[Federal Register Volume 86, Number 17 (Thursday, January 28, 2021)]
[Notices]
[Pages 7429-7433]
[FR Doc No: 2021-01834]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-90967; File No. SR-CBOE-2021-005]

Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change Relating
To Amend Its Opening Process for Simple Orders

January 22, 2021.
    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 January 11, 2021, Cboe Exchange, Inc. (the ``Exchange'' or
``Cboe Options'') filed with the Securities and Exchange Commission
(the ``Commission'') the proposed rule change as described in Items I
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 its opening process for simple orders. 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 Rule 5.31 regarding its opening
process for simple orders. Currently, following the occurrence of an
opening rotation trigger pursuant to Rule 5.31(d), the System conducts
an opening rotation for an option series. Following the opening
rotation trigger, the System conducts the Maximum Composite Width Check
pursuant to Rule 5.31(e)(1) to determine if a series is eligible to
open. If the Composite Market \5\ of a series is not crossed, and the
Composite Width \6\ of

the series is less than or equal to the Maximum Composite Width (as
defined in Rule 5.31(a)), the series is eligible to open. Additionally,
if the Composite Market of a series is not crossed, and the Composite
Width of the series is greater than the Maximum Composite Width, but
there are (i) no non-M Capacity (a) market orders or (b) buy (sell)
limit orders with prices higher (lower) than the Composite Market
midpoint and (ii) no orders or quotes marketable against each other,
the series is eligible to open. Once a series become eligible to open,
the System conducts the opening auction for the series (i.e.,
determines the opening trade price pursuant to Rule 5.31(e)(2) and
opens the series pursuant to Rule 5.31(e)(3)). The Exchange may also
determine to compel a series to open in the interest of fair and
orderly markets, including if the opening width is wider than the
Maximum Composite Width, pursuant to Rule 5.31(h).
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    \5\ The term ``Composite Market'' means the market for a series
comprised of (1) the higher of the then-current best appointed
Market-Maker bulk message bid on the Exchange and the away best bid
(``ABB'') (if there is an ABB) and (2) the lower of the then-current
best appointed Market-Maker bulk message offer on the Exchange and
the away best offer (``ABO'') (if there is an ABO). The term
``Composite Bid (Offer)'' means the bid (offer) used to determine
the Composite Market. See Rule 5.31(a).
    \6\ The term ``Composite Width'' means the width of the
Composite Market (i.e., the width between the Composite Bid and the
Composite Offer) of a series. See Rule 5.31(a).
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    Currently, if a series cannot satisfy these conditions described
above (and thus is not eligible to open), or if the Composite Market of
a series is crossed, the series is ineligible to open.\7\ When that
occurs, the Queuing Period \8\ for the series continues (including the
dissemination of opening auction updates) until the Maximum Composite
Width Check is satisfied or the Exchange determines to open the series
pursuant to Rule 5.31(h). The proposed rule change adds that such a
series may open pursuant to a forced opening as set forth in proposed
Rule 5.31(f).\9\ Specifically, as proposed, if a series in an equity or
exchange-traded product (``ETP'') option class \10\ is unable to open
because it does not satisfy the Maximum Composite Width Check described
above within a time period (which the Exchange determines for all
equity and ETP option classes) \11\ after the occurrence of the opening
rotation trigger for the class pursuant to Rule 5.31(d), and the
Composite Market is not crossed, the System forces the series to open
after that time period upon the System's observation of an away best
bid and offer (``ABBO'') (with a non-zero offer) \12\ for the
series.\13\ For a series subject to a forced opening, the opening trade
price determination and series open set forth in Rule 5.31(e)(2) and
(3) (i.e., the opening auction) do not occur; instead, the System opens
the series without a trade. This will permit a series to open for
trading on the Exchange if the series is open for trading on at least
one other options exchange, even though the market for the series on
the Exchange may be wide.
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    \7\ See Rule 5.31(e)(1)(C). The proposed rule change codifies in
this provision that a series is not eligible to open if there is no
Composite Market. This is true today and implied by the current rule
text. If there were no Composite Market, the System would be unable
to perform the Maximum Composite Width Check, thus meaning the
series could not satisfy that check and thus would not be eligible
to open. This proposed change merely adds this detail to the Rules
for additional transparency.
    \8\ The term ``Queuing Period'' means the time period prior to
the initiation of an opening rotation during which the System
accepts orders and quotes in the Queuing Book (the book into which
Users may submit orders for participation in the opening rotation)
for participation in the opening rotation for the applicable trading
session. See Rule 5.31(a).
    \9\ The proposed forced opening process has no impact on the
modified opening auction process set forth in Rule 5.31(j).
    \10\ The proposed rule change is limited to series in equity and
ETP option classes because these classes are eligible for listing on
all U.S. options exchanges.
    \11\ See Rule 1.5 (which permits the Exchange to announce
determinations by, among other things, notice, regulatory circular,
and specification).
    \12\ Such an ABBO would indicate that an away exchange is open,
as it would have disseminated an opening quote.
    \13\ The Exchange currently has a similar forced opening after a
specified amount of time for complex order strategies. See Rule
5.33(c)(2)(C).
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    The proposed change to Rule 5.31(f) provides that in the event of a
forced opening of a series pursuant to proposed Rule 5.31(e)(4) or a
compelled opening of a series pursuant to paragraph (h), the System
enters all of a User's orders in that series in the Queuing Book into
the Book in the manner set forth in current Rule 5.31(f), unless a User
instructs the System to cancel its market orders or all of its orders,
in which case the System enters only the non-cancelled orders into the
Book in this manner. Specifically, they will be processed in accordance
with Rule 5.32 (as unexecuted orders and quotes are handled following
the conclusion of the opening rotation), which describes how the System
processes, handles, and executes orders. If any order or quote in the
Queuing Book is marketable upon the forced opening (and the User does
not instruct the System to cancel it as proposed), the System would
execute marketable orders subject to the priority rules set forth in
Rule 5.32. If an order is marketable against away interest and is
eligible for routing, the System may route the order for execution to
an away exchange. Any non-marketable order would enter the Book or
cancel, subject to the User instructions. This proposed change provides
Users with flexibility for automated handling of their orders in the
event a series opens with a wide market or is otherwise manually opened
when the opening conditions may not otherwise be standard.
    If a series satisfies the Maximum Composite Width Check prior to
the System's observation of an ABBO for the series, the series opens
pursuant to Rule 5.31(d)(2) and (3) (i.e., the standard opening auction
process occurs for the series). For example, suppose the Exchange
determined the ``forced opening'' timer to be three minutes. If the
opening trigger for a series occurs at 9:30:05 Eastern time but the
series does not satisfy the Maximum Composite Width Check after the
trigger, the System will force the series open after 9:33:05 Eastern
time if it has received an ABBO by that time. However, if the series
satisfies the Maximum Composite Width Check at 9:32:30, the series will
open in accordance with the normal opening auction process.
    Finally, the proposed rule change amends the definitions of
``Maximum Composite Width'' and ``Opening Collar'' in Rule 5.31(a). The
term ``Maximum Composite Width'' means the amount that the Composite
Width of a series may generally not be greater than for the series to
open (subject to certain exceptions set forth in Rule 5.31(e)(1)). The
term ``Opening Collar'' means the price range that establishes limits
at or inside which the System determines the Opening Trade Price for a
series. The Opening Collar is determined by determining the midpoint of
the Composite Market, and adding and subtracting half of the applicable
width amount above and below, respectively, that midpoint. The amounts
for the Maximum Composite Width and Opening Collar each apply on a
Composite Bid basis and are currently the same for all classes (and the
Maximum Composite Width amounts are the same as the Opening Collar
amounts).
    The Maximum Composite Width and Opening Collar amounts are
currently specified in these defined terms. The proposed rule change
deletes these specified amounts and instead states that the Exchange
determines each on a class and Composite Bid basis, which amount the
Exchange may modify during the opening auction process (which
modifications the Exchange disseminates to all subscribes to the
Exchange's data feeds that deliver opening auction updates).\14\ The
Exchange believes having flexibility to set these amounts is
appropriate so that it may consider the different market models and
characteristics of different classes, as well as modify amounts in
response to then-current market conditions. The Rules currently permit
the Exchange to modify these amounts

during the opening auction process when it deems necessary to maintain
a fair and orderly opening process (which modifications the Exchange
disseminates to all subscribers to the Exchange's data feeds that
deliver opening auction updates). This proposed change merely permits
the Exchange to modify these amounts at any time as it deems necessary
and appropriate. The Exchange notes several options exchanges are able
to change the amounts of valid opening widths by notice or circular and
do not need to submit a rule filing to the Commission to do so.\15\
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    \14\ The Exchange would announce the determinations (and any
changes to those determinations) in accordance with Rule 1.5.
    \15\ See, e.g., Nasdaq Options Market (``NOM'') Options 3,
Section 8(a)(6), Cboe EDGX Options Exchange, Inc. (``EDGX'') Rule
21.7(a) (definitions of Maximum Composite Width and Opening Collar);
Cboe BZX Options Exchange, Inc. (``BZX'') Rule 21.7(a) (definitions
of Maximum Composite Width and Opening Collar); Cboe C2 Exchange
Inc. (``C2'') Rule 6.11(a) (definitions of Maximum Composite Width
and Opening Collar); see also Miami Securities Exchange, Inc.
(``MIAX'') Rule 503(f)(2) (which permits MIAX to determine by
circular an acceptable range in which openings are permissible if
there is no valid width national best bid or offer (``NBBO'')).
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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.\16\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \17\ 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) \18\ requirement that the rules of an exchange not be
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers.
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    \16\ 15 U.S.C. 78f(b).
    \17\ 15 U.S.C. 78f(b)(5).
    \18\ Id.
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    In particular, the Exchange believes the proposed forced opening
process for simple orders will remove impediments to and perfect the
mechanism of a free and open market and a national market system and
protect investors. The proposed rule change will provide for series to
open for trading on the Exchange sooner than they may open currently,
as long as they are open for trading on other options exchanges. The
Exchange believes the proposed rule change will benefit investors,
because it may permit these options to open sooner and increase the
times during which investors may conduct trading in these options.
Additionally, this may increase liquidity in the market for a series
that is otherwise open on another options exchange. While the market on
the Exchange for a series may be wider than the Maximum Composite
Width,\19\ the Exchange believes it is reasonable to open the series if
it opened for trading on another options exchange pursuant to that
exchange's Commission-approved rules. Options exchanges have varying
opening processes and have made separate determinations on what
constitutes separate, reasonable opening market widths. The Exchange
believes if other options exchanges opened a series with a market
width, it is reasonable to open the series for trading on the Exchange
as well (as orders submitted to other exchanges may be trading at those
widths). Since orders may not trade outside of the disseminated NBBO
(which defines the then-current market for the series), any orders
resting in the Queuing Book that may execute following the forced
opening will receive protection against executions at potentially
erroneous prices. Additionally, the proposed ability of Users to cancel
orders in the event of a forced opening will provide Users with
additional protection. Additionally, the Exchange believes opening
series for trading on the Exchange that are open for trading on other
options exchanges will put Exchange Users on equal footing with other
market participants, as it will provide Users' orders that are
otherwise resting in the Queuing Book and awaiting execution with the
ability to get into the market for potential execution.
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    \19\ The Exchange notes pursuant to Rule 5.31(e)(1)(B), there
are currently instances in which the Exchange will open for trading
despite the Composite Market Width being larger than the Maximum
Composite Width.
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    The Exchange currently has the authority to deviate from the
standard opening process, including to temporarily increase the Maximum
Composite Width amounts (i.e., widen the permissible opening market)
and to compel a series open, even if the Maximum Composite Width check
is not satisfied, but that may only happen manually if the Exchange
determines it is necessary in the interests of a fair and orderly
market.\20\ Currently, if a series is open on another exchange but not
on the Exchange, the Exchange generally manually increases the Maximum
Composite Width for the series until the series opens. Manually
increasing the Maximum Composite Width for a series until the series
open is a different manual process than compelling the series to open,
but ultimately achieves the same result of causing a series that does
not satisfy the Maximum Composite Width check to otherwise open. The
Exchange believes it is in the interests of a fair and orderly market
to deviate from the opening process to systematically force a series to
open, despite a wide Exchange market, if the series is open for trading
on another exchange to provide investors with orders in that series
resting on the Exchange's Queuing Book to have the same execution
opportunities as other investors who submitted orders to other options
exchanges with different opening conditions. The proposed rule change
is consistent with this authority and creates an automated compelled
opening in certain circumstances to replace the manual process
currently used. This will benefit investors by providing additional
transparency to the Rules regarding when a series may open despite not
satisfying the Maximum Composite Width check as well as remove
impediments to and perfect the mechanism of a free and open market and
a national market system by automating an otherwise manual process.
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    \20\ See Rule 5.31(h); see also definition of Maximum Composite
Width and Opening Collar in Rule 5.31(a).
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    The Exchange believes the proposed rule change to permit Users to
give the System a standing instruction regarding how to handle their
orders when a forced or manually compelled (for simple orders) opening
of series occurs will benefit investors, as it will give them an
additional tool to manage their orders in connection with the opening
of series. Users may currently cancel any of their orders resting in
the Queuing Book prior to the opening of a series, and they may cancel
any orders that do not execute at the open once those orders are in the
Book or COB, as applicable. Because the Exchange market may be wider in
these situations, the Exchange believes it is appropriate to provide
Users with the ability to cancel market orders so they don't execute at
the wider market prices once in the Book or cancel all of their orders
if they prefer.
    Additionally, the Exchange believes the proposed rule change to
permit the

Exchange to determine the amounts of the Maximum Composite Width and
Opening Collar on a class and Composite Bid basis will remove
impediments to and perfect the mechanism of a free and open market and
a national market system and protect investors, because it will provide
the Exchange with flexibility to consider the different market models
and characteristics of different classes, and respond to then-current
market conditions. The Rules currently permit the Exchange to modify
these amounts during the opening auction process when it deems
necessary to maintain a fair and orderly opening process (which
modifications the Exchange disseminates to all subscribers to the
Exchange's data feeds that deliver opening auction updates). This
proposed change merely permits the Exchange to modify these amounts at
any time as it deems necessary and appropriate. The Exchange notes
several options exchanges are able to change the amounts of valid
opening widths by notice or circular and do not need to submit a rule
filing to the Commission to do so, and the proposed rule change would
provide the Exchange with the same flexibility to determine maximum
opening widths that other exchanges have.\21\
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    \21\ See, e.g., NOM Options 3, Section 8(a)(6), EDGX Rule
21.7(a) (definitions of Maximum Composite Width and Opening Collar),
BZX Rule 21.7(a) (definitions of Maximum Composite Width and Opening
Collar), and C2 Rule 6.11(a) (definitions of Maximum Composite Width
and Opening Collar); see also MIAX Rule 503(f)(2) (which permits
MIAX to determine by circular an acceptable range in which openings
are permissible if there is no valid width NBBO).
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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. The Exchange does not
believe that the proposed rule change will impose any burden on
intramarket competition that is not necessary or appropriate in
furtherance of the purposes of the Act because all Users may trade in
any series that opens subject to the proposed forced opening process.
The Exchange believes it is appropriate to limit the forced opening to
equity and ETP options, as those may be multiply listed on exchanges.
Additionally, all Users will have the opportunity to instruct the
System to cancel its market orders or all open orders in the event of a
forced or otherwise manual opening. Cancellation of some or all of a
User's orders in the event of such an opening would be voluntary and
completely within the User's discretion. The Exchange believes the
proposed rule change to determine the amounts of the Maximum Composite
Width and Opening Collar on a class and Composite Bid basis will not
impose any burden on intramarket competition that is not necessary or
appropriate in furtherance of the purposes of the Act, because the
determined amounts (by Composite Bid) for each class will apply to all
orders of all market participants in the applicable class in the same
manner. The Exchange believes it is appropriate to be able to determine
different amounts on a class basis (it already determines different
amounts on a Composite Bid basis), because it will provide the Exchange
with flexibility to consider the different market models and
characteristics of different classes, and respond to then-current
market conditions. The Rules currently permit the Exchange to modify
these amounts during the opening auction process when it deems
necessary to maintain a fair and orderly opening process (which
modifications the Exchange disseminates to all subscribers to the
Exchange's data feeds that deliver opening auction updates). This
proposed change merely permits the Exchange to modify these amounts at
any time as it deems necessary and appropriate.
    The Exchange does not believe that the proposed rule change will
impose any burden on intermarket competition that is not necessary or
appropriate in furtherance of the purposes of the Act because the
proposed forced opening process will permit series to open on the
Exchange that are otherwise open for trading on other options Exchange,
which may increase liquidity and competition in those series sooner.
Additionally, the Exchange believes opening series for trading on the
Exchange that are open for trading on other options exchanges will put
Exchange Users on equal footing with other market participants, as it
will provide Users' orders that are otherwise resting in the Queuing
Book and awaiting execution with the ability to get into the market for
potential execution. The proposed flexibility for Users to instruct the
System how to handle their orders in the event of a forced or manual
opening applies only to how a Users' orders on the Exchange will be
handled in such a circumstance. The Exchange does not believe the
proposed rule change to permit the Exchange to determine the amounts of
the Maximum Composite Width and Opening Collar on a class and Composite
Bid basis will impose any burden on intermarket competition that is not
necessary or appropriate in furtherance of the purposes of the Act.
Several options exchanges are able to change the amounts of valid
opening widths by notice or circular and do not need to submit a rule
filing to the Commission to do so, and the proposed rule change would
provide the Exchange with the same flexibility to determine maximum
opening widths that other exchanges have.\22\
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    \22\ See, e.g., NOM Options 3, Section 8(a)(6), EDGX Rule
21.7(a) (definitions of Maximum Composite Width and Opening Collar),
BZX Rule 21.7(a) (definitions of Maximum Composite Width and Opening
Collar), and C2 Rule 6.11(a) (definitions of Maximum Composite Width
and Opening Collar); see also MIAX Rule 503(f)(2) (which permits
MIAX to determine by circular an acceptable range in which openings
are permissible if there is no valid width NBBO).
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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 designated this rule filing as non-controversial
under Section 19(b)(3)(A) \23\ of the Act and Rule 19b-4(f)(6) \24\
thereunder. Because the 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) of the Act and Rule 19b-
4(f)(6) thereunder.\25\
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    \23\ 15 U.S.C. 78s(b)(3)(A).
    \24\ 17 CFR 240.19b-4(f)(6).
    \25\ In addition, Rule 19b-4(f)(6)(iii) requires the Exchange 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
filing of the proposed rule change, or such shorter time as
designated by the Commission. The Exhange has satisfied this
requirement.
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    A proposed rule change filed under Rule 19b-4(f)(6) \26\ normally
does not become operative for 30 days after the date of filing.
However, pursuant to Rule 19b-4(f)(6)(iii),\27\ the Commission may
designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay so that the proposal
may become operative

upon filing. Waiver of the operative delay will immediately permit
series to open for trading on the Exchange when those series are
already open for trading on other options exchanges pursuant their
respective rules, and provide Users' orders that are otherwise resting
in the Queuing Book and awaiting execution with the ability to get into
the market for potential execution, thereby putting such Users on equal
footing with other market participants as soon as possible. In
addition, the proposal automates an aspect of the opening process that
the Exchange currently has the authority to perform manually, and
provides the Exchange with the same flexibility as other exchanges to
determine appropriate maximum opening widths. Therefore, the Commission
believes that waiving the 30-day operative delay is consistent with the
protection of investors and the public interest. The Commission hereby
designates the proposed rule change to be operative upon filing.\28\
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    \26\ Id.
    \27\ 17 CFR 240.19b-4(f)(6)(iii).
    \28\ 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 change 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 (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-CBOE-2021-005 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-2021-005. 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 (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 Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549-1090 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. Persons submitting
comments are cautioned that we do not redact or edit personal
identifying information from comment submissions. You should submit
only information that you wish to make available publicly. All
submissions should refer to File Number SR-CBOE-2021-005 and should be
submitted on or before February 18, 2021.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\29\
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    \29\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-01834 Filed 1-27-21; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 80, Number 160 (Wednesday, August 19, 2015)]
[Notices]
[Page 50313]
[FR Doc No: 2015-20446]

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DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

[Internal Agency Docket No. FEMA-4235-DR; Docket ID FEMA-2015-0002]

Commonwealth of the Northern Mariana Islands; Major Disaster and
Related Determinations

AGENCY: Federal Emergency Management Agency, DHS.

ACTION: Notice.

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SUMMARY: This is a notice of the Presidential declaration of a major
disaster for the Commonwealth of the Northern Mariana Islands (FEMA-
4235-DR), dated August 5, 2015, and related determinations.

DATES: Effective Date: August 5, 2015.

FOR FURTHER INFORMATION CONTACT: Dean Webster, Office of Response and
Recovery, Federal Emergency Management Agency, 500 C Street SW.,
Washington, DC 20472,<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: Notice is hereby given that, in a letter
dated August 5, 2015, the President issued a major disaster declaration
under the authority of the Robert T. Stafford Disaster Relief and
Emergency Assistance Act, 42 U.S.C. 5121 et seq. (the ``Stafford
Act''), as follows:

    I have determined that the damage in certain areas of the
Commonwealth of the Northern Mariana Islands resulting from Typhoon
Soudelor during the period of August 1-3, 2015, is of sufficient
severity and magnitude to warrant a major disaster declaration under
the Robert T. Stafford Disaster Relief and Emergency Assistance Act,
42 U.S.C. 5121 et seq. (the ``Stafford Act''). Therefore, I declare
that such a major disaster exists in the Commonwealth of the
Northern Mariana Islands.
    In order to provide Federal assistance, you are hereby
authorized to allocate from funds available for these purposes such
amounts as you find necessary for Federal disaster assistance and
administrative expenses.
    You are authorized to provide Individual Assistance and
assistance for debris removal and emergency protective measures
(Categories A and B) under the Public Assistance program in the
designated areas, Hazard Mitigation for the entire commonwealth, and
any other forms of assistance under the Stafford Act that you deem
appropriate subject to completion of Preliminary Damage Assessments
(PDAs). Direct Federal assistance is authorized.
    Consistent with the requirement that Federal assistance is
supplemental, any Federal funds provided under the Stafford Act for
Hazard Mitigation and Other Needs Assistance will be limited to 75
percent of the total eligible costs. Federal funds provided under
the Stafford Act for Public Assistance also will be limited to 75
percent of the total eligible costs, with the exception of projects
that meet the eligibility criteria for a higher Federal cost-sharing
percentage under the Public Assistance Alternative Procedures Pilot
Program for Debris Removal implemented pursuant to section 428 of
the Stafford Act.
    Further, you are authorized to make changes to this declaration
for the approved assistance to the extent allowable under the
Stafford Act.

    The time period prescribed for the implementation of section
310(a), Priority to Certain Applications for Public Facility and Public
Housing Assistance, 42 U.S.C. 5153, shall be for a period not to exceed
six months after the date of this declaration.
    The Federal Emergency Management Agency (FEMA) hereby gives notice
that pursuant to the authority vested in the Administrator, under
Executive Order 12148, as amended, Stephen M. De Blasio Sr., of FEMA is
appointed to act as the Federal Coordinating Officer for this major
disaster.
    The following areas of the Commonwealth of the Northern Mariana
Islands have been designated as adversely affected by this major
disaster:

    The island of Saipan for Individual Assistance.
    The islands of Rota, Saipan, and Tinian for debris removal and
emergency protective measures (Categories A and B), including direct
federal assistance, under the Public Assistance program.
    All areas within the Commonwealth of the Northern Mariana
Islands are eligible for assistance under the Hazard Mitigation
Grant Program.

    The following Catalog of Federal Domestic Assistance Numbers
(CFDA) are to be used for reporting and drawing funds: 97.030,
Community Disaster Loans; 97.031, Cora Brown Fund; 97.032, Crisis
Counseling; 97.033, Disaster Legal Services; 97.034, Disaster
Unemployment Assistance (DUA); 97.046, Fire Management Assistance
Grant; 97.048, Disaster Housing Assistance to Individuals and
Households In Presidentially Declared Disaster Areas; 97.049,
Presidentially Declared Disaster Assistance--Disaster Housing
Operations for Individuals and Households; 97.050, Presidentially
Declared Disaster Assistance to Individuals and Households--Other
Needs; 97.036, Disaster Grants--Public Assistance (Presidentially
Declared Disasters); 97.039, Hazard Mitigation Grant.

W. Craig Fugate,
Administrator, Federal Emergency Management Agency.
[FR Doc. 2015-20446 Filed 8-18-15; 8:45 am]
 BILLING CODE 9111-23-P