[Federal Register Volume 83, Number 211 (Wednesday, October 31, 2018)]
[Notices]
[Pages 54796-54800]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-23734]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-84490; File No. SR-CBOE-2018-067]
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change Relating
to List and Trade Options That Overlie the S&P Communication Services
Select Sector Index
October 25, 2018.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'' or ``Exchange Act''),\1\ and Rule 19b-4 thereunder,\2\ notice
is hereby given that on October 15, 2018, 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
The text of the proposed rule change is provided below in Exhibit
5.
The text of the proposed rule change is also available on the
Exchange's website (http://www.cboe.com/AboutCBOE/CBOELegalRegulatoryHome.aspx), at the Exchange's Office of the
Secretary, and at the Commission's Public Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange is currently authorized to list for trading options on
ten S&P Select Sector Indexes.\5\ The purpose of this proposed rule
change is to amend certain rules to authorize the Exchange to list for
trading options on a recently added eleventh S&P Select Sector Index--
the S&P Communication Services Select Sector Index. Each S&P Select
Sector Index represents the performance of companies that are
components of the Standard & Poor's 500 Index (``S&P 500'') within a
specific sector (each of which is referred to as an ``S&P Select Sector
Index''). Each constituent of an S&P Select Sector Index is a
constituent of the S&P 500, and each S&P Select Sector Index is a
subindex of the S&P 500. S&P Dow Jones Indices \6\ assigns each
constituent to a S&P Select Sector Index(es) based on the constituent's
classification under a global industry classification standard. S&P Dow
Jones Indices monitors and maintains each Select Sector Index and
rebalances each S&P Select Sector Index quarterly. S&P Dow Jones
Indices recently added an eleventh sector. As a result, the following
represents the current breakdown of the sectors and the components of
each sector:
---------------------------------------------------------------------------
\5\ See Rule 24.9(a); see also Securities Exchange Act Release
No. 34-81879 (October 16, 2017), 82 FR 48858 (October 20, 2017) (SR-
CBOE-2017-065).
\6\ S&P Dow Jones Indices is the reporting authority for the S&P
Select Sector Indexes, including the S&P Communication Services
Select Sector Index. See proposed Rule 24.1, Interpretation and
Policy .01.
------------------------------------------------------------------------
Number of
Sector Symbol \7\ components
------------------------------------------------------------------------
Financial............................ IXM 68
Energy............................... IXE 31
Technology........................... IXT 76
Health Care.......................... IXV 63
Utilities............................ IXU 29
Consumer Staples..................... IXR 32
Industrials.......................... IXI 70
Consumer Discretionary............... IXY 80
Materials............................ IXB 24
Real Estate.......................... IXRE 32
Communication Services............... IXC 26
------------------------------------------------------------------------
Initial and Maintenance Listing Criteria
The S&P Communication Services Select Sector Index meets the
definition of a narrow-based index as set forth in Rule 24.1(i)(2) (an
index designed to be representative of a particular industry or a group
of related industries and include indices having component securities
that are all headquartered with in a single country). Additionally, the
S&P Communication Services Select Sector Index satisfies the initial
listing criteria of a narrow-based index, as set forth in Rule 24.2(b):
---------------------------------------------------------------------------
\7\ These symbols represent the index. The corresponding option
symbols are SIXM, SIXE, SIXT, SIXV, SIXU, SIXR, SIXI, SIXY, SIXB,
SIXRE, and SIXC respectively.
---------------------------------------------------------------------------
(1) Options will be A.M.-settled;
(2) the index is capitalization-weighted, price-weighted, equal
dollar-weighted, or modified capitalization-weighted, and consists of
ten or more component securities (the S&P Communication Services Select
Sector Index is modified capitalization-weighted);
(3) each component security has a market capitalization of at least
$75 million, except that for each of the lowest weighted component
securities in the index that in the aggregate account for no more than
10% of the weight of the index, the market capitalization is at least
$50 million;
(4) trading volume of each component security has been at least one
million shares for each of the last six months, except that for each of
the lowest weighted component securities in the index that in the
aggregate account for no more than 10% of the weight of the index,
trading volume has been at least 500,000 shares for each of the last
six months;
(5) in a capitalization-weighted index or a modified
capitalization-weighted index, the lesser of the five highest weighted
component securities in the index or the highest weighted component
securities in the index that in the aggregate represent at least 30%
[[Page 54797]]
of the total number of component securities in the index each have had
an average monthly trading volume of at least 2,000,000 shares over the
past six months;
(6) no single component security represents more than 25% of the
weight of the index, and the five highest weighted component securities
in the index do not in the aggregate account for more than 50% (60% for
an index consisting of fewer than 25 component securities) of the
weight of the index;
(7) component securities that account for at least 90% of the
weight of the index and at least 80% of the total number of component
securities in the index satisfy the requirements of Rule 5.3 applicable
to individual underlying securities;
(8) all component securities are ``reported securities'' as defined
in Rule 11A a3-1 under the Exchange Act;
(9) non-U.S. component securities (stocks or ADRs) that are not
subject to comprehensive surveillance agreements do not in the
aggregate represent more than 20% of the weight of the index;
(10) the current underlying index value will be reported at least
once every fifteen seconds during the time the index options are traded
on the Exchange;
(11) an equal dollar-weighted index will be rebalanced at least
once every calendar quarter; and
(12) if an underlying index is maintained by a broker-dealer, the
index is calculated by a third party who is not a broker-dealer, and
the broker-dealer has erected a ``Chinese Wall'' around its personnel
who have access to information concerning changes in and adjustments to
the index.
The S&P Select Sector Index options will be subject to the
maintenance listing standards set forth in Rule 24.2(c):
(1) The conditions stated in (1), (3), (6), (7), (8), (9), (10),
(11) and (12) above must continue to be satisfied, provided that the
conditions stated in (6) above must be satisfied only as of the first
day of January and July in each year;
(2) the total number of component securities in the index may not
increase or decrease by more than 33 \1/3\% from the number of
component securities in the index at the time of its initial listing,
and in no event may be less than nine component securities;
(3) trading volume of each component security in the index must be
at least 500,000 shares for each of the last six months, except that
for each of the lowest weighted component securities in the index that
in the aggregate account for no more than 10% of the weight of the
index, trading volume must be at least 400,000 shares for each of the
last six months; and
(4) in a capitalization-weighted index or a modified
capitalization-weighted index, the lesser of the five highest weighted
component securities in the index or the highest weighted component
securities in the index that in the aggregate represent at least 30% of
the total number of stocks in the index each have had an average
monthly trading volume of at least 1,000,000 shares over the past six
months.\8\
---------------------------------------------------------------------------
\8\ As is the case with other index options authorized for
listing and trading on Cboe Options, in the event the S&P
Communication Services Select Sector Index fails to satisfy the
maintenance listing standards, the Exchange will not open for
trading any additional series of options of that class unless such
failure is determined by the Exchange not to be significant and the
Commission concurs in that determination, or unless the continued
listing of that class of index options has been approved by the
Securities and Exchange Commission (the ``Commission'') under
Section 19(b)(2) of the Securities and Exchange Act (the ``Act'').
---------------------------------------------------------------------------
Expiration Months, Settlement, and Exercise Style
Consistent with existing rules for certain index options, the
Exchange will allow up to twelve near-term expiration months for the
S&P Communication Services Select Sector Index options.\9\ The Exchange
elects to have the ability to list up to twelve near-term expiration
months, as that is the same amount the Rules permit for options on the
S&P 500 (``SPX options'') and the other S&P Select Sector Indexes. The
S&P Select Sector Indexes consist of the same components as the S&P
500, as discussed above. Because of the relation between the S&P
Communication Services Select Sector Index, the other S&P Select Sector
Indexes, and the S&P 500, which will likely result in market
participants' investment and hedging strategies consisting of options
over all, the Exchange believes it is appropriate to permit the same
number of monthly expirations for the S&P Communication Services Select
Sector Index options as SPX options and the other S&P Select Sector
Index options.
---------------------------------------------------------------------------
\9\ See proposed Rule 24.9(a)(2).
---------------------------------------------------------------------------
The S&P Communication Services Select Sector Index options will be
A.M., cash-settled contracts with European-style exercise.\10\ A.M.-
settlement is consistent with the generic listing criteria for
industry-based indexes \11\ (as well as broad-based indexes \12\), and
thus it is common for index options to be A.M.-settled. The Exchange
proposes to amend Rule 24.9(a)(4) to add the S&P Communication Services
Select Sector Index options to the list of other A.M.-settled options.
Standard third-Friday SPX options and the other S&P Select Sector Index
options are A.M.-settled. European-style exercise is consistent with
many index options, as set forth in Rule 24.9(a)(3). Standard third-
Friday SPX options and the other S&P Select Sector Index options are
A.M.-settled with European-style exercise. The Exchange proposes to
amend Rule 24.9(a)(3) to add the S&P Communication Services Select
Sector Index options to the list of other European-style index options.
Because of the relation between the S&P Communication Services Select
Sector Index, the other S&P Select Sector Indexes, and the S&P 500,
which will likely result in market participants' investment and hedging
strategies consisting of options over both, the Exchange believes it is
appropriate to list the S&P Communication Services Select Sector Index
options with the same settlement and exercise style as the other S&P
Select Sector Index options and SPX options.
---------------------------------------------------------------------------
\10\ See proposed Rule 24.9(a)(3)(cxxiv) and (4)(xcxix).
\11\ See Rule 24.2(b)(1).
\12\ See Rule 24.2(f)(2).
---------------------------------------------------------------------------
Trading Hours
The Exchange proposes to amend Rule 24.6(b) to add the S&P
Communication Services Select Sector Index options to the list of index
options that may trade on the Exchange from 8:30 a.m. until 3:00 p.m.
Chicago time.\13\ The Exchange understands that investors who plan to
trade options on the S&P Communication Services Select Sector Index
would often use the prices of the stock components of the Index to
price options rather than futures on the Index (which are often used to
price index options, such as options on the S&P 500). Investors
similarly use pricing of underlying stocks to price shares of exchange-
traded funds (``ETFs'') derived from the S&P Communication Services
Select Sector Index (e.g., Communication Services Select Sector SPDR
ETF), the components of which are stocks that are components of the S&P
Communication Services Select Sector Index. The underlying stocks end
regular trading at 3:00 p.m. Chicago time each day. Closing trading in
the S&P Communication Services Select Sector Index options at the same
time the stocks end regular trading \14\ will
[[Page 54798]]
ensure investors have access to robust pricing of the underlying stock
components they use to price the options, thus reducing investors'
price risk. Various other index options, including the other S&P Select
Sector Index options and other narrow-based index options, may trade
from 8:30 a.m. to 3:00 p.m. Chicago time.\15\
---------------------------------------------------------------------------
\13\ See proposed Rule 24.6(b)(lii). The proposed rule change
also corrects a numbering error in other subparagraphs of Rule
24.6(b).
\14\ While the stocks may continue to trade in an aftermarket
trading session on the listing exchanges, there is less liquidity in
aftermarket trading, which generally leads to wider spreads and more
volatile pricing.
\15\ See Rule 24.6(b) (for example, options on the S&P
transportation, retail, health care, banking, insurance, and
chemical indices, and the Cboe PowerPacks SM bank, biotechnology,
gold, internet, iron & steel, oil, oil services, pharmaceuticals,
retail, semiconductor, technology, and telecom indices).
---------------------------------------------------------------------------
Appointment Costs
The Exchange proposes a Market-Maker appointment cost of .001 for
the S&P Communication Services Select Sector Index options, and each
will have a Market-Maker appointment cost of .001.\16\ This is the same
appointment cost as the other S&P Select Sector Index options. The
Exchange determines appointment costs of Tier AA classes based on
several factors, including, but not limited to, competitive forces and
trading volume. The Exchange believes the proposed initial appointment
cost for the S&P Communication Services Select Sector Index options
will foster competition by incentivizing Market-Makers to obtain an
appointment in these newly listed options, which may increase liquidity
in the new class.
---------------------------------------------------------------------------
\16\ See proposed Rule 8.3(c)(i). S&P Communication Services
Select Sector Index options will be in Tier AA (as are other S&P
index options, including the other S&P Select Sector Index options).
While the appointment costs of Tier AA classes are not subject to
quarterly rebalancing under Rule 8.3(c)(iv), the Exchange regularly
reviews the appointment costs of Tier AA classes to ensure that they
continue to be appropriate. The Exchange determines appointment
costs of Tier AA classes based on several factors, including, but
not limited to, competitive forces and trading volume.
---------------------------------------------------------------------------
Capacity
The Exchange has analyzed its capacity and represents that it
believes the Exchange and OPRA have the necessary systems capacity to
handle the additional traffic associated with the listing of new series
that would result from the introduction of the S&P Communication
Services Select Sector Index options up to the proposed number of
possible expirations. Because the proposal is limited to one class, the
Exchange believes any additional traffic that would be generated from
the introduction of the S&P Communication Services Sector Index options
would be manageable.
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.\17\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \18\ 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) \19\ requirement that the rules of an exchange not be
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers.
---------------------------------------------------------------------------
\17\ 15 U.S.C. 78f(b).
\18\ 15 U.S.C. 78f(b)(5).
\19\ Id.
---------------------------------------------------------------------------
In particular, the Exchange believes that the proposed rule change
will protect investors, as the Exchange believes there is unmet market
demand for exchange-listed security options listed on this new sector
index. Sector SPDRs and E-mini S&P future products for the S&P
Communication Services Select Sector are listed and traded on other
exchanges.\20\ As a result, the Exchange believes that the S&P
Communication Services Select Sector Index options are designed to
provide different and additional opportunities for investors to hedge
or speculate on the market risk associated with this index by listing
an option directly on this index. Because of the relation between the
S&P Communication Services Select Sector, the other S&P Select Sector
Indexes, and the S&P 500, the Exchange believes the proposed rule
change will benefit investors, as it will provide market participants'
with additional investment and hedging strategies consisting of options
over each of these indexes. The Exchange notes it is currently
authorized to list options on ten S&P Select Sector Indexes (subject to
the same terms as those proposed for the S&P Communication Services
Select Sector Index options).
---------------------------------------------------------------------------
\20\ The primary listing exchange for the Communication Services
Select Sector SPDR Fund (and the other Select Sector SPDR Funds) is
NYSE Arca (trading under symbol XLC). See the Fund's prospectus,
available at https://us.spdrs.com/public/SPDR_SELECT%20SECTOR_PROSPECTUS.pdf. The contract specifications for
the E-mini Communication Services Select Sector Futures Contract,
which trades on the Chicago Mercantile Exchange (``CME''), is
available at https://www.cmegroup.com/trading/equity-index/select-sector-index/e-mini-communication-services-select-sector-index_contract_specifications.html; see also Chapter 369 of the CME
Rulebook.
---------------------------------------------------------------------------
The Exchange believes the proposed rule change will remove
impediments to and perfect the mechanism of a free and open market and
a national market system, because the proposed rule change is
consistent with current Rules, which were previously filed with
approved as consistent with the Exchange Act by the Commission. The S&P
Communication Services Select Sector Index options satisfy the initial
listing standards for narrow-based indexes in the Exchange's current
Rules, which the Commission previously deemed consistent with Act.\21\
The proposed rule change merely adds the S&P Communication Services
Select Sector Index to the table regarding reporting authorities for
indexes, to the rule regarding number of permissible expirations, to
the list of European-style exercise index options, and to the list of
A.M.-settled index options. These changes are consistent with existing
Rules and index options currently authorized and listed for trading on
the Exchange, including the other S&P Select Sector Index options. The
Exchange notes, with respect to these changes, standard third-Friday
SPX options (which overly the S&P 500, which consist of the same
components as the S&P Select Sector Indexes, including the S&P
Communication Services Select Sector Index) and the other S&P Select
Sector Index options currently have the same reporting authority, the
same number of permissible expirations, the same settlement, and the
same exercise style.\22\ The Exchange has observed no trading or
capacity issues in SPX trading given the number of permissible
expirations, a.m. settlement, and European-style exercise. Because of
the relation between the S&P Communication Services Select Sector, the
other S&P Select Sector Indexes, and the S&P 500, which will likely
result in market participants' investment and hedging strategies
consisting of options over each of these indexes, the
[[Page 54799]]
Exchange believes it is appropriate to have the same number of
expiration, settlement, and exercise style for options on each of these
indexes. The Exchange also represents that it has the necessary systems
capacity to support the new option series given these proposed
specifications.
---------------------------------------------------------------------------
\21\ See Securities Exchange Act Release No. 34-34157 (June 3,
1994), Federal Register Volume 59, Issue 111 (June 10, 1994) (SR-
CBOE-93-59) (order approving generic listing standards for options
on narrow-based indexes).
\22\ See Rules 24.1, Interpretation and Policy .01 and
24.9(a)(2) through (4).
---------------------------------------------------------------------------
The Exchange believes the proposed trading hours for the S&P
Communication Services Select Sector Index options are reasonable and
will protect investors, as closing trading in these options at the same
time the stocks end regular trading will ensure investors have access
to robust pricing of the underlying stock components they use to price
the options, which protects investors by reducing their price risk.
Various other index options, including the other S&P Select Sector
Index options and other narrow-based index options, may trade from 8:30
a.m. to 3:00 p.m. Chicago time.\23\
---------------------------------------------------------------------------
\23\ See supra note 15.
---------------------------------------------------------------------------
The Exchange believes the proposed initial low appointment cost for
the S&P Communication Services Select Sector Index options promotes
competition and efficiency by incentivizing more Market-Makers to
obtain an appointment in the newly listed class. The Exchange believes
this may result in liquidity and competitive pricing in this class,
which ultimately benefits investors. The proposed rule change does not
result in unfair discrimination, as the appointment cost will apply to
all Market-Makers in this class. Additionally, the proposed appointment
cost is the same as the appointment cost for each of the other S&P
Select Sector Index options.\24\
---------------------------------------------------------------------------
\24\ See Rule 8.3(c)(i).
---------------------------------------------------------------------------
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 S&P Communication
Services Select Sector Index satisfies initial listing standards set
forth in the Rules, and the proposed number of expirations, settlement,
and exercise style are consistent with current rules applicable to
index options, including the other S&P Select Sector Index options and
standard third-Friday SPX options. Because of the relation between the
S&P Communication Services Select Sector Index, the other S&P Select
Sector Indexes, and the S&P 500, which will likely result in market
participants' investment and hedging strategies consisting of options
over each of these indexes, the Exchange believes it is appropriate to
have the same number of expirations, settlement, and exercise style for
options on each index. The S&P Communication Services Select Sector
Index options will provide investors with different and additional
opportunities to hedge or speculate on the market associated with the
this index.
With respect to the proposed trading hours, all market participants
will be able to trade options on the S&P Communication Select Services
Sector Index during the same trading hours. Various other index
options, including the other S&P Select Sector Index options and other
narrow-based index options, may trade from 8:30 a.m. to 3:00 p.m.
Chicago time.\25\ The Exchange believes the proposed rule change will
promote competition, as it brings the trading hours for the S&P
Communication Services Select Sector Index options in line with those
of the other S&P Select Sector Index options as well as competitive
products trading on other exchanges. Additionally, the S&P
Communication Services Select Sector Index options will trade
exclusively on Cboe Options. To the extent that the proposed changes
make Cboe Options a more attractive marketplace for market participants
at other exchanges, such market participants are welcome to become Cboe
Options market participants.
---------------------------------------------------------------------------
\25\ See supra note 15.
---------------------------------------------------------------------------
The Exchange believes the proposed initial low appointment cost for
the S&P Communication Services Select Sector Index options promotes
competition and efficiency by incentivizing more Market-Makers to
obtain an appointment in the newly listed class. The Exchange believes
this may result in liquidity and competitive pricing in this class,
which ultimately benefits investors. The proposed rule change does not
result in unfair discrimination, as the appointment cost will apply to
all Market-Makers in this class. Additionally, as discussed above, the
proposed appointment cost for the S&P Communication Services Select
Sector Index options is the same as the appointment cost for the other
S&P Select Sector Index options.
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 \26\ and Rule 19b-
4(f)(6) thereunder.\27\
---------------------------------------------------------------------------
\26\ 15 U.S.C. 78s(b)(3)(A).
\27\ 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.
---------------------------------------------------------------------------
At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic 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-2018-067 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-2018-067. 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
[[Page 54800]]
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-2018-067 and should be submitted on or before November 21, 2018.
---------------------------------------------------------------------------
\28\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\28\
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-23734 Filed 10-30-18; 8:45 am]
BILLING CODE 8011-01-P