[Federal Register Volume 91, Number 63 (Thursday, April 2, 2026)]
[Notices]
[Pages 16796-16800]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2026-06361]
[[Page 16796]]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-105111; File No. SR-NYSEAMER-2026-26]
Self-Regulatory Organizations; NYSE American LLC; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Amend the
Short Term Options Series Program
March 30, 2026.
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 March 27, 2026, NYSE American LLC (``NYSE American'' 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 the Short Term Options Series
Program to permit the listing of up to two Monday and Wednesday
expirations for options on certain individual stocks or Exchange-Traded
Fund Shares. The proposed rule change is available on the Exchange's
website at www.nyse.com and at the principal office of the Exchange.
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
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend Commentary .10 to Rule 903, ``Series
of Options Open for Trading.'' Specifically, the Exchange proposes to
permit the listing of up to two Monday and Wednesday expirations for
options on certain individual stocks or Exchange-Traded Fund Shares
(collectively ``Qualifying Securities''). This proposed rule change is
based on a similar proposal submitted by Nasdaq ISE, LLC (``ISE'') and
approved by the Commission.\4\
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\4\ See Securities Exchange Act Release No. 104624 (January 16,
2026), 91 FR 2806 (January 22, 2026) (SR-ISE-2025-15) (Order
Approving a Proposed Rule Change, as Modified by Amendment No. 1, to
Amend the Short Term Option Series Program to List Qualifying
Securities).
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Currently, as set forth in Rule 903(h), after an option class has
been approved for listing and trading on the Exchange, the Exchange may
open for trading on any Thursday or Friday that is a business day
(``Short Term Option Opening Date'') 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
expire (``Friday Short Term Option Expiration Dates''). The Exchange
may have no more than a total of five Short Term Option Expiration
Dates (``Short Term Option Weekly Expirations''). Further, if the
Exchange is not open for business on a Thursday or Friday, the Short
Term Option Opening Date for Short Term Option Weekly Expirations will
be the first business day immediately prior to that Thursday or Friday.
Similarly, if the Exchange is not open for business on a Friday, the
Short Term Option Expiration Date for Short Term Option Weekly
Expirations will be the first business day immediately prior to that
Friday.
Additionally, the Exchange may open for trading series of options
on the symbols provided in Table 1 of Commentary .10(f) to Rule 903
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'').\5\ For those symbols listed in Table 1, the Exchange
may have no more than a total of two Short Term Option Daily
Expirations beyond the current week for each of Monday, Tuesday,
Wednesday, and Thursday expirations, as applicable, at one time.
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\5\ As set forth in Table 1 of Commentary .10(f) to Rule 903,
the Exchange currently permits expirations in SPY, IWM, QQQ on
Mondays, Tuesdays, Wednesdays and Thursdays. Also, the Exchange
permits expirations in GLD, SLV and TLT on Mondays and Wednesdays.
Finally, the Exchange permits expirations in USO and UNG on
Wednesdays.
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At this time, the Exchange proposes to expand the Short Term Option
Series Program to permit certain Qualifying Securities to list up to
two Monday and Wednesday expirations in addition to the Friday weekly
expiration. The Exchange proposes to define Qualifying Securities as
eligible individual stocks or Exchange-Traded Fund Shares, which are
separate and apart from the symbols listed in Table 1, that have
received approval to list additional expiries on specific symbols, that
meet the following criteria on a quarterly basis:
(1) an underlying security, as measured on the last day of the
prior calendar quarter, must have:
(A) a market capitalization of greater than 700 billion dollars for
an individual stock based on the closing price,\6\ or
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\6\ The closing price and the opening price shall be that of the
primary exchange where the security is listed.
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(B) Assets under Management (``AUM'') greater than 50 billion
dollars for an Exchange-Traded Fund Share based on net asset value
(``NAV'');
(2) monthly options volume, as measured by sides traded in the last
month preceding the quarter end, of greater than 10 million options;
(3) a position limit of at least 250,000 contracts; and
(4) participate in the Penny Interval Program.
Each calendar quarter, the Exchange will apply the above criteria
to individual stocks and Exchange-Traded Fund Shares to determine
eligibility for the following quarter as a Qualifying Security.
Beginning on the second trading day in the first month of each calendar
quarter, the market capitalization of individual stocks shall be
calculated based on the closing price established on the primary
exchange on the last trading day of the prior calendar quarter and the
AUM for Exchange-Traded Fund Shares shall be calculated based on the
NAV established on the primary exchange on the last trading day of the
prior calendar quarter. The data establishing the volume thresholds
[[Page 16797]]
will be established by using data from the last month of the prior
calendar quarter from The Options Clearing Corporation. For options
listed on the first trading day of a given calendar quarter, the volume
shall be calculated using the last month of the quarter prior to that
trading calendar quarter.\7\ The Exchange will make the list of
Qualifying Securities available by close of business on the first
trading day of the quarter.\8\
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\7\ OCC data becomes available for the end of a quarter on the
first trading day of a new quarter. For example, if the Exchange
were to list Qualifying Securities in Q3 of 2025, the Exchange would
look at the volume, measured in sides, for the last month of Q2 2025
or June 2025.
\8\ The Exchange will make this information available on its
website. This information will be freely accessible to the public.
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Eligible Qualifying Securities would be permitted to list two Short
Term Option Expiration Dates beyond the current week for each Monday
and Wednesday expiration at one time. For Qualifying Securities, the
Exchange would not list an expiry on a day when there will be an
Earnings Announcement that takes place after market close. For purposes
of this rule proposal, earnings announcements shall include official
public quarterly or yearly earnings filed with the Commission
(``Earnings Announcement'').\9\ Not listing an expiry for a Qualifying
Security on a day where there is an Earnings Announcement that takes
place after market close will avoid permitting an additional expiry on
a day where post-close price volatility may be impacted due to the
Earnings Announcement.
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\9\ For purposes of this proposal, pre-announcements or
``guidance'' shall not be considered an Earnings Announcement.
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Qualifying Securities that do not continue to meet the above
criteria would no longer be permitted to list Monday and Wednesday
expiries beginning on the second day of the following quarter.\10\
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\10\ The Exchange has noted the additional expiries in a
proposed Table 2 in Commentary .10(f) to Rule 903 along with the
criteria for a Qualifying Security.
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The proposed Monday Qualifying Securities expirations will be
similar to the current Monday Expirations in SPY, QQQ, and IWM (among
other symbols that may list a Monday Expiration) in Short Term Option
Daily Expirations set forth in Commentary .10 to Rule 903 such that the
Exchange may open for trading on any Friday or Monday that is a
business day (beyond the current week) series of options on Qualifying
Securities to expire on any Monday of the month that is a business day
and is not a Monday in which standard expiration options series,
Monthly Options Series, or Quarterly Options Series expire, provided
that Monday expirations that are listed on a Friday must be listed at
least one business week and one business day prior to the expiration
(``Monday Qualifying Securities Expirations'').\11\ In the event
Qualifying Securities would expire on a Monday and that Monday is the
same day that a standard expiration options series, Monthly Options
Series, or Quarterly Options Series expires, the Exchange would skip
that week's listing and instead list the following week; the two weeks
of Monday Qualifying Securities Expirations would therefore not be
consecutive. Today, Monday expirations in SPY, QQQ, and IWM similarly
skip the weekly listing in the event the weekly listing would expire on
the same day in the same class as a standard expiration options series,
Monthly Options Series, or Quarterly Options Series.
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\11\ They may also trade on Fridays, as is the case for all
options series in the Short Term Option Series Program.
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The proposed Wednesday Qualifying Securities expirations will be
similar to the current Wednesday SPY, QQQ, and IWM (among other symbols
that may list a Wednesday Expiration) in Short Term Option Daily
Expirations set forth in Commentary .10 to Rule 903, such that the
Exchange may open for trading on any Tuesday or Wednesday that is a
business day (beyond the current week) series of options on Qualifying
Securities to expire on any Wednesday of the month that is a business
day and is not a Wednesday in which standard expiration options series,
Monthly Options Series, or Quarterly Options Series expire (``Wednesday
Qualifying Securities Expirations'').\12\ In the event Qualifying
Securities would expire on a Wednesday and that Wednesday is the same
day that a standard expiration options series, Monthly Options Series,
or Quarterly Options Series expires, the Exchange would skip that
week's listing and instead list the following week; the two weeks of
Wednesday Qualifying Securities Expirations would therefore not be
consecutive. Today, Wednesday expirations in SPY, QQQ, and IWM
similarly skip the weekly listing in the event the weekly listing would
expire on the same day in the same class as a standard expiration
options series, Monthly Options Series, or Quarterly Options Series.
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\12\ Id.
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The interval between strike prices for the proposed Monday and
Wednesday Qualifying Securities Expirations will be the same as those
currently applicable for SPY, QQQ, and IWM Monday and Wednesday
Expirations (among other symbols that may list a Monday or Wednesday
Expiration) in the Short Term Option Series Program.\13\ Specifically,
the Monday and Wednesday Qualifying Securities Expirations will have a
strike interval of (i) $0.50 or greater for strike prices below $100,
and $1 or greater for strike prices between $100 and $150 for all
option classes that participate in the Short Term Option Series
Program, (ii) $0.50 for option classes that trade in one dollar
increments and are in the Short Term Option Series Program, or (iii)
$2.50 or greater for strike prices above $150.\14\ As is the case with
other equity options series listed pursuant to the Short Term Option
Series Program, the Monday and Wednesday Qualifying Securities
Expirations series will be P.M.-settled.
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\13\ See Commentary .10(d) to Rule 903. The Exchange notes that
equity options which have an expiration of more than twenty-one days
from the listing date would also be subject to the intervals as
noted within Commentary .10(d) to Rule 903. See also Commentary
.10(e) to Rule 903.
\14\ Id.
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Pursuant to Commentary .10(f) to Rule 903, with respect to the
Short Term Option Series Program, if a Monday is not a business day,
the series shall expire on the first business day immediately following
that Monday. Additionally, with respect to the Short Term Options
Series Program, a Wednesday expiration series shall expire on the first
business day immediately prior to that Wednesday, e.g., Tuesday of that
week if the Wednesday 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.\15\
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.\16\ With the proposed changes, this thirty (30)
series restriction would apply to Monday and Wednesday Qualifying
Securities Expirations as well. In addition, the Exchange will be able
to list series that are listed by other exchanges, assuming they file
similar rules with the Commission to list Monday and Wednesday
Qualifying Securities Expirations.
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\15\ See Commentary .10(b) and (c) to Rule 903.
\16\ See Commentary .10(a) to Rule 903.
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With this proposal, Monday and Wednesday Qualifying Securities
Expirations would be treated similar to
[[Page 16798]]
existing SPY, QQQ, and IWM Monday and Wednesday Expirations. With
respect to standard expiration option series, Monday and Wednesday
Qualifying Securities Expirations will be permitted to expire in the
same week in which standard expiration option series on the same class
expire.\17\ Not listing Monday and Wednesday Qualifying Securities
Expirations for one week every month because there was a standard
options series on that same class on the Friday of that week would
create investor confusion.
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\17\ See Commentary .10(a) to Rule 903.
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Further, as with SPY, QQQ, and IWM Monday and Wednesday
Expirations, the Exchange would not permit Monday and Wednesday
Qualifying Securities Expirations to expire on a business day in which
standard expiration option series, Monthly Options Series, or Quarterly
Options Series expire.\18\ Therefore, all Monday and Wednesday
Qualifying Securities Expirations would expire at the close of business
on each of the next two Mondays and Wednesdays, respectively, that are
business days and are not business days in which standard expiration
option series, Monthly Options Series, or Quarterly Options Series
expire. The Exchange believes that it is reasonable to not permit two
expirations on the same day in which a standard expiration option
series, Monthly Options Series, a Quarterly Options Series would expire
because those options would be duplicative of each other.
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\18\ See Commentary .10(a) to Rule 903.
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The Exchange does not believe that any market disruptions will be
encountered with the introduction of Monday and Wednesday Qualifying
Securities Expirations. The Exchange currently trades P.M.-settled
Short Term Option Series that expire Monday, Tuesday, Wednesday and
Thursday on several symbols \19\ 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 Monday, Tuesday, Wednesday and
Thursday on several symbols.\20\ The Exchange believes that it has the
necessary capacity and surveillance programs in place to support and
properly monitor trading in the proposed Monday and Wednesday
Qualifying Securities Expirations.
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\19\ See supra, note 5.
\20\ Id.
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2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Securities Exchange Act of 1934 (the ``Act''),\21\ in
general, and furthers the objectives of Section 6(b)(5) of the Act,\22\
in particular, in that it is designed to prevent fraudulent and
manipulative acts and practices, to promote just and equitable
principles of trade, 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.
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\21\ 15 U.S.C. 78f(b).
\22\ 15 U.S.C. 78f(b)(5).
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Similar to Monday expirations in SPY, QQQ, and IWM, the proposal to
permit Monday and Wednesday Qualifying Security Expirations, subject to
the proposed limitation of two expirations beyond the current week,
would protect investors and the public interest by providing the
investing public and other market participants more choice and
flexibility to closely tailor their investment and hedging decisions in
these options and allow for a reduced premium cost of buying portfolio
protection, thus allowing them to better manage their risk exposure.
The Exchange believes that the proposed criteria for Qualifying
Securities requires individual stocks and Exchange-Traded Fund Shares
to be highly liquid. A market capitalization measured on the last day
of the prior calendar quarter based on the closing price of the
underlying, of greater than 700 billion dollars for an individual
stock, or AUM of 50 billion dollars for an Exchange-Trade Fund Share,
in conjunction with the monthly options volume requirement of greater
than 10 million options as measured by sides traded in the last month
preceding the quarter end, is very restrictive. This requirement
represents substantially less than 1% of individual stocks (only eight
(8) individual stocks met this criteria as of January 1, 2025) and
substantially less than 1% of Exchange-Traded Fund Shares (only seven
(7) Exchange Traded Fund Shares met this criteria as of January 1,
2025, pursuant to Rule 903, Commentary .10(f), to trade additional
expiries) traded. Therefore, an individual stock or Exchange-Traded
Fund Share that meets aforementioned market capitalization and volume
requirements are highly liquid and could be viewed as stable
securities.
The Exchange notes that with respect to position limits, Commentary
.07 to Rule 904 provides, that to be eligible for the 250,000 contract
limit, the underlying security had to have ``had trading volume of at
least 100,000,000 shares during the most recent six-month trading
period; or'' the underlying security had to have ``had trading volume
of at least 75,000,000 shares during the most recent six-month trading
period and has at least 300,000,000 shares currently outstanding.'' The
250,000 contract position limit is the highest position limit by
Exchange rules. Options that qualify for the 250,000 position (and
exercise) limit are highly liquid securities that have met the
stringent requirements noted in Commentary .07 to Rule 904 to qualify
for the highest position limit.
Finally, a Qualifying Security must participate in the Penny
Interval Program. In order to qualify for the Penny Interval Program,
an options class must be among the 300 most actively traded multiply
listed option classes overlying securities priced below $200.\23\ The
most actively traded options classes are included in the Penny Interval
Program based on certain objective criteria (trading volume thresholds
and initial price tests).
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\23\ See Rule 960.1NY(b). Each December OCC ranks all multiply
listed option classes based on National Cleared Volume for the six
full calendar months from June 1 through November 30 for
determination of the most actively traded option classes.
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As of June 27, 2025, the number of individual stocks meeting all
four criteria for a Qualifying Security is eight (8) and the number of
Exchange-Traded Fund Shares meeting all four criteria for a Qualifying
Security that do not already have Monday and Wednesday expirations is
one (1). Both totals represent less than 0.2% of all securities with
options listed. The Exchange believes that since individual stocks are
the dominant constituents of the broad-based indexes (e.g., S&P 500
Index and Nasdaq- 100 Index), the improvement in price transparency
brought about by Monday and Wednesday trading will offer Market Makers
and investors better volatility pricing which will inform trading on
the related products to these indexes. The Exchange believes that the
proposed criteria for Qualifying Securities is consistent with the
protection of investors and the general public because the criteria
targets the most liquid individual stocks and Exchange-Traded Fund
Shares.
The Exchange would not list an expiry on a Qualifying Security on a
day where there will be an Earnings Announcement that takes place after
market close to avoid post-close price volatility that may arise from
the Earnings Announcement and which
[[Page 16799]]
may impact exercise and/or assignment decisions.
Qualifying Securities that do not continue to meet the above
criteria would no longer be permitted to list Monday and Wednesday
expiries in the following quarter, although the Qualifying Security
would potentially have two weeks of strikes already listed which will
persist. These remaining listings could continue to be traded until
they expire.
With this proposal, overall, the Exchange would add a small number
of Monday and Wednesday Qualifying Security Expirations by limiting the
addition of two Monday expirations and two Wednesday expirations beyond
the current week. The addition of Monday and Wednesday Qualifying
Security Expirations would remove impediments to and perfect the
mechanism of a free and open market by encouraging Market Makers to
continue to deploy capital more efficiently and improve displayed
market quality.\24\ The Exchange believes that the proposal will allow
Exchange members to expand hedging tools and tailor their investment
and hedging needs more effectively in Qualifying Securities as these
funds are most likely to be utilized by market participants to hedge
the underlying asset classes.
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\24\ Today, Market Makers are required to quote a specified time
in their assigned options series. See Rule 925.1NYP. Market Maker
Quotations.
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Similar to SPY, QQQ, and IWM Monday and Wednesday Expirations, the
introduction of Monday and Wednesday Qualifying Security Expirations is
consistent with the Act as it will, among other things, expand hedging
tools available to market participants and allow for a reduced premium
cost of buying portfolio protection. The Exchange believes that Monday
and Wednesday Qualifying Security Expirations will allow market
participants to purchase options on Qualifying Securities based on
their timing as needed and allow them to tailor their investment and
hedging needs more effectively, thus allowing them to better manage
their risk exposure. Today, the Exchange lists other Monday and
Wednesday expirations.\25\
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\25\ See Commentary .10(f) to Rule 903.
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In particular, the Exchange believes the Short Term Option Series
Program has been successful to date and that Monday and Wednesday
Qualifying Security 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.
There are no material differences in the treatment of SPY, QQQ and
IWM Monday and Wednesday Expirations compared to the proposed Monday
and Wednesday Qualifying Security Expirations. Given the similarities
between SPY, QQQ and IWM Monday and Wednesday Expirations and the
proposed Monday and Wednesday Qualifying Security Expirations, the
Exchange believes that applying the provisions in Commentary .10(f) to
Rule 903 that currently apply to SPY, QQQ and IWM Monday and Wednesday
Expirations is justified.
The Exchange believes Monday and Wednesday Qualifying Security
Expirations will allow market participants to purchase options on
Qualifying Securities based on their timing as needed and allow them to
tailor their investment and hedging needs more effectively. Further,
the proposal to permit Monday and Wednesday Qualifying Security
Expirations for options on Qualifying Securities 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 the options on Qualifying Securities, 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 Monday and Wednesday
Qualifying Security 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 Monday and
Wednesday Qualifying Security Expirations should create greater trading
and hedging opportunities and provide customers the flexibility to
tailor their investment objectives more effectively.
Finally, the Exchange represents that it has an adequate
surveillance program in place to detect manipulative trading in the
proposed option expirations, in the same way that it monitors trading
in the current Short Term Option Series for Monday SPY, QQQ and IWM
expirations. The Exchange also represents that it has the necessary
system capacity to support the new expirations. Finally, the Exchange
does not believe that any market disruptions will be encountered with
the introduction of these option expirations. As discussed above, the
Exchange believes that its proposal is a modest expansion of weekly
expiration dates for Monday and Wednesday Qualifying Security
Expirations given that it will be limited to two Monday expirations and
two Wednesday expirations beyond the current week.
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. In this regard and as
indicated above, the Exchange notes that the rule change is being
proposed as a competitive response to a filing submitted by ISE that
was recently approved by the Commission.\26\
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\26\ See supra, note 4.
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The Exchange believes that this limited expansion for Monday and
Wednesday expirations for options on Qualifying Securities will not
impose an undue burden on competition, rather, it will meet customer
demand. The Exchange would uniformly apply the Qualifying Security
criteria to options in individual stocks and Exchange-Traded Fund
Shares. The Exchange believes that Exchange members will continue to be
able to expand hedging tools and tailor their investment and hedging
needs more effectively in the Qualifying Securities.
Similar to SPY, QQQ and IWM Monday and Wednesday Expirations, the
introduction of Monday and Wednesday Qualifying Security Expirations
does not impose an undue burden on competition. The Exchange believes
that it will, among other things, expand the hedging tools available to
market participants and allow for a reduced premium cost of buying
portfolio protection. The Exchange believes that Monday and Wednesday
Qualifying Security Expirations will allow market participants to
purchase options on Qualifying Securities based on their timing as
needed and allow them to tailor their investment and hedging needs more
effectively.
Further, not adding an expiry for a Qualifying Security on a day
where there will be an Earnings Announcement that takes place after
market close does not impose an undue burden on competition as the
Exchange would uniformly apply this practice to the listing of all
Qualifying Securities.
The Exchange does not believe the proposal will impose any burden
on
[[Page 16800]]
intermarket competition, as nothing prevents other options exchanges
from proposing similar rules to list and trade Monday and Wednesday
Qualifying Security Expirations. Further, the Exchange does not believe
the proposal will impose any burden on intra-market competition, as all
market participants will be treated in the same manner under this
proposal.
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
The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \27\ and Rule 19b-4(f)(6) thereunder.\28\
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 \29\ and subparagraph (f)(6) of
Rule 19b-4 thereunder.\30\
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\27\ 15 U.S.C. 78s(b)(3)(A)(iii).
\28\ 17 CFR 240.19b-4(f)(6).
\29\ 15 U.S.C. 78s(b)(3)(A)(iii).
\30\ 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) \31\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\32\ 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.
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\31\ 17 CFR 240.19b-4(f)(6).
\32\ 17 CFR 240.19b-4(f)(6)(iii).
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According to the Exchange, the proposed rule change is a
competitive response to a substantively identical filing submitted by
ISE that was recently approved by the Commission.\33\ 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 operative delay and designates the
proposed rule change as operative upon filing.\34\
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\33\ See supra note 4.
\34\ 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 will institute proceedings under
Section 19(b)(2)(B) \35\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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\35\ 15 U.S.C. 78s(b)(2)(B).
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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-NYSEAMER-2026-26 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-NYSEAMER-2026-26. 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 filing 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-NYSEAMER-2026-26 and should be submitted
on or before April 23, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\36\
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\36\ 17 CFR 200.30-3(a)(12), (59).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-06361 Filed 4-1-26; 8:45 am]
BILLING CODE 8011-01-P