Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Fees Applicable to Certain Exchange-Traded Products Listed on the Exchange, Which Are Set Forth in BZX Rule 14.13, Company Listing Fees, 87904-87907 [2024-25635]
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87904
Federal Register / Vol. 89, No. 214 / Tuesday, November 5, 2024 / Notices
Jana Slovinska; Comments Due:
November 7, 2024.
11. Docket No(s).: MC2025–222 and
K2025–220; Filing Title: USPS Request
to Add Priority Mail Express, Priority
Mail & USPS Ground Advantage
Contract 583 to the Competitive Product
List and Notice of Filing Materials
Under Seal; Filing Acceptance Date:
October 30, 2024; Filing Authority: 39
U.S.C. 3642, 39 CFR 3035.105, and 39
CFR 3041.310; Public Representative:
Maxine Bradley; Comments Due:
November 7, 2024.
12. Docket No(s).: MC2025–223 and
K2025–221; Filing Title: USPS Request
to Add Priority Mail Express, Priority
Mail & USPS Ground Advantage
Contract 584 to the Competitive Product
List and Notice of Filing Materials
Under Seal; Filing Acceptance Date:
October 30, 2024; Filing Authority: 39
U.S.C. 3642, 39 CFR 3035.105, and 39
CFR 3041.310; Public Representative:
Maxine Bradley; Comments Due:
November 7, 2024.
13. Docket No(s).: MC2025–224 and
K2025–222; Filing Title: USPS Request
to Add Priority Mail Express, Priority
Mail & USPS Ground Advantage
Contract 585 to the Competitive Product
List and Notice of Filing Materials
Under Seal; Filing Acceptance Date:
October 30, 2024; Filing Authority: 39
U.S.C. 3642, 39 CFR 3035.105, and 39
CFR 3041.310; Public Representative:
Maxine Bradley; Comments Due:
November 7, 2024.
14. Docket No(s).: MC2025–225 and
K2025–223; Filing Title: USPS Request
to Add Priority Mail Express, Priority
Mail & USPS Ground Advantage
Contract 586 to the Competitive Product
List and Notice of Filing Materials
Under Seal; Filing Acceptance Date:
October 30, 2024; Filing Authority: 39
U.S.C. 3642, 39 CFR 3035.105, and 39
CFR 3041.310; Public Representative:
Gregory Stanton; Comments Due:
November 7, 2024.
15. Docket No(s).: MC2025–226 and
K2025–224; Filing Title: USPS Request
to Add Priority Mail Express, Priority
Mail & USPS Ground Advantage
Contract 587 to the Competitive Product
List and Notice of Filing Materials
Under Seal; Filing Acceptance Date:
October 30, 2024; Filing Authority: 39
U.S.C. 3642, 39 CFR 3035.105, and 39
CFR 3041.310; Public Representative:
Gregory Stanton; Comments Due:
November 7, 2024.
16. Docket No(s).: MC2025–227 and
K2025–225; Filing Title: USPS Request
to Add Priority Mail Express, Priority
Mail & USPS Ground Advantage
Contract 588 to the Competitive Product
List and Notice of Filing Materials
Under Seal; Filing Acceptance Date:
VerDate Sep<11>2014
18:07 Nov 04, 2024
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October 30, 2024; Filing Authority: 39
U.S.C. 3642, 39 CFR 3035.105, and 39
CFR 3041.310; Public Representative:
Almaroof Agoro; Comments Due:
November 7, 2024.
17. Docket No(s).: MC2025–228 and
K2025–226; Filing Title: USPS Request
to Add Priority Mail Express, Priority
Mail & USPS Ground Advantage
Contract 589 to the Competitive Product
List and Notice of Filing Materials
Under Seal; Filing Acceptance Date:
October 30, 2024; Filing Authority: 39
U.S.C. 3642, 39 CFR 3035.105, and 39
CFR 3041.310; Public Representative:
Almaroof Agoro; Comments Due:
November 7, 2024.
18. Docket No(s).: MC2025–229 and
K2025–227; Filing Title: USPS Request
to Add Priority Mail Express, Priority
Mail & USPS Ground Advantage
Contract 590 to the Competitive Product
List and Notice of Filing Materials
Under Seal; Filing Acceptance Date:
October 30, 2024; Filing Authority: 39
U.S.C. 3642, 39 CFR 3035.105, and 39
CFR 3041.310; Public Representative:
Almaroof Agoro; Comments Due:
November 7, 2024.
III. Summary Proceeding(s)
None. See Section II for public
proceedings.
This Notice will be published in the
Federal Register.
Jennie L. Jbara,
Primary Certifying Official.
[FR Doc. 2024–25680 Filed 11–4–24; 8:45 am]
BILLING CODE 7710–FW–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–101479; File No. SR–
CboeBZX–2024–102]
Self-Regulatory Organizations; Cboe
BZX Exchange, Inc.; Notice of Filing
and Immediate Effectiveness of a
Proposed Rule Change To Amend the
Fees Applicable to Certain ExchangeTraded Products Listed on the
Exchange, Which Are Set Forth in BZX
Rule 14.13, Company Listing Fees
October 30, 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 October
18, 2024, Cboe BZX Exchange, Inc. (the
‘‘Exchange’’ or ‘‘BZX’’) filed with the
Securities and Exchange Commission
(the ‘‘Commission’’) the proposed rule
change as described in Items I, II, and
1 15
2 17
PO 00000
U.S.C. 78s(b)(1).
CFR 240.19b–4.
Frm 00065
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III below, which Items have been
prepared by the Exchange. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
Cboe BZX Exchange, Inc. (‘‘BZX’’ or
the ‘‘Exchange’’) is filing with the
Securities and Exchange Commission
(‘‘Commission’’ or ‘‘SEC’’) a proposed
rule change to amend the fees
applicable to certain exchange-traded
products listed on the Exchange, which
are set forth in BZX Rule 14.13,
Company Listing Fees. The text of the
proposed rule change is provided in
Exhibit 5.
The text of the proposed rule change
is also available on the Exchange’s
website (https://markets.cboe.com/us/
equities/regulation/rule_filings/BZX/),
at the Exchange’s Office of the
Secretary, and at the Commission’s
Public Reference Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange included statements
concerning the purpose of and basis for
the proposed rule change and discussed
any comments it received on the
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below. The
Exchange has prepared summaries, set
forth in sections A, B, and C below, of
the most significant aspects of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange submits this proposal 3
to adopt new Rule 14.13(b)(2)(E)(v) in
order to adopt a new annual fee
applicable to exchange-traded products
(‘‘ETPs’’) 4 that consist only of an
American Depository Receipt (‘‘ADR’’)
and instruments designed to hedge the
ETP’s foreign currency exposure in the
3 The Exchange initially filed the proposed fee
change on September 26, 2024 (SR–CboeBZX–
2024–092). On October 4, 2024, the Exchange
withdrew that filing and submitted SR–CboeBZX–
2024–096. On October 16, 2024, the Exchange
withdrew that filing and submitted SR–CboeBZX–
2024–100. On October 18, 2024 the Exchange
withdrew that filing and submitted this proposal.
4 As defined in Rule 11.8(e)(1)(A), the term ‘‘ETP’’
means any security listed pursuant to Exchange
Rule 14.11.
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ADR (an ‘‘ADR Hedge’’).5 The Exchange
is also proposing to make a
corresponding non-substantive
numbering change to make current Rule
14.13(b)(2)(E)(v) become
14.13(b)(2)(E)(vi) and to add language to
proposed Rule 14.13(b)(2)(E)(vi) in order
to make clear that ETPs that are subject
to the new pricing for an ADR Hedge
would not be subject to the standard
annual fees applicable under Rule
14.13(b)(2)(E)(vi) 6 in the same way that
Legacy Listings,7 New Listings,8 an
Outcome Strategy ETP 9 subject to Rule
14.13(b)(2)(E)(iii), a Defined Distribution
Strategy ETP 10 subject to Rule
14.13(b)(2)(E)(iv), and Transfer
Listings 11 are not subject to such fees.
Annual fees for ETPs (not including
Legacy Listings, New Listings, an
5 An ADR Hedge is an ETP designed to provide
investors with exposure to individual international
companies without the currency exposure
associated with traditional means of individual
international company investing. Therefore, an
ADR Hedge consists of a U.S.-listed ADR on an
underlying international company (e.g., Toyota
Motors) and a currency contract designed to
mitigate the currency risk resulting from variable
foreign exchange rates between the local currency
of the international shares (e.g., Japanese Yen) and
the U.S. Dollar. Three ADR Hedges are listed on the
Exchange under Exchange Rule 14.11(l) (ExchangeTraded Fund Shares). Exchange Rule 14.11(l) is
applicable to ETPs that are eligible to operate in
reliance on Rule 6c–11 under the Investment
Company Act of 1940 (‘‘Rule 6c–11’’).
6 Instead, these products are assessed annual fees
as provided under Rules 14.13(b)(2)(E)(i) through
(v), as applicable.
7 A ‘‘Legacy Listing’’ is an ETP that was listed on
the Exchange prior to January 1, 2019. See
Exchange Rule 14.13(b)(2)(E)(i).
8 A ‘‘New Listing’’ is an ETP that first lists on the
Exchange or has been listed on for fewer than three
calendar months on the ETP’s first trading day of
the year. See Exchange Rule 14.13(b)(2)(E)(ii).
9 An ‘‘Outcome Strategy Series’’ are multiple
ETPs listed by the same issuer that are each
designed to provide (i) a pre-defined set of returns;
(ii) over a specified outcome period; (iii) based on
the performance of the same underlying
instruments; and (iv) each employ the same
outcome strategy for achieving the pre-defined set
of returns (each an ‘‘Outcome Strategy ETP’’ and,
collectively, an ‘‘Outcome Strategy Series’’). See
Exchange Rule 14.13(b)(2)(E)(iii).
10 A ‘‘Defined Distribution Strategy Series’’ are
multiple ETPs listed by the same issuer that are
each designed to provide (i) pre-defined set of cash
distributions; (ii) over two specified periods with
the first period beginning at inception until a predefined date and the second period beginning at
that pre-defined date until another pre-defined date
by which the ETP intends to distribute substantially
all of its assets and liquidate the fund; (iii) where
the first period defined distributions are based on
the market conditions at the beginning of the first
period, and the second period defined distributions
are based on the market conditions at the beginning
of the second period; and (iv) each employ the same
strategy for achieving the pre-defined distributions
(each a ‘‘Defined Distribution Strategy ETP’’ and,
collectively, a ‘‘Defined Distribution Strategy
Series’’). See Exchange Rule 14.13(b)(2)(E)(iv).
11 A ‘‘Transfer Listing’’ is an ETP that transfers
listing from another national securities exchange to
the Exchange. See Exchange Rule
14.13(b)(1)(B)(v)(b).
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Outcome Strategy ETP subject to Rule
14.13(b)(2)(E)(iii), a Defined Distribution
Strategy ETP subject to Rule
14.13(b)(2)(E)(iv), and Transfer Listings)
are generally based on the consolidated
average daily volume (‘‘CADV’’) of the
ETP in the fourth quarter of the
preceding calendar year and range from
$5,000 up to $7,000 per ETP.12
Now, the Exchange proposes to adopt
an annual fee of $9,000 for ADR Hedges.
The Exchange is proposing to adopt this
fee in in order to provide uniform
pricing for all ADR Hedges listed on the
Exchange. The Exchange believes that
these higher proposed fees are
appropriate for this new product type
because of the higher Exchange costs
associated with issuer services, listing
administration, and product
development that have historically
come along with the introduction of
new product types on the Exchange.
Specifically, based on prior experience
with listing new product types, the
Exchange believes that these could
include adding ADR Hedge products to
a liquidity incentive program, e.g. the
Liquidity Enhancement Program,13
educating market participants about the
product type, and any other
unanticipated needs, each of which
would require time and/or Exchange
resources to accommodate. Without the
ability to increase its fees in such
instances, the Exchange will be less able
to support innovation and changes in
the marketplace. The Exchange also
notes that this proposed fee is only
$2,000 more than the highest tier of the
Exchange’s standard fee schedule and is
significantly less than the standard fees
charged by another exchange.14 To the
extent that any issuer finds the
Exchange’s fees to be excessive, they
could choose to list the ADR Hedge
product on another national securities
exchange.
12 See
Exchange Rule 14.13(b)(2)(E)(v).
LEP Tier 1 under Footnote 13 of the BZX
Fee Schedule; Securities Exchange Act No. 99147
(December 12, 2023) 88 FR 87476 (December 18,
2023) (SR–CboeBZX–2023–099) (Notice of Filing
and Immediate Effectiveness of a Proposed Rule
Change To Amend the Fee Schedule Applicable to
Members and Non-Members of the Exchange
Pursuant to BZX Rules 15.1(a) and (c) in Order To
Adopt a New Tier Under Footnote 13 (Tape B
Volume and Quoting) Specific to Single-Stock
Exchange Traded Funds (‘‘Single-Stock ETFs’’).The
Exchange would not add ADR Hedges to the
Liquidity Enhancement Program without first
submitting an exchange rule filing to the SEC.
14 See NYSE Arca, Inc. (‘‘Arca’’) Schedule of Fees
and Charges for Exchange Services as of January 10,
2024, Annual Fees, Item 6. If an ADR Hedge listed
on Arca, the listing fee would be between $10,000
and $35,000, depending on the number of shares
outstanding.
13 See
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87905
2. Statutory Basis
The Exchange believes the proposed
rule change is consistent with the Act
and the rules and regulations
thereunder applicable to the Exchange
and, in particular, the requirements of
Section 6(b) of the Act.15 Specifically,
the Exchange believes the proposed rule
change is consistent with the Section
6(b)(5) 16 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) 17 requirement that
the rules of an exchange not be designed
to permit unfair discrimination between
customers, issuers, brokers, or dealers as
well as Section 6(b)(4) 18 as it is
designed to provide for the equitable
allocation of reasonable dues, fees and
other charges among its Members and
other persons using its facilities.
The Exchange also notes that its ETP
listing business operates in a highlycompetitive market in which ETP
issuers can readily transfer their listings
if they deem fee levels or any other
factor at a particular venue to be
insufficient or excessive. The proposed
rule changes reflect a competitive
pricing structure designed to incentivize
issuers to list new products and transfer
existing products to the Exchange,
which the Exchange believes will
enhance competition both among ETP
issuers and listing venues, to the benefit
of investors.
The Exchange believes that it is
reasonable to charge higher annual fees
for an ADR Hedge because the proposed
fees better correlate with the anticipated
higher Exchange costs associated with
issuer services, listing administration,
and product development that generally
come along with the introduction of any
new product type. Specifically, based
on prior experience with listing new
product types, the Exchange believes
that these could include adding ADR
Hedge products to a liquidity incentive
program, e.g., the Liquidity
15 15
16 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
17 Id.
18 15
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ddrumheller on DSK120RN23PROD with NOTICES1
Enhancement Program,19 educating
market participants about the product
type, and any other unanticipated
needs, each of which would require
time and/or Exchange resources to
accommodate. Without the ability to
increase its fees in such instances, the
Exchange will be less able to support
innovation and changes in the
marketplace. The Exchange also notes
that this proposed fee is only $2,000
more than the highest tier of the
Exchange’s standard fee schedule and is
significantly less than the standard fees
charged by another exchange.20 The
Exchange also notes that another
exchange charges a higher annual fee for
certain sub-categories of ETPs that are
eligible to operate in reliance on Rule
6c–11 citing the higher costs associated
with issuer services, listing
administration, product development
and regulatory oversight.21 As such, the
Exchange believes it is reasonable to
charge a higher annual fee for ADR
Hedges than other ETPs because such a
fee better correlates with costs
associated with the listing and
supporting of ADR Hedges and the
inability to increase its fees in such
instances would leave the Exchange less
able to both support innovation and
changes in the marketplace and to
compete with other venues that already
have disparate pricing arrangements.
The Exchange believes its proposal
equitably allocates its fees among its
market participants. In the prevailing
competitive environment, issuers can
readily favor competing venues or
transfer listings if they deem fee levels
at a particular venue to be excessive, or
discount opportunities available at other
venues to be more favorable. The
proposed annual fee for ADR Hedges is
19 See LEP Tier 1 under Footnote 13 of the BZX
Fee Schedule; Securities Exchange Act No. 99147
(December 12, 2023) 88 FR 87476 (December 18,
2023) (SR–CboeBZX–2023–099) (Notice of Filing
and Immediate Effectiveness of a Proposed Rule
Change To Amend the Fee Schedule Applicable to
Members and Non-Members of the Exchange
Pursuant to BZX Rules 15.1(a) and (c) in Order To
Adopt a New Tier Under Footnote 13 (Tape B
Volume and Quoting) Specific to Single-Stock
Exchange Traded Funds (‘‘Single-Stock ETFs’’).
20 See Arca Schedule of Fees and Charges for
Exchange Services as of January 10, 2024, Annual
Fees, Item 6. If an ADR Hedge listed on Arca, the
listing fee would be between $10,000 and $35,000,
depending on the number of shares outstanding.
21 See Arca Schedule of Fees and Charges for
Exchange Services as of January 10, 2024, Annual
Fees, Item 6b. Specifically, Arca differentiates its
annual listing fee for ETPs based on whether the
ETP tracks an index, regardless of whether the ETP
may rely on Rule 6c–11. See e.g., Securities
Exchange Act No. 90988 (January 26, 2021) 86 FR
7754 (February 1, 2021) (SR–NYSEArca–2021–04)
(Notice of Filing and Immediate Effectiveness of
Proposed Rule Change To Amend Its Schedule of
Fees and Charges To Establish Annual Fees for
Exchange Traded Products).
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only $2,000 more than the highest tier
of the Exchange’s standard fee schedule
and is significantly less than the
standard fees charged by Arca, that
charge up to $35,000.22 The proposed
annual fees for ADR Hedges are
equitable because the proposed
increased annual fees would apply
uniformly to all issuers. As noted above,
the Exchange is proposing to adopt this
fee in in order to provide uniform
pricing for all ADR Hedges listed on the
Exchange.
The Exchange believes that the
proposal is not unfairly discriminatory.
In the prevailing competitive
environment, issuers are free to list
elsewhere if they believe that alternative
venues offer them better value. The
Exchange believes it is not unfairly
discriminatory to apply a higher annual
fee to ADR Hedges because the
proposed fee would be offered on an
equal basis to all issuers listing an ADR
Hedge on the Exchange. Even though
the proposed annual fee for ADR Hedges
is higher than the standard ETP annual
fee, the Exchange believes that the
proposal is not unfairly discriminatory
because of the higher Exchange costs
associated with issuer services, listing
administration, and product
development that have historically
come along with the introduction of
new product types on the Exchange. As
discussed above, based on prior
experience with listing new product
types, the Exchange believes that these
could include potentially adding ADR
Hedge products to a liquidity incentive
program, e.g., the Liquidity
Enhancement Program, educating
market participants about the product
type, and any other unanticipated
needs, each of which would require
time and/or Exchange resources to
accommodate. Without the ability to
increase its fees in such instances, the
Exchange will be less able to support
innovation and changes in the
marketplace. Finally, the Exchange
believes that it is subject to significant
competitive forces, as described below
in the Exchange’s statement regarding
the burden on competition.
For the foregoing reasons, the
Exchange believes that the proposal is
consistent with the Act.
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
22 See Arca Schedule of Fees and Charges for
Exchange Services as of January 10, 2024, Annual
Fees, Item 6b.
PO 00000
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Fmt 4703
Sfmt 4703
of the purposes of the Act. The proposal
ensures that the fees charged by the
Exchange accurately reflect the services
provided and benefits realized by listed
issuers. The market for listing services
is extremely competitive. Issuers have
the option to list their securities on
these alternative venues based on the
fees charged and the value provided by
each listing exchange. Because issuers
have a choice to list their securities on
a different national securities exchange,
the Exchange does not believe that the
proposed fee changes impose a burden
on competition.
Intramarket Competition. The
Exchange’s listing fees are designed to
attract additional listings to the
Exchange. The Exchange believes that
the proposed changes would continue to
incentivize issuers to develop and list
new products, transfer existing products
to the Exchange, and maintain listings
on the Exchange. The proposed fees
would be applicable to all issuers that
list ADR Hedges on the Exchange, and,
as such, the proposed change would not
impose a disparate burden on
competition among market participants
listing ADR Hedges on the Exchange.
Further, the Exchange is proposing to
adopt this fee in in order to provide
uniform pricing for all ADR Hedges
listed on the Exchange.
While the proposed annual fee for
ADR Hedges is higher than the standard
annual ETP fee, 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 discussed above, the Exchange
believes that these higher proposed fees
are appropriate for this new product
type because of the higher Exchange
costs associated with issuer services,
listing administration, and product
development that have historically
come along with the introduction of
new product types on the Exchange.
Based on prior experience with listing
new product types, the Exchange
believes that these could include
potentially adding ADR Hedge products
to a liquidity incentive program, e.g. the
Liquidity Enhancement Program,
educating market participants about the
product type, and any other
unanticipated needs, each of which
would require time and/or Exchange
resources to accommodate. Without the
ability to increase its fees in such
instances, the Exchange will be less able
to support innovation and changes in
the marketplace.
Intermarket Competition. The
Exchange operates in a highly
competitive listings market in which
issuers can readily choose alternative
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Federal Register / Vol. 89, No. 214 / Tuesday, November 5, 2024 / Notices
listing venues. In such an environment,
the Exchange must adjust its fees and
discounts to remain competitive with
other exchanges competing for the same
listings. Because competitors are free to
modify their own fees and discounts in
response, and because issuers may
readily adjust their listing decisions and
practices, the Exchange does not believe
its proposed fee change can impose any
burden on intermarket competition. As
such, the proposal is a competitive
proposal designed to enhance pricing
competition among listing venues and
implement pricing for Fund Shares to
reflect the revenue and expenses
associated with listing on the Exchange.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
The Exchange neither solicited nor
received comments on the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act 23 and paragraph (f) of Rule
19b–4 24 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.
ddrumheller on DSK120RN23PROD with NOTICES1
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:
Commission, 100 F Street NE,
Washington, DC 20549–1090.
SECURITIES AND EXCHANGE
COMMISSION
All submissions should refer to file
number SR–CboeBZX–2024–102. This
file number should be included on the
subject line if email is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
internet website (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for website viewing and
printing in the Commission’s Public
Reference Room, 100 F Street NE,
Washington, DC 20549, on official
business days between the hours of 10
a.m. and 3 p.m. Copies of the filing also
will be available for inspection and
copying at the principal office of the
Exchange. Do not include personal
identifiable information in submissions;
you should submit only information
that you wish to make available
publicly. We may redact in part or
withhold entirely from publication
submitted material that is obscene or
subject to copyright protection. All
submissions should refer to file number
SR–CboeBZX–2024–102 and should be
submitted on or before November 26,
2024.
[Release No. 34–101476; File No. SR–
CboeEDGA–2024–042]
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.25
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024–25635 Filed 11–4–24; 8:45 am]
Self-Regulatory Organizations; Cboe
EDGA Exchange, Inc.; Notice of Filing
and Immediate Effectiveness of a
Proposed Rule Change To Remove
Certain Routing Options and Amend
Certain Order Types
October 30, 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 October
28, 2024, Cboe EDGA Exchange, Inc.
(the ‘‘Exchange’’ or ‘‘EDGA’’) filed with
the Securities and Exchange
Commission (the ‘‘Commission’’) the
proposed rule change as described in
Items I and II below, which Items have
been prepared by the Exchange. The
Exchange filed the proposal as a ‘‘noncontroversial’’ proposed rule change
pursuant to Section 19(b)(3)(A)(iii) of
the Act 3 and Rule 19b–4(f)(6)
thereunder.4 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 move
EDGA from its current inverted fee
model to a maker-taker fee model, by
remove certain routing options from the
EDGA rulebook, and amending certain
order type rules to align their behavior
with the EDGX rule text, and the makertaker functionality that currently exists
on EDGX.
The text of the proposed rule change
is also available on the Exchange’s
website (https://markets.cboe.com/us/
equities/regulation/rule_filings/edga/),
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
BILLING CODE 8011–01–P
Electronic Comments
• Use the Commission’s internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include file number SR–
CboeBZX–2024–102 on the subject line.
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
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(iii).
4 17 CFR 240.19b–4(f)(6).
2 17
23 15
24 17
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f).
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]]>Agencies
[Federal Register Volume 89, Number 214 (Tuesday, November 5, 2024)]
[Notices]
[Pages 87904-87907]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-25635]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-101479; File No. SR-CboeBZX-2024-102]
Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
the Fees Applicable to Certain Exchange-Traded Products Listed on the
Exchange, Which Are Set Forth in BZX Rule 14.13, Company Listing Fees
October 30, 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 October 18, 2024, Cboe BZX Exchange, Inc. (the ``Exchange'' or
``BZX'') 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.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Cboe BZX Exchange, Inc. (``BZX'' or the ``Exchange'') is filing
with the Securities and Exchange Commission (``Commission'' or ``SEC'')
a proposed rule change to amend the fees applicable to certain
exchange-traded products listed on the Exchange, which are set forth in
BZX Rule 14.13, Company Listing Fees. The text of the proposed rule
change is provided in Exhibit 5.
The text of the proposed rule change is also available on the
Exchange's website (https://markets.cboe.com/us/equities/regulation/rule_filings/BZX/), at the Exchange's Office of the Secretary, and at
the Commission's Public Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange submits this proposal \3\ to adopt new Rule
14.13(b)(2)(E)(v) in order to adopt a new annual fee applicable to
exchange-traded products (``ETPs'') \4\ that consist only of an
American Depository Receipt (``ADR'') and instruments designed to hedge
the ETP's foreign currency exposure in the
[[Page 87905]]
ADR (an ``ADR Hedge'').\5\ The Exchange is also proposing to make a
corresponding non-substantive numbering change to make current Rule
14.13(b)(2)(E)(v) become 14.13(b)(2)(E)(vi) and to add language to
proposed Rule 14.13(b)(2)(E)(vi) in order to make clear that ETPs that
are subject to the new pricing for an ADR Hedge would not be subject to
the standard annual fees applicable under Rule 14.13(b)(2)(E)(vi) \6\
in the same way that Legacy Listings,\7\ New Listings,\8\ an Outcome
Strategy ETP \9\ subject to Rule 14.13(b)(2)(E)(iii), a Defined
Distribution Strategy ETP \10\ subject to Rule 14.13(b)(2)(E)(iv), and
Transfer Listings \11\ are not subject to such fees.
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\3\ The Exchange initially filed the proposed fee change on
September 26, 2024 (SR-CboeBZX-2024-092). On October 4, 2024, the
Exchange withdrew that filing and submitted SR-CboeBZX-2024-096. On
October 16, 2024, the Exchange withdrew that filing and submitted
SR-CboeBZX-2024-100. On October 18, 2024 the Exchange withdrew that
filing and submitted this proposal.
\4\ As defined in Rule 11.8(e)(1)(A), the term ``ETP'' means any
security listed pursuant to Exchange Rule 14.11.
\5\ An ADR Hedge is an ETP designed to provide investors with
exposure to individual international companies without the currency
exposure associated with traditional means of individual
international company investing. Therefore, an ADR Hedge consists of
a U.S.-listed ADR on an underlying international company (e.g.,
Toyota Motors) and a currency contract designed to mitigate the
currency risk resulting from variable foreign exchange rates between
the local currency of the international shares (e.g., Japanese Yen)
and the U.S. Dollar. Three ADR Hedges are listed on the Exchange
under Exchange Rule 14.11(l) (Exchange-Traded Fund Shares). Exchange
Rule 14.11(l) is applicable to ETPs that are eligible to operate in
reliance on Rule 6c-11 under the Investment Company Act of 1940
(``Rule 6c-11'').
\6\ Instead, these products are assessed annual fees as provided
under Rules 14.13(b)(2)(E)(i) through (v), as applicable.
\7\ A ``Legacy Listing'' is an ETP that was listed on the
Exchange prior to January 1, 2019. See Exchange Rule
14.13(b)(2)(E)(i).
\8\ A ``New Listing'' is an ETP that first lists on the Exchange
or has been listed on for fewer than three calendar months on the
ETP's first trading day of the year. See Exchange Rule
14.13(b)(2)(E)(ii).
\9\ An ``Outcome Strategy Series'' are multiple ETPs listed by
the same issuer that are each designed to provide (i) a pre-defined
set of returns; (ii) over a specified outcome period; (iii) based on
the performance of the same underlying instruments; and (iv) each
employ the same outcome strategy for achieving the pre-defined set
of returns (each an ``Outcome Strategy ETP'' and, collectively, an
``Outcome Strategy Series''). See Exchange Rule 14.13(b)(2)(E)(iii).
\10\ A ``Defined Distribution Strategy Series'' are multiple
ETPs listed by the same issuer that are each designed to provide (i)
pre-defined set of cash distributions; (ii) over two specified
periods with the first period beginning at inception until a pre-
defined date and the second period beginning at that pre-defined
date until another pre-defined date by which the ETP intends to
distribute substantially all of its assets and liquidate the fund;
(iii) where the first period defined distributions are based on the
market conditions at the beginning of the first period, and the
second period defined distributions are based on the market
conditions at the beginning of the second period; and (iv) each
employ the same strategy for achieving the pre-defined distributions
(each a ``Defined Distribution Strategy ETP'' and, collectively, a
``Defined Distribution Strategy Series''). See Exchange Rule
14.13(b)(2)(E)(iv).
\11\ A ``Transfer Listing'' is an ETP that transfers listing
from another national securities exchange to the Exchange. See
Exchange Rule 14.13(b)(1)(B)(v)(b).
---------------------------------------------------------------------------
Annual fees for ETPs (not including Legacy Listings, New Listings,
an Outcome Strategy ETP subject to Rule 14.13(b)(2)(E)(iii), a Defined
Distribution Strategy ETP subject to Rule 14.13(b)(2)(E)(iv), and
Transfer Listings) are generally based on the consolidated average
daily volume (``CADV'') of the ETP in the fourth quarter of the
preceding calendar year and range from $5,000 up to $7,000 per ETP.\12\
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\12\ See Exchange Rule 14.13(b)(2)(E)(v).
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Now, the Exchange proposes to adopt an annual fee of $9,000 for ADR
Hedges. The Exchange is proposing to adopt this fee in in order to
provide uniform pricing for all ADR Hedges listed on the Exchange. The
Exchange believes that these higher proposed fees are appropriate for
this new product type because of the higher Exchange costs associated
with issuer services, listing administration, and product development
that have historically come along with the introduction of new product
types on the Exchange. Specifically, based on prior experience with
listing new product types, the Exchange believes that these could
include adding ADR Hedge products to a liquidity incentive program,
e.g. the Liquidity Enhancement Program,\13\ educating market
participants about the product type, and any other unanticipated needs,
each of which would require time and/or Exchange resources to
accommodate. Without the ability to increase its fees in such
instances, the Exchange will be less able to support innovation and
changes in the marketplace. The Exchange also notes that this proposed
fee is only $2,000 more than the highest tier of the Exchange's
standard fee schedule and is significantly less than the standard fees
charged by another exchange.\14\ To the extent that any issuer finds
the Exchange's fees to be excessive, they could choose to list the ADR
Hedge product on another national securities exchange.
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\13\ See LEP Tier 1 under Footnote 13 of the BZX Fee Schedule;
Securities Exchange Act No. 99147 (December 12, 2023) 88 FR 87476
(December 18, 2023) (SR-CboeBZX-2023-099) (Notice of Filing and
Immediate Effectiveness of a Proposed Rule Change To Amend the Fee
Schedule Applicable to Members and Non-Members of the Exchange
Pursuant to BZX Rules 15.1(a) and (c) in Order To Adopt a New Tier
Under Footnote 13 (Tape B Volume and Quoting) Specific to Single-
Stock Exchange Traded Funds (``Single-Stock ETFs'').The Exchange
would not add ADR Hedges to the Liquidity Enhancement Program
without first submitting an exchange rule filing to the SEC.
\14\ See NYSE Arca, Inc. (``Arca'') Schedule of Fees and Charges
for Exchange Services as of January 10, 2024, Annual Fees, Item 6.
If an ADR Hedge listed on Arca, the listing fee would be between
$10,000 and $35,000, depending on the number of shares outstanding.
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2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Act and the rules and regulations thereunder applicable to the
Exchange and, in particular, the requirements of Section 6(b) of the
Act.\15\ Specifically, the Exchange believes the proposed rule change
is consistent with the Section 6(b)(5) \16\ 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) \17\ requirement that the rules of
an exchange not be designed to permit unfair discrimination between
customers, issuers, brokers, or dealers as well as Section 6(b)(4) \18\
as it is designed to provide for the equitable allocation of reasonable
dues, fees and other charges among its Members and other persons using
its facilities.
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\15\ 15 U.S.C. 78f(b).
\16\ 15 U.S.C. 78f(b)(5).
\17\ Id.
\18\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
The Exchange also notes that its ETP listing business operates in a
highly-competitive market in which ETP issuers can readily transfer
their listings if they deem fee levels or any other factor at a
particular venue to be insufficient or excessive. The proposed rule
changes reflect a competitive pricing structure designed to incentivize
issuers to list new products and transfer existing products to the
Exchange, which the Exchange believes will enhance competition both
among ETP issuers and listing venues, to the benefit of investors.
The Exchange believes that it is reasonable to charge higher annual
fees for an ADR Hedge because the proposed fees better correlate with
the anticipated higher Exchange costs associated with issuer services,
listing administration, and product development that generally come
along with the introduction of any new product type. Specifically,
based on prior experience with listing new product types, the Exchange
believes that these could include adding ADR Hedge products to a
liquidity incentive program, e.g., the Liquidity
[[Page 87906]]
Enhancement Program,\19\ educating market participants about the
product type, and any other unanticipated needs, each of which would
require time and/or Exchange resources to accommodate. Without the
ability to increase its fees in such instances, the Exchange will be
less able to support innovation and changes in the marketplace. The
Exchange also notes that this proposed fee is only $2,000 more than the
highest tier of the Exchange's standard fee schedule and is
significantly less than the standard fees charged by another
exchange.\20\ The Exchange also notes that another exchange charges a
higher annual fee for certain sub-categories of ETPs that are eligible
to operate in reliance on Rule 6c-11 citing the higher costs associated
with issuer services, listing administration, product development and
regulatory oversight.\21\ As such, the Exchange believes it is
reasonable to charge a higher annual fee for ADR Hedges than other ETPs
because such a fee better correlates with costs associated with the
listing and supporting of ADR Hedges and the inability to increase its
fees in such instances would leave the Exchange less able to both
support innovation and changes in the marketplace and to compete with
other venues that already have disparate pricing arrangements.
---------------------------------------------------------------------------
\19\ See LEP Tier 1 under Footnote 13 of the BZX Fee Schedule;
Securities Exchange Act No. 99147 (December 12, 2023) 88 FR 87476
(December 18, 2023) (SR-CboeBZX-2023-099) (Notice of Filing and
Immediate Effectiveness of a Proposed Rule Change To Amend the Fee
Schedule Applicable to Members and Non-Members of the Exchange
Pursuant to BZX Rules 15.1(a) and (c) in Order To Adopt a New Tier
Under Footnote 13 (Tape B Volume and Quoting) Specific to Single-
Stock Exchange Traded Funds (``Single-Stock ETFs'').
\20\ See Arca Schedule of Fees and Charges for Exchange Services
as of January 10, 2024, Annual Fees, Item 6. If an ADR Hedge listed
on Arca, the listing fee would be between $10,000 and $35,000,
depending on the number of shares outstanding.
\21\ See Arca Schedule of Fees and Charges for Exchange Services
as of January 10, 2024, Annual Fees, Item 6b. Specifically, Arca
differentiates its annual listing fee for ETPs based on whether the
ETP tracks an index, regardless of whether the ETP may rely on Rule
6c-11. See e.g., Securities Exchange Act No. 90988 (January 26,
2021) 86 FR 7754 (February 1, 2021) (SR-NYSEArca-2021-04) (Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Amend
Its Schedule of Fees and Charges To Establish Annual Fees for
Exchange Traded Products).
---------------------------------------------------------------------------
The Exchange believes its proposal equitably allocates its fees
among its market participants. In the prevailing competitive
environment, issuers can readily favor competing venues or transfer
listings if they deem fee levels at a particular venue to be excessive,
or discount opportunities available at other venues to be more
favorable. The proposed annual fee for ADR Hedges is only $2,000 more
than the highest tier of the Exchange's standard fee schedule and is
significantly less than the standard fees charged by Arca, that charge
up to $35,000.\22\ The proposed annual fees for ADR Hedges are
equitable because the proposed increased annual fees would apply
uniformly to all issuers. As noted above, the Exchange is proposing to
adopt this fee in in order to provide uniform pricing for all ADR
Hedges listed on the Exchange.
---------------------------------------------------------------------------
\22\ See Arca Schedule of Fees and Charges for Exchange Services
as of January 10, 2024, Annual Fees, Item 6b.
---------------------------------------------------------------------------
The Exchange believes that the proposal is not unfairly
discriminatory. In the prevailing competitive environment, issuers are
free to list elsewhere if they believe that alternative venues offer
them better value. The Exchange believes it is not unfairly
discriminatory to apply a higher annual fee to ADR Hedges because the
proposed fee would be offered on an equal basis to all issuers listing
an ADR Hedge on the Exchange. Even though the proposed annual fee for
ADR Hedges is higher than the standard ETP annual fee, the Exchange
believes that the proposal is not unfairly discriminatory because of
the higher Exchange costs associated with issuer services, listing
administration, and product development that have historically come
along with the introduction of new product types on the Exchange. As
discussed above, based on prior experience with listing new product
types, the Exchange believes that these could include potentially
adding ADR Hedge products to a liquidity incentive program, e.g., the
Liquidity Enhancement Program, educating market participants about the
product type, and any other unanticipated needs, each of which would
require time and/or Exchange resources to accommodate. Without the
ability to increase its fees in such instances, the Exchange will be
less able to support innovation and changes in the marketplace.
Finally, the Exchange believes that it is subject to significant
competitive forces, as described below in the Exchange's statement
regarding the burden on competition.
For the foregoing reasons, the Exchange believes that the proposal
is consistent with the Act.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. The proposal ensures that
the fees charged by the Exchange accurately reflect the services
provided and benefits realized by listed issuers. The market for
listing services is extremely competitive. Issuers have the option to
list their securities on these alternative venues based on the fees
charged and the value provided by each listing exchange. Because
issuers have a choice to list their securities on a different national
securities exchange, the Exchange does not believe that the proposed
fee changes impose a burden on competition.
Intramarket Competition. The Exchange's listing fees are designed
to attract additional listings to the Exchange. The Exchange believes
that the proposed changes would continue to incentivize issuers to
develop and list new products, transfer existing products to the
Exchange, and maintain listings on the Exchange. The proposed fees
would be applicable to all issuers that list ADR Hedges on the
Exchange, and, as such, the proposed change would not impose a
disparate burden on competition among market participants listing ADR
Hedges on the Exchange. Further, the Exchange is proposing to adopt
this fee in in order to provide uniform pricing for all ADR Hedges
listed on the Exchange.
While the proposed annual fee for ADR Hedges is higher than the
standard annual ETP fee, 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
discussed above, the Exchange believes that these higher proposed fees
are appropriate for this new product type because of the higher
Exchange costs associated with issuer services, listing administration,
and product development that have historically come along with the
introduction of new product types on the Exchange. Based on prior
experience with listing new product types, the Exchange believes that
these could include potentially adding ADR Hedge products to a
liquidity incentive program, e.g. the Liquidity Enhancement Program,
educating market participants about the product type, and any other
unanticipated needs, each of which would require time and/or Exchange
resources to accommodate. Without the ability to increase its fees in
such instances, the Exchange will be less able to support innovation
and changes in the marketplace.
Intermarket Competition. The Exchange operates in a highly
competitive listings market in which issuers can readily choose
alternative
[[Page 87907]]
listing venues. In such an environment, the Exchange must adjust its
fees and discounts to remain competitive with other exchanges competing
for the same listings. Because competitors are free to modify their own
fees and discounts in response, and because issuers may readily adjust
their listing decisions and practices, the Exchange does not believe
its proposed fee change can impose any burden on intermarket
competition. As such, the proposal is a competitive proposal designed
to enhance pricing competition among listing venues and implement
pricing for Fund Shares to reflect the revenue and expenses associated
with listing on the Exchange.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
The Exchange neither solicited nor received comments on the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) of the Act \23\ and paragraph (f) of Rule 19b-4 \24\
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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\23\ 15 U.S.C. 78s(b)(3)(A).
\24\ 17 CFR 240.19b-4(f).
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IV. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's internet comment form (https://www.sec.gov/rules/sro.shtml); or
Send an email to [email protected]. Please include
file number SR-CboeBZX-2024-102 on the subject line.
Paper Comments
Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to file number SR-CboeBZX-2024-102. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (https://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for website viewing and
printing in the Commission's Public Reference Room, 100 F Street NE,
Washington, DC 20549, on official business days between the hours of 10
a.m. and 3 p.m. Copies of the filing also will be available for
inspection and copying at the principal office of the Exchange. Do not
include personal identifiable information in submissions; you should
submit only information that you wish to make available publicly. We
may redact in part or withhold entirely from publication submitted
material that is obscene or subject to copyright protection. All
submissions should refer to file number SR-CboeBZX-2024-102 and should
be submitted on or before November 26, 2024.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\25\
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\25\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-25635 Filed 11-4-24; 8:45 am]
BILLING CODE 8011-01-P
