Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating To Make Certain Non-Substantive Changes To Clean Up Its Fees Schedule, 14513-14515 [2020-05025]
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Federal Register / Vol. 85, No. 49 / Thursday, March 12, 2020 / Notices
PREVIOUSLY ANNOUNCED TIME AND DATE OF
THE MEETING: Wednesday, March 11,
2020 at 9:00 a.m.
The Open
Meeting scheduled for Wednesday,
March 11, 2020 at 9:00 a.m., has been
cancelled.
CHANGES IN THE MEETING:
CONTACT PERSON FOR MORE INFORMATION:
For further information; please contact
Vanessa A. Countryman from the Office
of the Secretary at (202) 551–5400.
Dated: March 10, 2020.
Vanessa A. Countryman,
Secretary.
[FR Doc. 2020–05163 Filed 3–10–20; 4:15 pm]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–88342; File No. SR–
NASDAQ–2020–003]
Self-Regulatory Organizations; The
Nasdaq Stock Market LLC; Notice of
Designation of Longer Period for
Commission Action on a Proposed
Rule Change To Amend Rule 4121(b)
khammond on DSKJM1Z7X2PROD with NOTICES
March 6, 2020.
On January 14, 2020, The Nasdaq
Stock Market LLC (‘‘Nasdaq’’ or
‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’) pursuant to Section
19(b)(1) of the Securities Exchange Act
of 1934 (‘‘Act’’) 1 and Rule 19b–4
thereunder,2 a proposed rule change to
amend Rule 4121(b) concerning the
resumption of trading following a Level
3 trading halt due to extraordinary
market volatility. The proposed rule
change was published for comment in
the Federal Register on January 23,
2020.3 The Commission received no
comment letters on the proposed rule
change.
Section 19(b)(2) of the Act 4 provides
that, within 45 days of the publication
of the notice of the filing of a proposed
rule change, or within such longer
period up to 90 days as the Commission
may designate if it finds such longer
period to be appropriate and publishes
its reasons for so finding or as to which
the self-regulatory organization
consents, the Commission shall either
approve the proposed rule change,
disapprove the proposed rule change, or
institute proceedings to determine
whether the proposed rule change
should be disapproved. The 45th day
15 U.S.C. 78s(b)(1).
17 CFR 240.19b–4.
3 See Securities Exchange Act Release No. 88004
(January 17, 2020), 85 FR 3992 (‘‘Notice’’).
4 15 U.S.C. 78s(b)(2).
after publication of the notice for this
proposed rule change is March 8, 2020.
The Commission is extending the 45day time period for Commission action
on the proposed rule change. The
Commission finds that it is appropriate
to designate a longer period within
which to take action on the proposed
rule change so that it has sufficient time
to consider the proposed rule change,
including whether the proposed rule
change should be approved in the event
the other national securities exchanges
and FINRA do not intend to harmonize
their market-wide circuit breaker rules
to facilitate appropriately a cross-market
resumption of trading following a Level
3 halt that is no different from a normal
trading day. Accordingly, pursuant to
Section 19(b)(2) of the Act,5 the
Commission designates April 22, 2020
as the date by which the Commission
shall either approve, disapprove, or
institute proceedings to determine
whether to disapprove, the proposed
rule change (File No. SR–NASDAQ–
2020–003).
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.6
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–05026 Filed 3–11–20; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–88341; File No. SR–CBOE–
2020–006]
Self-Regulatory Organizations; Cboe
Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change Relating To Make Certain
Non-Substantive Changes To Clean Up
Its Fees Schedule
March 6, 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 February
26, 2020, Cboe Exchange, Inc. (the
‘‘Exchange’’ or ‘‘Cboe Options’’) filed
with the Securities and Exchange
Commission (the ‘‘Commission’’) the
proposed rule change as described in
Items I, II, and III below, which Items
have been prepared by the Exchange.
The Exchange filed the proposal as a
‘‘non-controversial’’ proposed rule
change pursuant to Section
1
2
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15 U.S.C. 78s(b)(2)(A)(ii)(I).
17 CFR 200.30–3(a)(31).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
5
19(b)(3)(A)(iii) of the Act 3 and Rule
19b–4(f)(6) thereunder.4 The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
Cboe Exchange, Inc. (the ‘‘Exchange’’
or ‘‘Cboe Options’’) proposes to make
certain non-substantive changes to clean
up its Fees Schedule. 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://www.cboe.com/
AboutCBOE/CBOELegalRegulatory
Home.aspx), at the Exchange’s Office of
the Secretary, and at the Commission’s
Public Reference Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange included statements
concerning the purpose of and basis for
the proposed rule change and discussed
any comments it received on the
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below. The
Exchange has prepared summaries, set
forth in sections A, B, and C below, of
the most significant aspects of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchanges proposes to make
certain nonsubstantive change to its
Fees Schedule in connection with RLG,
RLV, RUI and UKXM related fees, in
connection with the Livevol Fees table,
and in connection with rule references
to Cboe Options Rules.
RLG, RLV, RUI and UKXM
Currently, RLG, RLV, RUI and UKXM
sit in line items in the Fees Schedule
along with other products (e.g., VIX,
OEX, XEO, and/or RUT) which have
corresponding fee rates that are different
than that of RLG, RLV, RUI and UKXM.
Footnote 40 is appended to RLG, RLV,
RUI and UKXM within these line items
and states only that it is $0.00 for
transactions in RLG, RLV, RUI and
UKXM. The Exchange believes that
footnote 40 is no longer necessary and
6
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3 15
4 17
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6).
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Federal Register / Vol. 85, No. 49 / Thursday, March 12, 2020 / Notices
the manner in which it is currently
appended to RLG, RLV, RUI and UKXM
within certain line items along with
other products that are instead assessed
a fee is potentially confusing to market
participants. As such, the Exchange
proposes to amend the Fees Schedule to
parse out RLG, RLV, RUI and UKXM as
separate line items with a corresponding
charge of $0.00 and to remove footnote
40. The Exchange believes that RLG,
RLV, RUI and UKXM as a separate line
item apart from other products that are
currently assessed a fee will provide
additional clarity and mitigate any
confusion regarding the specific fee
amounts charged to the corresponding
products. The Exchange notes this will
not amend the fees for any of these
products.
khammond on DSKJM1Z7X2PROD with NOTICES
Livevol Fees Table
The Livevol Fees table shows the fees
charged for receipt of historical OpenClose data per different packages (i.e.,
for one Cboe security, for all Cboe
securities, and for all Cboe securities as
a daily download) for different periods
of time. Currently, the fees are listed for
some data products on a per month
basis, while the fees for other data
products are listed on a per year basis.
For example, the Livevol Fees table
shows that for downloads of a Cboe
security for one to nine years, the
monthly rate is $4.50, while it shows
that for downloads of a Cboe security for
ten or more years, the annual rate is
$270.00. The Exchange believes that it
is potentially confusing to investors to
display the rates for the same download
in different increments of time.
Therefore, the Exchange now proposes
to amend the Livevol Fees table to make
uniform the rates per increment of time
and display all rates as a monthly rate.
The Exchange notes that this will not
change the rates or the timing in which
these fees currently apply and are
charged to market participants. For
example, the proposed change will
amend the download per Cboe security
for ten or more years of historical data
at $270.00 to instead display the price
per month, which would be $2.25 (i.e.,
$2.25 × 12 months × 10 years). The
proposed rule change is designed to
present market participants with more
precise rates and time frames for which
they may currently request historical
Open-Close data (i.e., a market
participant may currently request
historical data for 10.5 years and the
Exchange would accordingly charge
them the applicable rate broken down
for 126 months).
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Rule Reference Updates
In connection with a recent
technology migration,5 Cboe Options
updated and reorganized its entire
Rulebook. In light of the reorganized
Rulebook, the Exchange proposes to
update cross-references to Cboe Options
Rules within the Fees Schedule that
have been relocated in the Cboe Options
Rulebook. This includes updates to the
rule references in the Marketing Fee
table, the Sponsored User Fees table, the
Sales Value Fee table, the Stock Portion
of Stock-Option Strategy Orders table,
the Regulatory Fees table, the
Miscellaneous table, and in footnotes
15, 30, 36, 41 and 46. The Exchange
notes that in the Stock Portion of StockOption Strategy Orders table,
particularly, the proposed change
removes the reference to stock-option
orders executed via the splitting
mechanism which is used for certain
market orders pursuant to (prior)
Interpretation .06(d) of Rule 6.53C.
Pursuant to a migration-related rule
filing,6 Interpretation .06(d) provided
the Exchange with authority to
determine on a class-by-class basis to
permit unexecuted option legs of stockoption market orders to leg following a
COA, and that the Exchange did not
intend to permit this following the
technology migration. As such, the
Exchange no longer permits this and the
proposed change merely updates the
Fees Schedule to accurately reflect this
rule change.
2. Statutory Basis
The Exchange believes the proposed
rule change is consistent with the
Securities Exchange Act of 1934 (the
‘‘Act’’) and the rules and regulations
thereunder applicable to the Exchange
and, in particular, the requirements of
Section 6(b) of the Act.7 Specifically,
the Exchange believes the proposed rule
change is consistent with the Section
6(b)(5) 8 requirements that the rules of
an exchange be designed to prevent
fraudulent and manipulative acts and
practices, to promote just and equitable
5 In 2016, the Exchange’s parent company, Cboe
Global Markets, Inc. (‘‘Cboe Global’’), which is also
the parent company of Cboe C2 Exchange, Inc.
(‘‘C2’’), acquired Cboe EDGA Exchange, Inc.
(‘‘EDGA’’), Cboe EDGX Exchange, Inc. (‘‘EDGX’’ or
‘‘EDGX Options’’), Cboe BZX Exchange, Inc.
(‘‘BZX’’ or ‘‘BZX Options’’), and Cboe BYX
Exchange, Inc. (‘‘BYX’’ and, together with Cboe
Options, C2, EDGX, EDGA, and BZX, the ‘‘Cboe
Affiliated Exchanges’’). On October 7, 2019, Cboe
Options migrated its trading platform to the same
system used by the Cboe Affiliated Exchanges.
6 See Securities Exchange Act Release No. 86772
(August 27, 2019), 84 FR 46069 (September 3, 2019)
(SR–CBOE–2019–042).
7 15 U.S.C. 78f(b).
8 15 U.S.C. 78f(b)(5).
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principles of trade, to foster cooperation
and coordination with persons engaged
in regulating, clearing, settling,
processing information with respect to,
and facilitating transactions in
securities, to remove impediments to
and perfect the mechanism of a free and
open market and a national market
system, and, in general, to protect
investors and the public interest.
Additionally, the Exchange believes the
proposed rule change is consistent with
Section 6(b)(4) of the Act,9 which
requires that Exchange rules provide for
the equitable allocation of reasonable
dues, fees, and other charges among its
Trading Permit Holders and other
persons using its facilities.
The Exchange believes that the
proposed changes to the Fees Schedule
do not change any fees charged for RLG,
RLV, RUI or UKXM, historical OpenClose data, or within any of the tables
in which the proposed rule change
updates a rule reference to Cboe Options
Rules, and thus, those fees will continue
to be reasonable and equitable, and
uniformly applied to all market
participants. The Exchange believes the
proposed rule changes remove
impediments to and perfect the
mechanism of a free and open market
and national market system as they add
clarity, mitigate any potential confusion
in connection with the presentation of
these fees or information in connection
with these fees, and facilitate better
understanding of the Fees Schedule for
all market participants, which
ultimately protects investors.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act. As indicated
above, the proposed changes to the Fees
Schedule do not change any of the
current fees or the manner in which
they currently apply to market
participants. The proposed changes are
not competitive in nature and are
merely intended to clean up the Fees
Schedule in order to provide additional
clarity and facilitate better
understanding of the Fees Schedule for
all market participants.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
The Exchange neither solicited nor
received comments on the proposed
rule change.
9 15
U.S.C. 78f(b)(4).
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Federal Register / Vol. 85, No. 49 / Thursday, March 12, 2020 / Notices
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule
change does not:
A. Significantly affect the protection
of investors or the public interest;
B. impose any significant burden on
competition; and
C. become operative for 30 days from
the date on which it was filed, or such
shorter time as the Commission may
designate, it has become effective
pursuant to Section 19(b)(3)(A) of the
Act 10 and Rule 19b–4(f)(6) 11
thereunder. At any time within 60 days
of the filing of the proposed rule change,
the Commission summarily may
temporarily suspend such rule change if
it appears to the Commission that such
action is necessary or appropriate in the
public interest, for the protection of
investors, or otherwise in furtherance of
the purposes of the Act. If the
Commission takes such action, the
Commission will institute proceedings
to determine whether the proposed rule
change should be approved or
disapproved.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
J. Matthew DeLesDernier,
Assistant Secretary.
Electronic Comments
[FR Doc. 2020–05025 Filed 3–11–20; 8:45 am]
• 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–
CBOE–2020–006 on the subject line.
BILLING CODE 8011–01–P
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549–1090.
All submissions should refer to File
Number SR–CBOE–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
khammond on DSKJM1Z7X2PROD with NOTICES
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. Persons
submitting comments are cautioned that
we do not redact or edit personal
identifying information from comment
submissions. You should submit only
information that you wish to make
available publicly. All submissions
should refer to File Number SR–CBOE–
2020–006 and should be submitted on
or before April 2, 2020.
10 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires a self-regulatory organization to
give the Commission written notice of its intent to
file the proposed rule change, along with a brief
description and text of the proposed rule change,
at least five business days prior to the date of filing
of the proposed rule change, or such shorter time
as designated by the Commission. The Exchange
has satisfied this requirement.
11 17
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16:31 Mar 11, 2020
Jkt 250001
SMALL BUSINESS ADMINISTRATION
[Disaster Declaration #16325 and #16326;
TENNESSEE Disaster Number TN–00118]
Presidential Declaration of a Major
Disaster for the State of Tennessee
U.S. Small Business
Administration.
ACTION: Notice.
AGENCY:
This is a Notice of the
Presidential declaration of a major
disaster for the State of Tennessee
(FEMA–4476–DR), dated 03/05/2020.
Incident: Severe Storms, Tornadoes,
Straight-line Winds, and Flooding.
Incident Period: 03/03/2020.
DATES: Issued on 03/05/2020.
Physical Loan Application Deadline
Date: 05/04/2020.
Economic Injury (EIDL) Loan
Application Deadline Date: 12/07/2020.
SUMMARY:
12 17
PO 00000
CFR 200.30–3(a)(12).
Frm 00064
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14515
Submit completed loan
applications to: U.S. Small Business
Administration, Processing and
Disbursement Center, 14925 Kingsport
Road, Fort Worth, TX 76155.
ADDRESSES:
A.
Escobar, Office of Disaster Assistance,
U.S. Small Business Administration,
409 3rd Street SW, Suite 6050,
Washington, DC 20416, (202) 205–6734.
FOR FURTHER INFORMATION CONTACT:
Notice is
hereby given that as a result of the
President’s major disaster declaration on
03/05/2020, applications for disaster
loans may be filed at the address listed
above or other locally announced
locations.
SUPPLEMENTARY INFORMATION:
The following areas have been
determined to be adversely affected by
the disaster:
Primary Counties (Physical Damage and
Economic Injury Loans): Davidson,
Putnam, Wilson.
Contiguous Counties (Economic Injury
Loans Only):
Tennessee: Cannon, Cheatham,
Cumberland, Dekalb, Fentress,
Jackson, Overton, Robertson,
Rutherford, Smith, Sumner,
Trousdale, White, Williamson.
The Interest Rates are:
Percent
For Physical Damage:
Homeowners with Credit Available Elsewhere ........................
Homeowners
without
Credit
Available Elsewhere ................
Businesses with Credit Available
Elsewhere ................................
Businesses without Credit Available Elsewhere ........................
Non-Profit Organizations with
Credit Available Elsewhere .....
Non-Profit Organizations without
Credit Available Elsewhere .....
For Economic Injury:
Businesses & Small Agricultural
Cooperatives Without Credit
Available Elsewhere ................
Non-Profit Organizations Without
Credit Available Elsewhere .....
3.125
1.563
7.500
3.750
2.750
2.750
3.750
2.750
The number assigned to this disaster
for physical damage is 16325C and for
economic injury is 163260.
(Catalog of Federal Domestic Assistance
Number 59008)
Jerome Edwards,
Acting Associate Administrator for Disaster
Assistance.
[FR Doc. 2020–05017 Filed 3–11–20; 8:45 am]
BILLING CODE 8026–03–P
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]]>Agencies
[Federal Register Volume 85, Number 49 (Thursday, March 12, 2020)]
[Notices]
[Pages 14513-14515]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-05025]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-88341; File No. SR-CBOE-2020-006]
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change Relating
To Make Certain Non-Substantive Changes To Clean Up Its Fees Schedule
March 6, 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 February 26, 2020, Cboe Exchange, Inc. (the ``Exchange'' or
``Cboe Options'') filed with the Securities and Exchange Commission
(the ``Commission'') the proposed rule change as described in Items I,
II, and III below, which Items have been prepared by the Exchange. The
Exchange filed the proposal as a ``non-controversial'' proposed rule
change pursuant to Section 19(b)(3)(A)(iii) of the Act \3\ and Rule
19b-4(f)(6) thereunder.\4\ The Commission is publishing this notice to
solicit comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A)(iii).
\4\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Cboe Exchange, Inc. (the ``Exchange'' or ``Cboe Options'') proposes
to make certain non-substantive changes to clean up its Fees Schedule.
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://www.cboe.com/AboutCBOE/CBOELegalRegulatoryHome.aspx), at the Exchange's Office of the
Secretary, and at the Commission's Public Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchanges proposes to make certain nonsubstantive change to its
Fees Schedule in connection with RLG, RLV, RUI and UKXM related fees,
in connection with the Livevol Fees table, and in connection with rule
references to Cboe Options Rules.
RLG, RLV, RUI and UKXM
Currently, RLG, RLV, RUI and UKXM sit in line items in the Fees
Schedule along with other products (e.g., VIX, OEX, XEO, and/or RUT)
which have corresponding fee rates that are different than that of RLG,
RLV, RUI and UKXM. Footnote 40 is appended to RLG, RLV, RUI and UKXM
within these line items and states only that it is $0.00 for
transactions in RLG, RLV, RUI and UKXM. The Exchange believes that
footnote 40 is no longer necessary and
[[Page 14514]]
the manner in which it is currently appended to RLG, RLV, RUI and UKXM
within certain line items along with other products that are instead
assessed a fee is potentially confusing to market participants. As
such, the Exchange proposes to amend the Fees Schedule to parse out
RLG, RLV, RUI and UKXM as separate line items with a corresponding
charge of $0.00 and to remove footnote 40. The Exchange believes that
RLG, RLV, RUI and UKXM as a separate line item apart from other
products that are currently assessed a fee will provide additional
clarity and mitigate any confusion regarding the specific fee amounts
charged to the corresponding products. The Exchange notes this will not
amend the fees for any of these products.
Livevol Fees Table
The Livevol Fees table shows the fees charged for receipt of
historical Open-Close data per different packages (i.e., for one Cboe
security, for all Cboe securities, and for all Cboe securities as a
daily download) for different periods of time. Currently, the fees are
listed for some data products on a per month basis, while the fees for
other data products are listed on a per year basis. For example, the
Livevol Fees table shows that for downloads of a Cboe security for one
to nine years, the monthly rate is $4.50, while it shows that for
downloads of a Cboe security for ten or more years, the annual rate is
$270.00. The Exchange believes that it is potentially confusing to
investors to display the rates for the same download in different
increments of time. Therefore, the Exchange now proposes to amend the
Livevol Fees table to make uniform the rates per increment of time and
display all rates as a monthly rate. The Exchange notes that this will
not change the rates or the timing in which these fees currently apply
and are charged to market participants. For example, the proposed
change will amend the download per Cboe security for ten or more years
of historical data at $270.00 to instead display the price per month,
which would be $2.25 (i.e., $2.25 x 12 months x 10 years). The proposed
rule change is designed to present market participants with more
precise rates and time frames for which they may currently request
historical Open-Close data (i.e., a market participant may currently
request historical data for 10.5 years and the Exchange would
accordingly charge them the applicable rate broken down for 126
months).
Rule Reference Updates
In connection with a recent technology migration,\5\ Cboe Options
updated and reorganized its entire Rulebook. In light of the
reorganized Rulebook, the Exchange proposes to update cross-references
to Cboe Options Rules within the Fees Schedule that have been relocated
in the Cboe Options Rulebook. This includes updates to the rule
references in the Marketing Fee table, the Sponsored User Fees table,
the Sales Value Fee table, the Stock Portion of Stock-Option Strategy
Orders table, the Regulatory Fees table, the Miscellaneous table, and
in footnotes 15, 30, 36, 41 and 46. The Exchange notes that in the
Stock Portion of Stock-Option Strategy Orders table, particularly, the
proposed change removes the reference to stock-option orders executed
via the splitting mechanism which is used for certain market orders
pursuant to (prior) Interpretation .06(d) of Rule 6.53C. Pursuant to a
migration-related rule filing,\6\ Interpretation .06(d) provided the
Exchange with authority to determine on a class-by-class basis to
permit unexecuted option legs of stock-option market orders to leg
following a COA, and that the Exchange did not intend to permit this
following the technology migration. As such, the Exchange no longer
permits this and the proposed change merely updates the Fees Schedule
to accurately reflect this rule change.
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\5\ In 2016, the Exchange's parent company, Cboe Global Markets,
Inc. (``Cboe Global''), which is also the parent company of Cboe C2
Exchange, Inc. (``C2''), acquired Cboe EDGA Exchange, Inc.
(``EDGA''), Cboe EDGX Exchange, Inc. (``EDGX'' or ``EDGX Options''),
Cboe BZX Exchange, Inc. (``BZX'' or ``BZX Options''), and Cboe BYX
Exchange, Inc. (``BYX'' and, together with Cboe Options, C2, EDGX,
EDGA, and BZX, the ``Cboe Affiliated Exchanges''). On October 7,
2019, Cboe Options migrated its trading platform to the same system
used by the Cboe Affiliated Exchanges.
\6\ See Securities Exchange Act Release No. 86772 (August 27,
2019), 84 FR 46069 (September 3, 2019) (SR-CBOE-2019-042).
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2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Securities Exchange Act of 1934 (the ``Act'') and the rules and
regulations thereunder applicable to the Exchange and, in particular,
the requirements of Section 6(b) of the Act.\7\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \8\ requirements that the rules of an exchange be
designed to prevent fraudulent and manipulative acts and practices, to
promote just and equitable principles of trade, to foster cooperation
and coordination with persons engaged in regulating, clearing,
settling, processing information with respect to, and facilitating
transactions in securities, to remove impediments to and perfect the
mechanism of a free and open market and a national market system, and,
in general, to protect investors and the public interest. Additionally,
the Exchange believes the proposed rule change is consistent with
Section 6(b)(4) of the Act,\9\ which requires that Exchange rules
provide for the equitable allocation of reasonable dues, fees, and
other charges among its Trading Permit Holders and other persons using
its facilities.
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\7\ 15 U.S.C. 78f(b).
\8\ 15 U.S.C. 78f(b)(5).
\9\ 15 U.S.C. 78f(b)(4).
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The Exchange believes that the proposed changes to the Fees
Schedule do not change any fees charged for RLG, RLV, RUI or UKXM,
historical Open-Close data, or within any of the tables in which the
proposed rule change updates a rule reference to Cboe Options Rules,
and thus, those fees will continue to be reasonable and equitable, and
uniformly applied to all market participants. The Exchange believes the
proposed rule changes remove impediments to and perfect the mechanism
of a free and open market and national market system as they add
clarity, mitigate any potential confusion in connection with the
presentation of these fees or information in connection with these
fees, and facilitate better understanding of the Fees Schedule for all
market participants, which ultimately protects investors.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. As indicated above, the
proposed changes to the Fees Schedule do not change any of the current
fees or the manner in which they currently apply to market
participants. The proposed changes are not competitive in nature and
are merely intended to clean up the Fees Schedule in order to provide
additional clarity and facilitate better understanding of the Fees
Schedule for all market participants.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
The Exchange neither solicited nor received comments on the
proposed rule change.
[[Page 14515]]
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule change does not:
A. Significantly affect the protection of investors or the public
interest;
B. impose any significant burden on competition; and
C. become operative for 30 days from the date on which it was
filed, or such shorter time as the Commission may designate, it has
become effective pursuant to Section 19(b)(3)(A) of the Act \10\ and
Rule 19b-4(f)(6) \11\ thereunder. At any time within 60 days of the
filing of the proposed rule change, the Commission summarily may
temporarily suspend such rule change if it appears to the Commission
that such action is necessary or appropriate in the public interest,
for the protection of investors, or otherwise in furtherance of the
purposes of the Act. If the Commission takes such action, the
Commission will institute proceedings to determine whether the proposed
rule change should be approved or disapproved.
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\10\ 15 U.S.C. 78s(b)(3)(A).
\11\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change, along
with a brief description and text of the proposed rule change, at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
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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 rul[email protected]. Please include
File Number SR-CBOE-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.
All submissions should refer to File Number SR-CBOE-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. Persons submitting
comments are cautioned that we do not redact or edit personal
identifying information from comment submissions. You should submit
only information that you wish to make available publicly. All
submissions should refer to File Number SR-CBOE-2020-006 and should be
submitted on or before April 2, 2020.
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\12\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-05025 Filed 3-11-20; 8:45 am]
BILLING CODE 8011-01-P
