Notice2023-03907
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
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
February 27, 2023
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 88 Issue 38 (Monday, February 27, 2023)</title>
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[Federal Register Volume 88, Number 38 (Monday, February 27, 2023)]
[Notices]
[Pages 12427-12431]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-03907]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-96954; File No. SR-CboeBZX-2023-011]
Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
Its Fee Schedule
February 21, 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 14, 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'') 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.
[[Page 12428]]
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: (i) add a Tape
A Incentive Tier, (ii) modify Add/Remove Volume Tier 1, (iii) eliminate
fee code ZA and replace it with new fee codes ZV, ZB, and ZY, and (iv)
add the new fees code ZV, ZB and ZY to Lead Market Markers (``LMMs'')
Add Tiers 2, 3, and 4, respectively.\3\
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\3\ The Exchange initially filed the proposed fee changes on
February 1, 2023 (SR-CboeBZX-2023-005). On February 7, 2023, the
Exchange withdrew that filing and submitted SR-CboeBZX-2023-009. On
February 14, 2023, the Exchange withdrew that filing and submitting
this proposal.
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The Exchange first notes that it operates in a highly competitive
market in which market participants, including issuers of securities,
LMMs, and other liquidity providers, 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 registered equities exchanges, as well as a
number of alternative trading systems and other off-exchange venues
that do not have similar self-regulatory responsibilities under the
Exchange Act, to which market participants may direct their order flow.
Based on publicly available information,\4\ no single registered
equities exchange has more than 15% of the market share. Thus, in such
a low-concentrated and highly competitive market, no single equities
exchange possesses significant pricing power in the execution of order
flow. The Exchange in particular operates a ``Maker-Taker'' model
whereby it pays rebates to members that add liquidity and assesses fees
to those that remove liquidity. The Exchange's Fee Schedule sets forth
the standard rebates and rates applied per share for orders that
provide and remove liquidity, respectively. The Exchange proposes to
amend its Fee Schedule, as described below.
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\4\ See Cboe Global Markets, U.S. Equities Market Volume
Summary, Month-to-Date (January 27, 2023), available at <a href="https://markets.cboe.com/us//market_statistics/">https://markets.cboe.com/us//market_statistics/</a>.
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Tape A Incentive Tier
For order in securities priced at or above $1.00, the Exchange
currently provides a standard rebate of $0.00160 per share for
displayed orders that add liquidity in Tape A securities, which yield
fee code V \5\. The Exchange proposes to amend footnote 12 of the Fee
Schedule to adopt a Tape A Incentive Tier, which would be available for
qualifying orders that yield fee code V. Particularly, under the
proposed Tape A Incentive Tier, Members may receive an additional
$0.0002 per share rebate where they have a: Step-Up ADAV \6\ from
January 2023 greater than or equal to 5,000,000; a Tape A ADAV greater
than or equal to 0.30% of the Tape A TCV; \7\ and an ADV \8\ greater
than or equal to 0.50% of the TCV. The proposed changes are designed to
encourage Members to increase their displayed liquidity in Tape A
securities on the Exchange, thereby contributing to a deeper and more
liquid market, which benefits all market participants and provides
greater execution opportunities on the Exchange.
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\5\ Orders yielding Fee Code ``V'' are displayed orders adding
liquidity to BZX (Tape A).
\6\ ``Step-Up ADAV'' means ADAV in the relevant baseline month
subtracted from current ADAV. ADAV means average daily added volume
calculated as the numbers of share added per day and is calculated
on a monthly basis.
\7\ ``TCV'' means total consolidated volume calculated as the
volume reported by all exchanges and trade reporting facilities to a
consolidated transaction reporting plan for the month for which the
fees apply.
\8\ ``ADV'' means average daily volume calculated as the number
of shares added or removed, combined, per day. ADV is calculated on
a monthly basis.
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Add/Remove Volume Tier 1
Under footnote 1 of the Fee Schedule, the Exchange currently offers
various Add/Remove Volume Tiers. In particular, the Exchange offers six
displayed add volume tiers that each provide an enhanced rebate for
Members' qualifying orders yielding fee codes B,\9\ V, or Y,\10\ where
a Member reaches certain add volume-based criteria. Currently Tier 1 is
as follows:
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\9\ Orders yielding Fee Code ``B'' are displayed orders adding
liquidity to BZX (Tape B). For order in securities priced at or
above $1.00, orders yielding Fee Code B will receive a standard
rebate of $0.00160 per share.
\10\ Orders yielding Fee Code ``Y'' are displayed orders adding
liquidity to BZX (Tape C). For order in securities priced at or
above $1.00, orders yielding Fee Code C will receive a standard
rebate of $0.00160 per share.
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<bullet> Tier 1 provides a rebate of $0.0020 per share to
qualifying orders (i.e., orders yielding fee codes B, V, or Y) where
the Member has an ADAV as a percentage of TCV equal to or greater than
0.15%, or the Member has an ADAV equal to or greater than 15,000,000.
The Exchange proposes to amend the criteria of Tier 1.
Specifically, the Exchange proposes to amend Tier 1 as follows:
<bullet> Proposed Tier 1 will provide a rebate of $0.0020 per share
to qualifying orders (i.e., orders yielding fee codes B, V, or Y) where
the Member has an ADAV as a percentage of TCV equal to or greater than
0.05%, or the Member has an ADAV equal to or greater than 5,000,000.
Fee Codes ZV, ZB, ZY
Currently, fee code ZA is appended to retail orders that add
liquidity and receive a rebate of $0.00320 per share. The Exchange
proposes to eliminate fee code ZA and replace it with fee codes ZV, ZB
and ZY. Particularly, the Exchange proposes to separate fee code ZA
into three separate fee codes, each representing a different Tape for
retail orders that add liquidity. The Exchange proposes to adopt fee
code ZV for Tape A retail orders that add liquidity; fee code ZB for
Tape B retail orders that add liquidity; and fee code ZY for Tape C
retail orders that add liquidity. Retail orders appended with ZV, ZB,
and ZY will continue to receive a rebate of $0.00320 per share. The
Exchange notes that it currently maintains separate fee codes based on
Tapes for other types of orders as well.\11\
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\11\ See e.g., Cboe BZX U.S. Equities Exchange Fee Schedule, Fee
Codes HV, HB, and HY which fee codes represent non-displayed orders
that add liquidity to BZX for Tapes A, B, and C respectively.
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Finally, the Exchange proposes to include orders yielding fee codes
ZV, ZB, and ZY as part of its LMM Program. Under the Exchange's LMM
Program, the Exchange offers daily incentives for LMMs in securities
listed on the Exchange for which the LMM meets certain Minimum
Performance Standards.\12\ Such daily incentives are determined based
on the number of Cboe-listed securities for which the LMM meets such
Minimum Performance Standards and the average auction volume across
such securities. Generally, the more LMM Securities \13\ for which the
LMM meets the Minimum Performance Standards and the higher the auction
volume across those securities, the greater the total daily payment to
the LMM. Currently, the Exchange offers four LMM Add Volume Tiers under
footnote 14(D) of the Fee
[[Page 12429]]
Schedule, which provides an additional rebate for applicable LMM
orders. The Exchange proposes to update applicable fee codes for LMM
Add Volume Tiers 2, 3, and 4, to include new fee codes ZV, ZB, and ZY,
respectively. Specifically, the Exchange proposes to: amend LMM Add
Volume Tier 2 (which provides an enhanced rebate for adding displayed
liquidity in Tape A securities) to apply to orders yielding fee code ZV
(in addition to fee codes V and HV \14\); amend LMM Add Volume Tier 3
(which provides and enhanced rebate for adding displayed liquidity in
Tape B securities) to apply to orders yielding fee code ZB (in addition
to fee codes B and HB \15\); and for LMM Add Volume Tier 4 (which
provides and enhanced rebate for adding displayed liquidity in Tape C
securities) to apply to orders yielding fee code ZY (in addition to fee
codes Y and HY \16\).
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\12\ As defined in Rule 11.8(e)(1)(E), the term ``Minimum
Performance Standards'' means a set of standards applicable to an
LMM that may be determined from time to time by the Exchange. Such
standards will vary between LMM Securities depending on the price,
liquidity, and volatility of the LMM Security in which the LMM is
registered. The performance measurements will include: (A) Percent
of time at the NBBO; (B) percent of executions better than the NBBO;
(C) average displayed size; and (D) average quoted spread. For
additional detail, see Original LMM Filing.
\13\ As defined in Rule 11.8(e)(1)(D), the term ``LMM Security''
means a Listed Security that has an LMM. As defined in Rule
11.8(e)(1)(B), the term ``Listed Security'' means any ETP or any
Primary Equity Security or Closed-End Fund listed on the Exchange
pursuant to Rule 14.8 or 14.9.
\14\ Orders yielding Fee Code ``HV'' are non-displayed orders
adding liquidity to BZX (Tape A).
\15\ Orders yielding Fee Code ``HB'' are non-displayed orders
adding liquidity to BZX (Tape B).
\16\ Orders yielding Fee Code ``HY'' are non-displayed orders
adding liquidity to BZX (Tape C).
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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.\17\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \18\ 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) \19\ requirement that the rules of an exchange not be
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers. Additionally, the Exchange believes the proposed
rule change is consistent with Section 6(b)(4) of the Act,\20\ which
requires that Exchange rules provide for the equitable allocation of
reasonable dues, fees, and other charges among its Members and other
persons using its facilities.
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\17\ 15 U.S.C. 78f(b).
\18\ 15 U.S.C. 78f(b)(5).
\19\ Id.
\20\ 15 U.S.C. 78f(b)(4).
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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 changes reflect 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. The Exchange notes that relative volume-based incentives and
discounts have been widely adopted by exchanges, including the
Exchange, and are reasonable, equitable and non-discriminatory because
they are open to all members on an equal basis and provide additional
benefits or discounts that are reasonably related to (i) the value to
an exchange's market quality and (ii) associated higher levels of
market activity, such as higher levels of liquidity provision and/or
growth patterns. Additionally, as noted above, the Exchange operates in
highly competitive market. The Exchange is only one of several equity
venues to which market participants may direct their order flow, and it
represents a small percentage of the overall market. It is also only
one of several maker-taker exchanges. Competing equity exchanges offer
similar tiered pricing structures, including schedules of rebates and
fees that apply based upon 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. These competing
pricing schedules, moreover, are presently comparable to those that the
Exchange provides, including the pricing of comparable criteria and/or
fees and rebates.
The Exchange believes the proposed addition of the Tape A Incentive
Tier, as well as the proposed modifications to Add/Remove Volume Tier
1, are reasonable, fair and equitable, and not unfairly discriminatory
because the tiers provide additional opportunities for all Members to
meet the tier criteria and receive the corresponding enhanced rebate
for each tier if such criteria is met. Furthermore, the Exchange
believes that the proposed new Tape A Incentive Tier and modified Add/
Remove Volume Tier 1 are reasonable as they serve to incentivize
Members to increase their liquidity adding, displayed volume, which
benefit all market participants by incentivizing continuous liquidity
and thus, deeper, more liquid markets as well as increased execution
opportunities. The Exchange notes that it is adding a new incentive
tier applicable to Tape A securities but not other securities because
it already has Tape B Incentive (and Quoting) Tiers to similarly
incentive liquidity in Tape B securities. The Exchange has no
obligation to have incentive tiers for any securities, and the Exchange
believes other rebate programs currently and as proposed to be offered
for adding liquidity to Tape C securities provides sufficient incentive
to add liquidity in those securities. Particularly, the proposed
incentives to provide displayed liquidity are designed to incentivize
continuous displayed liquidity, which signals other market participants
to take the additional execution opportunities provided by such
liquidity. This 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.
In addition to this, the Exchange believes that the proposal
represents an equitable allocation of rebates and is not unfairly
discriminatory because all Members will continue to be eligible for the
Add/Remove Volume Tier 1, as amended, as well as for the new Tape A
Incentive Tier, and would receive the proposed rebate if such criteria
is met. The Exchange notes the proposed criteria for Add/Remove Volume
Tier 1 is less stringent than the current criteria, and thus will be
easier for Members to meet.
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 Tape A Incentive Tier and modified Add/Remove Volume Tier 1.
While the Exchange has no way of predicting with certainty how the
proposed changes will impact Member activity, the Exchange anticipates
six Members will be able to satisfy the criteria proposed under the new
Tape A Incentive Tier and up to eight Members will be able to satisfy
the modified criteria proposed under Add/Remove Volume Tier 1. The
Exchange also notes that the proposed changes will not adversely impact
any Member's ability to qualify for reduced fees or enhanced rebates
offered under other tiers. Should a Member not meet the proposed new
criteria, the Member will merely not receive that corresponding
enhanced rebate.
Finally, the Exchange believes the proposed amendment to eliminate
fee
[[Page 12430]]
code ZA and replace it with new fee codes ZV, ZB and ZY is reasonable,
as the Exchange is simply recategorizing retail orders that add
liquidity and yield fee code ZA by distinguishing each order based on
Tapes. The Exchange notes that it currently maintains separate fee
codes based on Tapes for other types of orders as well.\21\ Further,
the Exchange believe that adding the new fees code ZV, ZB and ZY to LMM
Add Tiers 2, 3, and 4, respectively, is reasonable because such fee
codes correspond to the criteria for each relevant LMM Add Tier.
Specifically, LMM Add Tier 2 relates to orders adding liquidity in Tape
A Securities, and proposed fee code ZV applies to retail orders adding
liquidity in Tape A Securities; LMM Add Tier 3 relates to orders adding
liquidity in Tape B Securities, and proposed fee code ZB applies to
retail orders adding liquidity in Tape B Securities; and LMM Add Tier 4
relates to orders adding liquidity in Tape C Securities, and proposed
fee code ZY applies to retail orders adding liquidity in Tape C
Securities. Finally, the Exchange believes the proposal to recategorize
retail orders adding liquidity and adding such fee codes to LMM Add
Tiers is also equitable and not unfairly discriminatory because it
applies to all Members.
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\21\ Supra note 10.
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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. Particularly, the proposed
Tape A Incentive Tier and modified Add/Remove Volume Tier 1 do not
impose a burden on intramarket competition that is not in furtherance
of the Act in that each tier will be eligible to all Members equally,
as all Members have the opportunity to submit orders in an attempt to
satisfy the proposed criteria and receive the enhanced rebates
associated with each tier. Furthermore, the Exchange believes that the
criteria under proposed Tape A Incentive Tier and modified Add/Remove
Volume Tier 1 will continue to incentivize Members to submit additional
liquidity to the Exchange and to increase their order flow on the
Exchange generally, thereby contributing to a deeper and more liquid
market. A deeper and more liquid market may promote price discovery and
market quality on the Exchange to the benefit of all market
participants and enhance the attractiveness of the Exchange as a
trading venue, which the Exchange believes, in turn, would continue to
encourage market participants to direct additional order flow to the
Exchange. Greater liquidity benefits all Members by providing more
trading opportunities and encourages Members to send additional orders
to the Exchange, thereby contributing to robust levels of liquidity,
which benefits all market participants.
The Exchange believes its proposal to eliminate fee code ZA and
separate it into three fee codes (ZV, ZB, and ZY) will have no impact
on competition, as it merely is a recategorization of a current fee
code under the existing Fee Schedule. Further, the proposal to add such
fee codes ZV, ZB, and ZY to LMM Add Tiers 2, 3, and 4, respectively,
applies to all Members. Particularly, the proposed changes apply to all
Members equally in that all Members continue to be eligible for the LMM
Add Volume Tiers (and have the same opportunity to become an LMM
Member), have a reasonable opportunity to meet the tiers' criteria and
will all receive the corresponding additional rebates if such criteria
are met.
The Exchange believes the proposed Tape A Incentive Tier, modified
Add/Remove Volume Tier 1, and fee code changes do not impose a burden
on intermarket competition that is not necessary or appropriate in
furtherance of the purposes of the Act. 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
equities 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. As previously discussed, the
Exchange operates in a highly competitive market. Members have numerous
alternative venues that they may participate on and direct their order
flow, including other equities exchanges, off-exchange venues, and
alternative trading systems. Additionally, the Exchange represents a
small percentage of the overall market. Based on publicly available
information, no single equities exchange has more than 15% of the
market share.\22\ Therefore, no exchange possesses significant pricing
power in the execution of order flow. Indeed, participants can readily
choose to send their orders to other exchange and off-exchange venues
if they deem fee levels at those other venues to be more favorable.
Moreover, the Commission has repeatedly expressed its preference for
competition over regulatory intervention in determining prices,
products, and services in the securities markets. Specifically, in
Regulation NMS, the Commission highlighted the importance of market
forces in determining prices and SRO revenues and, also, recognized
that current regulation of the market system ``has been remarkably
successful in promoting market competition in its broader forms that
are most important to investors and listed companies.'' \23\ 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'. . .''.\24\
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\22\ Supra note 3.
\23\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496, 37499 (June 29, 2005).
\24\ NetCoalition v. SEC, 615 F.3d 525, 539 (D.C. Cir. 2010)
(quoting Securities Exchange Act Release No. 59039 (December 2,
2008), 73 FR 74770, 74782-83 (December 9, 2008) (SR-NYSEArca-2006-
21)).
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C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
The Exchange neither solicited nor received comments on the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) of the Act \25\ and paragraph (f) of Rule 19b-4 \26\
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
[[Page 12431]]
change should be approved or disapproved.
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\25\ 15 U.S.C. 78s(b)(3)(A).
\26\ 17 CFR 240.19b-4(f).
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IV. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
<bullet> Use the Commission's internet comment form (<a href="http://www.sec.gov/rules/sro.shtml">http://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#1c6e697079317f7371717972686f5c6f797f327b736a"><span class="__cf_email__" data-cfemail="0d7f786168206e6260606863797e4d7e686e236a627b">[email protected]</span></a>. Please include
File Number SR-CboeBZX-2023-011 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-2023-011. 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 a.m. and 3
p.m. Copies of such 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-2023-011 and should
be submitted on or before March 20, 2023.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\27\
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\27\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-03907 Filed 2-24-23; 8:45 am]
BILLING CODE 8011-01-P
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