Self-Regulatory Organizations; Cboe BYX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fees Schedule Regarding Dedicated Cores, 57482-57485 [2024-15407]
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57482
Federal Register / Vol. 89, No. 135 / Monday, July 15, 2024 / Notices
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.23
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2024–15406 Filed 7–12–24; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–100478; File No. SR–ISE–
2024–21]
Self-Regulatory Organizations; Nasdaq
ISE, LLC; Notice of Designation of
Longer Period for Commission Action
on a Proposed Rule Change To Adopt
Rules To Permit the Listing of Two
Monday Expirations for Options on
United States Oil Fund, LP, United
States Natural Gas Fund, LP, SPDR
Gold Shares, iShares Silver Trust, and
iShares 20+ Year Treasury Bond ETF
ddrumheller on DSK120RN23PROD with NOTICES1
July 9, 2024.
On May 16, 2024, Nasdaq ISE, LLC
(‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’), pursuant to Section
19(b)(1) of the Securities Exchange Act
of 1934 (‘‘Act’’) 1 and Rule 19b–4
thereunder,2 a proposed rule change to
permit the listing of two Monday
expirations for options on United States
Oil Fund, LP, United States Natural Gas
Fund, LP, SPDR Gold Shares, iShares
Silver Trust, and iShares 20+ Year
Treasury Bond ETF. The proposed rule
change was published for comment in
the Federal Register on May 30, 2024.3
Section 19(b)(2) of the Act 4 provides
that, within 45 days of the publication
of notice of the filing of a proposed rule
change, or within such longer period up
to 90 days as the Commission may
designate if it finds such longer period
to be appropriate and publishes its
reasons for so finding, or as to which the
self-regulatory organization consents,
the Commission shall either approve the
proposed rule change, disapprove the
proposed rule change, or institute
proceedings to determine whether the
proposed rule change should be
disapproved. The 45th day after
publication of the notice for this
proposed rule change is July 14, 2024.
The Commission is extending this 45day time period.
The Commission finds that it is
appropriate to designate a longer period
23 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 See Securities Exchange Act Release No. 100223
(May 23, 2024), 89 FR 46926.
4 15 U.S.C. 78s(b)(2).
within which to take action on the
proposed rule change so that it has
sufficient time to consider the proposed
rule change. Accordingly, the
Commission, pursuant to Section
19(b)(2) of the Act,5 designates August
28, 2024, as the date by which the
Commission shall either approve or
disapprove, or institute proceedings to
determine whether to disapprove, the
proposed rule change (File No. SR–ISE–
2024–21).
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.6
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2024–15409 Filed 7–12–24; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–100476; File No. SR–
CboeBYX–2024–024]
Self-Regulatory Organizations; Cboe
BYX Exchange, Inc.; Notice of Filing
and Immediate Effectiveness of a
Proposed Rule Change To Amend Its
Fees Schedule Regarding Dedicated
Cores
July 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 July 1,
2024, Cboe BYX Exchange, Inc. (the
‘‘Exchange’’ or ‘‘BYX’’) filed with the
Securities and Exchange Commission
(the ‘‘Commission’’) the proposed rule
change as described in Items I, 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 BYX Exchange, Inc. (the
‘‘Exchange’’ or ‘‘BYX Equities’’)
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://markets.cboe.com/us/
equities/regulation/rule_filings/BYX/),
at the Exchange’s Office of the
Secretary, and at the Commission’s
Public Reference Room.
1 15
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PO 00000
5 Id.
6 17
CFR 200.30–3(a)(31).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
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II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange included statements
concerning the purpose of and basis for
the proposed rule change and discussed
any comments it received on the
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below. The
Exchange has prepared summaries, set
forth in sections A, B, and C below, of
the most significant aspects of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to amend its
fee schedule to amend the fees and
increase the maximum cap for
Dedicated Cores.3
By way of background, the Exchange
recently began to allow Users 4 to assign
a Single Binary Order Entry (‘‘BOE’’)
logical order entry port 5 to a single
dedicated Central Processing Unit (CPU
Core) (‘‘Dedicated Core’’). Historically,
CPU Cores had been shared by logical
order entry ports (i.e., multiple logical
ports from multiple firms may connect
to a single CPU Core). Use of Dedicated
Cores however, can provide reduced
latency, enhanced throughput, and
improved performance since a firm
using a Dedicated Core is utilizing the
full processing power of a CPU Core
instead of sharing that power with other
firms. This offering is completely
voluntary and is available to all Users
that wish to purchase Dedicated Cores.
Users may utilize BOE logical order
entry ports on shared CPU Cores, either
in lieu of, or in addition to, their use of
Dedicated Core(s). As such, Users are
able to operate across a mix of shared
3 The Exchange initially adopted pricing for
Dedicated Cores on May 6, 2024 (SR–CboeBYX–
2024–014). On July 1, 2024 the Exchange withdrew
that filing and submitted this filing.
4 A User may be either a Member or Sponsored
Participant. The term ‘‘Member’’ shall mean any
registered broker or dealer that has been admitted
to membership in the Exchange, 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. A
Sponsored Participant may be a Member or nonMember of the Exchange whose direct electronic
access to the Exchange is authorized by a
Sponsoring Member subject to certain conditions.
See Exchange Rule 11.3.
5 Users may currently connect to the Exchange
using a logical port available through an application
programming interface (‘‘API’’), such as the Binary
Order Entry (‘‘BOE’’) protocol. A BOE logical order
entry port is used for order entry.
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and dedicated CPU Cores which the
Exchange believes provides additional
risk and capacity management. Further,
Dedicated Cores are not required nor
necessary to participate on the Exchange
and as such Users may opt not to use
Dedicated Cores at all.
The Exchange proposes to assess the
following monthly fees for Users that
wish to use Dedicated Cores and adopt
a maximum limit. First, the Exchange
proposes to provide up to two Dedicated
Cores to all Users who wish to use
Dedicated Cores, at no additional cost.
For the use of more than two Dedicated
Cores, the Exchange proposes to assess
the following fees: $650 per Dedicated
Core for 3–10 Dedicated Cores; $850 per
Dedicated Core for 11–15 Dedicated
Cores; and $1,050 per Dedicated Core
for 16 or more Dedicated Cores. The
proposed fees are progressive and the
Exchange proposes to include the
following example in the Fees Schedule
to provide clarity as to how the fees will
be applied. Particularly, the Exchange
will provide the following example: if a
User were to purchase 11 Dedicated
Cores, it will be charged a total of
$6,050 per month ($0 * 2 + $650 * 8 +
$850 * 1). The Exchange also proposes
to make clear in the Fees Schedule that
the monthly fees are assessed and
applied in their entirety and are not
prorated. The Exchange notes the
current standard fees assessed for BOE
Logical Ports, whether used with
Dedicated or shared CPU cores, will
remain applicable and unchanged.6
Since the Exchange currently has
finite amount of physical space in its
data centers in which its servers (and
therefore corresponding CPU Cores) are
located, the Exchange also proposes to
prescribe a maximum limit on the
number of Dedicated Cores that Users
may purchase each month. The purpose
of establishing these limits is to manage
the allotment of Dedicated Cores in a
fair manner and to prevent the Exchange
from being required to expend large
amounts of resources in order to provide
an unlimited number of Dedicated
Cores. The Exchange previously
established a limit for Members of a
maximum number of 20 Dedicated
Cores and Sponsoring Members a limit
of a maximum number of 8 Dedicated
Cores for each of their Sponsored
Access relationships.7 Now that the
Exchange has a better understanding of
User demand relative to its available
space since the initial launch three
6 The Exchange currently assesses $550 per port
per month. See Cboe BYX Equities Fee Schedule.
7 See Securities Exchange Act Release No. 100122
(May 13, 2024) 89 FR 43452 (May 17, 2024) (SR–
CboeBYX–2024–014).
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months ago, the Exchange proposes to
increase that cap and provide that
Members will be limited to a maximum
number of 60 Dedicated Cores 8 and
Sponsoring Members will be limited to
a maximum number of 25 Dedicated
Cores for each of their Sponsored
Access relationships.9 The Exchange
notes that it will continue monitoring
Dedicated Core interest by all Users and
allotment availability with the goal of
increasing these limits to meet Users’
needs if and when the demand is there
and the Exchange is able to
accommodate additional Dedicated
Cores.
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.10 Specifically,
the Exchange believes the proposed rule
change is consistent with the Section
6(b)(5) 11 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
8 The prescribed maximum quantity of Dedicated
Cores for Members applies regardless of whether
that Member purchases the Dedicated Cores directly
from the Exchange and/or through a Service
Bureau. In a Service Bureau relationship, a
customer allows its MPID to be used on the ports
of a technology provider, or Service Bureau. One
MPID may be allowed on several different Service
Bureaus.
9 The fee tier(s) applicable to Sponsoring
Members are determined on a per Sponsored
Access relationship basis and not on the combined
total of Dedicated Cores across Sponsored Users.
For example, under the proposed changes, a
Sponsoring Member that has three Sponsored
Access relationships is entitled to a total of 75
Dedicated Cores for those 3 Sponsored Access
relationships but would be assessed fees separately
based on the 25 Dedicated Cores for each Sponsored
User (instead of combined total of 75 Dedicated
Cores). For example, a Sponsoring Member with 3
Sponsored Access relationships would pay $19,950
per month if each Sponsored Access relationship
purchased the maximum 25 Dedicated Cores. More
specifically, the Sponsoring Member would be
provided 2 Dedicated Cores at no additional cost for
each Sponsored User under Tier 1 (total of 6
Dedicated Cores at no additional cost) and provided
an additional 8 Dedicated Cores at $650 each for
each Sponsored User, 5 Dedicated Cores at $850
each for each Sponsored User and 10 Dedicated
Cores at $1,050 each for each Sponsored User
(combined total of 69 additional Dedicated Cores).
10 15 U.S.C. 78f(b).
11 15 U.S.C. 78f(b)(5).
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57483
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) 12 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) 13 of the Act, which
requires that Exchange rules provide for
the equitable allocation of reasonable
dues, fees, and other charges among its
Members and other persons using its
facilities.
The Exchange believes the proposal is
reasonable because the Exchange is
offering any Users who wishes to utilize
Dedicated Cores up to two Dedicated
Cores at no additional cost.14 The
Exchange believes the proposed fees are
reasonable because Dedicated Cores
provide a valuable service in that it may
provide reduced latency, enhanced
throughput, and improved performance
compared to use of a shared CPU Core
since a firm using a Dedicated Core is
utilizing the full processing power of a
CPU Core. The Exchange also
emphasizes however, that the use of
Dedicated Cores is not necessary for
trading and as noted above, is entirely
optional. Users can also continue to
access the Exchange through shared
CPU Cores at no additional cost. Indeed,
less than half of the Exchange’s
Members currently use Dedicated Cores.
Depending on a firm’s specific business
needs, the proposal enables Users to
choose to use Dedicated Cores in lieu of,
or in addition to, shared CPU Cores (or
as noted, not use Dedicated Cores at all).
If a User finds little benefit in having
Dedicated Cores, or determines
Dedicated Cores are not cost-efficient for
its needs or does not provide sufficient
value to the firm, such User may
continue its use of the shared CPU
Cores, unchanged. The Exchange also
has no plans to eliminate shared CPU
Cores nor to require Users to purchase
Dedicated Cores. The Exchange also
notes that the proposed fees are the
same as the fees recently adopted and
assessed for Dedicated Cores on its
affiliated exchange, Cboe EDGA
Exchange, Inc. (‘‘Cboe EDGA’’).15
12 Id.
13 15
U.S.C. 78f(b)(4).
the Users that currently maintain Dedicated
Cores, approximately 35% maintain 1 or 2
Dedicated Cores and therefore pay no additional
fees.
15 See Cboe U.S. Equities Fee Schedule, EDGA
Equities, Dedicated Cores. See Securities Exchange
Act Release No. 100300 (June 10, 2024) 89 FR 50653
(June 14, 2024) (SR–CboeEDGA2024–020).
14 Of
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Federal Register / Vol. 89, No. 135 / Monday, July 15, 2024 / Notices
The Exchange also believes that the
proposed Dedicated Core fees are
equitable and not unfairly
discriminatory because they continue to
be assessed uniformly to similarly
situated users in that all Users who
choose to purchase Dedicated Cores will
be subject to the same proposed tiered
fee schedule. Further all Users are
entitled to up to 2 Dedicated Cores at no
additional cost. The Exchange believes
the proposed ascending fee structure is
also reasonable, equitable and not
unfairly discriminatory as it is designed
so that firms that use a higher allotment
of the Exchange’s finite number of
Dedicated Cores pay higher rates, rather
than placing that burden on market
participants that have more modest
needs who will have the flexibility of
obtaining Dedicated Cores at lower price
points in the lower tiers. As such, the
proposed fees do not favor certain
categories of market participants in a
manner that would impose a burden on
competition; rather, the ascending fee
structure reflects the (finite) resources
consumed by the various needs of
market participants—that is, the lowest
Dedicated Core consuming Users pay
the least, and highest Dedicated Core
consuming Users pay the most. Other
exchanges similarly assess higher fees to
those that consume more Exchange
resources.16 It’s also designed to
encourage firms to manage their needs
in a fair manner and to prevent the
Exchange from being required to expend
large amounts of resources in order to
provide an additional number of
Dedicated Cores. Moreover, as discussed
above and in more detail below, the
Exchange cannot currently offer an
unlimited number of Dedicated Cores
due in part to physical space
constraints. The Exchange believes the
proposed ascending fee structure is
another appropriate means, in
conjunction with an established cap, to
manage this finite resource and ensure
the resource is apportioned more fairly.
The Exchange believes it is reasonable
to limit the number of Dedicated Cores
Users can purchase because the
Exchange has a finite amount of space
in its third-party data centers to
accommodate CPU cores, including
Dedicated Cores. The Exchange must
also take into account timing
considerations in procuring additional
Dedicated Cores and related hardware
such as servers, switches, optics and
cables, as well as the readiness of the
Exchange’s data center to accommodate
additional Dedicated Cores in the
16 See also Cboe U.S. Options Fees Schedule, BZX
Options, Options Logical Port Fees, Ports with Bulk
Quoting Capabilities.
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Exchange’s respective Order Handler
Cabinets. The Exchange has, and will
continue to, monitor market participant
demand and space availability and
endeavor to adjust the limit if and when
the Exchange is able to accommodate
additional Dedicated Cores. The
Exchange monitors its capacity and data
center space and thus is in the best
place to determine these limits and
modify them as appropriate in response
to changes to this capacity and space, as
well as market demand. For example,
since the launch of Dedicated Cores on
February 26, 2024, the Exchange’s
affiliate Cboe EDGA has increased the
prescribed maximum limit twice as a
result of evaluating the demand relative
to Dedicated Cores availability.17 The
proposed limits also apply uniformly to
similarly situated market participants
(i.e., all Members are subject to the same
limit and all Sponsored Participants are
subject to the same limit, respectively).
The Exchange believes it’s not unfairly
discriminatory to provide for different
limits for different types of Users. For
example, the Exchange believe it’s not
unfairly discriminatory to provide for an
initial lower limit to be allocated for
Sponsored Participants because unlike
Members, Sponsored Participants are
able to access the Exchange without
paying a Membership Fee. Members
also have more regulatory obligations
and risk that Sponsored Participants do
not. For example, while Sponsored
Participants must agree to comply with
the Rules of the Exchange, it is the
Sponsoring Member of that Sponsored
Participant that remains ultimately
responsible for all orders entered on or
through the Exchange by that Sponsored
Participant. The industry also has a
history of applying fees differently to
Members as compared to Sponsored
Participants.18 Lastly, the Exchange
believes its proposed maximum limits,
and distinction between Members and
Sponsored Users, is another appropriate
means to help the Exchange manage its
allotment of Dedicated Cores and better
ensure this finite resource is
apportioned fairly.
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 intramarket competition
that is not necessary in furtherance of
17 See Securities Exchange Act Release No. 99983
(April 17, 2024) 89 FR 30418 (April 23, 2024) (SR–
CboeEDGA–2024–014).
18 See e.g., Securities Exchange Act Release No.
68342 (December 3, 2012) 77 FR 73096 (December
7, 2012) (SR–CBOE–2012–114) and Securities
Exchange Act Release No. 66082 (January 3, 2012)
77 FR 1101 (January 9, 2012) (SR–C2–2011–041).
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the purposes of the Act because the
proposed tiered fee structure will apply
equally to all similarly situated Users
that choose to use Dedicated Cores. As
discussed above, Dedicated Cores are
optional and Users may choose to
utilize Dedicated Cores, or not, based on
their views of the additional benefits
and added value provided by utilizing
a Dedicated Core. The Exchange
believes the proposed fee will be
assessed proportionately to the potential
value or benefit received by Users with
a greater number of Dedicated Cores and
notes that Users may determine at any
time to cease using Dedicated Cores. As
discussed, Users can also continue to
access the Exchange through shared
CPU Cores at no additional cost. Finally,
all Users will be entitled to two
Dedicated Cores at no additional cost.
Next, the Exchange believes the
proposed rule change 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,
including competition for exchange
memberships. Market Participants have
numerous alternative venues that they
may participate on, including 15 other
equities exchanges, as well as offexchange venues, where competitive
products are available for trading.
Indeed, participants can readily choose
to submit their order flow to other
exchange and off-exchange venues if
they deem fee levels at those other
venues to be more favorable. Moreover,
the Commission has repeatedly
expressed its preference for competition
over regulatory intervention in
determining prices, products, and
services in the securities markets.
Specifically, in Regulation NMS, the
Commission highlighted the importance
of market forces in determining prices
and SRO revenues and, also, recognized
that current regulation of the market
system ‘‘has been remarkably successful
in promoting market competition in its
broader forms that are most important to
investors and listed companies.’’ 19 The
fact that this market is competitive has
also long been recognized by the courts.
In NetCoalition v. Securities and
Exchange Commission, the D.C. Circuit
stated as follows: ‘‘[n]o one disputes
that competition for order flow is
‘fierce.’ . . . As the SEC explained, ‘[i]n
the U.S. national market system, buyers
and sellers of securities, and the brokerdealers that act as their order-routing
agents, have a wide range of choices of
where to route orders for execution’;
19 See Securities Exchange Act Release No. 51808
(June 9, 2005), 70 FR 37496, 37499 (June 29, 2005).
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[and] ‘no exchange can afford to take its
market share percentages for granted’
because ‘no exchange possesses a
monopoly, regulatory or otherwise, in
the execution of order flow from broker
dealers’. . . .’’.20 Accordingly, the
Exchange does not believe its proposed
change imposes any burden on
competition that is not necessary or
appropriate in furtherance of the
purposes of the Act.
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.
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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 21 and paragraph (f) of Rule
19b–4 22 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.
All submissions should refer to file
number SR–CboeBYX–2024–024. 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–CboeBYX–2024–024 and should be
submitted on or before August 5, 2024.
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:
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.23
J. Matthew DeLesDernier,
Deputy Secretary.
Electronic Comments
• Use the Commission’s internet
coment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include file number SR–
CboeBYX–2024–024 on the subject line.
SECURITIES AND EXCHANGE
COMMISSION
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549–1090.
20 NetCoalition v. SEC, 615 F.3d 525, 539 (D.C.
Cir. 2010) (quoting Securities Exchange Act Release
No. 59039 (December 2, 2008), 73 FR 74770, 74782–
83 (December 9, 2008) (SR–NYSEArca–2006–21)).
21 15 U.S.C. 78s(b)(3)(A).
22 17 CFR 240.19b–4(f).
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[FR Doc. 2024–15407 Filed 7–12–24; 8:45 am]
BILLING CODE 8011–01–P
[Release No. 34–100479; File No. SR–BX–
2024–019]
Self-Regulatory Organizations; Nasdaq
BX, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Adopt an OTTO
Protocol
July 9, 2024.
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 26,
PO 00000
23 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
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57485
2024, Nasdaq BX, Inc. (‘‘BX’’ or
‘‘Exchange’’) 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
The Exchange proposes to adopt a
new protocol, ‘‘Ouch to Trade Options’’
or ‘‘OTTO’’ and establish pricing for this
new protocol.
The text of the proposed rule change
is available on the Exchange’s website at
https://listingcenter.nasdaq.com/
rulebook/nasdaq/rules, at the principal
office of the Exchange, and at the
Commission’s Public Reference Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange included statements
concerning the purpose of and basis for
the proposed rule change and discussed
any comments it received on the
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below. The
Exchange has prepared summaries, set
forth in sections A, B, and C below, of
the most significant aspects of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
BX proposes to offer a new order
entry protocol called OTTO. Today, BX
Participants may enter orders into the
Exchange through the ‘‘Financial
Information eXchange’’ or ‘‘FIX.’’ 3 The
proposed new OTTO protocol is
identical to the OTTO protocol offered
3 FIX is an interface that allows Participants and
their Sponsored Customers to connect, send, and
receive messages related to orders and auction
orders and responses to and from the Exchange.
Features include the following: (1) execution
messages; (2) order messages; and (3) risk protection
triggers and cancel notifications. In addition, a BX
Participant may elect to utilize FIX to send a
message and PRISM Order, as defined within
Options 3, Section 13, to all BX Participants that
opt in to receive Requests for PRISM requesting that
it submit the sender’s PRISM Order with
responder’s Initiating Order, as defined within
Options 3, Section 13, into the Price Improvement
Auction (‘‘PRISM’’) mechanism, pursuant to
Options 3, Section 13 (‘‘Request for PRISM’’). See
Options 3, Section 7(e)(1)(A).
E:\FR\FM\15JYN1.SGM
15JYN1
]]>Agencies
[Federal Register Volume 89, Number 135 (Monday, July 15, 2024)]
[Notices]
[Pages 57482-57485]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-15407]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-100476; File No. SR-CboeBYX-2024-024]
Self-Regulatory Organizations; Cboe BYX Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
Its Fees Schedule Regarding Dedicated Cores
July 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 July 1, 2024, Cboe BYX Exchange, Inc. (the ``Exchange'' or
``BYX'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I, 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 BYX Exchange, Inc. (the ``Exchange'' or ``BYX Equities'')
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://markets.cboe.com/us/equities/regulation/rule_filings/BYX/), at the Exchange's Office of the Secretary, and at
the Commission's Public Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend its fee schedule to amend the fees
and increase the maximum cap for Dedicated Cores.\3\
---------------------------------------------------------------------------
\3\ The Exchange initially adopted pricing for Dedicated Cores
on May 6, 2024 (SR-CboeBYX-2024-014). On July 1, 2024 the Exchange
withdrew that filing and submitted this filing.
---------------------------------------------------------------------------
By way of background, the Exchange recently began to allow Users
\4\ to assign a Single Binary Order Entry (``BOE'') logical order entry
port \5\ to a single dedicated Central Processing Unit (CPU Core)
(``Dedicated Core''). Historically, CPU Cores had been shared by
logical order entry ports (i.e., multiple logical ports from multiple
firms may connect to a single CPU Core). Use of Dedicated Cores
however, can provide reduced latency, enhanced throughput, and improved
performance since a firm using a Dedicated Core is utilizing the full
processing power of a CPU Core instead of sharing that power with other
firms. This offering is completely voluntary and is available to all
Users that wish to purchase Dedicated Cores. Users may utilize BOE
logical order entry ports on shared CPU Cores, either in lieu of, or in
addition to, their use of Dedicated Core(s). As such, Users are able to
operate across a mix of shared
[[Page 57483]]
and dedicated CPU Cores which the Exchange believes provides additional
risk and capacity management. Further, Dedicated Cores are not required
nor necessary to participate on the Exchange and as such Users may opt
not to use Dedicated Cores at all.
---------------------------------------------------------------------------
\4\ A User may be either a Member or Sponsored Participant. The
term ``Member'' shall mean any registered broker or dealer that has
been admitted to membership in the Exchange, 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. A Sponsored Participant may be a Member or non-Member
of the Exchange whose direct electronic access to the Exchange is
authorized by a Sponsoring Member subject to certain conditions. See
Exchange Rule 11.3.
\5\ Users may currently connect to the Exchange using a logical
port available through an application programming interface
(``API''), such as the Binary Order Entry (``BOE'') protocol. A BOE
logical order entry port is used for order entry.
---------------------------------------------------------------------------
The Exchange proposes to assess the following monthly fees for
Users that wish to use Dedicated Cores and adopt a maximum limit.
First, the Exchange proposes to provide up to two Dedicated Cores to
all Users who wish to use Dedicated Cores, at no additional cost. For
the use of more than two Dedicated Cores, the Exchange proposes to
assess the following fees: $650 per Dedicated Core for 3-10 Dedicated
Cores; $850 per Dedicated Core for 11-15 Dedicated Cores; and $1,050
per Dedicated Core for 16 or more Dedicated Cores. The proposed fees
are progressive and the Exchange proposes to include the following
example in the Fees Schedule to provide clarity as to how the fees will
be applied. Particularly, the Exchange will provide the following
example: if a User were to purchase 11 Dedicated Cores, it will be
charged a total of $6,050 per month ($0 * 2 + $650 * 8 + $850 * 1). The
Exchange also proposes to make clear in the Fees Schedule that the
monthly fees are assessed and applied in their entirety and are not
prorated. The Exchange notes the current standard fees assessed for BOE
Logical Ports, whether used with Dedicated or shared CPU cores, will
remain applicable and unchanged.\6\
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\6\ The Exchange currently assesses $550 per port per month. See
Cboe BYX Equities Fee Schedule.
---------------------------------------------------------------------------
Since the Exchange currently has finite amount of physical space in
its data centers in which its servers (and therefore corresponding CPU
Cores) are located, the Exchange also proposes to prescribe a maximum
limit on the number of Dedicated Cores that Users may purchase each
month. The purpose of establishing these limits is to manage the
allotment of Dedicated Cores in a fair manner and to prevent the
Exchange from being required to expend large amounts of resources in
order to provide an unlimited number of Dedicated Cores. The Exchange
previously established a limit for Members of a maximum number of 20
Dedicated Cores and Sponsoring Members a limit of a maximum number of 8
Dedicated Cores for each of their Sponsored Access relationships.\7\
Now that the Exchange has a better understanding of User demand
relative to its available space since the initial launch three months
ago, the Exchange proposes to increase that cap and provide that
Members will be limited to a maximum number of 60 Dedicated Cores \8\
and Sponsoring Members will be limited to a maximum number of 25
Dedicated Cores for each of their Sponsored Access relationships.\9\
The Exchange notes that it will continue monitoring Dedicated Core
interest by all Users and allotment availability with the goal of
increasing these limits to meet Users' needs if and when the demand is
there and the Exchange is able to accommodate additional Dedicated
Cores.
---------------------------------------------------------------------------
\7\ See Securities Exchange Act Release No. 100122 (May 13,
2024) 89 FR 43452 (May 17, 2024) (SR-CboeBYX-2024-014).
\8\ The prescribed maximum quantity of Dedicated Cores for
Members applies regardless of whether that Member purchases the
Dedicated Cores directly from the Exchange and/or through a Service
Bureau. In a Service Bureau relationship, a customer allows its MPID
to be used on the ports of a technology provider, or Service Bureau.
One MPID may be allowed on several different Service Bureaus.
\9\ The fee tier(s) applicable to Sponsoring Members are
determined on a per Sponsored Access relationship basis and not on
the combined total of Dedicated Cores across Sponsored Users. For
example, under the proposed changes, a Sponsoring Member that has
three Sponsored Access relationships is entitled to a total of 75
Dedicated Cores for those 3 Sponsored Access relationships but would
be assessed fees separately based on the 25 Dedicated Cores for each
Sponsored User (instead of combined total of 75 Dedicated Cores).
For example, a Sponsoring Member with 3 Sponsored Access
relationships would pay $19,950 per month if each Sponsored Access
relationship purchased the maximum 25 Dedicated Cores. More
specifically, the Sponsoring Member would be provided 2 Dedicated
Cores at no additional cost for each Sponsored User under Tier 1
(total of 6 Dedicated Cores at no additional cost) and provided an
additional 8 Dedicated Cores at $650 each for each Sponsored User, 5
Dedicated Cores at $850 each for each Sponsored User and 10
Dedicated Cores at $1,050 each for each Sponsored User (combined
total of 69 additional Dedicated Cores).
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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.\10\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \11\ 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) \12\ 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) \13\ of the Act, which
requires that Exchange rules provide for the equitable allocation of
reasonable dues, fees, and other charges among its Members and other
persons using its facilities.
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78f(b).
\11\ 15 U.S.C. 78f(b)(5).
\12\ Id.
\13\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
The Exchange believes the proposal is reasonable because the
Exchange is offering any Users who wishes to utilize Dedicated Cores up
to two Dedicated Cores at no additional cost.\14\ The Exchange believes
the proposed fees are reasonable because Dedicated Cores provide a
valuable service in that it may provide reduced latency, enhanced
throughput, and improved performance compared to use of a shared CPU
Core since a firm using a Dedicated Core is utilizing the full
processing power of a CPU Core. The Exchange also emphasizes however,
that the use of Dedicated Cores is not necessary for trading and as
noted above, is entirely optional. Users can also continue to access
the Exchange through shared CPU Cores at no additional cost. Indeed,
less than half of the Exchange's Members currently use Dedicated Cores.
Depending on a firm's specific business needs, the proposal enables
Users to choose to use Dedicated Cores in lieu of, or in addition to,
shared CPU Cores (or as noted, not use Dedicated Cores at all). If a
User finds little benefit in having Dedicated Cores, or determines
Dedicated Cores are not cost-efficient for its needs or does not
provide sufficient value to the firm, such User may continue its use of
the shared CPU Cores, unchanged. The Exchange also has no plans to
eliminate shared CPU Cores nor to require Users to purchase Dedicated
Cores. The Exchange also notes that the proposed fees are the same as
the fees recently adopted and assessed for Dedicated Cores on its
affiliated exchange, Cboe EDGA Exchange, Inc. (``Cboe EDGA'').\15\
---------------------------------------------------------------------------
\14\ Of the Users that currently maintain Dedicated Cores,
approximately 35% maintain 1 or 2 Dedicated Cores and therefore pay
no additional fees.
\15\ See Cboe U.S. Equities Fee Schedule, EDGA Equities,
Dedicated Cores. See Securities Exchange Act Release No. 100300
(June 10, 2024) 89 FR 50653 (June 14, 2024) (SR-CboeEDGA2024-020).
---------------------------------------------------------------------------
[[Page 57484]]
The Exchange also believes that the proposed Dedicated Core fees
are equitable and not unfairly discriminatory because they continue to
be assessed uniformly to similarly situated users in that all Users who
choose to purchase Dedicated Cores will be subject to the same proposed
tiered fee schedule. Further all Users are entitled to up to 2
Dedicated Cores at no additional cost. The Exchange believes the
proposed ascending fee structure is also reasonable, equitable and not
unfairly discriminatory as it is designed so that firms that use a
higher allotment of the Exchange's finite number of Dedicated Cores pay
higher rates, rather than placing that burden on market participants
that have more modest needs who will have the flexibility of obtaining
Dedicated Cores at lower price points in the lower tiers. As such, the
proposed fees do not favor certain categories of market participants in
a manner that would impose a burden on competition; rather, the
ascending fee structure reflects the (finite) resources consumed by the
various needs of market participants--that is, the lowest Dedicated
Core consuming Users pay the least, and highest Dedicated Core
consuming Users pay the most. Other exchanges similarly assess higher
fees to those that consume more Exchange resources.\16\ It's also
designed to encourage firms to manage their needs in a fair manner and
to prevent the Exchange from being required to expend large amounts of
resources in order to provide an additional number of Dedicated Cores.
Moreover, as discussed above and in more detail below, the Exchange
cannot currently offer an unlimited number of Dedicated Cores due in
part to physical space constraints. The Exchange believes the proposed
ascending fee structure is another appropriate means, in conjunction
with an established cap, to manage this finite resource and ensure the
resource is apportioned more fairly.
---------------------------------------------------------------------------
\16\ See also Cboe U.S. Options Fees Schedule, BZX Options,
Options Logical Port Fees, Ports with Bulk Quoting Capabilities.
---------------------------------------------------------------------------
The Exchange believes it is reasonable to limit the number of
Dedicated Cores Users can purchase because the Exchange has a finite
amount of space in its third-party data centers to accommodate CPU
cores, including Dedicated Cores. The Exchange must also take into
account timing considerations in procuring additional Dedicated Cores
and related hardware such as servers, switches, optics and cables, as
well as the readiness of the Exchange's data center to accommodate
additional Dedicated Cores in the Exchange's respective Order Handler
Cabinets. The Exchange has, and will continue to, monitor market
participant demand and space availability and endeavor to adjust the
limit if and when the Exchange is able to accommodate additional
Dedicated Cores. The Exchange monitors its capacity and data center
space and thus is in the best place to determine these limits and
modify them as appropriate in response to changes to this capacity and
space, as well as market demand. For example, since the launch of
Dedicated Cores on February 26, 2024, the Exchange's affiliate Cboe
EDGA has increased the prescribed maximum limit twice as a result of
evaluating the demand relative to Dedicated Cores availability.\17\ The
proposed limits also apply uniformly to similarly situated market
participants (i.e., all Members are subject to the same limit and all
Sponsored Participants are subject to the same limit, respectively).
The Exchange believes it's not unfairly discriminatory to provide for
different limits for different types of Users. For example, the
Exchange believe it's not unfairly discriminatory to provide for an
initial lower limit to be allocated for Sponsored Participants because
unlike Members, Sponsored Participants are able to access the Exchange
without paying a Membership Fee. Members also have more regulatory
obligations and risk that Sponsored Participants do not. For example,
while Sponsored Participants must agree to comply with the Rules of the
Exchange, it is the Sponsoring Member of that Sponsored Participant
that remains ultimately responsible for all orders entered on or
through the Exchange by that Sponsored Participant. The industry also
has a history of applying fees differently to Members as compared to
Sponsored Participants.\18\ Lastly, the Exchange believes its proposed
maximum limits, and distinction between Members and Sponsored Users, is
another appropriate means to help the Exchange manage its allotment of
Dedicated Cores and better ensure this finite resource is apportioned
fairly.
---------------------------------------------------------------------------
\17\ See Securities Exchange Act Release No. 99983 (April 17,
2024) 89 FR 30418 (April 23, 2024) (SR-CboeEDGA-2024-014).
\18\ See e.g., Securities Exchange Act Release No. 68342
(December 3, 2012) 77 FR 73096 (December 7, 2012) (SR-CBOE-2012-114)
and Securities Exchange Act Release No. 66082 (January 3, 2012) 77
FR 1101 (January 9, 2012) (SR-C2-2011-041).
---------------------------------------------------------------------------
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 intramarket competition that is not necessary in
furtherance of the purposes of the Act because the proposed tiered fee
structure will apply equally to all similarly situated Users that
choose to use Dedicated Cores. As discussed above, Dedicated Cores are
optional and Users may choose to utilize Dedicated Cores, or not, based
on their views of the additional benefits and added value provided by
utilizing a Dedicated Core. The Exchange believes the proposed fee will
be assessed proportionately to the potential value or benefit received
by Users with a greater number of Dedicated Cores and notes that Users
may determine at any time to cease using Dedicated Cores. As discussed,
Users can also continue to access the Exchange through shared CPU Cores
at no additional cost. Finally, all Users will be entitled to two
Dedicated Cores at no additional cost.
Next, the Exchange believes the proposed rule change 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,
including competition for exchange memberships. Market Participants
have numerous alternative venues that they may participate on,
including 15 other equities exchanges, as well as off-exchange venues,
where competitive products are available for trading. Indeed,
participants can readily choose to submit their order flow to other
exchange and off-exchange venues if they deem fee levels at those other
venues to be more favorable. Moreover, the Commission has repeatedly
expressed its preference for competition over regulatory intervention
in determining prices, products, and services in the securities
markets. Specifically, in Regulation NMS, the Commission highlighted
the importance of market forces in determining prices and SRO revenues
and, also, recognized that current regulation of the market system
``has been remarkably successful in promoting market competition in its
broader forms that are most important to investors and listed
companies.'' \19\ The fact that this market is competitive has also
long been recognized by the courts. In NetCoalition v. Securities and
Exchange Commission, the D.C. Circuit stated as follows: ``[n]o one
disputes that competition for order flow is `fierce.' . . . As the SEC
explained, `[i]n the U.S. national market system, buyers and sellers of
securities, and the broker-dealers that act as their order-routing
agents, have a wide range of choices of where to route orders for
execution';
[[Page 57485]]
[and] `no exchange can afford to take its market share percentages for
granted' because `no exchange possesses a monopoly, regulatory or
otherwise, in the execution of order flow from broker dealers'. . .
.''.\20\ Accordingly, the Exchange does not believe its proposed change
imposes any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act.
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\19\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496, 37499 (June 29, 2005).
\20\ NetCoalition v. SEC, 615 F.3d 525, 539 (D.C. Cir. 2010)
(quoting Securities Exchange Act Release No. 59039 (December 2,
2008), 73 FR 74770, 74782-83 (December 9, 2008) (SR-NYSEArca-2006-
21)).
---------------------------------------------------------------------------
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 \21\ and paragraph (f) of Rule 19b-4 \22\
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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\21\ 15 U.S.C. 78s(b)(3)(A).
\22\ 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 coment form (https://www.sec.gov/rules/sro.shtml); or
Send an email to [email protected]. Please include
file number SR-CboeBYX-2024-024 on the subject line.
Paper Comments
Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to file number SR-CboeBYX-2024-024. 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-CboeBYX-2024-024 and should
be submitted on or before August 5, 2024.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\23\
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\23\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2024-15407 Filed 7-12-24; 8:45 am]
BILLING CODE 8011-01-P
