Self-Regulatory Organizations; Cboe BYX Exchange, Inc.; Notice of Withdrawal of a Proposed Rule Change To Amend the Definition of Retail Order, and Codify Interpretations and Policies Regarding Permissible Uses of Algorithms by RMOs, 66477-66478 [2024-18197]
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Federal Register / Vol. 89, No. 158 / Thursday, August 15, 2024 / Notices
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’;
[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’ . . . .’’.31 Accordingly, the
Exchange does not believe its proposed
fee change imposes any burden on
competition that is not necessary or
appropriate in furtherance of the
purposes of the Act.
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 32 and paragraph (f) of Rule
19b–4 33 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:
khammond on DSKJM1Z7X2PROD with NOTICES
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–
CboeEDGA–2024–031 on the subject
line.
31 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)).
32 15 U.S.C. 78s(b)(3)(A).
33 17 CFR 240.19b–4(f).
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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–CboeEDGA–2024–031. 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–CboeEDGA–2024–031 and should
be submitted on or before September 5,
2024.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.34
Vanessa A. Countryman,
Secretary.
[FR Doc. 2024–18200 Filed 8–14–24; 8:45 am]
BILLING CODE 8011–01–P
34 17
PO 00000
CFR 200.30–3(a)(12).
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66477
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–100690; File No. SR–
CboeBYX–2024–004]
Self-Regulatory Organizations; Cboe
BYX Exchange, Inc.; Notice of
Withdrawal of a Proposed Rule Change
To Amend the Definition of Retail
Order, and Codify Interpretations and
Policies Regarding Permissible Uses
of Algorithms by RMOs
August 9, 2024.
On January 25, 2024, Cboe BYX
Exchange, Inc. (‘‘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 amend the definition of Retail
Order,3 and codify interpretations and
policies regarding permissible uses of
algorithms by Retail Member
Organizations.4 The proposed rule
change was published for comment in
the Federal Register on February 13,
2024.5 On March 21, 2024, pursuant to
Section 19(b)(2) of the Act,6 the
Commission designated a longer period
within which to approve the proposed
rule change, disapprove the proposed
rule change, or institute proceedings to
determine whether to disapprove the
proposed rule change.7 On May 13,
2024, the Commission instituted
proceedings under Section 19(b)(2)(B) of
the Act 8 to determine whether to
approve or disapprove the proposed
rule change.9 On July 10, 2024, the
Exchange submitted Amendment No. 1
to the proposed rule change, which
replaced and superseded the proposed
rule change as originally filed. On July
17, 2024, the Exchange withdrew
Amendment No. 1. On August 7, 2024,
the Exchange withdrew the proposed
rule change (SR–CboeBYX–2024–004).
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 The term ‘‘Retail Order’’ is defined in Exchange
Rule 11.24(a)(2).
4 The term ‘‘Retail Member Organization’’ (or
‘‘RMO’’) is defined in Exchange Rule 11.24(a)(1) to
mean a member of the Exchange (or a division
thereof) that has been approved by the Exchange
under Exchange Rule 11.24 to submit Retail Orders.
5 See Securities Exchange Act Release No. 99489
(February 7, 2024), 89 FR 10138 (‘‘Notice’’). The
Commission has not received any comments on the
proposed rule change.
6 15 U.S.C. 78s(b)(2).
7 See Securities Exchange Act Release No. 99819,
89 FR 21294 (March 27, 2024).
8 15 U.S.C. 78s(b)(2)(B).
9 See Securities Exchange Act Release No. 100113
(May 13, 2024), 89 FR 43488 (May 17, 2024).
2 17
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66478
Federal Register / Vol. 89, No. 158 / Thursday, August 15, 2024 / Notices
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
Vanessa A. Countryman,
Secretary.
[FR Doc. 2024–18197 Filed 8–14–24; 8:45 am]
BILLING CODE 8011–01–P
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
Vanessa A. Countryman,
Secretary.
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–100689; File No. SR–
CboeBZX–2024–007]
[FR Doc. 2024–18196 Filed 8–14–24; 8:45 am]
Self-Regulatory Organizations; Cboe
BZX Exchange, Inc.; Notice of
Withdrawal of a Proposed Rule Change
To Amend the Definition of Retail
Order, and Codify Interpretations and
Policies Regarding Permissible Uses
of Algorithms by RMOs
August 9, 2024.
On January 25, 2024, Cboe BZX
Exchange, Inc. (‘‘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 amend the definition of Retail
Order,3 and codify interpretations and
policies regarding permissible uses of
algorithms by Retail Member
Organizations.4 The proposed rule
change was published for comment in
the Federal Register on February 13,
2024.5 On March 21, 2024, pursuant to
Section 19(b)(2) of the Act,6 the
Commission designated a longer period
within which to approve the proposed
rule change, disapprove the proposed
rule change, or institute proceedings to
determine whether to disapprove the
proposed rule change.7 On May 13,
2024, the Commission instituted
proceedings under Section 19(b)(2)(B) of
the Act 8 to determine whether to
approve or disapprove the proposed
rule change.9 On July 10, 2024, the
Exchange submitted Amendment No. 1
10 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 The term ‘‘Retail Order’’ is defined in Exchange
Rule 11.25(a)(2).
4 The term ‘‘Retail Member Organization’’ (or
‘‘RMO’’) is defined in Exchange Rule 11.25(a)(1) to
mean a member of the Exchange (or a division
thereof) that has been approved by the Exchange
under Exchange Rule 11.25 to submit Retail Orders.
5 See Securities Exchange Act Release No. 99488
(February 7, 2024), 89 FR 10121 (‘‘Notice’’). The
Commission has not received any comments on the
proposed rule change.
6 15 U.S.C. 78s(b)(2).
7 See Securities Exchange Act Release No. 99815,
89 FR 21290 (March 27, 2024).
8 15 U.S.C. 78s(b)(2)(B).
9 See Securities Exchange Act Release No. 100115
(May 13, 2024), 89 FR 43491 (May 17, 2024).
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1 15
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to the proposed rule change, which
replaced and superseded the proposed
rule change as originally filed. On July
17, 2024, the Exchange withdrew
Amendment No. 1. On August 7, 2024,
the Exchange withdrew the proposed
rule change (SR–CboeBZX–2024–007).
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–100686; File No. SR–
EMERALD–2024–19]
Self-Regulatory Organizations; MIAX
Emerald, LLC; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Amend Its Fee
Schedule
August 9, 2024.
Pursuant to the provisions of 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 July 31, 2024, MIAX Emerald, LLC
(‘‘MIAX Emerald’’ or ‘‘Exchange’’) filed
with the Securities and Exchange
Commission (‘‘Commission’’) a
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 amend the
MIAX Emerald Options Exchange Fee
Schedule (the ‘‘Fee Schedule’’).
The text of the proposed rule change
is available on the Exchange’s website at
https://www.miaxglobal.com/markets/
us-options/miax-options/rule-filings, at
the Exchange’s principal office, 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
10 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
PO 00000
Frm 00137
Fmt 4703
Sfmt 4703
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 the
exchange grouping of options exchanges
within the routing fee table in Section
1)c) of the Fee Schedule, Fees for
Customer Orders Routed to Another
Options Exchange, to reflect the recent
addition of a new national securities
exchange, MIAX Sapphire, LLC (‘‘MIAX
Sapphire’’),3 to be listed in the routing
fee table. The Exchange proposes to
implement the fee change effective
August 1, 2024.
Background
Currently, the Exchange assesses
routing fees based upon (i) the origin
type of the order; (ii) whether or not it
is an order for standard option classes
in the Penny Interval Program 4 (‘‘Penny
classes’’) or an order for standard option
classes which are not in the Penny
Interval Program (‘‘Non-Penny classes’’)
(or other explicitly identified classes);
and (iii) to which away market it is
being routed. This assessment practice
is identical to the routing fees
assessment practice currently utilized
by the Exchange’s affiliates, Miami
International Securities Exchange, LLC
(‘‘MIAX Options’’) and MIAX PEARL,
LLC (‘‘MIAX Pearl’’). This is also similar
to the methodology utilized by the Cboe
BZX Exchange, Inc. (‘‘Cboe BZX
Options’’), a competing options
exchange, in assessing routing fees.
Cboe BZX Options has exchange
groupings in its fee schedule, similar to
those of the Exchange, whereby several
exchanges are grouped into the same
category dependent upon the order’s
origin type and whether it is a Penny or
Non-Penny class.5
As a result of the anticipated launch
of MIAX Sapphire in the third quarter
3 See Securities Exchange Act Release No. 100539
(July 15, 2024), 89 FR 58848 (July 19, 2024) (File
No. 10–240) (order approving application of MIAX
Sapphire, LLC for registration as a national
securities exchange).
4 See Exchange Rule 510(c).
5 See Cboe U.S. Options Fee Schedules, BZX
Options, effective July 15, 2024, ‘‘Fee Codes and
Associated Fees,’’ at https://www.cboe.com/us/
options/membership/fee_schedule/bzx/.
E:\FR\FM\15AUN1.SGM
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]]>Agencies
[Federal Register Volume 89, Number 158 (Thursday, August 15, 2024)]
[Notices]
[Pages 66477-66478]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-18197]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-100690; File No. SR-CboeBYX-2024-004]
Self-Regulatory Organizations; Cboe BYX Exchange, Inc.; Notice of
Withdrawal of a Proposed Rule Change To Amend the Definition of Retail
Order, and Codify Interpretations and Policies Regarding Permissible
Uses of Algorithms by RMOs
August 9, 2024.
On January 25, 2024, Cboe BYX Exchange, Inc. (``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
amend the definition of Retail Order,\3\ and codify interpretations and
policies regarding permissible uses of algorithms by Retail Member
Organizations.\4\ The proposed rule change was published for comment in
the Federal Register on February 13, 2024.\5\ On March 21, 2024,
pursuant to Section 19(b)(2) of the Act,\6\ the Commission designated a
longer period within which to approve the proposed rule change,
disapprove the proposed rule change, or institute proceedings to
determine whether to disapprove the proposed rule change.\7\ On May 13,
2024, the Commission instituted proceedings under Section 19(b)(2)(B)
of the Act \8\ to determine whether to approve or disapprove the
proposed rule change.\9\ On July 10, 2024, the Exchange submitted
Amendment No. 1 to the proposed rule change, which replaced and
superseded the proposed rule change as originally filed. On July 17,
2024, the Exchange withdrew Amendment No. 1. On August 7, 2024, the
Exchange withdrew the proposed rule change (SR-CboeBYX-2024-004).
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ The term ``Retail Order'' is defined in Exchange Rule
11.24(a)(2).
\4\ The term ``Retail Member Organization'' (or ``RMO'') is
defined in Exchange Rule 11.24(a)(1) to mean a member of the
Exchange (or a division thereof) that has been approved by the
Exchange under Exchange Rule 11.24 to submit Retail Orders.
\5\ See Securities Exchange Act Release No. 99489 (February 7,
2024), 89 FR 10138 (``Notice''). The Commission has not received any
comments on the proposed rule change.
\6\ 15 U.S.C. 78s(b)(2).
\7\ See Securities Exchange Act Release No. 99819, 89 FR 21294
(March 27, 2024).
\8\ 15 U.S.C. 78s(b)(2)(B).
\9\ See Securities Exchange Act Release No. 100113 (May 13,
2024), 89 FR 43488 (May 17, 2024).
[[Page 66478]]
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For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
---------------------------------------------------------------------------
\10\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Vanessa A. Countryman,
Secretary.
[FR Doc. 2024-18197 Filed 8-14-24; 8:45 am]
BILLING CODE 8011-01-P
