Notice2022-03495
Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee Schedule
Primary source
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Published
February 18, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 87 Issue 34 (Friday, February 18, 2022)</title>
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[Federal Register Volume 87, Number 34 (Friday, February 18, 2022)]
[Notices]
[Pages 9399-9403]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-03495]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-94237; File No. SR-CboeEDGX-2022-005]
Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice
of Filing and Immediate Effectiveness of a Proposed Rule Change To
Amend Its Fee Schedule
February 14, 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 February 1, 2022, Cboe EDGX Exchange, Inc. (the ``Exchange'' or
``EDGX'') 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 EDGX Exchange, Inc. (the ``Exchange'' or ``EDGX'' or ``EDGX
Equities'') 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 also available on the
Exchange's website (<a href="http://markets.cboe.com/us/options/regulation/rule_filings/edgx/">http://markets.cboe.com/us/options/regulation/rule_filings/edgx/</a>), 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 proposes to amend its Fee Schedule applicable to its
equities trading platform (``EDGX Equities'') as follows: (1) Adopt new
fee code ZO which will be applicable to retail orders that add
liquidity in the pre and post market; (2) update Remove Volume Tier 2,
the Retail Volume Tiers, and Retail Membership Program Volume Tiers to
add references to proposed fee code ZO; (3) modify the rebate
applicable to Add/Remove Volume Tiers 1 and 2; (4) modify the criteria
of Growth Tier 4; and (5) modify the criteria of the Remove Volume Tier
1. The Exchange proposes to implement these changes effective February
1, 2022.
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
Exchange Act, to which market participants may direct their order flow.
Based on publicly available information,\3\ no single registered
equities exchange has more than 17% of the market share. Thus, in such
a low-concentrated and highly competitive market, no single equities
exchange possesses significant pricing power in the execution of order
flow. The Exchange in particular operates a ``Maker-Taker'' model
whereby it pays rebates to members that add liquidity and assesses fees
to those that remove liquidity. The Exchange's Fee Schedule sets forth
the standard rebates and rates applied per share for orders that
provide and remove liquidity, respectively. Currently, for orders in
securities priced at or above $1.00, the Exchange provides a standard
rebate of $0.00160 per share for orders that add liquidity and assesses
a fee of $0.0030 per share for orders that remove liquidity. For orders
in securities priced below $1.00, the Exchange provides a standard
rebate
[[Page 9400]]
of $0.00009 per share for orders that add liquidity and assesses a fee
of 0.30% of total dollar value for orders that remove liquidity.
Additionally, in response to the competitive environment, the Exchange
also offers tiered pricing which provides Members opportunities to
qualify for higher rebates or reduced fees where certain volume
criteria and thresholds are met. Tiered pricing provides an incremental
incentive for Members to strive for higher tier levels, which provides
increasingly higher benefits or discounts for satisfying increasingly
more stringent criteria.
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\3\ See Cboe Global Markets, U.S. Equities Market Volume
Summary, Month-to-Date (January 24, 2022), available at <a href="https://markets.cboe.com/us/equities/market_statistics/">https://markets.cboe.com/us/equities/market_statistics/</a>.
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Proposed New Fee Code
The Exchange proposes to adopt a new fee code in the Fee Code and
Associated Fees table of the Fee Schedule. Currently, all retail orders
that add liquidity yield fee code ``ZA'' and receive a rebate of
$0.0032 per share in securities priced at or above $1.00 and a rebate
of $0.00003 per share in securities priced below $1.00. The Exchange
now proposes to adopt fee code ``ZO'', which will be appended to retail
orders that add liquidity, but in the pre and post market. The Exchange
proposes to continue to assess the same fees and rebates as are
currently assessed today for retail orders that add liquidity (i.e.,
orders yielding fee code ZO would receive a rebate of $0.0032 per share
in securities priced at or above $1.00 and a rebate of $0.00003 per
share in securities priced below $1.00). The Exchange also proposes to
apply incentive tiers and programs that currently apply to orders
yielding ZA to orders that will now yield ZO and therefore append
footnotes 2 and 3 to ZO in the Fee Code and Associated Fees table.
Particularly, the Exchange proposes to modify the description and
criteria of the Retail Volume Tiers (provided under footnote 2 of the
Fee Schedule) and Retail Equities Membership Program Volume Tiers
(provided under footnote 3 of the Fee Schedule), so that orders
yielding both fee codes ZA and ZO are eligible for the respective tiers
and the Retail Order ADV criteria under each tier includes orders
yielding ZO in addition to ZA. Similarly, the Exchange proposes to
amend the second prong of Remove Volume Tier 2 to provide the Retail
Order ADV criteria will also include orders yielding ZO in addition to
ZA. Accordingly, retail orders that add liquidity in the pre or post
market will continue to be eligible for the same incentive programs
(and continue to be counted towards Retail Order ADV thresholds) as
they are today, albeit under a separate fee code (i.e., ZO instead of
ZA).
Modifications to Add/Remove Volume Tiers
The Add Volume Tiers set forth in footnote 1 of the Fee Schedule
(Add/Remove Volume Tiers) provides Members an opportunity for
qualifying orders (i.e., orders yielding fee code B,\4\ V,\5\ Y,\6\ 3
\7\ or 4 \8\) to receive an enhanced rebate on their orders on orders
that add liquidity and meet certain volume criteria. Specifically, Add
Volume Tier 1 provides a rebate of $0.0023 per share to Members that
add an ADV \9\ greater than or equal to 0.20% of the TCV.\10\
Similarly, Add Volume Tier 2 provides a rebate of $0.0025 per share to
Members that add an ADV greater than or equal to 0.30% of the TCV. The
Exchange notes that the Add Volume Tiers are designed to encourage
Members that provide liquidity adding orders to the Exchange to
increase their order flow, which would benefit all Members by providing
greater execution opportunities on the Exchange.
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\4\ Orders yielding Fee Code ``B'' are orders adding liquidity
to EDGX (Tape B).
\5\ Orders yielding Fee Code ``V'' are orders adding liquidity
to EDGX (Tape A).
\6\ Orders yielding Fee Code ``Y'' are orders adding liquidity
to EDGX (Tape C).
\7\ Orders yielding Fee Code ``3'' are orders adding liquidity
to EDGX in the pre and post market (Tapes A or C).
\8\ Orders yielding Fee Code ``4'' are orders adding liquidity
to EDGX in the pre and post market (Tape B).
\9\ ``ADAV'' means average daily added volume calculated as the
number of shares added per day and ``ADV'' means average daily
volume calculated as the number of shares added to, removed from, or
routed by, the Exchange, or any combination or subset thereof, per
day. ADAV and ADV is calculated on a monthly basis
\10\ ``TCV'' means total consolidated volume calculated as the
volume reported by all exchanges and trade reporting facilities to a
consolidated transaction reporting plan for the month for which the
fees apply.
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Now the Exchange proposes to reduce the rebates provided under Add
Volume Tiers 1 and 2 to $0.0020 per share and $0.0023 per share,
respectively. While the Exchange is proposing no change to the criteria
of the Add Volume Tiers 1 and 2, the Exchange believes that the tier
will continue to incentivize increased order flow to the Exchange,
which may contribute to a deeper, more liquid market to the benefit of
all market participants by creating a more robust and well-balanced
market ecosystem. The Add Volume Tiers 1 and 2, as modified, continue
to be available to all Members and provide Members an opportunity to
receive an enhanced rebate, albeit a reduced rebate. The proposed
rebates are in line with similar rebates for liquidity adding programs
in place on other exchanges.\11\
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\11\ E.g., the BZX Equities Add Volume Tiers provide rebates
ranging from $0.0020 per share up to $0.0031 per share. See BZX
Equities Fee Schedule, footnote 1.
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The Growth Volume Tiers are also set forth under footnote 1 of the
Fee Schedule (Add/Remove Volume Tiers) and are designed to encourage
growth in order flow by providing specific criteria in which Members
must increase their relative liquidity each month over a predetermined
baseline. Growth Tier 4, for example, provides an opportunity for
qualifying orders (i.e., orders yielding fee code B, V, Y, 3 or 4) to
receive an enhanced rebate of $0.0034 per share to Members that (1) add
a Step-Up ADAV \12\ from October 2021 greater than or equal to 0.10% of
the TCV or Members that add a Step-Up ADAV from October 2021 equal to
or greater than 10 million shares; and (2) Members that have a total
remove ADV equal to or greater than 0.60% of TCV or Members that have a
total remove ADV greater than or equal to 60 million shares. The
Exchange now proposes to amend the criteria of Growth Tier 4 to provide
the rebate to (1) an MPID that adds a Step-Up ADAV from October 2021
equal to or greater than 10% of the TCV or an MPID adds a Step-Up ADAV
from October 2021 equal to or greater than 15 million shares (instead
of 10 million shares); and (2) an MPID that adds an ADV equal to or
greater than 0.30% of TCV or an MPID that adds an ADV equal to or
greater than 30 million shares (instead of 60 million shares).
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\12\ ``Step-Up ADAV'' means ADAV in the relevant baseline month
subtracted from current ADAV.
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Lastly, the Remove Volume Tiers are also set forth under footnote 1
of the Fee Schedule (Add/Remove Volume Tiers) and provide Members an
opportunity for qualifying orders (i.e., orders yielding fee codes
BB,\13\ N \14\ and W \15\) to receive a reduced fee on their orders
that remove liquidity and meet certain volume criteria. Specifically,
the Remove Volume Tier 1 provides a reduced fee of $0.00275 in
securities at or above $1.00 and 0.28% of the total dollar value in
securities priced below $1.00 to (1) Members that add a Step-Up ADAV
from June 2021 equal to or greater than 0.10% of the TCV or Members
that add a Step-Up ADAV from June 2021 equal to or greater than 8
million shares; and (2) Members that have a total remove ADV equal to
or greater than 0.60% of the TCV. Now the Exchange proposes to modify
the criteria to adopt an alternative criteria to satisfy prong two.
Specifically, the
[[Page 9401]]
Exchange proposes to provide the reduced rebate to (1) Members that add
a Step-Up ADAV from June 2021 equal to or greater than 0.10% of the TCV
or Members that add a Step-Up ADAV from June 2021 equal to or greater
than 8 million shares; and (2) Members that have a total remove ADV
equal to or greater than 0.60% of the TCV, or, Members that have a
total remove ADV equal to or greater than 60 million shares. The
Exchange proposes no change to the current reduced fee applicable to
the Remove Volume Tier 1.
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\13\ Orders yielding Fee Code ``BB'' are orders removing
liquidity to EDGX (Tape (B)).
\14\ Orders yielding Fee Code ``N'' are orders removing
liquidity to EDGX (Tape (C)).
\15\ Orders yielding Fee Code ``W'' are orders removing
liquidity to EDGX (Tape (A)).
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2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the objectives of Section 6 of the Securities and Exchange Act of
1933 (the ``Act''),\16\ in general, and furthers the objectives of
Section 6(b)(4),\17\ in particular, as it is designed to provide for
the equitable allocation of reasonable dues, fees and other charges
among its Members and issuers and other persons using its facilities.
The Exchange also believes that the proposed rule change is consistent
with the objectives of Section 6(b)(5) \18\ 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,
and, particularly, is not designed to permit unfair discrimination
between customers, issuers, brokers, or dealers. 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. The proposed rule changes reflect 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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\16\ 15 U.S.C. 78f.
\17\ 15 U.S.C. 78f(b)(4).
\18\ 15 U.S.C. 78f.(b)(5).
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Regarding the proposed new fee code ZO appended to retail orders
adding liquidity in the pre and post market, the Exchange notes that
the competition for retail order flow is particularly intense,
especially as it relates to exchange versus off-exchange venues, as
prominent retail brokerages tend to route a majority of their limit
orders to off-exchange venues.\19\ Accordingly, competitive forces
compel the Exchange to use exchange transaction fees and credits,
particularly as they relate to competing for retail order flow, because
market participants can readily trade on competing venues if they deem
pricing levels at those other venues to be more favorable.
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\19\ See Securities Exchange Release No. 86375 (July 15, 2019),
84 FR 34960 (SRCboeEDGX-2019-045).
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The Exchange believes that its proposed change to adopt fee code ZO
is reasonable, equitable and not unfairly discriminatory. First, the
Exchange notes that the proposed standard rebates under fee code ZO are
the same as those currently applied to such orders under fee code ZA,
which fee code as discussed currently also applies to retail orders
that add liquidity, albeit during regular market hours. Further, the
proposed standard rebates are consistent with, and competitive with,
rebates for retail order flow on other equities exchanges, which
provide pricing incentives to retail orders in the form of lower fees
and/or higher rebates.\20\ Second, while the proposed rebates apply
only to retail orders, the Exchange does not believe this application
is discriminatory as the Exchange offers similar rebates or reduced
fees to non-retail order flow. The Exchange notes that, like all other
fee codes, ZO and the accompanying rebates will be automatically and
uniformly applied to all Members' qualifying orders as applicable. The
Exchange also believes it's reasonable, equitable and not unfairly
discriminatory to apply volume incentive tiers that currently apply to
orders yielding ZA to ZO and to clarify that Retail Order ADV will
include orders yielding either ZA or ZO as such changes apply to all
members and such tiers already apply to all retail orders that add
liquidity, including those that execute in the pre or post market
(i.e., there will be no substantive impact to orders yielding ZO with
respect to their inclusion in these programs).
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\20\ See e.g., BZX Equities Fee Schedule, Fee Code ZA, which
provides a rebate of $0.0032 per share to retail orders adding
liquidity.
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The Exchange believes its proposal to reduce the rebates applicable
to Add Volume Tiers 1 and 2 is reasonable because each tier continues
to be available to all Members and provides Members an opportunity to
receive an enhanced rebate, albeit a reduced enhanced rebate.
Similarly, the Exchange believes its proposal to amend the criteria of
the Growth Tier 4 is reasonable because the tier will be available to
all MPIDs and provides MPIDs an opportunity to receive an enhanced
rebate. The Exchange also believes its proposal to amend the criteria
of the Remove Volume Tier 1 is reasonable because it will provide an
additional opportunity for Members to reach the tier, will continue to
be available to all Members, and will provide Members an opportunity to
receive a reduced fee.
The Exchange notes that relative volume-based incentives and
discounts have been widely adopted by exchanges, including the
Exchange, and are reasonable, equitable, and non-discriminatory because
they are open to all Members on an equal basis and provide additional
discounts that are reasonably related to (i) the value to an exchange's
market quality and (ii) associated with higher levels of market
activity, such as higher levels of liquidity provision and/or growth
patterns. The Exchange also believes that the proposed and existing
rebates and fees, as applicable, under Add Volume Tiers 1 and 2, Growth
Tier 4, and Remove Volume Tier 1 continue to be commensurate with the
existing and proposed criteria. That is, the rebates reasonably reflect
the difficulty in achieving the corresponding criteria as amended.
The Exchange believes that the changes to the Add Volume Tiers 1
and 2, Growth Tier 4, and Remove Volume Tier 1, will benefit all market
participants by incentivizing continuous liquidity and, thus, deeper
more liquid markets as well as increased execution opportunities.
Particularly, the proposal is designed to incentivize liquidity, which
further contributes to a deeper, more liquid market and provide even
more execution opportunities for active market participants at improved
prices. This overall increase in activity deepens the Exchange's
liquidity pool, offers additional cost savings, supports the quality of
price discovery, promotes market transparency and improves market
quality, for all investors.
The Exchange also believes that the proposed amendments to the Add
Volume Tiers 1 and 2, Growth Tier 4, and Remove Volume Tier 1 represent
an equitable allocation of rebates and are not unfairly discriminatory
because all Members or MPIDs are eligible for the tiers and would have
the opportunity to meet the tiers' criteria and would receive the
proposed rebate if such criteria is met. Without having a view of
activity on other markets and off-exchange venues, the Exchange has no
[[Page 9402]]
way of knowing whether this proposed rule change would definitely
result in any Members or MPIDs qualifying for the proposed tiers. While
the Exchange has no way of predicting with certainty how the proposed
tier will impact Member activity, the Exchange anticipates that at
least one MPID will be able to compete for and reach the proposed
criteria in Growth Tier 4 and Remove Volume Tier 1. The Exchange also
notes that proposed tiers will not adversely impact any Member's
ability to qualify for other reduced fee or enhanced rebate tiers.
Should a Member not meet the proposed criteria under any of the
proposed tiers, the Member will merely not receive that corresponding
enhanced rebate or reduced fee.
As noted above, the Exchange operates in a highly competitive
market. The Exchange is only one of 16 equity venues to which market
participants may direct their order flow, and it represents a small
percentage of the overall market. It is also only one of several maker-
taker exchanges. Competing equity exchanges offer similar rates and
tiered pricing structures to that of the Exchange, including schedules
of rebates and fees that apply based upon members achieving certain
volume thresholds.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule changes will
impose any burden on competition 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
tier changes will apply to Members or MPIDs equally in that all Members
or MPIDs are eligible for each of the tiers, have a reasonable
opportunity to meet the tiers' criteria and will receive the enhanced
rebate or reduced fee on their qualifying orders if such criteria is
met. Further, the proposed Fee Code will similarly be available to all
Members equally. The Exchange does not believe the proposed changes
burdens competition, but rather, enhances competition as it is intended
to increase the competitiveness of EDGX by amending an existing pricing
incentive and adopting a pricing incentive in order to attract order
flow and incentivize participants to increase their participation on
the Exchange, providing for additional execution opportunities for
market participants and improved price transparency. 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.
Next, the Exchange believes the proposed rule change does 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.\21\ 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.'' \22\ 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'. . . .''.\23\ 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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\21\ Supra note 3.
\22\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496, 37499 (June 29, 2005).
\23\ 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 \24\ and paragraph (f) of Rule 19b-4 \25\
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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\24\ 15 U.S.C. 78s(b)(3)(A).
\25\ 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:
[[Page 9403]]
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#d1a3a4bdb4fcb2bebcbcb4bfa5a291a2b4b2ffb6bea7"><span class="__cf_email__" data-cfemail="c5b7b0a9a0e8a6aaa8a8a0abb1b685b6a0a6eba2aab3">[email protected]</span></a>. Please include
File Number SR-CboeEDGX-2022-005 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-CboeEDGX-2022-005. 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 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-CboeEDGX-2022-005 and should be
submitted on or before March 11, 2022.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\26\
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\26\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-03495 Filed 2-17-22; 8:45 am]
BILLING CODE 8011-01-P
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