Self-Regulatory Organizations; Cboe EDGA Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 13.4(a) To Add LTSE as a Source for Market Data for Certain Purposes, 23411-23413 [2020-08823]
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Federal Register / Vol. 85, No. 81 / Monday, April 27, 2020 / Notices
proposal may become operative upon
filing.
The Exchange states that, while the
proposal seeks to allow the Fund to
hold listed derivatives, in particular
options and futures on the S&P 500
Index, in a manner that does not comply
with BZX Rule 14.11(i)(4)(C)(iv)(b), the
proposal is similar to another previously
approved proposal to list and trade a
series of Managed Fund Shares with
similar exposures to a single underlying
reference asset and U.S. exchange-listed
equity securities.34 The Exchange
represents that, except for the 30% and
65% limitations in BZX Rule
14.11(i)(4)(C)(iv)(b) related to S&P 500
Derivatives, the Fund’s proposed
investments will satisfy, on an initial
and continued listing basis, all of the
generic listing standards under BZX
Rule 14.11(i)(4)(C) and all other
applicable requirements for Managed
Fund Shares under BZX Rule 14.11(i).35
In addition, the Exchange further
represents that all of the exchange-listed
instruments held by the Fund, including
S&P 500 Futures, S&P 500 Options,
Options on S&P 500 Futures, U.S.
Equities, options on ETFs, and ETFs
that primarily invest in fixed income
instruments will trade on markets that
are a member of ISG or affiliated with
a member of ISG or with which the
Exchange has in place a comprehensive
surveillance sharing agreement. The
Commission believes that the proposal
raises no novel or unique regulatory
issues and that waiver of the 30-day
operative delay is consistent with the
protection of investors and the public
interest. Therefore, the Commission
hereby waives the operative delay and
designates the proposed rule change
operative upon filing.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
34 See
supra note 7.
addition, the Exchange represents that the
Shares of the Fund will comply with all other
requirements applicable to Managed Fund Shares,
which includes the dissemination of key
information such as the Disclosed Portfolio, Net
Asset Value, and the Intraday Indicative Value,
suspension of trading or removal, trading halts,
surveillance, minimum price variation for quoting
and order entry, the information circular, and
firewalls, as set forth in Exchange rules applicable
to Managed Fund Shares and the orders approving
such rules. See supra notes 15–23 and
accompanying text.
36 For purposes only of waiving the 30-day
operative delay, the Commission also has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
lotter on DSKBCFDHB2PROD with NOTICES
35 In
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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:
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–
CboeBZX–2020–021 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–CboeBZX–2020–021. 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–CboeBZX–2020–021 and
PO 00000
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23411
should be submitted on or before May
18, 2020.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.37
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–08813 Filed 4–24–20; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–88707; File No. SR–
CboeEDGA–2020–011]
Self-Regulatory Organizations; Cboe
EDGA Exchange, Inc.; Notice of Filing
and Immediate Effectiveness of a
Proposed Rule Change To Amend Rule
13.4(a) To Add LTSE as a Source for
Market Data for Certain Purposes
April 21, 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 April 6,
2020, Cboe EDGA Exchange, Inc. (the
‘‘Exchange’’) 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 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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
Cboe EDGA Exchange, Inc. proposes
to amend Rule 13.4(a), stating it will
utilize LTSE market data from the CQS/
UQDF for purposes of order handling,
routing, execution, and related
compliance processes. 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/edga/),
at the Exchange’s Office of the
Secretary, and at the Commission’s
Public Reference Room.
37 17
CFR 200.30–3(a)(12).
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).
1 15
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23412
Federal Register / Vol. 85, No. 81 / Monday, April 27, 2020 / Notices
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
lotter on DSKBCFDHB2PROD with NOTICES
1. Purpose
The Exchange proposes to update
Rule 13.4(a) regarding the public
disclosure of the sources of data that the
Exchange utilizes when performing: (i)
Order handling; (ii) order routing; (iii)
order execution; and (iv) related
compliance processes to reflect the
operation of the LTSE as a registered
national securities exchange.
On May 10, 2019, the Commission
approved LTSE’s application to register
as a national securities exchange.5 As
part of its transition to exchange status,
LTSE announced that it plans to
commence the entry of orders in test
symbols on April 24, 2020 and plans to
gradually phase in non-test securities no
earlier than May 15, 2020, which may
continue for a period of at least four
weeks.6 The Exchange, therefore,
proposes to update Rule 13.4(a)
regarding the public disclosure of the
sources of data that the Exchange
utilizes when performing: (i) Order
handling; (ii) order routing; (iii) order
execution; and (iv) related compliance
processes to reflect the operation of [sic]
LTSE as a registered national securities
exchange beginning on April 24, 2020.
Specifically, the Exchange proposes to
amend Rule 13.4(a) to include LTSE by
stating it will utilize LTSE market data
from the Consolidated Quotation
System (‘‘CQS’’)/UTP Quotation Data
Feed (‘‘UQDF’’) for purposes of order
handling, routing, execution, and
related compliance processes.
Additionally, the Exchange proposes
to update the names of the Chicago
Stock Exchange, NSX, Nasdaq OMX
PHLX, and Nasdaq OMX BX noted in
Rule 13.4(a) to NYSE Chicago, NYSE
5 See
6 See
supra note 2 [sic].
supra note 3 [sic].
VerDate Sep<11>2014
17:32 Apr 24, 2020
National, Nasdaq PSX, and Nasdaq BX,
respectively.
unsolicited written comments from
Members or other interested parties.
2. Statutory Basis
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) of the Act,7 in general, and
furthers the objectives of Section 6(b)(5)
of the Act,8 in particular, in that it is
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.
The Exchange believes that its
proposal to update Exchange Rule
13.4(a) to include LTSE and update the
names of other exchanges will ensure
that the Rule correctly identifies and
publicly states on a market-by-market
basis all of the specific network
processor and proprietary data feeds
that the Exchange utilizes for the
handling, routing, and execution of
orders, and for performing the
regulatory compliance checks related to
each of those functions. The proposed
rule changes also remove impediments
to and perfects the mechanism of a free
and open market and protects investors
and the public interest because it
provides additional specificity, clarity
and transparency.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange believes its proposed
rule change would not impose any
burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act. To the
contrary, the Exchange believes the
proposal would enhance competition
because including all of the exchanges
enhances transparency and enables
investors to better assess the quality of
the Exchange’s execution and routing
services.
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
7 15
8 15
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PO 00000
U.S.C. 78f.
U.S.C. 78f(b)(5).
Frm 00088
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Sfmt 4703
The Exchange has filed the proposed
rule change pursuant to Section
19(b)(3)(A)(iii) of the Act 9 and Rule
19b–4(f)(6) thereunder.10 Because the
proposed rule change does not: (i)
Significantly affect the protection of
investors or the public interest; (ii)
impose any significant burden on
competition; and (iii) become operative
prior to 30 days from the date on which
it was filed, or such shorter time as the
Commission may designate, if
consistent with the protection of
investors and the public interest, the
proposed rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act 11 and Rule 19b–4(f)(6)(iii)
thereunder.12
A proposed rule change filed under
Rule 19b–4(f)(6) 13 normally does not
become operative prior to 30 days after
the date of the filing. However, pursuant
to Rule 19b–4(f)(6)(iii),14 the
Commission may designate a shorter
time if such action is consistent with the
protection of investors and the public
interest. The Exchange has asked the
Commission to waive the 30-day
operative delay so that the proposal may
become operative immediately upon
filing.
The Exchange states that waiver of the
operative delay would allow the
Exchange to implement the proposed
rule change in anticipation of LTSE’s
launch, thereby providing clarity to
market participants with respect to the
specific network processor and
proprietary data feeds that the Exchange
utilizes for the handling, routing, and
execution of orders, and for performing
the regulatory compliance checks
related to each of those functions. For
this reason, the Commission believes
that waiver of the 30-day operative
delay is consistent with the protection
of investors and the public interest.
Accordingly, the Commission hereby
waives the 30-day operative delay and
9 15
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6).
11 15 U.S.C. 78s(b)(3)(A).
12 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires the Exchange to give the
Commission written notice of the Exchange’s 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.
13 17 CFR 240.19b–4(f)(6).
14 17 CFR 240.19b–4(f)(6)(iii).
10 17
E:\FR\FM\27APN1.SGM
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Federal Register / Vol. 85, No. 81 / Monday, April 27, 2020 / Notices
designates the proposal operative upon
filing.15
At any time within 60 days of the
filing of this 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:
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–
CboeEDGA–2020–011 on the subject
line.
lotter on DSKBCFDHB2PROD with NOTICES
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–CboeEDGA–2020–011. 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,
15 For purposes only of waiving the 30-day
operative delay, the Commission has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
VerDate Sep<11>2014
17:32 Apr 24, 2020
Jkt 250001
23413
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–CboeEDGA–2020–011, and
should be submitted on or before May
18, 2020.
Floor facilities or after the Exchange
closes on May 15, 2020, the Exchange
would provide a DMM remote access to
Floor-based systems for the sole purpose
of effecting a manual (1) IPO Auction,
or (2) Core Open Auction in connection
with a listed company’s post-IPO public
offering. The proposed rule 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.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.16
J. Matthew DeLesDernier,
Assistant Secretary.
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.
[FR Doc. 2020–08823 Filed 4–24–20; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–88705; File No. SR–NYSE–
2020–35]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Add
Commentary .04 to Rule 7.35A To
Provide DMMs, for a Temporary
Period, With Limited Remote Access to
Floor-Based Systems
April 21, 2020.
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934
(‘‘Act’’),2 and Rule 19b–4 thereunder,3
notice is hereby given that on April 17,
2020, New York Stock Exchange LLC
(‘‘NYSE’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to add
Commentary .04 to Rule 7.35A to
provide that, for a temporary period that
begins April 17, 2020, and ends on the
earlier of the reopening of the Trading
16 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
1 15
PO 00000
Frm 00089
Fmt 4703
Sfmt 4703
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to add
Commentary .04 to Rule 7.35A to
provide that, for a temporary period that
begins April 17, 2020, and ends on the
earlier of the reopening of the Trading
Floor facilities or after the Exchange
closes on May 15, 2020, the Exchange
would provide a DMM remote access to
Floor-based systems for the sole purpose
of effecting a manual (1) IPO Auction,
or (2) Core Open Auction in connection
with a listed company’s post-IPO public
offering.
Background
Since March 9, 2020, markets
worldwide have been experiencing
unprecedented market-wide declines
and volatility because of the ongoing
spread of COVID–19. Beginning on
March 16, 2020, to slow the spread of
COVID–19 through social-distancing
measures, significant limitations were
placed on large gatherings throughout
the country.
On March 18, 2020, the CEO of the
Exchange made a determination under
Rule 7.1(c)(3) that, beginning March 23,
2020, the Trading Floor facilities located
at 11 Wall Street in New York City
would close and the Exchange would
move, on a temporary basis, to fully
E:\FR\FM\27APN1.SGM
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]]>Agencies
[Federal Register Volume 85, Number 81 (Monday, April 27, 2020)]
[Notices]
[Pages 23411-23413]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-08823]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-88707; File No. SR-CboeEDGA-2020-011]
Self-Regulatory Organizations; Cboe EDGA Exchange, Inc.; Notice
of Filing and Immediate Effectiveness of a Proposed Rule Change To
Amend Rule 13.4(a) To Add LTSE as a Source for Market Data for Certain
Purposes
April 21, 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 April 6, 2020, Cboe EDGA Exchange, Inc. (the ``Exchange'')
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 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 EDGA Exchange, Inc. proposes to amend Rule 13.4(a), stating it
will utilize LTSE market data from the CQS/UQDF for purposes of order
handling, routing, execution, and related compliance processes. 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/edga/), at the Exchange's Office of the Secretary, and at
the Commission's Public Reference Room.
[[Page 23412]]
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 Exchange proposes to update Rule 13.4(a) regarding the public
disclosure of the sources of data that the Exchange utilizes when
performing: (i) Order handling; (ii) order routing; (iii) order
execution; and (iv) related compliance processes to reflect the
operation of the LTSE as a registered national securities exchange.
On May 10, 2019, the Commission approved LTSE's application to
register as a national securities exchange.\5\ As part of its
transition to exchange status, LTSE announced that it plans to commence
the entry of orders in test symbols on April 24, 2020 and plans to
gradually phase in non-test securities no earlier than May 15, 2020,
which may continue for a period of at least four weeks.\6\ The
Exchange, therefore, proposes to update Rule 13.4(a) regarding the
public disclosure of the sources of data that the Exchange utilizes
when performing: (i) Order handling; (ii) order routing; (iii) order
execution; and (iv) related compliance processes to reflect the
operation of [sic] LTSE as a registered national securities exchange
beginning on April 24, 2020. Specifically, the Exchange proposes to
amend Rule 13.4(a) to include LTSE by stating it will utilize LTSE
market data from the Consolidated Quotation System (``CQS'')/UTP
Quotation Data Feed (``UQDF'') for purposes of order handling, routing,
execution, and related compliance processes.
---------------------------------------------------------------------------
\5\ See supra note 2 [sic].
\6\ See supra note 3 [sic].
---------------------------------------------------------------------------
Additionally, the Exchange proposes to update the names of the
Chicago Stock Exchange, NSX, Nasdaq OMX PHLX, and Nasdaq OMX BX noted
in Rule 13.4(a) to NYSE Chicago, NYSE National, Nasdaq PSX, and Nasdaq
BX, respectively.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\7\ in general, and furthers the
objectives of Section 6(b)(5) of the Act,\8\ in particular, in that it
is 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.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78f.
\8\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
The Exchange believes that its proposal to update Exchange Rule
13.4(a) to include LTSE and update the names of other exchanges will
ensure that the Rule correctly identifies and publicly states on a
market-by-market basis all of the specific network processor and
proprietary data feeds that the Exchange utilizes for the handling,
routing, and execution of orders, and for performing the regulatory
compliance checks related to each of those functions. The proposed rule
changes also remove impediments to and perfects the mechanism of a free
and open market and protects investors and the public interest because
it provides additional specificity, clarity and transparency.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange believes its proposed rule change would not impose any
burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act. To the contrary, the Exchange
believes the proposal would enhance competition because including all
of the exchanges enhances transparency and enables investors to better
assess the quality of the Exchange's execution and routing services.
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 Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \9\ and Rule 19b-4(f)(6) thereunder.\10\
Because the proposed rule change does not: (i) Significantly affect the
protection of investors or the public interest; (ii) impose any
significant burden on competition; and (iii) become operative prior to
30 days from the date on which it was filed, or such shorter time as
the Commission may designate, if consistent with the protection of
investors and the public interest, the proposed rule change has become
effective pursuant to Section 19(b)(3)(A) of the Act \11\ and Rule 19b-
4(f)(6)(iii) thereunder.\12\
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\9\ 15 U.S.C. 78s(b)(3)(A)(iii).
\10\ 17 CFR 240.19b-4(f)(6).
\11\ 15 U.S.C. 78s(b)(3)(A).
\12\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires the Exchange to give the Commission written notice of the
Exchange's 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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A proposed rule change filed under Rule 19b-4(f)(6) \13\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\14\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay so that the proposal
may become operative immediately upon filing.
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\13\ 17 CFR 240.19b-4(f)(6).
\14\ 17 CFR 240.19b-4(f)(6)(iii).
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The Exchange states that waiver of the operative delay would allow
the Exchange to implement the proposed rule change in anticipation of
LTSE's launch, thereby providing clarity to market participants with
respect to the specific network processor and proprietary data feeds
that the Exchange utilizes for the handling, routing, and execution of
orders, and for performing the regulatory compliance checks related to
each of those functions. For this reason, the Commission believes that
waiver of the 30-day operative delay is consistent with the protection
of investors and the public interest. Accordingly, the Commission
hereby waives the 30-day operative delay and
[[Page 23413]]
designates the proposal operative upon filing.\15\
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\15\ For purposes only of waiving the 30-day operative delay,
the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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At any time within 60 days of the filing of this 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:
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-CboeEDGA-2020-011 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-CboeEDGA-2020-011. 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-CboeEDGA-2020-011, and should be
submitted on or before May 18, 2020.
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\16\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\16\
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-08823 Filed 4-24-20; 8:45 am]
BILLING CODE 8011-01-P
