[Federal Register Volume 87, Number 148 (Wednesday, August 3, 2022)]
[Notices]
[Pages 47485-47489]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-16552]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-95386; File No. SR-NYSEArca-2022-43]


Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing 
and Immediate Effectiveness of Proposed Rule Change To Amend Rule 6.4-O

July 28, 2022.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 
1934 (``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given 
that, on July 21, 2022, NYSE Arca, Inc. (``NYSE Arca'' or the 
``Exchange'') 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 self-regulatory 
organization. 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\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to amend Rule 6.4-O (Series of Options Open 
for Trading), Commentary .07 regarding the Short Term Option Series 
Program. The proposed rule change is available on the Exchange's 
website at www.nyse.com, at the principal office of the Exchange, 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 self-regulatory organization 
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 those 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 parts of such statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and the 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to amend Rule 6.4-O (Series of Options Open 
for Trading). Specifically, the Exchange proposes to amend Commentary 
.07 to Rule 6.4-O to account for conflicts between different provisions 
within the Short Term Option Series (``STOS'') rule. The Exchange notes 
that this proposal is substantively identical to the strike interval 
proposal recently submitted by Nasdaq ISE, LLC (``Nasdaq ISE'') and 
approved by the Securities and Exchange Commission (``Commission'').\4\
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    \4\ See Securities Exchange Act Release No. 95085 (June 10, 
2022), 87 FR 36353 (June 16, 2022) (SR-ISE-2022-10) (approval order) 
(``ISE Strike Interval Clarification''). The Exchange notes that the 
rule change set forth in the ISE Strike Interval Clarification will 
be implemented on August 1, 2022.
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    In 2021, the Exchange amended Rule 6.4-O, Commentary .07 
(``Commentary .07'') to limit the intervals between strikes in equity 
options listed as part of

[[Page 47486]]

the Short Term Option Series Program (the ``STOS Program''), excluding 
Exchange-Traded Fund Shares \5\ and Index-Linked Securities,\6\ that 
have an expiration date more than twenty-one days from the listing date 
(``Strike Interval Proposal'').\7\ The Strike Interval Proposal adopted 
a new paragraph (f) to Commentary .07 that included a table intended to 
specify the applicable strike intervals for STOS in equity options, 
excluding Exchange-Traded Fund Shares and Index-Linked Securities, 
which have an expiration date more than twenty-one days from the 
listing date. The newly adopted Commentary .07(f) was intended to 
establish strike intervals that would supersede those set forth in 
Commentary .07(e).\8\ The Strike Interval Proposal was designed to 
reduce the density of strike intervals that would be listed in later 
weeks, within the STOS Program, by utilizing limitations for intervals 
between strikes which have an expiration date more than twenty-one days 
from the listing date.
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    \5\ The term Exchange-Traded Fund Shares includes Exchange-
listed securities representing interests in open-end unit investment 
trusts or open-end management investment companies that hold 
securities (including fixed income securities) based on an index or 
a portfolio of securities. See Rule 1.1.
    \6\ The term Index-Linked Securities is the collective 
definition for the following securities: ``Equity Index-Linked 
Securities'', ``Commodity-Linked Securities'', ``Currency-Linked 
Securities'', ``Fixed Income Index-Linked Securities'', ``Futures-
Linked Securities'', and ``Multifactor Index-Linked Securities.'' 
See Rule 5.2-E(j)(6).
    \7\ See Securities Exchange Act Release No. 92335 (July 7, 
2021), 86 FR 36844 (July 13, 2021) (SR-NYSEArca-2021-55) 
(immediately effective Strike Interval Proposal to limit STOS 
Intervals between strikes).
    \8\ See Rule 6.4-O, Commentary .07(e) (providing in relevant 
part that ``[t]he strike price interval for Short Term Option Series 
may be $0.50 or greater for option classes that trade in $1 strike 
price intervals and are in the Short Term Option Series Program. If 
the class does not trade in $1 strike price intervals, the strike 
price interval for Short Term Option Series may be (i) $0.50 or 
greater where the strike price is less than $100; (ii) $1.00 or 
greater where the strike price is between $100 and $150; or (iii) 
$2.50 or greater for strike prices greater than $150.'').
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    At this time, the Exchange proposes to amend Commentary .07(f), and 
delete note 4 thereto, to alleviate any ambiguity regarding the 
appropriate strike interval per Commentary .07 (i.e., whether to apply 
paragraph (e) or (f) of Commentary .07).
    Currently, the table within Commentary .07(f) is as follows: \9\
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    \9\ See Rule 6.4-O, Commentary .07(f), note 1 (describing the 
Share Price); note 2 (describing the Average Daily Volume or 
``ADV''); and note 3 (providing that newly-listed options will not 
be subject to subparagraph (f) until after the end of the first full 
calendar quarter following the date the option class was first 
listed for trading on any options market).
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* * * * *

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                                                                                                            Share price
                                                                         -------------------------------------------------------------------------------
                 Tier                         Average daily volume                          $25 to less     $75 to less    $150 to less       $500 or
                                                                           Less than $25     than $75        than $150       than $500        greater
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1....................................  Greater than 5,000...............           $0.50           $1.00           $1.00           $5.00           $5.00
2....................................  Greater than 1,000 to 5,000......            1.00            1.00            1.00            5.00           10.00
3....................................  0 to 1,000.......................            2.50            5.00            5.00            5.00           10.00
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    The first sentence of Commentary .07(f) provides that 
``[n]otwithstanding subparagraph (e) above, when Short Term Option 
Series in equity options (excluding options on Exchange-Traded Fund 
Shares and Index-Linked Securities) have an expiration more than 21 
days from the listing date, the strike interval for each option class 
will be based on the table below.''
    To alleviate ambiguity, the Exchange proposes to delete the first 
clause of Commentary .07(f) (i.e., to delete ``Notwithstanding 
subparagraph (e)''), and to add language specifying that the strike 
intervals in Commentary .07(f) would apply. Specifically, proposed 
Commentary .07(f) would provide that ``[w]hen Short Term Option Series 
in equity options (excluding options on Exchange-Traded Fund Shares and 
Index-Linked Securities) have an expiration more than 21 days from the 
listing date, the table below, which specifies the applicable interval 
for listing, will apply'' (emphasis supplied). The Exchange proposes to 
add the phrase ``which specifies the applicable interval for listing'' 
to make clear that the table within Commentary .07(f), which provides 
for the listing of intervals based on certain parameters (i.e., average 
daily volume and share price) dictates the permitted intervals, unless 
Commentary .07(e) specifically provides for a greater interval (as 
described below).
    To add further clarity, the Exchange proposes to add a new sentence 
within Commentary .07(f), which would state that ``[t]o the extent 
there is a conflict between applying Commentary .07(e) and the below 
table, the greater interval would apply.'' Today, there are instances 
where a conflict is presented as between the application of the table 
within Commentary .07(f) and the rule text within Commentary .07(e) 
with respect to the correct interval. Adding the proposed sentence 
would make clear to OTP Holders and OTP Firms the applicable intervals 
where there is a conflict between the rule text within subparagraph (f) 
and the rule text within subparagraph (e), thereby providing certainty 
as to the outcome. Specifically, subparagraph (e) would govern only in 
the event that the strike interval would be greater. Should 
subparagraph (e) provide for a lesser strike interval, it would not 
apply (and subparagraph (f) would apply). The following examples are 
designed to illustrate this point.
    Example 1: Assume a Tier 1 stock that closed on the last day of Q1 
with a quarterly share price higher than $75 but less than $150. 
Therefore, utilizing the table within Commentary .07(f), the interval 
would be $1.00 for strikes added during Q2 even for strikes above $150. 
Next, assume during Q2 the share price rises above $150. Utilizing only 
the table within Commentary .07(f), the interval would be $1.00 even 
though the stock is now trading above $150 because the Share Price for 
purposes of Commentary .07(f) was calculated utilizing data from the 
prior calendar quarter. However, a separate rule, Commentary .07(e), 
provides that the Exchange may list a STOS at $2.50 intervals where the 
strike price is above $150. In other words, there is a potential 
conflict between the permitted strike intervals above $150. In this 
example, Commentary .07(f) would specify a $1.00 interval whereas 
Commentary .07(e) would specify a $2.50 interval. As proposed, the 
Exchange proposes to apply the greater interval. The greater interval 
would then be $2.50 as per Commentary .07(e) in this scenario. 
Therefore, the following strikes would be eligible to list: $152.5 and 
$157.5. For strikes less than $150, the following

[[Page 47487]]

strikes would be eligible to list: $149 and $148 because STOS with 
expiration dates more than 21 days from the listing date as well as 
STOS with expiration dates less than 21 days from the listing date 
would both be eligible to list $1 intervals pursuant to paragraphs (e) 
and (f) to Commentary .07.
    Example 2: Assume a Tier 2 stock that closed on the last day of Q1 
with a quarterly share price less than $25. Therefore, utilizing the 
table within Commentary .07(f), the interval would be $1.00 for strikes 
added during Q2 even for strikes above $25. Next, assume during Q2 the 
share price rises above $100. Utilizing only the table within 
Commentary .07(f), the interval would be $1.00 even though the stock is 
now trading above $100 because the Share Price for purposes of 
Commentary .07(f), was calculated utilizing data from the prior 
calendar quarter. However, Commentary .07(e), provides that the 
Exchange may list a STOS at $1.00 intervals where the strike price is 
above $100. As proposed, the Exchange would apply the greater interval, 
however, the $1.00 interval is the same in both cases in this scenario 
and therefore there is no conflict. Now assume during the quarter the 
price rose above $150. Utilizing only the table within Commentary 
.07(f), the interval would continue to be $1.00 because the Share Price 
relied on data from the prior calendar quarter, however, pursuant to 
Commentary .07(e), the interval would be $2.50 for strike prices above 
$150. The greater interval would then be $2.50 as per Commentary .07(e) 
in this scenario.
    Example 3: Assume a Tier 3 stock that closed on the last day of Q1 
with a quarterly share price less than $25. Therefore, utilizing the 
table within Commentary .07(f), the interval would be $2.50 for strikes 
added during Q2 even for strikes above $25. Next, assume during Q2 the 
share price rises above $100. Utilizing only the table within 
Commentary .07(f), the interval would be $2.50 even though the stock 
was trading above $100 because the Share Price for purposes of 
Commentary .07(f), was calculated utilizing data from the prior 
calendar quarter. However, Commentary .07(e) provides that the Exchange 
may list a STOS at $1.00 intervals where the strike price is above 
$100. The greater interval would then be $2.50 as per the table in 
Commentary .07(f) in this scenario.
    In addition, the Exchange proposes to delete the last sentence of 
the first paragraph of Commentary .07(f), which states that ``[t]he 
below table indicates the applicable strike intervals and supersedes 
subparagraph (d) above, which permits additional series to be opened 
for trading on the Exchange when the Exchange deems it necessary to 
maintain an orderly market, to meet customer demand or when the market 
price of the underlying security moves substantially from the exercise 
price or prices of the series already opened.'' Commentary .07(d) 
describes adding series of options in the STOS Program.\10\ The table 
within Commentary .07(f) impacts permissible strike intervals. Because 
there should be no conflict between strike intervals set forth in 
Commentary .07(f) and details about adding option series set forth in 
Commentary .07(d), the Exchange believes that deleting this reference 
will avoid potential confusion.
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    \10\ Commentary .07(d), regarding ``Additional Series,'' 
provides that ``[i]f the Exchange opens less than thirty (30) Short 
Term Option Series for a Short Term Option Expiration Date, 
additional series may be opened for trading on the Exchange when the 
Exchange deems it necessary to maintain an orderly market, to meet 
customer demand or when the market price of the underlying security 
moves substantially from the exercise price or prices of the series 
already opened.''
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    Finally, consistent with the foregoing, the Exchange proposes to 
delete note 4 to the table in Commentary .07(f), which provides that 
``[n]otwithstanding the limitations imposed by this subparagraph (f), 
this subparagraph (f) does not amend the range of strikes for Short 
Term Option Series that may be listed pursuant to subparagraph (e) 
above,'' which deletion would add clarity and consistency to Commentary 
.07 and limit the potential for confusion or ambiguity. In addition, 
the Exchange believes this sentence is unnecessary given the foregoing 
changes that propose to clarify the circumstances when either 
subparagraph (f) or subparagraph (e) applies to strike intervals.
Implementation
    The Exchange proposes to implement this rule change on August 1, 
2022, consistent with the date of ISE's rule change per the ISE Strike 
Interval Clarification.\11\ The Exchange will issue a Trader Update to 
notify OTP Holders and OTP Firms of the implementation date.
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    \11\ See ISE Strike Interval Clarification, supra note 4.
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2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with 
the Act and the rules and regulations thereunder applicable to the 
Exchange and, in particular, the requirements of Section 6(b) of the 
Act.\12\ Specifically, the Exchange believes the proposed rule change 
is consistent with the Section 6(b)(5) \13\ 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. 
The proposed rule maintains the goal of the Strike Interval Proposal 
and continues to limit the intervals between strikes listed in the STOS 
Program that have an expiration date more than twenty-one days.\14\
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    \12\ 15 U.S.C. 78f(b).
    \13\ 15 U.S.C. 78f(b)(5).
    \14\ 15 U.S.C. 78f(b)(5).
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    The Exchange's proposal to add clarifying language to the first 
sentence of Commentary .07(f), is consistent with the Act because it 
will make clear that the only permitted intervals are as specified in 
the table within Commentary .07(f), except in the case where Commentary 
.07(e) provides for a greater interval. This amendment will bring 
greater transparency to the rule.
    Adopting a new sentence within Commentary .07(f) to address a 
potential conflict between provisions in the STOS rule, specifically as 
between the application of the table within Commentary .07(f) and the 
rule text within Commentary .07(e), with respect to the correct 
interval is consistent with the Act. Proposed Commentary .07(f) will 
make clear to OTP Holders and OTP Firms the applicable intervals when 
there is a conflict between the rule text within Commentary .07(f) and 
the rule text within Commentary .07(e), thereby providing certainty as 
to the outcome. Further, the proposed new rule text promotes just and 
equitable principles of trade by adding transparency to the manner in 
which the Exchange implements its listing rules, and protects investors 
and the general public by removing uncertainty.
    The Exchange believes that deleting the last sentence of the first 
paragraph of Commentary .07(f) is consistent with the Act. The table 
within Commentary .07(f) supersedes other rules pertaining to strike 
intervals, but the table does [sic] is not intended to supersede (or 
conflict with) rules governing the addition of options series, per 
Commentary .07(d). Therefore, deleting the reference to Commentary 
.07(d) in proposed Commentary .07(f) will avoid confusion regarding the 
application of

[[Page 47488]]

each paragraph, which clarity would protect investors and the general 
public.
    Removing note 4 to the table in Commentary .07(f) is consistent 
with the Act because while the range limitations continue to be 
applicable, the strike ranges do not conflict with strike intervals, 
rendering the sentence unnecessary and potentially confusing. Also, the 
proposed rule text within Commentary .07(f) otherwise indicates when 
Commentary .07(e) would apply.
    As noted here, the Strike Interval Proposal was designed to reduce 
the density of strike intervals that would be listed in later weeks, 
within the STOS Program, by utilizing limitations for intervals between 
strikes which have an expiration date more than twenty-one days from 
the listing date. The Exchange's proposal furthers this goal as it 
intends to continue to remove certain strike intervals where there 
exist clusters of strikes whose characteristics closely resemble one 
another and, therefore, do not serve different trading needs, rendering 
these strikes less useful.\15\
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    \15\ For example, two strikes that are densely clustered may 
have the same risk properties and may also be the same percentage 
out-of-the money.
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    Also, the Strike Interval Proposal will continue to reduce the 
number of strikes listed on the Exchange, allowing Lead Market Makers 
and Market Makers to expend their capital in the options market in a 
more efficient manner, thereby improving overall market quality on the 
Exchange.
    Additionally, by making clear that the greater interval would 
control as between the Commentary .07(f) and Commentary .07(e), the 
Exchange is reducing the number of strikes listed in a manner 
consistent with the intent of the Strike Interval Proposal (i.e., to 
reduce strikes which were farther out in time). The result of this 
clarification is to select wider strike intervals for STOS in equity 
options that have an expiration date more than twenty-one days from the 
listing date. This proposed rule change would harmonize strike 
intervals as between inner weeklies (those having less than 21 days 
from the listing date) and outer weeklies (those having more than 21 
days from the listing date) so that strike intervals are not widening 
as the listing date approaches.

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 proposed rule change is 
not designed to impact competition but rather is designed to clarify a 
potential ambiguity regarding strike intervals that exists in the 
current STOS rule.
    The Exchange anticipates that this proposal, which is consistent 
with a Commission-approved rule of another options exchange, will be 
adopted by other option exchanges and therefore would have no impact on 
to competition.\16\
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    \16\ See ISE Strike Interval Clarification, supra note 4.
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    In addition to alleviating potential ambiguity, the proposed rule 
will further the goal of limiting the number of STOS Program strike 
intervals available for quoting and trading on the Exchange for all OTP 
Holders and OTP Firms. The Exchange continues to balance the needs of 
market participants by continuing to offer a number of strikes to meet 
a market participant's investment objective. The Exchange's Strike 
Interval Proposal does not impose an undue burden on inter-market 
competition as this Strike Interval Proposal does not impact the 
listings available at another self-regulatory organization.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    No written comments were solicited or received with respect to 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 after the date of the filing, or such 
shorter time as the Commission may designate, it has become effective 
pursuant to 19(b)(3)(A) of the Act \17\ and Rule 19b-4(f)(6) \18\ 
thereunder.
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    \17\ 15 U.S.C. 78s(b)(3)(A).
    \18\ 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.
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    A proposed rule change filed under Rule 19b-4(f)(6) \19\ normally 
does not become operative prior to 30 days after the date of the 
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\20\ the Commission 
may designate a shorter time if such action is consistent with the 
protection of investors and the public interest. The Exchange has 
requested that the Commission waive the 30-day operative delay so that 
the Exchange may implement the proposed rule change on August 1, 2022--
the same time other exchanges are implementing an identical change.\21\ 
The Commission believes that waiver of the 30-day operative delay is 
consistent with the protection of investors and the public interest 
because the proposed rule change does not raise any new or novel 
issues. Accordingly, the Commission hereby waives the operative 
delay.\22\
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    \19\ 17 CFR 240.19b-4(f)(6).
    \20\ 17 CFR 240.19b-4(f)(6)(iii).
    \21\ See Securities Exchange Act Release No. 95085 (June 10, 
2022), 87 FR 36353 (June 16, 2022) (SR-ISE-2022-10) (Order Approving 
a Proposed Rule Change, as Modified by Amendment No. 1, to Amend ISE 
Options 4, Section 5, Series of Options Contracts Open for Trading).
    \22\ 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 such proposed rule 
change, the Commission summarily may temporarily suspend such rule 
change if it appears to the Commission that such action is necessary or 
appropriate in the public interest, for the protection of investors, or 
otherwise in furtherance of the purposes of the Act. If the Commission 
takes such action, the Commission shall institute proceedings to 
determine whether the proposed rule 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-NYSEArca-2022-43 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-NYSEArca-2022-43. This 
file number should be included on the

[[Page 47489]]

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-
NYSEArca-2022-43 and should be submitted on or before August 24, 2022.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\23\
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    \23\ 17 CFR 200.30-3(a)(12), (59).
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J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022-16552 Filed 8-2-22; 8:45 am]
BILLING CODE 8011-01-P