Notice2022-15934
Self-Regulatory Organizations; Cboe C2 Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Rules Regarding Complex Orders
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
July 26, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 87 Issue 142 (Tuesday, July 26, 2022)</title>
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[Federal Register Volume 87, Number 142 (Tuesday, July 26, 2022)]
[Notices]
[Pages 44440-44444]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-15934]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-95342; File No. SR-C2-2022-015]
Self-Regulatory Organizations; Cboe C2 Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
Its Rules Regarding Complex Orders
July 20, 2022.
Pursuant to the provisions of 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 July 14, 2022, Cboe C2 Exchange, Inc. (the
``Exchange'' or ``C2'') filed with the Securities and Exchange
Commission (``Commission'') a proposed rule change as described in
Items I and II 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 C2 Exchange, Inc. (the ``Exchange'' or ``C2'') proposes to
amend its Rules regarding complex orders. The text of the proposed rule
change is provided in Exhibit 5.
[[Page 44441]]
The text of the proposed rule change is also available on the
Exchange's website (<a href="https://markets.cboe.com/us/options/regulation/rule_filings/ctwo/">https://markets.cboe.com/us/options/regulation/rule_filings/ctwo/</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 Rules regarding complex orders.
Specifically, the Exchange proposes to make trading available for
complex orders in any ratio, as well as makes [sic] a clarifying change
to the complex order rules.
Currently, the definition of complex order in Rule 1.1 provides
that the term ``complex order'' means any order involving the
concurrent purchase and/or sale of two or more different series in the
same class (the ``legs'' or ``components'' of the complex order), for
the same account, in a ratio equal to or greater than one-to-three
(.333) and less than or equal to three-to-one (3.00) and for the
purposes of executing a particular investment strategy. As such, only
complex orders with a ratio equal to or greater than one-to-three
(.333) and less than or equal to three-to-one (3.00) may currently be
submitted for trading on the Exchange. The proposed rule change amends
the definition of complex order in Rule 1.1 to provide that a ``complex
order'' is any order involving the concurrent purchase and/or sale of
two or more different series in the same class (the ``legs'' or
``components'' of the complex order), for the same account, in any
ratio and for the purposes of executing a particular investment
strategy. The Exchange notes that its affiliated options exchange, Cboe
Options, recently amended its complex order rules in the same manner as
proposed herein to permit complex orders with ratios less than one-to-
three and greater than three-to-one to be eligible for electronic
processing.\3\ The Exchange proposes to accept complex orders with
ratios larger than three-to-one or smaller than one-to-three for
execution in order to provide execution opportunities for all complex
orders, including those with investment strategies that do not fit
within the three-to-one ratio requirement (which opportunities are
afforded to those complex orders submitted to Cboe Options today).
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\3\ See Securities Exchange Act Release No. 94204 (February 9,
2022), 87 FR 8625 (February 15, 2022) (SR-CBOE-2021-046). The Cboe
Options' filing SR-CBOE-2021-046 also amended Cboe Option's complex
order rules to allow the minimum increment for bids and offers on
complex orders with any ratio to be in $0.01 or greater (legs were
already permitted to be executed in pennies on Cboe Options). The
Exchange notes that Rule 5.33(f)(1) currently provides that the
minimum increment for bids and offers on a complex order is $0.01,
and the components of a complex order may be executed in $0.01
increments, regardless of the minimum increments otherwise
applicable to the individual components of the complex order. As a
result, all complex orders (including those with larger ratios as
proposed in this filing) and their legs will be able to execute in
pennies, and all bids and offers on all complex orders (including
those with larger ratios, as proposed) will be able to be expressed
in a minimum increment of $0.01.
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While the proposed rule change will allow complex orders of any
ratio to be traded on the Exchange, the Exchange does not propose to
extend the complex order priority in Rule 5.33(f)(2) \4\ to complex
orders with ratios equal to or greater than one-to-three and less than
or equal to three-to-one to complex orders with larger ratios. Instead,
the proposed rule change amends Rule 5.33(f)(2) to provide that, if a
complex order has a ratio less than one-to-three (.333) or greater than
three-to-one (3.00), the component(s) of the complex order for the
leg(s) with a Customer order at the BBO must execute at a price that
improves the price of that Customer order(s) on the Simple Book (the
Exchange notes that this proposed rule change is described below in
further detail). The proposed rule change also makes certain
nonsubstantive changes to the complex priority rule. The Exchange notes
that execution of complex orders with any ratio will continue to not be
permitted at net prices: (i) that would cause any component of the
complex strategy to be executed at a price of zero; (ii) worse than the
Synthetic Best Bid or Offer (``SBBO''); (iii) that would cause any
component of the complex strategy to be executed at a price worse than
the individual component prices on the Simple Book; or (iv) worse than
the price that would be available if the complex order legged into the
Simple Book.
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\4\ The System does not execute a complex order pursuant to this
Rule 5.33 at a net price (1) that would cause any component of the
complex strategy to be executed at a price of zero; (2) worse than
the SBBO; (3) that would cause any component of the complex strategy
to be executed at a price worse than the individual component price
on the Simple Book; (4) worse than the price that would be available
if the complex order Legged into the Simple Book; or (5) ahead of
orders on the Simple Book without improving the BBO on at least one
component of the complex strategy by at least $0.01. The Exchange
notes pursuant to Rule 5.33(d)(5) and (e), complex orders will
execute against orders and quotes in the Simple Book (including
customer orders) prior to executing against complex orders.
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Specifically, regarding the nonsubstantive changes to Rule
5.33(f)(2), the proposed rule change combines subparagraph (2) with (5)
(and reformats the subparagraphs with lettering, which is consistent
with the general format of the Exchange Rules), as the provisions are
interlinked. Specifically, Rule 5.33(f)(2)(2) provides that the System
does not execute a complex order pursuant to 5.33 at a net price worse
than the SBBO. Separately, Rule 5.33(f)(2)(5) provides that the System
does not execute a complex order pursuant to Rule 5.33 ahead of orders
on the Simple Book without improving the BBO on at least one component
of the complex strategy by at least $0.01--in other words, a complex
order could only execute against complex interest by improving the SBBO
(and thus not worse than the SBBO). Because these two provisions are
interrelated, the Exchange believes it is appropriate to combine them
into proposed Rule 5.33(f)(2)(D).\5\ The proposed rule change amends
language in proposed Rule 5.33(f)(2)(D) to provide that the System does
not execute a complex order pursuant to Rule 5.33 at a net price worse
than the SBBO and adds subparagraph (i) to additionally provide that if
a complex order has a ratio equal to or greater than one-to-three
(.333) and less than or equal to three-to-one (3.00), at least one
component of the complex order must execute at a price that improves
the BBO for that component, which is consistent with the current rule
and current functionality for complex orders in ratios that may
currently be submitted on the Exchange. The proposed nonsubstantive
rule changes to restructure Rule 5.33(f)(2) have no impact on complex
order priority with respect to complex orders that may
[[Page 44442]]
currently execute on the Exchange and are consistent with and align the
Exchange's complex order priority rule with the structure of Cboe
Options Rule 5.33(f)(2)(A), which governs Cboe Options complex order
priority.\6\
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\5\ The proposed rule change makes other nonsubstantive changes
to the sentence structure as a result of the combination of
provisions, as well as other nonsubstantive changes to the
formatting and paragraph structure for added clarity and consistency
with the structure of corresponding Cboe Options Rule 5.33(f)(2).
\6\ See Cboe Options Rule 5.33(f)(2)(A); and see Securities
Exchange Act Release No. 95006 (May 31, 2022), 87 FR 34334 (June 6,
2022) (SR-CBOE-2022-024).
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Regarding the proposed rule change to incorporate complex orders
with larger-ratios, as proposed, into the complex order priority
provision, the proposed rule change adds subparagraph (ii) to Rule
5.33(f)(2)(D), as proposed. As described above, Rule 5.33(f)(2)(D), as
proposed, provides that the System does not execute a complex order
pursuant to Rule 5.33 at a net price worse than the SBBO, and, as
proposed subparagraph (ii) provides, if the complex order has a ratio
less than one-to-three (.333) or greater than three-to-one (3.00), the
component(s) of the complex order for the leg(s) with a Customer order
at the BBO must execute at a price that improves the price of that
Customer order(s) on the Simple Book. As a result, to the extent a
complex order with a ratio of four-to-one (for example) is submitted
for electronic execution, the complex order may be executed at a net
debit or credit price only if each leg of the order betters the
corresponding bid (offer) of a customer order(s) in the Simple Book.
Therefore, the complex order priority rules will continue to protect
Customer interest on the Simple Book. The proposed rule change
regarding complex order priority for complex order ratios less than
one-to-three (.333) or greater than three-to-one (3.00) is consistent
with the corresponding complex priority rule on Cboe Options \7\ as it
applies to complex order ratios less than one-to-three (.333) or
greater than three-to-one (3.00) electronically submitted to Cboe
Options, as previously approved by the Commission.\8\
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\7\ See Cboe Options Rule 5.33(f)(2)(A)(iv)(b). The Exchange
notes priority on the Exchange is slightly different than on Cboe
Options, has the Exchange does not have the concept of priority
customer and thus will always execute complex orders against
interest in the Simple Book if possible prior to executing complex
orders against other complex interest.
\8\ See Securities Exchange Act Release No. 94204 (February 9,
2022), 87 FR 8625 (February 15, 2022) (SR-CBOE-2021-046). SR-CBOE-
2021-046 did not make any changes to complex orders with ratios
equal to or greater than one-to-three (.333) and less than or equal
to three-to-one (3.00) available on Cboe Options and Cboe Options
continues to allow trading in such complex orders with smaller
ratios today. Likewise, the Exchange notes that this proposal does
not make any changes to currently permissible complex order ratios
(equal to or greater than one-to-three (.333) and less than or equal
to three-to-one (3.00)) and such complex orders with smaller ratios
will continue to be available for trading on the Exchange,
consistent with Cboe Options.
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The proposed rule change also updates Rule 5.33(g) to reflect that
the System accepts for electronic processing complex orders with more
than four legs. Current Rule 5.33(g) states that a complex order may
execute against orders and quotes resting in the Simple Book pursuant
to Rule 5.33(d)(5)(A)(i) and (e)(1) if it can execute in full or in a
permissible ratio and if it has no more than a maximum number of legs
(which the Exchange determines on a class-by-class basis and may be
two, three or four), subject to certain restrictions, including that
non-Customer complex orders with two option legs that are both buy or
both sell and that are both calls or both puts may not leg into the
Simple Book and all complex orders with three or four option legs that
are all buy or all sell may not leg into the Simple Book. The proposed
rule change modifies the parenthetical regarding legging restrictions
to indicate that the maximum number the Exchange may determine on a
class-by-class basis may be up to 16, as the Exchange's System
currently accepts complex orders with up to that many legs for
electronic processing.\9\ The proposed rule change makes no changes to
which or how complex orders may leg into the Simple Book but rather
updates this provision to reflect current functionality. This proposed
rule change is consistent with the corresponding Cboe Options Rule
5.33(g).\10\
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\9\ See Cboe Notice C2021060800, Cboe Options Introduces 16-Leg
Maximum for Non-FLEX Complex Orders (June 8, 2021), available at
Cboe Options Introduces 16-Leg Maximum for Non-FLEX Complex Orders;
see also Cboe US Options Complex Book Process (technical
specifications last updated April 20, 2022), Section 2.3.2,
available at US Options Complex Book Process.
\10\ See Cboe Options Rule 5.33(g); and see Securities Exchange
Act Release No. 95006 (May 31, 2022), 87 FR 34334 (June 6, 2022)
(SR-CBOE-2022-024).
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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.\11\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \12\ 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) \13\ requirement that the rules of an exchange not be
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers.
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\11\ 15 U.S.C. 78f(b).
\12\ 15 U.S.C. 78f(b)(5).
\13\ Id.
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In particular, the Exchange believes the proposed rule change will
remove impediments to and perfect the mechanism of a free and open
market and benefit investors, because it will provide market
participants with execution opportunities on the Exchange for all their
complex trading and hedging strategies, regardless of ratio. Market
participants may determine that investment and hedging strategies with
ratios greater than three-to-one or less than one-to-three are
appropriate for their investment purposes, and the Exchange believes it
will benefit market participants if they have the flexibility to submit
their investment and hedging strategies on the Exchange to achieve
their desired investment results. The proposed rule change will further
remove impediments to and perfect the mechanism of a free and open
market and a national market system, as it will allow complex orders to
be submitted on the Exchange in the same manner as complex orders may
already be submitted on its affiliated options exchange, Cboe
Options,\14\ which currently permits orders of any ratio to be
submitted to the exchange, as previously approved by the
Commission.\15\ Additionally, the proposed rule change will continue to
protect customer order interest on the Simple Book, as all complex
orders with a ratio greater than three-to-one or less than one-to-three
will be executed only if each leg of the order improves the price of a
customer order on the Simple Book on each leg. Again, as noted above,
the proposed rule change regarding
[[Page 44443]]
complex order priority for complex order ratios less than one-to-three
(.333) or greater than three-to-one (3.00) is consistent with the
corresponding complex priority rule on Cboe Options as it applies to
larger ratio orders submitted for electronic trading on Cboe
Options.\16\ The nonsubstantive proposed rule change to restructure the
provisions regarding complex order priority in Rule 5.33(f)(2) is
intended to simplify the rule text regarding when legs of complex
orders must improve prices of orders on the Simple Book, while adding
clarity to the rule text through an update in its formatting and
aligning such provision with the structure of Cboe Option's
corresponding complex priority rule. This proposed rule change has no
impact on electronic complex order priority while still increasing
investor understanding.
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\14\ The Exchange notes that its affiliated options exchange,
Cboe EDGX Exchange, Inc. (``EDGX''), also intends to file a similar
rule filing to allow complex orders of any ratio to be submitted on
EDGX.
\15\ See supra note 10. Prior to the Commission's approval of
SR-CBOE-2022-046, larger ratio complex orders were already permitted
to be submitted to Cboe Options' trading floor for execution in open
outcry. The Commission's approval of SR-CBOE-2022-046 allowed larger
ratio complex orders to be submitted for electronic trading.
\16\ See supra note 9.
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The proposed nonsubstantive rule change to the provision regarding
complex order legging in Rule 5.33(g) will protect investors, as it
merely updates the provision to reflect that the System accepts for
electronic processing complex orders with more than four legs. The
proposed rule change makes no changes to which or how complex orders
may leg into the Simple Book but rather updates this provision to
reflect current functionality and align with Cboe Options corresponding
rule.\17\
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\17\ See supra note 12.
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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 that is not necessary or appropriate
in furtherance of the purposes of the Act. The Exchange does not
believe the proposed rule change to allow for complex orders in any
ratio to be submitted to the Exchange will impose any burden on
intramarket competition, as the proposed rule change will apply in the
same manner to all Trading Permit Holders (``TPHs''). TPHs will have
the discretion to submit complex orders with any ratio for trading on
the Exchange. The Exchange does not believe the proposed rule change
will impose any burden on intermarket competition as it relates to the
execution of orders on the Exchange and will continue to protect the
leg markets, including customer orders on the Simple Book. The Exchange
believes the proposed rule change may promote competition, as market
participants will have additional flexibility to execute their trading
and hedging strategies in any ratio, and in the same manner that is
already permitted on the Exchange's affiliated options exchange, Cboe
Options. Also, other options exchanges are welcome to modify their
systems to permit higher/lower ratio orders to execute electronically
or on their trading floors.
The proposed nonsubstantive rule change to restructure the
provisions regarding complex order priority in Rule 5.33(f)(2) and the
proposed nonsubstantive rule change to Rule 5.33(g) are not intended
for competitive purposes, but rather are intended to, respectively,
simplify and add clarity to the complex priority rule text and to
clarify a provision, reflecting more accurately current System
functionality. The Exchange does not believe that the proposed
nonsubstantive rule changes will impose any burden on intramarket
competition that is not necessary or appropriate in furtherance of the
purposes of the Act, because the change will apply in the same manner
to all investors. The proposed nonsubstantive rule changes have no
impact on trading and thus will not change how any investors' complex
orders are processed or executed on the Exchange. As noted above, the
proposed rule changes make no changes to which or how complex orders
may leg into the Simple Book. The Exchange does not believe that the
proposed nonsubstantive 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 rule
changes have no impact on how complex orders trade, as they merely make
a structural update and clarifying updates.
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
Because the foregoing proposed rule change does not: (i)
significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days from the date on which it was filed, or
such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A)(iii) of the Act \18\ and
subparagraph (f)(6) of Rule 19b-4 thereunder.\19\
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\18\ 15 U.S.C. 78s(b)(3)(A)(iii).
\19\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
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A proposed rule change filed under Rule 19b-4(f)(6) \20\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\21\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay. The Exchange notes
that complex orders with any ratio currently are eligible for
electronic processing on Cboe Options, and that the proposal does not
introduce any new or novel functionality.\22\ The Exchange states that
waiver of the operative delay will benefit investors by providing them
with the flexibility to submit bona-fide multi-legged trading or
hedging strategies in any ratio to the Exchange. In addition, the
Exchange states that waiver of the operative delay with respect to the
proposed non-substantive rule changes to clarify and simplify rule text
will benefit investors by providing additional transparency regarding
the Exchange's rules as soon as possible.
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\20\ 17 CFR 240.19b-4(f)(6).
\21\ 17 CFR 240.19b-4(f)(6)(iii).
\22\ See supra note 3.
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The Commission believes that waiver of the 30-day operative delay
is consistent with the protection of investors and the public interest.
The Commission believes that the proposal will benefit investors by
providing investors with an additional venue for trading complex orders
with any ratio, including complex orders with a ratio less than one-to-
three or greater than three-to-one. As discussed above, the Commission
approved a Cboe Options proposal allowing complex orders with any ratio
to trade electronically and to be quoted, as well as executed, in $0.01
increments.\23\ The Commission notes that the priority provisions in
proposed Exchange Rule 5.33(f)(2)(D)(ii) for complex orders with a
ratio less than one-to-three or greater than three-to-one--which
require each component leg of such an order with a Customer order at
the BBO to execute at a price that improves the price of the Customer
order(s) on the Simple Book--are consistent with the requirements of
[[Page 44444]]
Cboe Options Rule 5.33(f)(2)(A)(iv)(b).\24\ Accordingly, the Exchange's
proposal to allow market participants to submit complex orders with any
ratio to the Exchange does not raise new or novel regulatory issues.
The Commission believes that the proposed non-substantive changes to
Exchange Rules 5.33(f)(2) will modify the format of that rule so that
it is consistent with the format of Cboe Rule 5.33(f)(2), and that the
proposed non-substantive change to Exchange Rule 5.33(g) will update
the rule and make it consistent with Cboe Rule 5.33(g). Accordingly,
the Commission waives the operative delay and designates the proposed
rule change operative upon filing.\25\
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\23\ See id.
\24\ As noted above, unlike Cboe Options, the Exchange does not
have the concept of a priority customer. See supra note 7. The
Exchange notes that pursuant to Exchange Rules 5.33(d)(5) and (e),
complex orders execute against orders and quotes in the Simple Book
(including customer orders) prior to executing against complex
orders. See supra note 4.
\25\ For purposes only of waiving the 30-day operative delay,
the Commission has also considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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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 shall institute proceedings to
determine whether the proposed rule should be approved or disapproved.
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="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#5321263f367e303c3e3e363d2720132036307d343c25"><span class="__cf_email__" data-cfemail="fc8e899099d19f9391919992888fbc8f999fd29b938a">[email protected]</span></a>. Please include
File Number SR-C2-2022-015 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-C2-2022-015. 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="https://www.sec.gov/rules/sro.shtml">https://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-C2-2022-015, and should be
submitted on or before August 16, 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,
Deputy Secretary.
[FR Doc. 2022-15934 Filed 7-25-22; 8:45 am]
BILLING CODE 8011-01-P
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