Notice2022-10738
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fees Schedule Relating to the Sale of Open-Close Volume Data
Primary source
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Published
May 19, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 87 Issue 97 (Thursday, May 19, 2022)</title>
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[Federal Register Volume 87, Number 97 (Thursday, May 19, 2022)]
[Notices]
[Pages 30534-30538]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-10738]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-94913; File No. SR-CBOE-2022-023]
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
Its Fees Schedule Relating to the Sale of Open-Close Volume Data
May 13, 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 May 2, 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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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 relating to the sale of Open-Close volume
data. 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/CBOELegalRegulatory">http://www.cboe.com/AboutCBOE/CBOELegalRegulatory</a>
Home.aspx), 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 to (i) offer a
free trial during the months of May, June and July 2022 for an ad-hoc
request of three (3) historical months of Intraday Open-Close
historical data to all Cboe Options Trading Permit Holders (``TPHs'')
and non-TPHs who have never before subscribed to the Intraday Open-
Close historical files, (ii) allow Qualifying Academic Purchasers to
purchase historical open-close data for each additional month over one
year at a prorated rate based on the $1,500 per year rate, and (iii)
adopt fees for the external distribution of products derived from Open-
Close Data, effective May 2, 2022.
By way of background, the Exchange currently offers End-of-Day
(``EOD'') and Intraday Open-Close Data (collectively, ``Open-Close
Data''). EOD Open-Close Data is an end-of-day volume summary of trading
activity on the Exchange at the option level by origin (customer,
professional customer, broker-dealer, and market maker), side of the
market (buy or sell), price, and transaction type (opening or closing).
The customer and professional customer volume is further broken down
into trade size buckets (less than 100 contracts, 100-199 contracts,
greater than 199 contracts). The Open-Close Data is proprietary Cboe
Options trade data and does not include trade data from any other
exchange. It is also a historical data product and not a real-time data
feed. The Exchange also offers Intraday Open-Close Data, which provides
similar information to that of Open-Close Data but is produced and
updated every 10 minutes during the trading day. Data is captured in
``snapshots'' taken every 10 minutes throughout the trading day and is
available to subscribers within five minutes of the conclusion of each
10-minute period.\3\ The Intraday Open-
[[Page 30535]]
Close Data provides a volume summary of trading activity on the
Exchange at the option level by origin (customer, professional
customer, broker-dealer, and market maker), side of the market (buy or
sell), and transaction type (opening or closing). The customer and
professional customer volume are further broken down into trade size
buckets (less than 100 contracts, 100-199 contracts, greater than 199
contracts). The Intraday Open-Close Data is also proprietary Cboe
Options trade data and does not include trade data from any other
exchange.
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\3\ For example, subscribers to the intraday product will
receive the first calculation of intraday data by approximately 9:42
a.m. ET, which represents data captured from 9:30 a.m. to 9:40 a.m.
Subscribers will receive the next update at 9:52 a.m., representing
the data previously provided together with data captured from 9:40
a.m. through 9:50 a.m., and so forth. Each update will represent the
aggregate data captured from the current ``snapshot'' and all
previous ``snapshots.''
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Cboe LiveVol, LLC (``LiveVol''), a wholly owned subsidiary of the
Exchange's parent company, Cboe Global Markets, Inc., makes the Open-
Close Data available for purchase to TPHs and non-TPHs on the LiveVol
DataShop website (<a href="http://datashop.cboe.com">datashop.cboe.com</a>). Customers may currently purchase
Open-Close Data on a subscription basis (monthly or annually) or by ad
hoc request for a specified month (e.g., request for Intraday Open-
Close Data for month of January 2022).
Open-Close Data is subject to direct competition from similar end-
of-day and intraday options trading summaries offered by several other
options exchanges.\4\ All of these exchanges offer essentially the same
end-of-day and intraday options trading summary information.
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\4\ These substitute products are: Nasdaq PHLX Options Trade
Outline, Nasdaq Options Trade Outline, ISE Trade Profile, GEMX Trade
Profile data; open-close data from C2, BZX, and EDGX; and Open Close
Reports from MIAX Options, Pearl, and Emerald.
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Free Trial
The Exchange first seeks to adopt a free trial for historical ad
hoc requests for Intraday Open-Close Data for new purchasers.
Currently, ad hoc requests for historical Intraday Open-Close Data are
available to all customers at the same price and in the same manner.
The current charge for this historical Intraday Open-Close Data
covering all of the Exchange's securities (Equities, Indexes & ETF's)
is $1,000 per month. The Exchange now proposes to adopt a free trial
available during the months of May, June and July 2022 to provide a
total up to three (3) historical months of Intraday Open-Close Data to
any TPH or non-TPH that has not previously subscribed to this
offering.\5\ The Exchange notes that it previously offered this free
trial period last year for the months of June and July 2021.\6\ The
Exchange believes bringing back the proposed trial will again serve as
an incentive for new users who have never purchased Intraday Open-Close
historical data to start purchasing Intraday Open-Close historical
data. Particularly, the Exchange believes it will give potential
subscribers the ability to use and test the data offering before
signing up for additional months. The Exchange also notes another
exchange offers a free trial for new subscribers of a similar data
product.\7\ Lastly, the purchase of Intraday Open-Close historical data
is discretionary and not compulsory.
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\5\ For example, if a TPH or non-TPH that has never made an ad-
hoc request for a specified month of Intraday Open-Close historical
data wishes to purchase Intraday Open-Close Data for the months of
January, February and March 2022 during the month of June 2022, the
historical files for those months would be provided free of charge.
If a new user wishes to purchase Intraday Open-Close historical data
for the months of January, February, March and April 2022 during the
month of June 2022, then the data for January, February and March
2022 would be provided free of charge, and the new user would be
charged $1,000 for the April 2022 historical file.
\6\ The Exchange notes it inadvertently never eliminated the
obsolete rule text language from the Fees Schedule. The Exchange
proposes to update the text to conform to the proposed fee change.
\7\ See Nasdaq ISE, Options 7 Pricing Schedule, Section 10A.,
Nasdaq ISE Open/Close Trade Profile End of Day.
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Academic Discount
The Exchange next proposes to amend its current academic discount
for ad-hoc requests of historical months of EOD Open-Close Data.
Currently, the Exchange charges qualifying academic purchasers $1,500
per year for the first year (instead of $7,200 for each of the first
four years of data and $3,600 for data the fifth year and on) for
historical EOD Open-Close Data and $3,000 per year for the first year
(instead of $12,000 per year) for historical Intraday Open-Close Data.
With respect to historical Intraday Open-Close Data, additional months
after the first year may be purchased separately and will be assessed
$250 per month (which is the prorated amount based on the yearly $3,000
rate). Although the Exchange permits additional months after the first
year to be purchased separately for Intraday Open-Close Data, EOD Open-
Close Data may only be purchased by year. The Exchange proposes to
adopt similar flexibility with respect to EOD Open-Close Data and allow
qualifying academic purchasers to be charged $1,500 per year for the
first year and $125 per month for each additional month thereafter
(which is the prorated monthly amount based on the yearly $1,500 rate).
The Exchange notes that its affiliated exchanges similarly allow
qualifying academic purchasers to purchase additional months after the
first year separately for both Intraday and EOD Open-Close.\8\ The
Exchange is not proposing any other changes to the Academic Discount
program.
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\8\ See Cboe C2 Options Exchange Fees Schedule, Open-Close Data;
Cboe EDGX options Exchange Fees Schedule, Open-Close Data; and Cboe
BZX Options Exchange Fees Schedule, Open-Close Data.
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External Distribution of Derived Data
The external distribution of Open-Close Data or any product derived
from such data is not currently permitted. The Exchange proposes to
remove that prohibition and allow vendors to distribute ``Derived
Data'' based on Open-Close Data. ``Derived Data'' is pricing data or
other data that (i) is created in whole or in part from Exchange Data,
(ii) is not an index or financial product, and (iii) cannot be readily
reverse-engineered to recreate Exchange Data or used to create other
data that is a reasonable facsimile or substitute for Exchange Data.\9\
Derived Data may be created by Distributors for a number of different
purposes, as determined by the Distributor. The Exchange believes
allowing market data vendors to identify, develop, and sell derived
market data products, enables them to harness the power of the
competitive marketplace to promote innovation.
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\9\ ``Derived Data'' is not currently a defined term in the Cboe
Fees Schedule. The Exchange proposes to add the definition to the
Notes section of the LiveVol Fees table for clarity.
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The Exchange proposes to adopt a fee of $5,000 per month to allow
the unlimited external distribution of Derived Data from Open-Close
Data.\10\ The fee charged to distribute the Derived Data will be
constrained by potential competition, as any exchange with an options
trading product would be able to submit an immediately-effective fee
filing to allow redistribution, most likely without needing to modify
the underlying product in any way, thereby subjecting the proposed fee
to market competition. Moreover, the Exchange notes at least one other
Exchange currently allows, and charges for, external distribution of
derived data based on similar open-close data.\11\
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\10\ The External Distribution Fee for Derived Open-Close Data
will be in addition to fees for the underlying data. For example,
external distribution of data derived from the Intraday product will
be $2,000 per month (the monthly subscription fee), plus the
proposed $5,000 per month External Distribution fee.
\11\ See Nasdaq PHLX, Options 7 Pricing Schedule, Photo
Historical Data, External Distribution.
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[[Page 30536]]
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.\12\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \13\ requirements that the rules of an exchange be
designed to prevent fraudulent and manipulative acts and practices, to
promote just and equitable principles of trade, to foster cooperation
and coordination with persons engaged in regulating, clearing,
settling, processing information with respect to, and facilitating
transactions in securities, to remove impediments to and perfect the
mechanism of a free and open market and a national market system, and,
in general, to protect investors and the public interest. Additionally,
the Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \14\ requirement that the rules of an exchange not be
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers.
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\12\ 15 U.S.C. 78f(b).
\13\ 15 U.S.C. 78f(b)(5).
\14\ Id.
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In adopting Regulation NMS, the Commission granted self-regulatory
organizations (``SROs'') and broker-dealers increased authority and
flexibility to offer new and unique market data to the public. It was
believed that this authority would expand the amount of data available
to consumers, and also spur innovation and competition for the
provision of market data. The Exchange believes the proposed fee
changes will further broaden the availability of U.S. option market
data to investors consistent with the principles of Regulation NMS.
Open-Close Data is designed to help investors understand underlying
market trends to improve the quality of investment decisions. Indeed,
subscribers to the data may be able to enhance their ability to analyze
option trade and volume data and create and test trading models and
analytical strategies. The Exchange believes Open-Close Data provides a
valuable tool that subscribers can use to gain comprehensive insight
into the trading activity in a particular series, but also emphasizes
such data is not necessary for trading and as noted above, is entirely
optional. Moreover, several other exchanges offer a similar data
product which offer same type of data content through end-of-day or
intraday reports.\15\
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\15\ See supra note 4.
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The Exchange also operates in a highly competitive environment.
Indeed, there are currently 16 registered options exchanges that trade
options. Based on publicly available information, no single options
exchange has more than 16% of the market share.\16\ The Commission has
repeatedly expressed its preference for competition over regulatory
intervention in determining prices, products, and services in the
securities markets. Particularly, 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.'' \17\ Making similar data products available to
market participants fosters competition in the marketplace, and
constrains the ability of exchanges to charge supracompetitive [sic]
fees. In the event that a market participant views one exchange's data
product as more or less attractive than the competition they can and do
switch between similar products. The proposed fees are a result of the
competitive environment, as the Exchange seeks to adopt fees to attract
purchasers of historical Intraday Open-Close Data, Academic purchasers
of historical EOD Open-Close Data, as well as attract Distributors for
derived data of its Open-Close Data.
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\16\ See Cboe Global Markets U.S. Options Market Month-to-Date
Volume Summary (April 29, 2022), available at <a href="https://markets.cboe.com/us/options/market_statistics/">https://markets.cboe.com/us/options/market_statistics/</a>.
\17\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496, 37499 (June 29, 2005) (``Regulation NMS Adopting
Release'').
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The Exchange believes that the proposed free trial for any TPH or
non-TPH who has not previously purchased Intraday Open-Close historical
data is reasonable because such users would not be subject to fees for
up to 3 months' worth of Intraday Open-Close historical data. The
Exchange believes the proposed free trial is also reasonable as it will
give potential subscribers the ability to use and test the Intraday
Open-Close historical data prior to purchasing additional months and
will therefore encourage and promote new users to purchase the Intraday
Open-Close historical data. The Exchange believes that the proposed
discount is equitable and not unfairly discriminatory because it will
apply equally to all TPHs and non-TPHs who have not previously
purchased Intraday Open-Close historical data. Also as noted above,
another exchange offers a free trial to new users for a similar data
product \18\ and the Exchange itself previously offered a similar free
trial.\19\ Lastly, the purchase of this data product is discretionary
and not compulsory.
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\18\ See Nasdaq ISE, Options 7 Pricing Schedule, Section 10A.,
Nasdaq ISE Open/Close Trade Profile End of Day.
\19\ See Securities Exchange Act Release No. 92169 (June 14,
2021), 86 FR 33446 (June 24, 2021) (SR-CBOE-2021-038).
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The Exchange believes that the proposed change to the discount for
qualifying academic purchasers of the ad hoc historical EOD Open-Close
Data is also reasonable as it merely provides further flexibility to
purchase additional months separately after the first year purchased at
a prorated rate of the yearly rate. As noted above, qualifying academic
purchasers can already purchase additional months separately for
Intraday Open-Close Data. Additionally, the Exchange's affiliate
exchanges also provide this flexibility for both their respective EOD
and Intraday Open-Close Data products.\20\
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\20\ See Cboe C2 Options Exchange Fees Schedule, Open-Close
Data; Cboe EDGX options Exchange Fees Schedule, Open-Close Data; and
Cboe BZX Options Exchange Fees Schedule, Open-Close Data.
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Next, the Exchange notes that the proposal to allow the external
distribution of derived data is subject to competition as discussed
above, and also introduces a new category of market participant for
Open-Close Data--market data vendors--into the equation. Currently,
Open-Close data is not available for redistribution, in either native
form or through Derived Data. This proposal will create a new market
for the sale of Derived Data from the Exchange's Open-Close Data
products to the general investing public. This is itself evidence of
the competitive environment for Open-Close and its substitutes, as it
is exactly the type of innovation one would expect to see in a
competitive market. It will also spur further innovation by challenging
market data vendors to create new and innovative Derived Data products.
Any exchange that wishes to allow distribution of a Derived Data
product based on options trading information would be able to do so
with an immediately effective fee filing similar to this proposal, most
likely without requiring any technological enhancement to the
underlying product. Indeed, as discussed, another Exchange already
allows, and charges for, external distribution of derived data based on
similar open-close data.\21\
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\21\ See Nasdaq PHLX, Options 7 Pricing Schedule, Photo
Historical Data, External Distribution.
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[[Page 30537]]
Allowing the redistribution of Derived Data, but not the underlying
information, to the general investing public is an equitable allocation
of reasonable dues, fees and other charges because it is the most
efficient mechanism for widespread delivery of market sentiment
information. The proposal is designed to promote the dissemination of a
variety of analytical insights--previously available only to investment
banks, market makers, asset managers and other buy-side investors--to
the general investing public by creating an incentive for market data
vendors to identify, develop, and sell such indicators. Ordinarily,
neither exchanges nor vendors allow redistribution of analytic
products--such products are typically designed solely for the use of
direct customers, not for redistribution to the customers of customers
in the manner of a data feed. Allowing the redistribution of Derived
Data provides an incentive for vendors to innovate with new compelling
and varied analytic products for the general investing public that will
provide broader access to market sentiment insights currently available
only to sophisticated investors.
The Exchange believes that the proposed fee for the external
distribution of Derived Data from Open-Close Data is reasonable because
the rate is the same as the amount charged by another exchange that
also allows, and charges for, external distribution of derived data
from similar open-close products.\22\ Furthermore, the proposed fee
will only apply to Distributors that elect to distribute Derived Data
from Open-Close Data and as discussed, Open-Close Data, and Derived
Data therefrom, is purchased on a voluntary basis, in that neither the
Exchange nor market data distributors are required by any rule or
regulation to make this data available. Accordingly, Distributors can
discontinue use at any time and for any reason, including due to an
assessment of the reasonableness of fees charged. Firms have a wide
variety of alternative market data products from which to choose, such
as similar proprietary data products offered by other exchanges.
Moreover, the Exchange is not required to make any proprietary data
products available or to offer any specific pricing alternatives to any
customers. While the Exchange has no way of predicting with certainty
the impact of the proposed changes, it anticipates at least two
Distributors will create Derived Data from Open-Close Data. Also, while
the Exchange does not have a precise estimate of the number of
individuals expected to benefit, which will ultimately depend on the
usefulness of the Derived Data products that reach the market it
expects this to be a popular product that may benefit thousands of
investors.
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\22\ Id.
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The Exchange also believes it is reasonable, equitable and not
unfairly discriminatory to charge an external distributor of Derived
Data a $5,000 fee as vendors will ordinarily charge a fee to their
downstream customers for this service, and, even if the vendor is not
charging a specific fee for this particular service, the Exchange
expects Derived Data products from Open-Close Data to be part of a
suite of offerings from distributors that generally promote sales.
External distribution is also fundamentally different than internal
use, in that the former generates revenue from external sales while the
latter does not. Therefore, the Exchange believes it is reasonable,
equitable and not unfairly discriminatory to charge a fee for a product
that generates downstream revenue. Further, the proposed fee will apply
equally to all distributors that choose to distribute Derived Data from
Open-Close Data.
Additionally, the Exchange does not believe it is unfair
discrimination to allow the redistribution of Derived Data, but not the
underlying information, to the general investing public. As explained
above, neither exchanges nor vendors ordinarily allow redistribution of
analytic products--such products are typically designed solely for the
use of direct customers, not for redistribution to the customers of
customers in the manner of a data feed. Allowing the redistribution of
Derived Data provides an incentive for vendors to innovate with new
compelling and varied analytic products for the general investing
public that will provide access to market sentiment insights currently
available only to sophisticated investors. This proposal is therefore
not unfair discrimination, but rather allows for more equitable access
to market sentiment information to the general investing public.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act. The Exchange operates in a
highly competitive environment in which the Exchange must continually
adjust its fees to remain competitive. Because competitors are free to
modify their own fees in response, the Exchange believes that the
degree to which fee changes in this market may impose any burden on
competition is extremely limited.
As discussed above, Open-Close Data is subject to direct
competition from several other options exchanges that offer substitutes
to Open-Close. Moreover, purchase of Open-Close is optional. It is
designed to help investors understand underlying market trends to
improve the quality of investment decisions, but is not necessary to
execute a trade.
The proposed rule changes are grounded in the Exchange's efforts to
compete more effectively. The Exchange is proposing to broaden
distribution of Open-Close information beyond investment banks, market
makers, asset managers and other buy-side investors to market data
vendors and the general investing public, and to provide a free trial
for market participants to test investment strategies and trading
models, and develop market sentiment indicators. These changes will not
cause any unnecessary or inappropriate burden on intermarket
competition, but rather will promote competition by expanding the
market for Open-Close data and encouraging new market participants to
investigate the product. Other exchanges are, of course, free to match
these changes or undertake other competitive responses, enhancing
overall competition.
The proposed rule changes will not cause any unnecessary or
inappropriate burden on intramarket competition. Particularly, the
proposed fee applies uniformly to any Distributor, in that it does not
differentiate between distributors that choose to distribute Derived
Open-Close Data. Additionally, the Exchange believes it will foster
competition by expanding dissemination of data to vendors and the
general investing public, and by encouraging more market participants
to use Open-Close data to help inform their investments strategies and
analytic models. Lastly, the proposed fee will only apply to
Distributors that elect to distribute Derived Data from Open-Close Data
and as discussed, Open-Close Data, and Derived Data therefrom, is
purchased on a voluntary basis.
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.
[[Page 30538]]
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change is effective upon filing pursuant to
Section 19(b)(3)(A) \23\ of the Act and subparagraph (f)(2) of Rule
19b-4 \24\ thereunder, because it establishes a due, fee, or other
charge imposed by the Exchange.
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\23\ 15 U.S.C. 78s(b)(3)(A).
\24\ 17 CFR 240.19b-4(f)(2).
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At any time within 60 days of the filing of such 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 shall institute proceedings under
Section 19(b)(2)(B) \25\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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\25\ 15 U.S.C. 78s(b)(2)(B).
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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#c1b3b4ada4eca2aeacaca4afb5b281b2a4a2efa6aeb7"><span class="__cf_email__" data-cfemail="1361667f763e707c7e7e767d6760536076703d747c65">[email protected]</span></a>. Please include
File Number SR-CBOE-2022-023 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-2022-023. 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; the Commission does not edit
personal identifying information from submissions. You should submit
only information that you wish to make available publicly. All
submissions should refer to File Number SR-CBOE-2022-023 and should be
submitted on or before June 9, 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. 2022-10738 Filed 5-18-22; 8:45 am]
BILLING CODE 8011-01-P
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