MSCI Options Rule Filing for Reduced Value Indices
Summary
NYSE American filed SR-NYSEAMER-2026-28 to amend listing standards for reduced value indices related to MSCI options. The proposed rule change involves modifications to license agreements with MSCI and updates to NYSE American Rules governing index options, including Sections 903, 904, and related provisions. The filing references Exchange Act Section 19(b) and includes Exhibit 1 summarizing the rule change.
What changed
The proposed rule change modifies NYSE American's licensing arrangements with MSCI for reduced value indices options trading. Specifically, the filing addresses amendments to Exchange Act registration provisions and listing standards under Rules 903, 904, and related sections. The change impacts how reduced value index options may be listed and traded, with particular attention to MSCI ACWI and emerging markets indices.
Broker-dealers and securities firms should review the updated licensing requirements and listing standards before the comment period closes. All responses to the rule filing must include specific certifications to the SEC Division of Trading and Markets, and responses to NYSE American Rule filings must include the relay number, relay date, and clearing house number in a footnote format. The comment period closes April 2026.
What to do next
- Review updated MSCI license requirements for reduced value index options
- Submit required certifications to SEC Division of Trading and Markets by comment deadline
- Include relay number, relay date, and clearing house number in responses to NYSE American Rule filings
Source document (simplified)
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Text of Proposed Rule Change
(a) Pursuant to the provisions of Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”) and Rule 19b-4 thereunder, NYSE American LLC (“NYSE 1 2American” or the “Exchange”) proposes rule amendments to facilitate the transfer and trading of options that overlie a reduced value of the MSCI World Index (1/100), the full value of the MSCI ACWI Index, and a reduced value of the MSCI USA Index (1/100). (b) A notice of the proposed rule change for publication in the Federal Register is attached hereto as Exhibit 1 and the text of the proposed rule change is attached as Exhibit 5. (c) The Exchange does not believe that the proposed rule change will have any direct effect, or any significant indirect effect, on any other Exchange rule in effect at the time of this filing. (d) Not applicable.Procedures of the Self-Regulatory Organization
Senior management has approved the proposed rule change pursuant to authority delegated to it by the Board of the Exchange. No further action is required under the Exchange’s governing documents. Therefore, the Exchange’s internal procedures with respect to the proposed rule change are complete. The person on the Exchange staff prepared to respond to questions and comments on the proposed rule change is: Michael Bautz David De Gregorio Associate General Counsel Associate General Counsel NYSE Group, Inc. NYSE Group, Inc. (212) 656-2077 (212) 656-4166Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis
for, the Proposed Rule Change (a) Purpose The Exchange proposes amendments to Rule 900C. “Applicability and Definitions,” Rule 901C. “Designation of Stock Index Options,” Rule 903C. “Series of Stock Index Options,” Rule 904C. “Position Limits,” Rule 906G.
15 U.S.C. 78s(b)(1).1 17 CFR 240.19b-4.2
“Position Limits,” and Rule 901NY. “Hours of Business” to facilitate the transfer and trading of options that overlie a reduced value of the MSCI World Index (1/100) (“WORLD (1/100) options”), the full value of the MSCI ACWI Index (“ACWI options”) and a reduced value of the MSCI USA Index (1/100) (“USA (1/100) options”). Each of these indexes is a free float-adjusted market capitalization index designed to measure equity market performance throughout the world (MSCI World (1/100) and ACWI Indexes) or the United States (MSCI Index (1/100)). The options overlying these indexes would be P.M.-, cash-settled contracts with European-style exercise. Index Design, Methodology and Dissemination The MSCI World (1/100), MSCI ACWI, and MSCI USA (1/100) Indexes are calculated by MSCI Inc. (“MSCI”), which is a provider of investment support tools. Each of these indexes is calculated in U.S. dollars on a real-time basis from3the open of the first market on which the components are traded to the closing of the last market on which the components are traded. The methodology used to calculate each index is similar to the methodology used to calculate the value of other benchmark market-capitalization weighted indexes (including the MSCI EAFE and EM Indexes, on which the Exchange may currently list options). 4 Specifically, each index is based on the MSCI Global Investable Market Indexes (“GIMI”) Methodology. The level of each index reflects the free float-adjusted 5market value of the component stocks relative to a particular base date and is computed by dividing the total market value of the companies in the index by the index divisor. MSCI monitors and maintains each of the MSCI World (1/100), ACWI, and USA (1/100) indexes. Adjustments to each index are made on a daily basis with respect to corporate events and dividends. MSCI reviews each index quarterly (February, May, August and November) with the objective of reflecting the evolution of the underlying equity markets and segments on a timely basis, while seeking to achieve index continuity, continuous investability of constituents and replicability of the indexes, and index stability and low index turnover. Each quarterly review 6
See proposed Rule 900C(b)(3) (adding MSCI Inc. as the reporting authority for the MSCI World3Index (1/100), the MSCI ACWI Index and the MSCI USA Index (1/100)). See current Rule 901C, Commentary .05. See also Securities Exchange Act Release No. 1049574(March 10, 2026) 91 FR 12473 (March 13, 2026) (SR-NYSEAMER-2026-15) (Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Facilitate the Transfer and Trading of Options that Overlie the MSCI EAFE Index and the MSCI Emerging Markets Index).
5 Summary and comprehensive information about the GIMI methodology may be reviewed at
https://www.msci.com/index/methodology/latest/GIMI.
6 See id. at Section 3.
of the MSCI World (1/100), ACWI, and USA (1/100) Indexes involves, among other things, updating the constituent securities. 7 For each of the MSCI World (1/100) ACWI, and USA (1/100) Indexes, real-time data is distributed approximately every 15 seconds while the indexes are being calculated using MSCI’s real-time calculation engine to Bloomberg L.P. (“Bloomberg”), FactSet Research Systems, Inc. (“FactSet”) and Thomson Reuters (“Reuters”). End of day data is distributed daily to clients through MSCI as well as through major quotation vendors, including Bloomberg, FactSet, and Reuters. MSCI World Index (1/100) The MSCI World Index (1/100) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets. The MSCI World Index (1/100) consists of component stocks from 23 developed markets. The MSCI World Index (1/100) consists of large- and mid- 8cap components across these markets, has 1,319 constituents, and covers approximately 85% of the free float-adjusted market capitalization in each country. The MSCI World Index (1/100) was launched on March 31, 1986. 9 The Exchange notes that the iShares MSCI World ETF exchange-traded fund (“ETF”) is an actively traded product. Options overlying that ETF (“URTH options”) are actively traded as well. MSCI World Index (1/100) futures contracts (“MWS futures”) are listed for trading on the ICE Futures U.S. and other 10derivatives contracts on the MSCI World Index (1/100) are listed for trading in Europe. The Exchange proposes to base trading in options on the MSCI World Index (1/100) on a fraction of the full size of the index. In particular, the Exchange proposes to list WORLD (1/100) options that are based on 1/100th of the value of the MSCI World Index (1/100). The Exchange believes that listing options on the reduced value of the index will attract a greater source of customer business than if options were based on the full value of the MSCI World Index (1/100). The Exchange further believes that listing options on a reduced value of the index may enhance investors’ opportunities to hedge, or speculate on, the market risk associated with the stocks comprising the MSCI World Index (1/100).
Id.7
See MSCI World Index (1/100) fact sheet (dated February 27, 2026), available at MSCI World9Index See MWS futures contract specifications, available at MSCI World NTR Index Future.10
Additionally, by reducing the value of the MSCI World Index (1/100), investors will be able to use this trading vehicle while extending a smaller outlay of capital. The Exchange believes this may attract additional investors and, in turn, create a MSCI ACWI Index The MSCI ACWI Index is a free float-adjusted market capitalization index that is designed to measure the equity performance of developed markets and emerging markets. The MSCI ACWI Index consists of component stocks from 23 developed markets and 24 emerging markets. The MSCI ACWI Index 11 12consists of large- and mid-cap components across these markets, has 2,514 constituents, and covers approximately 85% of the global investable equity opportunity set. The MSCI ACWI Index was launched on May 31, 1990. 13 The Exchange notes that the iShares MSCI ACWI ETF is an actively traded product. CBOE lists options overlying that ETF (“ACWI options”) and those options are actively traded as well. MSCI ACWI Index futures contracts (“MMW futures”) are listed for trading on the ICE Futures U.S. and other derivatives 14contracts on the MSCI ACWI Index are listed for trading in Europe. MSCI USA Index (1/100) The MSCI USA Index (1/100) is a free float-adjusted market capitalization index that is designed to measure the performance of the large- and mid-cap segments of the U.S. market. The MSCI USA Index (1/100) consists of large- and mid-cap components from the United States, has 544 constituents, and covers approximately 85% of the free float-adjusted market capitalization in the United States. The MSCI USA Index (1/100) was launched on March 31, 1986. 15 The Exchange notes that the Invesco MSCI USA ETF is an actively traded product. MSCI USA Index (1/100) futures contracts (“USS futures”) are listed for
These emerging markets include Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece,12Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey, and the United Arab Emirates.
13 See MSCI ACWI Index fact sheet (dated February 27, 2026), available at MSCI ACWI Index
See MMW futures contract specifications, available at MSCI ACWI NTR Index Future.14 See MSCI USA Index (1/100) fact sheet (dated February 27, 2026), available at MSCI USA15Index.
trading on the ICE Futures U.S. and other derivatives contracts on the MSCI USA Index (1/100) are listed for trading in Europe. The Exchange proposes to base trading in options on the MSCI USA Index (1/100) on a fraction of the full size of the index. In particular, the Exchange propose to list the USA (1/100) options that are based on 1/100th of the value of the MSCI USA Index (1/100). The Exchange believes that listing options on the reduced value of the index will attract a greater source of customer business than if options were based on the full value of the MSCI USA Index (1/100). The Exchange further believes that listing options on a reduced value of the index may enhance investors’ opportunities to hedge, or speculate on, the market risk associated with the stocks comprising the MSCI USA Index (1/100). Additionally, by reducing the value of the MSCI USA Index (1/100), investors will be able to use this trading vehicle while extending a smaller outlay of capital. The Exchange believes this may attract additional investors, and, in turn, create a Initial and Continued Listing Criteria The Exchange proposes to apply to each of the MSCI World Index (1/100), MSCI ACWI Index, and MSCI USA Index (1/100) the same initial listing criteria that currently apply to the MSCI EAFE Index and the MSCI EM Index. The MSCI 17World Index (1/100), the MSCI ACWI Index, and the MSCI USA Index (1/100) each satisfy the initial listing criteria currently set forth for EAFE and EM options, as set forth in Rule 901C, Commentary .05. Specifically, with respect to each of the MSCI World (1/100), ACWI, and USA (1/100) Indexes: (1) The index is broad-based, as defined in Rule 900C(b)(1);
(5) All of the component securities of the index have a market capitalization of greater than $100 million; (6) No single component security accounts for more than fifteen percent (15%) of the weight of the index, and the five highest weighted component securities in the
See USS futures contract specifications, available at MSCI USA GTR Index Futures.16 See proposed Rule 901C, Commentary .05.17
index do not, in the aggregate, account for more than fifty percent (50%) of the weight of the index; comprehensive surveillance agreements do not, in the aggregate, represent more than: (i) twenty-five percent (25%) of the weight of the EAFE Index (for EAFE options) (each of the MSCI World (1/100), ACWI, and USA (1/100) Indexes satisfies this criterium), and (ii) twenty-seven and a half percent (27.5%) of the weight of the EM Index (for EM Options); (8) During the time options on the index are traded on the Exchange, the current index value is widely disseminated at least once every fifteen (15) seconds by one or more major market data vendors; 18 (9) The Exchange reasonably believes it has adequate system capacity to support the trading of options on the index, based on a calculation of the Exchange’s current Independent System Capacity Advisor (ISCA) allocation and the number of new messages per second expected to be generated by options on such index; and
The Exchange also proposes to subject each of the MSCI World (1/100), MSCI ACWI, and MSCI USA (1/100) indexes to the maintenance listing standards set forth in Commentary .05(b) to Rule 901C which currently applies to the MSCI EAFE Index and on the MSCI EM Index: (1) The conditions set forth in Commentary .05(a) (1), (2), (3), (4), (8), (9) and (10) must continue to be satisfied. The conditions set forth in Commentary .05(a)(5) and (6) must be satisfied only as of the first day of January and July in each year. The condition set forth in Commentary .05(a)(7) must be satisfied as of the first day of the month following the
This listing criteria permits the Exchange to continue to trade EAFE options after trading in all18component securities has closed for the day and the index level is no longer widely disseminated at least once every fifteen (15) seconds by one or more major market data vendors, provided that EAFE futures contracts are trading and prices for those contracts may be used as a proxy for the current index value. This is inapplicable to WORLD (1/100), ACWI and USA (1/100) options, as the index level for each Index will be widely disseminated through the end of trading for options on it.
Reporting Authority’s review of the weighting of the constituents in the applicable index but in no case less than a quarterly basis. (2) The total number of component securities in the index may not increase or decrease by more than thirty-five percent (35%) from the number of component securities in the index at the time of its initial listing, except 20for the MSCI EM Index, in which the total number of component securities in the MSCI EM Index may not increase or decrease by more than ten percent (10%) over the last six-month period. Because the MSCI World Index (1/100), MSCI ACWI Index, and MSCI USA Index (1/100) each has a large number of component securities and is based on the same methodology as the MSCI EAFE and EM Indexes, as discussed above, the Exchange believes it is appropriate for the initial and maintenance listing criteria (which require continual and periodic compliance) set forth under Rule 901C, Commentary .05(a)(b) to also apply to WORLD (1/100), ACWI and USA General Trading The Exchange proposes that WORLD (1/100), ACWI and USA (1/100) options will trade during the same trading hours as other index options, including EAFE options and EM options, which are 9:30 a.m. to 4:00 p.m. (New York time). 21Additionally, the last trading day for expiring WORLD (1/100), ACWI and USA (1/100) options series will be the business day prior to the expiration date of the specific series. 22 Trading of WORLD (1/100), ACWI and USA (1/100) options will be subject to the trading halt procedures applicable to options traded on the Exchange and 23will continue to be quoted and traded in U.S. dollars. Accordingly, all 24
The term “Reporting Authority” in respect of a particular index means the institution or reporting19service designated by the Exchange as the official source for calculating and reporting the current levels of such stock index. See Rule 900C(b)(3).
20 This maintenance criteria applies a 10% threshold rather than a 35% threshold to the EM Index.
As is the case with other index options authorized for trading on the Exchange, in the event the MSCI World (1/100), ACWI or USA(1/100) Index fails to satisfy the continued listing standards set forth herein, the Exchange will not open for trading any additional series of options of that class unless the continued listing of that class of index options has been approved by the Commission under Section 19(b)(2) of the Act. See Rule 901C, Commentary .05(b). See proposed Rule 901NY, Commentary .03.21 See proposed Rule 901NY, Commentary .04.22 See Rule 953NY. Trading Halts and Suspensions.23 See Rule 951C. Premium Bids and Offers.24
Exchange and The Options Clearing Corporation (“OCC”) members will continue to be able to accommodate trading, clearance and settlement of WORLD (1/100), ACWI and USA (1/100) options without alteration. The contract multiplier for WORLD (1/100), ACWI and USA (1/100) options would be $100. The options would be quoted in index points, and one point would equal $100. The minimum tick size for series trading below $3 would be 0.05 ($5.00) and at or above $3, will be 0.10 ($10.00). WORLD (1/100), ACWI and USA (1/100) options will be subject to the same procedures for adding and deleting strikes for index options as other index options, including EAFE option series and EM options series. Additional series may be opened for trading as the underlying index level moves up or down. The 25minimum strike price interval for WORLD (1/100), ACWI and USA (1/100) options series would be 2.5 points if the strike price is less than 200. When the strike price is 200 or above, strike price intervals would be no less than 5 points. 26This is consistent with the current strike intervals of many other index options, including EAFE and EM options. Pursuant to Rule 903G, the Exchange may approve and open for trading any flexible (“FLEX”) options series that is eligible for non-FLEX options trading under Rule 901C with respect to indexes. Therefore, as proposed, the Exchange may authorize for trading FLEX Options on the MSCI World Index (1/100), MSCI ACWI Index, and MSCI USA Index (1/100), which the Exchange may authorize for trading pursuant to proposed Rule 901C. Expiration Months, Settlement, and Exercise Style Consistent with the expirations for other index options, including EAFE options and EM options, the Exchange will allow up to twelve near-term expiration months for the WORLD (1/100), ACWI and USA (1/100) options. 27Additionally, the Exchange Rule 903C(a)(iii) “Long-term Options Series” permits the listing, with respect to any class of stock index options, series of options having up to 180 months to expiration. In addition, as with both the EAFE and EM index options, WORLD (1/100), ACWI and USA (1/100) options would be eligible for all other expirations permitted for other broad-based indexes, e.g., Short Term Option Series and Quarterly Option Series. Given that the MSCI 28
See Rule 903C. The rule sets forth the criteria for listing additional series of the same class to25maintain an orderly market, to meet customer demand or when the current value of the underlying index moves. The strike price of must be within 30% of the current index value. Series exceeding the 30% range may be listed based on demonstrated customer interest. See proposed Rule 903C, Commentary .09.26 See proposed amendment to Rule 903C, Commentary .05.27 See e.g., Rules 903, Commentary .10 (Short Term Option Series) and 903C(a)(iv) (Quarterly28
World (1/100), ACWI, and USA (1/100) Indexes are broad-based indexes and based on the same methodology as the MSCI EAFE and EM Indexes, as noted above, the Exchange believes it is appropriate for options on these three indexes to be eligible for the same expirations for which the options on other broad-based indexes, including MSCI EAFE and EM Indexes, are eligible under current rules. WORLD (1/100), ACWI and USA (1/100) options will be P.M.-, cash-settled contracts with European-style exercise. The Exchange believes that P.M.- 29settlement is appropriate for WORLD (1/100) and ACWI options due to the nature of the underlying index that encompasses multiple markets around the world. The components of the index open with the start of trading in certain parts of Asia at approximately 6:00 p.m. (Eastern time) (prior day) and close with the end of trading in North America at approximately 4:00 p.m. (Eastern time) (next day) as closing prices from North American countries are accounted for in the closing calculation. The Exchange further believes that P.M.-settlement is appropriate for WORLD (1/100) and ACWI options, as well as USA (1/100) options, because the Exchange understands that investors prefer to be able to trade out of positions during the entire final day of trading before settlement. The Exchange notes the Commission has approved proposals to make other pilots permitting P.M.- settlement of index options permanent after finding those pilots were consistent with the Act and the options subject to those pilots had no significant impact on the market. 30 The Exchange proposes to amend Rule 900C(b)(21) to add WORLD (1/100), ACWI and USA (1/100) options to the list of other European-style (and P.M.- settled) index options. European-style (and P.M.-settled) exercise is consistent with many index options and, as set forth in Rule 900C(b)(21), EAFE and EM options are also P.M.-settled with European-style exercise. Given that the MSCI World (1/100), ACWI, and USA (1/100) Indexes are broad-based indexes and based on the same methodology as the MSCI EAFE and EM Indexes, as noted above, the Exchange believes it is appropriate for options on these three indexes have the same settlement and exercise style as the other MSCI Index options.
Option Series). See proposed Rule 900C(b)(21).29 See Securities Exchange Act Release Nos. 98454 (September 20, 2023) (SR-CBOE-2023-005)30(order approving proposed rule change to make permanent the operation of a program that allows CBOE to list p.m.-settled third Friday-of-the-month SPX options series); 98455 (September 20,
- (SR-CBOE-2023-019) (order approving proposed rule change to make permanent the operation of a program that allows CBOE to list p.m.-settled third Friday-of-the-month XSP and MRUT options series); and 98456 (September 20, 2023) (SR-CBOE-2023-020) (order approving proposed rule change to make the nonstandard expirations pilot program permanent.
Like other index options, the exercise settlement amount of WORLD (1/100), ACWI and USA (1/100) options will be equal to the difference between the exercise settlement value (with respect to WORLD (1/100) and USA (1/100) options, 1/100th of the official closing value of the MSCI World Index (1/100) and MSCI USA Index (1/100), respectively, and, with respect to ACWI options, the official closing value of the MSCI ACWI Index, each as reported by the reporting authority on the day on which the index option contract is exercised) and the exercise price of the option (multiplied by the contract multiplier of $100). 31 The proposed WORLD (1/100), ACWI and USA (1/100) options would expire, as currently, on the third Friday of the expiring month in the case of regular monthly options and long term options, each Friday in the case of Short Term options, and the last trading day of the month in the case of Monthly Options and/or Quarterly Options. As noted above, the last trading day for expiring series would continue to be the business day prior to the expiration date of the specific series. As is currently the case, when the last trading day/expiration date is moved because of an Exchange holiday or closure, the last trading day/expiration date for expiring options would be the immediately preceding business day. Exercise would result in delivery of cash on the business day following expiration. ACWI options would be P.M.-settled. The exercise settlement value would be the official closing values of the MSCI World Index (1/100), the MSCI ACWI Index and the MSCI USA Index (1/100) as reported by MSCI on the last trading day of the expiring contract. 32 Position and Exercise Limits The Exchange proposes to amend Rule 904C(b) to apply a position limit of 50,000 contracts (with no restrictions) to WORLD (1/100), ACWI and USA This is the same position limit that currently exists for other 33
See Rule 900C(17). If the exercise settlement value is not available or the normal settlement31procedure cannot be utilized due to a trading disruption or other unusual circumstance, the settlement value would be determined in accordance with the rules and bylaws of the OCC. See OCC Bylaws, Article XVII, Section 4. See proposed amendment to Rule 900C(b)(3), to identify MSCI, Inc. as the Reporting Authority32for the MSCI World Index (1/100), MSCI ACWI Index and MSCI USA (1/100) Index Additionally, the Exchange proposes to amend Rule 906G(a)(vi) that, like FLEX Options on the33MSCI EAFE Index and MSCI EM Index, the position limits for FLEX options on the MSCI World Index (1/100), the ACWI Index and the USA Index (1/100) are equal to the position limits for the non-FLEX options on this index (which is 50,000, as proposed). Pursuant to Rule 907G, the exercise limit for FLEX index options (which would include FLEX options on the MSCI World Index (1/100), the ACWI Index and the USA Index (1/100)) will be equivalent to the FLEX position limits prescribed in Rule 906G. As set forth in proposed Rule 906G(b)(vii), in calculating the applicable contract reporting amount for that rule, reduced-value contracts (such as the
broad-based index options, including EAFE and EM options. Pursuant to Rule 905C, the exercise limit for these options will be equivalent to the proposed position limit of 50,000 contracts. As set forth in Rule 905C, Commentary .04(c), positions in WORLD (1/100) options and USA (1/100) options (which are proposed to be reduced-value index options) will be aggregated with positions in full-value indexes. All position limit hedge exemptions would apply. 35 Surveillance and Capacity The Exchange represents that the same surveillance procedures applicable to all other options currently listed and traded on the Exchange will apply to WORLD (1/100), ACW and USA (1/100) options and that it has the necessary systems capacity to support the option series. The Exchange’s existing surveillance and reporting safeguards are designed to deter and detect possible manipulative behavior and other improper trading. In addition, the Exchange has a Regulatory Services Agreement (“RSA”) with the Financial Industry Regulatory Authority (“FINRA”). Pursuant to a multi-party 17d-2 joint plan, all options exchanges allocate regulatory responsibilities to FINRA to conduct certain options-related market surveillances. The Exchange is also a member of the Intermarket 36Surveillance Group (“ISG”) under the ISG Agreement. ISG members work together to coordinate surveillance and investigative information sharing in the stock, options, and futures markets. Further, the Exchange will implement any new surveillance procedures it deems necessary to effectively monitor the trading of WORLD (1/100), ACWI and USA (1/100) options. Given the enormous liquidity in the underlying components of the MSCI World Index (1/100), the MSCI ACWI Index and the MSCI USA Index (1/100) and large number of market participants trading those components, the Exchange
proposed WORLD (1/100) and USA (1/100) options) will be aggregated with full-value contracts and counted by the amount by which they equal a full-value contract. See Rule 904C(b).34 For example, if an index is reduced by one-tenth, 10 reduced-value contracts equal one contract. If35an index is reduced by 1/100, 100 reduced-value contracts will equal one contract. The Exchange notes it currently does not plan to list options on the full value of the MSCI World Index (1/100) or MSCI USA Index (1/100). Section 19(g)(1) of the Act, among other things, requires every SRO registered as a national36securities exchange or national securities association to comply with the Act, the rules and regulations thereunder, and the SRO's own rules, and, absent reasonable justification or excuse, enforce compliance by its members and persons associated with its members. See 15 U.S.C. 78q(d)(1) and 17 CFR 240.17d-2. Section 17(d)(1) of the Act allows the Commission to relieve an SRO of certain responsibilities with respect to members of the SRO who are also members of another SRO. Specifically, Section 17(d)(1) allows the Commission to relieve an SRO of its responsibilities to: (i) receive regulatory reports from such members; (ii) examine such members for compliance with the Act and the rules and regulations thereunder, and the rules of the SRO; or (iii) carry out other specified regulatory responsibilities with respect to such members.
believes that any attempt to manipulate the price of the underlying security or options overlying such security in order to affect the price of the indices would be cost prohibitive and unlikely to succeed. Moreover, the Exchange believes that its existing surveillances and procedures adequately address potential concerns regarding possible manipulation of the settlement value at or near the close of the market. Finally, given that WORLD (1/100), ACWI and USA (1/100) options have traded on CBOE for many years without system capacity issues and that the options would trade the same way on the Exchange, the Exchange does not believe that the listing and trading of these options would present any system capacity or message traffic issues for the Exchange or The Options Price Reporting Authority (OPRA). The Exchange will monitor the trading volume associated with the additional options series listed as a result of this proposed rule change and the effect (if any) of these additional series on the capacity of the Exchange’s automated systems. (b) Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Securities Exchange Act of 1934 (the “Act”), in general, and furthers the 37objectives of Section 6(b)(5) of the Act, in particular, in that it is designed to 38prevent 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; and is not designed to permit unfair discrimination between customers, issuers, brokers or dealers. Specifically, the Exchange believes that the listing and trading of WORLD (1/100), ACWI and USA (1/100) options would increase order flow to the Exchange, increase the variety of options products available for trading, and provide a valuable tool for investors to manage risk. The proposed change will facilitate the transfer and trading of WORLD (1/100), ACWI and USA (1/100) options based on the approved rules of CBOE to prevent fraudulent and manipulative acts and practices and promote just and equitable principles of trade. The Exchange believes that the proposal to adopt rules based on CBOE to list and trade WORLD (1/100), ACWI and USA (1/100) options would remove impediments to and perfect the mechanism of a free and open market as these
37 15 U.S.C. 78f(b).
15 U.S.C. 78f(b)(5).38
options would continue to provide greater opportunities for market participants to manage risk through the use of an index options product to the benefit of investors and the public interest. The Exchange believes the proposed rule change is designed to remove impediments to and to perfect the mechanism for a free and open market and a national market system, and, in general, to protect investors and the public interest in that it would continue to create greater trading and hedging opportunities and flexibility while providing members and member organizations with an additional tool to manage their risk. The proposed rule change should also continue to result in enhanced efficiency in initiating and closing out positions and heightened contra-party creditworthiness given OCC’s role as issuer and guarantor of the proposed index option products. The Exchange believes that the MSCI World Index (1/100), the MSCI ACWI Index and the MSCI USA Index (1/100) are not easily susceptible to manipulation. The indexes are broad-based indexes and have high market capitalizations. As noted, the MSCI World Index (1/100) is currently comprised of 1,319 component stocks and no single component comprises more than 5.05% of the index, making it not easily subject to market manipulation. Similarly, the MSCI ACWI Index and MSCI USA Index (1/100) are currently comprised of 2,14 and 544 components stocks, respectively, and the vast majority of components each comprise less than 5% of the index, making it not easily subject to market manipulation. Additionally, the iShares MSCI World ETF, iShares MSCI ACW ETF and the iShares MSCI USA ETF, which track the MSCI World, MSCI ACWI, and the MSCI USA indices, are actively traded products, as are options on those ETFs. Because both indexes have large numbers of component securities, are representative of many countries and trade a large volume with respect to ETFs and options on those ETFs, the Exchange believes that the proposed initial and continued listing requirements based on CBOE’s rules are also appropriate to continue to trade options on these indexes on the Exchange. Exchange rules applicable to the trading of other index options currently traded on the Exchange would also apply to the trading of WORLD (1/100), ACWI and USA (1/100) options. Additionally, the trading of WORLD (1/100), ACWI and USA (1/100) options would be subject to, among others, Exchange rules governing sales practice rules, trading rules and trading halt procedures. Finally, the Exchange represents that it has an adequate surveillance program in place to detect manipulative trading in WORLD (1/100), ACWI and USA (1/100) options. The Exchange also represents that it has the necessary systems capacity to support the three new options series. Additionally, as stated in the filing, the Exchange has rules in place to protect public customer trading.
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, not necessary or appropriate in furtherance of the purposes of the Act. Intermarket Competition. The Exchange believes that the proposed rule change would facilitate the transfer to the Exchange and trading WORLD (1/100), ACWI and USA (1/100) options. In addition, WORLD (1/100), ACWI and USA (1/100) options will be available to all market participants and will trade in the same manner as other index options in accordance with the Exchange’s Rules. Intramarket Competition. The Exchange also believes that the proposed change would not place any undue burden on intramarket competition that is not necessary or appropriate in furtherance of the purposes of the Act. WORLD (1/100), ACWI and USA (1/100) options would continue to be equally available to all market participants who wish to trade such options. The Exchange rules applicable to the listing and trading of options will apply in the same manner to the listing and trading of WORLD (1/100), ACWI and USA (1/100) options. Also, as noted above, the Exchange already lists and trades index options, including EAFE options and EM options.Self-Regulatory Organization’s Statement on Comments on the Proposed Rule
Change Received from Members, Participants or Others The Exchange has neither solicited nor received written comments on the proposed rule change.Extension of Time Period for Commission Action
The Exchange does not consent at this time to an extension of the time period for Commission action.Basis for Summary Effectiveness Pursuant to Section 19(b)(3) or for Accelerated
Effectiveness Pursuant to Section 19(b)(2) The Exchange believes that the proposal qualifies for immediate effectiveness upon filing as a “non-controversial” rule change in accordance with Section 19(b)(3)(A) of the Act and Rule 19b-4(f)(6) thereunder. 39 40 Because the MSCI World Index (1/100), MSCI ACWI Index, and MSCI USA Index (1/100) each has a large number of component securities and is based on the same methodology as the MSCI EAFE and EM Indexes, as discussed above, the Exchange believes it is appropriate for the initial and maintenance listing
15 U.S.C. 78s(b)(3)(A).39
criteria (which require continual and periodic compliance) set forth under Rule 901C, Commentary .05(a)(b) to also apply to WORLD (1/100), ACWI and USA The Exchange asserts that the proposed rule change (i) will not significantly affect the protection of investors or the public interest, (ii) will not impose any significant burden on competition, and (iii) by its terms, will not become operative for 30 days after the date of this filing, or such shorter time as the Commission may designate, if consistent with the protection of investors and the public interest. In addition, the Exchange provided the Commission with written notice of its intent to file the proposed rule change, along with a brief description and text of the proposed rule change, at least five business days prior to the date of filing, or such shorter time as the Commission may designate. The Exchange believes that the proposed rule change would not adversely affect investors or the public interest because it raises no novel issues and would not impose any significant burden on competition. As noted above, the proposal would enable the Exchange to list and trade WORLD (1/100), ACWI and USA (1/100) options (without any changes to the characteristics of such options or the manner in which they trade), which currently trade on CBOE, without delay once the options transition from CBOE, thus allowing market participants to continue trading these options in the same manner. Moreover, the proposal is based on the approved rules of CBOE that facilitate the listing and trading of these options. 41Thus, the Exchange does not believe that the proposed change raises any new or novel issues that have not already been considered by the Commission. Further, as discussed above, the proposed rule change will not impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The Exchange accordingly believes that the proposed rule change would not adversely affect investors or the public interest. The Exchange respectfully requests that the Commission waive the 30-day operative delay, so that the proposed rule change may become effective and operative upon filing with the Commission pursuant to Section 19(b)(3)(A) of the Act and Rule 19b-4(f)(6) thereunder. Waiver of the 30-day operative delay42 43would allow the Exchange to list and trade WORLD (1/100), ACWI and USA (1/100) options, which currently trade on CBOE, without delay once they cease to
In addition, the Exchange notes that this proposal is substantially similar its recent filing proposing41rule amendments to facilitate the transfer and trading of the EASE Options and EM Options based on CBOE rules. See Securities Exchange Act Release 105087 (March 26, 2026) SR- NYSEAMER-2026-23 (Self-Regulatory Organizations; NYSE American LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Amend the NYSE American Options Fee Schedule to Adopt Fees for Trading in Options Overlying the MSCI EAFE Index and the MSCI Emerging Markets Index). 15 U.S.C. 78s(b)(3)(A).42
trade on CBOE and facilitate continuity in the trading of these index options products. The Exchange believes that waiver of the operative delay would be consistent with the protection of investors and the public interest because the proposed change is based on the approved rules of CBOE with any substantive differences in order to facilitate the listing and trading of products that have long been traded on CBOE, and therefore raises no new or novel issues that have not been previously considered by the Commission. For the foregoing reasons, this rule filing qualifies for immediate effectiveness as a “noncontroversial” rule change under paragraph (f)(6) of Rule 19b-4. At any 44time 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.
Proposed Rule Change Based on Rules of Another Self-Regulatory Organization
or of the Commission The proposed rule change is substantially similar to an approved CBOE filing to list and trade WORLD (1/100), ACWI and USA (1/100) options. 45Security-Based Swap Submissions Filed Pursuant to Section 3C of the Act
Not Applicable.Advance Notices Filed Pursuant to Section 806(e) of the Payment, Clearing and
Settlement Supervision Act Not applicable.Exhibits
Exhibit 1 – Form of Notice of Proposed Rule Change for Federal Register Exhibit 5 – Text of Proposed Rule Change
See Securities Exchange Act Release 99655 (March 1, 2024), 89 FR 16598 (March 7, 2024) (SR-45CBOE-2024-006) (Order Granting Approval of a Proposed Rule Change as Modified by Amendment No. 1, to List and Trade Options that Overlie a Reduced Value of the MSCI World Index (1/100), the Full Value of the MSCI ACWI Index, and a Reduced Value of the MACI USA Index (1/100)).
EXHIBIT 1 SECURITIES AND EXCHANGE COMMISSION (Release No. 34- ; File No. SR-NYSEAMER-2026-28) [Date] Self-Regulatory Organizations; NYSE American LLC; Notice of Filing and Immediate Effectiveness of Proposed Change of Rule Amendments to Facilitate the Transfer and Trading of Options Pursuant to Section 19(b)(1)of the Securities Exchange Act of 1934 (“Act”)and Rule12 19b-4 thereunder,notice is hereby given that, on March 30, 2026, NYSE American LLC3 (“NYSE American” or the “Exchange”) 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 self-regulatory organization. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons.
Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed
Rule Change The Exchange proposes rule amendments to facilitate the transfer and trading of options that overlie a reduced value of the MSCI World Index (1/100), the full value of the MSCI ACWI Index, and a reduced value of the MSCI USA Index (1/100). The proposed rule change is available on the Exchange’s website at www.nyse.com and at the principal office of the Exchange.Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the
Proposed Rule Change In its filing with the Commission, the self-regulatory organization included statements
15 U.S.C. 78s(b)(1).1 15 U.S.C. 78a.2 17 CFR 240.19b-4.3
concerning the purpose of, and basis for, the proposed rule change and discussed any comments it received on the proposed rule change. The text of those statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant parts of such statements.
Self-Regulatory Organization’s Statement of the Purpose of, and the Statutory
Basis for, the Proposed Rule ChangePurpose
The Exchange proposes amendments to Rule 900C. “Applicability and Definitions,” Rule 901C. “Designation of Stock Index Options,” Rule 903C. “Series of Stock Index Options,” Rule 904C. “Position Limits,” Rule 906G. “Position Limits,” and Rule 901NY. “Hours of Business” to facilitate the transfer and trading of options that overlie a reduced value of the MSCI World Index (1/100) (“WORLD (1/100) options”), the full value of the MSCI ACWI Index (“ACWI options”) and a reduced value of the MSCI USA Index (1/100) (“USA (1/100) options”). Each of these indexes is a free float-adjusted market capitalization index designed to measure equity market performance throughout the world (MSCI World (1/100) and ACWI Indexes) or the United States (MSCI Index (1/100)). The options overlying these indexes would be P.M.-, cash- settled contracts with European-style exercise. Index Design, Methodology and Dissemination The MSCI World (1/100), MSCI ACWI, and MSCI USA (1/100) Indexes are calculated by MSCI Inc. (“MSCI”), which is a provider of investment support tools. Each of these indexes 4 is calculated in U.S. dollars on a real-time basis from the open of the first market on which the components are traded to the closing of the last market on which the components are traded. The
See proposed Rule 900C(b)(3) (adding MSCI Inc. as the reporting authority for the MSCI World Index4(1/100), the MSCI ACWI Index and the MSCI USA Index (1/100)).
methodology used to calculate each index is similar to the methodology used to calculate the value of other benchmark market-capitalization weighted indexes (including the MSCI EAFE and EM Indexes, on which the Exchange may currently list options). 5 Specifically, each index is based on the MSCI Global Investable Market Indexes (“GIMI”) Methodology. The level of each index reflects the free float-adjusted market value of 6 the component stocks relative to a particular base date and is computed by dividing the total market value of the companies in the index by the index divisor. MSCI monitors and maintains each of the MSCI World (1/100), ACWI, and USA (1/100) indexes. Adjustments to each index are made on a daily basis with respect to corporate events and dividends. MSCI reviews each index quarterly (February, May, August and November) with the objective of reflecting the evolution of the underlying equity markets and segments on a timely basis, while seeking to achieve index continuity, continuous investability of constituents and replicability of the indexes, and index stability and low index turnover. Each quarterly 7 review of the MSCI World (1/100), ACWI, and USA (1/100) Indexes involves, among other things, updating the constituent securities. 8 For each of the MSCI World (1/100) ACWI, and USA (1/100) Indexes, real-time data is distributed approximately every 15 seconds while the indexes are being calculated using MSCI’s real-time calculation engine to Bloomberg L.P. (“Bloomberg”), FactSet Research Systems, Inc.
See current Rule 901C, Commentary .05. See also Securities Exchange Act Release No. 104957 (March510, 2026) 91 FR 12473 (March 13, 2026) (SR-NYSEAMER-2026-15) (Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Facilitate the Transfer and Trading of Options that Overlie the MSCI EAFE Index and the MSCI Emerging Markets Index). Summary and comprehensive information about the GIMI methodology may be reviewed at6https://www.msci.com/index/methodology/latest/GIMI. See id. at Section 3.7 Id.8
(“FactSet”) and Thomson Reuters (“Reuters”). End of day data is distributed daily to clients through MSCI as well as through major quotation vendors, including Bloomberg, FactSet, and Reuters. MSCI World Index (1/100) The MSCI World Index (1/100) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets. The MSCI World Index (1/100) consists of component stocks from 23 developed markets. The MSCI World 9 Index (1/100) consists of large- and mid-cap components across these markets, has 1,319 constituents, and covers approximately 85% of the free float-adjusted market capitalization in each country. The MSCI World Index (1/100) was launched on March 31, 1986. 10 The Exchange notes that the iShares MSCI World ETF exchange-traded fund (“ETF”) is an actively traded product. Options overlying that ETF (“URTH options”) are actively traded as well. MSCI World Index (1/100) futures contracts (“MWS futures”) are listed for trading on the ICE Futures U.S. and other derivatives contracts on the MSCI World Index (1/100) are listed 11 for trading in Europe. The Exchange proposes to base trading in options on the MSCI World Index (1/100) on a fraction of the full size of the index. In particular, the Exchange proposes to list WORLD (1/100) options that are based on 1/100th of the value of the MSCI World Index (1/100). The Exchange believes that listing options on the reduced value of the index will attract a greater source of customer business than if options were based on the full value of the MSCI World Index (1/100).
See MSCI World Index (1/100) fact sheet (dated February 27, 2026), available at MSCI World Index.10 See MWS futures contract specifications, available at MSCI World NTR Index Future.11
The Exchange further believes that listing options on a reduced value of the index may enhance investors’ opportunities to hedge, or speculate on, the market risk associated with the stocks comprising the MSCI World Index (1/100). Additionally, by reducing the value of the MSCI World Index (1/100), investors will be able to use this trading vehicle while extending a smaller outlay of capital. The Exchange believes this may attract additional investors and, in turn, create a more active and liquid trading environment. MSCI ACWI Index The MSCI ACWI Index is a free float-adjusted market capitalization index that is designed to measure the equity performance of developed markets and emerging markets. The MSCI ACWI Index consists of component stocks from 23 developed markets and 24 emerging 12 markets. The MSCI ACWI Index consists of large- and mid-cap components across these 13 markets, has 2,514 constituents, and covers approximately 85% of the global investable equity opportunity set. The MSCI ACWI Index was launched on May 31, 1990. 14 The Exchange notes that the iShares MSCI ACWI ETF is an actively traded product. CBOE lists options overlying that ETF (“ACWI options”) and those options are actively traded as well. MSCI ACWI Index futures contracts (“MMW futures”) are listed for trading on the ICE Futures U.S. and other derivatives contracts on the MSCI ACWI Index are listed for trading in 15 Europe.
These emerging markets include Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary,13India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey, and the United Arab Emirates. See MSCI ACWI Index fact sheet (dated February 27, 2026), available at MSCI ACWI Index.14 See MMW futures contract specifications, available at MSCI ACWI NTR Index Future.15
MSCI USA Index (1/100) The MSCI USA Index (1/100) is a free float-adjusted market capitalization index that is designed to measure the performance of the large- and mid-cap segments of the U.S. market. The MSCI USA Index (1/100) consists of large- and mid-cap components from the United States, has 544 constituents, and covers approximately 85% of the free float-adjusted market capitalization in the United States. The MSCI USA Index (1/100) was launched on March 31, 1986. 16 The Exchange notes that the Invesco MSCI USA ETF is an actively traded product. MSCI USA Index (1/100) futures contracts (“USS futures”) are listed for trading on the ICE Futures U.S. and other derivatives contracts on the MSCI USA Index (1/100) are listed for17 trading in Europe. The Exchange proposes to base trading in options on the MSCI USA Index (1/100) on a fraction of the full size of the index. In particular, the Exchange propose to list the USA (1/100) options that are based on 1/100th of the value of the MSCI USA Index (1/100). The Exchange believes that listing options on the reduced value of the index will attract a greater source of customer business than if options were based on the full value of the MSCI USA Index (1/100). The Exchange further believes that listing options on a reduced value of the index may enhance investors’ opportunities to hedge, or speculate on, the market risk associated with the stocks comprising the MSCI USA Index (1/100). Additionally, by reducing the value of the MSCI USA Index (1/100), investors will be able to use this trading vehicle while extending a smaller outlay of capital. The Exchange believes this may attract additional investors, and, in turn, create a
See MSCI USA Index (1/100) fact sheet (dated February 27, 2026), available at MSCI USA Index.16 See USS futures contract specifications, available at MSCI USA GTR Index Futures.17
Initial and Continued Listing Criteria The Exchange proposes to apply to each of the MSCI World Index (1/100), MSCI ACWI Index, and MSCI USA Index (1/100) the same initial listing criteria that currently apply to the MSCI EAFE Index and the MSCI EM Index. The MSCI World Index (1/100), the MSCI 18 ACWI Index, and the MSCI USA Index (1/100) each satisfy the initial listing criteria currently set forth for EAFE and EM options, as set forth in Rule 901C, Commentary .05. Specifically, with respect to each of the MSCI World (1/100), ACWI, and USA (1/100) Indexes: (1) The index is broad-based, as defined in Rule 900C(b)(1);
(5) All of the component securities of the index have a market capitalization of greater than $100 million; (6) No single component security accounts for more than fifteen percent (15%) of the weight of the index, and the five highest weighted component securities in the index do not, in the aggregate, account for more than fifty percent (50%) of the weight of the index;
comprehensive surveillance agreements do not, in the aggregate, represent more than: (i) twenty-five percent (25%) of the weight of the EAFE Index (for EAFE options) (each of the MSCI World (1/100), ACWI, and USA (1/100) Indexes satisfies this
See proposed Rule 901C, Commentary .05.18
criterium), and (ii) twenty-seven and a half percent (27.5%) of the weight of the EM Index (for EM Options); (8) During the time options on the index are traded on the Exchange, the current index value is widely disseminated at least once every fifteen (15) seconds by one or more major market data vendors; 19 (9) The Exchange reasonably believes it has adequate system capacity to support the trading of options on the index, based on a calculation of the Exchange’s current Independent System Capacity Advisor (ISCA) allocation and the number of new messages per second expected to be generated by options on such index; and
The Exchange also proposes to subject each of the MSCI World (1/100), MSCI ACWI, and MSCI USA (1/100) indexes to the maintenance listing standards set forth in Commentary .05(b) to Rule 901C which currently applies to the MSCI EAFE Index and on the MSCI EM Index: (1) The conditions set forth in Commentary .05(a) (1), (2), (3), (4), (8), (9) and (10) must continue to be satisfied. The conditions set forth in Commentary .05(a)(5) and (6) must be satisfied only as of the first day of January and July in each year. The condition set forth in Commentary .05(a)(7) must be satisfied as of
This listing criteria permits the Exchange to continue to trade EAFE options after trading in all component19securities has closed for the day and the index level is no longer widely disseminated at least once every fifteen (15) seconds by one or more major market data vendors, provided that EAFE futures contracts are trading and prices for those contracts may be used as a proxy for the current index value. This is inapplicable to WORLD (1/100), ACWI and USA (1/100) options, as the index level for each Index will be widely disseminated through the end of trading for options on it.
the first day of the month following the Reporting Authority’s review of the weighting of the constituents in the applicable index but in no case less than a quarterly basis. (2) The total number of component securities in the index may not increase or decrease by more than thirty-five percent (35%) from the number of component securities in the index at the time of its initial listing, except for the MSCI EM 21 Index, in which the total number of component securities in the MSCI EM Index may not increase or decrease by more than ten percent (10%) over the last six- month period. Because the MSCI World Index (1/100), MSCI ACWI Index, and MSCI USA Index (1/100) each has a large number of component securities and is based on the same methodology as the MSCI EAFE and EM Indexes, as discussed above, the Exchange believes it is appropriate for the initial and maintenance listing criteria (which require continual and periodic compliance) set forth under Rule 901C, Commentary .05(a)(b) to also apply to WORLD (1/100), ACWI and USA (1/100) options. General Trading The Exchange proposes that WORLD (1/100), ACWI and USA (1/100) options will trade during the same trading hours as other index options, including EAFE options and EM options,
The term “Reporting Authority” in respect of a particular index means the institution or reporting service20designated by the Exchange as the official source for calculating and reporting the current levels of such stock index. See Rule 900C(b)(3). This maintenance criteria applies a 10% threshold rather than a 35% threshold to the EM Index. As is the21case with other index options authorized for trading on the Exchange, in the event the MSCI World (1/100), ACWI or USA(1/100) Index fails to satisfy the continued listing standards set forth herein, the Exchange will not open for trading any additional series of options of that class unless the continued listing of that class of index options has been approved by the Commission under Section 19(b)(2) of the Act. See Rule 901C, Commentary .05(b).
which are 9:30 a.m. to 4:00 p.m. (New York time). Additionally, the last trading day for expiring WORLD (1/100), ACWI and USA (1/100) options series will be the business day prior to the expiration date of the specific series. 23 Trading of WORLD (1/100), ACWI and USA (1/100) options will be subject to the trading halt procedures applicable to options traded on the Exchange and will continue to be 24 quoted and traded in U.S. dollars. Accordingly, all Exchange and The Options Clearing 25 Corporation (“OCC”) members will continue to be able to accommodate trading, clearance and settlement of WORLD (1/100), ACWI and USA (1/100) options without alteration. The contract multiplier for WORLD (1/100), ACWI and USA (1/100) options would be $100. The options would be quoted in index points, and one point would equal $100. The minimum tick size for series trading below $3 would be 0.05 ($5.00) and at or above $3, will be 0.10 ($10.00). WORLD (1/100), ACWI and USA (1/100) options will be subject to the same procedures for adding and deleting strikes for index options as other index options, including EAFE option series and EM options series. Additional series may be opened for trading as the underlying index level moves up or down. The minimum strike price interval for WORLD (1/100), ACWI 26 and USA (1/100) options series would be 2.5 points if the strike price is less than 200. When the
See proposed Rule 901NY, Commentary .03.22 See proposed Rule 901NY, Commentary .04.23 See Rule 953NY. Trading Halts and Suspensions.24 See Rule 951C. Premium Bids and Offers.25 See Rule 903C. The rule sets forth the criteria for listing additional series of the same class to maintain an26orderly market, to meet customer demand or when the current value of the underlying index moves. The strike price of must be within 30% of the current index value. Series exceeding the 30% range may be listed based on demonstrated customer interest.
strike price is 200 or above, strike price intervals would be no less than 5 points. This is consistent with the current strike intervals of many other index options, including EAFE and EM options. Pursuant to Rule 903G, the Exchange may approve and open for trading any flexible (“FLEX”) options series that is eligible for non-FLEX options trading under Rule 901C with respect to indexes. Therefore, as proposed, the Exchange may authorize for trading FLEX Options on the MSCI World Index (1/100), MSCI ACWI Index, and MSCI USA Index (1/100), which the Exchange may authorize for trading pursuant to proposed Rule 901C. Expiration Months, Settlement, and Exercise Style Consistent with the expirations for other index options, including EAFE options and EM options, the Exchange will allow up to twelve near-term expiration months for the WORLD (1/100), ACWI and USA (1/100) options. Additionally, the Exchange Rule 903C(a)(iii) 28 “Long-term Options Series” permits the listing, with respect to any class of stock index options, series of options having up to 180 months to expiration. In addition, as with both the EAFE and EM index options, WORLD (1/100), ACWI and USA (1/100) options would be eligible for all other expirations permitted for other broad-based indexes, e.g., Short Term Option Series and Quarterly Option Series. Given that the MSCI World (1/100), ACWI, and USA (1/100) Indexes 29 are broad-based indexes and based on the same methodology as the MSCI EAFE and EM Indexes, as noted above, the Exchange believes it is appropriate for options on these three indexes to be eligible for the same expirations for which the options on other broad-based
See proposed Rule 903C, Commentary .09.27 See proposed amendment to Rule 903C, Commentary .05.28 See e.g., Rules 903, Commentary .10 (Short Term Option Series) and 903C(a)(iv) (Quarterly Option29Series).
indexes, including MSCI EAFE and EM Indexes, are eligible under current rules. WORLD (1/100), ACWI and USA (1/100) options will be P.M.-, cash-settled contracts with European-style exercise. The Exchange believes that P.M.-settlement is appropriate for 30 WORLD (1/100) and ACWI options due to the nature of the underlying index that encompasses multiple markets around the world. The components of the index open with the start of trading in certain parts of Asia at approximately 6:00 p.m. (Eastern time) (prior day) and close with the end of trading in North America at approximately 4:00 p.m. (Eastern time) (next day) as closing prices from North American countries are accounted for in the closing calculation. The Exchange further believes that P.M.-settlement is appropriate for WORLD (1/100) and ACWI options, as well as USA (1/100) options, because the Exchange understands that investors prefer to be able to trade out of positions during the entire final day of trading before settlement. The Exchange notes the Commission has approved proposals to make other pilots permitting P.M.-settlement of index options permanent after finding those pilots were consistent with the Act and the options subject to those pilots had no significant impact on the market. 31 The Exchange proposes to amend Rule 900C(b)(21) to add WORLD (1/100), ACWI and USA (1/100) options to the list of other European-style (and P.M.-settled) index options. European-style (and P.M.-settled) exercise is consistent with many index options and, as set forth in Rule 900C(b)(21), EAFE and EM options are also P.M.-settled with European-style exercise. Given that the MSCI World (1/100), ACWI, and USA (1/100) Indexes are broad-based indexes
See proposed Rule 900C(b)(21).30 See Securities Exchange Act Release Nos. 98454 (September 20, 2023) (SR-CBOE-2023-005) (order31approving proposed rule change to make permanent the operation of a program that allows CBOE to list p.m.-settled third Friday-of-the-month SPX options series); 98455 (September 20, 2023) (SR-CBOE-2023-
- (order approving proposed rule change to make permanent the operation of a program that allows CBOE to list p.m.-settled third Friday-of-the-month XSP and MRUT options series); and 98456 (September 20, 2023) (SR-CBOE-2023-020) (order approving proposed rule change to make the nonstandard expirations pilot program permanent.
and based on the same methodology as the MSCI EAFE and EM Indexes, as noted above, the Exchange believes it is appropriate for options on these three indexes have the same settlement and exercise style as the other MSCI Index options. Like other index options, the exercise settlement amount of WORLD (1/100), ACWI and USA (1/100) options will be equal to the difference between the exercise settlement value (with respect to WORLD (1/100) and USA (1/100) options, 1/100th of the official closing value of the MSCI World Index (1/100) and MSCI USA Index (1/100), respectively, and, with respect to ACWI options, the official closing value of the MSCI ACWI Index, each as reported by the reporting authority on the day on which the index option contract is exercised) and the exercise price of the option (multiplied by the contract multiplier of $100). 32 The proposed WORLD (1/100), ACWI and USA (1/100) options would expire, as currently, on the third Friday of the expiring month in the case of regular monthly options and long term options, each Friday in the case of Short Term options, and the last trading day of the month in the case of Monthly Options and/or Quarterly Options. As noted above, the last trading day for expiring series would continue to be the business day prior to the expiration date of the specific series. As is currently the case, when the last trading day/expiration date is moved because of an Exchange holiday or closure, the last trading day/expiration date for expiring options would be the immediately preceding business day. Exercise would result in delivery of cash on the business day following expiration. ACWI options would be P.M.-settled. The exercise settlement value would be the official closing values of the MSCI World Index (1/100), the MSCI ACWI Index and the MSCI USA Index
See Rule 900C(17). If the exercise settlement value is not available or the normal settlement procedure32cannot be utilized due to a trading disruption or other unusual circumstance, the settlement value would be determined in accordance with the rules and bylaws of the OCC. See OCC Bylaws, Article XVII, Section 4.
(1/100) as reported by MSCI on the last trading day of the expiring contract. Position and Exercise Limits The Exchange proposes to amend Rule 904C(b) to apply a position limit of 50,000 contracts (with no restrictions) to WORLD (1/100), ACWI and USA (1/100) options. This is 34 the same position limit that currently exists for other broad-based index options, including EAFE and EM options. Pursuant to Rule 905C, the exercise limit for these options will be equivalent 35 to the proposed position limit of 50,000 contracts. As set forth in Rule 905C, Commentary .04(c), positions in WORLD (1/100) options and USA (1/100) options (which are proposed to be reduced-value index options) will be aggregated with positions in full-value indexes. All 36 position limit hedge exemptions would apply. Surveillance and Capacity The Exchange represents that the same surveillance procedures applicable to all other options currently listed and traded on the Exchange will apply to WORLD (1/100), ACW and USA (1/100) options and that it has the necessary systems capacity to support the option series. The Exchange’s existing surveillance and reporting safeguards are designed to deter and detect
See proposed amendment to Rule 900C(b)(3), to identify MSCI, Inc. as the Reporting Authority for the33MSCI World Index (1/100), MSCI ACWI Index and MSCI USA (1/100) Index Additionally, the Exchange proposes to amend Rule 906G(a)(vi) that, like FLEX Options on the MSCI34EAFE Index and MSCI EM Index, the position limits for FLEX options on the MSCI World Index (1/100), the ACWI Index and the USA Index (1/100) are equal to the position limits for the non-FLEX options on this index (which is 50,000, as proposed). Pursuant to Rule 907G, the exercise limit for FLEX index options (which would include FLEX options on the MSCI World Index (1/100), the ACWI Index and the USA Index (1/100)) will be equivalent to the FLEX position limits prescribed in Rule 906G. As set forth in proposed Rule 906G(b)(vii), in calculating the applicable contract reporting amount for that rule, reduced- value contracts (such as the proposed WORLD (1/100) and USA (1/100) options) will be aggregated with full-value contracts and counted by the amount by which they equal a full-value contract. See Rule 904C(b).35 For example, if an index is reduced by one-tenth, 10 reduced-value contracts equal one contract. If an index36is reduced by 1/100, 100 reduced-value contracts will equal one contract. The Exchange notes it currently does not plan to list options on the full value of the MSCI World Index (1/100) or MSCI USA Index (1/100).
possible manipulative behavior and other improper trading. In addition, the Exchange has a Regulatory Services Agreement (“RSA”) with the Financial Industry Regulatory Authority (“FINRA”). Pursuant to a multi-party 17d-2 joint plan, all options exchanges allocate regulatory responsibilities to FINRA to conduct certain options-related market surveillances. The 37 Exchange is also a member of the Intermarket Surveillance Group (“ISG”) under the ISG Agreement. ISG members work together to coordinate surveillance and investigative information sharing in the stock, options, and futures markets. Further, the Exchange will implement any new surveillance procedures it deems necessary to effectively monitor the trading of WORLD (1/100), ACWI and USA (1/100) options. Given the enormous liquidity in the underlying components of the MSCI World Index (1/100), the MSCI ACWI Index and the MSCI USA Index (1/100) and large number of market participants trading those components, the Exchange believes that any attempt to manipulate the price of the underlying security or options overlying such security in order to affect the price of the indices would be cost prohibitive and unlikely to succeed. Moreover, the Exchange believes that its existing surveillances and procedures adequately address potential concerns regarding possible manipulation of the settlement value at or near the close of the market. Finally, given that WORLD (1/100), ACWI and USA (1/100) options have traded on CBOE for many years without system capacity issues and that the options would trade the same way on the Exchange, the Exchange does not believe that the listing and trading of these options
Section 19(g)(1) of the Act, among other things, requires every SRO registered as a national securities37exchange or national securities association to comply with the Act, the rules and regulations thereunder, and the SRO's own rules, and, absent reasonable justification or excuse, enforce compliance by its members and persons associated with its members. See 15 U.S.C. 78q(d)(1) and 17 CFR 240.17d-2. Section 17(d)(1) of the Act allows the Commission to relieve an SRO of certain responsibilities with respect to members of the SRO who are also members of another SRO. Specifically, Section 17(d)(1) allows the Commission to relieve an SRO of its responsibilities to: (i) receive regulatory reports from such members; (ii) examine such members for compliance with the Act and the rules and regulations thereunder, and the rules of the SRO; or (iii) carry out other specified regulatory responsibilities with respect to such members.
would present any system capacity or message traffic issues for the Exchange or The Options Price Reporting Authority (OPRA). The Exchange will monitor the trading volume associated with the additional options series listed as a result of this proposed rule change and the effect (if any) of these additional series on the capacity of the Exchange’s automated systems.
- Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Securities Exchange Act of 1934 (the “Act”), in general, and furthers the objectives of Section 6(b)(5) of 38 the Act,in particular, in that it is designed to prevent fraudulent and manipulative acts and39 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; and is not designed to permit unfair discrimination between customers, issuers, brokers or dealers. Specifically, the Exchange believes that the listing and trading of WORLD (1/100), ACWI and USA (1/100) options would increase order flow to the Exchange, increase the variety of options products available for trading, and provide a valuable tool for investors to manage risk. The proposed change will facilitate the transfer and trading of WORLD (1/100), ACWI and USA (1/100) options based on the approved rules of CBOE to prevent fraudulent and manipulative acts and practices and promote just and equitable principles of trade.
15 U.S.C. 78f(b).38 15 U.S.C. 78f(b)(5).39
The Exchange believes that the proposal to adopt rules based on CBOE to list and trade WORLD (1/100), ACWI and USA (1/100) options would remove impediments to and perfect the mechanism of a free and open market as these options would continue to provide greater opportunities for market participants to manage risk through the use of an index options product to the benefit of investors and the public interest. The Exchange believes the proposed rule change is designed to remove impediments to and to perfect the mechanism for a free and open market and a national market system, and, in general, to protect investors and the public interest in that it would continue to create greater trading and hedging opportunities and flexibility while providing members and member organizations with an additional tool to manage their risk. The proposed rule change should also continue to result in enhanced efficiency in initiating and closing out positions and heightened contra-party creditworthiness given OCC’s role as issuer and guarantor of the proposed index option products. The Exchange believes that the MSCI World Index (1/100), the MSCI ACWI Index and the MSCI USA Index (1/100) are not easily susceptible to manipulation. The indexes are broad- based indexes and have high market capitalizations. As noted, the MSCI World Index (1/100) is currently comprised of 1,319 component stocks and no single component comprises more than 5.05% of the index, making it not easily subject to market manipulation. Similarly, the MSCI ACWI Index and MSCI USA Index (1/100) are currently comprised of 2,14 and 544 components stocks, respectively, and the vast majority of components each comprise less than 5% of the index, making it not easily subject to market manipulation. Additionally, the iShares MSCI World ETF, iShares MSCI ACW ETF and the iShares MSCI USA ETF, which track the MSCI World, MSCI ACWI, and the MSCI USA indices, are
actively traded products, as are options on those ETFs. Because both indexes have large numbers of component securities, are representative of many countries and trade a large volume with respect to ETFs and options on those ETFs, the Exchange believes that the proposed initial and continued listing requirements based on CBOE’s rules are also appropriate to continue to trade options on these indexes on the Exchange. Exchange rules applicable to the trading of other index options currently traded on the Exchange would also apply to the trading of WORLD (1/100), ACWI and USA (1/100) options. Additionally, the trading of WORLD (1/100), ACWI and USA (1/100) options would be subject to, among others, Exchange rules governing sales practice rules, trading rules and trading halt procedures. Finally, the Exchange represents that it has an adequate surveillance program in place to detect manipulative trading in WORLD (1/100), ACWI and USA (1/100) options. The Exchange also represents that it has the necessary systems capacity to support the three new options series. Additionally, as stated in the filing, the Exchange has rules in place to protect public customer trading.
- 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, not necessary or appropriate in furtherance of the purposes of the Act. Intermarket Competition. The Exchange believes that the proposed rule change would facilitate the transfer to the Exchange and trading WORLD (1/100), ACWI and USA (1/100) options. In addition, WORLD (1/100), ACWI and USA (1/100) options will be available to all market participants and will trade in the same manner as other index options in accordance with the Exchange’s Rules.
Intramarket Competition. The Exchange also believes that the proposed change would not place any undue burden on intramarket competition that is not necessary or appropriate in furtherance of the purposes of the Act. WORLD (1/100), ACWI and USA (1/100) options would continue to be equally available to all market participants who wish to trade such options. The Exchange rules applicable to the listing and trading of options will apply in the same manner to the listing and trading of WORLD (1/100), ACWI and USA (1/100) options. Also, as noted above, the Exchange already lists and trades index options, including EAFE options and EM options.
Self-Regulatory Organization’s Statement on Comments on the Proposed Rule
Change Received from Members, Participants, or Others No written comments were solicited or received with respect to the proposed rule change.Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action
The Exchange has filed the proposed rule change pursuant to Section 19(b)(3)(A)(iii) of the Actand Rule 19b-4(f)(6) thereunder. Because the proposed rule change does not: (i)40 41 significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative prior to 30 days from the date on which it was filed, or such shorter time as the Commission may designate, if consistent with the protection of investors and the public interest, the proposed rule change has become effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b-4(f)(6)(iii) thereunder. A proposed rule change filed under Rule 19b-4(f)(6) normally does not become 42 operative prior to 30 days after the date of the filing. However, pursuant to Rule
15 U.S.C. 78s(b)(3)(A)(iii).40
41 42
19b4(f)(6)(iii), 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 immediately upon filing. At any time within 60 days of the filing of such 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 under Section 19(b)(2)(B) of the Act to determine 44 whether the proposed rule change should be approved or disapproved.
- Solicitation of Comments Interested persons are invited to submit written data, views and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic Comments: Use the Commission’s internet comment form (https://www.sec.gov/rules/sro.shtml); or Send an email to rule-comments@sec.gov. Please include file number SR-NYSEAMER-2026-28 on the subject line. Paper Comments: Send paper comments in triplicate to Secretary, Securities and Exchange
17 CFR 240.19b-4(f)(6)(iii).43 15 U.S.C. 78s(b)(2)(B).44
Commission, 100 F Street NE, Washington, DC 20549-1090. All submissions should refer to file number SR-NYSEAMER-2026-28. This file number should be included on the subject line if email is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission’s internet website (https://www.sec.gov/rules/sro.shtml). Copies of the filing will be available for inspection and copying at the principal office of the Exchange. Do not include personal identifiable information in submissions; you should submit only information that you wish to make available publicly. We may redact in part or withhold entirely from publication submitted material that is obscene or subject to copyright protection. All submissions should refer to file number SR-NYSEAMER-2026-28 and should be submitted on or before [INSERT DATE 21 DAYS AFTER DATE OF PUBLICATION IN THE FEDERAL REGISTER]. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.45
Sherry R. Haywood,
Assistant Secretary.
17 CFR 200.30-3(a)(12).45
EXHIBIT 5
New text is underlined; Deleted text is in [brackets]
NYSE American Rules *** Trading of Option Contracts ***** Section 11. Stock Index Options ***** Rule 900C. Applicability and Definitions**
(a) No Change. (b) (1) - (2) No Change. (3) Reporting Authority—The term "reporting authority" in respect of a particular stock index means the institution or reporting service designated by the Exchange as the official source for calculating and reporting the current levels of such stock index. For MSCI EAFE Index, [and] MSCI Emerging Markets Index, MSCI World Index(1/100), MSCI ACWI Index, and MSCI USA Index (1/100) the Exchange has designated MSCI, Inc. as the Reporting Authority. (4) - (20) No Change. (21) European Style Index Option—The term "European style index option" means an option contract on a stock index group that can be exercised only at its expiration pursuant to the rules of The Options Clearing Corporation. The following European-style index options may be approved for trading on the Exchange: (i) MSCI EAFE Index (P.M.-settled) (ii) MSCI Emerging Markets Index (P.M.-settled) (iii) MSCI World Index (1/100) (P.M.-settled) (iv) MSCI ACWI Index (P.M.-settled) (v) MSCI USA Index (1/100) (P.M.-settled) (22) - (28) No Change.
Rule 901C. Designation of Stock Index Options
(a) - (c) No Change.
****Commentary .01 to .04 No Change. .05 Initial Listing Criteria for MSCI EAFE Index (EAFE), [and] MSCI Emerging Markets*
Index (EM), MSCI World Index (1/100) (WORLD), MSCI ACWI Index (ACWI), and MSCI USA Index (1/100) (USA) Index Options (a) The Exchange may trade EAFE options, [and] EM options, WORLD (1/100) options, ACWI options and USA (1/100) options if each of the following conditions is satisfied: (1) The index is broad-based, as defined in Rule 900C(b)(1));
(5) All of the component securities of the index will have a market capitalization of greater than $100 million; (6) No single component security accounts for more than 15% of the weight of the index, and the five highest weighted component securities in the index do not, in the aggregate, account for more than 50% of the weight of the index; comprehensive surveillance agreements do not, in the aggregate, represent more than: (i) 25% of the weight of the EAFE Index (for EAFE options), MSCI World Index (1/100) (for WORLD (1/100) options), MSCI ACWI Index (for ACWI options), and MSCI USA Index (1/100) (for USA (1/100) options), and (ii) 27.5% of the weight of the EM Index (for EM options); (8) During the time options on the index are traded on the Exchange, the current index value is widely disseminated at least once every 15 seconds by one or more major market data vendors. However, the Exchange may continue to trade EAFE options after trading in all component securities has closed for the day and the index level is no longer widely disseminated at least once every 15 seconds by one or more major market data vendors, provided that EAFE futures contracts are trading and prices for those contracts may be used as a proxy for the current index value; (9) The Exchange reasonably believes it has adequate system capacity to support the trading of options on the index, based on a calculation of the Exchange’s current
Independent System Capacity Advisor (ISCA) allocation and the number of new messages per second expected to be generated by options on such index; and
(b) The following continued listing standards shall apply to each class of index options originally listed pursuant to Commentary .01(a). (1) The conditions set forth in Commentary .05(a)(1), (2), (3), (4), (8), (9) and (10) must continue to be satisfied. The conditions set forth in Commentary .05(a)(5) and (6) must be satisfied only as of the first day of January and July in each year. The condition set forth in Commentary .05(a)(7) must be satisfied as of the first day of the month following the Reporting Authority’s review of the weighting of the constituents in the applicable index but in no case less than a quarterly basis; and (2) The total number of component securities in the index may not increase or decrease by more than 35% from the number of component securities in the index at the time of its initial listing, except for the EM Index, in which the total number of component securities in the EM Index may not increase or decrease by more than 10% over the last six-month period. In the event a class of index options listed on the Exchange fails to satisfy the continued listing standards set forth herein, the Exchange shall not open for trading any additional series of options of that class unless the continued listing of that class of index options has been approved by the Commission under Section 19(b)(2) of the Exchange Act. *** Rule 903C. Series of Stock Index Options (a) - (c) No Change. **Commentary .01 - .04 No Change. .05 Notwithstanding the restrictions set forth in subparagraphs (i) and (ii) of this Rule 903C(a), the Exchange may list up to seven expiration months at any one time for any broad- based securities index (See Rule 900C(b)(1)) option contract upon which any exchange calculates a constant three-month volatility index, and up to twelve expiration months at any one time for MSCI EAFE options, [and] MSCI EM options, MSCI World (1/100) options, MSCI ACWI options, and MSCI USA (1/100) options. .06 - .08 No Change.*
.09 Notwithstanding any of the restrictions relating to strike intervals in Rule 903C or Rule 903, the interval between strike prices on the following index options will be no less than $2.50: (i) MSCI EAFE Index, if the strike price is less than $200.00 (ii) MSCI Emerging Markets Index, if the strike price is less than $200.00 (iii) MSCI World Index (1/100), if the strike price is less than $200.00 (iv) MSCI ACWI Index, if the strike price is less than $200.00 (v) MSCI USA Index (1/100), if the strike price is less than $200.00 *** Rule 904C. Position Limits (a) No Change. (b) Broad Stock Index Groups. Except as otherwise indicated below, the position limit for a broad stock index group option contract shall be 25,000 contracts on the same side of the market. Reduced-value options on broad-based security indexes for which full-value options have no position and exercise limits will similarly have no position and exercise limits. All other broad stock index group option contracts shall be subject to a contract limitation fixed by the Exchange, which shall not be larger than the limits provided below.**
Full Size Nasdaq 100 Index Options (NDX) – There is no position limit for option
contracts overlying the Full Size Nasdaq 100 Index (NDX).
Mini Nasdaq 100 Index Options (MNX) – There is no position limit for option
contracts overlying the Mini Nasdaq 100 Index Options (MNX).
Nikkei Stock Index 300—25,000 contracts on the same side of the market with no
more than 15,000 of such contracts in series with the nearest expiration month.
Major Market Index Options—There is no position limit for option contracts
overlying the Major Market Index.
Russell 2000 Index Options—There is no position limit for option contracts overlying
the Russell 2000 Index.
Japan Index Options—25,000 contracts on the same side of the market with no more
than 15,000 of such contracts in series with the nearest expiration month.
MidCap Index Options—45,000 contracts on the same side of the market with no
more than 25,000 of such contracts in series with the nearest expiration month. In addition, no more than 25,000 contracts may be used for purposes of taking advantage of any differential in price between the MidCap Index and the securities underlying such index.
The Amex Hong Kong Option Index Options—25,000 contracts on the same side of
the market with no more than 15,000 of such contracts in series with the nearest expiration month.
Morgan Stanley Cyclical Index Options—25,000 contracts on the same side of the
market with no more than 15,000 of such contracts in series with the nearest expiration.
Morgan Stanley Consumer Index Options—25,000 contracts on the same side of the
market with no more than 15,000 of such contracts in series with the nearest expiration.
Eurotop 100 Index Options—25,000 contracts on the same side of the market with no
more than 15,000 of such contracts in series with the nearest expiration.
Positions in Short Term Option Series, Monthly Options Series, and Quarterly
Options Series shall be aggregated with positions in options contracts on the same index.
Russell 1000 Index Options, Russell 1000 Growth Index Options, Russell 1000 Value
Index Options, Russell 2000 Growth Index Options, Russell 2000 Value Index Options, Russell 3000 Index Options, Russell 3000 Growth Index Options, Russell 3000 Value Index Options, Russell Midcap Index Options, Russell Midcap Growth Index Options, Russell Midcap Value Index Options and Russell Top 50 Index Options -- 50,000 contracts on the same side of the market with no more than 30,000 of such contracts in series with the nearest expiration.
MSCI EAFE Index Options, [and] MSCI Emerging Markets Index Options, MSCI
World Index (1/100) Options, MSCI ACWI Index Options, and MSCI USA Index (1/100) Options-- 50,000 contracts on the same side of the market. *** Commentary .01 - .07 No Change *** Section 15. Flexible Exchange (“FLEX”) Options ***** Rule 906G. Position Limits (a)(i)-(v) No Change (vi) Subject to subparagraph (a)(ii) above, the position limits for FLEX Index options on the MSCI EAFE Index, [and] the MSCI Emerging Markets Index, the MSCI World Index (1/100), MSCI ACWI Index, and MSCI USA Index (1/100) are equal to the position limits**
for Non-FLEX options on the MSCI EAFE Index, [and] the MSCI Emerging Markets Index, the MSCI (1/100) Index, MSCI ACWI Index, and MSCI USA Index (1/100). (vii) Positions in reduced-value index options shall be aggregated with positions in full-value indices for determination of compliance with the position limits in this Rule, and shall be counted in the same ratio as the ratio between the full-value index and the reduced- value index. For example, if an index is reduced by one-tenth, ten (10) reduced-value contracts shall equal one contract. If an index is reduced by one-fifth, five (5) reduced-value contracts shall equal one contract. (b) FLEX Equity Options. Except as provided in paragraphs (i) - (iii) below, there shall be no position limits for FLEX Equity options. However, each member or member organization (other than a Specialist or Floor Market Maker) that maintains a position on the same side of the market in excess of the level established pursuant to Rule 904 for Non-FLEX Equity options of the same class on behalf of its own account or for the account of a customer shall report information on the FLEX Equity option position, positions in any related instrument, the purpose or strategy for the position and the collateral used by the account. This report shall be in the form and manner prescribed by the Exchange. In addition, whenever the Exchange determines that a higher margin requirement is necessary in light of the risks associated with a FLEX Equity option position in excess of three times the level established for Non-FLEX Equity option of the same class, the Exchange may impose such higher margin requirement and/or may assess capital charges upon the member organization carrying the account to the extent of any margin deficiency resulting from the higher margin requirement.
As long as the options positions remain open, positions in FLEX Options that expire on a
third Friday-of-the-month expiration day shall be aggregated with positions in Non- FLEX Options on the same underlying ("comparable Non-FLEX Options") and shall be subject to the position limits set forth in Rule 904, and the exercise limits set forth in Rule 905.Position limits for FLEX Equity Options where the underlying security is an Exchange-
Traded Fund that is settled in cash pursuant to Rule 903G(c)(3)(ii) shall be subject to the position limits set forth in Rule 904, and subject to the exercise limits set forth in RulePositions in such cash-settled FLEX Equity Options shall be aggregated with
positions in physically-settled options on the same underlying ETF for the purpose of calculating the position limits set forth in Rule 904, and the exercise limits set forth in Rule 905.Position limits for FLEX ByRDs shall be the same as Non-FLEX ByRDs, as set forth in
Rule 904ByRDs(a), except that positions in FLEX ByRDs shall be aggregated with positions in Non-FLEX ByRDs on the same or similar underlying (“comparable Non- FLEX ByRDs”) for the purpose of calculating position limits. For purposes of the position limits established under this Rule, long positions in "Finish Low" and short positions in "Finish High" Binary Return Derivatives shall be considered to be on the same side of the market; and short positions in "Finish Low" and long positions in
"Finish High" Binary Return Derivatives shall be considered to be on the same side of the market. *** Section 19. DORS**
Section 900NY. Rules Principally Applicable to Trading of Option Contracts *** Rule 901NY. Hours of Business (a) - (e) No Change.**
Commentary:
.01 - .02 No Change. .03 Transactions in MSCI EAFE Index options, [and] MSCI Emerging Markets Index options, MSCI World Index (1/100) Options, MSCI ACWI Index Options, and MSCI USA (1/100) Index Options may be effected on the Exchange between the hours of 9:30 a.m. and 4:00 p.m. New York Time. .04 The last trading day for the following options will be the business day prior to the expiration date of the specific series: MSCI EAFE Index options MSCI Emerging Markets Index options MSCI World Index (1/100) options MSCI ACWI Index options MSCI USA Index (1/100) options *****
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