Changeflow GovPing Securities & Markets NYSE Arca Rule Change for Options on Crypto Assets
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NYSE Arca Rule Change for Options on Crypto Assets

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Summary

The SEC approved a rule change by NYSE Arca to amend exchange rules regarding options on certain crypto assets. This action allows for the listing and trading of options on various Bitcoin and Ethereum Exchange Traded Products (ETPs) and modifies position limits for these options.

What changed

The Securities and Exchange Commission (SEC) has approved a rule filing from NYSE Arca, Inc. (SR-NYSEARCA-2026-27) that amends exchange rules to permit the listing and trading of options on several crypto asset-based Exchange Traded Products (ETPs). This includes options on the iShares Bitcoin Trust, Fidelity Wise Origin Bitcoin Fund, ARK21Shares Bitcoin ETF, Grayscale Ethereum Trust ETF, and others. The rule change also modifies position and exercise limits for these FLEX options, aligning them with broader exchange rules.

This approval signifies a significant step in the regulation of crypto derivatives, potentially increasing accessibility for investors and financial advisers interested in gaining exposure to cryptocurrencies through options trading. Compliance officers should review the specific ETPs now eligible for options trading and ensure adherence to the updated position and exercise limits outlined in NYSE Arca Rules 5.32-O, 5.35-O, and 6.8-O. While the rule is effective immediately upon publication, entities involved in trading these options should confirm their internal controls and risk management frameworks are updated to reflect these changes.

What to do next

  1. Review NYSE Arca Rules 5.32-O, 5.35-O, and 6.8-O for updated position and exercise limits on crypto asset options.
  2. Ensure internal trading systems and compliance controls are updated to reflect the new options trading allowances for specified ETPs.
  3. Monitor further SEC and exchange guidance on crypto asset derivatives.

Archived snapshot

Mar 24, 2026

GovPing captured this document from the original source. If the source has since changed or been removed, this is the text as it existed at that time.

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Grayscale Bitcoin Trust, Grayscale things, to prevent fraudulent and Securities Exchange, LLC (‘‘MIAX’’), manipulative acts and practices, to and Nasdaq PHLX LLC (‘‘Phlx’’). Bitcoin Mini Trust, Bitwise Bitcoin ETF, promote just and equitable principles of iShares Bitcoin Trust, Fidelity Wise Background trade, to remove impediments to and Origin Bitcoin Fund, ARK21Shares perfect the mechanism of a free and Bitcoin ETF, Grayscale Ethereum Trust On November 20, 2024, the Exchange open market and a national market ETF, Grayscale Ethereum Mini Trust filed to list and trade option contracts system and, in general, to protect ETF, Bitwise Ethereum ETF, iShares on the iShares Bitcoin Trust, the investors and the public interest. Ethereum Trust ETF, and Fidelity Fidelity Wise Origin Bitcoin Fund, and the ARK21Shares Bitcoin ETF. Also on Ethereum Fund. The proposed rule IV. Conclusion 7 November 20, 2024, the Exchange filed change is available on the Exchange’s It is therefore ordered, pursuant to to list and trade options contracts on the website at www.nyse.com and at the Section 19(b)(2) of the Act,that the 60 Grayscale Bitcoin Trust, the Grayscale principal office of the Exchange. proposed rule change (SR–NASDAQ– Bitcoin Mini Trust, and the Bitwise 2025–072), as modified by Amendment II. Self-Regulatory Organization’s Bitcoin ETF. On April 9, 2025, the 8No. 2, be, and hereby is, approved. Statement of the Purpose of, and Exchange filed to list and trade the Statutory Basis for, the Proposed Rule Grayscale Ethereum Trust, the Grayscale For the Commission, by the Division of Change Trading and Markets, pursuant to delegated Ethereum Mini Trust, and the Bitwise authority. Ethereum ETF. Also on April 9, 2025, 61 9In its filing with the Commission, the Vanessa A. Countryman, the Exchange filed to list and trade self-regulatory organization included options on the iShares Ethereum Trust Secretary. statements concerning the purpose of, ETF and the Fidelity Ethereum Fund. [FR Doc. 2026–05563 Filed 3–20–26; 8:45 am] 10and basis for, the proposed rule change These immediately effective filings BILLING CODE 8011–01–P and discussed any comments it received permitted the Exchange to list and trade on the proposed rule change. The text options on the Crypto Assets subject to SECURITIES AND EXCHANGE of those statements may be examined at a 25,000 contract position and exercise COMMISSION the places specified in Item IV below. limit and a restriction on the trading of The Exchange has prepared summaries, FLEX options. [Release No. 34–105040; File No. SR– set forth in sections A, B, and C below, On July 29, 2025, the Commission NYSEARCA–2026–27] of the most significant parts of such approved a rule filing to eliminate the Self-Regulatory Organizations; NYSE statements. 25,000-contract position and exercise Arca, Inc.; Notice of Filing and limit for the Grayscale Bitcoin Trust A. Self-Regulatory Organization’s Immediate Effectiveness of Proposed ETF options and apply the position Statement of the Purpose of, and the Rule Change To Amend Exchange limits in Exchange Rule 6.8–O, Statutory Basis for, the Proposed Rule Rules 5.32–O, 5.35–O, and 6.8–O Commentary .06(a)–(e) to options on the Change Regarding Options on Certain Crypto Grayscale Bitcoin Trust ETF and to Assets 1. Purpose permit options on the Grayscale Bitcoin Trust ETF to trade as FLEX Equity March 18, 2026. The Exchange proposes to amend Pursuant to Section 19(b)(1)of the 1Rule 5.32–O(f)(1) (Terms of FLEX Securities Exchange Act of 1934 See Securities Exchange Act Release No. 34– Options), Rule 5.35–O (Position Limits 5(‘‘Act’’)and Rule 19b–4 thereunder, 104738 (Jan. 29, 2026), 91 FR 5000 (Feb. 03, 2026) 23for FLEX Options), and Commentary (SR–MIAX–2026–04) (Notice of Filing and notice is hereby given that, on March .06(f) to Rule 6.8–O (Position Limits) in Immediate Effectiveness of a Proposed Rule Change 10, 2026, NYSE Arca, Inc. (‘‘NYSE To Amend Rule 307, Position Limits, and Rule 309, connection with the following options Arca’’ or ‘‘Exchange’’) filed with the Exercise Limits, Regarding Position and Exercise overlying Exchange-Traded Fund Securities and Exchange Commission Limits on Options Overlying Certain Crypto Assets). Shares, as applicable: Grayscale Bitcoin See Securities Exchange Act Release No. 34– (‘‘Commission’’) the proposed rule 6 104650 (Jan. 21, 2026), 91 FR 3265 (Jan. 26, 2026) Trust, Grayscale Bitcoin Mini Trust, change as described in Items I and II (SR–Phlx–2026–02) (Notice of Filing and Immediate Bitwise Bitcoin ETF, iShares Bitcoin below, which Items have been prepared Effectiveness of Proposed Rule Change To Remove Trust, Fidelity Wise Origin Bitcoin by the self-regulatory organization. The Restrictions on Certain Crypto Assets). Fund, ARK21Shares Bitcoin ETF, Commission is publishing this notice to See Securities Exchange Act Release No. 101712 7 (Nov. 22, 2024), 89 FR 94794 (Nov. 29, 2024) (SR– Grayscale Ethereum Trust ETF, solicit comments on the proposed rule NYSEArca–2024–100) (Notice of Filing and change from interested persons. Grayscale Ethereum Mini Trust ETF, Immediate Effectiveness of Proposed Rule Change Bitwise Ethereum ETF, iShares to List and Trade Option Contracts on the iShares I. Self-Regulatory Organization’s Bitcoin Trust, the Fidelity Wise Origin Bitcoin Ethereum Trust ETF, and Fidelity Statement of the Terms of Substance of Fund, and the ARK21Shares Bitcoin ETF). Ethereum Fund (collectively ‘‘the the Proposed Rule Change See Securities Exchange Act Release No. 101713 8Crypto Assets’’). This filing is based on (Nov. 22, 2024), 89 FR 94839 (Nov. 29, 2024) (SR– The Exchange proposes to amend similar proposals submitted by Nasdaq NYSEArca–2024–101) (Notice of Filing and Rule 5.32–O (Terms of FLEX Options), Immediate Effectiveness of Proposed Rule Change Miami International ISE, LLC (‘‘ISE’’), 4Rule 5.35–O (Position Limits for FLEX to List and Trade Option Contracts on the Grayscale Fund, the Grayscale Bitcoin Mini Trust BTC, and Options) and Rule 6.8–O (Position the Bitwise Bitcoin ETF). Limits) in connection with options See Securities Exchange Act Release No. 102817 overlying the following Exchange- 9 (Apr. 11, 2025), 90 FR 16283 (Apr. 17, 2025) (SR– Traded Fund Shares, as applicable: NYSEArca–2025–31) (Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rules 5.3–O, 5.4–O, and 6.8–O). 15 U.S.C. 78s(b)(2). See Securities Exchange Act Release No. 34– 60 See Securities Exchange Act Release No. 4 1017 CFR 200.30–3(a)(12). 104648 (Jan. 21, 2026), 91 FR 3282 (Jan. 26, 2026) 102818 (Apr. 11, 2025), 90 FR 16181 (Apr. 17, 2025) 6115 U.S.C. 78s(b)(1). (SR–ISE–2026–01) (Notice of Filing and Immediate (SR–NYSEArca–2025–32) (Notice of Filing and 115 U.S.C. 78a. Effectiveness of Proposed Rule Change To Remove Immediate Effectiveness of Proposed Rule Change 217 CFR 240.19b–4. Restrictions on Certain Crypto Assets). To Amend Rules 5.3–O, 5.4–O, and 6.8–O). 3

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Options. Also on July 29, 2025, the text that was added when the original subject to the exercise limits set forth in filing was deemed approved. Commission approved a rule filing to Rule 6.9–O. Further, any option Specifically, as amended, Rule 5.3– eliminate the 25,000-contract position approved pursuant to Rule 5.3–O(g)(x) O(g)(x) provides that the Exchange may and exercise limit for the Grayscale is not restricted from trading as a FLEX list and trade options on shares of a Bitcoin Mini Trust ETF and the Bitwise Option. Commodity-Based Trust that meets the Bitcoin ETF and to apply the position Proposed Rule Change generic criteria of NYSE Arca Rule 8.201 limits in Exchange Rule 6.8–O, (Generic) except that the Commodity- Commentary .06(a)–(e) to options on 16 The Crypto Assets all qualify for Based Trust holds a single crypto those funds, and to permit options on listing pursuant to Rule 5.3–O(g)(x). As asset. Further, a Commodity-Based those funds to trade as FLEX Equity 17 such, similar to other options listed Trust that meets the requirements of Options. Thereafter, on July 31, 2025, 12 pursuant to Rule 5.3–O, the Crypto Rule 5.3–O(g)(x) must also satisfy the the Exchange amended Rules 5.32–O Assets should all be subject to the following requirements: (A) the total and 5.35–O to permit iShares Bitcoin position limits set forth in Commentary global supply of the underlying crypto Trust ETF options to trade as FLEX .06 to Rule 6.8–O and the corresponding asset held by the Commodity-Based Equity Options with an aggregated exercise limits set forth in Rule 6.9–O. Trust has an average daily market value position and exercise limit for IBIT of at least $700 million over the last 12 Also, the Crypto Assets should not be options of 25,000-contracts. 13 months; and (B) the crypto asset held by restricted from trading as FLEX Options. On November 12, 2025, the the Commodity-Based Trust underlies a To effectuate these changes, the Exchange’s proposal to amend its listing derivatives contract that trades on a Exchange proposes the following rules at Rule 5.3–O(g) to permit certain market with which the Exchange has a changes. options on Exchange-Traded Fund comprehensive surveillance sharing Shares that meet certain generic Position Limits agreement, whether directly or through requirements to be listed as a common membership in the Intermarket Commodity-Based Trust was deemed The Exchange proposes to remove the Surveillance Group (‘‘ISG’’). Any option approved pursuant to Section 25,000 position and exercise limit approved pursuant to Rule 5.3–O(g)(x) 19(b)(2)(D) of the Act. On November 7, restrictions for Fidelity Wise Origin 14 is subject to the position limits set forth 2025, during the shutdown resulting Bitcoin Fund, ARK21Shares Bitcoin in Rule 6.8–O, Commentary .06, and from a lapse of appropriations, the ETF, Grayscale Ethereum Trust ETF, Exchange submitted an amendment that Grayscale Ethereum Mini Trust ETF, would have superseded the original See Securities Exchange Act Release No. 15 Bitwise Ethereum ETF, iShares 104320 (Dec. 5, 2025), 90 FR 57230 (Dec. 10, 2025) filing that was deemed approved in its Ethereum Trust ETF, and Fidelity (SR–NYSEArca–2025–79) (Notice of Filing and entirety. The amendment could not be Immediate Effectiveness of Proposed Rule Change Ethereum Fund from 6.8–O, processed or published due to the of Amendments to Rules 5.3–O and 5.4–O). Commentary .06(f). Position limits for pendency of the shutdown, which NYSE Arca Rule 8.201–E (generic) permits the 16 these products will be determined in listing and trading of certain qualifying exchange- ended on November 12, 2025. On accordance with Rule 6.8–O. traded products that physically hold commodities November 21, 2025, the Exchange filed like precious metals and digital asset commodities Additionally, the Exchange proposes to to adopt the rule text included in the on the Exchange. Pursuant to NYSE Arca Rule remove the following rule text in Rule amendment to the original filing that 8.201–E (Generic), the term ‘‘Commodity-Based 5.35–O(b)(iv) in its entirety: Trust Shares’’ means a security that: (i) is issued by could not be processed during the a trust, limited liability company, partnership, or government shutdown, reinstate text FLEX GBTC, BTC, BITB, and IBIT Options. other similar entity (‘‘Trust’’) that, if applicable, is that was previously deleted, and remove operated by a registered commodity pool operator Position limits on FLEX Equity Options for pursuant to the Commodity Exchange Act, and is GBTC, BTC, BITB, and IBIT will be not registered as an investment company pursuant aggregated with positions on the same non- See Securities Exchange Act Release No. to the Investment Company Act of 1940, or series 11103567 (July 29, 2025), 90 FR 36253 (Aug. 1, 2025) FLEX underlying ETF for the purpose of or class thereof; (ii) is designed to reflect the (SR–NYSEArca–2025–07) (Order Approving a calculating position and exercise limits on performance of one or more reference assets or an Proposed Rule Change, as Modified by Amendment index of reference assets; (iii) in order to reflect the GBTC, BTC, BITB, and IBIT options as set No. 3, To Amend Rules Regarding Position and performance as provided in (c)(1)(ii) above, is forth in Rules 6.8–O and 6.9–O. Exercise Limits for Options on the Grayscale issued by a Trust that holds (A) one or more Bitcoin Trust (‘‘GBTC’’) and To Permit Flexible commodities or commodity-based assets as defined A conforming change will be made to Exchange Options on GBTC). Exercise limits for in (c)(3) below, and (B) in addition to such the first sentence of Rule 5.35–O(b), options on an underlying security are the same as commodities or commodity-based assets, may hold the position limits for options on that underlying which currently references ‘‘paragraphs securities, cash, and cash equivalents; (iv) is issued security. See Exchange Rule 6.9–O, Commentary by such Trust in a specified aggregate minimum (i)–(iv) below.’’ .01. number in return for a deposit of (A) a specified Similar to all other options, FLEX See Securities Exchange Act Release No. quantity of the underlying commodities, 12103568 (July 29, 2025), 90 FR 36238 (Aug. 1, 2025) commodity-based assets, securities, cash, and/or Equity Options on the iShares Bitcoin (SR–NYSEArca–2025–10) (Order Approving a cash equivalents, or (B) a cash amount with a value Trust ETF, the Grayscale Bitcoin Trust, Proposed Rule Change, as Modified by Amendment based on the next determined net asset value per the Grayscale Bitcoin Mini Trust BTC, No. 2, to Amend Rules Regarding Position and Trust share; and (v) when aggregated in the same Exercise Limits for Options on the Grayscale specified minimum number, may be redeemed at a and the Bitwise Bitcoin ETF would no Bitcoin Mini Trust (‘‘BTC’’) and the Bitwise Bitcoin holder’s request by such Trust which will deliver longer be aggregated with positions on ETF (‘‘BITB’’) and to Permit Flexible Exchange to the redeeming holder (A) the specified quantity the same non-FLEX underlying ETF for Options on BTC and BITB). of the underlying commodities, commodity-based the purpose of calculating the position See Securities Exchange Act Release No. assets, securities, cash, and/or cash equivalents, or 13103622 (Aug. 1, 2025), 90 FR 37900 (Aug. 6, 2025) (B) a cash amount with a value based on the next limits set forth in Rules 6.8–O, and the (SR–NYSEArca–2025–55) (Notice of Filing and determined net asset value per Trust share. exercise limits set forth in Rules 6.9–O. Immediate Effectiveness of Proposed Rule Change For purposes of this rule the term ‘‘crypto 17 The Exchange notes that similar to all To Amend Rules 5.32–O and 5.35–O To Permit asset’’ means an asset that is generated, issued and/ Flexible Exchange Options in the iShares Bitcoin or transferred using a blockchain or similar other options, the Grayscale Bitcoin Trust ETF). distributive ledger technology network, including Trust, the Grayscale Bitcoin Mini Trust See 15 U.S.C. 78s(b)(2)(D); Securities Exchange but not limited to, assets known as ‘‘tokens,’’ 14 BTC, and the Bitwise Bitcoin ETF Act Release No. 104210 (November 21, 2025), 90 FR ‘‘digital assets,’’ ‘‘virtual currencies,’’ and ‘‘coins’’ would not be subject to positions limits 52727 (November 21, 2025) (SR–NYSEArca–2025– and that relies on cryptographic protocols. See Rule 16). 5.3–O(g)(3).

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investors and public interest, it has for FLEX Equity Options that are 6(b)(5)requirement that the rules of an exchange not be designed to permit physically settled. become effective pursuant to Section unfair discrimination between 19(b)(3)(A)(iii) of the Act and 23FLEX Options customers, issuers, brokers, or dealers. subparagraph (f)(6) of Rule 19b–4 The Exchange believes that proposal Currently, pursuant to Rule 5.32– thereunder. 24to permit the Crypto Assets, which O(f)(1), the Exchange may approve and A proposed rule change filed under qualify for listing pursuant to Rule 5.3– open for trading any FLEX Equity Rule 19b–4(f)(6) normally does not 25O(g)(x), to be subject to the position Options series on any security that is become operative prior to 30 days after limits set forth in Rule 6.8–O, and eligible for Non-FLEX Options trading the date of the filing. However, pursuant subject to the corresponding exercise under Rule 5.3–O except those set forth to Rule 19b–4(f)(6)(iii), the limits set forth in Rule 6.9–O similar to 26in Commentary .01 to Rule 5.3–O other Commission may designate a shorter all other options is consistent with the than GBTC, BTC, BITB, and IBIT, and time if such action is consistent with Act as this treatment promotes just and that has Non-FLEX Options on such protection of investors and the public equitable principles of trade. Further, security listed and traded on at least one interest. The Exchange has asked the the Exchange’s proposal to permit the national securities exchange, even if the Commission to waive the 30-day Crypto Assets, which qualify for listing Exchange does not list and trade such operative delay so that the proposed pursuant to Rule 5.3–O(g)(x), to trade as Non-FLEX Options.For the avoidance 19rule change may become operative FLEX Options similar to all other of doubt, to permit all the Crypto Assets immediately upon filing. The options is consistent with the Act to trade as FLEX options, the Exchange Commission believes that waiving 30- insofar as this treatment promotes just proposes to remove the following text day operative delay is consistent with and equitable principles of trade. from Rule 5.32–O(f)(1): ‘‘(except those the protection of investors and the set forth in Commentary .01 to Rule 5.3– B. Self-Regulatory Organization’s public interest because the proposal O other than GBTC, BTC, BITB, and Statement on Burden on Competition aligns the rule text relating to options on IBIT)’’. With this proposal, the Crypto The Exchange does not believe that the Crypto Assets with the rule text of Assets that qualify to be listed pursuant the proposed rule change will impose other exchanges and does not introduce to Rule 5.3–O(g)(x) would be treated any burden on intra-market competition any novel regulatory issues. similar to all other options for purposes 27because the Crypto Assets that qualify to Accordingly, the Commission of position and exercise limits and be listed on the Exchange would be designates the proposed rule change to FLEX Options trading. treated similar to all other options for be operative upon filing. 282. Statutory Basis purposes of position and exercise limits At any time within 60 days of the and FLEX Option trading. The Exchange The Exchange believes that the filing of the proposed rule change, the does not believe that the proposed rule proposal is consistent with the Commission summarily may change will impose any burden on inter- requirements of Section 6(b) of the temporarily suspend such rule change if market competition as the proposal is Act,in general, and Section 6(b)(5) of it appears to the Commission that such 20not competitive in nature. The Exchange the Act,in particular, in that it is action is necessary or appropriate in the 21expects that all option exchanges will designed to prevent fraudulent and public interest, for the protection of adopt substantively similar proposals, manipulative acts and practices, to investors, or otherwise in furtherance of such that the Exchange’s proposal promote just and equitable principles of the purposes of the Act. If the would benefit competition. For the trade, to foster cooperation and Commission takes such action, the foregoing reasons, the Exchange does coordination with persons engaged in Commission shall institute proceedings not believe that the proposed rule facilitating transactions in securities, to to determine whether the proposed rule change will impose any burden on remove impediments to and perfect the should be approved or disapproved. competition not necessary or mechanism of a free and open market appropriate in furtherance of the IV. Solicitation of Comments and a national market system, and, in purposes of the Act. general to protect investors and the Interested persons are invited to public interest. Additionally, the C. Self-Regulatory Organization’s submit written data, views and Exchange believes the proposed rule Statement on Comments on the arguments concerning the foregoing, change is consistent with the Section Proposed Rule Change Received From including whether the proposed rule Members, Participants, or Others change is consistent with the Act. No written comments were solicited As of February 1, 2026, the iShares Bitcoin Comments may be submitted by any of 18Trust ETF is eligible to have cash as a settlement or received with respect to the proposed the following methods: term. See https://www.nyse.com/publicdocs/nyse/ rule change. products/options/NYSECashSettledFLEXETF_Options.pdf. III. Date of Effectiveness of the 15 U.S.C. 78s(b)(3)(A)(iii). Commentary .01 to Rule 5.3–O provides that 23Proposed Rule Change and Timing for 1917 CFR 240.19b–4(f)(6). In addition, Rule 19b– ‘‘the Exchange may list and trade options on shares 24Commission Action 4(f)(6) requires a self-regulatory organization to give of the Grayscale Bitcoin Trust (BTC) (symbol: the Commission written notice of its intent to file GBTC), the Grayscale Bitcoin Mini Trust (BTC) Because the foregoing proposed rule the proposed rule change at least five business days (symbol: BTC), and the Bitwise Bitcoin ETF change does not: (i) significantly affect prior to the date of filing of the proposed rule (symbol: BITB), iShares Bitcoin Trust (symbol: change, or such shorter time as designated by the the protection of investors or the public IBIT), the Fidelity Wise Origin Bitcoin Fund Commission. The Exchange has satisfied this (symbol: FBTC), and the ARK21Shares Bitcoin ETF interest; (ii) impose any significant requirement. (symbol: ARKB), the Grayscale Ethereum Trust ETF burden on competition; and (iii) become 17 CFR 240.19b–4(f)(6). (symbol: ETHE), the Grayscale Ethereum Mini Trust 25operative for 30 days from the date on ETF (symbol: ETH), the Bitwise Ethereum ETF 17 CFR 240.19b–4(f)(6)(iii). 26which it was filed, or such shorter time (symbol: ETHW), the iShares Ethereum Trust ETF See supra notes 4–6. 27(symbol: ETHA), and the Fidelity Ethereum Fund as the Commission may designate, if For purposes only of waiving the 30-day 28(symbol: FETH), pursuant to Rules 5.3–O and 5.4– operative delay, the Commission also has consistent with the protection of O.’’ considered the proposed rule’s impact on 15 U.S.C. 78f(b). efficiency, competition, and capital formation. See 2015 U.S.C. 78f(b)(5). 15 U.S.C. 78c(f). Id. 2122

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(‘‘OMB’’) this request for extension of $53,400 per year. These reflect internal Electronic Comments labor costs; there are no external labor, the proposed collection of information • Use the Commission’s internet capital, or start-up costs. provided for in Rule 15c2–5 (17 CFR comment form (https://www.sec.gov/ Although Rule 15c2–5 does not 240.15c2–5), under the Securities rules/sro.shtml); or specify a retention period or record- Exchange Act of 1934 (15 U.S.C. 78 et. • Send an email to rule-comments@ keeping requirement under the rule, seq.) (‘‘Exchange Act’’). sec.gov. Please include file number SR– broker-dealers are required to preserve NYSEARCA–2026–27 on the subject Rule 15c2–5 prohibits a broker-dealer the records for a period no less than six line. from arranging or extending certain years pursuant to Rule 17a–4(c). The loans to persons in connection with the Paper Comments information required under Rule 15c2– offer or sale of securities unless, before 5 is necessary for broker-dealers to • Send paper comments in triplicate any element of the transaction is entered engage in the lending activities to Secretary, Securities and Exchange into, the broker-dealer: (1) delivers to prescribed in the Rule. Rule 15c2–5 Commission, 100 F Street NE, the person a written statement does not assure confidentiality for the Washington, DC 20549–1090. containing the exact nature and extent information retained under the rule. All submissions should refer to file 6of the person’s obligations under the An agency may not conduct or number SR–NYSEARCA–2026–27. This loan arrangement; the risks and sponsor, and a person is not required to file number should be included on the disadvantages of the loan arrangement; respond to, a collection of information subject line if email is used. To help the and all commissions, discounts, and unless it displays a currently valid OMB Commission process and review your other remuneration received and to be Control Number. comments more efficiently, please use received in connection with the The public may view and comment only one method. The Commission will transaction by the broker-dealer or on this information collection request post all comments on the Commission’s certain related persons (unless the at: https://www.reginfo.gov/public/do/ internet website (https://www.sec.gov/ PRAViewICR?refnbr=202601-3235-005 person receives certain materials from rules/sro.shtml). Copies of the filing will or email comment to the lender or broker-dealer which be available for inspection and copying MBX.OMB.OIRA.SECdesk_officer@contain the required information); and at the principal office of the Exchange. omb.eop.gov within 30 days of the day (2) obtains from the person information Do not include personal identifiable after publication of this notice, by April on the person’s financial situation and information in submissions; you should 23, 2026. needs, reasonably determines that the submit only information that you wish transaction is suitable for the person, Dated: March 18, 2026. to make available publicly. We may and retains on file and makes available Vanessa A. Countryman, redact in part or withhold entirely from to the person on request a written publication submitted material that is Secretary. statement setting forth the broker- obscene or subject to copyright [FR Doc. 2026–05552 Filed 3–20–26; 8:45 am] dealer’s basis for determining that the protection. All submissions should refer transaction was suitable. The collection BILLING CODE 8011–01–P to file number SR–NYSEARCA–2026–27 of information required by Rule 15c2–5 and should be submitted on or before is necessary to execute the SECURITIES AND EXCHANGE April 13, 2026. Commission’s mandate under the COMMISSION For the Commission, by the Division of Exchange Act to prevent fraudulent, Trading and Markets, pursuant to delegated [Release No. 34–105045; File No. SR– manipulative, and deceptive acts and authority. CBOE–2025–069] practices by broker-dealers. 29Vanessa A. Countryman, Self-Regulatory Organizations; Cboe The Commission estimates that there Secretary. Exchange, Inc.; Notice of Filing of are approximately 50 respondents that [FR Doc. 2026–05557 Filed 3–20–26; 8:45 am] Amendment Nos. 1 and 2 and Order require an aggregate total of 600 hours Granting Accelerated Approval of a to comply with Rule 15c2–5. Each of BILLING CODE 8011–01–P 1 Proposed Rule Change, as Modified these approximately 50 registered and Superseded by Amendment No. 2, broker-dealers makes an estimated six SECURITIES AND EXCHANGE To Amend Rule 5.4 To Change the annual responses, for an aggregate total COMMISSION Minimum Increment for Options on the of 300 responses per year. Each 2 Cboe Magnificent 10 Index [OMB Control No. 3235–0198] response takes approximately two hours to complete. Thus, the total hour burden Agency Information Collection March 18, 2026. per year is approximately 600 hours. Activities; Submission for OMB 3 I. Introduction The approximate internal compliance Review; Comment Request; Extension: cost per hour is $89.00 for clerical On September 24, 2025, Cboe Rule 15c2–5 labor, resulting in a total internal Exchange, Inc. (‘‘Exchange’’ or ‘‘Cboe’’) 4Upon Written Request, Copies Available compliance cost of approximately From: Securities and Exchange 600 hours per year × $89.00 per hour = $53,400 5Commission, Office of FOIA Services, per year. 50 respondents × 6 responses per year × 2 hours 1100 F Street NE, Washington, DC The records required by Rule 15c2–5 would be per response = 600 hours per year. 6 available only for examination purposes of the 20549–2736 50 respondents × 6 responses per year = 300 2 Commission staff, state securities authorities, and responses per year. Notice is hereby given that pursuant the self-regulatory organizations. Subject to the 300 responses per year × 2 hours per response to the Paperwork Reduction Act of 1995 provisions of the Freedom of Information Act, 5 3= 600 hours per year. U.S.C. 552, and the Commission’s rules thereunder (44 U.S.C. 3501 et seq.), the Securities Cost per hour for a Compliance Clerk is from (17 CFR 200.80(b)(4)(iii)), the Commission does not 4and Exchange Commission (‘‘SEC’’ or SIFMA’s Management & Professional Earnings in generally publish or make available information ‘‘Commission’’) is submitting to the the Securities Industry 2013, modified by contained in any reports, summaries, analyses, Commission staff to account for an 1800-hour work- Office of Management and Budget letters, or memoranda arising out of, in anticipation year and to account for bonuses, firm size, of, or in connection with an examination or employee benefits, and overhead, and adjusted for inspection of the books and records of any person 17 CFR 200.30–3(a)(12), (59). inflation. or any other investigation. 29

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Named provisions

Terms of FLEX Options Position Limits Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change

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Last updated

Classification

Agency
NYSE
Published
March 20th, 2026
Instrument
Rule
Legal weight
Binding
Stage
Final
Change scope
Substantive
Document ID
91 FR 13904 / Release No. 34-105040
Docket
SR-NYSEARCA-2026-27

Who this affects

Applies to
Investors Financial advisers
Industry sector
5231 Securities & Investments
Activity scope
Options Trading Derivatives Trading
Threshold
25,000 contract position and exercise limit (now amended)
Geographic scope
United States US

Taxonomy

Primary area
Securities
Operational domain
Compliance
Compliance frameworks
Securities
Topics
Cryptocurrency Derivatives

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