Self-Regulatory Organizations; Cboe BYX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the BYX Fee Schedule To Correct an Inadvertent Drafting Error Introduced in a Previous Rule Filing, 8921-8923 [2020-03090]
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Federal Register / Vol. 85, No. 32 / Tuesday, February 18, 2020 / Notices
(iii) the proposed changes will be
implemented by February 28, 2020 on a
date to be announced via a DTC
Important Notice and (iv) upon
implementation, this legend would
automatically be removed from these
Procedures.
2. Statutory Basis
DTC believes that this proposal is
consistent with the requirements of the
Act,32 as described below.
Section 17A(b)(3)(F) of the Act 33
requires, inter alia, that the Rules be
designed to assure the safeguarding of
securities which are in the custody or
control of DTC or for which it is
responsible. As mentioned above, DTC
scans certificates, that are deposited
through the Deposits service or the
Custody service and then held in DTC’s
secure vault, to create images that are
made available to a Participant in an
electronic format. The proposed rule
change would migrate the distribution
of images of certificates of Securities, to
a more flexible application designed to
use a web-based platform that would
facilitate the accessibility of images to
Participants by providing for enhanced
compatibility with modern systems
used by Participants to obtain the
images. In this regard, the proposed rule
change would allow DTC to continue to
provide images of certificates in an
electronic format that is readily
accessible to Participants, without the
need to remove a certificate from the
vault to be able to make and provide a
copy to the Participant. Therefore, DTC
believes that the proposed rule change
is consistent with Section 17A(b)(3)(F)
of the Act,34 because it is designed to
assure the safeguarding of securities
which are in the custody and control of
DTC or for which it is responsible, by
facilitating an accessible means for
Participants to obtain copies of
Securities certificates deposited by them
without removal of the certificates from
DTC’s secure vault.
lotter on DSKBCFDHB2PROD with NOTICES
(B) Clearing Agency’s Statement on
Burden on Competition
DTC does not believe that the
proposed rule change will have any
impact on competition because neither
the decommissioning of IFE nor the
elimination of access to the Imaging
Function through PTS would affect
Participants’ ability to access the
Imaging Function, as Participants will
be able direct their imaging requests
through Image Viewer.
32 15
33 15
U.S.C. 78q–1.
U.S.C. 78q–1(b)(3)(F).
17:48 Feb 14, 2020
III. Date of Effectiveness of the
Proposed Rule Change, and Timing for
Commission Action
The foregoing rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act 35 and paragraph (f) of Rule
19b–4 thereunder.36 At any time within
60 days of the filing of the proposed rule
change, the Commission summarily may
temporarily suspend such rule change if
it appears to the Commission that such
action is necessary or appropriate in the
public interest, for the protection of
investors, or otherwise in furtherance of
the purposes of the Act.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Electronic Comments
• Use the Commission’s internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
DTC–2020–003 on the subject line.
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549.
All submissions should refer to File
Number SR–DTC–2020–003. 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
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for website viewing and
printing in the Commission’s Public
Reference Room, 100 F Street NE,
Washington, DC 20549 on official
business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the
filing also will be available for
inspection and copying at the principal
office of DTC and on DTCC’s website
(https://dtcc.com/legal/sec-rulefilings.aspx). All comments received
will be posted without change. Persons
submitting comments are cautioned that
we do not redact or edit personal
identifying information from comment
submissions. You should submit only
information that you wish to make
available publicly. All submissions
should refer to File Number SR–DTC–
2020–003 and should be submitted on
or before March 10, 2020.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.37
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–03087 Filed 2–14–20; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–88160; File No. SR–
CboeBYX–2020–006]
Self-Regulatory Organizations; Cboe
BYX Exchange, Inc.; Notice of Filing
and Immediate Effectiveness of a
Proposed Rule Change To Amend the
BYX Fee Schedule To Correct an
Inadvertent Drafting Error Introduced
in a Previous Rule Filing
February 11, 2020.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 1 and Rule 19b–4 thereunder,2
notice is hereby given that, on January
31, 2020, Cboe BYX Exchange, Inc. (the
‘‘Exchange’’ or ‘‘BYX’’) filed with the
Securities and Exchange Commission
(the ‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been prepared
by the Exchange. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
37 17
CFR 200.30–3(a)(12).
U.S.C.78s(b)(1).
2 17 CFR 240.19b–4.
35 15
U.S.C. 78s(b)(3)(A).
36 17 CFR 240.19b–4(f).
34 Id.
VerDate Sep<11>2014
(C) Clearing Agency’s Statement on
Comments on the Proposed Rule
Change Received From Members,
Participants, or Others
Written comments relating to this
proposed rule change have not been
solicited or received. DTC will notify
the Commission of any written
comments received by DTC.
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8921
E:\FR\FM\18FEN1.SGM
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8922
Federal Register / Vol. 85, No. 32 / Tuesday, February 18, 2020 / Notices
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
Cboe BYX Exchange (the ‘‘Exchange’’
or ‘‘BYX’’) is filing with the Securities
and Exchange Commission
(‘‘Commission’’) a proposed rule change
to amend the BYX Fee Schedule to
correct an inadvertent drafting error
introduced in a previous rule filing. The
text of the proposed rule change is
provided in Exhibit 5.
The text of the proposed rule change
is also available on the Exchange’s
website (https://markets.cboe.com/us/
equities/regulation/rule_filings/byx/), at
the Exchange’s Office of the Secretary,
and at the Commission’s Public
Reference Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange included statements
concerning the purpose of and basis for
the proposed rule change and discussed
any comments it received on the
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below. The
Exchange has prepared summaries, set
forth in sections A, B, and C below, of
the most significant aspects of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
lotter on DSKBCFDHB2PROD with NOTICES
The purpose of the proposed rule
change is to amend the BYX Fee
Schedule to correct an inadvertent
drafting error introduced in a previous
rule filing that adopted the definition of
‘‘Step-Up Add TCV’’.
On January 2, 2020, the Exchange
filed a proposed rule change to replace
the Non-Displayed Liquidity Incentives
with Step-Up Tiers.3 The purpose of
that filing was to offer Step-Up Tiers
that would provide Members an
opportunity to receive a discounted rate
from the standard fee assessment for
displayed liquidity adding orders that
yield fee codes ‘‘B’’,4 ‘‘V’’,5 or ‘‘Y’’.6
Specifically, to qualify for Tier 1, a
3 See
Securities Exchange Act Release No. 34–
87960 (January 14, 2020) 85 FR 3437 (January 21,
2020) (SR–CboeBYX–2020–0001[sic]).
4 ‘‘B’’ is appended to displayed orders that add
liquidity to BYX(Tape B).
5 ‘‘V’’ is appended to displayed orders that add
liquidity to BYX (Tape A).
6 ‘‘Y’’ is appended to displayed order that add
liquidity to BYX (Tape C).
VerDate Sep<11>2014
17:48 Feb 14, 2020
Jkt 250001
Member must have a ‘‘Step-Up Add
TCV’’ from December 2019 of greater
than or equal to 0.05%. Accordingly, the
Exchange also adopted a definition of
‘‘Step-Up Add TCV’’ to the Fee
Schedule which would mean add ADV
as a percentage of TCV in the relevant
baseline month subtracted from current
add ADV as a percentage of TCV. In its
adoption of the definition of ‘‘Step-Up
Add TCV’’, the Exchange inadvertently
referenced the terms ‘‘add ADV’’ rather
than ‘‘ADAV’’.7 Therefore, the Exchange
now proposes to amend the definition of
Step-Up Add TCV to reference the term
ADAV rather than add ADV. The
Exchange notes that the proposed
definition is substantially consistent
with the definition in the Fee Schedules
of the Exchange’s affiliated exchanges.8
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
the objectives of Section 6 of the Act,9
in general, and furthers the objectives of
Section 6(b)(4),10 in particular, as it is
designed to provide for the equitable
allocation of reasonable dues, fees and
other charges among its Members and
issuers and other persons using its
facilities. Specifically, the Exchange
believes that the proposed rule change
is reasonable, equitable, and not
unfairly discriminatory as it does not
change the fees or rebates assessed by
the Exchange, but rather corrects an
inadvertent error to a definition noted in
the Fee Schedule. The Exchange
believes that amending the terms ‘‘add
ADV’’ to ‘‘ADAV’’ in the definition of
‘‘Step-Up Add TCV’’ would reduce
confusion around the Exchange’s
charges and ensure that these fees are
appropriately referenced on the Fee
Schedule.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on intramarket or
intermarket competition that is not
necessary or appropriate in furtherance
of the purposes of the Act. Rather, the
proposed rule change is designed to
reduce potential confusion to the
definition of ‘‘Step-Up Add TCV’’
referenced in the Fee Schedule by
7 ‘‘ADAV’’ means average daily volume calculated
as the number of shares added per day and ‘‘ADV’’
means average daily volume calculated as the
number of shares added or removed, combined, per
day. ADAV and ADV are calculated on a monthly
basis.
8 See Cboe BZX U.S. Equities Exchange Fee
Schedule, Definitions; Cboe EDGX U.S. Equities
Exchange Fee Schedule, Definitions.
9 15 U.S.C. 78f.
10 15 U.S.C. 78f(b)(4).
PO 00000
Frm 00118
Fmt 4703
Sfmt 4703
amending the terms ‘‘add ADV’’ to
‘‘ADAV’’. The Exchange believes that
this change would increase
transparency to the benefit of members
and investors without having any
impact on competition.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received from
Members, Participants, or Others
The Exchange has not solicited, and
does not intend to solicit, comments on
this proposed rule change. The
Exchange has not received any
unsolicited written comments from
Members or other interested parties.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change is effective
upon filing pursuant to Section
19(b)(3)(A) 11 of the Act and
subparagraph (f)(2) of Rule 19b–4 12
thereunder, because it establishes a due,
fee, or other charge imposed by the
Exchange.
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) 13 of the Act to
determine whether the proposed rule
change should be approved or
disapproved.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Electronic Comments
• Use the Commission’s internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File No. SR–
CboeBYX–2020–006 on the subject line.
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549–1090.
11 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(2).
13 15 U.S.C. 78s(b)(2)(B).
12 17
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18FEN1
Federal Register / Vol. 85, No. 32 / Tuesday, February 18, 2020 / Notices
All submissions should refer to File No.
SR–CboeBYX–2020–006. 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
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for website viewing and
printing in the Commission’s Public
Reference Room, 100 F Street NE,
Washington, DC 20549, on official
business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the
filing also will be available for
inspection and copying at the principal
office of the Exchange. All comments
received will be posted without change.
Persons submitting comments are
cautioned that we do not redact or edit
personal identifying information from
comment submissions. You should
submit only information that you wish
to make available publicly. All
submissions should refer to File No.
SR–CboeBYX–2020–006, and should be
submitted on or before March 10, 2020.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.14
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–03090 Filed 2–14–20; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–88172; File No. SR–
NYSECHX–2020–02]
lotter on DSKBCFDHB2PROD with NOTICES
Self-Regulatory Organizations; NYSE
Chicago, Inc.; Notice of Filing of
Proposed Rule Change To Establish a
Schedule of Wireless Connectivity
Fees and Charges With Wireless
Connections
February 11, 2020.
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
(‘‘Act’’),2 and Rule 19b–4 thereunder,3
notice is hereby given that on January
30, 2020, the NYSE Chicago, Inc.
(‘‘NYSE Chicago’’ or ‘‘Exchange’’) filed
with the Securities and Exchange
Commission (‘‘SEC’’ or ‘‘Commission’’)
the proposed rule change as described
in Items I, II, and III below, which Items
have been prepared by the Exchange.
The Commission is publishing this
notice to solicit comments on the
proposed rule change from interested
persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to establish a
schedule of Wireless Connectivity Fees
and Charges (the ‘‘Wireless Fee
Schedule’’) with wireless connections
between the Mahwah, New Jersey data
center and other data centers. The
proposed change is available on the
Exchange’s website at www.nyse.com, at
the principal office of the Exchange, and
at the Commission’s Public Reference
Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
self-regulatory organization included
statements concerning the purpose of,
and basis for, the proposed rule change
and discussed any comments it received
on the proposed rule change. The text
of 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.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to establish
the Wireless Fee Schedule with wireless
connections between the Mahwah, New
Jersey data center and three data centers
that are owned and operated by third
parties unaffiliated with the Exchange:
(1) Carteret, New Jersey, (2) Secaucus,
New Jersey, and (3) Markham, Canada
(collectively, the ‘‘Third Party Data
Centers’’). Market participants that
purchase such a wireless connection (a
‘‘Wireless Connection’’) are charged an
initial and monthly fee. In addition, the
Exchange proposes to include a General
Note to the Wireless Fee Schedule.
14 17
2 15
1 15
3 17
VerDate Sep<11>2014
17:48 Feb 14, 2020
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PO 00000
U.S.C. 78a.
CFR 240.19b–4.
Frm 00119
Fmt 4703
Sfmt 4703
8923
The Exchange does not believe that
the present proposed change is a change
to the ‘‘rules of an exchange’’ 4 required
to be filed with the Commission under
the Act. The definition of ‘‘exchange’’
under the Act includes ‘‘the market
facilities maintained by such
exchange.’’ 5 Based on its review of the
relevant facts and circumstances, and as
discussed further below, the Exchange
has concluded that the Wireless
Connections are not facilities of the
Exchange within the meaning of the
Act, and therefore do not need to be
included in its rules.
The Exchange is making the current
proposal solely because the Staff of the
Commission has advised the Exchange
that it believes the Wireless Connections
are facilities of the Exchange and so
must be filed as part of its rules.6 The
Staff has not set forth the basis of its
conclusion beyond verbally noting that
the Wireless Connections are provided
by an affiliate of the Exchange and a
market participant could use a Wireless
Connection to trade on, or receive the
market data of, the Exchange.7
The Exchange expects the proposed
change to be operative 60 days after the
present filing becomes effective.
The Exchange and the ICE Affiliates
To understand the Exchange’s
conclusion that the Wireless
Connections are not facilities of the
4 See 15 U.S.C. 78c(a)(27) (defining the term
‘‘rules of an exchange’’).
5 15 U.S.C. 78c(a)(1). See 15 U.S.C. 78c(a)(2)
(defining the term ‘‘facility’’ as applied to an
exchange).
6 Telephone conversation between Commission
staff and representatives of the Exchange, December
12, 2019.
7 Id. The Commission has previously stated that
services were facilities of an exchange subject to the
rule filing requirements without fully explaining its
reasoning. In 2010, the Commission stated that
exchanges had to file proposed rule changes with
respect to co-location because ‘‘[t]he Commission
views co-location services as being a material aspect
of the operation of the facilities of an exchange.’’
The Commission did not specify why it reached
that conclusion. See Securities Exchange Act
Release No. 61358 (January 14, 2010), 75 FR 3594
(January 21, 2010) (concept release on equity
market structure), at note 76.
In addition, in 2014, the Commission instituted
proceedings to determine whether to disapprove a
proposed rule change by The NASDAQ Stock
Market LLC (‘‘Nasdaq’’) on the basis that Nasdaq’s
‘‘provision of third-party market data feeds to colocated clients appears to be an integral feature of
its co-location program, and co-location programs
are subject to the rule filing process.’’ Securities
Exchange Act Release No. 72654 (July 22, 2014), 79
FR 43808 (July 28, 2014) (SR–NASDAQ–2014–034).
In its order, the Commission did not explain why
it believed that the provision of third party data was
an integral feature of co-location, or if it believed
that it was a facility of Nasdaq, although the Nasdaq
filing analyzed each prong of the definition of
facility in turn. See Securities Exchange Act Release
No. 71990 (April 22, 2014), 79 FR 23389 (April 28,
2014) (SR–NASDAQ–2014–034).
E:\FR\FM\18FEN1.SGM
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]]>Agencies
[Federal Register Volume 85, Number 32 (Tuesday, February 18, 2020)]
[Notices]
[Pages 8921-8923]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-03090]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-88160; File No. SR-CboeBYX-2020-006]
Self-Regulatory Organizations; Cboe BYX Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
the BYX Fee Schedule To Correct an Inadvertent Drafting Error
Introduced in a Previous Rule Filing
February 11, 2020.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that, on January 31, 2020, Cboe BYX Exchange, Inc. (the ``Exchange'' or
``BYX'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I and II
below, which Items have been prepared by the Exchange. The Commission
is publishing this notice to solicit comments on the proposed rule
change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C.78s(b)(1).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
[[Page 8922]]
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Cboe BYX Exchange (the ``Exchange'' or ``BYX'') is filing with the
Securities and Exchange Commission (``Commission'') a proposed rule
change to amend the BYX Fee Schedule to correct an inadvertent drafting
error introduced in a previous rule filing. The text of the proposed
rule change is provided in Exhibit 5.
The text of the proposed rule change is also available on the
Exchange's website (https://markets.cboe.com/us/equities/regulation/rule_filings/byx/), at the Exchange's Office of the Secretary, and at
the Commission's Public Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The purpose of the proposed rule change is to amend the BYX Fee
Schedule to correct an inadvertent drafting error introduced in a
previous rule filing that adopted the definition of ``Step-Up Add
TCV''.
On January 2, 2020, the Exchange filed a proposed rule change to
replace the Non-Displayed Liquidity Incentives with Step-Up Tiers.\3\
The purpose of that filing was to offer Step-Up Tiers that would
provide Members an opportunity to receive a discounted rate from the
standard fee assessment for displayed liquidity adding orders that
yield fee codes ``B'',\4\ ``V'',\5\ or ``Y''.\6\ Specifically, to
qualify for Tier 1, a Member must have a ``Step-Up Add TCV'' from
December 2019 of greater than or equal to 0.05%. Accordingly, the
Exchange also adopted a definition of ``Step-Up Add TCV'' to the Fee
Schedule which would mean add ADV as a percentage of TCV in the
relevant baseline month subtracted from current add ADV as a percentage
of TCV. In its adoption of the definition of ``Step-Up Add TCV'', the
Exchange inadvertently referenced the terms ``add ADV'' rather than
``ADAV''.\7\ Therefore, the Exchange now proposes to amend the
definition of Step-Up Add TCV to reference the term ADAV rather than
add ADV. The Exchange notes that the proposed definition is
substantially consistent with the definition in the Fee Schedules of
the Exchange's affiliated exchanges.\8\
---------------------------------------------------------------------------
\3\ See Securities Exchange Act Release No. 34-87960 (January
14, 2020) 85 FR 3437 (January 21, 2020) (SR-CboeBYX-2020-0001[sic]).
\4\ ``B'' is appended to displayed orders that add liquidity to
BYX(Tape B).
\5\ ``V'' is appended to displayed orders that add liquidity to
BYX (Tape A).
\6\ ``Y'' is appended to displayed order that add liquidity to
BYX (Tape C).
\7\ ``ADAV'' means average daily volume calculated as the number
of shares added per day and ``ADV'' means average daily volume
calculated as the number of shares added or removed, combined, per
day. ADAV and ADV are calculated on a monthly basis.
\8\ See Cboe BZX U.S. Equities Exchange Fee Schedule,
Definitions; Cboe EDGX U.S. Equities Exchange Fee Schedule,
Definitions.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the objectives of Section 6 of the Act,\9\ in general, and
furthers the objectives of Section 6(b)(4),\10\ in particular, as it is
designed to provide for the equitable allocation of reasonable dues,
fees and other charges among its Members and issuers and other persons
using its facilities. Specifically, the Exchange believes that the
proposed rule change is reasonable, equitable, and not unfairly
discriminatory as it does not change the fees or rebates assessed by
the Exchange, but rather corrects an inadvertent error to a definition
noted in the Fee Schedule. The Exchange believes that amending the
terms ``add ADV'' to ``ADAV'' in the definition of ``Step-Up Add TCV''
would reduce confusion around the Exchange's charges and ensure that
these fees are appropriately referenced on the Fee Schedule.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78f.
\10\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on intramarket or intermarket competition that is not
necessary or appropriate in furtherance of the purposes of the Act.
Rather, the proposed rule change is designed to reduce potential
confusion to the definition of ``Step-Up Add TCV'' referenced in the
Fee Schedule by amending the terms ``add ADV'' to ``ADAV''. The
Exchange believes that this change would increase transparency to the
benefit of members and investors without having any impact on
competition.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received from Members, Participants, or Others
The Exchange has not solicited, and does not intend to solicit,
comments on this proposed rule change. The Exchange has not received
any unsolicited written comments from Members or other interested
parties.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change is effective upon filing pursuant to
Section 19(b)(3)(A) \11\ of the Act and subparagraph (f)(2) of Rule
19b-4 \12\ thereunder, because it establishes a due, fee, or other
charge imposed by the Exchange.
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\11\ 15 U.S.C. 78s(b)(3)(A).
\12\ 17 CFR 240.19b-4(f)(2).
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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) \13\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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\13\ 15 U.S.C. 78s(b)(2)(B).
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IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's internet comment form (https://www.sec.gov/rules/sro.shtml); or
Send an email to [email protected]. Please include
File No. SR-CboeBYX-2020-006 on the subject line.
Paper Comments
Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
[[Page 8923]]
All submissions should refer to File No. SR-CboeBYX-2020-006. 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 submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549, on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File No. SR-CboeBYX-2020-006, and should be submitted
on or before March 10, 2020.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
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\14\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-03090 Filed 2-14-20; 8:45 am]
BILLING CODE 8011-01-P
