Notice2023-05535
Self-Regulatory Organizations; Cboe EDGX 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
March 20, 2023
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 88 Issue 53 (Monday, March 20, 2023)</title>
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[Federal Register Volume 88, Number 53 (Monday, March 20, 2023)]
[Notices]
[Pages 16687-16691]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-05535]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-97136; File No. SR-CboeEDGX-2023-020]
Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice
of Filing and Immediate Effectiveness of a Proposed Rule Change To
Amend Its Fee Schedule
March 14, 2023.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on March 10, 2023, Cboe EDGX Exchange, Inc. (``Exchange'' or ``EDGX'')
filed with the Securities and Exchange Commission (``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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[[Page 16688]]
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Cboe EDGX Exchange, Inc. (the ``Exchange'' or ``EDGX 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/options/regulation/rule_filings/edgx/">http://markets.cboe.com/us/options/regulation/rule_filings/edgx/</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 modify its
market data fees for EDGX Options Top.\3\ Particularly, the Exchange
proposes to modify the Professional and Non-Professional User Fees,
adopt a new Enterprise Fee for EDGX Options Top, and make other
clarifying, non-substantive changes.\4\
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\3\ EDGX Options Top is an uncompressed data feed that offers
top of book quotations and execution information based on options
orders entered into the System. Uncompressed data is disseminated
``as is'' in the native format by the Exchange, with no compression.
\4\ The Exchange initially filed the proposed fee changes on
January 3, 2023 (SR-CboeEDGX-2023-001). On February 28, 2023, the
Exchange submitted SR-CboeEDGX-2023-015 in place of SR-CboeEDGX-
2023-001, which the Exchange withdrew on March 1, 2023. On March 10,
2023 the Exchange withdrew CboeEDGX-2023-015 and submitted this
proposal.
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The Exchange first proposes to reduce the rates for Professional
and Non-Professional User fees for EDGX Options Top. The Exchange
currently charges Internal Distributors and External Distributors that
redistribute any of the EDGX Options Data Feeds different fees for
their Professional Users \5\ and Non-Professional Users.\6\ The
Exchange currently assesses a monthly fee for Professional Users of
$10.00 per User and a monthly fee of $1.00 per Non-Professional
User.\7\ Further, the Fee Schedule provides that Distributors and Users
of any one of EDGX Options market data products (i.e., EDGX Options
Top, EDGX Options Depth, EDGX Options Auction Feed, EDGX Options
Complex Depth, EDGX Options Complex Top, and EDGX Options Complex
Auction Fees) may receive, at no additional charge, access to any or
all of the other market data products listed. The Exchange proposes to
reduce the rates for the User fees for EDGX Options Top. Particularly,
the Exchange proposes to reduce the monthly (i) Professional User fee
from $10 per user to $5 per user and (ii) Non-Professional User fee
from $1.00 per user to $0.10 per user. The Exchange also proposes to
start charging separate User fees for EDGX Options Top. User Fees for
the Exchange's remaining market data products will continue to receive,
at no additional charge, access to any or all of the other market data
products listed (with the exception of EDGX Options Top). The Exchange
has reformatted the Market Data Fees tables to make this clear.\8\
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\5\ A Professional User of an Exchange Market Data product is
any User other than a Non-Professional User. The Exchange proposes
to amend the definition of ``Professional User'' in the Fee Schedule
to further clarify that a Professional User is a natural person
recipient of an Exchange Data product who is not a Non-Professional
User.
\6\ A ``Non-Professional User'' of an Exchange Market Data
product is a natural person or qualifying trust that uses Data only
for personal purposes and not for any commercial purpose and, for a
natural person who works in the United States, is not: (i)
registered or qualified in any capacity with the Securities and
Exchange Commission, the Commodities Futures Trading Commission, any
state securities agency, any securities exchange or association, or
any commodities or futures contract market or association; (ii)
engaged as an ``investment adviser'' as that term is defined in
Section 202(a)(11) of the Investment Advisors Act of 1940 (whether
or not registered or qualified under that Act); or (iii) employed by
a bank or other organization exempt from registration under federal
or state securities laws to perform functions that would require
registration or qualification if such functions were performed for
an organization not so exempt; or, for a natural person who works
outside of the United States, does not perform the same functions as
would disqualify such person as a Non-Professional User if he or she
worked in the United States.
\7\ Distributors that receive EDGX Options Data Feeds are
required to count every Professional User and Non-Professional User
to which they provide the market data product(s).
\8\ The Exchange is not proposing any changes to the current
User Fee rates for its other market data products at this time and
Users of any one of the remaining market data products may continue
to receive, at no additional charge, access to any or all of the
other market data products listed (i.e., except for EDGX Options
Top).
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The Exchange lastly proposes to establish a $20,000 per month
Enterprise Fee that will permit a Distributor to purchase a monthly
(and optional) Enterprise license to receive the EDGX Options Top Data
for distribution to an unlimited number of Professional and Non-
Professional Users. The Enterprise Fee is an alternative to
Professional and Non-Professional User fees and will permit a
Distributor to pay a flat fee to receive the data for an unlimited
number of Professional and Non-Professional Users, which the Exchange
proposes to make clear in the Fee Schedule. The Enterprise Fee may
provide an opportunity to reduce fees. For example, if a Distributor
distributes EDGX Options Top to 15,000 Professional Users who each
receive EDGX Options Top at $5.00 per month (as proposed), then that
Distributor will pay $75,000 per month in Professional Users fees. If
the Distributor instead were to purchase the proposed Enterprise
license, then it would alternatively pay a flat fee of $20,000 for an
unlimited number of Professional and Non-Professional Users. A
Distributor must pay a separate Enterprise Fee for each entity that
controls the display of EDGX Options Top if it wishes for such Users to
be covered by the Enterprise Fee rather than by per User fees.\9\ A
Distributor that pays the Enterprise Fee will not have to report its
number of such Users on a monthly basis. Rather, every six months, it
must provide the Exchange with a count of the total number of
Professional and Non-Professional users of EDGX Options Top.\10\ The
Exchange notes that the purchase of an Enterprise license is voluntary
and a firm may elect to instead use the per User structure and benefit
from the proposed per User Fees described above. For example, a firm
that does not have a sufficient number of Users to benefit from
purchase of the license need not do so.
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\9\ For example, if a Distributor that distributes EDGX Options
Top to Retail Brokerage Firm A and Retail Brokerage Firm B and
wishes to have the Users under each firm covered by an Enterprise
license, the Distributor would be subject to two Enterprise Fees.
\10\ See Cboe Global Markets North American Data Policies.
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The Exchange lastly proposes to modify the definition of
Professional User under the definitions section of the Market Data Fees
section to clarify that a Professional ``User'' is any natural person
recipient of an Exchange Market Data product who is not a Non-
Professional User. The proposed modification also aligns the definition
with that of the definition used by the
[[Page 16689]]
Exchange's affiliates Cboe Exchange, Inc. and Cboe C2 Exchange,
Inc.\11\
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\11\ See Cboe Data Services, LLC Fees Schedule and Cboe C2
Options Fees Schedule.
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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.\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
Section 6(b)(4) of the Act,\14\ 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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\12\ 15 U.S.C. 78f(b).
\13\ 15 U.S.C. 78f(b)(5).
\14\ 15 U.S.C. 78f(b)(4).
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The Exchange first notes that it operates in a highly competitive
environment. Indeed, there are currently 16 registered options
exchanges that trade options. Based on publicly available information,
no single options exchange has more than 17% of the market share.\15\
The Exchange believes top-of-book quotation and transaction data is
highly competitive as national securities exchanges compete vigorously
with each other to provide efficient, reliable, and low-cost data to a
wide range of investors and market participants. Indeed, there are
several competing products offered by other national securities
exchanges today, not counting products offered by the Exchange's
affiliates, and each of the Exchange's affiliated U.S. options
exchanges also offers similar top-of-book data.\16\ Each of those
exchanges offer top-of-book quotation and last sale information based
on their own quotation and trading activity that is substantially
similar to the information provided by the Exchange through the EDGX
Options Top Feed. Further, the quote and last sale data contained in
the EDGX Options Top Feed is identical to the data sent to OPRA for
redistribution to the public.\17\ Accordingly, Exchange top-of-book
data is widely available today from a number of different sources.
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\15\ See Cboe Global Markets U.S. Options Market Month-to-Date
Volume Summary (February 24, 2023), available at <a href="https://markets.cboe.com/us/options/market_statistics/">https://markets.cboe.com/us/options/market_statistics/</a>.
\16\ See e.g., NYSE Arca Options Proprietary Market Data Fees
Schedule, MIAX Options Exchange, Fee Schedule, Section 6 (Market
Data Fees), Nasdaq PHLX Options 7 Pricing Schedule, Section 10
(Proprietary Data Feed Fees) and Cboe Data Services, LLC Fees
Schedule.
\17\ The Exchange notes that it makes available the top-of-book
and last sale data that is included in the EDGX Options Top Data
Feed no earlier than the time at which the Exchange sends that data
to OPRA.
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Moreover, the EDGX Options Top is distributed and purchased on a
voluntary basis, in that neither the Exchange nor market data
distributors are required by any rule or regulation to make this data
available. Accordingly, Distributors and Users can discontinue use at
any time and for any reason, including due to an assessment of the
reasonableness of fees charged. As described above, market participants
have a wide variety of alternative market data products from which to
choose, such as similar proprietary data products offered by other
exchanges and consolidated data. Further, the Exchange is not required
to make any proprietary data products available or to offer any
specific pricing alternatives to any customers. Moreover, persons
(including broker-dealers) who subscribe to any exchange proprietary
data feed must also have equivalent access to consolidated Options
Information \18\ from OPRA for the same classes or series of options
that are included in the proprietary data feed, and proprietary data
feeds cannot be used to meet that particular requirement.\19\ As such,
all proprietary data feeds are optional.
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\18\ ``Consolidated Options Information'' means consolidated
Last Sale Reports combined with either consolidated Quotation
Information or the BBO furnished by OPRA. Access to consolidated
Options Information is deemed ``equivalent'' if both kinds of
information are equally accessible on the same terminal or work
station. See Limited Liability Company Agreement of Options Price
Reporting Authority, LLC (``OPRA Plan''), Section 5.2(c)(iii). The
Exchange notes that this requirement under the OPRA Plan is also
reiterated under the Cboe Global Markets Global Data Agreement and
Cboe Global Markets North American Data Policies, which subscribers
to any exchange proprietary product must sign and are subject to,
respectively. Additionally, the Exchange's Data Order Form (used for
requesting the Exchange's market data products) requires
confirmation that the requesting market participant receives data
from OPRA.
\19\ Id.
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The Commission has repeatedly expressed its preference for
competition over regulatory intervention in determining prices,
products, and services in the securities markets. Particularly, in
Regulation NMS, the Commission highlighted the importance of market
forces in determining prices and SRO revenues and, also, recognized
that current regulation of the market system ``has been remarkably
successful in promoting market competition in its broader forms that
are most important to investors and listed companies.'' \20\ Making
similar data products available to market participants fosters
competition in the marketplace, and constrains the ability of exchanges
to charge supracompetitive fees. In the event that a market participant
views one exchange's data product as more or less attractive than the
competition they can and do switch between similar products. The
proposed fees are a result of the competitive environment, as the
Exchange seeks to adopt fees to attract purchasers of EDGX Options Top
Data.
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\20\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496, 37499 (June 29, 2005) (``Regulation NMS Adopting
Release'').
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The Exchange believes the proposed changes to reduce the rates of
the current Professional and Non-Professional User fees are reasonable
as Distributors will be subject to lower rates for EDGX Options Top
User fees. Additionally, the User fees continue to be in line with and/
or lower than User fees assessed by other exchanges for similar
data.\21\
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\21\ See e.g., Nasdaq PHLX Options 7 Pricing Schedule, Section
10 (Proprietary Data Feed Fees), which provides for a fee of $40 per
month to professional users and $1.00 per month to non-professional
users to cover the usage of PHLX Options (TOPO) Data, TOPO Plus
Orders, PHLX Orders and PHLX Depth Data feeds. See also NYSE
American Options Proprietary Market Data Fees schedule, which
provides for a fee of $50 per month to professional users and $1.00
per month to non-professional users of American Options Top Data,
American Options Deep and American Options Complex products. By
comparison, the total combined Professional User fee for the
Exchange's market data products is significantly lower at $11 per
Professional User (i.e., $1 per Professional Users of EDGX Options
Top, as proposed, and $10 per Professional User of any of the
remaining EDGX Options market data products). The Exchange's
combined Non-Professional User Fee at $1.10 per Non-Professional
User (i.e., $0.10 per Non-Professional User of EDGX Options Top, as
proposed, and $1 per Non-Professional User of any of the remaining
EDGX Options market data products) is still in line with, and not a
significant departure from, PHLX's and NYSE American's
aforementioned Non-Professional User fees.
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The Exchange believes that the proposed fees are equitable and not
unfairly discriminatory because they will be charged uniformly to
Distributors who distribute EDGX Options Top. The Exchange also
believes continuing to offer EDGX Options Top Data to Non-Professional
[[Page 16690]]
Users at a lower cost than Professional Users results in greater equity
among data recipients, as Professional Users are categorized as such
based on their employment and participation in financial markets, and
thus, are compensated to participate in the markets. Although Non-
Professional Users too can receive significant financial benefits
through their participation in the markets, the Exchange believes it is
reasonable to charge more for those Users who are more directly engaged
in the markets.
The Exchange next notes it is not required to charge a single User
fee to cover all its available data products, but none-the-less has
opted to not charge for separate User Fees for both feeds since EDGX
Options Top was adopted in January 2018.\22\ However, the Exchange now
wishes to have separate User fees for EDGX Options Top. The Exchange
believes the proposed change is reasonable, equitable and not unfairly
discriminatory as all of EDGX Options data products are purely
optional. Only those Distributors that deem the products to be of
sufficient overall value and usefulness would purchase them for
distribution to Users. Further, Distributors are not required to
distribute, and Users are not required to receive, any one particular
data product and may choose to receive none, one, or several of the
Exchange's market data products. Indeed, less than 25% of the
Exchange's market data subscriptions is for EDGX Options Top.
Additionally, the Exchange is not required to provide any fee waiver to
Distributors of EDGX Options Top. The Exchange believes the proposed
change is equitable and not unfairly discriminatory as it will apply
uniformly to Distributors.
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\22\ See Securities Exchange Act Release No. 82462 (January 8,
2018), 83 FR 1647 (January 12, 2018) (SR-CboeEDGX-2017-010).
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The proposed Enterprise Fee for EDGX Options Top Feed is equitable
and reasonable as the proposed fee could result in a fee reduction for
Distributors with a large number of Professional and Non-Professional
Users. If a Distributors has a smaller number of Professional Users of
EDGX Options Top Data, then it may continue using the per User
structure and benefit from the proposed per EDGX Options Top User Fee
reductions. By reducing prices for recipient firms with a large number
of Professional and Non-Professional Users, the Exchange believes that
more firms may choose to receive and to distribute EDGX Options Top
Data, thereby expanding the distribution of this market data for the
benefit of investors.
The Exchange further believes that the proposed Enterprise Fee is
reasonable because it will simplify reporting for certain recipients
that have large numbers of Professional and Non-Professional Users.
Firms that pay the proposed Enterprise Fee will not have to report the
number of Users on a monthly basis as they currently do, but rather
will only have to count Professional and Non-Professional Users every
six months, which is a significant reduction in administrative burden.
Finally, as described above the Enterprise Fee is entirely optional. A
firm that does not have a sufficient number of Users to benefit from
purchase of the license need not do so.
The Exchange lastly believes the proposed non-substantive
clarifying changes will alleviate potential confusion, thereby removing
impediments to and perfecting the mechanism of a free and open market
and a national market system, and, in general, protecting investors and
the public interest.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change would
result in any burden on competition that is not necessary or
appropriate in furtherance of the purposes of the Act. The Exchange
operates in a highly competitive environment, and its ability to price
top-of-book data is constrained by competition among exchanges that
offer similar data products to their customers. Top-of-book data is
broadly disseminated by competing U.S. options exchanges and through
OPRA. There are therefore a number of alternative products available to
market participants and investors, including products offered by
certain competing exchanges, as well as OPRA. In this competitive
environment potential Distributors are free to choose which competing
product to purchase to satisfy their need for market information.
Often, the choice comes down to price, as market data customers look to
purchase cheaper data products, and quality, as market participants
seek to purchase data that represents significant market liquidity.
The Exchange believes that the proposed fees do not put any market
participants at a relative disadvantage compared to other market
participants. As discussed, the proposed fees would apply to all
similarly situated recipient firms of EDGX Options Top on an equal and
non-discriminatory basis. The Exchange believes the differentiated fees
for Professional and Non-Professional Users of EDGX Options Top is
appropriate given Professional Users are categorized as such based on
their employment and participation in financial markets, and thus, are
compensated to participate in the markets. Non-Professional Users too
can receive significant financial benefits through their participation
in the markets, however the Exchange believes it is reasonable to
charge more to those Users who are more directly engaged in the
markets. The Exchange therefore believes that the proposed fee neither
favors nor penalizes one or more categories of market participants in a
manner that would impose an undue burden on competition.
The Exchange believes that the proposed fees do not impose a burden
on competition or on other SROs that is not necessary or appropriate in
furtherance of the purposes of the Act. In particular, market
participants are not forced to subscribe to EDGX Options Top Data, or
any of the Exchange's data feeds, as described above. As noted, the
quote and last sale data contained in the Exchange's EDGX Options Top
feed is identical to the data sent to OPRA for redistribution to the
public. Accordingly, Exchange top-of-book data is therefore widely
available today from a number of different sources.
Because market data customers can find suitable substitute feeds,
an exchange that overprices its market data products stands a high risk
that users may substitute another product. These competitive pressures
ensure that no one exchange's market data fees can impose an undue
burden on competition, and the Exchange's proposed fees do not do so
here.
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 \23\ and paragraph (f) of Rule 19b-4 \24\
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
[[Page 16691]]
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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\23\ 15 U.S.C. 78s(b)(3)(A).
\24\ 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#fc8e899099d19f9391919992888fbc8f999fd29b938a"><span class="__cf_email__" data-cfemail="5e2c2b323b733d3133333b302a2d1e2d3b3d70393128">[email protected]</span></a>. Please include
File Number SR-CboeEDGX-2023-020 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-CboeEDGX-2023-020. 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-CboeEDGX-2023-020 and should be
submitted on or before April 10, 2023.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\25\
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\25\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-05535 Filed 3-17-23; 8:45 am]
BILLING CODE 8011-01-P
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