[Federal Register Volume 81, Number 124 (Tuesday, June 28, 2016)]
[Notices]
[Pages 42018-42022]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-15180]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-78132; File No. SR-CBOE-2016-046]
Self-Regulatory Organizations; Chicago Board Options Exchange,
Incorporated; Notice of Filing of a Proposed Rule Change To Expand the
Nonstandard Expirations Pilot Program
June 22, 2016.
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 June 14, 2016, Chicago Board Options Exchange, Incorporated
(the ``Exchange'' or ``CBOE'') 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
The Exchange seeks to amend Exchange Rules to expand the
Nonstandard Expirations Pilot Program. The text of the proposed rule
change is provided below.
(additions are italicized; deletions are [bracketed])
* * * * *
Chicago Board Options Exchange, Incorporated Rules
* * * * *
Rule 24.4. Position Limits for Broad-Based Index Options
(a) No change.
(b) Nonstandard Expirations [End of Week Expirations, End of Month
Expirations, and Wednesday Expirations] (as provided for in Rule
24.9(e), QIXs, Q-CAPS, Packaged Vertical Spreads and Packaged Butterfly
Spreads on a broad-based index shall be aggregated with option
contracts on the same broad-based index and shall be subject to the
overall position limit.
* * * * *
Rule 24.9. Terms of Index Option Contracts
(a)-(d) No change.
(e) Nonstandard Expirations Pilot Program
(1) Weekly Expirations. [End of Week (``EOW'') Expirations.] The
Exchange may open for trading Weekly Expirations [EOWs] on any broad-
based index eligible for standard options trading to expire on any
Monday, Wednesday, or Friday (other than the third Friday-of-the-month
or days that coincide with an EOM expiration). [of the month, other
than the third Friday-of-the-month. EOWs] Weekly Expirations shall be
subject to all provisions of this Rule and treated the same as options
on the same underlying index that expire on the third Friday of the
expiration month; provided, however, that [EOWs] Weekly Expirations
shall be P.M.-settled.
The maximum number[s] of expirations that may be listed for [EOWs]
each Weekly Expiration (i.e., a Monday expiration, Wednesday
expiration, or Friday expiration, as applicable) in a given class is
the same as the maximum number[s] of expirations permitted in Rule
24.9(a)(2) for standard options on the same broad-based index. Other
than expirations that are third Friday-of-the-month or that coincide
with an EOM expiration, Weekly Expirations [EOW expirations] shall be
for consecutive Monday, Wednesday, or Friday expirations as applicable.
Weekly Expirations [EOWs] that are first listed in a given class may
expire up to four weeks from the actual listing date. If the last
trading day of a month is a Monday, Wednesday, or Friday and the
Exchange lists EOMs and Weekly Expirations as applicable [EOWs] in a
given class, the Exchange will list an EOM instead of a Weekly
Expiration [an EOW] in the given class. Other expirations in the same
class are not counted as part of the maximum numbers of Weekly
Expirations [EOW] expirations for a broad-based index class. If the
Exchange is not open for business on a respective Monday, the normally
Monday expiring Weekly Expirations will expire on the following
business day. If the Exchange is not open for business on a respective
Wednesday or Friday, the normally Wednesday or Friday expiring Weekly
[[Page 42019]]
Expirations will expire on the previous business day.
(2) End of Month (``EOM'') Expirations. The Exchange may open for
trading EOMs on any broad-based index eligible for standard options
trading to expire on last trading day of the month. EOMs shall be
subject to all provisions of this Rule and treated the same as options
on the same underlying index that expire on the third Friday of the
expiration month; provided, however, that EOMs shall be P.M.-settled.
The maximum number[s] of expirations that may be listed for EOMs in
a given class is the same as the maximum number[s] of expirations
permitted in Rule 24.9(a)(2) for standard options on the same broad-
based index. EOM expirations shall be for consecutive end of month
expirations. EOMs that are first listed in a given class may expire up
to four weeks from the actual listing date. Other expirations in the
same class are not counted as part of the maximum numbers of EOM
expirations for a broad-based index class.
(3) [Wednesday (``WED'') Expirations. The Exchange may open for
trading WEDs on any broad-based index eligible for standard options
trading to expire on any Wednesday of the month, other than a Wednesday
that is EOM. WEDs shall be subject to all provisions of this Rule and
treated the same as options on the same underlying index that expire on
the third Friday of the expiration month; provided, however, that WEDs
shall be P.M.-settled.
The maximum numbers of expirations that may be listed for WEDs is
the same as the maximum numbers of expirations permitted in Rule
24.9(a)(2) for standard options on the same broad-based index. Other
than expirations that coincide with an EOM expiration, WED expirations
shall be for consecutive Wednesday expirations. WEDs that are first
listed in a given class may expire up to four weeks from the actual
listing date. If the last trading day of a month is a Wednesday and the
Exchange lists EOMs and WEDs in a given class, the Exchange will list
an EOM instead of a WED in the given class. Other expirations in the
same class are not counted as part of the maximum numbers of WED
expirations for a broad-based index class.]
[(4)] Duration of Nonstandard Expirations Pilot Program. The
Nonstandard Expirations Pilot Program shall be through May 3, 2017.
[(5)] (4) Weekly Expirations and EOM [EOW/EOM/WED] Trading Hours on
the Last Trading Day. On the last trading day, transactions in expiring
Weekly Expirations and EOMs [EOWs, EOMs, and WEDs] may be effected on
the Exchange between the hours of 8:30 a.m. (Chicago time) and 3:00
p.m. (Chicago time).
* * * * *
The text of the proposed rule change is available on the Exchange's
Web site (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
On September 14, 2010, the Commission approved a CBOE proposal to
establish a pilot program under which the Exchange is permitted to list
P.M.-settled options on broad-based indexes to expire on (a) any Friday
of the month, other than the third Friday-of-the-month (``EOWs''), and
(b) the last trading day of the month (``EOM'').\3\ On January 14,
2016, the Commission approved a CBOE proposal to expand the pilot
program to list P.M.-settled options on broad-based indexes that expire
on any Wednesday of the month (``WEDs'').\4\
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\3\ See Securities Exchange Act Release No. 62911 (September 4,
2010), 75 FR 57539 (September 21, 2010) (order approving SR-CBOE-
2009-075).
\4\ See Securities Exchange Act Release No. 76909 (January 14,
2016), 81 FR 3512 (January 21, 2016) (order approving SR-CBOE-2015-
106).
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Under the terms of the Nonstandard Expirations Pilot Program (the
``Pilot''), EOWs, EOMs, and WEDs are permitted on any broad-based index
that is eligible for regular options trading. EOWs, EOMs, and WEDs are
cash-settled expirations with European-style exercise, and are subject
to the same rules that govern the trading of standard index options.
The purpose of this filing is to expand the Pilot to permit P.M.-
settled options on broad-based indexes to expire on any Monday of the
month, other than Mondays that coincide with an EOM. To expand the
Pilot as described, the Exchange is proposing to amend Rule 24.9(e)(1)
to expressly provide the Exchange with the ability to list P.M.-settled
options on any broad-based index eligible for standard options trading
to expire on any Monday, Wednesday, or Friday (other than the third
Friday-of-the-month or days that coincide with an EOM expiration). The
Exchange is also proposing to remove references to Wednesday
Expirations in subparagraph (e)(3) because, as proposed, subparagraph
(e)(1) would incorporate WEDs.\5\ Additionally, the Exchange is
proposing to replace the term ``EOWs'' with the term ``Weekly
Expirations'' as proposed Rule 24.9(e)(1) will include Monday and
Wednesday expirations in addition to Friday expirations.
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\5\ The Exchange notes that the only substantive change in this
proposal is the expansion of the Pilot to Monday expirations.
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If the Exchange were to propose an extension of the Pilot or should
the Exchange propose to make the Pilot permanent, then the Exchange
would submit a filing proposing such amendments to the Pilot.
Furthermore, any positions established under the Pilot would not be
impacted by the expiration of the Pilot. For example, if the Exchange
lists Weekly Expirations that expires after the Pilot expires (and is
not extended) then those positions would continue to exist. However,
any further trading in those series would be restricted to transactions
where at least one side of the trade is a closing transaction.
Weekly Expirations that expire on Monday will be subject to the
same rules that currently govern the trading of traditional index
options, including sales practice rules, margin requirements, and floor
trading procedures. Contract terms for Monday expirations will be
similar to the current WEDs and EOWs.
The maximum number of expirations for Weekly Expirations in a given
class \6\ that expire on Monday (or Wednesday and Friday as applicable)
will be the same as the maximum numbers of expirations permitted in
Rule 24.9(a)(2) for standard options on the same broad-based index,
which is also the standard for the current WEDs and EOWs. Therefore,
the maximum number of expirations permitted for all Weekly Expirations
on a given class would be determined based on the specific broad-
[[Page 42020]]
based index option class. For example, if the broad-based index option
class is used to calculate a volatility index, the maximum number of
Monday expirations (or Wednesday and Friday expirations as applicable)
permitted in that class would be 12 expirations (as is permitted in
Rule 24.9(a)(2)).
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\6\ The amendments to Rule 24.9(e)(2), including the addition of
``in a given class'' to the rule text, are non-substantive changes.
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For Weekly Expirations, CBOE proposes that other than expirations
that coincide with an EOM expiration (or a third Friday-of-the-month
expiration in the case of Friday expiring Weekly Expirations), the
Weekly Expirations shall be for consecutive expirations. For example,
if the Exchange determines to list a Weekly Expiration on an option to
expire on Mondays, the expirations shall generally be for consecutive
Mondays. However, as is the case of the current EOWs and WEDs, the
Exchange is proposing that all Weekly Expirations that are first listed
in a given class may expire up to four weeks from the actual listing
date.\7\ It is generally the Exchange's practice to list new
expirations in a class in a manner that allows market participants to
trade a particular product for longer than a week. The Weekly
Expirations are not designed to have a life cycle--from listing to
expiration--of one week; instead, they are simply designed to expire
weekly. Thus, consistent with the Exchange's listing practices as well
as the rules currently applicable to EOWs and WEDs, this rule change
will allow the Exchange to launch, for example, a Monday expiring
option that does not expire on the Monday immediately following the
actual listing date. For example, upon approval of this rule change, if
the actual listing date of the first Monday expiring option in a class
is Friday, June 3rd, the expiration date of the first Monday expiring
option need not be Monday, June 6th; rather, the first expiration could
be June 13th or a Monday thereafter. This is the current standard for
EOWs, EOMs, and WEDs.
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\7\ The purpose of these provisions is to prevent gaps in
expirations. For example, the provision prevents the Exchange from
listing a Monday expiring option to expire on Monday June 6th, then
not listing a Monday expiring option to expire on June 13th, and
then listing a Monday expiring option to expire on June 20th. The
provision is not meant to prevent the Exchange from launching a new
product and having the initial expiration dates be weeks from the
initial launch.
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CBOE also proposes to follow the listing hierarchy currently
applicable to EOWs and EOMs. Thus, with regards to all Weekly
Expirations, if the last trading day of a month falls on a day of the
week on which the exchange lists both an EOM and a Weekly Expiration,
the Exchange would list an EOM and not a Weekly Expiration. In other
words, if the last trading day of a month is a Monday and the Exchange
does not list EOMs in class ABC but does list a Monday expiring option
in ABC, then the Exchange may list a Monday expiring option for the
last trading day of the month in class ABC.
Additionally, in recognition of Monday expirations giving market
participants the ability to hedge over the weekend risk, the Exchange
proposes that if the Exchange is not open for business on a respective
Monday, the normally Monday expiring Weekly Expirations will expire on
the following business day. The Exchange is also taking the opportunity
to set forth in the rules that if the Exchange is not open for business
on a respective Wednesday or Friday, the normally Wednesday or Friday
expiring Weekly Expirations will expire on the previous business day.
These aspects ensure that market participants have consistent Weekly
Expirations and don't have a gap in expirations due to an Exchange
holiday for example.
Finally, CBOE proposes to add that other expirations in the same
class would not be counted as part of the maximum numbers of Weekly
Expirations for a broad-based index class. CBOE states that this is the
standard that currently applies to EOW, EOM, and WED options.\8\
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\8\ See Rule 24.9(e)(1)-(3).
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CBOE has analyzed its capacity and represents that it believes the
Exchange and the Options Price Reporting Authority (``OPRA'') have the
necessary systems capacity to handle any additional traffic associated
with the listing of the maximum number of Monday expiring Weekly
Expirations permitted under the Pilot.
Position Limits
Since Monday expirations will be a new type of series and not a new
class, the Exchange proposes that all Monday expirations (or Wednesday
or Friday Expirations) on the same broad-based index (e.g., of the same
class) shall be aggregated together with all other standard expirations
for position limits (if any) and any applicable reporting and other
requirements.\9\ The Exchange is proposing to amend Rule 24.4(b) to
apply the aggregation requirement to all Nonstandard Expirations, which
includes Weekly Expirations and EOMs. This proposed aggregation is
consistent with the aggregation requirements applicable to the current
EOWs, WEDs, and EOMs.\10\
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\9\ See e.g., Rule 4.13, Reports Related to Position Limits and
Interpretation and Policy .03 to Rule 24.4 which sets forth the
reporting requirements for certain broad-based indexes that do not
have position limits.
\10\ See e.g., Rule 24.4(b).
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Annual Pilot Program Report
As part of the Pilot, the Exchange currently submits a Pilot report
to the Securities and Exchange Commission (``Commission'') at least two
months prior to the expiration date of the Pilot (the ``annual
report''). The annual report contains an analysis of volume, open
interest and trading patterns. In addition, for series that exceed
certain minimum open interest parameters, the annual report provides
analysis of index price volatility and, if needed, share trading
activity. The annual report will be expanded to provide the same data
and analysis related to Monday expiring options that is currently
provided for EOW, EOM, and WED expirations. The Pilot is currently set
to expire on May 3, 2017. All annual reports will continue to be
provided to the Commission on a confidential basis.
Analysis of Volume and Open Interest
For all Weekly Expirations and EOM series, the annual report will
contain the following volume and open interest data for each broad-
based index overlying Weekly Expiration and EOM options:
(1) Monthly volume aggregated for all Weekly Expiration and EOM
series,
(2) Volume in Weekly Expiration and EOM series aggregated by
expiration date,
(3) Month-end open interest aggregated for all Weekly Expiration
and EOM series,
(4) Month-end open interest for EOM series aggregated by expiration
date and open interest for Weekly Expiration series aggregated by
expiration date,
(5) Ratio of monthly aggregate volume in Weekly Expiration and EOM
series to total monthly class volume, and
(6) Ratio of month-end open interest in EOM series to total month-
end class open interest and ratio of open interest in each Weekly
Expiration series to total class open interest.
Upon request by the SEC, CBOE will provide a data file containing:
(1) Weekly Expiration and EOM option volume data aggregated by series,
and (2) Weekly Expiration open interest for each expiring series and
EOM month-end open interest for expiring series.
Monthly Analysis of Weekly Expiration and EOM Trading Patterns
In the annual report, CBOE also proposes to identify Weekly
Expiration and EOM trading patterns by undertaking a time series
analysis of open interest in Weekly Expiration and
[[Page 42021]]
EOM series aggregated by expiration date compared to open interest in
near-term standard Expiration Friday A.M.-settled series in order to
determine whether users are shifting positions from standard series to
Weekly Expiration and EOM series. Declining open interest in standard
series accompanied by rising open interest in Weekly Expiration and EOM
series would suggest that users are shifting positions.
Provisional Analysis of Index Price Volatility and Share Trading
Activity
For each Weekly Expiration and EOM expiration that has open
interest that exceeds certain minimum thresholds, the annual report
will contain the following analysis related to index price changes and,
if needed, underlying share trading volume at the close on expiration
dates:
(1) A comparison of index price changes at the close of trading on
a given expiration date with comparable price changes from a control
sample. The data will include a calculation of percentage price changes
for various time intervals and compare that information to the
respective control sample. Raw percentage price change data as well as
percentage price change data normalized for prevailing market
volatility, as measured by the CBOE Volatility Index (``VIX''), will be
provided; and
(2) if needed, a calculation of share volume for a sample set of
the component securities representing an upper limit on share trading
that could be attributable to expiring in-the-money Weekly Expiration
and EOM expirations. The data, if needed, will include a comparison of
the calculated share volume for securities in the sample set to the
average daily trading volumes of those securities over a sample period.
The minimum open interest parameters, control sample, time
intervals, method for selecting the component securities, and sample
periods will be determined by the Exchange and the Commission.
Discussion
In support of this proposal, the Exchange states that it trades
other types of series and FLEX Options \11\ that expire on different
days than regular options and in some cases have P.M.-settlement. For
example, since 1993 the Exchange has traded Quarterly Index Expirations
(``QIXs'') that are cash-settled options on certain broad-based indexes
which expire on the first business day of the month following the end
of a calendar quarter and are P.M.-settled.\12\ The Exchange also
trades Quarterly Option Series (``QOS'') that overlie exchange traded
funds (``ETFs'') or indexes which expire at the close of business on
the last business day of a calendar quarter and are P.M.-settled.\13\
Additionally, as described above, this Pilot currently allows the
Exchange to trade EOW, EOM, and WED options that are P.M.-settled. The
Exchange has experience with these special dated options and has not
observed any market disruptions resulting from the P.M.-settlement
feature of these options. The Exchange does not believe that any market
disruptions will be encountered with the introduction of P.M.-
settlement options that expire on Monday.
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\11\ See Securities Exchange Act Release No. 61439 (January 28,
2010), 75 FR 5831 (February 4, 2010) (SR-CBOE-2009-087) (order
approving rule change to establish a pilot program to modify FLEX
option exercise settlement values and minimum value sizes).
\12\ See Rule 24.9(c).
\13\ See Rules 5.5(e) and 24.9(a)(2)(B).
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The Exchange trades P.M.-settled EOW and WED expirations, which
provide market participants a tool to hedge special events and to
reduce the premium cost of buying protection. The Exchange seeks the
authority to introduce P.M.-settled options that expire on Monday to,
among other things, expand hedging tools available to market
participants and to continue the reduction of premium cost of buying
protection for positions held over the weekend. In general, an option
that expires on Monday will have less time value in the premium than an
option expiring on the following Wednesday or further out; thus, the
addition of Monday expirations is likely to reduce the cost of buying
protection for positions held over the weekend. The Exchange believes
options that expire on Monday (similar to EOW and WED expirations)
would allow market participants to purchase an option based on their
needed timing and allow them to tailor their investment or hedging
needs more effectively. Upon approval of this proposal, the Exchange
first plans to expand the list of available expirations to Monday
expiring SPX options. With Monday expiring SPX options, the Exchange
believes VIX options and futures traders will be able to use the Monday
expiring SPX option to more effectively manage the pricing complexity
and risk of VIX options and futures positions, as well as to more
effectively hedge risk associated with holding a position over the
weekend. In addition, because P.M.-settlement permits trading
throughout the day on the day the contract expires, the Exchange
believes this feature will permit market participants to more
effectively manage over the weekend risk and trade out of their
positions up until the time the contract settles.
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.\14\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \15\ 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) \16\ requirement that the rules of an exchange not be
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers.
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\14\ 15 U.S.C. 78f(b).
\15\ 15 U.S.C. 78f(b)(5).
\16\ Id.
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In particular, the Exchange believes the EOW/EOM/WED Pilot has been
successful to date and that Monday expirations simply expand the
ability of investors to hedge risks against market movements stemming
from economic releases or market events that occur throughout the month
in the same way that EOWs, EOMs, and WEDs have expanded the landscape
of hedging. Similarly, the Exchange believes Monday expirations should
create greater trading and hedging opportunities and flexibility, and
provide customers with the ability to more closely tailor their
investment objectives. Lastly, the proposed amendments to Rule
24.9(e)(2) are conforming changes and do not present any new or novel
issues.
B. Self-Regulatory Organization's Statement on Burden on Competition
CBOE 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. Specifically, the Exchange does
not believe the
[[Page 42022]]
proposal will impose any burden on intramarket competition as all
market participants will be treated in the same manner as existing
EOWs, EOMs, and WEDs. Additionally, the Exchange does not believe the
proposal will impose any burden on intermarket competition as market
participants on other exchanges are welcome to become Trading Permit
Holders and trade at CBOE if they determine that this proposed rule
change has made CBOE more attractive or favorable. Finally, although
the majority of the Exchange's broad-based index options are
exclusively-listed at CBOE, all options exchanges are free to compete
by listing and trading their own broad-based index options that expire
on Mondays.
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 (http://www.sec.gov/rules/sro.shtml); or
Send an email to [email protected]. Please include
File Number SR-CBOE-2016-046 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-2016-046. 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 Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street NE.,
Washington, DC 20549 on official business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the filing also will be available
for inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-CBOE-2016-046 and should be
submitted on or July 19, 2016.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\17\
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\17\ 17 CFR 200.30-3(a)(12).
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Brent J. Fields,
Secretary.
[FR Doc. 2016-15180 Filed 6-27-16; 8:45 am]
BILLING CODE 8011-01-P