Notice2022-08067
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
April 15, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 87 Issue 73 (Friday, April 15, 2022)</title>
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[Federal Register Volume 87, Number 73 (Friday, April 15, 2022)]
[Notices]
[Pages 22594-22599]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-08067]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-94670; File No. SR-CBOE-2022-017]
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
Its Fees Schedule
April 11, 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 April 1, 2022, 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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[[Page 22595]]
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.
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 Fees Schedule in connection with
certain LMM Incentive Programs, effective April 1, 2022.
The Exchange proposes to amend its Regular Trading Hours (``RTH'')
SPESG LMM Incentive Program, MRUT LMM Incentive Program and MSCI LMM
Incentive Program. All three LMM Incentive Programs provide a rebate to
Trading Permit Holders (``TPHs'') with LMM appointments to the
respective incentive program that meet certain quoting standards in the
applicable series in a month. The Exchange notes that meeting or
exceeding the quoting standards (both current and as proposed;
described in further detail below) in each of the LMM Incentive Program
products to receive the applicable rebate (both currently offered and
as proposed; described in further detail below) is optional for an LMM
appointed to a program. Rather, an LMM appointed to an incentive
program is eligible to receive the corresponding rebate if it satisfies
the applicable quoting standards, which the Exchange believes
encourages appointed LMMs to provide liquidity in the applicable class
and trading session (i.e., RTH). 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 an 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 the applicable series.
The proposed rule change amends the RTH SPESG LMM Incentive
Program. Currently, the RTH SPESG LMM Incentive Program provides that
if, for SPESG, the appointed LMM provides continuous electronic quotes
during RTH that meet or exceed the above heightened quoting standards
in at least 60% of SPESG series 90% of the time in a given month, the
LMM will receive a rebate for that month in the amount of $20,000 (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 program additionally provides that, if the appointed
LMM meets or exceeds the heightened quoting standards in a given month,
the LMM will receive the monthly average daily volume (``ADV'') payment
amount that corresponds to the level of ADV provided by the LMM in
SPESG for that month per the SPESG Volume Incentive Pool program. The
proposed rule change reduces the monthly rebate offered under the
program from $20,000 to $10,000. The proposed rule change also amends
certain quote sizes in the program's heightened quoting requirements.
Specifically, the proposed rule change marginally decreases certain
quote sizes, thus easing the heightened quoting standards in a manner
that makes it easier for appointed LMMs to achieve such requirements.
The program's current heightened quoting requirements are as follows:
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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 or greater
-------------------------------------------------------------------------------------------------------
Width Size Width Size Width Size Width Size
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$0.00-$5.00..................................... $0.50 10 $0.40 25 $0.60 15 $1.00 10
$5.01-$15.00.................................... 2.00 7 1.60 18 2.40 11 4.00 7
$15.01-$50.00................................... 5.00 5 4.00 13 6.00 8 10.00 5
$50.01-$100.00.................................. 10.00 3 8.00 8 12.00 5 20.00 3
$100.01-$200.00................................. 20.00 2 16.00 5 24.00 3 40.00 2
Greater than $200.00............................ 30.00 1 24.00 3 36.00 1 60.00 1
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The proposed changes to the program's heightened quoting
requirements are as follows (proposed sizes are denoted with an
asterisk):
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Expiring Near term Mid term Long term
-------------------------------------------------------------------------------------------------------
Premium level 7 days or less 8 days to 60 days 61 days to 270 days 271 days or greater
-------------------------------------------------------------------------------------------------------
Width Size Width Size Width Size Width Size
--------------------------------------------------------------------------------------------------------------------------------------------------------
$0.00-$5.00..................................... $0.50 10 $0.40 * 15 $0.60 * 10 $1.00 * 5
$5.01-$15.00.................................... 2.00 * 5 1.60 * 10 2.40 * 10 4.00 * 5
$15.01-$50.00................................... 5.00 5 4.00 * 10 6.00 * 5 10.00 5
$50.01-$100.00.................................. 10.00 * 1 8.00 * 5 12.00 5 20.00 * 1
$100.01-$200.00................................. 20.00 * 1 16.00 * 1 24.00 * 1 40.00 * 1
[[Page 22596]]
Greater than $200.00............................ 30.00 1 24.00 * 1 36.00 1 60.00 1
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Lastly, regarding the RTH SPESG LMM Incentive Program, the proposed
rule change amends the payments provided under the SPESG LMM Volume
Incentive Pool. Currently, the incentive pool offers $5,000 where an
LMM submits an ADV in SPESG of 1,000 to 4,999 contracts in a month,
$15,000 for an ADV of 5,000 to 10,000 contracts in a month, and $20,000
for an ADV of greater than 10,000 contracts in a month. The proposed
rule change increased the payments so that an LMM that submits an ADV
in SPESG of 1,000 to 4,999 contracts in a month receives a payment of
$10,000, an ADV of 5,000 to 10,000 contracts in a month, a payment of
$20,000 and an ADV of greater than 10,000 contracts in a month, a
payment of $25,000. The proposed rule change to increase the SPESG
Volume Incentive Pool payments is designed to incentivize appointed
LMMs to further increase the provision of liquidity in SPESG options to
meet the same ADV thresholds in return for increased corresponding
payments. Increased liquidity in SPESG options would, in turn, provide
greater trading opportunities, added market transparency and enhanced
price discovery for all market participants in SPESG.
The proposed rule change amends the MRUT LMM Incentive Program.
Currently, the MRUT LMM Incentive Program provides that, for MRUT, if
the appointed LMM provides continuous electronic quotes during RTH that
meet or exceed the heightened quoting standards in at least 99% of the
MRUT series 90% of the time in a given month, the LMM will receive a
rebate for that month in the amount of $25,000 (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). The proposed rule change
reduces the monthly rebate provided under the program from $25,000 to
$15,000. Additionally, the proposed rule change also slightly increases
the quote width requirement under the near term expiration category (15
to 60 days) for the premium level of $1.01 to $3.00, from a quote width
of $0.13 to $0.14. Thus, the proposed rule change makes the quote size
requirement under this expiration and premium category slightly easier
to achieve.
The proposed rule change amends the MSCI LMM Incentive Program.
Currently, the MSCI LMM Incentive Program provides that, for MXEF and
MXEA (i.e., MSCI options), if the appointed LMM provides continuous
electronic quotes during RTH that meet or exceed the heightened quoting
standards in at least 90% of the MXEA and MXEF series 80% of the time
in a given month, the LMM will receive a rebate for that month in the
amount of $20,000 per class, per month (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). The proposed rule change
reduces the monthly rebate provided under the program from $25,000 to
$15,000. The proposed rule change also amends a quote width and certain
sizes in the program's heightened quoting requirements. Specifically,
by marginally increasing a quote width and marginally decreases certain
quote sizes, the proposed rule change eases the heightened quoting
standards in a manner that makes it easier for appointed LMMs to
achieve such requirements. The program's current heightened quoting
requirements are as follows:
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Expiring Near term Mid term Long term
-------------------------------------------------------------------------------------------------------
Premium level 6 days or less 7 days to 60 days 61 days to 270 days 271 days or greater
-------------------------------------------------------------------------------------------------------
Width Size Width Size Width Size Width Size
--------------------------------------------------------------------------------------------------------------------------------------------------------
$0.00-$5.00..................................... $2.50 5 $1.05 12 $2.50 10 $5.00 10
$5.01-$15.00.................................... 6.00 3 2.50 9 5.00 8 10.00 7
$15.01-$50.00................................... 15.00 2 4.50 7 9.00 7 20.00 5
$50.01-$100.00.................................. 25.00 1 15.00 5 20.00 5 30.00 3
$100.01-$200.00................................. 40.00 1 25.00 2 35.00 2 48.00 2
Greater than $200.00............................ 60.00 1 40.00 1 50.00 1 72.00 1
--------------------------------------------------------------------------------------------------------------------------------------------------------
The proposed changes to the program's heightened quoting
requirements are as follows (proposed width and sizes are denoted with
an asterisk):
--------------------------------------------------------------------------------------------------------------------------------------------------------
Expiring Near term Mid term Long term
-------------------------------------------------------------------------------------------------------
Premium level 6 days or less 7 days to 60 days 61 days to 270 days 271 days or greater
-------------------------------------------------------------------------------------------------------
Width Size Width Size Width Size Width Size
--------------------------------------------------------------------------------------------------------------------------------------------------------
$0.00-$5.00..................................... $2.50 5 * $1.10 * 10 $2.50 * 5 $5.00 * 5
$5.01-$15.00.................................... 6.00 3 2.50 * 10 5.00 * 5 10.00 * 5
$15.01-$50.00................................... 15.00 2 4.50 * 5 9.00 * 5 20.00 5
$50.01-$100.00.................................. 25.00 1 15.00 5 20.00 5 30.00 3
$100.01-$200.00................................. 40.00 1 25.00 2 35.00 2 48.00 2
Greater than $200.00............................ 60.00 1 40.00 1 50.00 1 72.00 1
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[[Page 22597]]
The proposed rule change also adopts a performance payment under
the MSCI LMM Incentive Program, which provides that, in addition to the
above rebate, the LMM with the highest performance in satisfying the
above heightened quoting standards, measured independently per class,
in a month will receive a performance payment of $10,000 per class for
that month. In order to be eligible to receive the performance payment
in a month, an LMM must meet or exceed the above heightened quoting
standards in that month. Highest performance is measured as the
cumulative sum of series in which an LMM meets or exceeds the
heightened quoting requirements by the total series each day (excluding
the day in which an LMM missed meeting or exceeding the heightened
quoting standard in the highest number of series). The proposed
performance payment offered by the MSCI LMM Incentive Program is
designed to incentivize LMMs appointed to the program to increase the
provision of liquidity in MXEA and MXEF by encouraging appointed LMMs
to compete each month to achieve the highest performance and receive
the additional performance payment. Increased liquidity in MSCI options
would, in turn, provide greater trading opportunities, added market
transparency and enhanced price discovery for all market participants
in MSCI options.
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.\3\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \4\ 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,\5\ 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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\3\ 15 U.S.C. 78f(b).
\4\ 15 U.S.C. 78f(b)(5).
\5\ 15 U.S.C. 78f(b)(4).
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Regarding the RTH SPESG, MRUT and MSCI LMM Incentive Programs
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 RTH. These incentive programs encourage
the LMMs appointed to such programs to satisfy the heightened 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 SPESG, MRUT, MXEA and MXEF 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, and 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).
The Exchange believes that the proposed changes to the LMM
Incentive Programs are reasonable. The proposed rule change to reduce
the monthly rebate amounts offered under each of the RTH SPESG, MRUT
and MSCI LMM Incentive Programs is reasonable as the proposed rebates
remain within a comparable realm of the rebates currently offered
across the Exchange's LMM Incentive Programs applicable to other
exclusively-listed products,\6\ and LMMs appointed to the respective
programs will continue to receive a monthly rebate, albeit at a lower
amount, for meeting or exceeding the applicable program's heighten
quoting requirements, of which some standards are being eased in
difficulty, as proposed. The Exchange believes it is reasonable to
marginally decrease certain quote size requirements (across the three
programs' heightened quoting requirements) and marginally increase a
quote size requirement (in the MSCI LMM Incentive Program's heightened
quoting requirements), as these changes are reasonably designed to
slightly ease the difficulty in meeting the heightened quoting
requirements offered under these programs (for which an appointed LMM
receives the proposed respective rebates), which, in turn, provides
increased incentive for LMMs appointed to these programs to provide
significant liquidity in SPESG, MRUT and MSCI options during RTH.
Further, the Exchange believes that increasing the SPESG Volume
Incentive Pool payments is reasonably designed to incentivize LMMs
appointed to the RTH SPESG LMM Incentive Program to provide the current
levels of ADV in SPESG, thereby providing significant liquidity in
SPESG options during RTH, in order to receive the proposed increased
payments. The Exchange notes that the MRUT LMM Incentive Program also
offers a volume incentive pool structured with comparable payments for
corresponding ADV. Finally, the Exchange believes that the proposed
performance payment offered under the MSCI LMM Incentive Program is
reasonably designed to incentivize LMMs appointed to the program to
increase the provision of liquidity in MXEA and MXEF options by
encouraging appointed LMMs to compete each month to achieve the highest
performance and receive the additional performance payment. Increased
liquidity in MSCI options would, in turn, provide greater trading
opportunities, added market transparency and enhanced price discovery
to the benefit of all market participants in MSCI options.
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\6\ See Cboe Options Fees Schedule, ``NANOS LMM Incentive
Program'', ``GTH1 VIX/VIXW LMM Incentive Program'', ``GTH2 VIX/VIXW
LMM Incentive Program'', ``GTH1 SPX/SPXW LMM Incentive Program'',
and ``GTH2 SPX/SPXW LMM Incentive Program'', all of which range by
$5,000 increments.
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The Exchange believes that the proposed changes to the LMM
Incentive Programs are equitable and not unfairly discriminatory. The
Exchange believes that it is equitable and not unfairly discriminatory
to amend the month rebates offered under the RTH SPESG, MRUT and MSCI
LMM Incentive Programs, amend certain quoting sizes and a quote width
across the three programs, to amend the volume incentive pool payments
for the RTH SPESG LMM Incentive Program and to adopt a performance
payment under the
[[Page 22598]]
MSCI LMM Incentive Program, because such rebates, quote sizes and
width, volume pool program payments and performance payment will
equally apply to any and all TPHs with LMM appointments to the RTH
SPESG, MRUT and MSCI LMM Incentive Programs, as applicable, that seek
to meet the programs' heightened quoting standards in order to receive
the rebates (as proposed) offered under each respective program. The
Exchange additionally notes that, if an LMM appointed to any of the LMM
Incentive Programs does not satisfy the corresponding heightened
quoting standard for any given month, then it simply will not receive
the rebate 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 change will impose any
burden on intramarket competition because the proposed changes to
existing LMM Incentive Programs will apply to all LMMs appointed to the
applicable program classes (i.e., MRUT, MXEF, MXEA and SPESG) 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 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 LMM Incentive Programs apply only to
products traded exclusively on Cboe Options. 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 16% of the market share.\7\ Therefore, no exchange possesses
significant pricing power in the execution of option order flow. deed,
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.'' \8\ 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'. . . .''.\9\ 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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\7\ See Cboe Global Markets U.S. Options Market Volume Summary,
Month-to-Date (March 28, 2022), available at <a href="https://www.cboe.com/us/options/market_statistics/">https://www.cboe.com/us/options/market_statistics/</a>.
\8\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496, 37499 (June 29, 2005).
\9\ 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 \10\ and paragraph (f) of Rule 19b-4 \11\
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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\10\ 15 U.S.C. 78s(b)(3)(A).
\11\ 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#651710090048060a0808000b1116251600064b020a13"><span class="__cf_email__" data-cfemail="245651484109474b4949414a5057645741470a434b52">[email protected]</span></a>. Please include
File Number SR-CBOE-2022-017 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-2022-017. 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 (http://www.sec.gov/
[[Page 22599]]
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 10:00 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-2022-017 and should be
submitted on or before May 6, 2022.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
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\12\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-08067 Filed 4-14-22; 8:45 am]
BILLING CODE 8011-01-P
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