Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee Schedule, 44415-44417 [2023-14666]
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Federal Register / Vol. 88, No. 132 / Wednesday, July 12, 2023 / Notices
www.prc.gov. Those who cannot submit
comments electronically should contact
the person identified in the FOR FURTHER
INFORMATION CONTACT section by
telephone for advice on filing
alternatives.
FOR FURTHER INFORMATION CONTACT:
David A. Trissell, General Counsel, at
202–789–6820.
SUPPLEMENTARY INFORMATION:
Table of Contents
lotter on DSK11XQN23PROD with NOTICES1
I. Introduction
II. Docketed Proceeding(s)
I. Introduction
The Commission gives notice that the
Postal Service filed request(s) for the
Commission to consider matters related
to negotiated service agreement(s). The
request(s) may propose the addition or
removal of a negotiated service
agreement from the Market Dominant or
the Competitive product list, or the
modification of an existing product
currently appearing on the Market
Dominant or the Competitive product
list.
Section II identifies the docket
number(s) associated with each Postal
Service request, the title of each Postal
Service request, the request’s acceptance
date, and the authority cited by the
Postal Service for each request. For each
request, the Commission appoints an
officer of the Commission to represent
the interests of the general public in the
proceeding, pursuant to 39 U.S.C. 505
(Public Representative). Section II also
establishes comment deadline(s)
pertaining to each request.
The public portions of the Postal
Service’s request(s) can be accessed via
the Commission’s website (https://
www.prc.gov). Non-public portions of
the Postal Service’s request(s), if any,
can be accessed through compliance
with the requirements of 39 CFR
3011.301.1
The Commission invites comments on
whether the Postal Service’s request(s)
in the captioned docket(s) are consistent
with the policies of title 39. For
request(s) that the Postal Service states
concern Market Dominant product(s),
applicable statutory and regulatory
requirements include 39 U.S.C. 3622, 39
U.S.C. 3642, 39 CFR part 3030, and 39
CFR part 3040, subpart B. For request(s)
that the Postal Service states concern
Competitive product(s), applicable
statutory and regulatory requirements
include 39 U.S.C. 3632, 39 U.S.C. 3633,
39 U.S.C. 3642, 39 CFR part 3035, and
39 CFR part 3040, subpart B. Comment
deadline(s) for each request appear in
section II.
SECURITIES AND EXCHANGE
COMMISSION
II. Docketed Proceeding(s)
[Release No. 34–97843; File No. SR–
CboeBZX–2023–039]
1. Docket No(s).: MC2023–180 and
CP2023–184; Filing Title: USPS Request
to Add Priority Mail Contract 781 to
Competitive Product List and Notice of
Filing Materials Under Seal; Filing
Acceptance Date: July 6, 2023; Filing
Authority: 39 U.S.C. 3642, 39 CFR
3040.130 through 3040.135, and 39 CFR
3035.105; Public Representative:
Christopher C. Mohr; Comments Due:
July 14, 2023.
This Notice will be published in the
Federal Register.
Erica A. Barker,
Secretary.
[FR Doc. 2023–14787 Filed 7–11–23; 8:45 am]
BILLING CODE 7710–FW–P
POSTAL SERVICE
Product Change—Priority Mail
Negotiated Service Agreement
AGENCY:
ACTION:
Postal ServiceTM.
Notice.
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.
SUMMARY:
DATES:
Date of required notice: July 12,
2023.
FOR FURTHER INFORMATION CONTACT:
Sean C. Robinson, 202–268–8405.
The
United States Postal Service® hereby
gives notice that, pursuant to 39 U.S.C.
3642 and 3632(b)(3), on July 6, 2023, it
filed with the Postal Regulatory
Commission a USPS Request to Add
Priority Mail Contract 781 to
Competitive Product List. Documents
are available at www.prc.gov, Docket
Nos. MC2023–180, CP2023–184.
SUPPLEMENTARY INFORMATION:
Sean C. Robinson,
Attorney, Corporate and Postal Business Law.
[FR Doc. 2023–14780 Filed 7–11–23; 8:45 am]
VerDate Sep<11>2014
17:29 Jul 11, 2023
Jkt 259001
Self-Regulatory Organizations; Cboe
BZX Exchange, Inc.; Notice of Filing
and Immediate Effectiveness of a
Proposed Rule Change To Amend Its
Fee Schedule
July 6, 2023.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on June 22,
2023, Cboe BZX Exchange, Inc.
(‘‘Exchange’’ or ‘‘BZX’’) filed with the
Securities and Exchange Commission
(‘‘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 BZX Exchange, Inc. (the
‘‘Exchange’’ or ‘‘BZX’’) proposes to
amend its Fee Schedule. The text of the
proposed rule change is provided in
Exhibit 5.
The text of the proposed rule change
is also available on the Exchange’s
website (https://markets.cboe.com/us/
equities/regulation/rule_filings/bzx/), 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.
BILLING CODE 7710–12–P
1 See Docket No. RM2018–3, Order Adopting
Final Rules Relating to Non-Public Information,
June 27, 2018, Attachment A at 19–22 (Order No.
4679).
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2 17
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E:\FR\FM\12JYN1.SGM
U.S.C. 78s(b)(1).
CFR 240.19b–4.
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Federal Register / Vol. 88, No. 132 / Wednesday, July 12, 2023 / Notices
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
proposing to make any other changes to
the Definitions in its Fee Schedule and
will announce the change via a Trade
Desk notice to Members.
1. Purpose
The Exchange proposes to amend its
Fee Schedule applicable to its equities
trading platform (‘‘BZX Equities’’) by
amending the definition of the Russell
Reconstitution Day. The Exchange
proposes to implement these changes
effective June 22, 2023.
The ‘‘definitions’’ section of the
Exchange’s Fee Schedule defines
various terms used throughout the Fee
Schedule. As explained under the
definitions of ADAV, ADV, and TCV,3
the Exchange currently excludes the
Russell Reconstitution Day from the
calculation of ADAV, ADV, and TCV,
each of which are calculated on a
monthly basis.4 The Russell
Reconstitution Day is defined in the Fee
Schedule as ‘‘the last Friday in June.’’ 5
While generally the Russell
Reconstitution Day does occur on the
last Friday in June, in months where
there are five Fridays in June the Russell
Reconstitution Day instead falls on the
fourth Friday in June. The Exchange
proposes to amend the definition of
Russell Reconstitution Day to ‘‘the
fourth Friday in June’’ 6 in order to
provide a more accurate description of
the date which will not be included in
the calculation of ADAV, ADV, and TCV
to its Members.7 The Exchange is not
2. Statutory Basis
3 ‘‘ADAV’’ means average daily added volume
calculated as the number of shares added per day
and ‘‘ADV’’ means average daily volume calculated
as the number of shares added or removed,
combined, per day. ADAV and ADV are calculated
on a monthly basis. ‘‘TCV’’ means total
consolidated volume as the volume reported by all
exchanges and trade reporting facilities to a
consolidated transaction reporting plan for the
month for which the fees apply.
4 The Russell Reconstitution Day is generally
characterized by high trading volumes, much of
which are derived from market participants who are
not generally as active entering the market to
rebalance their holdings in-line with the annual
rebalancing of the Russell indices. The Exchange,
along with other competing exchanges, excludes the
Russell Reconstitution Day from certain volume
calculations as the high trading volumes can
significantly impact trading and quoting
calculations.
5 See BZX Equities Fee Schedule, Definitions.
6 See Russell U.S. Equity Indices Construction
and Methodology, available at https://research.
ftserussell.com/products/downloads/Russell-USindexes.pdf (last accessed June 21, 2023).
7 See Rule 1.5(n) (‘‘Member’’). The term
‘‘Member’’ shall mean any registered broker or
dealer that has been admitted to membership in the
Exchange. A Member will have the status of a
‘‘member’’ of the Exchange as that term is defined
in Section 3(a)(3) of the Act. Membership may be
granted to a sole proprietor, partnership,
corporation, limited liability company or other
organization which is a registered broker or dealer
pursuant to Section 15 of the Act, and which has
been approved by the Exchange.
VerDate Sep<11>2014
17:29 Jul 11, 2023
Jkt 259001
The Exchange believes the proposed
rule change is consistent with the Act
and the rules and regulations
thereunder applicable to the Exchange
and, in particular, the requirements of
Section 6(b) of the Act.8 Specifically,
the Exchange believes the proposed rule
change is consistent with the Section
6(b)(5) 9 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 Section 6(b)(5) 10 requirement that
the rules of an exchange not be designed
to permit unfair discrimination between
customers, issuers, brokers, or dealers as
well as Section 6(b)(4) 11 as it is
designed to provide for the equitable
allocation of reasonable dues, fees and
other charges among its Members and
other persons using its facilities.
In particular, the Exchange believes
its proposal to amend the definition of
the ‘‘Russell Reconstitution Day’’ is not
designed to permit unfair
discrimination between customer,
issuers, brokers, or dealers and is
designed to provide for the equitable
allocation of fees. Specifically, the
proposal is intended only to add clarity
to the Exchange’s Fee Schedule by
providing Members with additional
certainty as to their level of rebates and
costs for trading during the month of
June and involves no substantive
change. Additionally, the proposed
change promotes just and equitable
principles of trade and is designed to
remove impediments to and perfect the
mechanism of a free and open market
and a national market system as it
provides transparency to Members
regarding which date in the month of
June will not be included in the
calculation of ADAV, ADV, and TCV.
PO 00000
8 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
10 Id.
11 15 U.S.C. 78f(b)(4).
9 15
Frm 00167
Fmt 4703
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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. Rather, as
discussed above, the Exchange believes
that the proposed changes would
encourage the submission of additional
order flow to a public exchange, thereby
promoting market depth, execution
incentives and enhanced execution
opportunities, as well as price discovery
and transparency for all Members. As a
result, the Exchange believes that the
proposed changes further the
Commission’s goal in adopting
Regulation NMS of fostering
competition among orders, which
promotes ‘‘more efficient pricing of
individual stocks for all types of orders,
large and small.’’
The Exchange believes the proposed
rule changes do not impose any burden
on intramarket competition that is not
necessary or appropriate in furtherance
of the purposes of the Act. Specifically,
the Exchange does not believe that its
proposal to revise the definition of
‘‘Russell Reconstitution Day’’ will have
any impact on competition as the
change is only intended to add clarity
to the Exchange’s Fee Schedule and
involves no substantive change.
Next, the Exchange believes the
proposed rule changes does not impose
any burden on intermarket competition
that is not necessary or appropriate in
furtherance of the purposes of the Act.
As previously discussed, the Exchange
operates in a highly competitive market.
Members have numerous alternative
venues that they may participate on and
direct their order flow, including other
equities exchanges, off-exchange
venues, and alternative trading systems.
Additionally, the Exchange represents a
small percentage of the overall market.
By providing Members with a greater
level of certainty as to which date in the
month of June will be excluded from the
calculation of ADAV, ADV, and TCV,
the Exchange is providing additional
certainty as to the level of rebates and
costs for trading during the month of the
Russell reconstitution, which could
promote competition between the
Exchange and other execution venues.
Accordingly, the Exchange does not
believe its proposed fee change imposes
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act.
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Federal Register / Vol. 88, No. 132 / Wednesday, July 12, 2023 / Notices
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
The Exchange neither solicited nor
received comments on the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act 12 and paragraph (f) of Rule
19b–4 13 thereunder. At any time within
60 days of the filing of the proposed rule
change, the Commission summarily may
temporarily suspend such rule change if
it appears to the Commission that such
action is necessary or appropriate in the
public interest, for the protection of
investors, or otherwise in furtherance of
the purposes of the Act. If the
Commission takes such action, the
Commission will institute proceedings
to determine whether the proposed rule
change should be approved or
disapproved.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
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-CboeBZX–2023–039 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–2023–039. 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
12 15
13 17
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
a.m. and 3 p.m. Copies of the filing also
will be available for inspection and
copying at the principal office of the
Exchange. Do not include personal
identifiable information in submissions;
you should submit only information
that you wish to make available
publicly. We may redact in part or
withhold entirely from publication
submitted material that is obscene or
subject to copyright protection. All
submissions should refer to file number
SR-CboeBZX–2023–039 and should be
submitted on or before August 2, 2023.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.14
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023–14666 Filed 7–11–23; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Investment Company Act Release No.
34957; File No. 812–15463]
Crescent Private Credit Income Corp.,
and Crescent Cap NT Advisors, LLC.
17:29 Jul 11, 2023
HEARING OR NOTIFICATION OF HEARING:
An order granting the requested relief
will be issued unless the Commission
orders a hearing. Interested persons may
request a hearing on any application by
emailing the SEC’s Secretary at
Secretarys-Office@sec.gov and serving
the Applicants with a copy of the
request by email, if an email address is
listed for the relevant Applicant below,
or personally or by mail, if a physical
address is listed for the relevant
Applicant below. Hearing requests
should be received by the Commission
by 5:30 p.m. on July 31, 2023, and
should be accompanied by proof of
service on the Applicants, in the form
of an affidavit or, for lawyers, a
certificate of service. Pursuant to rule 0–
5 under the Act, hearing requests should
state the nature of the writer’s interest,
any facts bearing upon the desirability
of a hearing on the matter, the reason for
the request, and the issues contested.
Persons who wish to be notified of a
hearing may request notification by
emailing the Commission’s Secretary.
The Commission:
Secretarys-Office@sec.gov. Applicant:
George P. Hawley, Esq., Crescent Cap
NT Advisors, LLC, george.hawley@
Crescentcap.com, with copies to Nicole
M. Runyan, Kirkland & Ellis LLP,
nicole.runyan@kirkland.com, and
Monica J. Shilling, Kirkland & Ellis LLP,
monica.shilling@kirkland.com.
ADDRESSES:
FOR FURTHER INFORMATION CONTACT:
Trace W. Rakestraw, Senior Special
Counsel, at (202) 551–6825 (Division of
Investment Management, Chief
Counsel’s Office).
SUPPLEMENTARY INFORMATION:
Notice of an application under section
6(c) of the Investment Company Act of
1940 (the ‘‘Act’’) for an exemption from
sections 18(a)(2), 18(c) and 18(i) and
section 61(a) of the Act.
SUMMARY OF APPLICATION: Applicants
request an order to permit certain
closed-end management investment
companies that have elected to be
regulated as business development
companies (‘‘BDCs’’) to issue multiple
classes of shares with varying sales
loads and asset-based service and/or
distribution fees.
APPLICANTS: Crescent Private Credit
Income Corp., and Crescent Cap NT
Advisors, LLC.
Sherry R. Haywood,
Assistant Secretary.
For
Applicants’ representations, legal
analysis, and conditions, please refer to
Applicants’ application, dated May 5,
2023, which may be obtained via the
Commission’s website by searching for
the file number at the top of this
document, or for an Applicant using the
Company name search field, on the
SEC’s EDGAR system. The SEC’s
EDGAR system may be searched at
https://www.sec.gov/edgar/searchedgar/
legacy/companysearch.html. You may
also call the SEC’s Public Reference
Room at (202) 551–8090.
For the Commission, by the Division
of Investment Management, under
delegated authority.
[FR Doc. 2023–14663 Filed 7–11–23; 8:45 am]
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f).
VerDate Sep<11>2014
The application was filed
on May 5, 2023.
FILING DATES:
DATES: July 6, 2023.
AGENCY: Securities and
Exchange
Commission (‘‘Commission’’ or ‘‘SEC’’).
ACTION: Notice.
44417
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CFR 200.30–3(a)(12).
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BILLING CODE 8011–01–P
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]]>Agencies
[Federal Register Volume 88, Number 132 (Wednesday, July 12, 2023)]
[Notices]
[Pages 44415-44417]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-14666]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-97843; File No. SR-CboeBZX-2023-039]
Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
Its Fee Schedule
July 6, 2023.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on June 22, 2023, Cboe BZX Exchange, Inc. (``Exchange'' or ``BZX'')
filed with the Securities and Exchange Commission (``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 BZX Exchange, Inc. (the ``Exchange'' or ``BZX'') proposes to
amend its Fee Schedule. The text of the proposed rule change is
provided in Exhibit 5.
The text of the proposed rule change is also available on the
Exchange's website (https://markets.cboe.com/us/equities/regulation/rule_filings/bzx/), 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.
[[Page 44416]]
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend its Fee Schedule applicable to its
equities trading platform (``BZX Equities'') by amending the definition
of the Russell Reconstitution Day. The Exchange proposes to implement
these changes effective June 22, 2023.
The ``definitions'' section of the Exchange's Fee Schedule defines
various terms used throughout the Fee Schedule. As explained under the
definitions of ADAV, ADV, and TCV,\3\ the Exchange currently excludes
the Russell Reconstitution Day from the calculation of ADAV, ADV, and
TCV, each of which are calculated on a monthly basis.\4\ The Russell
Reconstitution Day is defined in the Fee Schedule as ``the last Friday
in June.'' \5\ While generally the Russell Reconstitution Day does
occur on the last Friday in June, in months where there are five
Fridays in June the Russell Reconstitution Day instead falls on the
fourth Friday in June. The Exchange proposes to amend the definition of
Russell Reconstitution Day to ``the fourth Friday in June'' \6\ in
order to provide a more accurate description of the date which will not
be included in the calculation of ADAV, ADV, and TCV to its Members.\7\
The Exchange is not proposing to make any other changes to the
Definitions in its Fee Schedule and will announce the change via a
Trade Desk notice to Members.
---------------------------------------------------------------------------
\3\ ``ADAV'' means average daily added volume calculated as the
number of shares added per day and ``ADV'' means average daily
volume calculated as the number of shares added or removed,
combined, per day. ADAV and ADV are calculated on a monthly basis.
``TCV'' means total consolidated volume as the volume reported by
all exchanges and trade reporting facilities to a consolidated
transaction reporting plan for the month for which the fees apply.
\4\ The Russell Reconstitution Day is generally characterized by
high trading volumes, much of which are derived from market
participants who are not generally as active entering the market to
rebalance their holdings in-line with the annual rebalancing of the
Russell indices. The Exchange, along with other competing exchanges,
excludes the Russell Reconstitution Day from certain volume
calculations as the high trading volumes can significantly impact
trading and quoting calculations.
\5\ See BZX Equities Fee Schedule, Definitions.
\6\ See Russell U.S. Equity Indices Construction and
Methodology, available at https://research.ftserussell.com/products/downloads/Russell-US-indexes.pdf (last accessed June 21, 2023).
\7\ See Rule 1.5(n) (``Member''). The term ``Member'' shall mean
any registered broker or dealer that has been admitted to membership
in the Exchange. A Member will have the status of a ``member'' of
the Exchange as that term is defined in Section 3(a)(3) of the Act.
Membership may be granted to a sole proprietor, partnership,
corporation, limited liability company or other organization which
is a registered broker or dealer pursuant to Section 15 of the Act,
and which has been approved by the Exchange.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Act and the rules and regulations thereunder applicable to the
Exchange and, in particular, the requirements of Section 6(b) of the
Act.\8\ Specifically, the Exchange believes the proposed rule change is
consistent with the Section 6(b)(5) \9\ 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 Section 6(b)(5) \10\ requirement that the rules of
an exchange not be designed to permit unfair discrimination between
customers, issuers, brokers, or dealers as well as Section 6(b)(4) \11\
as it is designed to provide for the equitable allocation of reasonable
dues, fees and other charges among its Members and other persons using
its facilities.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78f(b).
\9\ 15 U.S.C. 78f(b)(5).
\10\ Id.
\11\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
In particular, the Exchange believes its proposal to amend the
definition of the ``Russell Reconstitution Day'' is not designed to
permit unfair discrimination between customer, issuers, brokers, or
dealers and is designed to provide for the equitable allocation of
fees. Specifically, the proposal is intended only to add clarity to the
Exchange's Fee Schedule by providing Members with additional certainty
as to their level of rebates and costs for trading during the month of
June and involves no substantive change. Additionally, the proposed
change promotes just and equitable principles of trade and is designed
to remove impediments to and perfect the mechanism of a free and open
market and a national market system as it provides transparency to
Members regarding which date in the month of June will not be included
in the calculation of ADAV, ADV, and TCV.
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. Rather, as discussed above,
the Exchange believes that the proposed changes would encourage the
submission of additional order flow to a public exchange, thereby
promoting market depth, execution incentives and enhanced execution
opportunities, as well as price discovery and transparency for all
Members. As a result, the Exchange believes that the proposed changes
further the Commission's goal in adopting Regulation NMS of fostering
competition among orders, which promotes ``more efficient pricing of
individual stocks for all types of orders, large and small.''
The Exchange believes the proposed rule changes do not impose any
burden on intramarket competition that is not necessary or appropriate
in furtherance of the purposes of the Act. Specifically, the Exchange
does not believe that its proposal to revise the definition of
``Russell Reconstitution Day'' will have any impact on competition as
the change is only intended to add clarity to the Exchange's Fee
Schedule and involves no substantive change.
Next, the Exchange believes the proposed rule changes does not
impose any burden on intermarket competition that is not necessary or
appropriate in furtherance of the purposes of the Act. As previously
discussed, the Exchange operates in a highly competitive market.
Members have numerous alternative venues that they may participate on
and direct their order flow, including other equities exchanges, off-
exchange venues, and alternative trading systems. Additionally, the
Exchange represents a small percentage of the overall market. By
providing Members with a greater level of certainty as to which date in
the month of June will be excluded from the calculation of ADAV, ADV,
and TCV, the Exchange is providing additional certainty as to the level
of rebates and costs for trading during the month of the Russell
reconstitution, which could promote competition between the Exchange
and other execution venues. Accordingly, the Exchange does not believe
its proposed fee change imposes any burden on competition that is not
necessary or appropriate in furtherance of the purposes of the Act.
[[Page 44417]]
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
The Exchange neither solicited nor received comments on the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) of the Act \12\ and paragraph (f) of Rule 19b-4 \13\
thereunder. At any time within 60 days of the filing of the proposed
rule change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission will institute proceedings to
determine whether the proposed rule change should be approved or
disapproved.
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\12\ 15 U.S.C. 78s(b)(3)(A).
\13\ 17 CFR 240.19b-4(f).
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IV. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's internet comment form (https://www.sec.gov/rules/sro.shtml); or
Send an email to [email protected]. Please include
file number
SR-CboeBZX-2023-039 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-2023-039. 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
a.m. and 3 p.m. Copies of the filing also will be available for
inspection and copying at the principal office of the Exchange. Do not
include personal identifiable information in submissions; you should
submit only information that you wish to make available publicly. We
may redact in part or withhold entirely from publication submitted
material that is obscene or subject to copyright protection. All
submissions should refer to file number SR-CboeBZX-2023-039 and should
be submitted on or before August 2, 2023.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
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\14\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-14666 Filed 7-11-23; 8:45 am]
BILLING CODE 8011-01-P
