Notice2022-00871
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fees Schedule
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Published
January 19, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 87 Issue 12 (Wednesday, January 19, 2022)</title>
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[Federal Register Volume 87, Number 12 (Wednesday, January 19, 2022)]
[Notices]
[Pages 2971-2976]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-00871]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-93955; File No. SR-CBOE-2021-076]
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
Its Fees Schedule
January 12, 2022.
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 December 30, 2021, Cboe Exchange, Inc. (the ``Exchange'' or
``Cboe Options'') 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
Cboe Exchange, Inc. (the ``Exchange'' or ``Cboe Options'') proposes
to amend its Fees Schedule. The text of the proposed rule change is
provided in Exhibit 5.
The text of the proposed rule change is also available on the
Exchange's website (<a href="http://www.cboe.com/AboutCBOE/CBOELegalRegulatoryHome.aspx">http://www.cboe.com/AboutCBOE/CBOELegalRegulatoryHome.aspx</a>), at the Exchange's Office of the
Secretary, and at the Commission's Public Reference Room.
[[Page 2972]]
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 the
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend its Fees Schedule in connection with
certain surcharges, a trading floor-related fee and its Global Trading
Hours (``GTH'') Cboe Volatility Index (``VIX'') options/VIX weekly
(``VIXW'') options and S&P 500 Index (``SPX'') options/SPX weekly
(``SPXW'') LMM Incentive Programs, effective January 2, 2022.
First, the Exchange proposes to amend the Execution Surcharge fee
in Rate Table--Underlying Symbol List A of the Fees Schedule applicable
to non-Market-Maker orders \3\ executed electronically in SPXW options.
Currently, a surcharge fee of $0.13 per contract is assessed for non-
Market-Maker orders executed electronically in SPXW. The proposed rule
change slightly increases this surcharge fee from $0.13 per contract to
$0.14 per contract. The Exchange notes that the proposed SPXW Execution
Surcharge fee is still less than the Execution Surcharge fee assessed
for SPX and SPESG transactions.\4\
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\3\ Non-Market-Makers include Customers (capacity ``C''),
Clearing Trading Permit Holders (capacity ``F''), Non-Clearing
Trading Permit Holder Affiliates (capacity ``L''), Broker-Dealers
(capacity ``B''), Joint Back-Offices (capacity ``J''), Non-Trading
Permit Holder Market-Makers (capacity ``N''), and Professionals
(capacity ``U''). Capacity ``M'' applies to Market-Makers.
\4\ See Cboe Options Fees Schedule, Rate Table--Underlying
Symbol List A, Execution Surcharge, SPX (not including SPXW) and
SPESG, which assesses a surcharge fee of $0.21 per contract for non-
Market-Maker orders in SPX and SPESG.
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Next, the Exchange proposes to marginally increase the Index
License Surcharge fees currently applicable to orders executed in SPX
(including SPXW) options in Rate Table--Underlying Symbol List A and to
orders executed in MSCI Emerging Markets Index (``MXEF'') options and
MSCI EAFE Index (``MXEA'') options (collectively, ``MSCI options'') in
Rate Table--All Products Excluding Underlying Symbol List A.
Specifically, the Exchange currently assesses an Index License
Surcharge fee of $0.17 per contract for non-Customer orders executed in
SPX/SPXW and an Index License Surcharge fee of $0.10 per contract for
non-Customer orders executed in MSCI options. The proposed rule change
increases the Index License Surcharge fee applicable to orders executed
in SPX/SPXW from $0.17 per contract to $0.18 per contract and the Index
License Surcharge fee applicable to orders executed in MSCI options
from $0.10 per contract to $0.12 per contract. The Exchange notes that
the Index License Surcharge fees in place for SPX/SPXW and MSCI options
are designed to recoup some of the costs associated with the licenses
for these indexes.\5\ The Exchange has recently renewed its license
arrangements for its SPX and MSCI index licenses and, as a result, the
proposed rule change amends the Index License Surcharge fees for SPX/
SPXW and MSCI options in order to continue to offset some of the costs
associated with the licenses for these indexes.
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\5\ See Securities Exchange Release Nos. 74854 (April 30, 2015),
80 FR 26124 (May 6, 2015) (SR-CBOE-2015-041); and 74422 (March 4,
2015), 80 FR 12680 (March 10, 2015) (SR-CBOE-2015-020).
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Next, the Exchange proposes to amend a badge type in the Access
Badges table of the Fees Schedule. Currently, a $70.00 fee is assessed
for Clerk badges to access the Exchange's trading floor. The Exchange
proposes to extend this badge fee to clerks and other Trading Permit
Hold (``TPH'') employees in order to cover TPH employees that also
receive an access badge to the Exchange's trading floor (e.g., TPH
technical support personnel). The Exchange notes that badge access is
optional and other TPH employees may continue to be admitted to the
trading floor if signed in by authorized TPH personnel.
Finally, the Exchange proposes to amend the rebates provided under
its GTH1 and GTH2 VIX/VIXW LMM Incentive Programs and amend certain
quote width categories under its GTH2 SPX/SPXW LMM Incentive Program.
In particular, the Exchange offers, among other LMM incentive programs,
a GTH1 VIX/VIXW LMM Incentive Program that applies during GTH from 7:15
p.m. CST to 2:00 a.m. CST (``GTH1'') and a GTH2 VIX/VIXW LMM Incentive
Program and GTH2 SPX/SPXW LMM Incentive Program that apply during GTH
from 2:00 a.m. CST to 8:15 a.m. CST (``GTH2''). The Exchange notes that
these LMM incentive programs in the Fees Schedule provide a rebate to
TPHs with LMM appointments to the respective incentive program that
meet certain quoting standards in VIX/VIXW and SPX/SPXW, as applicable,
in a month. The Exchange notes that meeting or exceeding the quoting
standards in VIX/VIXW or SPX/SPXW to receive the applicable rebates (as
currently offered and as proposed; described in further detail below)
is optional for an LMM appointed to one of the GTH VIX/VIXW and SPX/
SPXW LMM Incentive Programs. Rather, an LMM appointed to an incentive
program is eligible to receive the corresponding rebate if it satisfies
the applicable quoting standards (as currently offered and as proposed,
described in further detail below), which the Exchange believes
encourages an LMM to provide liquidity in the applicable program's
products during GTH. The Exchange may consider other exceptions to the
programs' quoting standards based on demonstrated legal or regulatory
requirements or other mitigating circumstances. In calculating whether
an LMM appointed to a GTH VIX/VIXW or GTH2 SPX/SPXW incentive program
meets the applicable program's quoting standards each month, the
Exchange excludes from the calculation in that month the business day
in which the LMM missed meeting or exceeding the quoting standards in
the highest number of series.
An LMM appointed to one of the GTH VIX/VIXW LMM Incentive Programs
must provide continuous electronic quotes during GTH1 or GTH2, as
applicable, that meet or exceed the quoting standards under the
applicable program in at least 99% of each of the VIX and VIXW series,
90% of the time in a given month in order to receive a rebate for that
month in the amount of $15,000 for VIX and $10,000 for VIXW (or pro-
rated amount if an appointment begins after the first trading day of
the month or ends prior to the last trading day of the month) for that
month. The Exchange now proposes to increase each rebate amount
received under the GTH1 and GTH2 VIX/VIXW LMM Incentive Programs for
meeting the applicable quoting standards in a given month in VIX and
VIXW, by slightly increasing the rebate amount for VIX from $15,000 to
$20,000 and in VIXW, by slightly increasing the rebate amount from
$10,000 to $15,000. The Exchange notes that no changes are being made
to the quoting standards under the GTH1 or GTH2 VIX/VIXW LMM Incentive
Programs. The Exchange wishes to
[[Page 2973]]
further incentivize the LMMs appointed to the GTH VIX/VIXW LMM
Incentive Programs to provide significant liquidity in VIX/VIXW options
during all of GTH by meeting the applicable quoting standards currently
under each program in order to receive the proposed increased rebates.
An LMM appointed to the GTH2 SPX/SPXW LMM Incentive Program must
provide continuous electronic quotes during GTH2 that meet or exceed
the quoting standards, provided below, in at least 85% of each of the
SPX and SPXW series, 90% of the time in a given month in order to
receive a rebate for that month in the amount of $15,000 for SPX and
$35,000 for SPXW (or pro-rated amount if an appointment begins after
the first trading day of the month or ends prior to the last trading
day of the month) for that month.
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Expiring Near term Mid term Long term
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Premium level 7 days or less 8 days to 60 days 61 days to 270 days 271 days to 500 days
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Width Size Width Size Width Size Width Size
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VIX Value at Prior Close <20
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$0.00-$5.00..................................... $0.35 25 $0.40 15 $0.60 5 $1.20 5
$5.01-$15.00.................................... 0.60 20 0.60 20 1.50 10 2.00 5
$15.01-$50.00................................... 1.20 15 2.00 15 2.00 10 4.00 5
$50.01-$100.00.................................. 6.00 10 4.00 10 3.00 10 5.00 5
$100.01-$200.00................................. 15.00 1 5.00 5 4.00 5 6.00 5
Greater than $200.00............................ 20.00 1 8.00 1 12.00 1 50.00 1
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VIX Value at Prior Close from 20-30
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$0.00-$5.00..................................... 0.60 15 0.80 10 0.75 5 2.00 5
$5.01-$15.00.................................... 1.00 15 1.00 15 2.20 5 3.00 5
$15.01-$50.00................................... 2.50 10 3.50 10 3.0 5 5.00 5
$50.01-$100.00.................................. 10.00 10 7.00 10 3.50 5 7.00 5
$100.01-$200.00................................. 18.00 1 8.00 5 6.00 5 10.00 5
Greater than $200.00............................ 25.00 1 12.00 1 2.00 1 60.00 1
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VIX Value at Prior Close <ls-thn-eq>30
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$0.00-$5.00..................................... 0.90 10 1.00 10 1.00 5 3.00 5
$5.01-$15.00.................................... 2.50 10 2.50 10 3.00 5 4.00 5
$15.01-$50.00................................... 4.00 10 5.00 10 5.00 5 8.00 5
$50.01-$100.00.................................. 12.00 5 10.00 5 4.50 3 10.00 1
$100.01-$200.00................................. 20.00 1 12.00 5 15.00 1 18.00 1
Greater than 200.00............................. 30.00 1 25.00 1 30.00 1 70.00 1
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The Exchange proposes to marginally widen certain quotes widths
applicable when the VIX Index value at the prior close is less than 20
for SPX/SPXW options expiring in 7 days or less as follows: Widen the
quote width that corresponds to the $5.01 to $15.00 premium level from
$0.60 to $0.80; widen the quote width that corresponds to a premium
level of $15.01 to $50.00 from $1.20 to $1.80; and widen the quote
width that corresponds to the premium level of $50.01 to $100.00 from
$6.00 to $7.50. The Exchange notes that, generally, demand for and
participation in SPX/SPXW options decreases as time to expiration
decreases and, as a result, it becomes more difficult for LMMs to quote
within specified widths and sizes for SPX/SPXW options that expire in 7
days or less. As such, the proposed rule change is designed to slightly
ease the quoting requirements under the expiration category of 7 days
or less (when the VIX Index value is less than 20 at the prior close)
by marginally widen certain quote widths in order to better enable and
encourage LMMs to satisfy the quoting standards to receive the current
monthly rebate applicable to SPX and/or SPXW.
2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Securities Exchange Act of 1934 (the ``Act'') and the rules and
regulations thereunder applicable to the Exchange and, in particular,
the requirements of Section 6(b) of the Act.\6\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \7\ 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
Section 6(b)(4) of the Act,\8\ which requires that Exchange rules
provide for the equitable allocation of reasonable dues, fees, and
other charges among its Trading Permit Holders and other persons using
its facilities.
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\6\ 15 U.S.C. 78f(b).
\7\ 15 U.S.C. 78f(b)(5).
\8\ 15 U.S.C. 78f(b)(4).
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The Exchange believes amending the Execution Surcharge fee
applicable to non-Market-Maker electronic orders in SPXW is reasonable
as such fee is still lower than the Execution Surcharge fee applicable
to non-Market-Maker orders transacted in SPX and SPESG.\9\
Additionally, the proposed increase helps to ensure that there is
reasonable cost equivalence between the primary execution channels for
SPXW. More specifically, the SPXW Surcharge fee was adopted to minimize
the cost differentials between manual and electronic executions, which
is in the interest of the Exchange as it must both maintain robust
electronic systems as well as provide for economic opportunity for
floor brokers to continue to conduct business, as they serve an
important function in achieving price discovery and customer
executions.\10\ The Exchange believes the proposed change is also
equitable and not unfairly
[[Page 2974]]
discriminatory as it will continue to apply uniformly to all non-
Market-Maker orders executed electronically in SPXW.
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\9\ See supra note 4.
\10\ See Securities Exchange Act Release No. 71295 (January 14,
2014) 79 FR 3443 (January 21, 2014) (SR-CBOE-2013-129).
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The Exchange believes that it is reasonable to increase the amount
of the Index License Surcharge fees for orders in SPX/SPXW and MSCI
options as the proposed increases are consistent with the purpose of
such surcharge fees as they are intended to continue to help recoup
some of the costs associated with the license for such products in
light of recently renewed license arrangements between the Exchange and
the applicable index providers. The proposed Index License Surcharge
fees are also equitable and not unfairly discriminatory because the
surcharge fees will continue to be assessed uniformly for all non-
Customer orders in SPX/SPXW and MSCI options, as applicable.
The Exchange believes the proposed rule change to extend the access
badge fee to other TPH employees, in addition to clerks, is reasonable
as it is designed to cover TPH employees that also receive an access
badge to the Exchange's trading floor (e.g., TPH technical support
personnel). The Exchange again notes that badge access is optional and
other TPH employees may continue to be admitted to the trading floor if
signed in by TPH personnel with badge access. The extension of the
access badge fee to other TPH employees is equitable and not unfairly
discriminatory because it will apply uniformly to all TPH employees
that opt to receive an access badge.
Regarding the GTH VIX/VIXW LMM Incentive Programs and the GTH2 SPX/
SPXW LMM Incentive Program, generally, the Exchange believes it is
reasonable, equitable and not unfairly discriminatory to continue to
offer these financial incentives, including as amended, to LMMs
appointed to the programs, because it benefits all market participants
trading in the corresponding products during GTH. These incentive
programs encourage the LMMs appointed to such programs to satisfy the
applicable quoting standards, which may increase liquidity and provide
more trading opportunities and tighter spreads. Indeed, the Exchange
notes that these LMMs serve a crucial role in providing quotes and the
opportunity for market participants to trade VIX/VIXW and SPX/SPXW
options, as applicable, which can lead to increased volume, providing
for robust markets. The Exchange ultimately offers the LMM Incentive
Programs, as amended, to sufficiently incentivize LMMs appointed to
each incentive program to provide key liquidity and active markets in
the corresponding program products during the corresponding trading
sessions. The Exchange believes that these incentive programs, as
amended, will continue to encourage increased quoting to add liquidity
in each of the corresponding program products, thereby protecting
investors and the public interest. The Exchange also notes that an LMM
appointed to an incentive program may undertake added costs each month
to satisfy that heightened quoting standards (e.g., having to purchase
additional logical connectivity).
In particular, the Exchange believes that the proposed increases to
the rebates applicable to VIX and VIXW provided under the GTH VIX/VIXW
LMM Incentive programs are reasonably designed to continue to
incentivize an appointed LMM to meet the applicable quoting standards
for VIX/VIXW options during GTH, thereby providing liquid and active
markets, which facilitates tighter spreads, increased trading
opportunities, and overall enhanced market quality to the benefit of
all market participants. The Exchange further believes that the
proposed rule change to amend the rebate amount received for VIX
($20,000) and VIXW options ($15,000) is reasonable because it is
comparable to and within the range of the rebates offered by other LMM
Incentive Programs. For example, the GTH SPX/SPXW LMM Programs
currently offers $15,000 for SPX and $35,000 SPXW options in which the
applicable quoting standards are met in a given month. The Exchange
believes the proposed rebates applicable to the GTH VIX/VIXW LMM
Incentive Programs are equitable and not unfairly discriminatory
because they will continue to apply equally to any TPH that is
appointed as an LMM to the GTH1 and GTH2 VIX/VIXW LMM Incentive
Programs.
The Exchange believes that it is reasonable to slightly ease the
quoting requirements under the GTH2 SPX/SPXW LMM Incentive Program by
marginally widen certain quote widths for SPX/SPXW options that expire
in 7 days or less, wherein it becomes more difficult for LMMs to quote
within specified widths, in order to better enable and encourage LMMs
to satisfy the quoting standards to receive the current monthly rebate
applicable to SPX and/or SPXW. As such, the Exchange believes the
slightly wider quote widths are reasonably designed to facilitate LMMs
appointed to the GTH2 SPX/SPXW LMM Incentive Program in meeting the
heightened quoting standards (in order to receive the current rebate
offered under the program) by increasing their quoting activity and
posting tighter spreads and more aggressive quotes in SPX/SPXW options
during GTH2. An increase in quoting activity and tighter quotes tends
to signal additional corresponding increase in order flow from other
market participants, which benefits all investors by deepening the
Exchange's liquidity pool, potentially providing even greater execution
incentives and opportunities, offering additional flexibility for all
investors to enjoy cost savings, supporting the quality of price
discovery, promoting market transparency and improving investor
protection. The Exchange also believes that the proposed widths are
reasonable because they remain generally aligned with the current
heightened quoting standards in the program, as the proposed widths are
only marginally larger than the current widths. The Exchange believes
that the proposed increase in certain quote widths under the GTH2 SPX/
SPXW LMM Incentive Program is equitable and not unfairly discriminatory
because such quote widths will continue to apply equally to any and all
TPHs with LMM appointments to the GTH2 SPX/SPXW LMM Incentive Program
that seek to meet the program's heightened quoting standards in order
to receive the current rebates offered under the program.
Additionally, the Exchange notes if an LMM appointed to the GTH
VIX/VIXW LMM Incentive Programs or the GTH2 SPX/SPXW LMM Incentive
Program does not satisfy the corresponding quoting standards for any
given month, then it simply will not receive the rebate(s) offered by
the respective program for that month.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on intramarket or intermarket competition that is not
necessary or appropriate in furtherance of the purposes of the Act. The
Exchange does not believe that the proposed rule changes in connection
with surcharge fees will impose any burden on intramarket competition
because each applies uniformly to all similarly situated TPHs in a
uniform manner (i.e., to all non-Market-Maker electronic executions in
SPXW and to all non-Customer executions in SPX/SPXW or MSCI options).
Additionally, the access badge fee will apply uniformly to all other
TPH employees in the same manner as it applies to all clerk badges
today. The Exchange again notes that badge access is optional and
[[Page 2975]]
other TPH employees may continue to be admitted to the trading floor if
signed in by TPH personnel with badge access. Additionally, the
proposed changes to existing GTH VIX/VIXW and SPX/SPXW LMM Incentive
Programs will apply to all LMMs appointed to the applicable program
classes (i.e., VIX/VIXW and SPX/SPXW) in a uniform manner. To the
extent these LMMs appointed to an incentive program receive a benefit
that other market participants do not, as stated, these LMMs in their
role as Mark-Makers on the Exchange have different obligations and are
held to different standards. For example, Market-Makers play a crucial
role in providing active and liquid markets in their appointed
products, thereby providing a robust market which benefits all market
participants. Such Market-Makers also have obligations and regulatory
requirements that other participants do not have. The Exchange also
notes that an LMM appointed to an incentive program may undertake added
costs each month that it needs to satisfy that heightened quoting
standards (e.g., having to purchase additional logical connectivity).
The Exchange also notes that the incentive programs are designed to
attract additional order flow to the Exchange, wherein greater
liquidity benefits all market participants by providing more trading
opportunities, tighter spreads, and added market transparency and price
discovery, and signals to other market participants to direct their
order flow to those markets, thereby contributing to robust levels of
liquidity.
The Exchange does not believe that the proposed rule changes will
impose any burden on intermarket competition that is not necessary or
appropriate in furtherance of the purposes of the Act because the
proposed amendments to the surcharges and the LMM Incentive Programs,
apply only to Exchange proprietary products, which are traded
exclusively on Cboe Options. Additionally, the Exchange notes that at
least one other options exchange assesses a badge fee for employees of
on-floor registrants.\11\
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\11\ See BOX FEE Schedule, Section VIII C, Trading Floor
Participant Fees, which assesses a $100 badge fee for ``all other
registered on-floor persons employed by or associated with a Floor
Market Maker or Floor Broker''.
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Additionally, the Exchange notes that it operates in a highly
competitive market. TPHs have numerous alternative venues that they may
participate on and direct their order flow, including 15 other options
exchanges, as well as off-exchange venues, where competitive products
are available for trading. Based on publicly available information, no
single options exchange has more than 15% of the market share.\12\
Therefore, no exchange possesses significant pricing power in the
execution of option order flow. Indeed, participants can readily choose
to send their orders to other exchange, and, additionally 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.'' \13\ 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'. . . .''.\14\
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.
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\12\ See Cboe Global Markets U.S. Options Market Volume Summary,
Month-to-Date (December 17, 2021), available at <a href="https://www.cboe.com/us/options/market_statistics/">https://www.cboe.com/us/options/market_statistics/</a>.
\13\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496, 37499 (June 29, 2005).
\14\ 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 \15\ and paragraph (f) of Rule 19b-4 \16\
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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\15\ 15 U.S.C. 78s(b)(3)(A).
\16\ 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
<bullet> Use the Commission's internet comment form (<a href="http://www.sec.gov/rules/sro.shtml">http://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#582a2d343d753b3735353d362c2b182b3d3b763f372e"><span class="__cf_email__" data-cfemail="6e1c1b020b430d0103030b001a1d2e1d0b0d40090118">[email protected]</span></a>. Please include
File Number SR-CBOE-2021-076 on the subject line.
Paper Comments
<bullet> 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-CBOE-2021-076. 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 (<a href="http://www.sec.gov/rules/sro.shtml">http://www.sec.gov/rules/sro.shtml</a>).
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
[[Page 2976]]
Reference Room, 100 F Street NE, Washington, DC 20549 on official
business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of
the filing also will be available for inspection and copying at the
principal office of the Exchange. All comments received will be posted
without change. Persons submitting comments are cautioned that we do
not redact or edit personal identifying information from comment
submissions. You should submit only information that you wish to make
available publicly. All submissions should refer to File Number SR-
CBOE-2021-076 and should be submitted on or before February 9, 2022.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\17\
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\17\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-00871 Filed 1-18-22; 8:45 am]
BILLING CODE 8011-01-P
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</html>Indexed from Federal Register on January 19, 2022.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.