Notice2022-10146
Self-Regulatory Organizations; Cboe BYX 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
May 12, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 87 Issue 92 (Thursday, May 12, 2022)</title>
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[Federal Register Volume 87, Number 92 (Thursday, May 12, 2022)]
[Notices]
[Pages 29201-29205]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-10146]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-94862; File No. SR-CboeBYX-2022-016]
Self-Regulatory Organizations; Cboe BYX Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
Its Fee Schedule
May 6, 2022.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on May 2, 2022, Cboe BYX Exchange, Inc. (``Exchange'' or ``BYX'') filed
with the Securities and Exchange Commission (``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 BYX Exchange, Inc. (the ``Exchange'' or ``BYX'' or ``BYX
Equities'') is filing with the Securities and Exchange Commission
(``Commission'') a proposed rule change to amend its Fee Schedule. The
text of
[[Page 29202]]
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/equities/regulation/rule_filings/byx/">http://markets.cboe.com/us/equities/regulation/rule_filings/byx/</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
On March 26, 2021, the Commission approved the Exchange's proposed
introduction of periodic auctions in U.S. equity securities (``Periodic
Auctions'').\3\ Periodic Auctions, which will launch on the Exchange on
April 14, 2022, will be conducted throughout the course of the trading
day when there are matching buy and sell Periodic Auction orders that
are available to trade in such an auction. They are price forming
auctions that are executed at the price level that maximizes the total
number of shares in both the auction book and the continuous book and
are designed to enhance the ability for investors to source liquidity
in all equity securities traded on the Exchange. The Exchange now
proposes to introduce fees associated with orders executed in Periodic
Auctions.\4\
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\3\ See Securities Exchange Act Release No. 91423 (March 26,
2021) 86 FR 17230 (April 1, 2021) (SR-CboeBYX-2020-021).
\4\ The Exchange initially filed the proposed fee changes on
April 14, 2022 (SR-CboeBYX-2022-012). On April 27, 2022, the
Exchange withdrew that filing and re-submitted the proposed fee
changes (SR-CboeBYX-2022-014). On April 29, 2022, the Exchange
withdrew that filing and re-submitted the proposed fee changes (SR-
CboeBYX-2022-015). On May 2, 2022, the Exchange withdrew that filing
and submitted this filing.
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The Exchange operates a ``Taker-Maker'' model whereby it pays
credits to members that remove liquidity and assesses fees to those
that add liquidity. The Exchange's Fees Schedule sets forth the
standard rebates and rates applied per share for orders that remove and
provide liquidity, respectively. Particularly, for securities at or
above $1.00, the Exchange provides a standard rebate of $0.00200 per
share for orders that remove liquidity and assesses a fee of $0.00200
per share for orders that add liquidity. For orders priced below $1.00,
the Exchange does not assess a fee or provide a rebate for orders that
add liquidity and assesses a fee of 0.10% 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.
Proposed Fee Codes
The Exchange proposes to introduce three new fee codes applicable
to orders executed in a Periodic Auction. First, the Exchange proposes
to adopt fee code AD,\5\ which would be appended to displayed orders
executed in a Periodic Auction.\6\ Periodic Auction Only Orders \7\ or
Periodic Auction Eligible Orders \8\ are non-displayed orders and
therefore fee code AD would not be appended to such orders. However,
Continuous Book Orders \9\ may be displayed or non-displayed orders and
therefore such displayed Continuous Book Orders would be appended with
fee code AD. Orders appended with fee code AD would be assessed a fee
of $0.00200 in securities priced equal to or greater than $1.00, and
would be provided no charge or rebate in securities priced less than
$1.00.\10\ The proposed fee is the same as other displayed fee codes
that add liquidity to the Exchange, such as fee codes B,\11\ V,\12\ and
Y.\13\
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\5\ As discussed more fully below, the Exchange is also
proposing to add footnotes 1 and 2 to fee code, AD.
\6\ ``Continuous Book Orders'', as defined in Rule 11.25(a)(2),
may be displayed or non-displayed orders. Continuous Book Orders
will not initiate a Periodic Auction but are eligible to participate
in such an auction when it is executed.
\7\ A ``Periodic Auction Only Order'' is a non-displayed limit
order entered with an instruction to participate solely in Periodic
Auctions pursuant to this Rule 11.25. Periodic Auction Only Orders
are not eligible for execution on the Continuous Book. See Exchange
Rule 11.25(b)(1).
\8\ A ``Periodic Auction Eligible Order'' is a non-displayed
limit order eligible to trade on the Continuous Book that is entered
with an instruction to also initiate a Periodic Auction, if
possible, pursuant to this Rule 11.25. See Exchange Rule 11.25(b)(2)
\9\ A ``Continuous Book Order'' is an order on the BYX Book that
is not a Periodic Auction Order. See Exchange Rule 11.25(a)(2).
\10\ Footnote 15 of the BYX Fee Schedule provides that ``[f]or
securities priced below $1.00: no charge or rebate'' is applied.
Therefore, the Exchange proposes to apply footnote 15 to proposed
fee code AD.
\11\ Fee code ``B'' is appended to displayed orders adding
liquidity to BYX (Tape B).
\12\ Fee code ``V'' is appended to displayed orders adding
liquidity to BYX (Tape A).
\13\ Fee code ``Y'' is appended to displayed orders adding
liquidity to BYX (Tape C).
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Second, the Exchange proposes to adopt fee code AU, which would be
appended to Periodic Auction Only or Periodic Auction Eligible orders
executed in a Periodic Auction. Orders appended with fee code AU would
not be provided a rebate or assessed a fee, regardless of the price of
the security.\14\
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\14\ The Exchange proposes to apply footnote 15 to proposed fee
code AU.
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Third, the Exchange proposes to adopt fee AH, which would be
appended to non-displayed orders executed in a Periodic Auction. As
noted above, Continuous Book Orders may be displayed or non-displayed
orders. Therefore, non-displayed orders that are not Periodic Auction
Only or Periodic Auction Eligible Orders would be appended with fee
code AH. Orders appended with fee code AH would be assessed a fee of
$0.00100 in securities priced equal to or greater than $1.00 and would
be provided no charge or rebate in securities priced less than
$1.00.\15\ The proposed fee is the same as the fee assessed to non-
displayed midpoint peg orders (i.e., fee code MM).\16\
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\15\ The Exchange proposes to apply footnote 15 to proposed fee
code AH.
\16\ Fee code ``MM'' is appended to non-displayed orders that
add liquidity using a midpoint peg.
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Proposed Definitions
The Exchange proposes to adopt two new definitions pertaining to
auction volume executed on the Exchange. First, the Exchange proposes
to adopt the term ``Auction ADV'' which would mean the average daily
auction volume calculated as the number of shares executed in an
auction per day. The Exchange also proposes to adopt the term ``Step-Up
Auction ADV'' which would mean the Auction ADV in the relevant baseline
month subtracted from current Auction ADV.
Proposed Tier Changes
The Exchange proposes to modify the tiers in order to account for
volume executed in a Periodic Auction. As noted above, the Exchange
offers tiered pricing which provides Members opportunities to qualify
for higher
[[Page 29203]]
rebates or reduced fees where certain volume criteria and thresholds
are met. The Exchange offers three sets of tiers as set forth in
footnotes 1 through 3 of the Fee Schedule. Specifically, under footnote
1 \17\ of the Fee Schedule, the Exchange offers Add/Remove Volume
Tiers, which offer various enhanced rebates and reduced fees for
reaching certain, incrementally more challenging volume-based
thresholds. Under footnote 2 \18\ of the Fee Schedule, the Step-Up
Tiers offers a reduced fee to Members that increase their relative add
volume order flow each month over a predetermined baseline as well as
add liquidity over and established threshold. Last, under footnote 3
\19\ of the Fee Schedule, the Exchange offers the Routing Tier which
offers an enhanced rebate for orders routed to Nasdaq BX through the
Destination Specific or TRIM routing strategies. Under each of
footnotes 1 through 3, the required criteria of certain tiers reference
a Member's ADV,\20\ ADAV,\21\ or Step-Up ADAV \22\ as follows:
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\17\ Footnote 1, Add/Remove Volume Tiers, applies to fee codes
B, V, and Y. The Exchange now proposes to add Footnote 1 to fee
code, AD.
\18\ Footnote 2, Step-Up Tiers, applies to fee codes B, V, and
Y. The Exchange now proposes to add Footnote 2 to fee code, AD.
\19\ Footnote 3, Routing Tier, applies to fee code, C (Routed to
NASDAQ BX using Destination Specific, TRIM or SLIM routing
strategies). AU/AH/AD are included in the calculations to qualify
for the Routing Tier rebates.
\20\ ``ADV'' means average daily volume calculated as the number
of shares added or removed, combined, per day.
\21\ ``ADAV'' means average daily volume calculated as the
number of shares added per day.
\22\ ``Step-Up ADAV'' means ADAV in the relevant baseline month
subtracted from current ADAV.
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<bullet> The Add Volume Tiers 1 through 4 provide a reduced fee for
each Member's qualifying orders that have an ADAV equal to or greater
than a certain percentage of TCV;
<bullet> The Add Volume Tier 5 provides a reduced fee to each
MPID's qualifying orders that have an ADAV equal to or greater than a
certain percentage of the TCV; \23\
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\23\ ``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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<bullet> The Remove Volume Tier 6 provides the applicable rebate to
each Member's qualifying orders that have (1) an ADV equal to or
greater than 0.08% of the TCV; and (2) an ADAV equal to or greater than
500,00 shares meet the required criteria; \24\
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\24\ The Exchange notes that Remove Volume Tiers 7 and 8 do not
reference ADV or ADAV, but instead reference certain liquidity
removing volume executed on the Exchange.
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<bullet> The Step-Up Tier provides a reduced fee to each Member's
qualifying orders where a Member (1) adds a Step-Up ADAV from June 2021
equal to or greater than 0.05% of TCV or adds a Step-Up ADAV from June
2021 equal to or greater than 2,000,000; and (2) has a total add ADAV
equal to or greater than 0.25% of TCV.
<bullet> The Routing Tier provides the applicable rebate to each
Member's qualifying orders with an ADV equal to or greater than 0.10%
of the TCV.
Now, the Exchange proposes to modify each of the above referenced
Tiers to include auction volume where ADV, ADAV, and Step-Up ADAV are
referenced.\25\ Therefore, the Exchange proposes the required criteria
of the above Tiers as follows:
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\25\ The Exchange is not modifying the applicable fees and
rebates associated with Tiers 1 through 4. Rather, the Exchange
seeks only to add new types of volume that count toward the Tiers.
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<bullet> The Add Volume Tiers 1 through 4 provide a reduced fee to
each Member's qualifying orders that have a combined Auction ADV and
ADAV equal to or greater than a certain percentage of the TCV;
<bullet> The Add Volume Tier 5 provides a reduced fee to each
MPID's qualifying orders that have a combined Auction ADV and ADAV
equal to or greater than a certain percentage of the TCV;
<bullet> The Remove Volume Tier 6 would provide the applicable
rebate to Members' qualifying orders that have (1) a combined Auction
ADV and ADV equal to or greater than 0.08% of the TCV; and (2) a
combined Auction ADV and ADAV equal to or greater than 500,000 shares
would meet the required criteria; and
<bullet> The Step-Up Tier would provide a reduced fee to each
Member's qualifying orders with (1) a combined Step-Up Auction ADV and
Step-Up ADAV from June 2021 equal to or greater than 0.05% of TCV or a
combined Step-Up Auction ADV and Step-Up ADAV from June 2021 equal to
or greater than 2,000,000; and (2) a combined Auction ADV and ADAV
equal to or greater than 0.25% of TCV; and
<bullet> The Routing Tier would provide the applicable rebate to
Members' qualifying orders with a combined Auction ADV and ADV of equal
to or greater than 0.10% of the TCV.
As discussed above, orders yielding fee code AD will represent
displayed Continuous Book Orders that add liquidity to the Exchange.
Therefore, if such orders did not execute in a Periodic Auction, they
would be appended with fee code B, V, or Y, as applicable, and those
executions would qualify towards the Add Volume Tiers 1 through 5 and
the Step-Up Tier. Continuous Book Orders that add liquidity to the
Exchange will participate in a Periodic Auction, if eligible.
Therefore, to ensure such orders are not disincentivized to participate
in such a Periodic Auction, the Exchange proposes to allow orders
yielding fee code AD to qualify towards the Add Volume Tiers 1 through
5 and Step-Up Tier, as well qualify for the reduced fees or rebates
provided by such Tiers.\26\
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\26\ Based on the proposal to allow orders yielding fee code AD
to qualify towards the Add Volume Tiers 1 through 5 and Step-Up
Tier, the Exchange also proposes to append footnotes 1 and 2 to Fee
Code AD.
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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 Act,\27\ in general, and
furthers the objectives of Section 6(b)(4),\28\ in particular, as it is
designed to provide for the equitable allocation of reasonable dues,
fees and other charges among its members and other persons using its
facilities. Specifically, the Exchange believes that the proposed rule
change is consistent with the requirements of the Act as it is designed
to compensate the Exchange for the development of new and innovative
market features, i.e., Periodic Auctions, while continuing to provide a
pricing model that the Exchange believes is competitive with pricing
models offered by other national securities exchanges that offer
auctions to their customers. 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. The proposed rule change reflects a competitive
pricing structure designed both to compensate the Exchange for the
introduction of innovative features and allow it to continue to compete
aggressively with other market centers.
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\27\ 15 U.S.C. 78f.
\28\ 15 U.S.C. 78f(b)(4).
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As discussed, the proposed rule change would introduce pricing that
is specific to orders executed in a Periodic Auction. Generally, orders
executed in an auction on other market centers are subject to a
fee.\29\ However, the Exchange proposes to charge no fee for orders
that may initiate a Periodic Auction (i.e., orders yielding fee code
AU) in order to incentivize Members to enter such orders on the
Exchange. As proposed, orders yielding fee code AD will represent
displayed Continuous
[[Page 29204]]
Book Orders that add liquidity to the Exchange. Therefore, if such
orders did not execute in a Periodic Auction, they would be appended
with fee code B, V, or Y, as applicable, and would be charged a fee of
$0.00200. Given this, the Exchange proposes that orders yielding fee
code AD also be charged a fee of $0.00200 so that the fee is congruent
with orders with the same order instruction that did not execute in a
Periodic Auction. As discussed above, non-displayed orders that are not
Periodic Auction Only or Periodic Auction Eligible Orders would be
appended with fee code AH. Such non-displayed orders would include
orders that would otherwise yield fee codes HA,\30\ HI,\31\ or MM \32\
had they not executed in a Periodic Auction. Orders yielding fee code
HA are assessed a fee of $0.00240 per share, orders yielding fee code
HI are assessed a fee of $0.00300 per share, and orders yielding fee
code MM are assessed a fee of $0.00100 per share. Given this, the
Exchange proposes to assess a fee of $0.00100 per share to orders
yielding fee code AH so that there is no disadvantage for a non-
displayed order to have executed in a Periodic Auction rather than on
the Continuous Book.
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\29\ See e.g., the Cboe BZX U.S. Equities Fee Schedule, which
charges fees ranging from $0.00060 up to $0.00100 for orders
executed in an auction.
\30\ Fee code ``HA'' is appended to non-displayed orders adding
liquidity to BYX.
\31\ Fee code ``HI'' is appended to non-displayed orders adding
liquidity to BYX that receive price improvement.
\32\ Fee code ``MM'' is appended to non-displayed orders adding
liquidity to BYX using a midpoint peg.
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The Exchange believes that the proposed fees associated with orders
executed in a Periodic Auction are equitable and not unfairly
discriminatory because they would apply equally to all orders executed
in a Periodic Auction and meeting the applicable execution description.
As discussed, Periodic Auction Only and Periodic Auction Eligible order
instructions are optional, and a market participant can choose to
include such an instruction in order to benefit from a free execution
in the Periodic Auction. Furthermore, while orders entered on the
Continuous Book that are eligible to participate in a Periodic Auction
must participate in the Periodic Auction, the proposed fees are
designed to ensure that such executions occur at a fee that is equal or
favorable to the fee they would have otherwise been assessed had the
order not executed in a Periodic Auction.
The Exchange believes the proposed modifications to the various
Tiers are equitable and reasonable. As discussed above, if orders
yielding fee code AD did not execute in a Periodic Auction, they would
be appended with fee code B, V, or Y, as applicable, and such
executions would have counted towards the Add Volume Tiers 1 through 5
and Step-Up Tier. The proposal to include fee code AD to the applicable
fee codes of the Add Volume Tiers 1 through 5 and Step-Up Tier is
designed to ensure that orders yielding such fee codes are not
disadvantaged for having executed in a Periodic Auction rather than the
Continuous Book. Additionally, the proposed modifications to the
various required criteria of the Tiers is designed to ensure that
shares executed in a Periodic Auction are considered in conjunction
with any volume added to the Exchange. As discussed above, certain
types of orders that may be executed in a Periodic Auction would be
included in the Member's or MPID's ADV, ADAV, and Step-Up ADAV if they
had otherwise not executed in a Periodic Auction (e.g., orders appended
with fee code B, V, or Y). Therefore, so as not to disadvantage Members
or MPIDs participating in a Periodic Auction, the Exchange proposes
that such orders executed in a Periodic Auction will count toward any
required criteria of a Tier involving ADV, ADAV, or Step-Up ADAV. The
Exchange believes it is reasonable and equitable not to include volume
executed in a Periodic Auction in a Member's remove volume because such
orders would not have removed volume on the Exchange had they not
executed in a Periodic Auction.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change would
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. Rather, the Exchange
believes that the proposed changes to its fees would promote continued
competition between the Exchange, other national securities exchanges,
and off-exchange venues that must continuously compete to offer both
competitive pricing and services to members and investors. As proposed,
the Exchange would charge fee ranging from free up to $0.0020 per share
for orders executed in a Periodic Auction. Charging fees for the use of
this instruction would both compensate for the development and
introduction of new and innovative features, and provide continued
incentives for the Exchange to compete on both cost and the quality of
its products and services.
The Exchange believes the proposed new fee codes would not impose
any burden on intramarket competition that is not necessary or
appropriate in furtherance of the purposes of the Act. The proposed fee
codes would apply to all Members equally in that all Members would be
subject to the applicable fee for executing in the Periodic Auction
based on its order instruction. The Exchange's proposed pricing is
based on the characteristics of the order that is executed and has been
proposed to reflect that no order will be disadvantaged by
participating in a Periodic Auction as opposed to executing on the
Exchange's continuous book. In fact, certain orders may benefit from
executing in a Periodic Auction by receiving a reduced fee than it
would not have otherwise received had it executed on the Exchange's
Continuous Book.\33\
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\33\ For example, orders that would have been appended with fee
code HA or HI had they not executed in a Periodic Auction would be
assessed a lesser fee if executed in a Periodic Auction (and thus
appended with fee code AH).
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Similarly, the Exchange does not believe the proposed changes to
the Exchange's tiers will impose any burden on intramarket competition
that is not necessary or appropriate in furtherance of the purposes of
the Act. The revised tiers will continue to be available to all Members
equally in that all Members are eligible for these tiers, have a
reasonable opportunity to meet the tiers' criteria, and will receive
the reduced fee or enhanced rebate on their qualifying orders if such
criteria is met. The proposed changes to the Exchange's tiers are
simply designed to ensure that no orders executed in a Periodic Auction
are excluded from a tier for which they otherwise would have counted
towards had the order not executed in a Periodic Auction. The Exchange
does not believe the proposed change to modify the tiers burdens
competition, but rather, enhances competition as it is intended to
increase the competitiveness of BYX by ensuring Members are not
disincentivized to participate in Periodic Auctions and thus may
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.
[[Page 29205]]
As previously discussed, the Exchange operates in a highly competitive
market. In such an environment, the Exchange must continually review,
and consider adjusting, its fees and rebates to remain competitive with
other exchanges. 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.\34\ 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.'' \35\ 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'. . . .''.\36\ Accordingly, the Exchange does not believe its
proposed fee changes imposes any burden on competition that is not
necessary or appropriate in furtherance of the purposes of the Act.
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\34\ See Cboe Global Markets, U.S. Equities Market Volume
Summary, Month-to-Date (April 11, 2022), available at: <a href="https://markets.cboe.com/us/equities/market_statistics/">https://markets.cboe.com/us/equities/market_statistics/</a>.
\35\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496, 37499 (June 29, 2005).
\36\ 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 \37\ and paragraph (f) of Rule 19b-4 \38\
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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\37\ 15 U.S.C. 78s(b)(3)(A).
\38\ 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#aad8dfc6cf87c9c5c7c7cfc4ded9ead9cfc984cdc5dc"><span class="__cf_email__" data-cfemail="9fedeaf3fab2fcf0f2f2faf1ebecdfecfafcb1f8f0e9">[email protected]</span></a>. Please include
File Number SR-CboeBYX-2022-016 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-CboeBYX-2022-016. 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-CboeBYX-2022-016, and should be
submitted on or before June 2, 2022.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\39\
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\39\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-10146 Filed 5-11-22; 8:45 am]
BILLING CODE 8011-01-P
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</html>Indexed from Federal Register on May 12, 2022.
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