Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing of a Proposed Rule Change To Amend Its Rules Relating to the Processing of Auction Responses, 63830-63834 [2022-22738]
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Federal Register / Vol. 87, No. 202 / Thursday, October 20, 2022 / Notices
POSTAL SERVICE
Product Change—Priority Mail
Express, Priority Mail, First-Class
Package Service, and Parcel Select
Service Negotiated Service Agreement
Postal ServiceTM.
Notice.
Select Service Contract 69 to
Competitive Product List. Documents
are available at www.prc.gov, Docket
Nos. MC2023–19, CP2023–18.
Sarah Sullivan,
Attorney, Ethics & Legal Compliance.
AGENCY:
[FR Doc. 2022–22745 Filed 10–19–22; 8:45 am]
ACTION:
BILLING CODE 7710–12–P
The Postal Service gives
notice of filing a request with the Postal
Regulatory Commission to add a
domestic shipping services contract to
the list of Negotiated Service
Agreements in the Mail Classification
Schedule’s Competitive Products List.
DATES: Date of required notice: October
20, 2022.
FOR FURTHER INFORMATION CONTACT:
Sean Robinson, 202–268–8405.
SUPPLEMENTARY INFORMATION: The
United States Postal Service® hereby
gives notice that, pursuant to 39 U.S.C.
3642 and 3632(b)(3), on October 11,
2022, it filed with the Postal Regulatory
Commission a USPS Request to Add
Priority Mail Express, Priority Mail,
First-Class Package Service, and Parcel
Select Service Contract 65 to
Competitive Product List. Documents
are available at www.prc.gov, Docket
Nos. MC2023–13, CP2023–12.
SUMMARY:
Sarah Sullivan,
Attorney, Ethics & Legal Compliance.
[FR Doc. 2022–22746 Filed 10–19–22; 8:45 am]
BILLING CODE 7710–12–P
POSTAL SERVICE
Product Change—Priority Mail
Express, Priority Mail, First-Class
Package Service, and Parcel Select
Service Negotiated Service Agreement
Postal ServiceTM.
ACTION: Notice.
AGENCY:
The Postal Service gives
notice of filing a request with the Postal
Regulatory Commission to add a
domestic shipping services contract to
the list of Negotiated Service
Agreements in the Mail Classification
Schedule’s Competitive Products List.
DATES: Date of required notice: October
20, 2022.
FOR FURTHER INFORMATION CONTACT:
Sean Robinson, 202–268–8405.
SUPPLEMENTARY INFORMATION: The
United States Postal Service® hereby
gives notice that, pursuant to 39 U.S.C.
3642 and 3632(b)(3), on October 14,
2022, it filed with the Postal Regulatory
Commission a USPS Request to Add
Priority Mail Express, Priority Mail,
First-Class Package Service, and Parcel
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SUMMARY:
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SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–96077; File No. SR–
CboeBZX–2022–043]
Self-Regulatory Organizations; Cboe
BZX Exchange, Inc.; Notice of
Designation of a Longer Period for
Commission Action on a Proposed
Rule Change To Amend Exchange
Rule 14.11(d) To Accommodate
Exchange Listing and Trading of
Options-Linked Securities
October 14, 2022.
On August 18, 2022, Cboe BZX
Exchange, Inc. (‘‘BZX’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’), pursuant to FR
19(b)(1) of the Securities Exchange Act
of 1934 (‘‘Act’’) 1 and Rule 19b–4
thereunder,2 a proposed rule change to
amend BZX Rule 14.11(d) to
accommodate the listing and trading of
Options-Linked Securities. The
proposed rule change was published for
comment in the Federal Register on
September 8, 2022.3 The Commission
has received no comments on the
proposed rule change.
Section 19(b)(2) of the Act 4 provides
that within 45 days of the publication of
notice of the filing of a proposed rule
change, or within such longer period up
to 90 days (i) as the Commission may
designate if it finds such longer period
to be appropriate and publishes its
reasons for so finding or (ii) as to which
the self-regulatory organization
consents, the Commission shall either
approve the proposed rule change,
disapprove the proposed rule change, or
institute proceedings to determine
whether the proposed rule change
should be disapproved. The 45th day
after publication of the notice for this
proposed rule change is October 23,
2022. The Commission is extending this
45-day time period.
The Commission finds that it is
appropriate to designate a longer period
within which to take action on the
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 95655
(Sept. 1, 2022), 87 FR 55068.
4 15 U.S.C. 78s(b)(2).
proposed rule change so that it has
sufficient time to consider the proposed
rule change and the issues raised
therein. Accordingly, pursuant to FR
19(b)(2) of the Act,5 the Commission
designates December 7, 2022, as the date
by which the Commission shall either
approve or disapprove, or institute
proceedings to determine whether to
disapprove, the proposed rule change
(File No. SR–CboeBZX–2022–043).
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.6
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022–22737 Filed 10–19–22; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–96081; File No. SR–CBOE–
2022–051]
Self-Regulatory Organizations; Cboe
Exchange, Inc.; Notice of Filing of a
Proposed Rule Change To Amend Its
Rules Relating to the Processing of
Auction Responses
October 14, 2022.
Pursuant to FR 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 October
3, 2022, Cboe Exchange, Inc. (the
‘‘Exchange’’ or ‘‘Cboe Options’’) filed
with the Securities and Exchange
Commission (the ‘‘Commission’’) the
proposed rule change as described in
Items I, II, and III below, which Items
have been prepared by the Exchange.
The Commission is publishing this
notice to solicit comments on the
proposed rule change from interested
persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
Cboe Exchange, Inc. (the ‘‘Exchange’’
or ‘‘Cboe Options’’) proposes to amend
its rules relating to the processing of
auction responses. The text of the
proposed rule change is provided in
Exhibit 5.
The text of the proposed rule change
is also available on the Exchange’s
website (https://www.cboe.com/
AboutCBOE/CBOELegal
RegulatoryHome.aspx), at the
Exchange’s Office of the Secretary, and
1 15
2 17
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5 Id.
6 17
CFR 200.30–3(a)(31).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
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Federal Register / Vol. 87, No. 202 / Thursday, October 20, 2022 / Notices
Background
The Exchange currently offers a
variety of auction mechanisms which
provide price improvement
opportunities for eligible orders.
Particularly, the Exchange offers the
following auction mechanisms:
Complex Order Auction (‘‘COA’’),3 Step
Up Mechanism (‘‘SUM’’),4 Automated
Improvement Mechanism (‘‘AIM’’),5
Complex AIM (‘‘C–AIM’’),6 Solicitation
Auction Mechanism (‘‘SAM’’),7
Complex SAM (‘‘C–SAM’’),8 FLEX
Auction Process,9 FLEX AIM 10 and
FLEX SAM.11 The Exchange notes that
eligible orders are electronically
exposed for an Exchange-determined
period (collectively referred to herein as
‘‘auction response period’’) in
accordance with the applicable
Exchange Rule, during which time
Users may submit responses
(collectively referred to herein as
‘‘auction responses’’ or ‘‘auction
response messages’’) to an auction
message. Trading Permit Holders
(‘‘TPHs’’) may submit auction responses
via logical port connectivity.12 An
auction response may only execute in
the applicable auction and is cancelled
if it does not execute during an auction.
If an auction response is unable to be
processed by the System during the
auction response period, that auction
response is unable to receive any
execution opportunity or provide
liquidity (and possible price
improvement) on the Exchange.
By way of further background, auction
response messages historically have
waited in the same System queue as all
other order and quote message traffic. If
an auction response is submitted at a
time where there is a deep queue of
other message traffic such as mass
cancellation messages or other orders
and quotes, it is possible that the
auction response may not be
‘‘processed’’ by the System in sufficient
time (i.e., prior to the end of the auction
response period).13 Particularly, the
queued auction response may not be
able to participate in the applicable
auction mechanism because the System
had unprocessed (queued) messages at
the time of the auction execution
despite the fact that the User submitted
the auction response prior to the end of
the auction response period. Auctioned
orders may therefore be missing out on
potential price improvement that may
have otherwise resulted if queued
timely auction response(s) were able to
participate in the auction. Indeed, the
Exchange notes that its review of
auction responses during July 2022
indicated that approximately 55% of
auction responses had no opportunity to
execute in their respective auctions,
notwithstanding being submitted within
the auction response period.
The Exchange proposes to adopt new
functionality under proposed Rule
5.25(e) which would apply across all of
its auction mechanisms to increase the
likelihood that timely submitted auction
responses may participate in the
applicable auction, even during periods
of high message traffic. Under the
proposed functionality, at the time an
auction response period ends, the
System will continue to process its
inbound queue for any messages that
were received before the end of the
See Rule 5.33(d).
See Rule 5.35.
5 See Rule 5.37.
6 See Rule 5.38.
7 See Rule 5.39.
8 See Rule 5.40.
9 See Rule 5.72(c).
10 See Rule 5.73.
11 See Rule 5.74.
12 A User connects to the Exchange using a
logical port available through an API, such as the
industry-standard FIX or BOE protocol. Logical
ports represent a technical port established by the
Exchange within the Exchange’s trading system for
the delivery and/or receipt of trading messages,
including orders, cancels, and auction responses.
13 For example, it takes the Exchange’s system
approximately 10 microseconds to process a single
order/quote or auction response message and, on
average, approximately 190 microseconds to
process a mass cancel message. As such, under the
current system, an auction response that is entered
after a mass cancel message is more likely to be
detrimentally delayed as compared to a mass cancel
message that is entered after an auction response
(i.e., a 190 microsecond ‘‘wait time’’ versus a 10
microsecond ‘‘wait time’’).
at the Commission’s Public Reference
Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange included statements
concerning the purpose of and basis for
the proposed rule change and discussed
any comments it received on the
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below. The
Exchange has prepared summaries, set
forth in sections A, B, and C below, of
the most significant aspects of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange seeks to amend its rules
related to its auction responses.
3
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auction period (including auction
messages) for up to an Exchangedetermined period of time, not to
exceed 100 milliseconds (which the
Exchange may determine on a class-byclass basis). That is, any auction
responses that were in the queue before
the conclusion of the auction (as
identified by the Network Interface Card
(‘‘NIC’’) timestamp on the message) 14
would be processed as long as the
Exchange-determined time on a classby-class basis (not to exceed 100
milliseconds) is not exceeded. Only
auction messages received prior to the
execution of the applicable auction are
eligible to be processed for that auction.
The applicable auction will execute
once all messages, including auction
responses, received before the end time
of the auction response period have
been processed or the Exchangedetermined maximum time limit of up
to 100 milliseconds has elapsed,
whichever occurs first. This
continuation of processing the queue for
an additional amount of time for
messages that were received before the
end of the auction allows for auction
responses that would otherwise have
been canceled due to the conclusion of
the auction response period to still have
an opportunity to participate in the
auction. This provides such responses
with increased opportunities to
participate in the auction, even during
periods of high message traffic, while
still providing a processing cut off time
to ensure auction executions aren’t
unduly delayed.
By way of an example, if an auction
with an auction response period set to
100 milliseconds were to start at 9:00:00
a.m., only auction responses that were
able to be processed by the System by
the conclusion of the auction at 9:00:100
would participate in the auction.
Accordingly, if, for example, an auction
response that was submitted at 9:00:090
(within the auction time response
period), is still in the message queue at
9:00:100, that response under the
current System functionality would be
canceled and not eligible to participate
in the auction. Under the proposal, at
9:00:100, because the System continues
to process all messages timestamped
before 9:00:100, that same auction
response submitted at 9:00:090 would
not automatically be canceled but rather
included in the auction as long as it was
able to be processed within an
additional 50 milliseconds, which is the
additional processing time set by the
Exchange for that class in this example.
Once that auction response is up for
14 All incoming messages are ‘‘timestamped’’ by
the Exchange’s System.
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processing (because the System
processes messages sequentially in time
order sequence), the response will be
able to participate in the auction so long
as it’s processed by 9:00:150,
notwithstanding such processing would
occur after the 100-millisecond auction
response period has concluded. Any
auction responses for the pending
auction that are still pending after the
execution of the auction would be
canceled.15 The Exchange notes that
using the same example, if an auction
response was submitted at 9:00:120, it
would not be eligible for processing
because the timestamp would identify it
as being submitted outside the auction
response period which was otherwise
set to conclude at 9:00:100.
The Exchange believes the proposed
rule change will result in increased
execution opportunities for liquidity
providers that submit auction responses
and enhance the potential for price
improvement for orders submitted to
each mechanism to the benefit of
investors and public interest. Indeed,
the Exchange believes the proposed
functionality will increase the
possibility that timely submitted
auction responses are processed by the
Exchange and have an opportunity for
execution in the applicable auction
mechanism, even if there is a deep
pending message queue. The Exchange
believes the proposed maximum
amount of additional time for
processing is both an adequate amount
of time to provide pending auction
responses with such execution
opportunity, but also an amount
minimal enough that impact to other
message traffic, if any, would be de
minimis. Indeed, the Exchange
anticipates that in the vast majority of
cases, the additional time needed after
the conclusion of auction response
period, if any, to process all pending
auction responses will be shorter than
the maximum 100 milliseconds. All
message traffic (including auction
responses) will continue to be processed
in time-priority.
The Exchange also believes the
proposal will continue to allow the
Exchange to set each auction response
period to an amount of time that
provides TPHs with sufficient time to
respond to, compete for, and provide
price improvement for orders while
continuing to provide auctioned orders
with timely executions that may reduce
market and execution risk. It also
If, for example, the System processed all
messages received before 9:00:100 by 9:00:110, then
the auction would execute at 9:00:110 (i.e., the
System does not need to wait until 9:00:150 to
execute an auction if all messages submitted prior
to the end time of the auction have been processed).
15
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provides timely submitted auction
responses with more execution
opportunities in the applicable, even
during periods of high message traffic,
thereby potentially providing customers
with additional opportunities for price
improvement.
Finally, in light of the proposed
change, the Exchange proposes to
modify Rule 5.25 to make clear that the
Exchange may determine whether or not
to establish a Priority Queue for Auction
response messages (indeed, the
Exchange anticipates implementing the
proposed functionality at this time in
lieu of a Priority Queue). The Exchange
previously adopted Priority Queue
functionality under Rule 5.25, which
provides that auction response messages
may be processed through a Priority
Queue, and all remaining messages
would be processed through a General
Queue. If the Exchange utilizes a
Priority Queue, the System would
process a certain number of messages, as
determined by the Exchange, from each
queue on an alternating basis and
prioritize processing messages in each
respective queue in the order in which
the System receives them (i.e., in time
priority). The Exchange adopted Rule
5.25 for similar purposes as this
proposal, which is to increase the
likelihood that submitted auction
responses would have the opportunity
to participate in auctions
notwithstanding any potential deep
queue of pending message traffic. The
Exchange believes however, that the
proposed new functionality is a more
streamlined approach and would further
increase the likelihood that timely
submitted auction responses are able to
participate in an applicable auction.
Particularly, under the priority queue
functionality, auction responses not
processed by the conclusion of the
auction response period would still be
canceled, whereas, under the proposal,
timely submitted auction responses
would have the opportunity to be
processed for up to an additional 100
milliseconds following the conclusion
of the auction response period. Should
the Exchange determine its necessary to
utilize a priority queue for auction
responses in the future, it would
provide notice to all TPHs pursuant to
Rule 1.5.
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
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FR 6(b) of the Act.16 Specifically, the
Exchange believes the proposed rule
change is consistent with the FR
6(b)(5) 17 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
the FR 6(b)(5) 18 requirement that the
rules of an exchange not be designed to
permit unfair discrimination between
customers, issuers, brokers, or dealers.
In particular, the Exchange believes
modifying its System to allow it to
potentially process more, if not all,
timely submitted auction responses may
provide further opportunities for
auctioned orders to receive price
improvement, which removes
impediments to a free and open market
and ultimately protects and benefits
investors. In particular, the proposed
rule change will continue to provide
investors with timely processing of their
options quote and order messages, while
providing investors who submit auction
eligible orders with additional auction
liquidity. Indeed, the proposed rule
change may allow more investors
additional opportunities to receive price
improvement through an auction
mechanism. While the Exchange may
increase the length of auction response
periods to accommodate more auction
responses, the Exchange believes the
proposed rule change will accommodate
more auction responses and allow the
Exchange to continue to mitigate the
market risk that may accompany a
longer auction period for auctioned
orders by setting the length of an
auction response period to a timeframe
that allows an adequate amount of time
for TPHs to respond to an auction
message and providers orders with fast
executions. Additionally, the Exchange
believes the proposed functionality may
provide liquidity providers that submit
auction responses with additional
execution opportunities in auctions,
which may encourage the submission of
more auction responses, which may
contribute to a deeper, more liquid
auction process that provides investors
15 U.S.C. 78f(b).
15 U.S.C. 78f(b)(5).
18 Id.
16
17
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with additional price improvement
opportunities.
The Exchange believes adopting the
proposed functionality for auction
responses would better provide
customers with additional opportunities
for price improvements with little to no
impact to non-auction response message
traffic. Currently, auction responses
account for an incredibly small fraction
of message traffic submitted to the
Exchange. Indeed, based on the
Exchange’s analysis in July 2022,
auction response messages accounted
for a mere 0.04% of all message traffic
submitted to the Exchange. The
Exchange believe the processing of such
a small amount of message traffic, even
after the conclusion of an auction
response period, would therefore have
de minimis, if any, impact on the
processing of non-auction response
messages waiting in the queue. The
Exchange also notes that all messages
are currently processed one at a time by
the System. Therefore, the System still
needs to ‘‘process’’ all pending auction
responses, regardless of whether that
processing involves canceling the
pending auction response because it
wasn’t processed in time to participate
in the auction or actually processing the
response to participate in the auction.
Either way, the non-auction response
messages will still have to wait for
processing of any pending responses
ahead of it. Conversely, the current
system may cause investors to miss out
on opportunities to receive price
improvement through the Exchange’s
auction mechanisms as the System is
configured to cancel pending auction
responses that ‘‘miss’’ the auction
execution, even if such responses were
timely submitted but not processed due
to the System being otherwise occupied
processing messages in queue ahead of
it. The Exchange therefore believes its
proposal will make it more likely that
the System processes timely submitted
auction responses and includes them in
applicable auctions, thus providing
them with more opportunities to
execute against auctioned orders, even
during periods of high message traffic.
The Exchange further believes the
proposal will continue to allow the
Exchange to set an auction response
period to an amount of time that
provides TPHs with sufficient time to
respond to, compete for, and provide
price improvement for orders while also
continuing to provide auctioned orders
with quick executions that may reduce
market and execution risk. Accordingly,
the Exchange believes the proposal
would provide customers with
additional opportunities for price
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improvement and enhance the quality of
the auctions, thereby removing
impediments to and perfecting the
mechanism of a free and open market
and a national market system, and, in
general protecting investors and the
public interest.
The Exchange also believes the
proposed rule change is not designed to
permit unfair discrimination between
market participants as all market
participants are allowed to submit
auction responses. Additionally, the
Exchange believes it’s reasonable to
adopt the proposed functionality for
auction responses as compared to other
messages because auction responses are
submitted only for the purpose of
executing (and possibly providing price
improvement) in auctions with short
durations, whereas other messages are
generally submitted to rest in or execute
against the book (and generally not used
to submit liquidity into auctions). As
discussed above, the Exchange also
believes the benefits that result from the
adoption of the proposed functionality
for auction responses would outweigh
any potential negative impact to other
message traffic, including customer
orders, which have an incredibly low
chance of being affected by the
proposed change as discussed above
and which continue to receive priority
allocation in any event.
The Exchange lastly believes
clarifying in Rule 5.25 that the Exchange
may utilize priority queue functionality
for auction responses provides further
transparency in the rules. The Exchange
believes the proposed functionality is
currently a better alternative to provide
timely submitted auction responses
with opportunities to participate in an
applicable auction as compared to the
priority queue functionality.
Particularly, under the priority queue
functionality, the System may still be
unable to process all submitted auction
responses, since the System will not
include any auction responses that are
still in queue at the conclusion of the
auction response period in the auction,
even if they were submitted in a timely
manner. Under the proposed
functionality, as discussed, the System
identifies and looks to process all
auction responses timely submitted and
will process such messages even after
the conclusion of the auction response
period, up to 100 milliseconds, thereby
providing a better chance that more
auction responses are in fact able to
participate in the auction. As noted
above, should the Exchange determine
its necessary or appropriate to utilize a
priority queue for auction responses in
the future, it would provide notice to all
TPHs pursuant to Rule 1.5.
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B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act. The
Exchange does not believe that the
proposed changes will impose any
burden on intra-market competition that
is not necessary or appropriate in
furtherance of the purposes of the Act,
as the proposed rule change would
apply equally to all TPHs that submit
auction responses. As noted above, all
market participants are able to submit
auction responses. Additionally, the
Exchange believes the adoption of the
proposed functionality for auction
responses would have little to no impact
on non-auction response message traffic.
As discussed, auction response
messages account for an incredibly
small fraction of message traffic
submitted to the Exchange. The
Exchange therefore believes the
processing of such a small amount of
message traffic by using the
functionality would have a de minimis,
if any, impact on the processing of nonauction response messages. Moreover,
the Exchange believes it’s reasonable to
adopt the proposed functionality for
auction responses as compared to other
messages because auction responses are
submitted only for the purpose of
executing (and possibly providing price
improvement) in auctions with short
durations, whereas other messages are
generally submitted to rest in or execute
against the book (and generally not used
to submit liquidity into auctions).
Lastly, the Exchange does not believe
the proposed rule change will impose
any burden on inter-market competition
that is not necessary or appropriate in
furtherance of the purposes of the Act,
as the proposed change affects how the
System processes auction responses that
may only participate in auctions that
occur on the Exchange.
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
Within 45 days of the date of
publication of this notice in the Federal
Register or within such longer period
up to 90 days (i) as the Commission may
designate if it finds such longer period
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to be appropriate and publishes its
reasons for so finding or (ii) as to which
the Exchange consents, the Commission
will:
A. by order approve or disapprove
such proposed rule change, or
B. institute proceedings to determine
whether the proposed rule change
should be 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:
lotter on DSK11XQN23PROD with NOTICES1
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–2022–051 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–2022–051. 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
VerDate Sep<11>2014
16:50 Oct 19, 2022
Jkt 259001
submissions should refer to File
Number SR–CBOE–2022–051, and
should be submitted on or before
November 10, 2022.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.19
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022–22738 Filed 10–19–22; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–96082; File No. SR–
NYSEAMER–2022–49]
Self-Regulatory Organizations; NYSE
American LLC; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Modify the NYSE
American Options Fee Schedule
October 14, 2022.
Pursuant to FR 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 October
13, 2022, NYSE American LLC (‘‘NYSE
American’’ or the ‘‘Exchange’’) 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 selfregulatory 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
The Exchange proposes to modify the
NYSE American Options Fee Schedule
(‘‘Fee Schedule’’) regarding credits for
Floor Broker Qualified Contingent Cross
(‘‘QCC’’) transactions. The Exchange
proposes to implement the fee change
effective October 13, 2022.4 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.
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.
4 The Exchange originally filed to amend the Fee
Schedule on October 3, 2022 (SR–NYSEAmer–
2022–47) and withdrew such filing on October 13,
2022.
19
1 15
PO 00000
Frm 00075
Fmt 4703
Sfmt 4703
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
self-regulatory organization included
statements concerning the purpose of,
and basis for, the proposed rule change
and discussed any comments it received
on the proposed rule change. The text
of those statements may be examined at
the places specified in Item IV below.
The Exchange has prepared summaries,
set forth in sections A, B, and C below,
of the most significant parts of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The purpose of this filing to amend
the Fee Schedule to modify the credits
available to Floor Brokers for QCC
transactions.5 The Exchange proposes to
implement the rule change on October
13, 2022.
Currently, Floor Brokers earn a credit
for executed QCC orders of ($0.08) per
contract for the first 300,000 contracts or
($0.11) per contract in excess of
300,000.6 The Exchange currently limits
the maximum Floor Broker credit to
$525,000 per month per Floor Broker
firm.7 QCC executions in which a
Customer or Professional Customer, or
both, is on both sides of the QCC trade
are not eligible for the Floor Broker
credit, and the Floor Broker credit is
paid only on volume within the
applicable tier and is not retroactive to
the first contract traded.8
The Exchange now proposes to
increase the number of contracts per
month a Floor Broker must execute to
earn the higher of the two QCC credits
available to Floor Brokers, as well as the
amounts of both of the credits available
to Floor Brokers for executed QCC
orders. Specifically, the Exchange
proposes that Floor Brokers may earn a
credit of ($0.11) per contract for the first
500,000 contracts and a credit of ($0.14)
per contract on all contracts above
500,000 in a month.
5 A QCC is defined as an originating order to buy
or sell at least 1,000 contracts, or 10,000 minioptions contracts, that is identified as being part of
a qualified contingent trade (as that term is defined
in Commentary .01 to Rule 900.3NY), coupled with
a contra side order or orders totaling an equal
number of contracts. See Rule 900.3NY(y).
6 See Fee Schedule, FR I.F., QCC Fees and
Credits, available here, https://www.nyse.com/
publicdocs/nyse/markets/american-options/NYSE_
American_Options_Fee_Schedule.pdf.
7 See id., FR 1.F. Footnote 1.
8 See id.
E:\FR\FM\20OCN1.SGM
20OCN1
]]>Agencies
[Federal Register Volume 87, Number 202 (Thursday, October 20, 2022)]
[Notices]
[Pages 63830-63834]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-22738]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-96081; File No. SR-CBOE-2022-051]
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of
Filing of a Proposed Rule Change To Amend Its Rules Relating to the
Processing of Auction Responses
October 14, 2022.
Pursuant to FR 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 October 3, 2022, Cboe Exchange, Inc. (the ``Exchange'' or ``Cboe
Options'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been prepared by the Exchange. The
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
Cboe Exchange, Inc. (the ``Exchange'' or ``Cboe Options'') proposes
to amend its rules relating to the processing of auction responses. The
text of the proposed rule change is provided in Exhibit 5.
The text of the proposed rule change is also available on the
Exchange's website (https://www.cboe.com/AboutCBOE/CBOELegalRegulatoryHome.aspx), at the Exchange's Office of the
Secretary, and
[[Page 63831]]
at the Commission's Public Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange seeks to amend its rules related to its auction
responses.
Background
The Exchange currently offers a variety of auction mechanisms which
provide price improvement opportunities for eligible orders.
Particularly, the Exchange offers the following auction mechanisms:
Complex Order Auction (``COA''),\3\ Step Up Mechanism (``SUM''),\4\
Automated Improvement Mechanism (``AIM''),\5\ Complex AIM (``C-
AIM''),\6\ Solicitation Auction Mechanism (``SAM''),\7\ Complex SAM
(``C-SAM''),\8\ FLEX Auction Process,\9\ FLEX AIM \10\ and FLEX
SAM.\11\ The Exchange notes that eligible orders are electronically
exposed for an Exchange-determined period (collectively referred to
herein as ``auction response period'') in accordance with the
applicable Exchange Rule, during which time Users may submit responses
(collectively referred to herein as ``auction responses'' or ``auction
response messages'') to an auction message. Trading Permit Holders
(``TPHs'') may submit auction responses via logical port
connectivity.\12\ An auction response may only execute in the
applicable auction and is cancelled if it does not execute during an
auction. If an auction response is unable to be processed by the System
during the auction response period, that auction response is unable to
receive any execution opportunity or provide liquidity (and possible
price improvement) on the Exchange.
---------------------------------------------------------------------------
\3\ See Rule 5.33(d).
\4\ See Rule 5.35.
\5\ See Rule 5.37.
\6\ See Rule 5.38.
\7\ See Rule 5.39.
\8\ See Rule 5.40.
\9\ See Rule 5.72(c).
\10\ See Rule 5.73.
\11\ See Rule 5.74.
\12\ A User connects to the Exchange using a logical port
available through an API, such as the industry-standard FIX or BOE
protocol. Logical ports represent a technical port established by
the Exchange within the Exchange's trading system for the delivery
and/or receipt of trading messages, including orders, cancels, and
auction responses.
---------------------------------------------------------------------------
By way of further background, auction response messages
historically have waited in the same System queue as all other order
and quote message traffic. If an auction response is submitted at a
time where there is a deep queue of other message traffic such as mass
cancellation messages or other orders and quotes, it is possible that
the auction response may not be ``processed'' by the System in
sufficient time (i.e., prior to the end of the auction response
period).\13\ Particularly, the queued auction response may not be able
to participate in the applicable auction mechanism because the System
had unprocessed (queued) messages at the time of the auction execution
despite the fact that the User submitted the auction response prior to
the end of the auction response period. Auctioned orders may therefore
be missing out on potential price improvement that may have otherwise
resulted if queued timely auction response(s) were able to participate
in the auction. Indeed, the Exchange notes that its review of auction
responses during July 2022 indicated that approximately 55% of auction
responses had no opportunity to execute in their respective auctions,
notwithstanding being submitted within the auction response period.
---------------------------------------------------------------------------
\13\ For example, it takes the Exchange's system approximately
10 microseconds to process a single order/quote or auction response
message and, on average, approximately 190 microseconds to process a
mass cancel message. As such, under the current system, an auction
response that is entered after a mass cancel message is more likely
to be detrimentally delayed as compared to a mass cancel message
that is entered after an auction response (i.e., a 190 microsecond
``wait time'' versus a 10 microsecond ``wait time'').
---------------------------------------------------------------------------
The Exchange proposes to adopt new functionality under proposed
Rule 5.25(e) which would apply across all of its auction mechanisms to
increase the likelihood that timely submitted auction responses may
participate in the applicable auction, even during periods of high
message traffic. Under the proposed functionality, at the time an
auction response period ends, the System will continue to process its
inbound queue for any messages that were received before the end of the
auction period (including auction messages) for up to an Exchange-
determined period of time, not to exceed 100 milliseconds (which the
Exchange may determine on a class-by-class basis). That is, any auction
responses that were in the queue before the conclusion of the auction
(as identified by the Network Interface Card (``NIC'') timestamp on the
message) \14\ would be processed as long as the Exchange-determined
time on a class-by-class basis (not to exceed 100 milliseconds) is not
exceeded. Only auction messages received prior to the execution of the
applicable auction are eligible to be processed for that auction. The
applicable auction will execute once all messages, including auction
responses, received before the end time of the auction response period
have been processed or the Exchange-determined maximum time limit of up
to 100 milliseconds has elapsed, whichever occurs first. This
continuation of processing the queue for an additional amount of time
for messages that were received before the end of the auction allows
for auction responses that would otherwise have been canceled due to
the conclusion of the auction response period to still have an
opportunity to participate in the auction. This provides such responses
with increased opportunities to participate in the auction, even during
periods of high message traffic, while still providing a processing cut
off time to ensure auction executions aren't unduly delayed.
---------------------------------------------------------------------------
\14\ All incoming messages are ``timestamped'' by the Exchange's
System.
---------------------------------------------------------------------------
By way of an example, if an auction with an auction response period
set to 100 milliseconds were to start at 9:00:00 a.m., only auction
responses that were able to be processed by the System by the
conclusion of the auction at 9:00:100 would participate in the auction.
Accordingly, if, for example, an auction response that was submitted at
9:00:090 (within the auction time response period), is still in the
message queue at 9:00:100, that response under the current System
functionality would be canceled and not eligible to participate in the
auction. Under the proposal, at 9:00:100, because the System continues
to process all messages timestamped before 9:00:100, that same auction
response submitted at 9:00:090 would not automatically be canceled but
rather included in the auction as long as it was able to be processed
within an additional 50 milliseconds, which is the additional
processing time set by the Exchange for that class in this example.
Once that auction response is up for
[[Page 63832]]
processing (because the System processes messages sequentially in time
order sequence), the response will be able to participate in the
auction so long as it's processed by 9:00:150, notwithstanding such
processing would occur after the 100-millisecond auction response
period has concluded. Any auction responses for the pending auction
that are still pending after the execution of the auction would be
canceled.\15\ The Exchange notes that using the same example, if an
auction response was submitted at 9:00:120, it would not be eligible
for processing because the timestamp would identify it as being
submitted outside the auction response period which was otherwise set
to conclude at 9:00:100.
---------------------------------------------------------------------------
\15\ If, for example, the System processed all messages received
before 9:00:100 by 9:00:110, then the auction would execute at
9:00:110 (i.e., the System does not need to wait until 9:00:150 to
execute an auction if all messages submitted prior to the end time
of the auction have been processed).
---------------------------------------------------------------------------
The Exchange believes the proposed rule change will result in
increased execution opportunities for liquidity providers that submit
auction responses and enhance the potential for price improvement for
orders submitted to each mechanism to the benefit of investors and
public interest. Indeed, the Exchange believes the proposed
functionality will increase the possibility that timely submitted
auction responses are processed by the Exchange and have an opportunity
for execution in the applicable auction mechanism, even if there is a
deep pending message queue. The Exchange believes the proposed maximum
amount of additional time for processing is both an adequate amount of
time to provide pending auction responses with such execution
opportunity, but also an amount minimal enough that impact to other
message traffic, if any, would be de minimis. Indeed, the Exchange
anticipates that in the vast majority of cases, the additional time
needed after the conclusion of auction response period, if any, to
process all pending auction responses will be shorter than the maximum
100 milliseconds. All message traffic (including auction responses)
will continue to be processed in time-priority.
The Exchange also believes the proposal will continue to allow the
Exchange to set each auction response period to an amount of time that
provides TPHs with sufficient time to respond to, compete for, and
provide price improvement for orders while continuing to provide
auctioned orders with timely executions that may reduce market and
execution risk. It also provides timely submitted auction responses
with more execution opportunities in the applicable, even during
periods of high message traffic, thereby potentially providing
customers with additional opportunities for price improvement.
Finally, in light of the proposed change, the Exchange proposes to
modify Rule 5.25 to make clear that the Exchange may determine whether
or not to establish a Priority Queue for Auction response messages
(indeed, the Exchange anticipates implementing the proposed
functionality at this time in lieu of a Priority Queue). The Exchange
previously adopted Priority Queue functionality under Rule 5.25, which
provides that auction response messages may be processed through a
Priority Queue, and all remaining messages would be processed through a
General Queue. If the Exchange utilizes a Priority Queue, the System
would process a certain number of messages, as determined by the
Exchange, from each queue on an alternating basis and prioritize
processing messages in each respective queue in the order in which the
System receives them (i.e., in time priority). The Exchange adopted
Rule 5.25 for similar purposes as this proposal, which is to increase
the likelihood that submitted auction responses would have the
opportunity to participate in auctions notwithstanding any potential
deep queue of pending message traffic. The Exchange believes however,
that the proposed new functionality is a more streamlined approach and
would further increase the likelihood that timely submitted auction
responses are able to participate in an applicable auction.
Particularly, under the priority queue functionality, auction responses
not processed by the conclusion of the auction response period would
still be canceled, whereas, under the proposal, timely submitted
auction responses would have the opportunity to be processed for up to
an additional 100 milliseconds following the conclusion of the auction
response period. Should the Exchange determine its necessary to utilize
a priority queue for auction responses in the future, it would provide
notice to all TPHs pursuant to Rule 1.5.
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 FR 6(b) of the Act.\16\ Specifically, the Exchange
believes the proposed rule change is consistent with the FR 6(b)(5)
\17\ 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 the FR 6(b)(5)
\18\ requirement that the rules of an exchange not be designed to
permit unfair discrimination between customers, issuers, brokers, or
dealers.
---------------------------------------------------------------------------
\16\ 15 U.S.C. 78f(b).
\17\ 15 U.S.C. 78f(b)(5).
\18\ Id.
---------------------------------------------------------------------------
In particular, the Exchange believes modifying its System to allow
it to potentially process more, if not all, timely submitted auction
responses may provide further opportunities for auctioned orders to
receive price improvement, which removes impediments to a free and open
market and ultimately protects and benefits investors. In particular,
the proposed rule change will continue to provide investors with timely
processing of their options quote and order messages, while providing
investors who submit auction eligible orders with additional auction
liquidity. Indeed, the proposed rule change may allow more investors
additional opportunities to receive price improvement through an
auction mechanism. While the Exchange may increase the length of
auction response periods to accommodate more auction responses, the
Exchange believes the proposed rule change will accommodate more
auction responses and allow the Exchange to continue to mitigate the
market risk that may accompany a longer auction period for auctioned
orders by setting the length of an auction response period to a
timeframe that allows an adequate amount of time for TPHs to respond to
an auction message and providers orders with fast executions.
Additionally, the Exchange believes the proposed functionality may
provide liquidity providers that submit auction responses with
additional execution opportunities in auctions, which may encourage the
submission of more auction responses, which may contribute to a deeper,
more liquid auction process that provides investors
[[Page 63833]]
with additional price improvement opportunities.
The Exchange believes adopting the proposed functionality for
auction responses would better provide customers with additional
opportunities for price improvements with little to no impact to non-
auction response message traffic. Currently, auction responses account
for an incredibly small fraction of message traffic submitted to the
Exchange. Indeed, based on the Exchange's analysis in July 2022,
auction response messages accounted for a mere 0.04% of all message
traffic submitted to the Exchange. The Exchange believe the processing
of such a small amount of message traffic, even after the conclusion of
an auction response period, would therefore have de minimis, if any,
impact on the processing of non-auction response messages waiting in
the queue. The Exchange also notes that all messages are currently
processed one at a time by the System. Therefore, the System still
needs to ``process'' all pending auction responses, regardless of
whether that processing involves canceling the pending auction response
because it wasn't processed in time to participate in the auction or
actually processing the response to participate in the auction. Either
way, the non-auction response messages will still have to wait for
processing of any pending responses ahead of it. Conversely, the
current system may cause investors to miss out on opportunities to
receive price improvement through the Exchange's auction mechanisms as
the System is configured to cancel pending auction responses that
``miss'' the auction execution, even if such responses were timely
submitted but not processed due to the System being otherwise occupied
processing messages in queue ahead of it. The Exchange therefore
believes its proposal will make it more likely that the System
processes timely submitted auction responses and includes them in
applicable auctions, thus providing them with more opportunities to
execute against auctioned orders, even during periods of high message
traffic. The Exchange further believes the proposal will continue to
allow the Exchange to set an auction response period to an amount of
time that provides TPHs with sufficient time to respond to, compete
for, and provide price improvement for orders while also continuing to
provide auctioned orders with quick executions that may reduce market
and execution risk. Accordingly, the Exchange believes the proposal
would provide customers with additional opportunities for price
improvement and enhance the quality of the auctions, thereby removing
impediments to and perfecting the mechanism of a free and open market
and a national market system, and, in general protecting investors and
the public interest.
The Exchange also believes the proposed rule change is not designed
to permit unfair discrimination between market participants as all
market participants are allowed to submit auction responses.
Additionally, the Exchange believes it's reasonable to adopt the
proposed functionality for auction responses as compared to other
messages because auction responses are submitted only for the purpose
of executing (and possibly providing price improvement) in auctions
with short durations, whereas other messages are generally submitted to
rest in or execute against the book (and generally not used to submit
liquidity into auctions). As discussed above, the Exchange also
believes the benefits that result from the adoption of the proposed
functionality for auction responses would outweigh any potential
negative impact to other message traffic, including customer orders,
which have an incredibly low chance of being affected by the proposed
change as discussed above and which continue to receive priority
allocation in any event.
The Exchange lastly believes clarifying in Rule 5.25 that the
Exchange may utilize priority queue functionality for auction responses
provides further transparency in the rules. The Exchange believes the
proposed functionality is currently a better alternative to provide
timely submitted auction responses with opportunities to participate in
an applicable auction as compared to the priority queue functionality.
Particularly, under the priority queue functionality, the System may
still be unable to process all submitted auction responses, since the
System will not include any auction responses that are still in queue
at the conclusion of the auction response period in the auction, even
if they were submitted in a timely manner. Under the proposed
functionality, as discussed, the System identifies and looks to process
all auction responses timely submitted and will process such messages
even after the conclusion of the auction response period, up to 100
milliseconds, thereby providing a better chance that more auction
responses are in fact able to participate in the auction. As noted
above, should the Exchange determine its necessary or appropriate to
utilize a priority queue for auction responses in the future, it would
provide notice to all TPHs pursuant to Rule 1.5.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. The Exchange does not
believe that the proposed changes will impose any burden on intra-
market competition that is not necessary or appropriate in furtherance
of the purposes of the Act, as the proposed rule change would apply
equally to all TPHs that submit auction responses. As noted above, all
market participants are able to submit auction responses. Additionally,
the Exchange believes the adoption of the proposed functionality for
auction responses would have little to no impact on non-auction
response message traffic. As discussed, auction response messages
account for an incredibly small fraction of message traffic submitted
to the Exchange. The Exchange therefore believes the processing of such
a small amount of message traffic by using the functionality would have
a de minimis, if any, impact on the processing of non-auction response
messages. Moreover, the Exchange believes it's reasonable to adopt the
proposed functionality for auction responses as compared to other
messages because auction responses are submitted only for the purpose
of executing (and possibly providing price improvement) in auctions
with short durations, whereas other messages are generally submitted to
rest in or execute against the book (and generally not used to submit
liquidity into auctions). Lastly, the Exchange does not believe the
proposed rule change will impose any burden on inter-market competition
that is not necessary or appropriate in furtherance of the purposes of
the Act, as the proposed change affects how the System processes
auction responses that may only participate in auctions that occur on
the Exchange.
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
Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period up to 90 days (i) as the
Commission may designate if it finds such longer period
[[Page 63834]]
to be appropriate and publishes its reasons for so finding or (ii) as
to which the Exchange consents, the Commission will:
A. by order approve or disapprove such proposed rule change, or
B. institute proceedings to determine whether the proposed rule
change should be 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-CBOE-2022-051 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-2022-051. 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-2022-051, and should be submitted
on or before November 10, 2022.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\19\
---------------------------------------------------------------------------
\19\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022-22738 Filed 10-19-22; 8:45 am]
BILLING CODE 8011-01-P
