Self-Regulatory Organizations; Cboe BYX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Rule 11.26(a), Stating It Will Utilize MIAX PEARL Market Data From the CQSUQDF for Purposes of Order Handling, Routing, Execution, and Related Compliance Processes, 56644-56645 [2020-20124]

Download as PDF 56644 Federal Register / Vol. 85, No. 178 / Monday, September 14, 2020 / Notices thereby reduce costs. The Board is directed, within 6 months of its formation, to recommend to the Office of Management and Budget (OMB) the sale of not fewer than five properties not on the list of surplus or excess with a fair market value of not less than $500 million and not more than $750 million. In two subsequent rounds over a fiveyear period, the Board is responsible for making recommendations for other sales, consolidations, property disposals or redevelopment of up to $7.25 billion in value. Format and Registration The format for the meeting will be panel discussions with appropriate time allowed for a Q&A segment. Interested participants must register to attend for the public meeting via this link: https:// jllmeet.webex.com/jllmeet/onstage/ g.php?MTID=e56b82ebae21118cbb29 19c9853546c19. Those who require special assistance or accommodations in order to attend must contact the PBRB Team at fastainfo@pbrb.gov at least 12 days prior to the event. Portions of the meeting may be held in executive session if the Board is considering issues involving classified or proprietary information. A transcript of the public meeting will be available at pbrb.gov following the session. If you have any additional questions please email fastainfo@pbrb.gov. Authority: Pub. L. 114–287, 130 Stat 1463. Courtney Johnson, Federal Register Liaison, Public Buildings Reform Board. [FR Doc. 2020–20175 Filed 9–11–20; 8:45 am] BILLING CODE P SECURITIES AND EXCHANGE COMMISSION khammond on DSKJM1Z7X2PROD with NOTICES [Release No. 34–89778; File No. SR– CboeBYX–2020–025 Self-Regulatory Organizations; Cboe BYX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Rule 11.26(a), Stating It Will Utilize MIAX PEARL Market Data From the CQSUQDF for Purposes of Order Handling, Routing, Execution, and Related Compliance Processes September 8, 2020. Pursuant to Section 19(b)(1) 1 of the Securities Exchange Act of 1934 (the ‘‘Act’’) 2 and Rule 19b–4 thereunder,3 notice is hereby given that on August 25, 2020, Cboe BYX Exchange, Inc. (the ‘‘Exchange’’ or ‘‘BYX’’) filed with the Securities and Exchange Commission (the ‘‘Commission’’) the proposed rule change as described in Items I and II below, which Items have been prepared by the self-regulatory organization. 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 BYX Exchange, Inc. (‘‘BYX’’ or the ‘‘Exchange’’) proposes to update Rule 11.26(a), stating it will utilize MIAX PEARL market data from the CQSUQDF 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/byx/), at the Exchange’s Office of the Secretary, and at the Commission’s Public Reference Room. II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization’s Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to update Rule 11.26(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 MIAX PEARL as an equities exchange. On August 14, 2020, the Commission approved MIAX PEARL’s proposed rule 2 15 1 15 U.S.C. 78s(b)(1). VerDate Sep<11>2014 17:51 Sep 11, 2020 3 17 Jkt 250001 PO 00000 U.S.C. 78a. CFR 240.19b–4. Frm 00073 Fmt 4703 Sfmt 4703 change to establish rules governing the trading of equities securities.4 MIAX PEARL announced that it plans to launch equities trading on September 25, 2020.5 The Exchange, therefore, proposes to update Rule 11.26(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 MIAX PEARL as an equities exchange beginning on September 25, 2020. Specifically, the Exchange proposes to amend Rule 11.26(a) to include MIAX PEARL by stating it will utilize MIAX PEARL market data from the Consolidated Quotation System (‘‘CQS’’)/UTP Quotation Data Feed (‘‘UQDF’’) for purposes of order handling, routing, execution, and related compliance processes. At this stage, no secondary source for MIAX PEARL market data will be used. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with Section 6(b) of the Act,6 in general, and furthers the objectives of Section 6(b)(5) of the Act,7 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 11.26(a) to include MIAX PEARL will ensure that the Rule correctly identifies and publicly states on a market-bymarket 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. 4 See Securities Exchange Act No. 89562 (August 14, 2020). 5 See supra note 3 [sic]. 6 15 U.S.C. 78f. 7 15 U.S.C. 78f(b)(5). E:\FR\FM\14SEN1.SGM 14SEN1 Federal Register / Vol. 85, No. 178 / Monday, September 14, 2020 / Notices Electronic Comments 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 Because the foregoing 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 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 8 and Rule 19b–4(f)(6) thereunder.9 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 khammond on DSKJM1Z7X2PROD with NOTICES 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: 8 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 fulfilled this requirement. 9 17 VerDate Sep<11>2014 17:51 Sep 11, 2020 Jkt 250001 • 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– CboeBYX–2020–025 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–CboeBYX–2020–025. 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–CboeBYX–2020–025 and should be submitted on or before October 5, 2020. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.10 J. Matthew DeLesDernier, Assistant Secretary. [FR Doc. 2020–20124 Filed 9–11–20; 8:45 am] BILLING CODE 8011–01–P 10 17 PO 00000 CFR 200.30–3(a)(12). Frm 00074 Fmt 4703 Sfmt 4703 56645 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–89788; File No. 4–678] Program for Allocation of Regulatory Responsibilities Pursuant to Rule 17d– 2; Notice of Filing and Order Approving and Declaring Effective an Amended Proposed Plan for the Allocation of Regulatory Responsibilities Among the Financial Industry Regulatory Authority, Inc., Miami International Securities Exchange, LLC, MIAX PEARL, LLC, and MIAX Emerald, LLC September 8, 2020. Notice is hereby given that the Securities and Exchange Commission (‘‘Commission’’) has issued an Order, pursuant to Section 17(d) of the Securities Exchange Act of 1934 (‘‘Act’’),1 approving and declaring effective an amendment to the plan for allocating regulatory responsibility (‘‘Plan’’) filed on September 2, 2020, pursuant to Rule 17d–2 of the Act,2 by the Miami International Securities Exchange, LLC (‘‘MIAX’’), MIAX PEARL, LLC (‘‘MIAX PEARL’’), MIAX Emerald, LLC (‘‘MIAX Emerald’’) and the Financial Industry Regulatory Authority, Inc. (‘‘FINRA’’) (together, the ‘‘Parties’’). The Plan replaces and supersedes the agreement entered into between FINRA, MIAX and MIAX PEARL on December 19, 2018, entitled ‘‘Agreement between Financial Industry Regulatory Authority, Inc., Miami International Securities Exchange, LLC and MIAX PEARL, LLC Pursuant to Rule 17d–2 under the Securities Exchange Act of 1934.’’ 3 I. Introduction Section 19(g)(1) of the Securities Exchange Act of 1934 (‘‘Act’’),4 among other things, requires every selfregulatory organization (‘‘SRO’’) registered as either a national securities exchange or national securities association to examine for, and enforce compliance by, its members and persons associated with its members with the Act, the rules and regulations thereunder, and the SRO’s own rules, unless the SRO is relieved of this responsibility pursuant to Section 17(d) or Section 19(g)(2) of the Act.5 Without this relief, the statutory obligation of each individual SRO could result in a 1 15 U.S.C. 78q(d). CFR 240.17d–2. 3 See Securities Exchange Act Release No. 85189 (February 25, 2019), 84 FR 7153 (March 1, 2019). 4 15 U.S.C. 78s(g)(1). 5 15 U.S.C. 78q(d) and 15 U.S.C. 78s(g)(2), respectively. 2 17 E:\FR\FM\14SEN1.SGM 14SEN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 85, Number 178 (Monday, September 14, 2020)]
[Notices]
[Pages 56644-56645]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-20124]


=======================================================================
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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-89778; File No. SR-CboeBYX-2020-025


Self-Regulatory Organizations; Cboe BYX Exchange, Inc.; Notice of 
Filing and Immediate Effectiveness of a Proposed Rule Change to Rule 
11.26(a), Stating It Will Utilize MIAX PEARL Market Data From the 
CQSUQDF for Purposes of Order Handling, Routing, Execution, and Related 
Compliance Processes

September 8, 2020.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby 
given that on August 25, 2020, Cboe BYX Exchange, Inc. (the 
``Exchange'' or ``BYX'') filed with the Securities and Exchange 
Commission (the ``Commission'') the proposed rule change as described 
in Items I and II below, which Items have been prepared by the self-
regulatory organization. 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\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    Cboe BYX Exchange, Inc. (``BYX'' or the ``Exchange'') proposes to 
update Rule 11.26(a), stating it will utilize MIAX PEARL market data 
from the CQSUQDF 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/byx/), at the Exchange's Office of the Secretary, and at 
the Commission's Public Reference Room.

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, the Exchange included statements 
concerning the purpose of and basis for the proposed rule change and 
discussed any comments it received on the proposed rule change. The 
text of these statements may be examined at the places specified in 
Item IV below. The Exchange has prepared summaries, set forth in 
sections A, B, and C below, of the most significant aspects of such 
statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and the 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to update Rule 11.26(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 MIAX PEARL as an equities exchange.
    On August 14, 2020, the Commission approved MIAX PEARL's proposed 
rule change to establish rules governing the trading of equities 
securities.\4\ MIAX PEARL announced that it plans to launch equities 
trading on September 25, 2020.\5\ The Exchange, therefore, proposes to 
update Rule 11.26(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 MIAX PEARL as an equities 
exchange beginning on September 25, 2020. Specifically, the Exchange 
proposes to amend Rule 11.26(a) to include MIAX PEARL by stating it 
will utilize MIAX PEARL market data from the Consolidated Quotation 
System (``CQS'')/UTP Quotation Data Feed (``UQDF'') for purposes of 
order handling, routing, execution, and related compliance processes. 
At this stage, no secondary source for MIAX PEARL market data will be 
used.
---------------------------------------------------------------------------

    \4\ See Securities Exchange Act No. 89562 (August 14, 2020).
    \5\ See supra note 3 [sic].
---------------------------------------------------------------------------

2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with Section 6(b) of the Act,\6\ in general, and furthers the 
objectives of Section 6(b)(5) of the Act,\7\ 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.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78f.
    \7\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The Exchange believes that its proposal to update Exchange Rule 
11.26(a) to include MIAX PEARL 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.

[[Page 56645]]

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

    Because the foregoing 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 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 \8\ and 
Rule 19b-4(f)(6) thereunder.\9\
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78s(b)(3)(A).
    \9\ 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 fulfilled this requirement.
---------------------------------------------------------------------------

    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 [email protected]. Please include 
File Number SR-CboeBYX-2020-025 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-CboeBYX-2020-025. 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-CboeBYX-2020-025 and should be submitted 
on or before October 5, 2020.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\10\
---------------------------------------------------------------------------

    \10\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-20124 Filed 9-11-20; 8:45 am]
BILLING CODE 8011-01-P

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