Notice2022-22658
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Update Its Fees Schedule
Primary source
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Published
October 19, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 87 Issue 201 (Wednesday, October 19, 2022)</title>
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[Federal Register Volume 87, Number 201 (Wednesday, October 19, 2022)]
[Notices]
[Pages 63560-63565]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-22658]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-96065; File No. SR-CBOE-2022-052]
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Update
Its Fees Schedule
October 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 October 3, 2022, Cboe Exchange, Inc. (the
[[Page 63561]]
``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 update its Fees Schedule. The text of the proposed rule change is
provided in Exhibit 5.
The text of the proposed rule change is also available on the
Exchange's website (<a href="http://www.cboe.com/AboutCBOE/CBOELegalRegulatoryHome.aspx">http://www.cboe.com/AboutCBOE/CBOELegalRegulatoryHome.aspx</a>), at the Exchange's Office of the
Secretary, and at the Commission's Public Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend its Fees Schedule, effective October
3, 2022.
Index Combination VIX Orders
The Exchange first proposes to reduce fees for certain complex
Professional Customer VIX transactions. By way of background, an
``Index Combo'' is a complex order to purchase or sell one or more
index option series and the offsetting number of Index Combinations
defined by the delta.\3\ An ``Index Combination'' is a purchase (sale)
of an index option call and sale (purchase) of an index option put with
the same underlying index, expiration date and strike price.\4\ Index
Combinations can trade on their own or as part of a tied combo strategy
(such as part of an Index Combo), where similar to a tied-to-stock
option, an option contact is bought or sold in the same package as the
two legs making up the Index Combination as the synthetic underlying
position as a hedge. Currently, Professional Customer (capacity ``U'')
orders, including Index Combo orders, in VIX options are assessed a
$0.40 per contract fee (yielding fee code BR). The Exchange proposes to
waive transaction fees for the Index Combination component (legs) of
Professional Customer Index Combo orders in VIX. The Index Combination
legs will yield fee code ``CI'', and any remaining legs will continue
to yield the applicable standard Professional Customer complex order
fee code for VIX transactions (i.e., fee code BR). The Exchange notes
it recently adopted the same fee waiver for Customer orders in VIX,
which orders also yield fee code CI.\5\ The Exchange proposes to add
the reference to Professional Customers in Footnote 43 which currently
describes the fee waiver for Customer VIX orders (and which will
similarly apply to Professional Customers as proposed). The Exchange
proposes to waive fees for Professional Customer Index Combinations to
encourage the submission of Index Combo orders which provide
Professional Customers with a means to reduce or hedge the risk
associated with price movements in the underlying index.
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\3\ See Cboe Options Rule 5.33, ``Index Combo''.
\4\ See Cboe Options Rule 5.33(b)(5) (subparagraph (1) of
definition of ``Index Combo'').
\5\ The Exchange inadvertently included a parenthetical symbol
at the end of the rates added for CI in the row for Customer complex
VIX orders, which the Exchange proposes to delete now.
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XSP Fees
The Exchange next proposes to modify fees for Market-Maker orders
in XSP. Currently, Market-Maker XSP orders are assessed $0.045 per
contract. The Exchange proposes to waive these fees through December
31, 2022. The Exchange also proposes to remove XSP from the Marketing
Fee program, which currently assesses a fee of $0.25 per contract to
Market-Maker XSP contracts resulting from Customer orders.
NANOS Fees and LMM Incentive Programs
The Exchange first proposes to remove NANOS from the Marketing Fee
program, which currently assesses a fee of $0.09 per contract to
Market-Maker NANOS contracts resulting from Customer orders.
The Exchange next proposes to amend the current NANOS Lead Market-
Maker (``LMM'') Incentive Program (the ``Program''). Particularly, the
Exchange proposes to amend the NANOS LMM Incentive Program by
increasing the rebate under the Program and amending the quote width
requirements under the Program. By way of background, the Exchange
offers, among other LMM incentive programs, a NANOS LMM Incentive
Program which provides a rebate to TPH(s) that are appointed to the
Program provided they meet certain quoting standards in NANOS in a
month. The Exchange notes that meeting or exceeding the quoting
standards in NANOS to receive the rebate (as currently offered and as
proposed; described in further detail below) is optional for an LMM
appointed to the NANOS LMM Incentive Programs. Indeed, an LMM appointed
to the NANOS LMM incentive program is eligible to receive the
corresponding rebate if it satisfies the applicable quoting standards
(as currently offered and as proposed, described in further detail
below), which the Exchange believes encourages an LMM to provide
liquidity in NANOS. The Exchange may consider other exceptions to the
Program's quoting standards based on demonstrated legal or regulatory
requirements or other mitigating circumstances. In calculating whether
an LMM appointed to the Program meets the quoting standards each month,
the Exchange excludes from the calculation in that month the business
day in which the LMM missed meeting or exceeding the quoting standards
in the highest number of series.
An LMM appointed to the NANOS LMM Incentive Program must provide
continuous electronic quotes that meet or exceed the quoting standards
under the applicable program in at least 99% of each of NANOS series,
90% of the time in a given month in order to receive a rebate for that
month in the amount of $15,000 (or pro-rated amount if an appointment
begins after the first trading day of the month or ends prior to the
last trading day of the month) for that month. The Exchange now
proposes to increase the rebate amount received for meeting the quoting
standards in a given month. Specifically, the Exchange proposes to
slightly increase the rebate amount from $15,000 to $17,500. The
Exchange wishes to further incentivize the LMMs appointed to the NANOS
LMM Incentive Program to provide significant liquidity in NANOS options
by meeting the quoting standards under the
[[Page 63562]]
Program in order to receive the proposed increased rebate.
The Exchange also proposes to marginally tighten the quotes widths
as follows:
------------------------------------------------------------------------
Premium level Current width Proposed width
------------------------------------------------------------------------
VIX Value at Prior Close <20:
$0.00--$2.00........................ $0.28 $0.08
$2.01-$5.00......................... 0.32 0.10
$5.01-$15.00........................ 0.35 0.18
Greater than $15.00................. 0.50 0.31
VIX Value at Prior Close from 20-30:
$0.00-$2.00......................... 0.30 0.09
$2.01-$5.00......................... 0.35 0.10
$5.01-$15.00........................ 0.40 0.24
Greater than $15.00................. 0.55 0.31
VIX Value at Prior Close from >30:
$0.00-$2.00......................... 0.35 0.16
$2.01-$5.00......................... 0.40 0.17
$5.01-$15.00........................ 0.45 0.31
Greater than $15.00................. 0.60 0.38
------------------------------------------------------------------------
Lastly, the Exchange proposes to offer a NANOS Volume Incentive
Pool under the NANOS LMM Incentive Program, like that offered under the
SPESG LMM Incentive Program. Specifically, the proposed rule change to
the program provides that, in addition to the above rebate (i.e., the
proposed $17,500 per month rebate), if the appointed LMM meets or
exceeds the above heightened quoting standards in a given month, the
LMM will receive the Monthly ADV Payment amount that corresponds to the
level of ADV provided by the LMM in NANOS for that month per the NANOS
Volume Incentive Pool program below.
------------------------------------------------------------------------
Monthly
NANOS ADV ADV
payment
------------------------------------------------------------------------
0-1,999 contracts........................................... $0.00
2,000-4,999 contracts....................................... 5,000
5,000-24,999 contracts...................................... 8,000
25,000-49,999 contracts..................................... 10,000
50,000-99,999 contracts..................................... 12,000
Greater than 10,000 contracts............................... 15,000
------------------------------------------------------------------------
The proposed NANOS Volume Incentive Pool offered by the NANOS LMM
Incentive Program is designed to incentivize LMMs to further increase
the provision of liquidity in NANOS options. Increased liquidity in
NANOS options would, in turn, provide greater trading opportunities,
added market transparency and enhanced price discovery for all market
participants in NANOS.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the objectives of Section 6 of the Act,\6\ in general, and
furthers the objectives of Section 6(b)(4),\7\ in particular, as it is
designed to provide for the equitable allocation of reasonable dues,
fees and other charges among its Members and issuers and other persons
using its facilities. The Exchange also believes that the proposed rule
change is consistent with the objectives of Section 6(b)(5) \8\
requirements that the rules of an exchange be designed to prevent
fraudulent and manipulative acts and practices, to promote just and
equitable principles of trade, to foster cooperation and coordination
with persons engaged in regulating, clearing, settling, processing
information with respect to, and facilitating transactions in
securities, to remove impediments to and perfect the mechanism of a
free and open market and a national market system, and, in general, to
protect investors and the public interest, and, particularly, is not
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers.
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\6\ 15 U.S.C. 78f.
\7\ 15 U.S.C. 78f(b)(4).
\8\ 15 U.S.C. 78f(b)(5).
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The Exchange believes that the proposed rule change to waive
transaction fees for the Index Combination legs of a Professional
Customer Index Combo order executed in VIX options is reasonable,
equitable and not unfairly discriminatory as Professional Customers
would not be subject to fees for contracts that are executed as part of
an Index Combination and the proposed change would apply to all
Professional Customers uniformly. The Exchange believes the proposal is
reasonably designed to encourage Professional Customer order flow in
VIX options. The Exchange wishes to promote the growth of VIX and
believes that incentivizing increased Professional Customer Index Combo
order flow in VIX options would attract additional liquidity to the
Exchange. The Exchange believes increased Professional Customer order
flow facilitates increased trading opportunities and attracts Market-
Maker activity, which facilitates tighter spreads and may ultimately
signal an additional corresponding increase in order flow from other
market participants, contributing overall towards a robust and well-
balanced market ecosystem. The Exchange notes that it similarly waives
fees for Index Combination legs of an Index Combo for Customer orders
executed in VIX options.\9\
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\9\ See Cboe Options Fees Schedule, Rate Table--Underlying
Symbol List A.
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Further, the Exchange believes that it is equitable and not
unfairly discriminatory to waive fees for certain Professional Customer
complex orders because Professional Customer liquidity benefits all
market participants by providing more execution opportunities, in turn,
attracting Market Maker order flow, which ultimately enhances market
quality on the Exchange to the benefit of all market participants.
Additionally, the Exchange believes the proposed change is in line with
other fee programs that are designed to incentivize the sending of
complex orders, including Index Combo orders, to the Exchange. For
example, the Exchange provides higher rebates under the Volume
Incentive Program for complex orders as compared to simple orders.\10\
The Exchange also assesses lower fees for complex Customer orders
[[Page 63563]]
in VIX as compared to simple orders in VIX.\11\
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\10\ See Cboe Options Fees Schedule, Volume Incentive Program.
\11\ See Cboe Options Fees Schedule, Rate Table--Underlying
Symbol List A.
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The Exchange next believes the proposed change to temporarily waive
XSP transaction fees for Market-Makers and remove XSP from the
Marketing Fee program is reasonable as Market-Makers will not have to
pay fees for such transactions. The Exchange notes the proposed changes
are designed to encourage the sending of additional XSP orders to the
Exchange. Indeed, the Exchange believes the proposed reduced feed will
encourage Market-Makers to submit additional orders in XSP which may
signal additional corresponding increase in order flow from other
market participants, ultimately incentivizing more overall order flow
and improving liquidity levels and price transparency on the Exchange
to the benefit of all market participants.
The Exchange believes the proposed fee change is equitable and not
unfairly discriminatory because it applies to all Market-Makers
uniformly. The Exchange believes that it is equitable and not unfairly
discriminatory to propose lower transaction rates for Market-Makers
because the Exchange recognizes that these market participants can
provide key and distinct sources of liquidity. Additionally, as noted
above, an increase in general market-making activity may provide more
trading opportunities, in turn, signaling additional corresponding
increase in order flow from other market participants, and, as a
result, contributing towards a robust, well-balanced market ecosystem.
The Exchange notes too that Market-Makers take on a number of
obligations that other market participants do not have. For example,
unlike other market participants, Market-Makers take on quoting
obligations and other market making requirements.
The Exchange believes that the proposed increase to the rebate
under the NANOS LMM Incentive Program is reasonably designed to
continue to incentivize an appointed LMM to meet the applicable quoting
standards for NANOS options, thereby providing liquid and active
markets, which facilitates tighter spreads, increased trading
opportunities, and overall enhanced market quality to the benefit of
all market participants. The Exchange further believes that the
proposed rule change is reasonable because it is comparable to and
within the range of the rebates offered by other LMM Incentive
Programs. For example, the GTH2 VIX LMM Programs currently offers a
rebate of $20,000 if the quoting standards are met in a given month.
The Exchange believes the proposed rebate applicable to the NANOS LMM
Incentive Program is equitable and not unfairly discriminatory because
it will continue to apply equally to any TPH that is appointed as an
LMM to the Program.
The Exchange believes that it is reasonable to amend the quoting
requirements under the Program by marginally tightening the quote
widths in order to encourage LMMs to increase their quoting activity
and post tighter spreads and more aggressive quotes in NANOS options in
order to meet the heightened quoting standards and receive the proposed
increased rebate. An increase in quoting activity and tighter quotes
tends to signal additional corresponding increase in order flow from
other market participants, which benefits all investors by deepening
the Exchange's liquidity pool, potentially providing even greater
execution incentives and opportunities, offering additional flexibility
for all investors to enjoy cost savings, supporting the quality of
price discovery, promoting market transparency, and improving investor
protection. The Exchange also believes that the proposed widths are
reasonable because they remain generally aligned with the current
heightened quoting standards in the program, as the proposed widths are
only marginally reduced in order to incentivize an increase in quoting
activity and the provision of tighter markets. The Exchange believes
that the proposed reduced quote widths under the Program are equitable
and not unfairly discriminatory because such quote widths will continue
to apply equally to any and all TPHs with LMM appointments to the NANOS
LMM Incentive Program. Additionally, the Exchange notes if an LMM
appointed to the Program does not satisfy the quoting standards for any
given month, then it simply will not receive the rebate offered by the
Program for that month. The Exchange believes the proposed changes to
the quoting requires are equitable and not unfairly discriminatory
because it will continue to apply equally to any TPH that is appointed
as an LMM to the Program.
The Exchange believes that the proposed rule change to adopt a
NANOS Volume Incentive Pool as part of the NANOS LMM Incentive Program
is reasonably designed to continue to encourage LMMs appointed to the
incentive program to provide significant liquidity in NANOS options.
The Exchange notes that the SPESG LMM Incentive Program also offers a
volume incentive pool structured in a substantially similar manner. The
Exchange believes the proposed NANOS Volume Incentive Program is
equitable and not unfairly discriminatory because it will apply equally
to any TPH that is appointed as an LMM to the Program.
Regarding each of the LMM incentive programs generally, the
Exchange believes it is reasonable, equitable and not unfairly
discriminatory to offer these financial incentives, including as
amended, to LMMs appointed to the Program, because it benefits all
market participants trading in NANOS. These incentive programs
encourage the LMMs to satisfy the heightened quoting standards, which
may increase liquidity and provide more trading opportunities and
tighter spreads. Indeed, the Exchange notes that these LMMs serve a
crucial role in providing quotes and the opportunity for market
participants to trade NANOS which can lead to increased volume,
providing for robust markets. The Exchange ultimately offers the LMM
incentive, as amended, to sufficiently incentivize LMMs to provide key
liquidity and active markets in NANOS, and believes that these
programs, even as amended, will continue to encourage increased quoting
to add liquidity in NANOS thereby protecting investors and the public
interest. The Exchange also notes that an LMM appointed to an incentive
program may undertake added costs each month in order to satisfy that
heightened quoting standards (e.g., having to purchase additional
logical connectivity).
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange believes the proposed amendments to its Fee Schedule
will not impose any burden on competition that is not necessary or
appropriate in furtherance of the purposes of the Act. The Exchange
does not believe that the proposed rule change will impose any burden
on intramarket competition that is not necessary or appropriate in
furtherance of the purposes of the Act because the proposed fee changes
will be assessed automatically and uniformly to each similarly situated
market participant (e.g., all qualifying Professional Customer VIX
transactions will receive the proposed fee waiver and all Market-Makers
will be subject to the XSP fee waiver and no longer be subject to the
Marketing Fee for XSP and NANOs orders). Similarly, the proposed
changes to the NANOS LMM Incentive Program and adoption of the NANOS
Volume Incentive Pool will apply uniformly to any LMM appointment to
[[Page 63564]]
the programs. The Exchange notes that there is a history in the options
markets of providing preferential treatment to these market
participants. As discussed in the statutory basis, the Exchange
believes Professional Customer order flow may facilitate increased
trading opportunities and attract Market-Maker activity, which can
contribute towards a robust and well-balanced market ecosystem. Market-
Makers provide key and distinct sources of liquidity, and an increase
in general market-making activity may facilitate tighter spreads, which
tends to signal additional corresponding increases in order flow from
other market participants, ultimately incentivizing more overall order
flow and improving liquidity levels and price transparency on the
Exchange to the benefit of all market participants. Further as
discussed, Market-Makers take on a number of obligations that other
market participants do not, such as quoting obligations and other
market-making requirements. Similarly, to the extent LMMs appointed to
the NANOS LMM Incentive Program receive a benefit that other market
participants do not, as stated, these LMMs in their role as Market-
Makers on the Exchange have different obligations and are held to
different standards. An LMM appointed to an incentive program may also
undertake added costs each month to satisfy that heightened quoting
standards (e.g., having to purchase additional logical connectivity).
The Exchange also notes that the proposed fee changes are designed
to attract additional order flow to the Exchange, wherein greater
liquidity benefits all market participants by providing more trading
opportunities, tighter spreads, and added market transparency and price
discovery, and signals to other market participants to direct their
order flow to those markets, thereby contributing to robust levels of
liquidity.
The Exchange does not believe that the proposed rule change 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 apply only to products exclusively listed on the
Exchange. Additionally, the Exchange notes it operates in a highly
competitive market. In addition to Cboe Options, TPHs have numerous
alternative venues that they may participate on and direct their order
flow, including 15 other options exchanges, as well as off-exchange
venues, where competitive products are available for trading. Based on
publicly available information, no single options exchange has more
than 18% of the market share of executed volume of options trades.\12\
Therefore, no exchange possesses significant pricing power in the
execution of option order flow. 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.'' \13\ 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'. . . .''.\14\ Accordingly, the Exchange does not believe its
proposed changes to the incentive programs impose any burden on
competition that is not necessary or appropriate in furtherance of the
purposes of the Act.
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\12\ See Cboe Global Markets, U.S. Options Market Volume Summary
by Month (September 30, 2022), available at <a href="http://markets.cboe.com/us/options/market_share/">http://markets.cboe.com/us/options/market_share/</a>.
\13\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496, 37499 (June 29, 2005).
\14\ 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 has not solicited, and does not intend to solicit,
comments on this proposed rule change. The Exchange has not received
any written comments from members or other interested parties.
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 \15\ and paragraph (f) of Rule 19b-4 \16\
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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\15\ 15 U.S.C. 78s(b)(3)(A).
\16\ 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<ls-thn-eq> Send an email to <a href="/cdn-cgi/l/email-protection#c5b7b0a9a0e8a6aaa8a8a0abb1b685b6a0a6eba2aab3"><span class="__cf_email__" data-cfemail="f684839a93db95999b9b93988285b6859395d8919980">[email protected]</span></a>. Please
include File Number SR-CBOE-2022-052 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-2022-052. 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
[[Page 63565]]
inspection and copying at the principal office of the Exchange. All
comments received will be posted without change.
Persons submitting comments are cautioned that we do not redact or
edit personal identifying information from comment submissions. You
should submit only information that you wish to make available
publicly. All submissions should refer to File Number SR-CBOE-2022-052
and should be submitted on or before November 9, 2022.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\17\
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\17\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022-22658 Filed 10-18-22; 8:45 am]
BILLING CODE 8011-01-P
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