[Federal Register Volume 89, Number 61 (Thursday, March 28, 2024)]
[Notices]
[Pages 21548-21553]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-06587]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-99838; File No. SR-CBOE-2024-015]


Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of 
Filing of a Proposed Rule Change To Amend Exchange Rule 5.33, Complex 
Orders

March 22, 2024.
    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 March 19, 2024, 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 
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.
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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 Rule 5.33. The text of the proposed rule change is provided 
below.
(additions are italicized; deletions are [bracketed])
* * * * *
Rules of Cboe Exchange, Inc.
* * * * *
Rule 5.33. Complex Orders
    Trading of complex orders (as defined in Rule 1.1) is subject to 
all other Rules applicable to the trading of orders, unless otherwise 
provided in this Rule 5.33.
    (a) Definitions. For purposes of this Rule 5.33, the following 
terms have the meanings below. A term defined elsewhere in the Rules 
has the same meaning with respect to this Rule 5.33, unless otherwise 
defined below.
* * * * *
Complex Strategy
    The term ``complex strategy'' means a particular combination of 
components and their ratios to one another. New complex strategies can 
be created by the Exchange or as the result of the receipt of a complex 
instrument creation request or complex order for a complex strategy 
that is not currently in the System. The Exchange may limit the

[[Page 21549]]

number of new complex strategies that may be in the System or entered 
for any EFID (which EFID limit would be the same for all Users) at a 
particular time.
* * * * *
    (b) Types of Complex Orders. Complex orders are available in all 
classes listed for trading on the Exchange. Complex orders may be 
market or limit orders.
    (1) The Exchange determines which Times-in-Force of Day, GTC, GTD, 
IOC, or OPG as such terms are defined in Rule 5.6(d) are available for 
complex orders (including for eligibility to enter the COB and initiate 
a COA).
    (2) The Exchange determines which Capacities are eligible for COA 
or for entry into the COB. Complex orders submitted to the Exchange 
with Capacities not eligible for COA or entry into the COB route to PAR 
for manual handling or are cancelled, subject to a User's instructions. 
[(A)] In a class in which the Exchange determines complex orders with 
Capacity M or N are not eligible for entry into the COB, the Exchange 
may determine that a complex order with Capacity M or N may enter the 
COB:
    (A) in complex strategies designated by the Exchange or
    (B) if:
    (i) the complex order is on the opposite side of (a) a Priority 
Customer complex order(s) resting in the COB with a price not outside 
the SNBBO; or (b) orders on the same side of the market in the same 
complex strategy that initiated a COA(s) if there are ``x'' number of 
COAs within ``y'' milliseconds, counted on a rolling basis (the 
Exchange determines the number ``x'' (which must be at least two) and 
the time period ``y'' (which may be no more than 2,000); and
    (ii) the User cancels the complex order, if it remains unexecuted, 
no later than a specified time (which the Exchange determines and may 
be no more than five minutes) after the time the COB receives the M or 
N complex order.
* * * * *
    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 proposes to amend its rules related to complex orders. 
Rule 5.33 governs the electronic processing of complex orders on the 
Exchange, and Rule 5.33(a) sets forth the definition of ``complex 
strategy.'' Rule 5.33(a) defines complex strategy as a particular 
combination of components and their ratios to one another. Pursuant to 
Rule 5.33(a), new complex strategies may be created as the result of 
the receipt of a complex instrument creation request or complex order 
for a complex strategy that is not currently in the System. 
Additionally, Rule 5.33(b)(2) states the Exchange determines which 
Capacities (i.e., non-broker-dealer public customer, broker-dealers 
that are not market-makers or specialists on an options exchange, and/
or Market-Makers or specialists on an options exchange) are eligible 
for COA or entry into the Complex Order Book (``COB'').\3\ Further, 
Rule 5.33(b)(2)(A) provides that, in a class in which the Exchange 
determines complex orders of Market-Makers and away market-makers are 
not eligible for entry into the COB,\4\ the Exchange may determine that 
Market-Makers and away market-makers may enter complex orders into the 
COB if (1) their complex orders are on the opposite side of (A) a 
priority customer complex order(s) resting in the COB with a price not 
outside the national spread market (``NSM'') \5\ or (B) order(s) on the 
same side of the market in the same strategy that initiated a COA(s) if 
there are ``x'' number of COAs within ``y'' milliseconds, counted on a 
rolling basis (the Exchange will determine the number ``x'' (which must 
be at least two) and time period ``y'' (which may be no more than 
2,000)) and (2) they cancel their complex orders, if such orders remain 
unexecuted, no later than a specified time (which the Exchange 
determines and may be no more than five minutes) after the time the COB 
receives the order. To the extent an origin type is not eligible for 
entry into the COB or does not meet the requirements of Rule 
5.33(b)(2)(A), complex orders with that origin type may still be 
entered into the System as opening-only or immediate-or-cancel, as such 
orders would not rest in the COB when the Exchange is open for trading.
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    \3\ Currently, orders entered with any capacity, including 
Market-Maker (origin code ``M'') and market-maker or specialist on 
another options exchange (``away market-makers'') (origin code 
``N'') orders, are eligible for entry and may rest on the COB in all 
classes except in S&P 500 Index options (``SPX''). In SPX options, M 
and N complex orders are not eligible for entry into the COB except 
as set forth in Rule 5.33(b)(2)(A). See US Options Complex Book 
Process, Section 2.3.3.
    \4\ As noted above, currently, the only class for which the 
Exchange has determined that M and N orders are not eligible for 
entry into the COB is SPX options.
    \5\ See Rule 1.1 (definition of ``National Spread Market'').
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    The Exchange understands from market participants that electronic 
trading in complex strategies may be limited for a variety of reasons, 
including fragmentation of liquidity across multiple customer-created 
complex instruments expressing a similar exposure (i.e., risk) profile 
and the need to search for a desired complex strategy. To enhance 
electronic trading of commonly traded complex strategies, the Exchange 
proposes to amend its Rules to encourage increased, consolidated 
liquidity in complex strategies on the complex order book (``COB''). 
Specifically, the Exchange first proposes to amend the definition of 
complex strategy in Rule 5.33(a) to provide that new complex strategies 
can be created by the Exchange in addition to, as today, as the result 
of the receipt of a complex instrument creation request or complex 
order for a complex strategy that is not currently in the System. The 
Exchange believes that permitting it to create complex strategies, 
including commonly traded ones, would allow for the consolidation of 
liquidity within a single complex strategy that is currently spread 
across multiple customer-created complex instruments expressing the 
same or similar exposure profiles. For example, if a market participant 
wishes to execute a trade in a complex strategy to achieve a certain 
level of risk exposure, if the Exchange has created a complex strategy 
that provides that level of risk exposure already, then the market 
participant may submit an order within that strategy as opposed to 
creating a separate one with different strikes that would still result 
in the same level of risk exposure. The Exchange regularly observes 
consistencies in trading for certain complex strategies, thus 
highlighting a potential for consolidation of liquidity. Specifically,

[[Page 21550]]

the Exchange regularly observes in various common complex strategies 
that, while market participants may use a large number of strikes to 
comprise a specific complex strategy, a significant amount of the 
trading volume within that complex strategy occurs using a small 
percentage of those strikes. For example, in jelly rolls executed on 
the Exchange in 2023 in SPX, the Exchange observed that more than 90% 
of the volume executed using a jelly roll occurred using fewer than 20% 
of the strikes used for all the jelly rolls executed.\6\ The Exchange 
believes this proposed change may aggregate liquidity of market 
participants within a single set of strikes for a complex strategy (as 
opposed to across many varying strikes) looking and willing to take on 
that level of risk exposure, which may increase execution opportunities 
at more competitive prices. Under the proposed rule change, customers 
may continue to create complex instruments as they do today.
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    \6\ A jelly roll is a trading strategy created by entering into 
two separate positions simultaneously: one position involves buying 
a put and selling a call with the same strike price and expiration 
and the second position involves selling a put and buying a call, 
with the same strike price, but with a different expiration from the 
first position. The same delta effect may be achieved by trading 
different strikes.
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    Second, the Exchange proposes to amend Rule 5.33(b)(2)(A). As noted 
above, Rule 5.33(b)(2) states that the Exchange may determine which 
complex orders are eligible for entry into the COB, based on Capacity. 
As described above, Rule 5.33(b)(2)(A) provides that, in a class in 
which the Exchange determines that M and N complex orders are not 
eligible for entry into the COB,\7\ the Exchange may determine that M 
and N complex orders may rest in the COB in defined circumstances. The 
Exchange proposes to amend Rule 5.33(b)(2)(A) to provide in a class in 
which it determines complex orders of Market-Makers and away market-
makers are not eligible for entry into the COB, the Exchange may also 
determine that Market-Makers and away market-makers may enter complex 
orders into the COB if the complex order is in a complex strategy 
designated by the Exchange.\8\ The Exchange believes that providing it 
with the ability to designate complex strategies in which M and N 
complex orders are eligible for entry into the COB may further the 
consolidation of liquidity within a single complex strategy that is 
currently spread across multiple customer-created complex instruments 
expressing the same or similar exposure profiles. The proposed rule 
change permits the Exchange to designate complex strategies created 
either by users or by the Exchange in the COB in which M and N complex 
orders would be eligible to rest. Given that market participants often 
execute the same complex strategy within a small number of strikes (as 
demonstrated by the jelly roll example above), if the Exchange 
designated a single instrument for a common strategy in which M and N 
orders could rest, the Exchange believes a significant amount of market 
participants looking to execute that strategy may ultimately do so with 
that specific instrument, given the existence of liquidity and price 
competition on the COB. The Exchange believes this aggregation of 
liquidity of market participants looking and willing to take on that 
level of risk exposure, which may increase execution opportunities at 
more competitive prices.
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    \7\ As noted above, the Exchange has determined that M and N 
complex orders are not eligible for entry into the COB only in SPX 
options.
    \8\ Symbol reference data for those complex strategies 
designated by the Exchange will be publicly available on the 
Exchange's website, and disseminated to subscribers to the 
Exchange's data feeds that deliver complex order information.
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    For example, as noted above, the Exchange has determined that M or 
N complex orders for SPX options are not eligible for entry into the 
COB. Under the proposed rule, the Exchange may determine to permit M or 
N complex orders for SPX options to be eligible for entry into the COB 
in designated complex strategies (either user or Exchange-created) 
under the proposed rule.\9\
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    \9\ This would be in addition to letting M and N complex orders 
for SPX options enter the COB as set forth in current Rule 
5.33(b)(2)(A).
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    Unlike leg markets, in which market-makers provide liquidity 
through regularly updated quotes that indicate to customers the price 
at which liquidity providers are willing to trade against their orders, 
market-makers do not quote on the COB.\10\ As a result, the COB may 
contain limited resting orders from liquidity providers within a 
complex strategy to indicate to customers the price at which many 
liquidity providers are willing to trade that complex strategy. The 
Exchange believes that providing it with the ability to permit M and N 
complex orders to rest orders in the COB in designated complex 
strategies would, as discussed above, potentially consolidate liquidity 
for complex strategies (particularly commonly traded complex 
strategies) with similar risk profiles within a single strategy that 
provides the same exposure. This may result in the COB for these 
complex strategies (such as those that are commonly traded) providing 
customers with this information, which may ultimately result in 
additional price competition and execution opportunities for customers. 
As previously noted, the Exchange determines which Capacities are 
eligible for entry into the COB, and currently, in SPX options, M and N 
complex orders are not eligible for entry into the COB except as set 
forth in Rule 5.33(b)(2)(A). The Exchange believes that it is more 
beneficial from a trading and efficiency perspective to designate 
strategies in which M and N orders are eligible for COB entry, rather 
than determine that M and N complex orders in all complex strategies 
(including SPX options) are eligible for COB entry, as Market-Makers 
may not be willing to rest in the number of large number of complex 
strategies that exist in the COB.
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    \10\ See Interpretation and Policy .01 to Rule 5.33.
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    The proposed changes would allow the Exchange to create complex 
strategies, in addition to those strategies that are created today by 
users through receipt of a complex instrument creation request or 
complex order for a complex strategy that is not currently in the 
System. The proposed changes have no impact on the current process for 
complex strategy creation from a user perspective, as users will still 
be able to create complex strategies; however, the changes may promote 
trading efficiencies, as the user may (but is not required to) choose 
to trade in an Exchange-created strategy (rather than create a new, 
additional strategy), should it reflect the desired complex strategy to 
be traded. The changes would also provide the Exchange with the ability 
to designate complex strategies (which may be created by users or, as 
proposed, created by the Exchange) in which M and N complex orders are 
eligible for entry into the COB. Trading in strategies the Exchange 
does not designate as being eligible for M and N orders to rest will 
continue as it does today. The Exchange will maintain on its publicly 
available website a list of designated complex strategies. This will 
allow liquidity providers to easily determine in which complex 
strategies they are able to rest their orders (if they so choose) and 
better management their risk. Current rules permit the Exchange to 
allow M and N orders into the COB for complex strategies in certain 
circumstances if the Exchange has otherwise determined that M and N 
orders are not eligible for COB entry; the rule change merely provides 
the Exchange with flexibility to allow this also in designated complex 
strategies. Such designated complex

[[Page 21551]]

strategies may include, for example, those strategies that are or may 
become commonly traded, based on trading activity and market feedback. 
As noted, the COB may contain limited resting orders from liquidity 
providers within a complex strategy to indicate to customers the price 
at which many liquidity providers are willing to trade that complex 
strategy. The Exchange believes permitting M and N complex orders to 
enter the COB for designated complex strategies will create potential 
execution opportunities for customers in these designated complex 
strategies.
    By way of illustration, consider the following example:
    Assume that on January 22, 2024, a trader sells the following box 
spread for $998.31, expiring on February 2, 2024, for purposes of 
raising cash.

 Sell 2024-02-02 SPX call with a strike of $4,000
 Buy 2024-02-02 SPX put with a strike of $4,000
 Buy 2024-02-02 SPX call with a strike of $5,000
 Sell 2024-02-02 SPX put with a strike of $5,000

    Upon the sale, the trader receives a net premium (equivalent to a 
short-term loan that is due on the expiration date of February 2) of 
$99,831. At expiry, the trader will have to pay $100,000, which implies 
a rate of 5.5309%. However, this box spread trade is not the only trade 
that can provide this exposure. There are many box spreads with this 
expiration date that could replicate the same exposure created by the 
above box spread, such as box spreads with the same expiry date and a 
strike distance of 1,000, like the following Alternatives 1 and 2:
Alternative 1
 Sell 2024-02-02 SPX call with a strike of $3,000
 Buy 2024-02-02 SPX put with a strike of $3,000
 Buy 2024-02-02 SPX call with a strike of $4,000
 Sell 2024-02-02 SPX put with a strike of $4,000
Alternative 2
 Sell 2024-02-02 SPX call with a strike of $4,100
 Buy 2024-02-02 SPX put with a strike of $4,100
 Buy 2024-02-02 SPX call with a strike of $5,100
 Sell 2024-02-02 SPX put with a strike of $5,100

    While alternatives 1 and 2 may not have the same quoted price as 
the original order, they would offer the same term of risk exposure. 
However, this demonstrates that liquidity for commonly traded complex 
strategies with similar risk profiles may be spread across multiple 
complex strategies. This may limit price competition and execution 
opportunities for customers. Pursuant to the proposed rule change, the 
Exchange could permit M and N complex orders to rest in the COB for one 
of the above complex strategies, which may permit the consolidation of 
liquidity from liquidity providers willing to assume the risk exposure 
of the above box spreads.
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.\11\ Specifically, the 
Exchange believes the proposed rule change is consistent with the 
section 6(b)(5) \12\ 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) \13\ requirement that the rules of an exchange not be 
designed to permit unfair discrimination between customers, issuers, 
brokers, or dealers.
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    \11\ 15 U.S.C. 78f(b).
    \12\ 15 U.S.C. 78f(b)(5).
    \13\ Id.
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    In particular, 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, and, in general, protect 
investors, by potentially consolidating liquidity for complex 
strategies and increasing execution opportunities for customers. As 
noted above, the Exchange understands from market participants that 
electronic trading in complex strategies may be limited, in part due to 
the fragmentation of liquidity across multiple customer-created complex 
instruments expressing a similar exposure profile. The Exchange 
believes that permitting it to create complex strategies, including 
commonly traded ones, would allow for the consolidation of liquidity 
within a single complex strategy that is currently spread across 
multiple customer-created complex instruments expressing the same or 
similar exposure profiles, which may increase execution opportunities 
at more competitive prices, to the benefit of investors. Under the 
proposed change, if market participants wish to execute a trade in a 
complex strategy to achieve a certain level of risk exposure and the 
Exchange has created a complex strategy that already provides that 
level of risk exposure, then market participants could choose to submit 
an order within that strategy, as opposed to creating a new one. As 
noted above, customers may continue to create complex instruments as 
they do today.
    Additionally, the Exchange believes the proposed change to allow it 
to determine, in a class in which it determines complex orders of 
Market-Makers and away market-makers are not eligible for entry into 
the COB, that Market-Makers and away market-makers may enter complex 
orders into the COB if the complex order is in a complex strategy 
designated by the Exchange, will remove impediments to and perfect the 
mechanism of a free and open market and a national market system, and, 
in general, protect investors. The Exchange believes that providing it 
with the ability to permit M and N complex orders to rest in the COB in 
designated complex strategies (in addition to resting in the COB for 
complex strategies as set forth in current Rule 5.33(b)(2)(A)) would 
also potentially consolidate liquidity for complex strategies 
(particularly commonly traded complex strategies) with similar risk 
profiles within a single strategy that provides the same exposure. As 
noted above, unlike the leg markets, in which market-makers provide 
liquidity through quotes, the COB has no market-maker quotes that 
indicate to customers the price at which liquidity providers are 
willing to trade against their orders, market-makers do not quote on 
the COB. As a result, the COB may contain limited resting orders from 
liquidity providers within a complex strategy to indicate to customers 
the price at which many liquidity providers are willing to trade that 
complex strategy. The Exchange believes that permitting it to determine 
M and N complex orders in designated complex strategies are eligible 
for entry in the COB (which may be created by users or, as proposed, 
created by the Exchange) would potentially consolidate liquidity for 
complex strategies (particularly commonly traded complex strategies) 
with similar risk profiles within a single

[[Page 21552]]

strategy that provides the same exposure, which may result in the COB 
for these complex providing customers with this information, which may 
ultimately result in additional price competition and execution 
opportunities for customers. As previously noted, current rules permit 
the Exchange to allow M and N orders into the COB for complex 
strategies in certain circumstances if the Exchange has otherwise 
determined that M and N orders are not eligible for COB entry; the rule 
change merely provides the Exchange with flexibility to allow this also 
in designated complex strategies.
    Finally, the Exchange believes the proposed changes are equitable 
and non-discriminatory, as the changes will apply to all market 
participants uniformly. As noted above, under the proposed rule change, 
customers may continue to create complex instruments as they do today. 
When determining which complex strategies to create and in which 
complex strategies M and N orders are eligible for COB entry, the 
Exchange represents it intends to make such determinations based on 
objective, nondiscriminatory factors, including strategy type, orders 
and executions within a strategy type using close by strikes, and 
market participant feedback, in order to incentive market participants 
to trade within these strategies. The Exchange believes determining 
such strategies for this purpose would increase the likelihood of 
achieving the purpose of the proposed rule change.

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 Exchange does not 
believe that the proposed rule change will impose any burden on 
intramarket competition that is not necessary or appropriate in 
furtherance of the purposes of the Act because it will apply in the 
same manner to all market participants. The Exchange notes that any 
complex strategy it could create under the proposed rule change could 
be created today by a user. Further, under current rules, the Exchange 
may, in a class in which the Exchange determines M and N complex orders 
are not eligible for entry into the COB, determine that such orders may 
be entered into the COB in complex strategies in defined circumstances, 
as described above; the proposed rule change provides the Exchange with 
additional flexibility to designate complex strategies in which M and N 
complex orders may be entered into the COB.
    The Exchange does not believe that the proposed change will impose 
an unnecessary or inappropriate burden on intermarket competition, as 
it relates to complex strategies that may be created for trading on the 
Exchange and orders that the Exchange permits to rest on the COB. The 
Exchange notes that it operates in a highly competitive market, with 
many other options exchanges offering the ability to trade complex 
orders and at least one other options exchange that has the authority 
to create complex strategies.\14\
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    \14\ See MIAX Rule 518(a)(6).
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    Additionally, current rules permit the Exchange to allow M and N 
orders to rest in the COB in designated classes (and thus permit the 
Exchange to not allow M and N orders to rest in the COB in designated 
classes). The proposed change related to orders that the Exchange 
permits to rest in the COB merely provides the Exchange with 
flexibility to expand the defined circumstances in those classes the 
Exchange does not otherwise permit M and N orders to do so, in addition 
to the circumstances set forth in Rule 5.33(b)(2)(A). As noted above, 
Exchange believes that it is more beneficial from a trading and 
efficiency perspective to designate strategies in which M and N orders 
are eligible for COB entry, rather than determine that M and N complex 
orders in all complex strategies (including SPX options) are eligible 
for COB entry, as Market-Makers may not be willing to rest in the 
number of large number of complex strategies that exist in the COB.

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

    Within 45 days of the date of publication of this notice in the 
Federal Register or within such longer period up to 90 days (i) as the 
Commission may designate if it finds such longer period to be 
appropriate and publishes its reasons for so finding or (ii) as to 
which the Exchange consents, the Commission will:
    A. by order approve or disapprove such proposed rule change, or
    B. institute proceedings to determine whether the proposed rule 
change should be 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 (https://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include 
file number SR-CBOE-2024-015 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-2024-015. 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 (https://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 
a.m. and 3 p.m. Copies of the filing also will be available for 
inspection and copying at the principal office of the Exchange. Do not 
include personal identifiable information in submissions; you should 
submit only information that you wish to make available publicly. We 
may redact in part or withhold entirely from publication submitted 
material that is obscene or subject to copyright protection. All 
submissions should refer to file number SR-CBOE-2024-015 and should be 
submitted on or before April 18, 2024.


[[Page 21553]]


    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\15\
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    \15\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-06587 Filed 3-27-24; 8:45 am]
BILLING CODE 8011-01-P