Notice2023-03474
Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee Schedule
Primary source
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Published
February 21, 2023
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 88 Issue 34 (Tuesday, February 21, 2023)</title>
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[Federal Register Volume 88, Number 34 (Tuesday, February 21, 2023)]
[Notices]
[Pages 10563-10567]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-03474]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-96911; File No. SR-CboeBZX-2023-007]
Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
Its Fee Schedule
February 14, 2023.
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 February 2, 2023, Cboe BZX Exchange, Inc. (the ``Exchange'' or
``BZX'') 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 BZX Exchange, Inc. (the ``Exchange'' or ``BZX Options'')
proposes to amend its fee 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://markets.cboe.com/us/equities/regulation/rule_filings/bzx/">http://markets.cboe.com/us/equities/regulation/rule_filings/bzx/</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 Fee Schedule to (1) reduce the
standard fee for Customer and Firm/BD/JBO orders that remove liquidity
in Penny Securities; (2) update the Market Maker Penny Add Volume
Tiers; (3) update the criteria for the Customer, Firm, Broker Dealer
and Joint Back Office Penny Take Volume Tiers; and (4) delete the NBBO
Setter Tiers. The Exchange proposes to implement these changes
effective February 1, 2023.\3\
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\3\ The Exchange initially filed the proposed fee changes on
February 1, 2023 (SR-CboeBZX-2023-006). On February 2, 2023 the
Exchange withdrew that filing and submitted this filing.
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The Exchange first notes that it operates in a highly competitive
market in which market participants can readily direct order flow to
competing venues if they deem fee levels at a particular venue to be
excessive or incentives to be insufficient. More specifically, the
Exchange is only one of 16 options venues to which market participants
may direct their order flow. Based on publicly available information,
no single options exchange has more than 17% of the market share and
currently the Exchange represents only approximately 5% of the market
share.\4\ Thus, in such a low-concentrated and highly competitive
market, no single options exchange, including the Exchange, possesses
significant pricing power in the execution of option order flow. The
Exchange believes that the ever-shifting market share among the
exchanges from month to month demonstrates that market participants can
shift order flow or discontinue to reduce use of certain categories of
products, in response to fee changes. Accordingly, competitive forces
constrain the Exchange's transaction fees, and market participants can
readily trade on competing venues if they deem pricing levels at those
other venues to be more favorable.
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\4\ See Cboe Global Markets U.S. Options Market Monthly Volume
Summary (January 30, 2023), available at <a href="https://www.cboe.com/us/options/market_statistics/">https://www.cboe.com/us/options/market_statistics/</a>.
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The Exchange's Fees Schedule sets forth standard rebates and rates
applied per contract. For example, the Exchange assesses a standard fee
of $0.50 per contract for Customer and Firm/BD/JBO orders that remove
liquidity in Penny Securities. The Fee Codes and Associated Fees
section of the Fees Schedule also provide for certain fee codes
associated with certain order types and market participants that
provide for various other fees or rebates. Additionally, the Fee
Schedule offers tiered pricing which provides Members \5\ opportunities
to qualify for higher rebates or reduced fees where certain volume
criteria and thresholds are met. In response to the competitive
environment, the Exchange also offers tiered pricing, which provides
Members with opportunities to qualify for higher rebates or reduced
fees where certain volume criteria and thresholds are met. Tiered
pricing provides an incremental incentive for Members to strive for
higher tier levels, which provides increasingly higher benefits or
discounts for satisfying increasingly more stringent criteria.
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\5\ See Exchange Rule 1.5(n).
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[[Page 10564]]
First, the Exchange proposes to reduce the standard fee for
Customer and Firm/BD/JBO orders (i.e., yield fee codes PC and PD,
respectively) that remove liquidity in Penny Securities from $0.50 to
$0.48.\6\
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\6\ In connection with the proposed fee changes, the Exchange
also proposes to update the corresponding listed fee of $0.50 for
fee codes PC and PD in the Fee Codes and Associated Fees table to
the proposed new rate of $0.48.
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Second, the Exchange proposes to update the Market Maker Penny Add
Volume Tiers (i.e., applicable to orders yielding fee code PM) set
forth in footnote 6. The Exchange currently provides opportunities for
rebates per contract to add liquidity in Penny Securities as follows:
----------------------------------------------------------------------------------------------------------------
Rebate per
Tier contract to Required criteria
add
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Tier 1............................... ($0.33) Member has an ADAV \7\ in Market Maker orders >=0.10% of
average OCV.\8\
Tier 2............................... (0.40) Member has an ADAV in Market Maker orders >=0.20% of
average OCV.
Tier 3............................... (0.41) Member has an ADAV in Market Maker orders >=0.30% of
average OCV.
Tier 4............................... (0.42) (1) Member has a Step-Up ADAV in Market Maker orders from
March 2021 >=0.15% of average SPY/IWM/QQQ OCV; and
(2) Member is an LMM in at least 85 LMM Securities on BZX
Equities.
Tier 5............................... (0.42) Member has an ADAV in Market Maker orders >=0.45% of
average OCV.
Tier 6............................... (0.44) (1) Member has a Step-Up ADAV in Market Maker orders from
March 2021 >=0.25% of average SPY/IWM/QQQ OCV; and
(2) Member is an LMM in at least 85 LMM Securities on BZX
Equities.
Tier 7............................... (0.46) Member has an ADAV in Market Maker orders >=0.75% of
average OCV.
Tier 8............................... (0.48) Member has an ADAV in Market Maker orders >=1.50% of
average OCV.
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The Exchange proposes to amend these tiers as follows: \9\
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\7\ ``ADAV'' means average daily added volume calculated as the
number of contracts added.
\8\ ``OCC Customer Volume'' or ``OCV'' means the total equity
and ETF options volume that clears in the Customer range at the
Options Clearing Corporation (``OCC'') for the month for which the
fees apply, excluding volume on any day that the Exchange
experiences an Exchange System Disruption and on any day with a
scheduled early market close.
\9\ The Exchange proposes to amend these tiers as described in
the table in Footnote 6 and amend the amounts of the rebates in the
Standard Rates table.
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<bullet> modify Tier 1 to reduce the rebate from $0.33 to $0.31 per
contract to add liquidity and require the Member to have an ADAV in
Market Makers greater than or equal to 0.15%, increased from 0.10%, of
average OCV to qualify for the rebate;
<bullet> modify Tier 2 to reduce the rebate from $0.40 to $0.38 per
contract to add liquidity and require the Member to have an ADAV in
Market Maker orders greater than or equal to 0.25%, increased from
0.20%, of average OCV to qualify for the rebate;
<bullet> modify Tier 3 to reduce the rebate from $0.41 to $0.39 per
contract to add liquidity and require the Member to have an ADAV in
Market Makers orders greater than or equal to 0.40%, increased from
0.30%, of average OCV to qualify for the rebate;
<bullet> delete current Tiers 4 through 8;
<bullet> add new Tier 4 to provide an enhanced rebate of $0.40 per
contract to add liquidity if a Member has (1) an ADAV in Market Makers
orders greater than or equal to 0.45% of average OCV and (2) a Step-Up
ADRV \10\ in Customer orders greater than or equal to 0.05% of OCV from
December 2022;
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\10\ ``ADRV'' means average daily removed volume calculated as
the number of contracts removed.
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<bullet> add new Tier 5 to provide an enhanced rebate of $0.43 per
contract to add liquidity if a Member has an ADAV in Market Maker
orders greater than or equal to 0.60% of average OCV; and
<bullet> add new Tier 6 to provide an enhanced rebate of $0.44 per
contract to add liquidity if a Member has (1) an ADAV in Market Maker
orders greater than or equal to 0.75% of average OCV and (2) an ADRV in
Customer orders greater than or equal to 0.50% of average OCV.
Third, the Exchange proposes to update the criteria required to
qualify for the Customer, Firm, Broker Dealer and Joint Back Office
Penny Take Volume Tiers (i.e., applicable to orders yielding fee codes
PC and PD) set forth in Footnote 14. Currently, the Exchange offers an
additional rebate of (1) $0.01 per contract to remove liquidity if a
Member has a Step-Up ADRV in (a) Customer orders from March 2021
greater than or equal to 35,000 contracts and (b) Firm/BD/JBO orders
from March 2021 greater than or equal to 10,000 contracts (Tier 1); and
(2) $0.02 per contract to remove liquidity if a Member has a Step-Up
ADRV in (a) Customer orders from March 2021 greater than or equal to
70,000 contracts and (b) Firm/BD/JBO orders from March 2021 greater
than or equal to 20,000 contracts (Tier 2). The proposed rule change
updates the criteria to qualify for the Tier 1 additional rebate of
$0.01 and for the Tier 2 additional rebate of $0.02 to require a Member
to have an ADRV in Customer orders greater than or equal to 0.30% or
0.50%, respectively, of average OCV. Additionally, the proposed rule
change reframes the rebates as reduced fees. Members that achieve Tier
1 will pay a reduced fee of $0.47 (rather than the standard rate of
$0.48), which is equivalent to a rebate of $0.01, and Members that
achieve Tier 2 will pay a reduced fee of $0.46 (rather than the
standard rate of $0.48), which is equivalent to a rebate of $0.02. This
is merely a change in terminology.\11\
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\11\ Because the proposed rule change reframes these rebates as
reduced fees, the proposed rule change also adds the amounts of the
reduced fees ($0.47 and $0.46) to the Standard Rates table in
addition to updating the amounts in the table in Footnote 14.
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Fourth, the proposed rule change deletes the NBBO Setter Tiers
applicable to fee codes PM and PN that establish a new national best
bid and offer (``NBBO''). Currently, the Exchange provides
opportunities for additional rebates per contract to add liquidity of
$0.01 and $0.02 if a Member has an ADAV in Firm/Market Maker/Away MM
orders that establish a new NBBO greater than or equal to 0.25% or
0.45%, respectively of average OCV. The Exchange no longer wishes to
maintain this rebate and proposes to eliminate the NBBO Setting Tiers
from its Fee Schedule (and eliminate corresponding references to
footnote 4 in the Fee Codes and Associated Fees table). The Exchange
would rather redirect future resources and funding into other programs
and tiers intended to incentivize increased order flow.
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
[[Page 10565]]
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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As described above, the Exchange operates in a highly competitive
market in which market participants can readily direct order flow to
competing venues if they deem fee levels at a particular venue to be
excessive or incentives to be insufficient. The proposed rule change
reflects a competitive pricing structure designed to incentivize market
participants to direct their order flow to the Exchange, which the
Exchange believes would enhance market quality to the benefit of all
Members. Additionally, competing exchanges offer similar tiered pricing
structures, including schedules of rebates and fees that apply based
upon similarly situated members achieving certain volume and/or growth
thresholds, as well as assess similar fees or rebates for similar types
of orders, to that of the Exchange.
The Exchange believes the proposed rule change to reduce the
standard fee for Customer and Firm/BD/JBO orders that remove liquidity
in Penny Securities is reasonable because it is a modest decrease in
this transaction rate for these orders and continue to be in line with
the standard fee for orders of other market participants that remove
liquidity in Penny Securities on the Exchange.\15\ Additionally, the
reduced fee is in line with (and in fact lower than in some cases) fees
assessed for similar transactions at other exchanges.\16\ The Exchange
believes the proposed change is equitable and not unfairly
discriminatory because it applies uniformly to all Members and, as
previously noted, the reduced fee is in line with the standard fee for
orders submitted for other market participants that remove liquidity in
Penny Securities on the Exchange.
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\15\ As set forth in the Fee Schedule, the standard fee for
orders that remove liquidity in Penny Securities is between $0.47
and $0.50 for Professional, Market Maker, and Away MM orders.
\16\ See, e.g., NYSE Arca Fee Schedule, Transaction Fee for
Electronic Executions--Per Contract, which provides that Firms and
Broker Dealers that remove liquidity are assessed $0.50 per contract
in Penny Issues and Customers that remove liquidity are assessed
$0.49 per contract. See also Cboe EDGX Options Fees Schedule, which
provides Away Market Makers, Broker Dealers, JBOs, and Professionals
that remove liquidity are assessed $0.48 per contract in Penny
Program Securities.
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The Exchange believes the proposed reduced rebates offered under
the revised Market Maker Penny Add Volume Tiers are reasonable because
Members are still eligible to receive rebates for meeting the
corresponding criteria, albeit at lower amounts then before. While the
Market Maker Penny Add Volume Tiers, as proposed, will provide lower
rebates than those currently offered (ranging from $0.31 to $0.44
rather than $0.33 to $0.48) and while the proposed changes to the
criteria under the proposed tiers may make them more difficult to
attain, the Exchange still believes that the changes are reasonable as
the tiers, even as amended, will continue to incentivize Members to
send additional Market Maker orders to the Exchange. An overall
increase in add activity may provide for deeper, more liquid markets
and execution opportunities at improved prices, which ultimately offers
additional cost savings, supports the quality of price discovery,
promotes market transparency and improves market quality for all
investors. Moreover, the Exchange is not required to maintain these
tiers nor provide rebates. The Exchange believes the proposed changes
to the rebates offered under these tiers still remain commensurate with
the corresponding criteria under the respective tiers.
The Exchange believes the proposed change is also equitable and not
unfairly discriminatory because it applies uniformly to all Members,
who will have the opportunity to meet the tiers' criteria and receive
the corresponding enhanced rebate for each tier if such criteria is
met. Without having a view of activity on other markets and off-
exchange venues, the Exchange has no way of knowing whether these
proposed changes would definitely result in any Members qualifying for
the proposed rebates. While the Exchange has no way of predicting with
certainty how the proposed changes will impact Member activity, based
on trading activity from the prior months, the Exchange anticipates
that up to two Members will achieve Tier 1, up to two Members will
achieve Tier 2, up to three Members will achieve Tier 3, up to two
Members will achieve Tier 4, up to one Member will achieve Tier 5, and
up to one Member will achieve Tier 6. Additionally, all Members are
able to increase their Market Maker order flow to attempt to achieve
these tiers. Should a Member not meet the proposed new criteria, the
Member will merely not receive that corresponding enhanced rebate.
The Exchange believes the proposed rule change to modify the
criteria required to qualify for the Customer, Firm, Broker Dealer and
Joint Back Office Penny Take Volume Tiers is reasonable because the
proposed cri. The Exchange proposes no changes to the amounts of the
rebates (which the Exchange proposes to reframe as reduced fees), and
the Exchange believes the proposed criteria remain commensurate with
the corresponding reduced fees. The Exchange believes the revised
criteria will continue to encourage Members to send additional
Customer, Firm, Broker Dealer and JBO orders to the Exchange. Greater
remove volume order flow may increase transactions on the Exchange,
which the Exchange believes incentivizes liquidity providers to submit
additional liquidity and execution opportunities. An overall increase
in activity deepens the Exchange's liquidity pool, offers additional
cost savings, supports the quality of price discovery, promotes market
transparency and improves market quality for all investors.
The Exchange believes the proposed change is also equitable and not
unfairly discriminatory because it applies uniformly to all Members,
who will have the opportunity to meet the tiers' criteria and receive
the corresponding enhanced rebate for each tier if such criteria is
met. Without having a view of activity on other markets and off-
exchange venues, the Exchange has no way of knowing whether these
proposed changes would definitely result in any Members qualifying for
the proposed rebates. While the Exchange has no way of predicting with
certainty how the proposed changes will impact Member activity, based
on trading activity from the prior months, the Exchange anticipates
that up to three Members will achieve Tier 1 and up to one Member will
achieve Tier 2. Additionally, all Members are able to increase their
Customer/Firm/BD/JBO order flow to attempt to achieve these tiers.
Should a Member not meet the proposed new criteria, the Member will
merely not receive that corresponding enhanced rebate.
[[Page 10566]]
The Exchange believes eliminating the NBBO Setter Tiers under
Footnote 4 is reasonable because the Exchange is not required to
maintain this program or provide additional rebates. Members may still
have other opportunities to obtain enhanced rebates for orders in Penny
Securities, such as via the Penny Add Volume Tiers (via Footnotes 1, 2
and 6 of the Fee Schedule). The Exchange believes that eliminating the
NBBO Setter Tiers is equitable and not unfairly discriminatory because
it applies uniformly to all Members. The Exchange also notes no Member
has achieved either of these tiers in the last two months and no longer
wishes to maintain this program. Further, the Exchange notes that the
proposed changes will not adversely impact any Member's ability to
otherwise qualify for reduced fees or enhanced rebates offered under
other programs in the Fee Schedule.
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 believes the
proposed rule change does not impose any burden on intramarket
competition that is not necessary or appropriate in furtherance of the
purposes of the Act. Particularly, the Exchange believes the proposal
to reduce the standard fee for Customer and Firm/BD/JBO orders that
remove liquidity in Penny Securities will not impose any burden on
intramarket competition because it will apply uniformly to all Members.
All Members that submit orders yielding fee codes PD and PC will pay
this same reduced fee.
The Exchange believes the proposals to amend the Market Maker Penny
Add Volume Tiers and the Customer, Firm, Broker Dealer and Joint Back
Office Penny Take Volume Tiers also not impose any burden on
intramarket competition, as they will also apply to all Members. All
Members will continue to have an opportunity to receive rebates under
various tiers in both programs. Market Maker Volume Add Tiers 1 through
6 are generally designed to increase the competitiveness of BZX and
incentivize participants to increase their order flow on the Exchange,
providing for additional execution opportunities for market
participants and improved price transparency. An overall increase in
add activity may provide for deeper, more liquid markets and execution
opportunities at improved prices. Customer Volume Take Tiers 1 and 2
are generally designed to attract customer order flow. Greater remove
volume order flow may increase transactions on the Exchange, which the
Exchange believes incentivizes liquidity providers to submit additional
liquidity and execution opportunities. An overall increase in activity
deepens the Exchange's liquidity pool, offers additional cost savings,
supports the quality of price discovery, promotes market transparency
and improves market quality for all investors. Furthermore, greater
overall order flow, trading opportunities, and pricing transparency
benefit all market participants on the Exchange by enhancing market
quality and continuing to encourage Members to send orders, thereby
contributing towards a robust and well-balanced market ecosystem.
Additionally, the Exchange believes the proposal to eliminate the
NBBO Setter Tiers will not impose any burden on intramarket competition
because it will no longer be available to any Members. No Member has
qualified for either tier in the last two months, and Members may still
have other opportunities to obtain enhanced rebates for orders in Penny
Securities, such as via the Penny Add Volume Tiers (via Footnotes 1, 2
and 6 of the Fee Schedule).
The Exchange does not believe that the proposed changes represent a
significant departure from pricing currently offered by the Exchange or
pricing offered by other options exchanges. Members may opt to disfavor
the Exchange's pricing if they believe that alternatives offer them
better value. Accordingly, the Exchange does not believe that the
proposed changes will impair the ability of Members or competing venues
to maintain their competitive standing in the financial markets.
The Exchange also believes the proposed rule change does not impose
any burden on intermarket competition that is not necessary or
appropriate in furtherance of the purposes of the Act. As previously
discussed, the Exchange operates in a highly competitive market.
Members have numerous alternative venues they may participate on and
direct their order flow, including 15 other options exchanges.
Additionally, the Exchange represents a small percentage of the overall
market. Based on publicly available information, no single options
exchange has more than 17% of the market share. Therefore, no exchange
possesses significant pricing power in the execution of order flow.
Indeed, participants can readily choose to send their orders to other
exchanges if they deem fee levels at those other venues to be more
favorable. Moreover, the Commission has repeatedly expressed its
preference for competition over regulatory intervention in determining
prices, products, and services in the securities markets. Specifically,
in Regulation NMS, the Commission highlighted the importance of market
forces in determining prices and SRO revenues and, also, recognized
that current regulation of the market system ``has been remarkably
successful in promoting market competition in its broader forms that
are most important to investors and listed companies.'' 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'. . . .''. Accordingly, the Exchange
does not believe its proposed fee change imposes any burden on
competition that is not necessary or appropriate in furtherance of the
purposes of the Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
The Exchange neither solicited nor received comments on the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act \17\ and Rule 19b-4(f)(2) \18\ thereunder.
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\17\ 15 U.S.C. 78s(b)(3)(A)(ii).
\18\ 17 CFR 240.19b-4(f)(2).
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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
[[Page 10567]]
to determine whether the proposed rule change 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="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#e99b9c858cc48a8684848c879d9aa99a8c8ac78e869f"><span class="__cf_email__" data-cfemail="acded9c0c981cfc3c1c1c9c2d8dfecdfc9cf82cbc3da">[email protected]</span></a>. Please include
File Number SR-CboeBZX-2023-007 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-CboeBZX-2023-007. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (<a href="http://www.sec.gov/rules/sro.shtml">http://www.sec.gov/rules/sro.shtml</a>).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549, on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-CboeBZX-2023-007 and should be submitted
on or before March 14, 2023.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\19\
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\19\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-03474 Filed 2-17-23; 8:45 am]
BILLING CODE 8011-01-P
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