[Federal Register Volume 82, Number 124 (Thursday, June 29, 2017)]
[Notices]
[Pages 29588-29592]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-13585]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-81010; File No. SR-CBOE-2017-049]


Self-Regulatory Organizations; Chicago Board Options Exchange, 
Incorporated; Notice of Filing and Immediate Effectiveness of a 
Proposed Rule Change Related to Rule 6.56 (Compression Forums)

June 23, 2017.
    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 June 16, 2017, Chicago Board Options Exchange, Incorporated 
(the ``Exchange'' or ``CBOE'') filed with the Securities and Exchange 
Commission (the ``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.
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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)(iii).
    \4\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to amend Rule 6.56. The text of the proposed 
rule change is provided below.

(additions are italicized; deletions are [bracketed])
* * * * *
Chicago Board Options Exchange, Incorporated Rules
* * * * *
Rule 6.56. Compression Forums


[[Page 29589]]


    (a) No change.
    (b) Trades executed through compression forums are subject to 
trading rules applicable to trading in SPX during Regular Trading Hours 
(including without limitation manner of bids and offers, allocation and 
priority, and solicited transaction rules), except:
    (1) opening transactions in SPX options may not execute against 
opening transactions through a compression forum; however, closing 
transactions in SPX options (including compression-list positions) that 
are represented in the compression forum may execute against closing or 
opening transactions; [only closing transactions in SPX options 
(including compression-list positions) may be executed through a 
compression forum;] and
    (2) only closing transactions may be executed in $0.01 increments, 
including simple and complex orders. Bids and offers for opening 
transactions made in response to the representation of a closing 
transaction must be priced in the standard increment for simple and 
complex orders set forth in Rule 6.42. [the minimum increment for bids 
and offers will be $0.01, including for both simple and complex 
orders.]
    (c) No change.
* * * * *
    The text of the proposed rule change is also available on the 
Exchange's Web site (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 6.56 (Compression Forums) in 
order to fine-tune the compression forum process. Specifically, the 
Exchange seeks to allow closing transactions that are represented in 
the compression forum to be executed against opening transactions. 
Allowing closing transactions that are represented in the compression 
forum to be executed against opening transactions increases the 
likelihood that existing positions creating high bank regulatory 
capital requirements will be closed--thus lowering a TPH's bank capital 
footprint.
Background
    SEC Rule 15c3-1 (Net Capital Requirements for Brokers or Dealers) 
(``Net Capital Rules'') requires registered broker-dealers, unless 
otherwise excepted, to maintain certain specified minimum levels of 
capital.\5\ The Net Capital Rules are designed to protect securities 
customers, counterparties, and creditors by requiring that broker-
dealers have sufficient liquid resources on hand, at all times, to meet 
their financial obligations. Notably, hedged positions, including 
offsetting futures and options contract positions, result in certain 
net capital requirement reductions under the Net Capital Rules.\6\
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    \5\ 17 CFR 240.15c3-1.
    \6\ In addition, the Net Capital Rules permit various offsets 
under which a percentage of an option position's gain at any one 
valuation point is allowed to offset another position's loss at the 
same valuation point (e.g., vertical spreads).
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    Subject to certain exceptions, CBOE Clearing Trading Permit Holders 
(``CTPHs'') \7\ are subject to the Net Capital Rules. However, a subset 
of CTPHs are subsidiaries of U.S. bank holding companies, which, due to 
their affiliations with their parent U.S. bank holding companies, must 
comply with additional bank regulatory capital requirements pursuant to 
rulemaking required under the Dodd-Frank Wall Street Reform and 
Consumer Protection Act.\8\ Pursuant to this mandate, the Board of 
Governors of the Federal Reserve System, the Office of the Comptroller 
of the Currency, and the Federal Deposit Insurance Corporation have 
approved a regulatory capital framework for subsidiaries of U.S. bank 
holding company clearing firms.\9\ Generally, these rules impose higher 
minimum capital requirements, more restrictive capital eligibility 
standards, and higher asset risk weights than were previously mandated 
for CTPHs that are subsidiaries of U.S. bank holding companies under 
the Net Capital Rules. Furthermore, the new rules do not permit 
deductions for hedged securities or offsetting options positions.\10\ 
Rather, capital charges under these standards are, in large part, based 
on the aggregate notional value of short positions regardless of 
offsets. As a result, in general, CTPHs must hold substantially more 
bank regulatory capital than would otherwise be required under the Net 
Capital Rules. The impact of these regulatory capital rules are 
compounded in the SPX options market due to the large notional value of 
SPX contracts.
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    \7\ All CBOE CTPHs must also be clearing members of The Options 
Clearing Corporation (``OCC'').
    \8\ H.R. 4173 (amending section 3(a) of the Securities Exchange 
Act of 1934 (the ``Act'') (15 U.S.C. 78c(a))).
    \9\ 12 CFR 50; 79 FR 61440 (Liquidity Coverage Ratio: Liquidity 
Risk Measurement Standards).
    \10\ Many options strategies, including relatively simple 
strategies often used by retail customers and more sophisticated 
strategies used by market-makers and institutions, are risk-limited 
strategies or options spread strategies that employ offsets or 
hedges to achieve certain investment outcomes. Such strategies 
typically involve the purchase and sale of multiple options (and may 
be coupled with purchases or sales of the underlying securities), 
executed simultaneously as part of the same strategy. In many cases, 
the potential market exposure of these strategies is limited and 
defined. Whereas regulatory capital requirements have historically 
reflected the risk-limited nature of carrying offsetting positions, 
these positions may now be subject to higher regulatory capital 
requirements. Various factors, including administration costs; 
transaction fees; and limited market demand or counterparty 
interest, however, may discourage market participants from closing 
these positions even though many market participants likely would 
prefer to close the positions rather than carry them to expiration.
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    The Exchange believes that these higher regulatory capital 
requirements have the potential to impact liquidity in the SPX options 
market by limiting the amount of capital CTPHs can allocate to their 
clients' transactions. Specifically, the rules may cause CTPHs to 
impose stricter position limits on their client clearing members, which 
include CBOE Market-Makers. Such position limits may impact the 
liquidity Market-Makers might supply in the SPX market, and this impact 
may be compounded when a CTPH has multiple Market-Maker client 
accounts, each having largely risk-neutral portfolio holdings.\11\ The 
Exchange believes that permitting Market-Makers and Floor Brokers (for 
their own proprietary accounts or for the account of another on an 
agency basis) to efficiently close existing SPX options positions 
through modified open outcry trading procedures on the Exchange floor 
may assist CTPHs and TPHs to address bank regulatory capital 
requirements and would likely have a beneficial effect on continued 
liquidity in the SPX options market without adversely affecting market 
quality.
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    \11\ Several TPHs have indicated to the Exchange that the 
heightened bank regulatory requirements could impact their ability 
to provide consistent liquidity in the SPX options market unless 
they are able to efficiently close their positions in SPX.
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    In order to mitigate the potential negative effects of these 
additional bank regulatory capital requirements and

[[Page 29590]]

foster continued liquidity in the SPX options market in a manner 
consistent with the requirements, the Exchange adopted Rule 6.56 
pursuant to which TPHs can reduce (or ``compress'') existing positions 
in SPX at the end of each calendar month more efficiently through 
trading in an open outcry compression forum.\12\ The Exchange believes 
that making available these periodic trading forums, which allow for 
closing transactions in SPX options series to occur at reduced 
transaction fees likely contributes to additional liquidity and 
continued competitiveness in the SPX market and promotes more efficient 
capital deployment in light of bank regulatory capital requirements.
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    \12\ See Securities Exchange Act Release No. 79610 (December 20, 
2016), 81 FR 95219 (December 27, 2016) (Notice of Filing and 
Immediate Effectiveness of a Proposed Rule Change Relating to 
Compression of S&P 500(R) Index Options Positions) (SR-CBOE-2016-
090).
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    Under current Rule 6.56, on the final three business days of each 
calendar month, the Exchange holds compression forums in the SPX 
trading crowd. Beforehand, in order to facilitate TPHs finding 
counterparty offsets against which they can trade closing positions, 
currently, TPHs may submit lists of existing SPX positions to the 
Exchange that they wish to close during a compression forum. Prior to 
the open of trading on the third-to-last business day of each calendar 
month (i.e., the first day of the month on which a compression forum is 
held), the Exchange makes available to all TPHs on its Web site a list 
including each series for which both long and short compression-list 
positions have been submitted to the Exchange (``compression-list 
positions file''). In addition, TPHs that submit compression positions 
list to the Exchange receive a compression-list positions file 
containing the names of the TPHs that contributed to the file, 
including contact information for each TPH's designated point of 
contact. This list does not identify the specific positions that any 
TPH has submitted to the Exchange.
    The Exchange then holds open outcry ``compression forums'' in which 
all TPHs may participate whether or not they submitted positions for 
inclusion in the compression-list position file. Currently, trades 
executed during compression forums are subject to trading rules 
applicable to trading in SPX during Regular Trading Hours, including 
manner of bids and offers and allocation and priority rules, except: 
(1) Only closing transactions in SPX options (including compression-
list positions) may be executed through a compression forum; and (2) 
the minimum increment for all series is $0.01 during a compression 
forum. TPHs that trade positions previously submitted to the Exchange 
on a compression list may then take advantage of the compression-list 
position fee rebate on portions of a transaction that involve their 
compression-list positions, which are executed through a compression 
forum.
    The Exchange proposes to amend Rule 6.56 to enhance the 
effectiveness and utility of its compression forums process for market 
participants. Specifically, the Exchange seeks to allow closing 
transactions that are represented in the compression forum to be 
executed against opening transactions. Allowing closing transactions 
that are represented in the compression forum to be executed against 
opening transactions increases the likelihood that existing positions 
creating high bank regulatory capital requirements will be closed--thus 
lowering a TPH's (or clearing firm's) bank capital footprint.
Proposal
    The purpose of Rule 6.56 is to encourage the closing of positions 
that are creating high bank regulatory capital requirements. When Rule 
6.56 was originally implemented, the Exchange was concerned that 
allowing opening transactions in the compression forum ``would defeat 
the purpose of the proposed rule[.]'' \13\ However, after observing the 
compression process for the past several months, the Exchange believes 
allowing closing transactions that are represented in the compression 
forum to execute against opening transactions will not discourage the 
closing of positions that are creating a high bank regulatory capital 
footprint nor will it adversely affect the compression forums. Allowing 
opening transactions will expand the liquidity available to close 
positions represented in a compression forum, thus, increasing the 
opportunity for TPHs to close positions that cause them to have high 
bank regulatory capital footprints. Ultimately the Exchange believes 
the increased opportunity for positions to be closed will in fact 
further encourage TPHs to close positions that cause them to have high 
bank regulatory capital footprints without adversely affecting the 
compression forums.
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    \13\ Id.
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    Thus, the Exchange proposes to amend Rule 6.56(b)(1) to remove the 
closing only restricting for compression forum executions. 
Specifically, the Exchange proposes to amend Rule 6.56(b)(1) to provide 
that transactions in SPX options (including compression-list positions) 
that are represented in the compression forum may execute against 
closing or opening transactions. To provide further clarity as to the 
limited application of this change, the Exchange proposes to amend Rule 
6.56(b)(1) to provide that opening transactions in SPX options may not 
execute against opening transactions through a compression forum. The 
Exchange notes that Rule 6.56(b)(1) already effectively prohibits 
opening transactions from executing against opening transactions in a 
compression forum because Rule 6.56(b)(1) currently provides that only 
closing transactions are to be executed via a compression forum.
    Currently, transactions executed via a compression forum may be 
executed in $0.01 increments for both simple and complex orders, but as 
previously noted, compression forums are currently restricted to 
closing transactions. Thus, with the expansion of compression forums to 
opening transactions (provided they execute against closing 
transactions), the Exchange proposes to amend Rule 6.56(b)(2) to 
provide that only closing transactions may be executed in $0.01 
increments, including simple and complex orders whereas bids and offers 
for opening transactions made in response to the representation of a 
closing transaction must be priced in the standard increment for simple 
and complex orders set forth in Rule 6.42 (e.g., $0.05 for option 
series below $3, $0.10 for option series at or above $3, and $0.05 
increments for complex orders).\14\ The Exchange notes that the 
proposed minimum increment for opening transactions executed against 
closing transactions in a compression forum is consistent with the 
minimum increment applicable to SPX transactions (opening or closing) 
executed outside a compression forum.
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    \14\ See Rule 6.42(1)-(4).
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    Currently, only a fraction of the offsetting interest provided in 
the compression-list positions have ultimately been closed out during 
previous compression forums.\15\ This proposal will allow a TPH that is 
representing closing transactions in a compression forum--but is unable 
to close the position against another party's closing transaction--to 
solicit TPHs or non-TPH customers or broker-dealers to participate in 
the compression forum whether the TPH or non-TPH is opening or closing 
a position. Although the most impactful

[[Page 29591]]

bank capital relief (in the context of listed options) occurs when two 
parties can each close offsetting open position, whenever a TPH is able 
to close a position--whether the TPH is transacting with a party that 
is opening or closing a position--the TPH will lower its bank capital 
footprint. Thus, the Exchange simply seeks to increase the opportunity 
for TPHs to lower their bank capital footprint.
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    \15\ In the months since the adoption of Rule 6.56, of the 
compression-list positions submitted to the Exchange, less than 10% 
of the offsetting interest were actually closed in transactions 
through a compression forum.
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    A party's bank capital footprint is largely a function of its 
investor profile and clearing firm. TPHs are sophisticated parties 
capable of assessing a transaction's impact on their bank capital 
footprint and determining whether to close positions to reduce their 
bank capital footprint. For those TPHs concerned with their bank 
capital footprint, Rule 6.56 provides an opportunity for them to submit 
compression-list positions and participate in the compression process. 
The Exchange believes this proposal further encourages TPHs to close 
positions via the compression process by increasing the likelihood that 
there will be liquidity against which a closing position may execute.
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.\16\ Specifically, the 
Exchange believes the proposed rule change is consistent with the 
Section 6(b)(5) \17\ 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) \18\ requirement that the rules of an exchange not be 
designed to permit unfair discrimination between customers, issuers, 
brokers, or dealers.
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    \16\ 15 U.S.C. 78f(b).
    \17\ 15 U.S.C. 78f(b)(5).
    \18\ Id.
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    In particular, the Exchange believes that its proposal is 
consistent with the Act in that it seeks to foster liquidity in the SPX 
options market in light of the bank regulatory capital requirements. As 
described above, the Exchange believes that the new bank regulatory 
capital requirements could potentially limit the amount of capital 
CTPHs can allocate to their clients' transactions, which in turn, may 
impact liquidity, particularly in the SPX market. The Exchange believes 
the proposal encourages TPHs to close positions via the compression 
process by increasing the likelihood that there will be liquidity with 
which to execute a closing position, which, in general, helps to 
protect investors and the public interest because closing positions via 
the compression process serves to alleviate the adverse impact of bank 
capital requirements.
    The Exchange also believes the proposed rule change is consistent 
with the Act, because the proposed procedure is consistent with its 
current rules. The proposed rule would direct that all trading through 
compression forums be conducted in accordance with normal SPX trading 
rules and thus, in the same manner as transactions during normal SPX 
trading, except that opening transactions may not execute against 
opening transactions via a compression forum and that closing 
transactions executed against closing transactions may be in penny 
increments. The Exchange notes that Rule 6.56(b)(1) already effectively 
prohibits opening transactions from executing against opening 
transactions in a compression forum because Rule 6.56(b)(1) currently 
provides that only closing transactions are to be executed via a 
compression forum. The Exchange also notes that the proposed minimum 
increment for opening transactions executed against closing 
transactions in a compression forum (i.e., bids and offers for opening 
transactions made in response to the representation of a closing 
transaction must be priced in the standard increment for simple and 
complex orders set forth in Rule 6.42) is consistent with the minimum 
increment applicable to SPX transactions (opening or closing) executed 
outside a compression forum.

B. Self-Regulatory Organization's Statement on Burden on Competition

    CBOE 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 proposed change would 
encourage the closing of positions, which, once closed, may serve to 
alleviate the capital requirement constraints on TPHs and improve 
overall market liquidity by freeing capital currently tied up in 
certain SPX positions. The Exchange does not believe that the proposed 
rule changes 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 applies only to the trading of SPX 
options, which are exclusively-listed on CBOE. To the extent that the 
proposed changes make the Exchange a more attractive marketplace for 
market participants at other exchanges, such market participants are 
eligible to participant through CBOE TPHs. Furthermore, participation 
in compression forums is completely voluntary and open to all TPHs.

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

    The Exchange has filed the proposed rule change pursuant to Section 
19(b)(3)(A)(iii) of the Act \19\ and Rule 19b-4(f)(6) thereunder.\20\ 
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, if consistent with the protection of 
investors and public interest, the proposed rule change has become 
effective pursuant to Section 19(b)(3)(A) of the Act \21\ and Rule 19b-
4(f)(6) thereunder.\22\
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    \19\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \20\ 17 CFR 240.19b-4(f)(6).
    \21\ 15 U.S.C. 78s(b)(3)(A).
    \22\ 17 CFR 240.19b-4(f)(6). As required under Rule 19b-
4(f)(6)(iii), the Exchange provided the Commission with written 
notice of its intent to file the proposed rule change, along with a 
brief description and the 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.
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    A proposed rule change filed under Rule 19b-4(f)(6) \23\ normally 
does not become operative prior to 30 days after the date of the 
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

[[Page 29592]]

operative delay so that the proposed rule change may become effective 
on June 27, 2017, permitting the proposed change to take effect for the 
compression forum scheduled to take place using the amended procedures 
prior to the end of the second quarter. In justifying its requested 
waiver, the Exchange noted that bank-imposed capital limits may impact 
certain TPHs on at least a quarterly basis, which can effectively limit 
the amount of liquidity that such TPHs, including some Market-Makers, 
are willing or able to provide in SPX options. The month of June is the 
end of a quarter, and the Exchange expressed concern that those bank 
capital requirements may have adverse consequences on investors if the 
impacted TPHs are not able to more effectively reduce their open 
interest in SPX. The Exchange therefore believes that it is in the best 
interest of investors and the general public to help ensure consistent 
continued depth of liquidity in the SPX options market by allowing TPHs 
to utilize the modified compression forum process set forth in this 
proposal on the final three days of trading of the second quarter.
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    \23\ 17 CFR 240.19b-4(f)(6).
    \24\ 17 CFR 240.19b-4(f)(6)(iii).
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    The Commission believes that waiving the 30-day operative delay is 
consistent with the protection of investors and the public interest 
because this waiver will enable the Exchange to hold a compression 
forum for SPX options under the proposed amended procedures prior to 
the end of the second quarter, thereby helping to facilitate 
transactions and remove impediments to quarter-end trading in SPX 
options. The Commission notes that CBOE's compression forum rule, as 
proposed to be amended, is limited in its application, involves no 
material changes to how trading is conducted on the Exchange, involves 
a process in which participation is voluntary and open to all, and is 
designed as a means to help Market Makers and other market 
participants, as well as their clearing brokers, to close positions in 
SPX options that they carry on their books and which may impact their 
available capital. For this reason, the Commission hereby waives the 
30-day operative delay and designates the proposal effective on June 
27, 2017.\25\
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    \25\ For purposes only of waiving the 30-day operative delay, 
the Commission also has 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 will institute proceedings to 
determine whether the proposed rule change 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-2017-049 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-2017-049. 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 Web site (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 Web site 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; the Commission does 
not edit personal identifying information from submissions. You should 
submit only information that you wish to make available publicly. All 
submissions should refer to File Number SR-CBOE-2017-049 and should be 
submitted on or before July 20, 2017.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\26\
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    \26\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-13585 Filed 6-28-17; 8:45 am]
 BILLING CODE 8011-01-P