[Federal Register Volume 89, Number 79 (Tuesday, April 23, 2024)]
[Notices]
[Pages 30421-30425]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-08571]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-99978; File No. SR-CBOE-2024-020]


Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of 
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend 
the Short Term Options Series Program in Rule 4.5(d)

April 17, 2024.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that 
on April 15, 2024, Cboe Exchange, Inc. (``Exchange'' or ``Cboe 
Options'') filed with the Securities and Exchange Commission 
(``Commission'') the proposed rule change as described in Items I and 
II below, which Items have been prepared by the Exchange. The Exchange 
filed the proposal as a ``non-controversial'' proposed rule change 
pursuant to Section 19(b)(3)(A)(iii) of the Act \3\ and Rule 19b-
4(f)(6) thereunder.\4\ The Commission is publishing this notice to 
solicit comments on the proposed rule change from interested persons.
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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 Short Term Options Series Program in Rule 4.5(d). The text 
of the proposed rule change is provided in Exhibit 5.
    The text of the proposed rule change is also available on the 
Exchange's website (http://www.cboe.com/AboutCBOE/CBOELegalRegulatoryHome.aspx), at the Exchange's Office of the 
Secretary, and at the Commission's Public Reference Room.

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

    In its filing with the Commission, the Exchange included statements 
concerning the purpose of and basis for the proposed rule change and 
discussed any comments it received on the proposed rule change. The 
text of these statements may be examined at the places specified in 
Item IV below. The Exchange has prepared summaries, set forth in 
sections A, B, and C below, of the most significant aspects of such 
statements.

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

1. Purpose
    The Exchange proposes to amend the Short Term Option Series Program 
in Rule 4.5(d) (Series of Options Contracts Open for Trading). 
Specifically, the Exchange proposes to expand the Short Term Option 
Series program to permit the listing and trading of options series with 
Tuesday and Thursday expirations for options on iShares Russell 2000 
ETF (``IWM''), specifically permitting two expiration dates for the 
proposed Tuesday and Thursday expirations in IWM.
    Currently, Table 1 in Rule 4.5(d) specifies each symbol that 
qualifies as a Short Term Option Daily Expiration.\5\ Today, Table 1 
permits the listing and trading of Monday Short Term Option

[[Page 30422]]

Daily Expirations and Wednesday Short Term Option Daily Expirations for 
IWM. At this time, the Exchange proposes to expand the Short Term 
Option Series Program to permit the listing and trading of no more than 
a total of two IWM Short Term Option Daily Expirations beyond the 
current week for each of Monday, Tuesday, Wednesday, and Thursday 
expirations at one time.\6\ The listing and trading of Tuesday and 
Thursday Short Term Option Daily Expirations would be subject to Rule 
4.5(d).
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    \5\ The Exchange may open for trading on any Thursday or Friday 
that is a business day series of options on that class that expire 
at the close of business on each of the next five Fridays that are 
business days and are not Fridays in which standard expiration 
options series, Monthly Options Series, or Quarterly Options Series. 
Of these series of options, the Exchange may have no more than a 
total of five Short Term Option Expiration Dates. In addition, the 
Exchange may open for trading series of options on certain symbols 
that expire at the close of business on each of the next two 
Mondays, Tuesdays, Wednesdays, and Thursdays, respectively, that are 
business days beyond the current week and are not business days in 
which standard expiration options series, Monthly Options Series, or 
Quarterly Options Series expire (``Short Term Option Daily 
Expirations''). See Rule 4.5(d).
    \6\ The Exchange would amend the Tuesday and Thursday 
expirations for IWM in Table 1 in Rule 4.5(d) from ``0'' to ``2'' to 
permit Tuesday and Thursday expirations for options on IWM listed 
pursuant to the Short Term Option Series.
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    Today, Tuesday Short Term Option Daily Expirations in SPDR S&P 500 
ETF Trust (``SPY'') and the INVESCO QQQ TrustSM, Series 1 (``QQQ'') may 
open for trading on any Monday or Tuesday that is a business day series 
of options on the symbols provided in Table 1 that expire at the close 
of business on each of the next two Tuesdays that are business days and 
are not business days in which standard expiration options series, 
Monthly Options Series, or Quarterly Options Series expire (``Tuesday 
Short Term Option Expiration Date'').\7\ Also, today, Thursday Short 
Term Option Daily Expirations in SPY and QQQ may open for trading on 
any Tuesday or Wednesday that is a business day series of options on 
the symbols provided in Table 1 that expire at the close of business on 
each of the next two Wednesdays that are business days and are not 
business days in which standard expiration options series, Monthly 
Options Series, or Quarterly Options Series expire (``Wednesday Short 
Term Option Expiration Date'').\8\
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    \7\ See Rule 4.5(d).
    \8\ Id.
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    In the event that options on IWM expire on a Tuesday or Thursday 
and that Tuesday or Thursday is a business day in which standard 
expiration options series, Monthly Options Series, or Quarterly Options 
Series expire, the Exchange would skip that week's listing and instead 
list the following week; the two weeks would therefore not be 
consecutive. With this proposal, the Exchange would be able to open for 
trading series of options on IWM that expire at the close of business 
on each of the next two Mondays, Tuesdays, Wednesdays, and Thursdays, 
respectively, that are business days beyond the current week and are 
not business days in which standard expiration options series, Monthly 
Options Series, or Quarterly Options Series expire.\9\
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    \9\ Today, IWM may trade on Mondays and Wednesdays, in addition 
to Fridays, as is the case for all options series.
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    The interval between strike prices for the proposed Tuesday and 
Thursday IWM Short Term Option Daily Expirations will be the same as 
those for Tuesday and Thursday IWM Short Term Option Daily Expirations 
in SPY and QQQ, applicable to the Short Term Option Series Program.\10\ 
Rule 4.5, Interpretation and Policy .07(b) provides that, 
notwithstanding any Rule 4.5, Interpretation and Policy .01 and 
Interpretation and Policy .07(a), the interval of strike prices on 
options on IWM will be $1 or greater.\11\ Further, Rule 4.5, 
Interpretation and Policy .15 [sic] provides that, notwithstanding Rule 
4.5, Interpretation and Policy .01, the Exchange may open for trading 
series at $0.50 or greater strike price intervals where the strike 
price is less than $75 and $1.00 [sic]. Specifically, the Tuesday and 
Thursday IWM Short Term Option Daily Expirations will have a $0.50 
strike interval minimum. As is the case with other equity options 
series listed pursuant to the Short Term Option Series Program, the 
Tuesday and Thursday IWM Short Term Option Daily Expiration series will 
be P.M.-settled.
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    \10\ See Rule 4.5(d)(5).
    \11\ Options on Units of the Standard & Poor's Depository 
Receipts Trust (``SPY''), iShares Core S&P 500 ETF (``IVV''), 
PowerShares QQQ Trust (``QQQ''), and the SPDR Dow Jones Industrial 
Average ETF (``DIA'') are also subject to Rule 4.5, Interpretation 
and Policy .07(b) strike intervals.
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    Pursuant to Rule 4.5(d), with respect to the Short Term Option 
Series Program, a Tuesday or Thursday expiration series shall expire on 
the first business day immediately prior to that Tuesday or Thursday, 
e.g., Monday or Wednesday of that week, respectively, if the Tuesday or 
Thursday is not a business day.
    Currently, for each option class eligible for participation in the 
Short Term Option Series Program, the Exchange is limited to opening 
thirty (30) series for each expiration date for the specific class.\12\ 
The thirty (30) series restriction does not include series that are 
open by other securities exchanges under their respective weekly rules; 
the Exchange may list these additional series that are listed by other 
options exchanges.\13\ This thirty (30) series restriction would apply 
to Tuesday and Thursday IWM Short Term Option Daily Expiration series 
as well. With this proposal, Tuesday and Thursday IWM Expirations would 
be treated the same as Tuesday and Thursday Expirations in SPY and QQQ. 
With respect to monthly option series, Short Term Option Daily 
Expirations expire in the same week in which monthly option series on 
the same class expire.\14\ Further, as is the case today with other 
Tuesday and Thursday Short Term Option Daily Expirations, the Exchange 
would not permit Tuesday and Thursday Short Term Option Daily 
Expirations to expire on a business day in which monthly options series 
or Quarterly Options Series expire.\15\ Therefore, all Short Term 
Option Daily Expirations would expire at the close of business on each 
of the next two Mondays, Tuesdays, Wednesdays, and Thursdays, 
respectively, that are business days beyond the current week and are 
not business days in which standard expiration options series, Monthly 
Options Series, or Quarterly Options Series expire. The Exchange does 
not believe that any market disruptions will be encountered with the 
introduction of P.M.-settled Tuesday and Thursday IWM Short Term Option 
Daily Expirations. The Exchange has the necessary capacity and 
surveillance programs in place to support and properly monitor trading 
in the proposed Tuesday and Thursday Short Term Option Daily 
Expirations. The Exchange currently trades P.M.-settled Short Term 
Option Series that expire Tuesday and Thursday for SPY and QQQ and has 
not experienced any market disruptions nor issues with capacity. Today, 
the Exchange has surveillance programs in place to support and properly 
monitor trading in Short Term Option Series that expire Tuesday and 
Thursday for SPY and QQQ.
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    \12\ See Rule 4.5(d)(1).
    \13\ See Rule 4.5(d)(1).
    \14\ See Rule 4.5(d)(2).
    \15\ See Rule 4.5(d).
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Impact of Proposal
    The Exchange notes that listings in the Short Term Option Series 
Program comprise a significant part of the standard listing in options 
markets. The below table sets forth the percentage of weekly listings 
as compared to monthly, quarterly, and Long-Term Option Series in 2023 
in the options industry.\16\ The Exchange notes that during this time 
period all options exchanges mitigated weekly strike intervals.
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    \16\ Per Nasdaq ISE, LLC (``Nasdaq ISE''), this information was 
sourced from The Options Clearing Corporation (``OCC''). The 
information includes time averaged data for all 17 options markets 
through December 8, 2023. See Securities Exchange Act Release No. 
99604 (February 26, 2024), 89 FR 15235 (March 1, 2024) (SR-ISE-2024-
06).

[[Page 30423]]



                         Number of Strikes--2023
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                                                            Percent of
                       Expiration                          total series
                                                             (percent)
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Monthly.................................................           62.82
Weekly..................................................           17.22
LEAP....................................................           17.77
Quarterly...............................................            2.20
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    Similar to SPY and QQQ, the Exchange would limit the number of 
Short Term Option Daily Expirations for IWM to two expirations for 
Tuesday and Thursday expirations while expanding the Short Term Option 
Series Program to permit Tuesday, and Thursday expirations for IWM. 
Expanding the Short Term Option Series Program to permit the listing of 
Tuesday and Thursday expirations in IWM will account for the addition 
of 6.77% of strikes for IWM.\17\ With respect to the impact to the 
Short Term Option Series Program on IWM overall, the impact would be a 
20% increase in strikes.\18\ With respect to the impact to the Short 
Term Options Series Program overall, the impact would be a 0.1% 
increase in strikes.\19\ Trading Permit Holders will continue to be 
able to expand hedging tools because all days of the week would be 
available to permit Trading Permit Holders to tailor their investment 
and hedging needs more effectively in IWM.
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    \17\ Nasdaq ISE sourced this information, which are estimates, 
from LiveVol[supreg]. The information includes data for all 17 
options markets as of January 3, 2024. See id.
    \18\ Nasdaq ISE sourced this information, which are estimates, 
from LiveVol[supreg]. The information includes data for all 17 
options markets as of January 3, 2024. See id.
    \19\ Nasdaq ISE sourced this information, which are estimates, 
from LiveVol[supreg]. The information includes data for all 17 
options markets as of January 3, 2024. See id.

                         Number of Strikes--2023
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                                                            Percent of
                       Expiration                          total series
                                                             (percent)
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Monthly.................................................           35.13
Weekly..................................................           48.30
LEAP....................................................           12.87
Quarterly...............................................            3.70
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    Weeklies comprise 48.30% of the total volume of options 
contracts.\20\ The Exchange believes that inner weeklies (first two 
weeks) represent high volume as compared to outer weeklies (the last 
three weeks) and would be more attractive to market participants. The 
introduction of IWM Tuesday and Thursday expirations will, among other 
things, expand hedging tools available to market participants and 
continue the reduction of the premium cost of buying protection. The 
Exchange believes that IWM Tuesday and Thursday expirations will allow 
market participants to purchase IWM options based on their timing as 
needed and allow them to tailor their investment and hedging needs more 
effectively.
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    \20\ This table sets forth industry volume. Weeklies comprise 
48.30% of volume while only comprising 17.22% of the strikes. Nasdaq 
ISE sourced this information from OCC. The information includes data 
for all 17 options markets through December 8, 2023. See Securities 
Exchange Act Release No. 99604 (February 26, 2024), 89 FR 15235 
(March 1, 2024) (SR-ISE-2024-06).
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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.\21\ Specifically, the 
Exchange believes the proposed rule change is consistent with the 
Section 6(b)(5) \22\ 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) \23\ requirement that the rules of an exchange not be 
designed to permit unfair discrimination between customers, issuers, 
brokers, or dealers.
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    \21\ 15 U.S.C. 78f(b).
    \22\ 15 U.S.C. 78f(b)(5).
    \23\ Id.
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    The Exchange believes that IWM Tuesday and Thursday Short Term 
Daily Expirations will allow market participants to purchase IWM 
options based on their timing as needed and allow them to tailor their 
investment and hedging needs more effectively. Further, the proposal to 
permit Tuesday and Thursday Short Term Daily Expirations for options on 
IWM listed pursuant to the Short Term Option Series Program, subject to 
the proposed limitation of two nearest expirations, would protect 
investors and the public interest by providing the investing public and 
other market participants more flexibility to closely tailor their 
investment and hedging decisions in IWM options, thus allowing them to 
better manage their risk exposure. In particular, the Exchange believes 
the Short Term Option Series Program has been successful to date and 
that Tuesday and Thursday IWM Short Term Daily Expirations should 
simply expand the ability of investors to hedge risk against market 
movements stemming from economic releases or market events that occur 
throughout the month in the same way that the Short Term Option Series 
Program has expanded the landscape of hedging. Similarly, the Exchange 
believes Tuesday and Thursday IWM Short Term Daily Expirations should 
create greater trading and hedging opportunities and provide customers 
the flexibility to tailor their investment objectives more effectively. 
The Exchange currently lists SPY and QQQ Tuesday and Thursday Short 
Term Daily Expirations.\24\
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    \24\ See Rule 4.5(d).
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    With this proposal, Tuesday and Thursday IWM Expirations would be 
treated similar to existing Tuesday and Thursday SPY and QQQ 
Expirations and would expire in the same week that standard monthly 
options expire on Fridays.\25\ Further, today, Tuesday and Thursday 
Short Term Option Daily Expirations do not expire on a business day in 
which monthly options series or Quarterly Options Series expire.\26\ 
Today, all Short Term Option Daily Expirations expire at the close of 
business on each of the next two Mondays, Tuesdays, Wednesdays, and 
Thursdays, respectively, that are business days and are not business 
days in which monthly options series or Quarterly Options Series 
expire. There are no material differences in the treatment of Tuesday 
and Thursday SPY and QQQ Short Term Daily Expirations as compared to 
the proposed Tuesday and Thursday IWM Short Term Daily Expirations.
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    \25\ See Rule 4.5(d)(2).
    \26\ See Rule 4.5(d).
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    Finally, the Exchange represents that it has an adequate 
surveillance program in place to detect manipulative trading in the 
proposed Tuesday and Thursday IWM Short Term Daily Expirations, in the 
same way that it monitors trading in the current Short Term Option 
Series and trading in Tuesday and Thursday SPY and QQQ Expirations. The 
Exchange also represents that it has the necessary systems capacity to 
support the new options series. Finally, the Exchange does not believe 
that any market disruptions will be encountered with the introduction 
of Tuesday and Thursday IWM Short Term Daily Expirations.

[[Page 30424]]

    Finally, the Exchange notes the proposed rule change is 
substantively the same as a rule change proposed by ISE, which the 
Commission recently approved.\27\
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    \27\ See Securities Exchange Act Release No. 99946 (April 11, 
2024) (SR-ISE-2024-06).
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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. Similar to SPY and QQQ 
Tuesday and Thursday Expirations, the introduction of IWM Tuesday and 
Thursday Short Term Daily Expirations does not impose an undue burden 
on competition. The Exchange believes that it will, among other things, 
expand hedging tools available to market participants and continue the 
reduction of the premium cost of buying protection. The Exchange 
believes that IWM Tuesday and Thursday Short Term Daily Expirations 
will allow market participants to purchase IWM options based on their 
timing as needed and allow them to tailor their investment and hedging 
needs more effectively.
    The Exchange does not believe the proposal will impose any burden 
on inter-market competition, as nothing prevents other options 
exchanges from proposing similar rules to list and trade Short-Term 
Option Series with Tuesday and Thursday Short Term Daily Expirations. 
The Exchange notes that having Tuesday and Thursday IWM expirations is 
not a novel proposal, as SPY and QQQ Tuesday and Thursday Expirations 
are currently listed on the Exchange.\28\ Additionally, as noted above, 
the Commission recently approved a substantively identical proposal of 
another exchange.\29\ Further, the Exchange does not believe the 
proposal will impose any burden on intramarket competition, as all 
market participants will be treated in the same manner under this 
proposal.
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    \28\ See Rule 4.5(d).
    \29\ See Securities Exchange Act Release No. 99946 (April 11, 
2024) (SR-ISE-2024-06).
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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

    The Exchange has filed the proposed rule change pursuant to Section 
19(b)(3)(A)(iii) of the Act \30\ and Rule 19b-4(f)(6) thereunder.\31\ 
Because the foregoing proposed rule change does not: (i) significantly 
affect the protection of investors or the public interest; (ii) impose 
any significant burden on competition; and (iii) become operative for 
30 days from the date on which it was filed, or such shorter time as 
the Commission may designate, it has become effective pursuant to 
Section 19(b)(3)(A)(iii) of the Act \32\ and subparagraph (f)(6) of 
Rule 19b-4 thereunder.\33\
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    \30\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \31\ 17 CFR 240.19b-4(f)(6).
    \32\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \33\ 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) \34\ normally 
does not become operative prior to 30 days after the date of the 
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\35\ 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 proposal may become operative immediately upon filing. According to 
the Exchange, the proposed rule change is a competitive response to a 
filing submitted by Nasdaq ISE that was recently approved by the 
Commission.\36\ The Exchange has stated that waiver of the 30-day 
operative delay would permit the Exchange to implement the proposal at 
the same time as its competitor exchanges, thus creating competition 
among Short Term Option Series. The Commission believes that the 
proposed rule change presents no novel issues and that waiver of the 
30-day operative delay is consistent with the protection of investors 
and the public interest. Accordingly, the Commission hereby waives the 
30-day operative delay and designates the proposed rule change as 
operative upon filing.\37\
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    \34\ 17 CFR 240.19b-4(f)(6).
    \35\ 17 CFR 240.19b-4(f)(6)(iii).
    \36\ See supra note 27.
    \37\ For purposes only of waiving the 30-day operative delay, 
the Commission has also considered the proposed rule's impact on 
efficiency, competition, and capital formation. See 15 U.S.C. 
78c(f).
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    At any time within 60 days of the filing of the proposed rule 
change, the Commission summarily may temporarily suspend such rule 
change if it appears to the Commission that such action is necessary or 
appropriate in the public interest, for the protection of investors, or 
otherwise in furtherance of the purposes of the Act. If the Commission 
takes such action, the Commission shall institute proceedings to 
determine whether the proposed rule 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 (https://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include 
file number SR-CBOE-2024-020 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-2024-020. 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

[[Page 30425]]

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-2024-020 and should 
be submitted on or before May 14, 2024.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\38\
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    \38\ 17 CFR 200.30-3(a)(12), (59).
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Vanessa A. Countryman,
Secretary.
[FR Doc. 2024-08571 Filed 4-22-24; 8:45 am]
BILLING CODE 8011-01-P