Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Update the Silexx Fee Schedule, 17925-17927 [2020-06609]
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Federal Register / Vol. 85, No. 62 / Tuesday, March 31, 2020 / Notices
(iii) Text would be added to provide
a contact email address for inquiries
regarding the status of any notice
previously sent to DTC. This address
would be LensNotices@dtcc.com. DTC
believes that providing a contact email
in the text of the OA in this section
would provide senders of notices with
an enhanced ability to communicate
with DTC about the status of LENS
posting requests sent by them to DTC.
Effective Date
The proposed rule change would
become effective upon filing with the
Commission.
jbell on DSKJLSW7X2PROD with NOTICES
2. Statutory Basis
Section 17A(b)(3)(F) 16 of the Act
requires that the rules of the clearing
agency be designed, inter alia, to
promote the prompt and accurate
clearance and settlement of securities
transactions. DTC believes the proposed
rule change is consistent with this
provision because by making a
clarifying change to the text within the
Procedures set forth in the OA to (i) add
a note relating to responsibilities of
users with respect to accuracy and
confidentiality considerations relating
to notices sent to DTC for posting to
LENS, as described above and (ii)
adding text to clarify the delivery
requirements of notices to be posted to
LENS, the proposed rule change would
provide enhanced transparency for
users with respect to the Procedures
relating to submission and processing of
notices that may be submitted by them,
as applicable, in accordance with the
section of the OA mentioned above.
Therefore, by providing users with
enhanced transparency with regard to
the Procedures relating to the
submission of notices to LENS, and
therefore facilitating the prompt posting
of notices and distribution of
information to Participants related to
Securities held by the Participants, and
that may be the subject of transactions
processed through the DTC system, DTC
believes that the proposed rule change
would promote the prompt and accurate
clearance and settlement of securities
transactions consistent with the Act.
(B) Clearing Agency’s Statement on
Burden on Competition
DTC does not believe that the
proposed rule change would have any
impact, or impose any burden, on
competition. The proposed rule change
consists of clarifying changes that
would add text to the OA that clarifies
DTC’s policies with respect to notices
received from third parties for posting to
LENS for view by Participants and
would make other clarifying changes
and updates to delivery information for
notices, as described above. Therefore,
the proposed rule change would not
create new rights or obligations for users
of DTC’s services and would not impact,
or impose any burden on, competition.
(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.
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 17 and paragraph (f) of Rule
19b-4 thereunder.18 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–2020–006 on the subject line.
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549.
All submissions should refer to File
Number SR–DTC–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/
16 15
VerDate Sep<11>2014
19:01 Mar 30, 2020
Jkt 250001
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.19
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–06611 Filed 3–30–20; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–88475; File No. SR–CBOE–
2020–018]
Self-Regulatory Organizations; Cboe
Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Update the Silexx Fee
Schedule
March 25, 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 March 13,
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.
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
U.S.C. 78s(b)(3)(A).
18 17 CFR 240.19b4(f).
U.S.C. 78q–1(b)(3)(F).
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–
2020–006 and should be submitted on
or before April 21, 2020.
19 17
17 15
PO 00000
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17926
Federal Register / Vol. 85, No. 62 / Tuesday, March 31, 2020 / Notices
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 a rule change
to include language within the Silexx
Fees Schedule to introduce a free
upgrade for users on Silexx Basic to
Silexx Pro from March 13, 2020 through
April 30, 2020.
The text of the proposed rule change
is also available on the Exchange’s
website (https://www.cboe.com/
AboutCBOE/CBOELegal
RegulatoryHome.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.
jbell on DSKJLSW7X2PROD with NOTICES
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The purpose of this filing is to include
language within the Silexx Fees
Schedule to introduce a free upgrade for
users on Silexx Basic to Silexx Pro from
March 13, 2020 through April 30, 2020.
By way of background, the Silexx
platform consists of a ‘‘front-end’’ order
entry and management trading platform
(also referred to as the ‘‘Silexx
terminal’’) for listed stocks and options
that supports both simple and complex
orders,3 and a ‘‘back-end’’ platform
which provides a connection to the
infrastructure network. From the Silexx
platform (i.e., the collective front-end
and back-end platform), a Silexx user
has the capability to send option orders
to U.S. options exchanges, send stock
3 The platform also permits users to submit orders
for commodity futures, commodity options and
other non-security products to be sent to designated
contract markets, futures commission merchants,
introducing brokers or other applicable destinations
of the users’ choice.
VerDate Sep<11>2014
19:01 Mar 30, 2020
Jkt 250001
orders to U.S. stock exchanges (and
other trading centers), input parameters
to control the size, timing, and other
variables of their trades, and also
includes access to real-time options and
stock market data, as well as access to
certain historical data. The Silexx
platform is designed so that a user may
enter orders into the platform to send to
an executing broker (including Trading
Permit Holders (‘‘TPHs’’)) of its choice
with connectivity to the platform, which
broker will then send the orders to Cboe
Options (if the broker is a TPH) or other
U.S. exchanges (and trading centers) in
accordance with the user’s
instructions.4 The Silexx front-end and
back-end platforms are a software
application that are installed locally on
a user’s desktop. Silexx grants users
licenses to use the platform, and a firm
or individual does not need to be a TPH
to license the platform. Use of Silexx is
completely optional.
Free Upgrade
Silexx Basic is an order-entry and
management system that provides basic
functionality including real-time data,
alerts, trade reports, views of exchange
books, management of the customer’s
orders and positions, simple and
complex order tickets, and basic risk
features. Users are currently charged
$200 per month per Login ID for Silexx
Basic. Silexx Pro offers the same
functionality as the basic platform plus
additional features including an
algorithmic order ticket, position
analysis, charting, earnings and
dividend information, delta hedging
tools, volatility skews, and additional
risk features. Users are currently
charged $400 per month per Login ID
for Silexx Pro.
The Exchange proposes to introduce a
free-upgrade period for users that are
currently on Silexx Basic. This upgrade
would allow users of Silexx Basic to use
the functionality of Silexx Pro from
March 13, 2020 through April 30, 2020)
at the current Silexx Basic rate of $200
per month per Login ID. After this
period ends, beginning May 1, 2020,
those users who upgraded will be
charged at the Silexx Pro rate of $400
per month until they choose to
downgrade. The Exchange notes that the
upgrade to Silexx Pro is optional.
4 Silexx does not allow users to send orders
directly to the Exchange or other market centers;
however, an additional version of the Silexx
platform, Silexx FLEX, supports the trading of
FLEX Options and allows authorized Users with
direct access to the Exchange. See Securities
Exchange Act Release No. 87028 (September 19,
2019) 84 FR 50529 (September 25, 2019) (SR–
CBOE–2019–061).
PO 00000
Frm 00079
Fmt 4703
Sfmt 4703
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.5 Specifically,
the Exchange believes the proposed rule
change is consistent with the Section
6(b)(5) 6 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,7 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.
In particularly, the Exchange believes
the proposed is reasonable, equitable,
and not unfairly discriminatory because
the free upgrade will apply to all current
users of Silexx Basic who wish to
upgrade. Additionally, the free upgrade
period will be limited through April 30,
2020. Finally, the Exchange notes that
use of the platform, including the
upgrade, is discretionary and not
compulsory, and users may downgrade
or cancel their Login IDs with Silexx at
any time.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
Cboe Options does not believe that
the proposed rule change will impose
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act. The
Exchange believes that the proposed
rule change will not impose any burden
on intramarket competition because the
proposed rule changes apply to all users
of Silexx. The Exchange notes that each
version of Silexx is available to all
market participants, and users have
discretion to determine which version
of the platform they register for based on
functionality.
The Exchange does not believe that
the proposed rule changes will impose
5 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
7 15 U.S.C. 78f(b)(4).
6 15
E:\FR\FM\31MRN1.SGM
31MRN1
Federal Register / Vol. 85, No. 62 / Tuesday, March 31, 2020 / Notices
any burden on intermarket competition
that is not necessary or appropriate in
furtherance of the purposes of the Act
because the proposed change applies
only to Cboe Options. To the extent that
the proposed changes make Cboe
Options a more attractive marketplace
for market participants at other
exchanges, such market participants are
welcome to become Cboe Options
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.
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 8 and paragraph (f) of Rule
19b–4 9 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:
jbell on DSKJLSW7X2PROD with NOTICES
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–
CBOE–2020–018 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–2020–018. This file
number should be included on the
8 15
9 17
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f).
VerDate Sep<11>2014
19:01 Mar 30, 2020
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
Number SR–CBOE–2020–018 and
should be submitted on or before April
21, 2020.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–06609 Filed 3–30–20; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–88478]
Order Granting Application by The
Financial Information Forum and
Security Traders Association for a
Temporary Exemption Pursuant to
Rule 606(c) of Regulation NMS Under
the Exchange Act in Response to the
Effects of COVID–19
March 25, 2020.
I. Introduction
The Financial Information Forum
(‘‘FIF’’) and Security Traders
Association (‘‘STA’’) have filed with the
Securities and Exchange Commission
(‘‘Commission’’) an application for an
10 17
Jkt 250001
PO 00000
exemption from certain requirements 1
of Rule 606 of Regulation NMS under
the Exchange Act in light of unforeseen
and uncertain demands on information
technology and other resources required
to respond to COVID–19.2
This order grants the following
temporary exemptive relief from certain
requirements of Rule 606, which is set
forth in greater detail below: (1) Brokerdealers are exempt from the requirement
to provide the public report covering the
first quarter of 2020 required by Rule
606(a) until May 29, 2020; (2) brokerdealers that engage in outsourced
routing activity are exempt from the
requirement to collect the monthly
customer-specific data required by Rule
606(b)(3) for such activity until June 1,
2020, and are exempt until July 29,
2020, from the requirement to provide a
customer-specific report of June 2020
outsourced routing data within seven
business days for customer requests for
such customer-specific reports that are
made on or before July 17, 2020.3
II. Background
On November 2, 2018, the
Commission adopted amendments to
Rule 606 of Regulation NMS under the
Exchange Act.4 Under Rule 606(a),
broker-dealers must provide quarterly,
aggregated public disclosure of their
routing and handling of orders
submitted on a held basis in NMS stock.
In addition, under Rule 606(b) a brokerdealer must, upon request of its
customer, provide customer-specific
disclosures related to the routing and
execution of the customer’s NMS stock
orders submitted on a not held basis for
the prior six months, subject to two de
minimis exceptions.
The Commission previously revised
the compliance dates for Rule 606 to
provide broker-dealers with additional
time to implement the systems and
other changes necessary to comply with
Rule 606. On April 30, 2019, the
Commission extended the compliance
date for the amendments to Rule 606 to
begin following September 30, 2019.5
1 See letter from James Toes, President & CEO,
STA, Chris Halverson, Chairman of the Board, STA,
and Christopher Bok, Director, FIF, to Brett
Redfearn, Director, Division of Trading and Markets
(‘‘Division’’), Commission, dated March 24, 2020
(‘‘FIF/STA Letter’’).
2 17 CFR 242.606.
3 Customer-specific reports of June 2020
outsourced routing data are due within seven
business days of customer requests made after July
17, 2020.
4 See Exchange Act Release No. 84528 (November
2, 2018), 83 FR 58338 (November 19, 2018)
(‘‘Adopting Release’’).
5 See Exchange Act Release No. 85714 (April 24,
2019), 84 FR 18136 (April 30, 2019) (‘‘April 2019
Extension’’). The original compliance date set forth
CFR 200.30–3(a)(12).
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Continued
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]]>Agencies
[Federal Register Volume 85, Number 62 (Tuesday, March 31, 2020)]
[Notices]
[Pages 17925-17927]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-06609]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-88475; File No. SR-CBOE-2020-018]
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Update
the Silexx Fee Schedule
March 25, 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 March 13, 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.
[[Page 17926]]
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.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes a rule change to include language within the
Silexx Fees Schedule to introduce a free upgrade for users on Silexx
Basic to Silexx Pro from March 13, 2020 through April 30, 2020.
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 the
Statutory Basis for, the Proposed Rule Change
1. Purpose
The purpose of this filing is to include language within the Silexx
Fees Schedule to introduce a free upgrade for users on Silexx Basic to
Silexx Pro from March 13, 2020 through April 30, 2020.
By way of background, the Silexx platform consists of a ``front-
end'' order entry and management trading platform (also referred to as
the ``Silexx terminal'') for listed stocks and options that supports
both simple and complex orders,\3\ and a ``back-end'' platform which
provides a connection to the infrastructure network. From the Silexx
platform (i.e., the collective front-end and back-end platform), a
Silexx user has the capability to send option orders to U.S. options
exchanges, send stock orders to U.S. stock exchanges (and other trading
centers), input parameters to control the size, timing, and other
variables of their trades, and also includes access to real-time
options and stock market data, as well as access to certain historical
data. The Silexx platform is designed so that a user may enter orders
into the platform to send to an executing broker (including Trading
Permit Holders (``TPHs'')) of its choice with connectivity to the
platform, which broker will then send the orders to Cboe Options (if
the broker is a TPH) or other U.S. exchanges (and trading centers) in
accordance with the user's instructions.\4\ The Silexx front-end and
back-end platforms are a software application that are installed
locally on a user's desktop. Silexx grants users licenses to use the
platform, and a firm or individual does not need to be a TPH to license
the platform. Use of Silexx is completely optional.
---------------------------------------------------------------------------
\3\ The platform also permits users to submit orders for
commodity futures, commodity options and other non-security products
to be sent to designated contract markets, futures commission
merchants, introducing brokers or other applicable destinations of
the users' choice.
\4\ Silexx does not allow users to send orders directly to the
Exchange or other market centers; however, an additional version of
the Silexx platform, Silexx FLEX, supports the trading of FLEX
Options and allows authorized Users with direct access to the
Exchange. See Securities Exchange Act Release No. 87028 (September
19, 2019) 84 FR 50529 (September 25, 2019) (SR-CBOE-2019-061).
---------------------------------------------------------------------------
Free Upgrade
Silexx Basic is an order-entry and management system that provides
basic functionality including real-time data, alerts, trade reports,
views of exchange books, management of the customer's orders and
positions, simple and complex order tickets, and basic risk features.
Users are currently charged $200 per month per Login ID for Silexx
Basic. Silexx Pro offers the same functionality as the basic platform
plus additional features including an algorithmic order ticket,
position analysis, charting, earnings and dividend information, delta
hedging tools, volatility skews, and additional risk features. Users
are currently charged $400 per month per Login ID for Silexx Pro.
The Exchange proposes to introduce a free-upgrade period for users
that are currently on Silexx Basic. This upgrade would allow users of
Silexx Basic to use the functionality of Silexx Pro from March 13, 2020
through April 30, 2020) at the current Silexx Basic rate of $200 per
month per Login ID. After this period ends, beginning May 1, 2020,
those users who upgraded will be charged at the Silexx Pro rate of $400
per month until they choose to downgrade. The Exchange notes that the
upgrade to Silexx Pro is optional.
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.\5\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \6\ 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,\7\ 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.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78f(b).
\6\ 15 U.S.C. 78f(b)(5).
\7\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
In particularly, the Exchange believes the proposed is reasonable,
equitable, and not unfairly discriminatory because the free upgrade
will apply to all current users of Silexx Basic who wish to upgrade.
Additionally, the free upgrade period will be limited through April 30,
2020. Finally, the Exchange notes that use of the platform, including
the upgrade, is discretionary and not compulsory, and users may
downgrade or cancel their Login IDs with Silexx at any time.
B. Self-Regulatory Organization's Statement on Burden on Competition
Cboe Options does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. The Exchange believes that
the proposed rule change will not impose any burden on intramarket
competition because the proposed rule changes apply to all users of
Silexx. The Exchange notes that each version of Silexx is available to
all market participants, and users have discretion to determine which
version of the platform they register for based on functionality.
The Exchange does not believe that the proposed rule changes will
impose
[[Page 17927]]
any burden on intermarket competition that is not necessary or
appropriate in furtherance of the purposes of the Act because the
proposed change applies only to Cboe Options. To the extent that the
proposed changes make Cboe Options a more attractive marketplace for
market participants at other exchanges, such market participants are
welcome to become Cboe Options 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.
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 \8\ and paragraph (f) of Rule 19b-4 \9\
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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\8\ 15 U.S.C. 78s(b)(3)(A).
\9\ 17 CFR 240.19b-4(f).
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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 Number SR-CBOE-2020-018 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-2020-018. 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 Number SR-CBOE-2020-018 and should be submitted on
or before April 21, 2020.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
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\10\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-06609 Filed 3-30-20; 8:45 am]
BILLING CODE 8011-01-P
