[Federal Register Volume 84, Number 184 (Monday, September 23, 2019)]
[Notices]
[Pages 49774-49778]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-20477]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-86994; File No. SR-CBOE-2019-058]
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
the Exchange's Rules Regarding Cabinet Trading Upon the Migration of
the Exchange's Trading Platform to the Same System Used by the Cboe
Affiliated Exchanges
September 17, 2019.
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 September 6, 2019, Cboe Exchange, Inc. (the ``Exchange'' or
``Cboe Options'') filed with the Securities and Exchange Commission
(the ``Commission'') the proposed rule change as described in Items I,
II, and III below, which Items have been prepared by the Exchange. The
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
Cboe Exchange, Inc. (the ``Exchange'' or ``Cboe Options'') proposes
to amend the Exchange's Rules regarding cabinet trading and move those
Rules from the currently effective Rulebook (``current Rulebook'') to
the shell structure for the Exchange's Rulebook that will become
effective upon the migration of the Exchange's trading platform to the
same system used by the Cboe Affiliated Exchanges (as defined below)
(``shell Rulebook'').
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
In 2016, the Exchange's parent company, Cboe Global Markets, Inc.
(formerly named CBOE Holdings, Inc.) (``Cboe Global''), which is also
the parent company of Cboe C2 Exchange, Inc. (``C2''), acquired Cboe
EDGA Exchange, Inc. (``EDGA''), Cboe EDGX Exchange, Inc. (``EDGX'' or
``EDGX Options''), Cboe BZX Exchange, Inc. (``BZX'' or ``BZX
Options''), and Cboe BYX Exchange, Inc. (``BYX'' and, together with
Cboe Options, C2, EDGX, EDGA, and BZX, the ``Cboe Affiliated
Exchanges''). Cboe Options intends to migrate its trading platform to
the same
[[Page 49775]]
system used by the Cboe Affiliated Exchanges, which the Exchange
expects to complete on October 7, 2019. In connection with this
technology migration, the Exchange has a shell Rulebook that resides
alongside its current Rulebook, which shell Rulebook will contain the
Rules that will be in place upon completion of the Cboe Options
technology migration.
In anticipation of migration, the Exchange proposes to update and
amend current Rule 6.54 which governs transactions in connection with
``cabinet'' trades, which are trades in listed options on the Exchange
that are worthless or not actively traded. In anticipation of
migration, the Exchange proposes to move current Rule 6.54 (and
subsequently delete the current rule after the shell Rulebook takes
effect on October 7, 2019) to proposed Rule 5.12, which will govern
cabinet trading in substantially the same manner as the current rule,
with only slight differences. The proposed rule change does not propose
to implement new or unique functionality that has not been previously
filed with the Commission, found to be consistent with the Act, or is
not available on other exchanges. The proposed rule change largely
makes changes to remove obsolete provisions, update rule provisions to
align with the manner in which the Exchange's System, functionality and
other rules will function upon migration. The Exchange also proposes to
make non-substantive changes to simplify, clarify, and generally update
its cabinet trading provisions by consolidating them into a single
rule, simplifying the rule language, updating the rule text to read in
plain English, reformatting the paragraph lettering and/or numbering,
and updating cross-references to rules that will be in the shell
Rulebook and implemented upon migration. The Exchange believes that the
proposed changes, overall, will make the rules easier to follow and
understand, thus, simplifying the regulatory requirements and
increasing the transparency and understanding of the Exchange's rules
and operations for Trading Permit Holders (``TPHs'').
Current Rule 6.54 provides that cabinet trades may only occur via
open outcry, even if the class trades on the Exchange's System. As all
classes currently trade on the Exchange's System, proposed Rule 5.12
merely updates the current language to state that all cabinet orders
will execute in open outcry pursuant to Rule 5.85(a) (in the shell
Rulebook). Proposed Rule 5.12 also consolidates provisions in
connection with cabinet trades by moving the FLEX cabinet trading
limitation under current Rule 24A.15 \5\ to the proposed rule. The
proposed changes do not substantively alter the manner in which cabinet
orders may trade currently, but merely updates the rule language to
reflect that cabinet orders will execute in open outcry like all other
orders execute in open outcry, in accordance with the order allocation,
priority, and execution rules that will be implemented upon migration,
which is substantially similar to how cabinet trades currently
function. The Exchange notes that upon migration, Users must
systematize and route any orders they wish to execute in open outcry to
the Exchange's Public Automated Routing System (``PAR'') prior to
representation on the Exchange's trading floor for execution in open
outcry.\6\
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\5\ The Exchange notes that it is deleting the entirety of
current Rule 24A.15 and will discuss the split price component of
the rule in a FLEX-related rule filing for migration.
\6\ A PAR workstation is an Exchange-provided order management
tool for use on the Exchange's trading floor by Trading Permit
Holders and PAR Officials to manually handle orders pursuant to the
Rules and facilitate open outcry trading.
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Current Rule 6.54.01 states that a PAR Official may accept bids or
offers for opening transactions at a price of $1 per contract only to
the extent that the cabinet book (which no longer exists) \7\ already
contains closing orders for the contra side. The Exchange notes that a
previous rule filing, SR-CBOE-2018-010,\8\ inadvertently removed what
was then paragraph (a) under Rule 6.54, which included a provision
allowing Floor Brokers and Market-Makers to represent that bids and
offers for cabinet trades after first yielding priority to all orders
in the cabinet book. Specifically, when this provision was initially
added to the Exchange Rules, its purpose was to make clear that Floor
Brokers or Market-Makers may enter into both opening and closing
cabinet transactions, so long as they first yield priority to all
orders in the Order Book Official's cabinet book.\9\ Previous paragraph
(a) had generally described cabinet trading for classes not trading on
the Hybrid System, and, because SR-CBOE-2018-010 had been implemented
to delete Exchange Rules that no longer applied to the Exchange, it
deleted previous paragraph (a) as all options traded on the Hybrid
System, and currently do. This deletion inadvertently occurred because
certain language in previous paragraph (a) is still relevant to
transacting on the Exchange. Orders in all classes on the Hybrid System
can currently be automatically executed both electronically and in open
outcry after routing to PAR (as cabinet orders must). Even as the Order
Book Officials and cabinet book ceased to exist on the Exchange,\10\
functionality continued to allow market participants to enter into both
opening and closing cabinet transactions so long as they first yielded
to closing orders on the floor. Therefore, proposed Rule 5.12 makes
explicit that market participants may continue to place closing cabinet
orders, and may continue to place opening cabinet orders, which must
continue to yield to all closing cabinet orders represented by the
trading crowd. In addition to making this explicit in the Exchange
Rules, the Exchange believes that it is in line with the primary
purpose of cabinet trades by facilitating the close of positions in a
worthless or inactive series.
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\7\ See Securities Exchange Act Release No. 82646 (February 7,
2018), 83 FR 6294 (February 13, 2018) (SR-CBOE-2018-010), which
removed the cabinet book and Order Book Officials because these
functions were generally obsolete because most trading occurred
electronically, as it does today. However, Cabinet Book Officials
were replaced by PAR Officials, who currently do hold cabinet orders
for priority execution on the Exchange.
\8\ See id.
\9\ See Securities Exchange Act Release No. 55081 (January 10,
2007), 72 FR 2317 (January 18, 2007) (SR-CBOE-2007-02).
\10\ See supra note 7.
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In addition to this, proposed Rule 5.12(a) provides that cabinet
orders are priced at $0.01. The current rule provides that cabinet
trades are those priced at $1.00, which accounts for the notional value
of series actually priced at $0.01 but adjusted with a multiplier of
100. Instead, under the proposed rule, $0.01 is designed to encompass
those series price at $0.01 with a 100 multiplier, as well as series
that are priced at $0.01 or less with a different multiplier.
Additionally, the proposed rule provides that cabinet orders are not
available in classes with a minimum increment of $0.01. This is
substantially similar to the function of the current rule, which does
not allow penny pilot classes as cabinet orders, but accounts for the
fact that the rules may permit other penny classes in addition to penny
pilot classes. The proposed rule change appropriately renames such
orders as ``penny cabinets''.
Proposed Rule 5.12(b) provides for sub-penny cabinet orders.\11\
Proposed Rule 5.12(b) is based on the rules of other options exchanges,
previously approved by the Commission.\12\ The Exchange believes that
allowing a price of at least $0 but less than $0.01 better accommodates
the closing of options positions in series that are worthless or
[[Page 49776]]
not actively traded, particularly due to market conditions which may
result in a significant number of series being out-of-the-money. For
example, a market participant might have a long position in a call
series (with a 100 multiplier) with a strike price of $100 and the
underlying stock might now be trading at $30. In such an instance,
there might not otherwise be a market for that person to close-out the
position even at the $0.01 cabinet price (e.g., the series might be
quoted no bid). Proposed Rule 5.12(b) also provides that bids and
offers for opening transactions in sub-penny cabinets are only
permitted to accommodate closing transactions, which is consistent with
the cabinet trading rules of other exchanges, as well as the purpose of
cabinet trades in facilitating closing transactions for open positions
in worthless or inactive series. The Exchange also notes that proposed
Rule 5.12 does not maintain current language regarding the reporting of
cabinet transactions (as stated in current Rule 6.54.01) or adopt such
language in connection with sub-penny cabinets, which is contained in
other exchanges' sub-cabinet rules, because all cabinet orders will
execute in open outcry just like other orders (instead of only through
a PAR Official or on the cabinet book), therefore cabinet order
transaction prices will be also be reported like all other
transactions, which, pursuant to current Rule 6.51 (Rule 6.1 in the
shell Rulebook), must be reported within 90 seconds of the execution,
which the Exchange then immediately submits to the Options Clearing
Corporation (``OCC''). The Exchange represents that there would be no
operational issues in processing and clearing sub-penny cabinet
trades.\13\ The Exchange does not believe that the OCC will have any
operational issues with processing sub-penny cabinet trades, as they
will be reported to and submitted by the Exchange like all other
transactions currently executed in open outcry. Additionally, the
Exchange notes that because sub-penny cabinets will be reported and
processed like all other open outcry trades market participants will
not be impacted nor have to take on any additional reporting or
processing burden.\14\
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\11\ Current Rule 6.54.02 contains rule language in connection
with sub-cabinets which expired on March 5, 2018.
\12\ See, e.g., NYSE Arca Options Commentary .01 to Rule 6.80-O;
and NASDAQ Phlx Options 8, Sec. 33(d).
\13\ See also note 7. The Exchange also notes that there were no
issues in processing and clearing such transactions prior to the
expiration of the sub-cabinet rule.
\14\ See also note 7. The Exchange notes that market
participants did not raise any concerns with the processing of sub-
cabinet trades prior to the expiration of the sub-cabinet rule.
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The Exchange also notes that the proposed rule change deletes
current Rules 21.15, and 28.12 which governed cabinet trading in
connection with government securities options and corporate debt
security options, respectively, but are redundant of the current manner
in which cabinet trades are executed and of the proposed rule, which
allow opening transactions to execute so long as they first yield to
closing transactions. The proposed rule change also removes Rule 23.10
because it refers to provisions that no longer exist within the
Exchange Rules and it moves Rule 23.10.01 to proposed Rule 5.12(b), and
makes non-substantive changes to the language to reflect the rest of
the proposed sub-penny cabinet rule language.
The proposed rule change also renames the rule ``Cabinet Trades'',
and updates references according. The Exchange believes that the term
``cabinet trade'' is a wider-used and recognized term throughout the
industry. Also, the Exchange notes that ``accommodation liquidations''
refers specifically to cabinet trades to close out positions in
worthless or nearly worthless out-of-the-money option contracts,
whereas cabinet trades more accurately refer to the wider range of
transactions governed by the proposed rule, which are trades in options
listed on the Exchange that are worthless or not actively traded.
In light of the proposed change, the Exchange also proposes to add
``penny cabinet'' orders and ``sub-penny cabinet'' orders to the list
of types of order instructions under Rule 5.6(c) currently in the shell
Rulebook. Likewise, the Exchange proposes to add penny cabinet and sub-
penny cabinet orders to the list of order available for PAR routing to
open outcry under Rule 5.83(a)(2) currently in the shell Rulebook. The
proposed changes are not substantive changes but instead are intended
to provide additional clarity under the rules regarding cabinet order
instructions and that cabinet orders may route through PAR to execute
in open outcry, which will be available to Users upon the technology
migration.
The Exchange also proposes to delete Rule 5.7.03 in the shell
Rulebook (and renumber the subsequent provisions), which excludes
accommodation liquidations from the entry of orders and quotes into the
System and the systemization of orders. As stated above, upon migration
Users must systematize and route any orders, including cabinet orders,
they wish to execute in open outcry to PAR prior to representation on
the Exchange's trading floor for execution in open outcry.
Additionally, the Exchange now proposes to delete Rule 6.24 from the
current Rulebook as it inadvertently failed to delete this rule under
SR-CBOE-2019-033,\15\ which moved the provisions under current Rule
6.24 to Rule 5.7 in the shell Rulebook in anticipation of migration.
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\15\ See Securities Exchange Act Release No. 86374 (July 15,
2019), 84 FR 34963 (July 19, 2019) (Notice of Filing and Immediate
Effectiveness of a Proposed Rule Change Relating to System
Connectivity and Order Entry and Allocation Upon the Migration of
the Exchange's Trading Platform to the Same System Used by the Cboe
Affiliated Exchanges) (SR-CBOE-2019-033).
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2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Securities Exchange Act of 1934 (the ``Act'') and the rules and
regulations thereunder applicable to the Exchange and, in particular,
the requirements of Section 6(b) of the Act.\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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The proposed rule is generally intended to provide consolidated and
updated rules for market participants in connection with the October 7,
2019 technology migration. The proposed rule change does not propose to
implement new or unique functionality that has not been previously
filed with the Commission, found to be consistent with the Act, or is
not available on other exchanges. The Exchange notes that the proposed
rule is substantially the same as the current rule and largely makes
changes to remove obsolete provisions, update rule provisions to align
with the manner in which the Exchange's System, functionality and other
rules that will become live upon migration, as well as non-substantive
changes to simplify rule language, make the rule provisions plain
English, and update cross-references and paragraph formatting. The
Exchange believes that the proposed changes, overall, will
[[Page 49777]]
make the rules easier to follow and understand, thus, simplifying the
regulatory requirements and increasing the transparency and
understanding of the Exchange's operations for TPHs. As such, the
proposed rule change would foster cooperation and coordination with
persons engaged in facilitating transactions in securities, would
remove impediments to and perfect the mechanism of a free and open
market and a national market system, and, in general, contribute to the
protection of investors and the public interest.
Specifically, the proposed change amending rule language to provide
that all cabinet orders will execute in open outcry pursuant to Rule
5.82(c)(2) does not substantively alter the manner in which cabinet
orders may trade currently, but merely updates the rule language to
reflect the order allocation and priority rules that will be applicable
to the execution of all orders in open outcry upon migration. The
Exchange believes that by amending its rule to accurately reflect
Exchange functionality and processes upon migration, the proposed rule
change removes impediments to and perfects the mechanism of a free and
open national market system.
Additionally, the Exchange believes that the proposed rule change
makes it explicit that market participants may enter cabinet orders as
either opening or closing transactions, but such orders must yield
priority to all cabinet orders represented by the trading crowd. The
Exchange notes that this is the manner in which the cabinet order
process currently functions, yet such rule text pertaining to this
process was inadvertently removed. Therefore, by making this process
explicit in the Exchange Rules, the proposed rule change will remove
impediments to and perfect the mechanism of a free and open market and
national market system. The proposed rule change does not alter the
manner in which functionality currently exists for cabinet trading but
merely intends to make the rules clear that market participants may
continue to place cabinet orders as both opening and closing
transactions that will execute in accordance with the allocation and
priority rules like that of all other orders executed in open outcry,
after first yielding to the cabinet orders on the floor. Similarly, the
proposed rule does not maintain the cabinet reporting provisions
because all cabinet orders will execute in open outcry just as any
other order and, therefore, cabinet order transaction prices will also
be reported just like any other transaction. The Exchange believes that
the proposed changes will remove impediments to and perfect the
mechanism of a free and open market and national market system, and
otherwise protect investors and the public interest, because they will
accurately reflect Exchange functionality upon migration.
The proposed rule change to update cabinet orders as orders priced
$0.01, does not alter the current application of the rule. Rather, the
proposed change is intended to add additional detail to the rule,
thereby removing impediments to and perfecting the mechanism of a free
and open national market system, by stating the actual options price
which would include both those series priced at $0.01 with a 100
multiplier adjustment, as well as series that are priced at $0.01 or
less with a different multiplier. Likewise, the proposed rule is
intended to account for the fact that the rules permit other penny
classes than just penny pilot classes, thus, does not allow cabinet
orders for any class with a minimum increment of $0.01. Therefore, the
proposed change facilitates transactions in securities by ensuring that
the rule covers cabinet trade in all series, not only those with a 100
multiplier, and ensures that the cabinet order rule accounts for other
Exchange Rules that provide for penny classes.
The Exchange believes that the proposed sub-penny cabinet orders
will remove impediments to and perfect the mechanism of a free and open
market and national market system and, in general, protect investors
because such orders will allow market participants to close options
positions in series that are worthless or not actively traded,
particularly due to market conditions which may result in a significant
number of series being out-of-the-money. The proposed change does not
offer new or unique functionality for market participants as it is
consistent with sub-cabinet rules on other options exchanges that have
been found to be consistent with the Act and previously approved by the
Commission,\19\ as well as the purpose of cabinet orders in
facilitating closing transactions for open positions in worthless or
inactive series. The Exchange also believes that the proposed change
will protect investors because there would be no operational issues in
processing and clearing sub-penny cabinet trades because cabinet trades
will be reported to the Exchange and submitted by the Exchange to OCC
just like all open outcry transactions are currently reported and
submitted.\20\ Also, because sub-penny cabinets will be reported and
processed like all other open outcry trades, market participants will
not be impacted nor have to take on any additional reporting or
processing burden.
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\19\ See supra note 12. See also note 11. The Exchange also
notes that sub-cabinet functionality was available to market
participants until the expiration of Rule 6.54.02 on March 5, 2018.
\20\ See also note 7. The Exchange also notes that there were no
issues in processing and clearing such transactions prior to the
expiration of the sub-cabinet rule.
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The Exchange also notes that the proposed rule change that deletes
current which governed cabinet trading in connection with government
security, interest rate, and corporate debt security options will
remove impediments to and perfect the mechanism of a free and open
market and national market system by removing redundant and/or obsolete
rules and, as a result, providing transparent, updated rules for market
participants. Likewise, renaming the rule ``Cabinet Trades'', also adds
clarity and updates the rules by reflecting an industry-wide term and
the wider range of transactions govern by the proposed rule.
The Exchange believes that the non-substantive changes to list
cabinet trades under types of order instructions and to add penny
cabinet and sub-penny cabinet orders to the list of order available for
PAR routing to open outcry under Exchange Rules currently in the shell
Rulebook, as well as updating the exclusion of cabinet trades from
provisions in relation to systemization (as cabinet orders will route
through PAR to execute in open outcry) are designed to provide
additional clarity and transparency under the rules in connection with
cabinet orders and functionality related to cabinet orders available to
Users upon the technology migration. The Exchange notes that the
deletion of Rule 6.24 from the current Rulebook is a non-substantive
change as this rule was inadvertently maintained in the Rulebook under
SR-CBOE-2019-033 which moved the provisions under current Rule 6.24 to
Rule 5.7 in the shell Rulebook in anticipation of migration, yet
inadvertently failed to delete the current rule in anticipation of
migration, as well.
The proposed rule change makes other various non-substantive
changes throughout the rules that will protect investors and benefit
market participants as these changes simplify the rules and use plain
English throughout the rules.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose
[[Page 49778]]
any burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act. The Exchange reiterates that
the proposed rule change is being proposed in the context of a
technology migration of the Cboe Affiliated Exchanges. As stated, the
proposed changes to the rules that reflect functionality that will be
in place come October 7, 2019 provide clear rules that accurately
reflect post-migration functionality upon the completion of migration.
The Exchange does not believe the proposed rule change will impose
any burden on intramarket competition because the proposed cabinet
orders will be available to all market participants to execute in open
outcry in the same manner as they are able to execute their other
orders. The Exchange notes that while cabinet orders must yield to
closing cabinet orders on the floor first, this will not impact
intramarket competition because it is the manner in which cabinet
orders already trade and is in line with the primary purpose of cabinet
trading to facilitate closing transactions in worthless or inactive
series. The Exchange also does not believe that the proposed rule
change will impose any burden on intermarket competition. As discussed
above, the basis for the proposed rule change regarding sub-penny
cabinets are the rules of other options exchanges, which have already
been found consistent with the Act and approved by the Commission.\21\
In addition to this, these exchanges have substantially similar rules
regarding cabinet trading.\22\
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\21\ See supra note 12.
\22\ See id.
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C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
The Exchange neither solicited nor received comments on the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing rule 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 the public interest, provided that the self-regulatory organization
has given the Commission written notice of its intent to file the
proposed rule change at least five business days prior to the date of
filing of the proposed rule change or such shorter time as designated
by the Commission,\23\ the proposed rule change has become effective
pursuant to Section 19(b)(3)(A) of the Act \24\ and Rule 19b-4(f)(6)
thereunder.\25\
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\23\ The Exchange has fulfilled this requirement.
\24\ 15 U.S.C. 78s(b)(3)(A).
\25\ 17 CFR 240.19b-4(f)(6).
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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-2019-058 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-2019-058. 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-2019-058 and should be submitted on
or before October 15, 2019.
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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Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019-20477 Filed 9-20-19; 8:45 am]
BILLING CODE 8011-01-P