Notice2023-05539
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
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 16704-16708]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-05539]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-97138; File No. SR-CboeBZX-2023-016]
Self-Regulatory Organizations; Cboe BZX 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 February 28, 2023, Cboe BZX Exchange, Inc. (``Exchange'' or ``BZX'')
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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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.
[[Page 16705]]
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend its fees Fee Schedule to modify its
market data fees for BZX Options Top.\3\ Particularly, the Exchange
proposes to modify the Professional and Non-Professional User Fees,
modify the Enterprise Fee for BXZ Options Top and make other
clarifying, non-substantive changes.\4\
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\3\ BZX 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-CboeBZX-2023-001). On February 28, 2023, the
Exchange withdrew that filing and submitted this proposal.
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The Exchange first proposes to reduce the rates for Professional
and Non-Professional User fees for BZX Options Top. The Exchange
currently charges Internal Distributors and External Distributors that
redistribute any of the BZX 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 $30.00 per
User and a monthly fee of $1.00 per Non-Professional User.\7\ One User
fee allows access to the BZX Options Top Feed and the BZX Options Depth
Feed.\8\ The Exchange proposes to reduce the rates for the User fees
for BZX Options Top. Particularly, the Exchange proposes to reduce the
monthly (i) Professional User fee from $30 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 BZX
Options Top and BZX Options Depth Feed. The Exchange therefore proposes
to eliminate the language under the BZX Options Top table and BZX
Options Depth Feed table that states one User fee allows access to the
BZX Options Top Feed and the BZX Options Depth Feed.\9\
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\5\ A Professional User of an Exchange Market Data product is
any User other than a 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 BZX Options Data are required to
count every Professional User and Non-Professional User to which
they provide the data feed(s).
\8\ BZX Options Depth is an uncompressed data feed that offers
depth of book quotations and execution information based on options
orders entered into the System.
\9\ The Exchange is not proposing any changes to the current
User Fee amounts for BZX Options Depth Feed at this time.
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The Exchange next proposes to increase the current monthly
Enterprise Fee. The Enterprise Fee permits a recipient firm (i.e., a
Distributor) to purchase a monthly (and optional) Enterprise license to
receive the BZX Options Top Feed for distribution to an unlimited
number of Professional and Non-Professional Users.\10\ The Enterprise
Fee is an alternative to Professional and Non-Professional User fees
and permits a Distributor to pay a flat fee for unlimited number of
Professional and Non-Professional Users. Like User fees, it is also
assessed in addition to the Distribution Fee.\11\ Currently, the
Exchange assesses an Enterprise Fee of $3,500 per month. The Exchange
proposes to increase the Enterprise Fee to $20,000 per month. For
example, if a Distributor distributes BZX Options Top to 15,000
Professional Users who each receive BZX Options Top at $5.00 per month
(as proposed), then that Distributor will pay $75,000 per month in
Professional Users fees. Under the proposed Enterprise Fee, it will 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 BZX Options Top if it
wishes for such User to be covered by the Enterprise Fee rather than by
per User fees.\12\ A Distributor that pays the Enterprise Fee will not
have to report its number of such Users on a monthly basis. However,
every six months, it must provide the Exchange with a count of the
total number of Professional and Non-Professional Users of BZX Options
Top.\13\
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\10\ The Exchange proposes to amend the description relating to
the Enterprise Fees under the BZX Options Top and Depth fee tables
to clarify that Distributors are the market participant that would
be purchasing the monthly Enterprise license for purposes of
distribution to Professional and Non-Professional Users.
\11\ The Exchange also proposes to clarify in the descriptions
relating to the Enterprise Fees that (i) it is an alternative to
``Professional and Non-Professional'' User fees and (ii) is in
addition to the Distribution Fee.
\12\ For example, if a Distributor that distributes BZX 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.
\13\ See Cboe Global Markets North American Data Policies.
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The Exchange lastly proposes to add references to ``Depth'' in the
description of the Distribution Fees and Enterprise Fee under the BZX
Options Depth Feed table to clarify which data feed such fees currently
applies to, thereby alleviating potential confusion. The Exchange also
proposes to replace references to ``Recipient firm'' with
``Distributors'' to more accurately reflect the type of market
participants the fees are applicable to, thereby alleviating potential
confusion. Lastly, the Exchange 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 Exchange's affiliates Cboe
Exchange, Inc. and Cboe C2 Exchange, Inc.\14\
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\14\ 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.\15\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \16\ 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
[[Page 16706]]
Section 6(b)(4) of the Act,\17\ 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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\15\ 15 U.S.C. 78f(b).
\16\ 15 U.S.C. 78f(b)(5).
\17\ 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.\18\
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.\19\ 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 BZX
Options Top Feed. Further, the quote and last sale data contained in
the BZX Options Top Feed is identical to the data sent to OPRA for
redistribution to the public.\20\ Accordingly, Exchange top-of-book
data is widely available today from a number of different sources.
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\18\ 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>.
\19\ 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.
\20\ The Exchange notes that it makes available the top-of-book
and last sale data that is included in the BZX Options Top Data Feed
no earlier than the time at which the Exchange sends that data to
OPRA.
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Moreover, the BZX 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 \21\ 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.\22\ As such,
all proprietary data feeds are optional.
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\21\ ``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.
\22\ 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.'' \23\ 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 BZX Options Top
Data.
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\23\ 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 BZX 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.\24\
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\24\ 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 still lower at $35 per
Professional User (i.e., $5 per Professional Users of BZX Options
Top, as proposed, and $30 per Professional User of BZX Options
Depth). The Exchange's combined Non-Professional User Fee at $1.10
per Non-Professional User (i.e., $0.10 per Non-Professional User of
BZX Options Top, as proposed, and $1 per Non-Professional User of
BZX Options Depth) 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
recipient firms and Users. The Exchange also believes continuing to
offer BZX Options Top Data to Non-Professional 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 to 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 not
charged separate User Fees for both BZX Options Top and BZX Options
Depth since BZX Options Top was adopted in March 2018.\25\ However, the
Exchange no longer wishes to continue to have a single fee. The
Exchange believes the proposed change is reasonable, equitable and not
unfairly discriminatory as the Top and Book Depth Data Feeds are purely
optional. Only those Distributors that deem the products to be of
sufficient overall value and usefulness would purchase them for
purposes of distribution to Users.
[[Page 16707]]
Further, Distributors are not required to distribute, and Users are not
required to receive, any one particular data product and indeed 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 BZX Options Top. Additionally, the Exchange is not
required to provide any fee waiver to Distributors of BZX 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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\25\ See Securities Exchange Act Release No. 82874 (March 14,
2018), 83 FR 12210 (March 20, 2018) (SR-CboeBZX-2018-017).
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The proposed increased Enterprise Fee for BZX Options Top Feed is
equitable and reasonable as the proposed fee could still result in a
fee reduction for Distributors with a large number of Professional and
Non-Professional Users. If a Distributor has a smaller number of
Professional Users of BZX Options Top, then it may continue using the
per User structure and benefit from the proposed per BZX Options Top
User Fee reductions. By reducing prices Distributors with a large
number of Professional and Non-Professional Users, the Exchange
believes that more firms may choose to receive and to distribute BZX
Options Top Data, thereby expanding the distribution of this market
data for the benefit of investors. The Exchange notes that currently no
Distributors have purchased an Enterprise license. The Exchange
believes however, that the proposed lower User fees for BZX Options Top
may incentivize additional External Distributors to distribute BZX
Options Top an enlist additional Users. As noted, as a Distributor's
User base grows, it may make sense for a Distributor to purchase the
alternative Enterprise license to cap its fees. In connection with this
potential increase in Users, the Exchange believes it is therefore also
reasonable to increase the Enterprise Fee. That said, 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 further believes that the Enterprise Fee, even as
amended, is reasonable because it simplifies reporting for certain
recipients that have large numbers of Professional and Non-Professional
Users. Firms that pay the proposed Enterprise Fee do have to report the
number of Users on a monthly basis as they currently do, but rather
only have to count authorized users every six months, which is a
significant reduction in administrative burden.
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 Distributors of BZX Options Top on an equal and non-
discriminatory basis. The Exchange believes the differentiated fees for
Professional and Non-Professional Users of BZX 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 for 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 BZX Options Top, or any of
the Exchange's data feeds, as described above. Also as described above,
there are numerous substitute products offered by other national
securities exchanges, as well as OPRA. 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 \26\ and paragraph (f) of Rule 19b-4 \27\
thereunder. At any time within 60 days of the filing of the proposed
rule change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission will institute proceedings to
determine whether the proposed rule change should be approved or
disapproved.
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\26\ 15 U.S.C. 78s(b)(3)(A).
\27\ 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
[[Page 16708]]
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#c6b4b3aaa3eba5a9ababa3a8b2b586b5a3a5e8a1a9b0"><span class="__cf_email__" data-cfemail="becccbd2db93ddd1d3d3dbd0cacdfecddbdd90d9d1c8">[email protected]</span></a>. Please include
File Number SR-CboeBZX-2023-016 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-2023-016. 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-2023-016 and should be submitted
on or before April 10, 2023.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\28\
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\28\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-05539 Filed 3-17-23; 8:45 am]
BILLING CODE 8011-01-P
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