Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fees Schedule, 42521-42525 [2024-10592]
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Federal Register / Vol. 89, No. 95 / Wednesday, May 15, 2024 / Notices
A proposed rule change filed under
Rule 19b–4(f)(6) 15 normally does not
become operative prior to 30 days after
the date of the filing. However, pursuant
to Rule 19b4(f)(6)(iii),16 the Commission
may designate a shorter time if such
action is consistent with the protection
of investors and the public interest. The
Exchange has requested that the
Commission waive the 30-day operative
delay so that the proposal may become
operative immediately upon filing. The
Exchange states that waiver of the 30day operative delay would be consistent
with the protection of investors and the
public interest because it would allow
the Exchange to offer, and therefore
ensure that Users could access, the
NYSE Pillar Depth market data feed
when it is available. For these reasons,
the Commission finds that waiver of the
operative delay is consistent with the
protection of investors and the public
interest. Accordingly, the Commission
hereby waives the 30-day operative
delay and designates the proposal
operative upon filing.17
At any time within 60 days of the
filing of such 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 shall institute proceedings
under Section 19(b)(2)(B) 18 of the Act to
determine whether the proposed rule
change should be approved or
disapproved.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Electronic Comments
lotter on DSK11XQN23PROD with NOTICES1
• 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–
NYSECHX–2024–16 on the subject line.
CFR 240.19b–4(f)(6).
CFR 240.19b–4(f)(6)(iii).
17 For purposes only of accelerating the operative
date of this proposal, the Commission has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. 15
U.S.C. 78c(f).
18 15 U.S.C. 78s(b)(2)(B).
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–NYSECHX–2024–16. 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–NYSECHX–2024–16 and should be
submitted on or before June 5, 2024.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.19
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024–10599 Filed 5–14–24; 8:45 am]
BILLING CODE 8011–01–P
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16 17
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SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–100091; File No. SR–
CBOE–2024–021]
Self-Regulatory Organizations; Cboe
Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Amend Its Fees
Schedule
May 9, 2024.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 1 and Rule 19b–4 thereunder,2
notice is hereby given that on May 1,
2024, 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 the Substance
of the Proposed Rule Change
Cboe Exchange, Inc. (the ‘‘Exchange’’
or ‘‘Cboe Options’’) proposes to amend
its Fees 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://www.cboe.com/
AboutCBOE/CBOELegalRegulatory
Home.aspx), at the Exchange’s Office of
the Secretary, and at the Commission’s
Public Reference Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange included statements
concerning the purpose of and basis for
the proposed rule change and discussed
any comments it received on the
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below. The
Exchange has prepared summaries, set
forth in sections A, B, and C below, of
the most significant aspects of such
statements.
1 15
19 17
PO 00000
CFR 200.30–3(a)(12).
Frm 00102
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2 17
U.S.C. 78s(b)(1).
CFR 240.19b–4.
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Federal Register / Vol. 89, No. 95 / Wednesday, May 15, 2024 / Notices
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
Fees Schedule, effective May 1, 2024.
New GTH SPX Customer Rebate
Program
The Exchange proposes to amend its
Fees Schedule to adopt a Global Trading
Hours (‘‘GTH’’) 3 SPX Customer Rebate
Rebate per
contract
Tier
lotter on DSK11XQN23PROD with NOTICES1
Program (the ‘‘GTH SPX Customer
Rebate Program’’ or the ‘‘Program’’).
Under the Program, the Exchange shall
credit each Trading Permit Holder
(‘‘TPH’’) the per contract amount set
forth in the table below resulting from
each Customer SPX order transmitted by
that TPH which is executed on the
Exchange during GTH, provided the
TPH meets certain volume thresholds in
a month as described below. The
volume thresholds are calculated based
on the customer average daily volume
over the course of the month. Volume
1 .....................................
$0.00
2 .....................................
0.02
3 .....................................
0.04
4 .....................................
0.06
will be recorded for, and rebates will be
delivered to, the TPH that submits the
order to the Exchange. Tier thresholds
are defined by two criteria sets: (1)
minimum SPX Customer capacity
volume during GTH1 (i.e., 7:15 p.m. CT
to 2:00 a.m. CT) and (2) minimum SPX
Customer capacity volume during the
entirety of GTH. The Exchange proposes
to append Footnote 33 to the Program
table and amend Footnote 33 to include
the Program in the list of programs from
which FLEX Micro Options are
excluded.
Required criteria
(1) TPH has SPX
tracts; and
(2) TPH has SPX
(1) TPH has SPX
(2) TPH has SPX
(1) TPH has SPX
(2) TPH has SPX
(1) TPH has SPX
(2) TPH has SPX
Customer capacity volume during GTH1 (7:15 p.m.–2:00 a.m. CST) ≤50,000 conCustomer
Customer
Customer
Customer
Customer
Customer
Customer
capacity
capacity
capacity
capacity
capacity
capacity
capacity
volume
volume
volume
volume
volume
volume
volume
during
during
during
during
during
during
during
and therefore attract more business
overall. Similarly, the different rebate
amounts at the different tier levels were
based on an analysis of revenue and
volume levels and are intended to
provide increasing ‘‘rewards’’ for
increasing the volume of trades sent to
the Exchange. The specific amounts of
the tiers and rates were set in order to
encourage suppliers of Customer order
flow to reach for higher tiers.
the entirety of GTH ≤500,000 contracts.
GTH1 >50,000 contracts; and
the entirety of GTH >500,000 contracts.
GTH1 >200,000 contracts; and
the entirety of GTH >1,000,000 contracts.
GTH1 >400,000 contracts; and
the entirety of GTH >1,300,000 contracts.
A TPH’s tier and associated rebate
payment will be determined by the
lower tier determined by each criteria
set. For example, if, during the month
of May, a TPH trades a total of 100,000
SPX customer contracts during GTH1
and 300,000 customer contracts during
GTH (i.e., achieves Tier 2 on the GTH1
criteria and Tier 3 on the overall GTH
criteria), then the TPH would receive
Tier 2 rebates of $0.04 on all 300,000
SPX Customer contracts executed in the
month of May.
The purpose of the Program is to
encourage TPHs to direct greater
Customer SPX trade volume to the
Exchange during GTH. Increased
Customer volume will provide for
greater liquidity, thereby providing
greater trading opportunities and tighter
spreads for other market participants
and causing a corresponding increase in
order flow from such other market
participants. The specific volume
thresholds of the Program’s tiers were
set based upon business determinations
and an analysis of current volume
levels. The volume thresholds are
intended to incentivize firms that route
some Customer orders to the Exchange
to increase the number of orders that are
sent to the Exchange to achieve the next
threshold and to incentivize new
participants to send Customer orders as
well. Increasing the number of orders
sent to the Exchange will in turn
provide tighter and more liquid markets,
To become a designated GTH
executing agent, a TPH must submit a
form to the Exchange no later than 3:00
p.m. on the second to last business day
of a calendar month to be designated an
Update to GTH Executing Agent
GTH executing agent under the
Subsidy Program
program, and thus eligible for the
subsidy, beginning the following
Additionally, the Exchange proposes
calendar month. The current criteria
to amend the GTH Executing Agent
states that a TPH must include on or
Subsidy Program, set forth in the Fees
with the form information
Schedule. The GTH Executing Agent
demonstrating it maintains an GTH
Subsidy Program offers a monthly
executing agent operation: (1) physically
subsidy to TPHs with executing agent
staffed throughout each entire GTH
4
operations during the GTH trading
trading session and (2) willing to accept
session. Pursuant to the current GTH
and execute orders on behalf of
Executing Agent Subsidy Program, a
customers, including customers for
designated GTH executing agent
which the agent does not hold accounts.
receives the monthly subsidy amount
The designation will be effective the
that corresponds to the number of
first business day of the following
contracts executed on behalf of
calendar month, subject to the
customers (including public and brokerExchange’s confirmation the TPH’s GTH
dealer customers) during GTH in a
executing agent operations satisfies
calendar month, as shown in the table
these two conditions and will remain in
below. Qualifying customer volume is
effect until the Exchange receives an
limited to SPX and VIX options.
email from the TPH terminating its
designation or the Exchange determines
GTH monthly customer SPX
Subsidy
the TPH’s GTH executing agent
and VIX options volume
operation no longer satisfies these two
0–19,999 contracts ...............
$0.00 conditions.
3 Global Trading Hours are from 8:15 p.m. ET
(previous day) to 9:15 a.m. ET on Monday through
Friday. See Rule 5.1(c).
4 An executing agent operation is one that accepts
orders from customers (who may be public or
broker-dealer customers) and submits the orders for
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GTH monthly customer SPX
and VIX options volume
Subsidy
20,000–39,999 contracts ......
40,000–99,999 contracts ......
100,000+ contracts ...............
execution (either directly to the Exchange or
through another TPH).
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10,000
15,000
50,000
Federal Register / Vol. 89, No. 95 / Wednesday, May 15, 2024 / Notices
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,
GTH monthly customer SPX
and facilitating transactions in
Subsidy
and VIX options volume
securities, to remove impediments to
and perfect the mechanism of a free and
0–19,999 contracts ...............
$0.00
20,000–99,999 contracts ......
15,000 open market and a national market
100,000+ contracts ...............
50,000 system, and, in general, to protect
investors and the public interest.
The proposed changes are designed to Additionally, the Exchange believes the
proposed rule change is consistent with
continue to encourage designated GTH
the Section 6(b)(5) 7 requirement that
executing agents to increase their order
the rules of an exchange not be designed
flow executed as agent in SPX and VIX
to permit unfair discrimination between
options that trade during GTH, to meet
the volume thresholds, as amended, and customers, issuers, brokers, or dealers.
The Exchange also believes the
receive the corresponding subsidies.
proposed rule change is consistent with
The Exchange notes that incentivizing
Section 6(b)(4) of the Act,8 which
TPHs to conduct executing agent
operations willing to accept orders from requires that Exchange rules provide for
all customers during GTH is intended to the equitable allocation of reasonable
dues, fees, and other charges among its
increase customer accessibility to the
Trading Permit Holders and other
GTH trading session. The Exchange
persons using its facilities.
believes that increased order flow
The Exchange believes that the
through designated GTH executing
proposed rule change to adopt a GTH
agents would allow the Exchange to
SPX Customer Rebate Program is
grow participation during GTH, which
reasonably designed to encourage TPHs
may benefit all market participants, as
to direct greater Customer SPX trade
additional liquidity to the Exchange
volume to the Exchange during GTH.
during GTH would create more trading
The program intends to attract Customer
opportunities during GTH, and in turn
order flow, which will increase
attract market participants to submit
liquidity, thereby providing greater
additional order flow during GTH.
trading opportunities and tighter
The Exchange also proposes to make
spreads for other market participants
a clarifying change to the GTH
and causing a corresponding increase in
Executing Agent Subsidy Program
criteria. As noted above, current criteria order flow from such other market
participants.
require, in relevant part, that a TPH
The Exchange believes the proposed
maintains a GTH executing agent
volume thresholds and corresponding
operation willing to accept and execute
orders on behalf of customers, including subsidy amounts provide benefits,
similar to other volume incentives
customers for which the agent does not
offered by the Exchange and other
hold accounts. The Exchange proposes
to delete language referring to customers options exchanges, that are reasonably
related to the value to an exchange’s
for which the agent does not hold
market quality and associated higher
accounts, as this is not in fact a
levels of market activity, in this case,
requirement of the program and may
result in potential confusion for TPHs in increased SPX customer volumes. The
proposed change is designed as an
regards to their responsibilities, both
incentive to all TPHs to submit
under the program and in general as
additional SPX customer orders to the
TPH.
Exchange during GTH. Each will have
2. Statutory Basis
the opportunity to submit the requisite
The Exchange believes the proposed
order flow and will receive the
rule change is consistent with the
applicable rebate if the volume criteria
Securities Exchange Act of 1934 (the
is met. While the Exchange has no way
‘‘Act’’) and the rules and regulations
of predicting with certainty how the
thereunder applicable to the Exchange
proposed tiers will impact TPH activity,
and, in particular, the requirements of
the Exchange anticipates that
Section 6(b) of the Act.5 Specifically,
approximately two TPHs may be able to
the Exchange believes the proposed rule achieve Tier 1 criteria, one TPH may be
change is consistent with the Section
able to achieve Tier 2 criteria, and one
6(b)(5) 6 requirements that the rules of
TPH may be able to achieve Tier 3
an exchange be designed to prevent
criteria (with no firms currently
fraudulent and manipulative acts and
projected to achieve Tier 4 criteria). The
lotter on DSK11XQN23PROD with NOTICES1
The Exchange proposes to amend the
GTH monthly customer volume
thresholds and corresponding subsidy
amounts, as shown in the table below.
5 15
6 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
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7 Id.
8 15
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PO 00000
U.S.C. 78f(b)(4).
Frm 00104
Fmt 4703
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42523
Exchange also notes that the proposed
changes will not adversely impact any
TPH’s pricing or their ability to qualify
for other incentive programs. Rather,
should a TPH not meet the criteria for
a tier, the TPH will merely not receive
the corresponding subsidy.
Further, the Exchange believes the
proposed rule change to adopt a GTH
SPX Customer Rebate Program is
equitable and not unfairly
discriminatory, as the program will be
open to all TPHs.
Additionally, the Exchange believes
that the proposed amendments to the
GTH Executing Agent Subsidy Program
are reasonable. The GTH Executing
Agent Subsidy Program is overall
designed to encourage designated GTH
executing agents to increase their
customer order flow in SPX and VIX
options traded during GTH. The
Exchange believes the tiers, as amended,
remain reasonable because they amend
existing opportunities in a manner that
incentivizes increased order flow to the
GTH trading session via incrementally
more challenging criteria in order to
receive incrementally increasing
subsidy amounts.
Further, the Exchange believes such
changes are reasonable, as the volume
thresholds, as amended, remain
commensurate with the corresponding
subsidy amounts. The proposed changes
effectively consolidate two of the
current thresholds into one, so that
designated GTH executing agents that
submit 20,000 to 99,999 customer
contracts in SPX or VIX options will
receive a subsidy of $15,000. The
amended tiers, as proposed, present the
opportunity for designated GTH
executing agents submitting 20,000 to
39,999 customer contracts in SPX or
VIX options to receive a slightly larger
subsidy than that which is currently
offered by the program. As noted above,
the proposed changes are designed to
continue to encourage designated GTH
executing agents to increase their order
flow executed as agent in SPX and VIX
options that trade during GTH, to meet
the volume thresholds, as amended, and
receive the corresponding subsidies.
The Exchange believes that increased
order flow would allow the Exchange to
grow participation in the GTH trading
session to the benefit of all market
participants that trade during GTH, by
providing greater trading opportunities
as a result of increased liquidity,
thereby attracting additional order flow
from market participants during GTH.
Further, the Exchange believes
proposed clarifying amendment to the
GTH Executing Agent Subsidy Program
criteria is reasonable, given the
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Federal Register / Vol. 89, No. 95 / Wednesday, May 15, 2024 / Notices
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Exchange wishes to correct potentially
misleading language.
The Exchange also believes that the
proposed rule changes related to the
GTH Executing Agent Subsidy Program
are equitable and not unfairly
discriminatory. In particular, the
Exchange believes that amending a
volume threshold and corresponding
subsidy for the GTH Executing Agent
Subsidy Program is equitable and not
unfairly discriminatory because all
TPHs that conduct this type of operation
during GTH will continue to have the
opportunity to become a designated
GTH executing agent and thus eligible
for the monthly subsidy commensurate
with applicable customer volumes. As
noted above, the proposed changes
reflect the growth of the GTH trading
session and are designed to continue to
encourage designated GTH executing
agents to increase their order flow
executed as agent in SPX and VIX
symbols that trade during GTH, to meet
the volume thresholds, as amended, and
receive corresponding subsidies. TPHs
that conduct executing agent operations
willing to accept orders from all
customers take on additional risks and
potential costs (including those related
to staffing and clearing) associated with
this type of business. Such TPHs also
provide benefits to investors during
GTH, including increased customer
accessibility to the GTH trading session
and increased order flow. While the
Exchange has no way of predicting with
certainty how the changes will impact
TPH activity, the Exchange anticipates
that approximately three TPHs may be
able to achieve the 20,000 to 99,999
contracts volume threshold.
Finally, the Exchange believes the
proposed change to the GTH Executing
Agent Subsidy Program criteria
language is equitable and not unfairly
discriminatory, as the change is a
technical, clarifying amendment
designed to avoid potential confusion,
to the benefit of all TPHs.
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 believes the proposed rule
change does not impose any burden on
intramarket competition that is not
necessary or appropriate in furtherance
of the purposes of the Act. The
Exchange notes that the proposed
changes apply uniformly to similarly
situated TPHs. In regard to the proposed
GTH SPX Customer Rebate Program, as
stated above, the program is open to all
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TPHs. The Exchange believes the
proposed program will incentivize TPHs
to direct additional SPX Customer order
flow to the Exchange and thus provide
additional liquidity that enhances the
quality of its markets and increases the
volume of contracts traded on the
Exchange. Enhanced market quality and
increased transaction volume that
results from any increase in order flow
directed to the Exchange will benefit all
market participants and improve
competition on the Exchange.
In regard to the proposed changes to
the GTH Executing Agent Subsidy
Program, all TPHs that conduct
executing agent operations willing to
accept orders from all customers will
continue to have an opportunity to be
eligible for the GTH Executing Agent
Subsidy program. Also, such TPHs that
conduct this type of operation take on
additional risks and potential costs
(including those related to staffing and
clearing) associated with this type of
business, and may provide benefits to
investors during GTH, including
increased customer accessibility to, and
liquidity and trading opportunities
during, the GTH trading session. The
proposed changes are designed to
continue to encourage designated GTH
executing agents to increase their order
flow executed as agent in SPX and VIX
symbols that trade during GTH, to meet
the proposed amended volume
thresholds and receive the proposed
corresponding subsidies. Finally, the
proposed amendment to the GTH
Executing Agent Subsidy Program
criteria is not intended to have any
impact on competition, as the change is
technical, clarifying amendment
designed to avoid potential confusion,
that makes no substantive changes.
The Exchange also does not believe
that the proposed changes will impose
any burden on intermarket competition
that is not necessary or appropriate in
furtherance of the Act because each of
the proposed changes applies only to
fees and programs applicable to
transactions in products exclusively
listed 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
The foregoing rule change has become
effective pursuant to Section 19(b)(3)(A)
PO 00000
Frm 00105
Fmt 4703
Sfmt 4703
of the Act 9 and paragraph (f) of Rule
19b–4 10 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:
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–2024–021 on the subject line.
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549–1090.
All submissions should refer to file
number SR–CBOE–2024–021. This file
number should be included on the
subject line if email is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
internet website (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for website viewing and
printing in the Commission’s Public
Reference Room, 100 F Street NE,
Washington, DC 20549, on official
business days between the hours of 10
a.m. and 3 p.m. Copies of the filing also
will be available for inspection and
9 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f).
10 17
E:\FR\FM\15MYN1.SGM
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Federal Register / Vol. 89, No. 95 / Wednesday, May 15, 2024 / Notices
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–CBOE–2024–021 and should be
submitted on or before June 5, 2024.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024–10592 Filed 5–14–24; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–100097; File No. SR–
NYSEARCA–2024–35]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Amend the
Connectivity Fee Schedule
May 9, 2024.
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934
(‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that, on April 29,
2024, NYSE Arca, Inc. (‘‘NYSE Arca’’ or
the ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(the ‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been prepared
by the self-regulatory organization. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
lotter on DSK11XQN23PROD with NOTICES1
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend the
Connectivity Fee Schedule (‘‘Fee
Schedule’’) regarding colocation
services and fees to update the list of
included data products. 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.
11 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
1 15
VerDate Sep<11>2014
19:12 May 14, 2024
Jkt 262001
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 Exchange proposes to amend the
Connectivity Fee Schedule (‘‘Fee
Schedule’’) regarding colocation
services and fees to update the list of
included data products (‘‘Included Data
Products’’).
Currently, the table of Included Data
Products in Colocation Note 4 sets forth
the market data feeds that Users 4 can
connect to at no additional cost when
they purchase a service that includes
access to the LCN or IP network.5
The NYSE has filed to establish the
‘‘NYSE Pillar Depth’’ market data feed.6
Accordingly, the Exchange proposes to
update the table of Included Data
Products to include the NYSE Pillar
4 For purposes of the Exchange’s colocation
services, a ‘‘User’’ means any market participant
that requests to receive colocation services directly
from the Exchange. See Securities Exchange Act
Release No. 76010 (September 29, 2015), 80 FR
60197 (October 5, 2015) (SR–NYSEArca–2015–82).
As specified in the Fee Schedule, a User that incurs
colocation fees for a particular colocation service
pursuant thereto would not be subject to colocation
fees for the same colocation service charged by the
Exchange’s affiliates the New York Stock Exchange
LLC (‘‘NYSE’’), NYSE American LLC (‘‘NYSE
American’’), NYSE Chicago, Inc. (‘‘NYSE Chicago’’),
and NYSE National Inc. (‘‘NYSE National’’ and
together, the ‘‘Affiliate SROs’’). Each Affiliate SRO
has submitted substantially the same proposed rule
change to propose the changes described herein.
See SR–NYSE–2024–25, SR–NYSEMER–2024–27,
SR–NYSECHX–2024–16, and SR–NYSENAT–2024–
14.
5 See Securities Exchange Act Release No. 79729
(January 4, 2017), 82 FR 3061 (January 10, 2017)
(SR–NYSEArca_2016–172) (Notice of Filing and
Immediate Effectiveness of Proposed Rule Change
Amending the NYSE Arca Options Fee Schedule
and the NYSE Arca Equities Schedule of Fees and
Charges Related to Co-Location Services To Increase
LCN and IP Network Fees and Add a Description
of Access to Trading and Execution Services and
Connectivity to Included Data Products).
6 See Securities Exchange Act Release No. 100030
(April 25, 2024) (SR–NYSE–2024–24) (Notice of
Filing and Immediate Effectiveness of Proposed
Rule Change to Establish the NYSE Pillar Depth
Data Feed).
PO 00000
Frm 00106
Fmt 4703
Sfmt 4703
42525
Depth market data feed. In addition, in
the current table the NYSE American
Options and NYSE Arca Options market
data feeds offered are not broken out.7
Accordingly, the Exchange proposes to
do so now.
To implement the proposed rule
change, the Exchange proposes to
update the table of Included Data
Products as follows (proposed additions
italicized):
NYSE:
NYSE Aggregated Lite.
NYSE Alerts.
NYSE BBO.
NYSE Integrated Feed.
NYSE OpenBook.
NYSE Order Imbalances.
NYSE Pillar Depth.
NYSE Trades.
NYSE American Options:
NYSE American Options Top Feed.
NYSE American Options Deep Feed.
NYSE American Options Complex Order Book.
NYSE Arca Options:
NYSE Arca Options Top Feed.
NYSE Arca Options Deep Feed.
NYSE Arca Options Complex Order Book.
The Exchange expects that the present
filing will become operative on the later
of (a) the present filing becoming
operative; and (b) the filing to establish
a fee for the NYSE Pillar Depth market
data feed becoming operative.8 The
Exchange expects such operative date to
be no later than the end of the second
quarter of 2024.
The Exchange does not charge for
connectivity to the Included Data Feeds.
Accordingly, it would not charge for
connectivity to the NYSE Pillar Depth
market data feed.
General
The proposed changes would not
apply differently to distinct types or
sizes of market participants. Rather,
they would apply to all Users equally.
As is currently the case, the purchase of
any colocation service, including
connectivity to the NYSE Pillar Depth
market data feed, would be completely
voluntary and the Fee Schedule would
be applied uniformly to all Users. FIDS
does not expect that the proposed rule
change will result in new Users.
The proposed changes are not
otherwise intended to address any other
issues relating to colocation services
and/or related fees, and the Exchange is
not aware of any problems that
customers would have in complying
with the proposed change.
7 See
82 FR 3061, Note 5, supra.
no such filing is made, then the present filing
would become operative upon the NYSE Pillar
Depth market data feed becoming operative.
8 If
E:\FR\FM\15MYN1.SGM
15MYN1
]]>Agencies
[Federal Register Volume 89, Number 95 (Wednesday, May 15, 2024)]
[Notices]
[Pages 42521-42525]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-10592]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-100091; File No. SR-CBOE-2024-021]
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
Its Fees Schedule
May 9, 2024.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on May 1, 2024, 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 the
Substance of the Proposed Rule Change
Cboe Exchange, Inc. (the ``Exchange'' or ``Cboe Options'') proposes
to amend its Fees 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://www.cboe.com/AboutCBOE/CBOELegalRegulatoryHome.aspx), at the Exchange's Office of the
Secretary, and at the Commission's Public Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.
[[Page 42522]]
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 Fees Schedule, effective May 1,
2024.
New GTH SPX Customer Rebate Program
The Exchange proposes to amend its Fees Schedule to adopt a Global
Trading Hours (``GTH'') \3\ SPX Customer Rebate Program (the ``GTH SPX
Customer Rebate Program'' or the ``Program''). Under the Program, the
Exchange shall credit each Trading Permit Holder (``TPH'') the per
contract amount set forth in the table below resulting from each
Customer SPX order transmitted by that TPH which is executed on the
Exchange during GTH, provided the TPH meets certain volume thresholds
in a month as described below. The volume thresholds are calculated
based on the customer average daily volume over the course of the
month. Volume will be recorded for, and rebates will be delivered to,
the TPH that submits the order to the Exchange. Tier thresholds are
defined by two criteria sets: (1) minimum SPX Customer capacity volume
during GTH1 (i.e., 7:15 p.m. CT to 2:00 a.m. CT) and (2) minimum SPX
Customer capacity volume during the entirety of GTH. The Exchange
proposes to append Footnote 33 to the Program table and amend Footnote
33 to include the Program in the list of programs from which FLEX Micro
Options are excluded.
---------------------------------------------------------------------------
\3\ Global Trading Hours are from 8:15 p.m. ET (previous day) to
9:15 a.m. ET on Monday through Friday. See Rule 5.1(c).
------------------------------------------------------------------------
Rebate per
Tier contract Required criteria
------------------------------------------------------------------------
1.............................. $0.00 (1) TPH has SPX
Customer capacity
volume during GTH1
(7:15 p.m.-2:00 a.m.
CST) <=50,000
contracts; and
(2) TPH has SPX
Customer capacity
volume during the
entirety of GTH
<=500,000 contracts.
2.............................. 0.02 (1) TPH has SPX
Customer capacity
volume during GTH1
>50,000 contracts; and
(2) TPH has SPX
Customer capacity
volume during the
entirety of GTH
>500,000 contracts.
3.............................. 0.04 (1) TPH has SPX
Customer capacity
volume during GTH1
>200,000 contracts;
and
(2) TPH has SPX
Customer capacity
volume during the
entirety of GTH
>1,000,000 contracts.
4.............................. 0.06 (1) TPH has SPX
Customer capacity
volume during GTH1
>400,000 contracts;
and
(2) TPH has SPX
Customer capacity
volume during the
entirety of GTH
>1,300,000 contracts.
------------------------------------------------------------------------
A TPH's tier and associated rebate payment will be determined by
the lower tier determined by each criteria set. For example, if, during
the month of May, a TPH trades a total of 100,000 SPX customer
contracts during GTH1 and 300,000 customer contracts during GTH (i.e.,
achieves Tier 2 on the GTH1 criteria and Tier 3 on the overall GTH
criteria), then the TPH would receive Tier 2 rebates of $0.04 on all
300,000 SPX Customer contracts executed in the month of May.
The purpose of the Program is to encourage TPHs to direct greater
Customer SPX trade volume to the Exchange during GTH. Increased
Customer volume will provide for greater liquidity, thereby providing
greater trading opportunities and tighter spreads for other market
participants and causing a corresponding increase in order flow from
such other market participants. The specific volume thresholds of the
Program's tiers were set based upon business determinations and an
analysis of current volume levels. The volume thresholds are intended
to incentivize firms that route some Customer orders to the Exchange to
increase the number of orders that are sent to the Exchange to achieve
the next threshold and to incentivize new participants to send Customer
orders as well. Increasing the number of orders sent to the Exchange
will in turn provide tighter and more liquid markets, and therefore
attract more business overall. Similarly, the different rebate amounts
at the different tier levels were based on an analysis of revenue and
volume levels and are intended to provide increasing ``rewards'' for
increasing the volume of trades sent to the Exchange. The specific
amounts of the tiers and rates were set in order to encourage suppliers
of Customer order flow to reach for higher tiers.
Update to GTH Executing Agent Subsidy Program
Additionally, the Exchange proposes to amend the GTH Executing
Agent Subsidy Program, set forth in the Fees Schedule. The GTH
Executing Agent Subsidy Program offers a monthly subsidy to TPHs with
executing agent operations \4\ during the GTH trading session. Pursuant
to the current GTH Executing Agent Subsidy Program, a designated GTH
executing agent receives the monthly subsidy amount that corresponds to
the number of contracts executed on behalf of customers (including
public and broker-dealer customers) during GTH in a calendar month, as
shown in the table below. Qualifying customer volume is limited to SPX
and VIX options.
---------------------------------------------------------------------------
\4\ An executing agent operation is one that accepts orders from
customers (who may be public or broker-dealer customers) and submits
the orders for execution (either directly to the Exchange or through
another TPH).
------------------------------------------------------------------------
GTH monthly customer SPX and VIX options volume Subsidy
------------------------------------------------------------------------
0-19,999 contracts...................................... $0.00
20,000-39,999 contracts................................. 10,000
40,000-99,999 contracts................................. 15,000
100,000+ contracts...................................... 50,000
------------------------------------------------------------------------
To become a designated GTH executing agent, a TPH must submit a
form to the Exchange no later than 3:00 p.m. on the second to last
business day of a calendar month to be designated an GTH executing
agent under the program, and thus eligible for the subsidy, beginning
the following calendar month. The current criteria states that a TPH
must include on or with the form information demonstrating it maintains
an GTH executing agent operation: (1) physically staffed throughout
each entire GTH trading session and (2) willing to accept and execute
orders on behalf of customers, including customers for which the agent
does not hold accounts. The designation will be effective the first
business day of the following calendar month, subject to the Exchange's
confirmation the TPH's GTH executing agent operations satisfies these
two conditions and will remain in effect until the Exchange receives an
email from the TPH terminating its designation or the Exchange
determines the TPH's GTH executing agent operation no longer satisfies
these two conditions.
[[Page 42523]]
The Exchange proposes to amend the GTH monthly customer volume
thresholds and corresponding subsidy amounts, as shown in the table
below.
------------------------------------------------------------------------
GTH monthly customer SPX and VIX options volume Subsidy
------------------------------------------------------------------------
0-19,999 contracts...................................... $0.00
20,000-99,999 contracts................................. 15,000
100,000+ contracts...................................... 50,000
------------------------------------------------------------------------
The proposed changes are designed to continue to encourage
designated GTH executing agents to increase their order flow executed
as agent in SPX and VIX options that trade during GTH, to meet the
volume thresholds, as amended, and receive the corresponding subsidies.
The Exchange notes that incentivizing TPHs to conduct executing agent
operations willing to accept orders from all customers during GTH is
intended to increase customer accessibility to the GTH trading session.
The Exchange believes that increased order flow through designated GTH
executing agents would allow the Exchange to grow participation during
GTH, which may benefit all market participants, as additional liquidity
to the Exchange during GTH would create more trading opportunities
during GTH, and in turn attract market participants to submit
additional order flow during GTH.
The Exchange also proposes to make a clarifying change to the GTH
Executing Agent Subsidy Program criteria. As noted above, current
criteria require, in relevant part, that a TPH maintains a GTH
executing agent operation willing to accept and execute orders on
behalf of customers, including customers for which the agent does not
hold accounts. The Exchange proposes to delete language referring to
customers for which the agent does not hold accounts, as this is not in
fact a requirement of the program and may result in potential confusion
for TPHs in regards to their responsibilities, both under the program
and in general as TPH.
2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Securities Exchange Act of 1934 (the ``Act'') and the rules and
regulations thereunder applicable to the Exchange and, in particular,
the requirements of Section 6(b) of the Act.\5\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \6\ requirements that the rules of an exchange be
designed to prevent fraudulent and manipulative acts and practices, to
promote just and equitable principles of trade, to foster cooperation
and coordination with persons engaged in regulating, clearing,
settling, processing information with respect to, and facilitating
transactions in securities, to remove impediments to and perfect the
mechanism of a free and open market and a national market system, and,
in general, to protect investors and the public interest. Additionally,
the Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \7\ requirement that the rules of an exchange not be
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers. The Exchange also believes the proposed rule
change is consistent with Section 6(b)(4) of the Act,\8\ which requires
that Exchange rules provide for the equitable allocation of reasonable
dues, fees, and other charges among its Trading Permit Holders and
other persons using its facilities.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78f(b).
\6\ 15 U.S.C. 78f(b)(5).
\7\ Id.
\8\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
The Exchange believes that the proposed rule change to adopt a GTH
SPX Customer Rebate Program is reasonably designed to encourage TPHs to
direct greater Customer SPX trade volume to the Exchange during GTH.
The program intends to attract Customer order flow, which will increase
liquidity, thereby providing greater trading opportunities and tighter
spreads for other market participants and causing a corresponding
increase in order flow from such other market participants.
The Exchange believes the proposed volume thresholds and
corresponding subsidy amounts provide benefits, similar to other volume
incentives offered by the Exchange and other options exchanges, that
are reasonably related to the value to an exchange's market quality and
associated higher levels of market activity, in this case, increased
SPX customer volumes. The proposed change is designed as an incentive
to all TPHs to submit additional SPX customer orders to the Exchange
during GTH. Each will have the opportunity to submit the requisite
order flow and will receive the applicable rebate if the volume
criteria is met. While the Exchange has no way of predicting with
certainty how the proposed tiers will impact TPH activity, the Exchange
anticipates that approximately two TPHs may be able to achieve Tier 1
criteria, one TPH may be able to achieve Tier 2 criteria, and one TPH
may be able to achieve Tier 3 criteria (with no firms currently
projected to achieve Tier 4 criteria). The Exchange also notes that the
proposed changes will not adversely impact any TPH's pricing or their
ability to qualify for other incentive programs. Rather, should a TPH
not meet the criteria for a tier, the TPH will merely not receive the
corresponding subsidy.
Further, the Exchange believes the proposed rule change to adopt a
GTH SPX Customer Rebate Program is equitable and not unfairly
discriminatory, as the program will be open to all TPHs.
Additionally, the Exchange believes that the proposed amendments to
the GTH Executing Agent Subsidy Program are reasonable. The GTH
Executing Agent Subsidy Program is overall designed to encourage
designated GTH executing agents to increase their customer order flow
in SPX and VIX options traded during GTH. The Exchange believes the
tiers, as amended, remain reasonable because they amend existing
opportunities in a manner that incentivizes increased order flow to the
GTH trading session via incrementally more challenging criteria in
order to receive incrementally increasing subsidy amounts.
Further, the Exchange believes such changes are reasonable, as the
volume thresholds, as amended, remain commensurate with the
corresponding subsidy amounts. The proposed changes effectively
consolidate two of the current thresholds into one, so that designated
GTH executing agents that submit 20,000 to 99,999 customer contracts in
SPX or VIX options will receive a subsidy of $15,000. The amended
tiers, as proposed, present the opportunity for designated GTH
executing agents submitting 20,000 to 39,999 customer contracts in SPX
or VIX options to receive a slightly larger subsidy than that which is
currently offered by the program. As noted above, the proposed changes
are designed to continue to encourage designated GTH executing agents
to increase their order flow executed as agent in SPX and VIX options
that trade during GTH, to meet the volume thresholds, as amended, and
receive the corresponding subsidies. The Exchange believes that
increased order flow would allow the Exchange to grow participation in
the GTH trading session to the benefit of all market participants that
trade during GTH, by providing greater trading opportunities as a
result of increased liquidity, thereby attracting additional order flow
from market participants during GTH.
Further, the Exchange believes proposed clarifying amendment to the
GTH Executing Agent Subsidy Program criteria is reasonable, given the
[[Page 42524]]
Exchange wishes to correct potentially misleading language.
The Exchange also believes that the proposed rule changes related
to the GTH Executing Agent Subsidy Program are equitable and not
unfairly discriminatory. In particular, the Exchange believes that
amending a volume threshold and corresponding subsidy for the GTH
Executing Agent Subsidy Program is equitable and not unfairly
discriminatory because all TPHs that conduct this type of operation
during GTH will continue to have the opportunity to become a designated
GTH executing agent and thus eligible for the monthly subsidy
commensurate with applicable customer volumes. As noted above, the
proposed changes reflect the growth of the GTH trading session and are
designed to continue to encourage designated GTH executing agents to
increase their order flow executed as agent in SPX and VIX symbols that
trade during GTH, to meet the volume thresholds, as amended, and
receive corresponding subsidies. TPHs that conduct executing agent
operations willing to accept orders from all customers take on
additional risks and potential costs (including those related to
staffing and clearing) associated with this type of business. Such TPHs
also provide benefits to investors during GTH, including increased
customer accessibility to the GTH trading session and increased order
flow. While the Exchange has no way of predicting with certainty how
the changes will impact TPH activity, the Exchange anticipates that
approximately three TPHs may be able to achieve the 20,000 to 99,999
contracts volume threshold.
Finally, the Exchange believes the proposed change to the GTH
Executing Agent Subsidy Program criteria language is equitable and not
unfairly discriminatory, as the change is a technical, clarifying
amendment designed to avoid potential confusion, to the benefit of all
TPHs.
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 believes the
proposed rule change does not impose any burden on intramarket
competition that is not necessary or appropriate in furtherance of the
purposes of the Act. The Exchange notes that the proposed changes apply
uniformly to similarly situated TPHs. In regard to the proposed GTH SPX
Customer Rebate Program, as stated above, the program is open to all
TPHs. The Exchange believes the proposed program will incentivize TPHs
to direct additional SPX Customer order flow to the Exchange and thus
provide additional liquidity that enhances the quality of its markets
and increases the volume of contracts traded on the Exchange. Enhanced
market quality and increased transaction volume that results from any
increase in order flow directed to the Exchange will benefit all market
participants and improve competition on the Exchange.
In regard to the proposed changes to the GTH Executing Agent
Subsidy Program, all TPHs that conduct executing agent operations
willing to accept orders from all customers will continue to have an
opportunity to be eligible for the GTH Executing Agent Subsidy program.
Also, such TPHs that conduct this type of operation take on additional
risks and potential costs (including those related to staffing and
clearing) associated with this type of business, and may provide
benefits to investors during GTH, including increased customer
accessibility to, and liquidity and trading opportunities during, the
GTH trading session. The proposed changes are designed to continue to
encourage designated GTH executing agents to increase their order flow
executed as agent in SPX and VIX symbols that trade during GTH, to meet
the proposed amended volume thresholds and receive the proposed
corresponding subsidies. Finally, the proposed amendment to the GTH
Executing Agent Subsidy Program criteria is not intended to have any
impact on competition, as the change is technical, clarifying amendment
designed to avoid potential confusion, that makes no substantive
changes.
The Exchange also does not believe that the proposed changes will
impose any burden on intermarket competition that is not necessary or
appropriate in furtherance of the Act because each of the proposed
changes applies only to fees and programs applicable to transactions in
products exclusively listed 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
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) of the Act \9\ and paragraph (f) of Rule 19b-4 \10\
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.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78s(b)(3)(A).
\10\ 17 CFR 240.19b-4(f).
---------------------------------------------------------------------------
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-2024-021 on the subject line.
Paper Comments
Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to file number SR-CBOE-2024-021. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (https://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for website viewing and
printing in the Commission's Public Reference Room, 100 F Street NE,
Washington, DC 20549, on official business days between the hours of 10
a.m. and 3 p.m. Copies of the filing also will be available for
inspection and
[[Page 42525]]
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-CBOE-2024-021 and should be submitted on
or before June 5, 2024.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
---------------------------------------------------------------------------
\11\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-10592 Filed 5-14-24; 8:45 am]
BILLING CODE 8011-01-P
