Self-Regulatory Organizations; Cboe EDGA Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fees Schedule by Replacing Its Inverted Pricing Model With a Maker-Taker Model for Its Equity Trading Platform, 88068-88075 [2024-25732]

Agencies

• SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 89, Number 215 (Wednesday, November 6, 2024)]
[Notices]
[Pages 88068-88075]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-25732]



[[Page 88068]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-101492; File No. SR-CboeEDGA-2024-045]


Self-Regulatory Organizations; Cboe EDGA Exchange, Inc.; Notice 
of Filing and Immediate Effectiveness of a Proposed Rule Change To 
Amend Its Fees Schedule by Replacing Its Inverted Pricing Model With a 
Maker-Taker Model for Its Equity Trading Platform

October 31, 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, 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.
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    \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

    Effective November 1, 2024, Cboe EDGA Exchange, Inc. (the 
``Exchange'' or ``EDGA'') proposes to amend its Fee Schedule. The text 
of the proposed rule change is provided in Exhibit 5.
    The text of the proposed rule change is 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

    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
    Many exchanges today utilize maker-taker pricing under which a 
rebate is provided to orders that add liquidity and a fee is assessed 
to orders that remove liquidity. The Exchange currently utilizes an 
inverse of the maker-taker pricing model referred to as a taker-maker 
pricing model in which a fee is provided to orders that add liquidity 
and a rebate is provided to orders that remove liquidity. As described 
below, the Exchange proposes to amend its Fee Schedule applicable to 
its equities trading platform (``EDGA Equities'') by replacing its 
inverted pricing model with a maker-taker model. The Exchange proposes 
to implement these changes effective November 1, 2024.
    The Exchange first notes that it operates in a highly competitive 
market in which market participants can readily direct order flow to 
competing venues if they deem fee levels at a particular venue to be 
excessive or incentives to be insufficient. More specifically, the 
Exchange is only one of 16 registered equities exchanges, as well as a 
number of alternative trading systems and other off-exchange venues 
that do not have similar self-regulatory responsibilities under the 
Securities Exchange Act of 1934 (the ``Act''), to which market 
participants may direct their order flow. The Exchange submits this 
proposal in response to industry feedback and for business and 
competitive reasons. Specifically, the Exchange notes that the market 
share of taker-maker exchanges has been steadily declining in recent 
years. The Exchange analyzed its internal data and found that, the 
market share of inverted markets has dropped from approximately 8% in 
April 2020 to 2.6% in July 2024. Similarly, the average monthly 
notional volume of taker-maker exchanges has declined from 
approximately $528.0 billion in 2021 to an average monthly notional 
volume of $267.4 billion in 2024 (year-to-date). In addition to the 
decline in taker-maker exchanges' market share, the Exchange has 
received feedback from at least one Member that the economics of the 
inverted exchange model are no longer profitable, which has led to the 
Exchange to believe that a transition to a maker-taker model may help 
to improve the Exchange's market share. Finally, in addition to 
replacing its inverted pricing model with a maker-taker model, the 
Exchange also proposes to eliminate tiered pricing, which provides 
Members opportunities to qualify for higher rebates or reduced fees 
where certain volume criteria and thresholds are met. By eliminating 
tiered pricing incentives, the Exchange can instead redirect its 
resources and funding to focus on providing a simplified fee structure, 
whereby Members, regardless of their size or trading volume, can 
receive the same rebates and pay the same fees for certain order types.
Fee Code Rate Changes
    In securities priced at or above $1.00, the Exchange currently 
charges a standard fee of $0.0030 per share for orders that add 
liquidity to EDGA and provides a standard rebate of $0.0016 per share 
for orders that remove liquidity from EDGA. Currently, for securities 
priced below $1.00 the Exchange does not charge a standard fee to add 
or remove liquidity. The Exchange also assesses a standard fee of 
$0.0030 per share in orders that route liquidity away from EDGA in 
securities priced at or above $1.00 and assesses a standard fee of 
0.30% of the dollar value of the transaction in orders that route 
liquidity away from EDGA in securities priced below $1.00.
    Effective November 1, 2024, the Exchange now proposes to provide a 
standard rebate of $0.0027 per share to all orders that add liquidity 
in securities priced at or above $1.00 and proposes to charge a 
standard fee of $0.0030 to all orders that remove liquidity in 
securities priced at or above $1.00. Certain order types that add 
liquidity to EDGA will receive lower rebates than the standard rate of 
$0.0027 (discussed infra).
    As a result of the proposed change, the Exchange proposes to make 
corresponding changes to the following fee codes for securities priced 
at or above $1.00:
Adding Liquidity Fee Codes
     Orders appended with fee code 3, which is appended to 
orders that add liquidity to EDGA in Tape A or Tape C securities during 
the pre and post market,\3\ are currently charged a fee of $0.00300 per 
share. The Exchange proposes that orders appended with fee

[[Page 88069]]

code 3 will now receive a rebate of $0.00270 per share.
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    \3\ See EDGA Equities Rules 1.5(r) and 1.5(s). The term ``Post-
Closing Session'' shall mean the time between 4:00 p.m. and 8:00 
p.m. Eastern Time. The term ``Pre-Opening Session'' shall mean the 
time between 8:00 a.m. and 9:30 a.m. Eastern Time. The Exchange 
notes that Post-Closing Session shall have the same meaning as 
``post market'' on the EDGA Fee Schedule and Pre-Opening Session 
shall have the same meaning as ``pre market'' on the EDGA Fee 
Schedule.
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     Orders appended with fee code 4, which is appended to 
orders that add liquidity to EDGA in Tape B securities during the pre 
and post market, are currently charged a fee of $0.00300 per share. The 
Exchange proposes that orders appended with fee code 4 will now receive 
a rebate of $0.00270 per share.
     Orders appended with fee code B, which is appended to 
orders that add liquidity to EDGA in Tape B securities, are currently 
charged a fee of $0.00300 per share. The Exchange proposes that orders 
appended with fee code B will now receive a rebate of $0.00270 per 
share.
     Orders appended with fee code DM, which is appended to 
orders that add liquidity to EDGA using MidPoint Discretionary orders 
(``MDOs'') \4\ within the discretionary range, are currently charged a 
fee of $0.00300 per share. The Exchange proposes that orders appended 
with fee code DM will now receive a rebate of $0.00200 per share.
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    \4\ See EDGA Equities Rule 11.8(e). A MidPoint Discretionary 
Order (``MDO'') is a limit order to buy that is pegged to the NBB, 
with or without an offset, with discretion to execute at prices up 
to and including the midpoint of the NBBO, or a limit order to sell 
that is pegged to the NBO, with or without an offset, with 
discretion to execute at prices down to and including the midpoint 
of the NBBO.
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     Orders appended with fee code DQ, which is appended to QDP 
Orders \5\ that add liquidity to EDGA, are currently charged a fee of 
$0.001800 per share. The Exchange proposes that orders appended with 
fee code DQ will now receive a rebate of $0.00200 per share.
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    \5\ See EDGA Equities Rule 11.8(e)(10). Quote Depletion 
Protection (``QDP'') is an optional instruction that a User may 
include on an MDO to limit the order's ability to exercise 
discretion in certain circumstances.
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     Orders appended with fee code HA, which is appended to 
non-displayed orders \6\ that add liquidity to EDGA, are currently 
charged a fee of $0.00300 per share. The Exchange proposes that orders 
appended with fee code HA will now receive a rebate of $0.00250 per 
share.
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    \6\ See EDGA Equities Rule 11.6(e)(2). Non-Displayed is an 
instruction the User may attach to an order stating that the order 
is not to be displayed by the System on the EDGA Book.
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     Orders appended with fee code MM, which is appended to 
non-displayed orders that add liquidity to EDGA using Mid-Point Peg,\7\ 
are currently charged a fee of $0.00100 per share. The Exchange 
proposes that orders appended with fee code MM will now receive a 
rebate of $0.00250 per share.
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    \7\ See EDGA Equities Rule 11.8(d). A MidPoint Peg Order is a 
non-displayed Market Order or Limit Order with an instruction to 
execute at the midpoint of the NBBO, or, alternatively, pegged to 
the less aggressive of the midpoint of the NBBO or one minimum price 
variation inside the same side of the NBBO as the order.
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     Orders appended with fee code RP, which is appended to 
non-displayed orders that add liquidity to EDGA using Supplemental 
Peg,\8\ are currently charged a fee of $0.00300 per share. The Exchange 
proposes that orders appended with fee code RP will now receive a 
rebate of $0.00250 per share.
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    \8\ See EDGA Equities Rule 11.8(g). A Supplemental Peg Order is 
a non-displayed Limit Order that is eligible for execution at the 
NBB for a buy order and NBO for a sell order against an order that 
is in the process of being routed to an away Trading Center if such 
order that is in the process of being routed away is equal to or 
less than the aggregate size of the Supplemental Peg Order interest 
available at that price.
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     Orders appended with fee code V, which is appended to 
orders that add liquidity to EDGA in Tape A securities, are currently 
charged a fee of $0.00300 per share. The Exchange proposes that orders 
appended with fee code V will now receive a rebate of $0.00270 per 
share.
     Orders appended with fee code Y, which is appended to 
orders that add liquidity to EDGA in Tape C securities, are currently 
charged a fee of $0.00300 per share. The Exchange proposes that orders 
appended with fee code Y will now receive a rebate of $0.00270 per 
share.
    The Exchange notes that certain fee codes will receive a rebate 
that is less than the proposed standard rebate of $0.00270 per share. 
In the case of fee codes DM and DQ, these fee codes are appended to 
MDOs that add liquidity and execute within a discretionary range or 
MDOs utilizing the optional QDP instruction and will receive a proposed 
rebate of $0.00200, which is lower than the standard rebate. In both 
instances, the order being added to EDGA executes at a non-displayed 
price and the Exchange provides lower rebates to non-displayed orders 
in order to incentivize adding displayed liquidity to EDGA. The same 
rationale is true for non-displayed orders appended with fee codes HA, 
MM, and RP. For fee codes HA, MM, and RP, the Exchange proposes to 
provide a lower rebate of $0.00250 per share as these fee codes are 
appended to various non-displayed orders that add liquidity to EDGA. 
Given the Exchange seeks to encourage displayed liquidity, the Exchange 
believes it is reasonable to offer the proposed lower rebate for non-
displayed liquidity-adding orders.
    In addition to the proposed rate changes for existing fee codes 
described above, the Exchange proposes to introduce two new fee codes 
for orders that add liquidity and discontinue an existing fee code used 
for liquidity-adding orders. First, the Exchange proposes to introduce 
fee codes DD and DN A description of each is provided below:
     Fee code DD will be appended to orders that add liquidity 
to EDGA using a displayed MDO that executes at a price not within the 
discretionary range. Orders appended with fee code DD will receive a 
rebate of $0.00270 per share. There will be no rebates for securities 
priced below $1.00.
     Fee code DN will be appended to orders that add liquidity 
to EDGA using a non-displayed MDO that executes at a price not within 
the discretionary range. Orders appended with fee code DN will receive 
a rebate of $0.00200 per share. There will no rebates for securities 
priced below $1.00.
    Next, the Exchange proposes to discontinue fee code DA, which is 
appended to an order that adds liquidity to EDGA using an MDO and 
executes outside the discretionary range. The Exchange proposes to 
discontinue this fee code as it has introduced fee codes DD and DN, 
which provide additional granularity into how an MDO may be entered and 
execute on EDGA. Specifically, an MDO may be entered as either a 
displayed or non-displayed order and may execute at a price within or 
outside the discretionary range.\9\ The discretionary range appended to 
an MDO is always non-displayed.\10\ As such, when an MDO executes at a 
price within the discretionary range, it executes at a non-displayed 
price, will be appended with fee code DM, and will receive a lower 
rebate ($0.00200) than a displayed order ($0.00270). However, an MDO 
that executes at a price outside the discretionary range may be 
displayed or non-displayed. As such, introducing fee codes DD and DN 
will allow the Exchange to provide the standard rebate of $0.00270 to 
displayed MDOs that execute outside the discretionary range and a lower 
rebate of $0.00200 to non-displayed MDOs that execute outside the 
discretionary range. The lower, non-displayed rebate is commensurate 
with the rebate received by orders appended with fee code DM, which are 
similarly not displayed.
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    \9\ See EDGA Equities Rule 11.8(e)(4).
    \10\ See EDGA Equities Rule 11.6(d).
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Removing Liquidity Fee Codes
     Orders appended with fee code 6, which is appended to 
orders that remove liquidity from EDGA during the pre and post market, 
currently receive a

[[Page 88070]]

rebate of $0.00160 per share. The Exchange proposes that orders 
appended with fee code 6 will now be charged a fee of $0.00300 per 
share.
     Orders appended with fee code BB, which is appended to 
orders that remove liquidity from EDGA in Tape B securities, currently 
receive a rebate of $0.00160 per share. The Exchange proposes that 
orders appended with fee code BB will now be charged a fee of $0.00300 
per share.
     Orders appended with fee code DX, which is appended to QDP 
orders that remove liquidity from EDGA, are currently charged a fee of 
$0.00040 per share. The Exchange proposes that orders appended with fee 
code DX will now be charged a fee of $0.00300 per share.
     Orders appended with fee code HR, which is appended to 
non-displayed orders that remove liquidity from EDGA, currently execute 
at no cost. The Exchange proposes that orders appended with fee code HR 
will now be charged a fee of $0.00300 per share.
     Orders appended with fee code MT, which is appended to 
orders that remove liquidity designated as Mid-Point Peg from EDGA, 
currently execute at no cost. The Exchange proposes that orders 
appended with fee code MT will now be charged a fee of $0.00300 per 
share.
     Orders appended with fee code N, which is appended to 
orders that remove liquidity from EDGA in Tape C securities, currently 
receive a rebate of $0.00160 per share. The Exchange proposes that 
orders appended with fee code N will now be charged a fee of $0.00300 
per share.
     Orders appended with fee code W, which is appended to 
orders that remove liquidity from EDGA in Tape A securities, currently 
receive a rebate of $0.00160 per share. The Exchange proposes that 
orders appended with fee code W will now be charged a fee of $0.00300 
per share.
    Next, the Exchange proposes to discontinue fee codes, DR and DT. 
The fee code DR is appended to orders that remove liquidity from EDGA 
using an MDO and that executes outside the discretionary range. The fee 
code DT is appended to orders that remove liquidity from EDGA using an 
MDO that executes within the discretionary range. Based on the proposal 
to transition EDGA to a maker-taker exchange, and the proposed changes 
to MDO order behavior on Exchange,\11\ MDOs can only act as liquidity 
providing orders, unless they have a QDP instruction. Because MDOs 
without a QDP instruction will only add liquidity, and a separate fee 
code (i.e., DX) already exists for MDOs with QDP instructions that 
remove liquidity, fee codes DR and DT are no longer necessary.
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    \11\ The Exchange notes that in connection with transitioning 
EDGA to a maker-taker fee model, certain order types, including 
MDOs, will behave differently. Here, MDOs entered onto EDGA will now 
act as liquidity providers and will not remove liquidity. The 
Exchange has filed a separate proposal codifying the change in 
behavior of MDOs, and certain other order types, as well as the 
removal of certain routing options. See SR-CboeEDGA-2024-042.
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Routing Fee Codes
Fee Code Description Changes and Removal
    In addition to the proposed rate changes for certain fee codes 
associated with the switch to maker-taker pricing, the Exchange also 
proposes to amend certain fee code descriptions associated with fee 
codes used for routing strategies. The Exchange notes that certain 
routing strategies are being discontinued \12\ and as such, will no 
longer be referenced in certain fee code descriptions. The proposed 
changes are as follows:
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    \12\ Id.
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     Fee code BY, which is appended to orders that are routed 
to BYX using Destination Specific (``DIRC''),\13\ ROUC,\14\ ROBB \15\ 
or ROCO \16\ routing strategies will be amended to remove the 
references to the ROBB and ROCO routing strategies, as these strategies 
are being removed from EDGA.
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    \13\ See EDGA Equities Rule 11.11(g)(13). Destination Specific 
is a routing option under which an order checks the System for 
available shares and then is sent to an away trading center or 
centers specified by the User.
    \14\ See EDGA Equities Rule 11.11(g)(1). ROUC is a routing 
option under which an order checks the System for available shares 
and then is sent to destinations on the System routing table, Nasdaq 
OMX BX, and NYSE. If shares remain unexecuted after routing, they 
are posted on the EDGX (sic) Book, unless otherwise instructed by 
the User.
    \15\ See EDGA Equities Rule 11.11(g)(3)(D). ROBB checks the 
System for available shares and then sends the order to destinations 
on the System routing table. If shares remain unexecuted after 
routing, they are posted on the book, unless otherwise instructed by 
the User. See also Cboe US Equities FIX Specification, at p. 26, 
available at: https://cdn.cboe.c/resources/membership/Cboe_US_Equities_FIX_Specification.pdf.
    \16\ See EDGA Equities Rule 11.11(g)(3)(E). ROCO checks the 
System for available shares and then sends the order to destinations 
on the System routing table. If shares remain unexecuted after 
routing, they are posted on the book, unless otherwise instructed by 
the User. See also Cboe US Equities FIX Specification, at p. 26, 
available at: https://cdn.cboe.c/resources/membership/Cboe_US_Equities_FIX_Specification.pdf.
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     Fee code NX, which is appended to orders routed to NYSE 
National using ROBB, ROCO or ROUC routing strategies will be amended to 
remove the references to the ROBB and ROCO routing strategies, as these 
strategies are being removed from EDGA.
     Fee code Z, which is appended to orders routed to a non-
exchange destination using ROCO or ROUZ \17\ routing strategies will be 
amended to remove the reference to the ROCO routing strategy, as this 
strategy is being removed from EDGA.
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    \17\ See EDGA Equities Rule 11.11(g)(3)(C). ROUZ checks the 
System for available shares and then sends the order to destinations 
on the System routing table. If shares remain unexecuted after 
routing, they are posted on the book, unless otherwise instructed by 
the User. See also Cboe US Equities FIX Specification, at p. 26, 
available at: https://cdn.cboe.c/resources/membership/Cboe_US_Equities_FIX_Specification.pdf.
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    In addition to the description changes proposed above, the Exchange 
also proposes to discontinue fee codes PA,\18\ PL,\19\ PT,\20\ and PX 
\21\ as the RMPT \22\ and RMPL \23\ routing strategies are being 
discontinued.
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    \18\ Fee code PA is appended to orders that add liquidity to 
EDGA using the RMPT or RMPL routing strategies.
    \19\ Fee code PL is appended to orders routed to BZX, EDGX, 
NYSE, NYSE Arca or Nasdaq using the RMPL routing strategy.
    \20\ Fee code PT is appended to orders that remove liquidity 
from EDGA using the RMPT or RMPL routing strategies.
    \21\ Fee code PX is appended to orders routed using the RMPL 
routing strategy to a destination not covered by Fee Code PL or 
routing using the RMPT routing strategy.
    \22\ See EDGA Equities Rule 11.11(g)(12)(A). RMPT utilizes a 
MidPoint Peg Order to check the System for available shares and any 
remaining shares are then sent to destinations on the System routing 
table that support midpoint eligible orders. If any shares remain 
unexecuted after routing, they are posted on the EDGA Book as a 
MidPoint Peg Order, unless otherwise instructed by the User. See 
also Cboe US Equities FIX Specification, at p. 26, available at: 
https://cdn.cboe.c/resources/membership/Cboe_US_Equities_FIX_Specification.pdf.
    \23\ See EDGA Equities Rule 11.11(g)(12)(B). RMPL utilizes a 
MidPoint Peg Order to check the System for available shares and any 
remaining shares are then sent to destinations on the System routing 
table that support midpoint eligible orders. If any shares remain 
unexecuted after routing, they are posted on the EDGA Book as a 
MidPoint Peg Order, unless otherwise instructed by the User. See 
also Cboe US Equities FIX Specification, at p. 26, available at: 
https://cdn.cboe.c/resources/membership/Cboe_US_Equities_FIX_Specification.pdf.
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Routing Tier Changes
    Pursuant to footnote 1 of the Fee Schedule, the Exchange currently 
offers two Routing Tiers that provide a reduced fee to Members' 
qualifying orders where (i) a Member adds or removes a specific level 
of volume using certain routing strategies (``Routing Tier 1'') or (ii) 
routes a specified level of volume using the ROUT routing option 
(``Routing Tier 2''). However, the Exchange no longer wishes to, nor is 
required to, maintain such tiers. As such, the Exchange now proposes to

[[Page 88071]]

discontinue Routing Tier 1 and Routing Tier 2. This proposed change 
will enable the Exchange to redirect future resources and funding into 
a standard rebate that is achievable by all Members, regardless of 
their size or trading volume, thereby diversifying the mix of liquidity 
and deepening the Exchange's liquidity pool, as well as enhancing 
execution opportunities and price discovery and transparency for all 
Members. In this regard, the Exchange believes that the proposed 
changes further the Commission's goal in adopting Regulation NMS of 
fostering competition among orders, which promotes ``more efficient 
pricing of individual stocks for all types of orders, large and 
small.''

Add/Remove Volume Tier Changes

    Pursuant to footnote 7 of the Fee Schedule, the Exchange currently 
offers certain Add/Remove Volume Tiers that provide an enhanced rebate 
or a reduced fee for Members' qualifying orders. Specifically, the 
Exchange offers four Add/Remove Volume Tiers applicable to fee codes 3, 
4, B, V, and Y that each provide a reduced fee to Members' qualifying 
orders where a Member reaches certain add or remove volume-based 
criteria (the ``Add Volume Tiers''). In addition, the Exchange offers 
one Add/Remove Volume Tier applicable to fee codes N, W, 6, and BB that 
provides an enhanced rebate to Members' qualifying orders where a 
Member reaches certain add or remove volume-based criteria (the 
``Remove Volume Tier''). The Exchange now proposes to discontinue the 
Add Volume Tiers and the Remove Volume Tier as the Exchange no longer 
wishes to, nor is required to, maintain such tiers. More specifically, 
this proposed change will enable the Exchange to redirect future 
resources and funding into a standard rebate that is achievable by all 
Members, regardless of their size or trading volume, thereby 
diversifying the mix of liquidity on the Exchange, promoting market 
depth, execution incentives and enhanced execution opportunities, as 
well as price discovery and transparency for all Members.

Other Conforming Changes

    Commensurate with the proposed changes discussed earlier in the 
proposal, the Exchange proposes to: (1) remove the ``Definitions'' 
section of the Fee Schedule; (2) modify the ``General Notes'' section 
of the Fee Schedule; and (3) mark as ``Reserved'', Footnote 1. As the 
Exchange has proposed to discontinue the Routing Tier 1 and Routing 
Tier 2 and the Add/Remove Volume Tiers under footnotes 1 and 7, 
respectively, the Exchange now proposes to remove the Definitions 
section of the Fee Schedule because it is no longer applicable to the 
remaining footnotes of the Fee Schedule. Additionally, because the 
Exchange proposes to discontinue Routing Tier 1 and Routing Tier 2, as 
well as the Add/Remove Volume Tiers, the Exchange is removing certain 
notes regarding Routing Tier 1 and Routing Tier 2, and Add/Remove 
Tiers, from the General Notes section of the Fee Schedule. Finally, 
because the Exchange proposes to discontinue Routing Tier 1 and Routing 
Tier 2 under Footnote 1, the Exchange seeks to mark Footnote 1 as 
``Reserved.''
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.\24\ Specifically, the Exchange believes the proposed rule change 
is consistent with the Section 6(b)(5) \25\ 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) \26\ 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) \27\ 
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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    \24\ 15 U.S.C. 78f(b).
    \25\ 15 U.S.C. 78f(b)(5).
    \26\ Id.
    \27\ 15 U.S.C. 78f(b)(4)
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    As described above, the Exchange operates in a highly competitive 
market in which market participants can readily direct order flow to 
competing venues if they deem fee levels at a particular venue to be 
excessive or incentives to be insufficient. As previously discussed, 
the overall market share of exchanges offering a taker-maker pricing 
model has significantly declined. According to data analyzed by the 
Exchange, the average market share of taker-maker exchanges has 
declined from approximately 8% in April 2020 to approximately 2.6% in 
July 2024.\28\ This trend is also seen in volumes on taker-maker 
exchanges, which have declined from approximately 10 billion shares per 
month in 2022 to approximately 7.7 billion shares year-to-date in 2024. 
The Exchange believes that its proposal to replace its current taker-
maker pricing model with a maker-taker pricing model without volume-
based pricing incentives reflects a competitive pricing structure 
designed to incentivize market participants to direct their order flow 
to the Exchange, which the Exchange believes would enhance market 
quality to the benefit of all Members.
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    \28\ Source: Cboe internal data.
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    Specifically, the Exchange believes its proposal to remove existing 
volume-based pricing tiers and switch to a maker-taker pricing model, 
with a standard rebate achievable by all Members, regardless of their 
size or trading volume, will help to incentivize and diversify the mix 
of liquidity on the Exchange, thereby promoting market depth, execution 
incentives and enhanced execution opportunities, as well as price 
discovery and transparency for all Members. As such, the proposed 
changes further the Commission's goal in adopting Regulation NMS of 
fostering competition among orders, which promotes ``more efficient 
pricing of individual stocks for all types of orders, large and 
small.'' Competing equity exchanges provide similar rebates or assess 
similar fees for similar types of orders, to that of the Exchange.\29\ 
In this regard, the rebates and fees proposed by the Exchange are 
intended to compete with the rebates and fees of other competing 
equities exchanges while continuing to encourage Members to submit 
order flow to the Exchange. Additionally, the Exchange notes that the 
proposed rebates and fees are reasonable, equitable and non-
discriminatory because they are open to all Members on an equal basis, 
wherein all Members will have the same opportunity to receive the same 
rebate and pay the same fees without needing to satisfy volume-based 
criteria.
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    \29\ For instance, LTSE pays adders of liquidity a standard 
rebate of $0.0028 ($0.0001 more than the Exchange's proposed 
standard rebate), and charges removers of liquidity a standard fee 
of $0.0030 (the same as the Exchange's proposed standard remove 
fee). See LTSE Fee Schedule, Transaction Fees, available at: https://ltse.com/trading/fee-schedules.
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    The proposed introduction of a $0.0027 standard rebate for fee 
codes B, V, Y, 3, and 4 is reasonable as it is designed to be the only 
standard rebate

[[Page 88072]]

available to Members on the Exchange. The Exchange is increasing EDGA's 
standard rebate from its current rebate of $0.0016 to $0.0027, in order 
to provide a rebate that is higher than most other competing maker-
taker exchanges \30\ and that is equally attainable by all Members 
regardless of their size or trading volume. In doing so, the Exchange 
believes the proposed standard rebate will incentivize liquidity 
provision and diversify its pool of liquidity providers, thereby 
promoting market depth, execution incentives and enhanced execution 
opportunities, as well as price discovery and transparency for all 
Members. Furthermore, the Exchange believes that its proposal to 
introduce a standard rate of $0.0030 applicable to fee codes N, W, 6, 
and BB is reasonable as it is equal to the standard fee assessed to 
Members on the Exchange's affiliate maker-taker exchanges.\31\ The 
proposed $0.0030 standard fee is also unchanged from the add fee 
assessed by the Exchange under its current inverted pricing model. As 
such, Members will not have to consider an increased EDGA remove fee 
when routing their orders to the marketplace.
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    \30\ See MIAX Pearl Equities Fee Schedule, Transaction Rebates/
Fees, Standard Rates, available at https://www.miaxglobal.com/sites/default/files/fee_schedule-files/MIAX_Pearl_Equities_Fee_Schedule_07012024.pdf (MIAX Pearl offers a 
standard rebate of $0.0022 per share in securities priced at or 
above $1.00); see also Nasdaq Price List, Add Remove Rates, 
available at https://www.nasdaqtrader.com/Trader.aspx?id=PriceListTrading2 (Nasdaq offers a standard rebate of 
$0.0018 per share in securities priced at or above $1.00).
    \31\ See Cboe BZX Equity Fee Schedule, Standard Rates, available 
at https://www.cboe.com/us/equities/membership/fee_schedule/bzx/. 
See also Cboe EDGX Equity Fee Schedule, Standard Rates, available at 
https://www.cboe.com/us//membership/fee_schedule/edgx/.
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    The Exchange continues to believe that volume-based pricing 
provides for benefits or discounts that are reasonably related to: (i) 
the value to an exchange's market quality; (ii) associated higher 
levels of market activity, such as higher levels of liquidity provision 
and/or growth patterns; and (iii) the introduction of higher volumes of 
orders into the price and volume discovery processes. However, given 
the decline in the inverted market share (discussed above), and 
feedback from Members that the inverted fee model is no longer as 
desirable (discussed above), the Exchange believes that shifting its 
resources and funding from tiered pricing to a simplified maker-taker 
model, and implementing a simplified rebate more easily attainable by 
all Member, regardless of size or trading volume, will help to 
diversify and deepen the Exchange's liquidity providers and liquidity 
pool, thereby promoting market depth, execution incentives and enhanced 
execution opportunities, as well as price discovery and transparency 
for all Members. In this regard, the Exchange believes that the 
proposed changes further the Commission's goal in adopting Regulation 
NMS of fostering competition among orders, which promotes ``more 
efficient pricing of individual stocks for all types of orders, large 
and small.''
    In addition to the proposed standard rebate of $0.0027 applicable 
to fee codes 3, 4, B, V, and Y, the Exchange has also proposed lower 
rebates for certain order types. Specifically, orders yielding fee 
codes DM, DN, and DQ will receive a lower rebate of $0.00200 per share, 
while orders yielding fee codes HA, MM, and RP will receive a lower 
rebate of $0.00250 per share. In general, as discussed above, the 
Exchange believes that providing slightly lower rebates to non-
displayed orders and MDOs that utilize QDP or execute at a non-
displayed price is reasonable as it is consistent with the Exchange's 
overall pricing philosophy of encouraging added, displayed liquidity to 
EDGA. More specifically, the Exchange proposes that orders yielding fee 
codes DM, DN, and DQ receive a slightly lower rebate than orders 
yielding fee codes HA, MM, and RP, because the former fee codes are 
assigned to non-displayed orders designated with order features 
designed to prevent a Member's orders from executing at more aggressive 
prices--such as, Midpoint Discretionary Orders (``MDOs'') \32\ and 
Quote Depletion Protection (``QDP'') \33\--thereby potentially limiting 
the instances in which they may provide liquidity on the Exchange. In 
contrast, orders yielding fee codes HA, MM, and RP, are assigned to 
non-displayed orders not entered as MDOs or with the Exchange's QDP 
feature, and as such, are more likely to add liquidity to the 
Exchange's order book.
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    \32\ MidPoint Discretionary Order (``MDO''). A limit order to 
buy that is pegged to the NBB, with or without an offset, with 
discretion to execute at prices up to and including the midpoint of 
the NBBO, or a limit order to sell that is pegged to the NBO, with 
or without an offset, with discretion to execute at prices down to 
and including the midpoint of the NBBO. An MDO's pegged price and 
Discretionary Range are bound by its limit price. An MDO to buy or 
sell with a limit price that is less (higher) than its pegged price, 
including any offset, is posted to the EDGA Book at its limit price. 
The pegged prices of an MDO are derived from the NBB or NBO, and 
cannot independently establish or maintain the NBB or NBO. An MDO in 
a stock priced at $1.00 or more can only be executed in sub-penny 
increments when it executes at the midpoint of the NBBO or against a 
contra-side order pursuant to Rule 11.10(a)(4)(D). Notwithstanding 
that an MDO Order may be a Limit Order, its operation and available 
modifiers are limited to those available in Rule 11.8(e). See Rule 
11.8(e).
    \33\ Quote Depletion Protection (``QDP''). QDP is an optional 
instruction that a User may include on an MDO to limit the order's 
ability to exercise discretion in certain circumstances. A ``QDP 
Active Period'' will be enabled or refreshed for buy (sell) MDOs if 
the best bid (offer) displayed on the EDGA Book is executed below 
one round lot. During the QDP Active Period, an MDO entered with a 
QDP instruction will not exercise discretion, and is executable only 
at its ranked price. When a QDP Active Period is initially enabled, 
or refreshed by a subsequent execution or cancellation of the best 
bid (offer) then displayed on the EDGA Book, it will remain enabled 
for two milliseconds. Unless the User chooses otherwise, an MDO to 
buy (sell) entered with a QDP instruction will default to a Non-
Displayed instruction and will include an Offset Amount equal to one 
Minimum Price Variation below (above) the NBB (NBO). See Rule 
11.8(e)(10).
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    Together, with the proposed standard rebate, the Exchange believes 
that its proposed fee structure will provide a reasonable means to 
encourage liquidity adding displayed and non-displayed orders in 
Members' order flow to the Exchange and to incentivize Members to 
continue to provide liquidity adding volume to the Exchange by offering 
them an opportunity to receive a rebate. By providing higher rebates 
for displayed liquidity, and slightly lower rebates for non-displayed 
liquidity, the Exchange believes the proposed fees will help encourage 
the entry of displayed orders, thereby deepening the Exchange's 
displayed liquidity pool, fostering price discovery, promoting market 
transparency, and improving market quality, for all investors.
    The Exchange believes that its proposal to modify the description 
of fee codes BY, NX, and Z as well as its proposal to eliminate fee 
codes PA, PL, PT, and PX is reasonable, equitable, and non-
discriminatory as the Exchange is discontinuing certain routing 
strategies as part of its transition from a taker-maker pricing 
structure to a maker-taker pricing structure. The revised descriptions 
in fee codes BY, NX, and Z will provide an accurate description of the 
routing strategies eligible for certain fee codes, which will be 
available to all Members on an equal basis. Further, the elimination of 
fee codes PA, PL, PT, and PX will remove these fee codes from the Fee 
Schedule for all Members as the routing strategies will no longer be 
supported.
    Similarly, the Exchange believes that its proposal to eliminate fee 
code DA and introduce fee codes DD and DN is reasonable, equitable, and 
non-discriminatory as the Exchange is seeking to utilize fee codes that 
provide additional granularity into the usage of MDOs on the Exchange. 
By eliminating fee code DA and replacing it with fee codes DD and DN, 
the Exchange will be

[[Page 88073]]

able to provide rebates commensurate with either displayed MDOs or non-
displayed MDOs. This change benefits all Members equally in that fee 
code DA will no longer be available to any Member and all Members 
utilizing MDOs will have their orders appended with the appropriate fee 
code for the display option chosen for its MDO. The Exchange notes that 
the usage of the MDO order type is optional, and Members may choose to 
submit (or not submit) MDOs as part of their order flow to the 
Exchange. Additionally, the Exchange believes that its proposal to 
eliminate fee codes DR and DT is reasonable, equitable, and non-
discriminatory, because as noted above, MDOs will now act only as 
liquidity providers, unless they have a QDP instruction. Because MDOs 
without a QDP instruction will only add liquidity, and a separate fee 
code (i.e., DX) already exists for MDOs with QDP instructions that 
remove liquidity, fee codes DR and DT are no longer necessary. This 
change benefits all Members equally in that fee codes DR and DT will no 
longer be available to any Member and Members that enter MDOs with a 
QDP instruction permitting such orders to remove liquidity, can append 
their orders with fee code, DX. Finally, removing fee codes DA, DR, and 
DT will help to streamline the fee schedule, and make the fee schedule 
clearer and more accurate.
    In addition, the Exchange does not propose to change the standard 
fee (Free) or standard rebate (Free) for securities priced below $1.00, 
or the standard fee for routing orders in securities priced above $1.00 
or below $1.00. The Exchange believes that these proposed standard 
rebates and fees are reasonable, equitable, and non-discriminatory, as 
Members have indicated that a Free/Free structure is currently a viable 
incentive for them to add or remove liquidity on EDGA, today. Moreover, 
the routing fees for both above $1.00 and below $1.00, are remaining 
unchanged, because they remain consistent with the fees typically 
assessed to the Exchange by other venues for routing liquidity and are 
also the routing fees Members are accustomed to be assessed on EDGA, 
today. Additionally, because theses proposed fees remain unchanged, 
they do raise any new or novel issues not already considered by the 
Commission.
    The Exchange also proposes to increase the remove fee for fee codes 
DX, HR, and MT. The Exchange believes that these proposed fees are 
reasonable, equitable, and non-discriminatory because they are intended 
to reflect the Exchange's transition to a maker-taker fee model and 
reflect a fee structure typical of a maker-taker model where standard 
remove fees are utilized to provide rebates to Members adding 
liquidity. Accordingly, because orders appended with these fee codes 
all remove liquidity, the Exchange proposes to assess them the standard 
remove fee of $0.0030. In turn, the Exchange proposes to pay a standard 
rebate of $0.0027 to orders appended with fee codes DD, DM, and DN, as 
these orders add liquidity. The Exchange similarly believes that its 
proposal to eliminate the Routing Tiers and the Add/Remove Volume Tiers 
is reasonable because the Exchange is not required to maintain these 
tiers or provide Members an opportunity to receive enhanced rebates or 
reduced fees. The Exchange believes its proposal to eliminate these 
tiers is also equitable and not unfairly discriminatory because the 
change applies to all Members equally, in that the tiers will no longer 
be available for any Member. The Exchange notes that the proposed 
change to remove the Routing Tiers and the Add/Remove Volume Tiers 
merely results in Members not receiving an enhanced rebate or paying a 
reduced fee which, as noted above, the Exchange is not required to 
offer or maintain. Further, the proposed change to eliminate the 
Routing Tiers and the Add/Remove Volume Tiers enables the Exchange to 
redirect resources and funding into the Exchange's proposed fee 
structure, which is intended to incentivize increased order flow 
without the use of volume-based criteria.
    The Exchange does not propose to make any changes to fee codes 7-
AZ, C-D, F-G, I-J, NA, O, P, Q, RX-SW, and X. These fee codes append to 
routed orders and the fees associated with these codes align with the 
fees assessed to the Exchange by the each of the recipient trading 
venues. These fees are not impacted by the transition to a maker-taker 
fee model, and as such, the Exchange does not propose to any changes. 
Fee code, OO, appends to EDGA opening or re-opening orders, and the 
economics of such orders are not impacted by a transition from an 
inverted fee model to a maker-taker fee model. Accordingly, the 
Exchange does not propose any changes to fee code, OO. Similarly, fee 
code, S, appends to directed ISOs, which the Exchange routes to away 
trading venues. The current fee is not impacted by a transition from an 
inverted fee model to a maker-taker fee model, and as such, the 
Exchange is not proposing a change to fee code, S. Finally, the 
Exchange believes that the proposed removal of the ``Definitions'' 
section of the Fee Schedule and proposed removal of content regarding 
Routing Tier 1 and Routing Tier 2,\34\ and the Add/Remove Volume Tiers 
from the ``General Notes'' section of the Fee Schedule is reasonable as 
the changes are intended to remove references to terms and tiers that 
are no longer applicable due to the Exchange's elimination of the 
Routing Tiers, Add/Remove Volume Tiers, and certain routing strategies. 
The proposed changes are equitable and non-discriminatory as they will 
apply to all Members equally, in that the revised ``General Notes'' 
section of the Fee Schedule will be available to all Members and the 
``Definitions'' section of the Fee Schedule will no longer be available 
to any Member. Additionally, these proposed changes will help to make 
the fee schedule clearer and more accurate.
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    \34\ As the Exchange seeks to discontinue Routing Tier 1 and 
Routing Tier 2, noted under Footnote 1, the Exchange is marking 
Footnote 1 as, ``Reserved.''
---------------------------------------------------------------------------

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. Rather, as discussed above, 
the Exchange believes that the proposed changes would encourage the 
submission of additional order flow to a public exchange, thereby 
promoting market depth, execution incentives and enhanced execution 
opportunities, as well as price discovery and transparency for all 
Members. As a result, the Exchange believes that the proposed changes 
further the Commission's goal in adopting Regulation NMS of fostering 
competition among orders, which promotes ``more efficient pricing of 
individual stocks for all types of orders, large and small.''
    The Exchange believes the proposed rule changes do not impose any 
burden on intramarket competition that is not necessary or appropriate 
in furtherance of the purposes of the Act. Particularly, the proposed 
change to a maker-taker fee structure, proposed fee code changes, 
elimination of Routing Tiers, and elimination of Add/Remove Volume 
Tiers will apply to all Members equally in that all Members are 
eligible for the revised fee structure and proposed fee code changes 
and all Members will no longer be eligible for the Routing Tiers or 
Add/Remove Volume Tiers. The Exchange does not believe the proposed 
changes burden

[[Page 88074]]

competition, but rather, enhances competition as it is intended to 
increase the competitiveness of EDGA by amending existing pricing 
incentives in order to attract order flow and incentivize a more 
diverse mix of liquidity providers to increase their participation on 
the Exchange, thereby promoting market depth, execution incentives and 
enhanced execution opportunities, as well as price discovery and 
transparency for all Members. Greater overall order flow, trading 
opportunities, and pricing transparency benefits all market 
participants on the Exchange by enhancing market quality and continuing 
to encourage Members to send orders, thereby contributing towards a 
robust and well-balanced market ecosystem.
    The Exchange further believes that the proposed rule change will 
not impose any burden on intramarket competition that is not necessary 
or appropriate in furtherance of the purposes of the Act because, while 
in some circumstances different fees are assessed and different rebates 
are paid, these different fees and rebates are not based on the type of 
Member entering the orders that match or on the volume of orders 
submitted by a Member but on the type of order entered, and all Members 
may submit any type of order for any type of security and will be 
subject to the same fee or rebate for that type of order and security. 
EDGA believes that applying a simplified fee and rebate structure, that 
is not based on tiered volume and is equally attainable by all types of 
participants, avoids imposing a burden on competition by ensuring that 
individual Members do not gain a competitive advantage over other 
Members based solely on their size or volume of orders they are able to 
submit to the Exchange.
    Next, the Exchange believes the proposed rule changes do not impose 
any burden on intermarket competition that is not necessary or 
appropriate in furtherance of the purposes of the Act. As previously 
discussed, the Exchange operates in a highly competitive market. 
Members have numerous alternative venues that they may participate on 
and direct their order flow, including other equities exchanges, off-
exchange venues, and alternative trading systems. Additionally, the 
Exchange represents a small percentage of the overall market. Based on 
publicly available information, no single equities exchange has more 
than 17% of the market share.\35\ Therefore, no exchange possesses 
significant pricing power in the execution of order flow. Indeed, 
participants can readily choose to send their orders to other exchange 
and off-exchange venues if they deem fee levels at those other venues 
to be more favorable. Moreover, the Commission has repeatedly expressed 
its preference for competition over regulatory intervention in 
determining prices, products, and services in the securities markets. 
Specifically, in Regulation NMS, the Commission highlighted the 
importance of market forces in determining prices and SRO revenues and, 
also, recognized that current regulation of the market system ``has 
been remarkably successful in promoting market competition in its 
broader forms that are most important to investors and listed 
companies.'' \36\ The fact that this market is competitive has also 
long been recognized by the courts. In NetCoalition v. Securities and 
Exchange Commission, the D.C. Circuit stated as follows: ``[n]o one 
disputes that competition for order flow is `fierce.' . . . As the SEC 
explained, `[i]n the U.S. national market system, buyers and sellers of 
securities, and the broker-dealers that act as their order-routing 
agents, have a wide range of choices of where to route orders for 
execution'; [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'. . . .'' \37\ 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.
---------------------------------------------------------------------------

    \35\ See Cboe Global Markets, U.S. Equities Market Volume 
Summary, Month-to-Date (August 20, 2024), available at https://www.cboe.com/us/equities/market_statistics/.
    \36\ See Securities Exchange Act Release No. 51808 (June 9, 
2005), 70 FR 37496, 37499 (June 29, 2005).
    \37\ 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)).
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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 \38\ and paragraph (f) of Rule 19b-4 \39\ 
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.
---------------------------------------------------------------------------

    \38\ 15 U.S.C. 78s(b)(3)(A).
    \39\ 17 CFR 240.19b-4(f).
---------------------------------------------------------------------------

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act. Comments may be submitted by any of 
the following methods:

Electronic Comments

     Use the Commission's internet comment form (https://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include 
file number SR-CboeEDGA-2024-045 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-CboeEDGA-2024-045. 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

[[Page 88075]]

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-2024-045 and should be submitted on or before 
November 27, 2024.
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    \40\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\40\
Vanessa A. Countryman,
Secretary.
[FR Doc. 2024-25732 Filed 11-5-24; 8:45 am]
BILLING CODE 8011-01-P