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Federal Register / Vol. 86, No. 43 / Monday, March 8, 2021 / Notices
jbell on DSKJLSW7X2PROD with NOTICES

as options on the SPX pursuant to its Nonstandard Expirations Pilot Program and Phlx 17 and ISE 18 currently permit Monday and Wednesday expirations for other options with a weekly expiration on NDX pursuant to its sic Nonstandard Expirations Pilot Programs, respectively.
With the exception of Monday expiration series that are scheduled to expire on a holiday, there are no material differences in the treatment of Monday and Wednesday QQQ
expirations for Short Term Option Series. The Exchange believes that it is consistent with the Act to treat Monday expiration series that expire on a holiday differently than Wednesday or Friday expiration series, since the proposed treatment for Monday expiration series will result in an expiration date that is closer in time to the scheduled expiration date of the series, and therefore may be more representative of anticipated market conditions. Monday SPY expirations are treated in this manner today.19 Cboe 20
uses the same procedure for SPX
options with Monday expirations that are listed pursuant to its Nonstandard Expirations Pilot Program and that are scheduled to expire on a holiday, as do Phlx 21 and ISE 22 for NDX options with Monday expirations that are listed pursuant to their Nonstandard Expirations Pilot Programs, respectively.
Given the similarities between Monday and Wednesday SPY
Expirations and the proposed Monday and Wednesday QQQ Expirations, the Exchange believes that applying the provisions in Commentary .11 to Options 4, Section 5 that currently apply to Monday and Wednesday SPY
Expirations to Monday and Wednesday QQQ Expirations is justified. For example, the Exchange believes that allowing Monday and Wednesday QQQ
Expirations and monthly QQQ
expirations in the same week will benefit investors and minimize investor confusion by providing Monday and Wednesday QQQ Expirations in a continuous and uniform manner. The Exchange also believes that is appropriate to amend Commentary .11b to Options 4, Section 5 to clarify that no Short Term Option Series may expire on the same day as an expiration of Quarterly Option Series on the same class, same as SPY.
note 8 above.
note 9 above.
19 See Commentary .11 at Options 4, Section 5.
20 Id. sic 21 See note 8 above.
22 See note 9 above.

The Exchange represents that it has an adequate surveillance program in place to detect manipulative trading in Monday and Wednesday expirations, including Monday and Wednesday QQQ Expirations, in the same way that it monitors trading in the current Short Term Option Series and trading in Monday and Wednesday SPY
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 Monday and Wednesday QQQ expirations.

III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action
B. Self-Regulatory Organizations Statement on Burden on Competition
IV. Solicitation of Comments
The Exchange does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The Exchange notes that having Monday and Wednesday QQQ expirations is not a novel proposal, as Monday and Wednesday SPY Expirations are currently listed on Phlx.23 Cboe 24 uses the same procedure for SPX options with Monday expirations that are listed pursuant to its Nonstandard Expirations Pilot Program and that are scheduled to expire on a holiday, as do Phlx 25 and ISE 26 for NDX options with Monday expirations that are listed pursuant to their Nonstandard Expirations Pilot Programs, respectively.
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.
Additionally, the Exchange does not believe the proposal will impose any burden on inter-market competition, as nothing prevents the other options exchanges from proposing similar rules to list and trade Short-Term Option Series with Monday and Wednesday expirations.
C. Self-Regulatory Organizations Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were either solicited or received.

17 See 18 See
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23 See
Commentary .11 at Options 4, Section 5.
sic 25 See note 8 above.
26 See note 9 above.
24 Id.

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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 self-regulatory organization consents, the Commission will:
A By order approve or disapprove the proposed rule change, or B institute proceedings to determine whether the proposed rule change should be disapproved.
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 Commissions internet comment form http www.sec.gov/
rules/sro.shtml; or Send an email to rule-comments@
sec.gov. Please include File Number SR
Phlx202110 on the subject line.
Paper Comments Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 205491090.
All submissions should refer to File Number SRPhlx202110. 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 Commissions internet website http www.sec.gov/
rules/sro.shtml. Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for website viewing and printing in the Commissions 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
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