program has provided investors
with additional means of managing their risk exposures and carrying out
their investment objectives. Furthermore, the Exchange believes that it
has not experienced any adverse market effects with respect to the
pilot program, including any adverse market volatility effects that
might occur as a result of large FLEX exercises in FLEX Option series
that expire near Non-Flex expirations and use a p.m. settlement. Cboe
Options believes that the restriction actually places the Exchange at a
competitive disadvantage to its OTC counterparts in the market for
customized options, and unnecessarily limits market participants'
ability to trade in an exchange environment that offers the added
benefits of transparency, price discovery, liquidity, and financial
stability. Therefore, the Exchange does not believe that the proposed
rule change will impose any burden on competition.
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 \21\ and Rule 19b-
4(f)(6) thereunder.\22\
---------------------------------------------------------------------------
\21\ 15 U.S.C. 78s(b)(3)(A).
\22\ 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) \23\ normally
does not become operative for 30 days after the date of filing.
However, pursuant to Rule 19b-4(f)(6)(iii),\24\ 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 Exchange states that
such waiver will allow the Exchange to extend the pilot program and
maintain the status quo, thereby reducing market disruption.
---------------------------------------------------------------------------
\23\ 17 CFR 240.19b-4(f)(6).
\24\ 17 CFR 240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------
The Commission believes that waiving the 30-day operative delay is
consistent with the protection of investors and the public interest, as
it will allow the pilot program to continue uninterrupted, thereby
avoiding investor confusion that could result from a temporary
interruption in the pilot program. For this reason, the Commission
designates the proposed rule change to be operative upon filing.\25\
---------------------------------------------------------------------------
\25\ For purposes only of waiving the operative delay for this
proposal, the Commission has considered the proposed rule's impact
on efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
---------------------------------------------------------------------------
[[Page 27008]]
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 proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
Send an email to [email protected]. Please include
File Number SR-CBOE-2020-039 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-2020-039. 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-2020-039 and should be submitted on
or before May 27, 2020.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\26\
---------------------------------------------------------------------------
\26\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-09632 Filed 5-5-20; 8:45 am]
BILLING CODE 8011-01-P