Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Extend the Implementation Date of Functionality That Will Provide Members and Clearing Members With the Option To Utilize Additional Credit Risk Settings Under Interpretation and Policy .03 of Rule 11.10 ("Aggregate Credit Risk Checks"), 81976-81978 [2024-23289]
Download as PDF
81976
Federal Register / Vol. 89, No. 196 / Wednesday, October 9, 2024 / Notices
potential confusion that may otherwise
occur on the part of IEX members as to
the applicable rules governing
inspections of branch offices and other
locations. For these reasons, the
Commission believes that waiver of the
30-day operative delay for this proposed
rule change is consistent with the
protection of investors and the public
interest. Accordingly, the Commission
hereby waives the 30-day operative
delay and designates the proposed rule
change operative upon filing.74
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 shall institute proceedings
under Section 19(b)(2)(B) 75 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:
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–
IEX–2024–19 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–IEX–2024–19. 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
74 For purposes only of waiving the 30-day
operative delay, the Commission has considered the
proposed rule change’s impact on efficiency,
competition, and capital formation. See 15 U.S.C.
78c(f).
75 15 U.S.C. 78s(b)(2)(B).
VerDate Sep<11>2014
18:04 Oct 08, 2024
Jkt 265001
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for website viewing and
printing in the Commission’s Public
Reference Room, 100 F Street NE,
Washington, DC 20549, on official
business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the
filing also will be available for
inspection and copying at the principal
office of the Exchange. 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–IEX–2024–19 and
should be submitted on or before
October 30, 2024.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.76
Vanessa A. Countryman,
Secretary.
[FR Doc. 2024–23286 Filed 10–8–24; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–101242; File No. SR–
CboeEDGX–2024–060]
Self-Regulatory Organizations; Cboe
EDGX Exchange, Inc.; Notice of Filing
and Immediate Effectiveness of a
Proposed Rule Change To Extend the
Implementation Date of Functionality
That Will Provide Members and
Clearing Members With the Option To
Utilize Additional Credit Risk Settings
Under Interpretation and Policy .03 of
Rule 11.10 (‘‘Aggregate Credit Risk
Checks’’)
October 3, 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
September 26, 2024, Cboe EDGX
Exchange, Inc. (the ‘‘Exchange’’ or
‘‘EDGX’’) filed with the Securities and
Exchange Commission (‘‘SEC’’ or
‘‘Commission’’) the proposed rule
76 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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Frm 00097
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Sfmt 4703
change as described in Items I and II
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 EDGX Exchange, Inc. (the
‘‘Exchange’’ or ‘‘EDGX’’) proposes to
extend the implementation date of
functionality that will provide Members
and Clearing Members with the option
to utilize additional credit risk settings
under Interpretation and Policy .03 or
Rule 11.10 (‘‘Aggregate Credit Risk
Checks’’).
The text of the proposed rule change
is also available on the Exchange’s
website (https://markets.cboe.com/us/
options/regulation/rule_filings/edgx/),
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 is filing this proposal to
extend the implementation date of
functionality providing Members and
Clearing Members with the option to
utilize additional Aggregate Credit Risk
Checks. The functionality relating to
these additional risk settings was
submitted by the Exchange on an
immediately effective basis on May 29,
2024.3
The Aggregate Credit Risk Checks
offered under Interpretation and Policy
.03 or Rule 11.10, provide Members and
Clearing Members with additional,
optional credit risk settings, at the
Market Participant Identifier (‘‘MPID’’)
3 See Securities Exchange Act Release No. 100304
(June 10, 2024), 89 FR 50637 (June 14, 2024) (SR–
CboeEDGX–2024–028).
E:\FR\FM\09OCN1.SGM
09OCN1
khammond on DSKJM1Z7X2PROD with NOTICES
Federal Register / Vol. 89, No. 196 / Wednesday, October 9, 2024 / Notices
2. Statutory Basis
level and/or to a subset of orders
identified within the MPID level (the
The Exchange believes the proposed
‘‘risk group identifier’’ level) that
rule change is consistent with the
authorizes the Exchange to take
Securities Exchange Act of 1934 (the
automated action if a designated limit
‘‘Act’’), in general, and furthers the
for a Member is breached. These risk
objectives of Section 6(b) of the Act 4 in
settings will provide Members and
particular, in that it is designed to
Clearing Members with enhanced
promote just and equitable principles of
abilities to manage their risk with
trade, to remove impediments to and
respect to orders on the Exchange.
perfect the mechanism of a free and
Specifically, the Exchange intends to
open market and a national market
offer two aggregate credit risk settings as system, and, in general to protect
follows:
investors and the public interest. The
• The ‘‘Aggregate Gross Credit
Exchange’s proposal to delay the
Exposure Limit’’, which refers to a preimplementation of Aggregate Credit Risk
established maximum daily dollar
Checks to on or after November 22,
amount for purchases and sales across
2024, is consistent with the Act and
all symbols, where both purchases and
protection of investors and general
sales are counted as positive values. For public because it will permit the
purposes of calculating the Aggregate
Exchange additional time to ensure the
Gross Credit Exposure Limit, both
Exchange can properly develop, test,
executed and open orders are included;
and deploy the Aggregate Credit Risk
and
Checks. Moreover, the Aggregate Credit
• The ‘‘Aggregate Net Credit Exposure Risk Checks themselves were previously
Limit’’, which refers to a pre-established approved [sic] by the Commission,5 and
maximum daily dollar amount for
this proposal does not change the
purchases and sales across all symbols,
substance of those functionalities. As
where purchases are counted as positive noted, the Exchange would issue a
values and sales are counted as negative Trade Desk Notice announcing the exact
values. For purposes of calculating the
implementation date to members and
Aggregate Net Credit Exposure Limit,
member organizations.
both executed and open orders are
B. Self-Regulatory Organization’s
included.
Statement on Burden on Competition
The Exchange initially proposed to
The Exchange does not believe that
implement the Aggregate Credit Risk
the proposed rule change will impose
Checks by October 31, 2024. While this
date is not included in the relevant rule any burden on competition that is not
text codifying the Aggregate Credit Risk necessary or appropriate in furtherance
Checks, the Exchange separately notates of the purposes of the Act. As noted
above, the purpose of this proposal is
in its rulebook when it plans to
simply to extend the implementation
implement new functionality that was
date for the additional aggregate credit
either immediately effective upon rule
risk settings so that the Exchange has
filing, or approved by the SEC.
additional time for development,
Estimated implementation dates are
testing, and deployment.
sometimes necessary so because
implementing new functionality
C. Self-Regulatory Organization’s
sometimes requires additional time to
Statement on Comments on the
develop, test, and deploy, and such
Proposed Rule Change Received From
timeline may not always coincide with
Members, Participants, or Others
the statutory rule filing process. As
The Exchange neither solicited nor
such, the Exchange provides estimated
implementation dates to make Members received comments on the proposed
rule change.
aware that certain rule text is subject to
amendment post implementation of the
III. Date of Effectiveness of the
new functionality, as well as to provide
Proposed Rule Change and Timing for
Members with sufficient notice so that
Commission Action
they can make any necessary
The Exchange has filed the proposed
technological or operational
rule change pursuant to Section
adjustments to their systems (if
19(b)(3)(A)(iii) of the Act 6 and Rule
applicable). However, more time is
19b–4(f)(6) thereunder.7 Because the
needed to design, test, and implement
proposed rule change does not: (i)
the Aggregate Credit Ris Checks.
significantly affect the protection of
Accordingly, the Exchange proposes to
investors or the public interest; (ii)
implement the Aggregate Credit Risk
Checks on or after November 22, 2024.
4 15 U.S.C. 78f(b).
The Exchange would issue a Trade Desk
5 Supra note 3.
6 15 U.S.C. 78s(b)(3)(A)(iii).
Notice announcing the exact
7 17 CFR 240.19b–4(f)(6).
implementation date to Users.
VerDate Sep<11>2014
17:05 Oct 08, 2024
Jkt 265001
PO 00000
Frm 00098
Fmt 4703
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81977
impose any significant burden on
competition; and (iii) become operative
prior to 30 days from the date on which
it was filed, or such shorter time as the
Commission may designate, if
consistent with the protection of
investors and the public interest, the
proposed rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act 8 and Rule 19b–4(f)(6)(iii)
thereunder.9
A proposed rule change filed under
Rule 19b–4(f)(6) 10 normally does not
become operative prior to 30 days after
the date of the filing. However, pursuant
to Rule 19b–4(f)(6)(iii),11 the
Commission may designate a shorter
time if such action is consistent with the
protection of investors and the public
interest. The Exchange has asked the
Commission to waive the 30-day
operative delay so that the proposal may
become operative immediately upon
filing. The Exchange states that more
time is required to ensure optimal
design, testing, and implementation for
the Aggregate Credit Risk Checks, and
thus, waiver of the operative delay will
provide Exchange with such additional
time. As such, the Commission believes
that waiver of the operative delay is
consistent with the protection of
investors and the public interest
because it would ensure that the
Exchange has extra time to properly
deploy these new aggregate credit risk
functionalities, which is to the benefit of
market participants that will eventually
utilize the Aggregate Credit Risk Checks.
Accordingly, the Commission hereby
waives the 30-day operative delay and
designates the proposal operative upon
filing.12
At any time within 60 days of the
filing of this 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
8 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires the Exchange to give the
Commission written notice of the Exchange’s intent
to file the proposed rule change, along with a brief
description and text of the proposed rule change,
at least five business days prior to the date of filing
of the proposed rule change, or such shorter time
as designated by the Commission. The Exchange
has satisfied this requirement.
10 17 CFR 240.19b–4(f)(6).
11 17 CFR 240.19b–4(f)(6)(iii).
12 For purposes only of waiving the 30-day
operative delay, the Commission has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
9 17
E:\FR\FM\09OCN1.SGM
09OCN1
81978
Federal Register / Vol. 89, No. 196 / Wednesday, October 9, 2024 / Notices
under Section 19(b)(2)(B) 13 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:
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–
CboeEDGX–2024–060 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–CboeEDGX–2024–060. 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–CboeEDGX–2024–060, and should
13 15
U.S.C. 78s(b)(2)(B).
VerDate Sep<11>2014
17:05 Oct 08, 2024
be submitted on or before October 30,
2024.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.14
Vanessa A. Countryman,
Secretary.
[FR Doc. 2024–23289 Filed 10–8–24; 8:45 am]
BILLING CODE 8011–01–P
SMALL BUSINESS ADMINISTRATION
Percent
[Disaster Declaration #20705 and #20706;
VIRGINIA Disaster Number VA–20011]
Presidential Declaration of a Major
Disaster for the Commonwealth of
Virginia
U.S. Small Business
Administration.
ACTION: Notice.
AGENCY:
This is a Notice of the
Presidential declaration of a major
disaster for the Commonwealth of
Virginia (FEMA–4831–DR), dated
October 1, 2024.
DATES: Issued on October 1, 2024.
Physical Loan Application Deadline
Date: December 2, 2024.
Economic Injury (EIDL) Loan
Application Deadline Date: July 1, 2025.
ADDRESSES: Visit the MySBA Loan
Portal at https://lending.sba.gov to
apply for a disaster assistance loan.
FOR FURTHER INFORMATION CONTACT:
Alan Escobar, Office of Disaster
Recovery & Resilience, U.S. Small
Business Administration, 409 3rd Street
SW, Suite 6050, Washington, DC 20416,
(202) 205–6734.
SUPPLEMENTARY INFORMATION: Notice is
hereby given that as a result of the
President’s major disaster declaration on
10/01/2024, applications for disaster
loans may be submitted online using the
MySBA Loan Portal https://
lending.sba.gov or other locally
announced locations. Please contact the
SBA disaster assistance customer
service center by email at
disastercustomerservice@sba.gov or by
phone at 1–800–659–2955 for further
assistance.
Incident: Tropical Storm Helene.
Incident Period: September 25, 2024
and continuing.
The following areas have been
determined to be adversely affected by
the disaster:
Primary Counties (Physical Damage and
Economic Injury Loans): Giles,
Grayson, Smyth, Tazewell,
Washington, Wythe and the
Independent City of Galax.
SUMMARY:
14 17
Jkt 265001
Contiguous Counties (Economic Injury
Loans Only):
Virginia: Bland, Buchanan, Carroll,
Craig, Montgomery, Pulaski,
Russell, Scott and the Independent
City of Bristol.
North Carolina: Alleghany, Ashe,
Surry.
Tennessee: Johnson, Sullivan.
West Virginia: McDowell, Mercer,
Monroe, Summers.
The Interest Rates are:
PO 00000
CFR 200.30–3(a)(12), (59).
Frm 00099
Fmt 4703
Sfmt 4703
For Physical Damage:
Homeowners with Credit Available
Elsewhere .................................
Homeowners without Credit Available Elsewhere .........................
Businesses with Credit Available
Elsewhere .................................
Businesses without Credit Available Elsewhere .........................
Non-Profit Organizations with
Credit Available Elsewhere .......
Non-Profit Organizations without
Credit Available Elsewhere .......
For Economic Injury:
Business and Small Agricultural
Cooperatives without Credit
Available Elsewhere ..............
Non-Profit Organizations without Credit Available Elsewhere .....................................
5.625
2.813
8.000
4.000
3.250
3.250
4.000
3.250
The number assigned to this disaster
for physical damage is 207058 and for
economic injury is 207060.
(Catalog of Federal Domestic Assistance
Number 59008)
Rafaela Monchek,
Deputy Associate Administrator, Office of
Disaster Recovery & Resilience.
[FR Doc. 2024–23345 Filed 10–8–24; 8:45 am]
BILLING CODE 8026–09–P
DEPARTMENT OF TRANSPORTATION
Federal Aviation Administration
[Docket No.: FAA–2025–2406; Summary
Notice No. –2024–43]
Petition for Exemption; Summary of
Petition Received; International Aero
Engines, LLC
Federal Aviation
Administration (FAA), Department of
Transportation (DOT).
ACTION: Notice.
AGENCY:
This notice contains a
summary of a petition seeking relief
from specified requirements of Federal
Aviation Regulations. The purpose of
this notice is to improve the public’s
awareness of, and participation in, the
FAA’s exemption process. Neither
SUMMARY:
E:\FR\FM\09OCN1.SGM
09OCN1
Agencies
[Federal Register Volume 89, Number 196 (Wednesday, October 9, 2024)]
[Notices]
[Pages 81976-81978]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-23289]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-101242; File No. SR-CboeEDGX-2024-060]
Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice
of Filing and Immediate Effectiveness of a Proposed Rule Change To
Extend the Implementation Date of Functionality That Will Provide
Members and Clearing Members With the Option To Utilize Additional
Credit Risk Settings Under Interpretation and Policy .03 of Rule 11.10
(``Aggregate Credit Risk Checks'')
October 3, 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 September 26, 2024, Cboe EDGX Exchange, Inc. (the ``Exchange'' or
``EDGX'') filed with the Securities and Exchange Commission (``SEC'' or
``Commission'') the proposed rule change as described in Items I and II
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 EDGX Exchange, Inc. (the ``Exchange'' or ``EDGX'') proposes to
extend the implementation date of functionality that will provide
Members and Clearing Members with the option to utilize additional
credit risk settings under Interpretation and Policy .03 or Rule 11.10
(``Aggregate Credit Risk Checks'').
The text of the proposed rule change is also available on the
Exchange's website (https://markets.cboe.com/us/options/regulation/rule_filings/edgx/), 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 is filing this proposal to extend the implementation
date of functionality providing Members and Clearing Members with the
option to utilize additional Aggregate Credit Risk Checks. The
functionality relating to these additional risk settings was submitted
by the Exchange on an immediately effective basis on May 29, 2024.\3\
---------------------------------------------------------------------------
\3\ See Securities Exchange Act Release No. 100304 (June 10,
2024), 89 FR 50637 (June 14, 2024) (SR-CboeEDGX-2024-028).
---------------------------------------------------------------------------
The Aggregate Credit Risk Checks offered under Interpretation and
Policy .03 or Rule 11.10, provide Members and Clearing Members with
additional, optional credit risk settings, at the Market Participant
Identifier (``MPID'')
[[Page 81977]]
level and/or to a subset of orders identified within the MPID level
(the ``risk group identifier'' level) that authorizes the Exchange to
take automated action if a designated limit for a Member is breached.
These risk settings will provide Members and Clearing Members with
enhanced abilities to manage their risk with respect to orders on the
Exchange. Specifically, the Exchange intends to offer two aggregate
credit risk settings as follows:
The ``Aggregate Gross Credit Exposure Limit'', which
refers to a pre-established maximum daily dollar amount for purchases
and sales across all symbols, where both purchases and sales are
counted as positive values. For purposes of calculating the Aggregate
Gross Credit Exposure Limit, both executed and open orders are
included; and
The ``Aggregate Net Credit Exposure Limit'', which refers
to a pre-established maximum daily dollar amount for purchases and
sales across all symbols, where purchases are counted as positive
values and sales are counted as negative values. For purposes of
calculating the Aggregate Net Credit Exposure Limit, both executed and
open orders are included.
The Exchange initially proposed to implement the Aggregate Credit
Risk Checks by October 31, 2024. While this date is not included in the
relevant rule text codifying the Aggregate Credit Risk Checks, the
Exchange separately notates in its rulebook when it plans to implement
new functionality that was either immediately effective upon rule
filing, or approved by the SEC. Estimated implementation dates are
sometimes necessary so because implementing new functionality sometimes
requires additional time to develop, test, and deploy, and such
timeline may not always coincide with the statutory rule filing
process. As such, the Exchange provides estimated implementation dates
to make Members aware that certain rule text is subject to amendment
post implementation of the new functionality, as well as to provide
Members with sufficient notice so that they can make any necessary
technological or operational adjustments to their systems (if
applicable). However, more time is needed to design, test, and
implement the Aggregate Credit Ris Checks. Accordingly, the Exchange
proposes to implement the Aggregate Credit Risk Checks on or after
November 22, 2024. The Exchange would issue a Trade Desk Notice
announcing the exact implementation date to Users.
2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Securities Exchange Act of 1934 (the ``Act''), in general, and
furthers the objectives of Section 6(b) of the Act \4\ in particular,
in that it is designed to promote just and equitable principles of
trade, 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. The Exchange's proposal to delay the
implementation of Aggregate Credit Risk Checks to on or after November
22, 2024, is consistent with the Act and protection of investors and
general public because it will permit the Exchange additional time to
ensure the Exchange can properly develop, test, and deploy the
Aggregate Credit Risk Checks. Moreover, the Aggregate Credit Risk
Checks themselves were previously approved [sic] by the Commission,\5\
and this proposal does not change the substance of those
functionalities. As noted, the Exchange would issue a Trade Desk Notice
announcing the exact implementation date to members and member
organizations.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78f(b).
\5\ Supra note 3.
---------------------------------------------------------------------------
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. As noted above, the purpose
of this proposal is simply to extend the implementation date for the
additional aggregate credit risk settings so that the Exchange has
additional time for development, testing, and deployment.
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 Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \6\ and Rule 19b-4(f)(6) thereunder.\7\
Because the proposed rule change does not: (i) significantly affect the
protection of investors or the public interest; (ii) impose any
significant burden on competition; and (iii) become operative prior to
30 days from the date on which it was filed, or such shorter time as
the Commission may designate, if consistent with the protection of
investors and the public interest, the proposed rule change has become
effective pursuant to Section 19(b)(3)(A) of the Act \8\ and Rule 19b-
4(f)(6)(iii) thereunder.\9\
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\6\ 15 U.S.C. 78s(b)(3)(A)(iii).
\7\ 17 CFR 240.19b-4(f)(6).
\8\ 15 U.S.C. 78s(b)(3)(A).
\9\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires the Exchange to give the Commission written notice of the
Exchange's intent to file the proposed rule change, along with a
brief description and text of the proposed rule change, at least
five business days prior to the date of filing of the proposed rule
change, or such shorter time as designated by the Commission. The
Exchange has satisfied this requirement.
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A proposed rule change filed under Rule 19b-4(f)(6) \10\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\11\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay so that the proposal
may become operative immediately upon filing. The Exchange states that
more time is required to ensure optimal design, testing, and
implementation for the Aggregate Credit Risk Checks, and thus, waiver
of the operative delay will provide Exchange with such additional time.
As such, the Commission believes that waiver of the operative delay is
consistent with the protection of investors and the public interest
because it would ensure that the Exchange has extra time to properly
deploy these new aggregate credit risk functionalities, which is to the
benefit of market participants that will eventually utilize the
Aggregate Credit Risk Checks. Accordingly, the Commission hereby waives
the 30-day operative delay and designates the proposal operative upon
filing.\12\
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\10\ 17 CFR 240.19b-4(f)(6).
\11\ 17 CFR 240.19b-4(f)(6)(iii).
\12\ For purposes only of waiving the 30-day operative delay,
the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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At any time within 60 days of the filing of this 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
[[Page 81978]]
under Section 19(b)(2)(B) \13\ of the Act to determine whether the
proposed rule change should be approved or disapproved.
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\13\ 15 U.S.C. 78s(b)(2)(B).
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IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's internet comment form (https://www.sec.gov/rules/sro.shtml); or
Send an email to [email protected]. Please include
file number SR-CboeEDGX-2024-060 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-CboeEDGX-2024-060. 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-CboeEDGX-2024-060, and
should be submitted on or before October 30, 2024.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
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\14\ 17 CFR 200.30-3(a)(12), (59).
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Vanessa A. Countryman,
Secretary.
[FR Doc. 2024-23289 Filed 10-8-24; 8:45 am]
BILLING CODE 8011-01-P