Notice2023-10813
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
May 22, 2023
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 88 Issue 98 (Monday, May 22, 2023)</title>
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[Federal Register Volume 88, Number 98 (Monday, May 22, 2023)]
[Notices]
[Pages 32809-32813]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-10813]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-97513; File No. SR-CboeBZX-2023-033]
Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
Its Fee Schedule
May 16, 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 May 1, 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'') 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 applicable to its
equities trading platform (``BZX Equities'') by: (1) introducing a new
Add Volume Tier; (2) introducing a new Non-Displayed Add Volume Tier;
(3) eliminating Step-Up Tiers 1 and 4 and the Non-Displayed Step Up
Tier; and (4) reducing the enhanced rebates associated with certain fee
codes. The Exchange proposes to implement these changes effective May
1, 2023.\3\
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\3\ The Exchange initially filed the proposed fee changes on May
1, 2023 (SR-CboeBZX-2023-032). On May 1, 2023, the Exchange withdrew
that filing and submitted this proposal.
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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 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
Securities Exchange Act of 1934 (the ``Act''), to
[[Page 32810]]
which market participants may direct their order flow. Based on
publicly available information,\4\ no single registered equities
exchange has more than 16% 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. Currently, for orders in securities priced at
or above $1.00, the Exchange provides a standard rebate of $0.00160 per
share for orders that add liquidity and assesses a fee of $0.0030 per
share for orders that remove liquidity.\5\ For orders in securities
priced below $1.00, the Exchange provides a standard rebate of $0.00009
per share for orders that add liquidity and assesses a fee of 0.30% of
the total dollar value for orders that remove liquidity.\6\
Additionally, in response to the competitive environment, the Exchange
also offers tiered pricing which provides Members 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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\4\ See Cboe Global Markets, U.S. Equities Market Volume
Summary, Month-to-Date (April 21, 2023), available at <a href="https://www.cboe.com/us/equities/market_statistics/">https://www.cboe.com/us/equities/market_statistics/</a>.
\5\ See BZX Equities Fee Schedule, Standard Rates.
\6\ Id.
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Add/Remove Volume Tiers
Under footnote 1 of the Fee Schedule, the Exchange currently offers
various Add/Remove Volume Tiers. In particular, the Exchange offers six
Add Volume Tiers, that each provide an enhanced rebate for Members'
qualifying orders yielding fee codes B,\7\ V,\8\ or Y,\9\ where a
Member reaches certain add volume-based criteria. The Exchange now
proposes to introduce a seventh Add Volume Tier. The proposed criteria
of Add Volume Tier 7 is as follows:
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\7\ Fee code B is appended to displayed orders adding liquidity
to BZX in Tape B securities.
\8\ Fee code V is appended to displayed orders adding liquidity
to BZX in Tape A securities.
\9\ Fee code Y is appended to displayed orders adding liquidity
to BZX in Tape C securities.
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<bullet> Proposed Tier 7 will provide a rebate of $0.0031 per share
for securities priced above $1.00 to qualifying orders (i.e., orders
yielding fee codes B, V, or Y) where a Member has an ADAV \10\ as a
percentage of TCV \11\ >=0.40%; and Member adds an ADV \12\ >=0.05% of
the TCV for Non-Displayed orders that yield fee codes HB,\13\ HI,\14\
HV \15\ or HY; \16\ and Member has a Tape B ADAV >=0.65% of the Tape B
TCV.
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\10\ ``ADAV'' means average daily added volume calculated as the
number of shares added per day. ADAV is calculated on a monthly
basis.
\11\ ``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.
\12\ ``ADV'' means average daily volume calculated as the number
of shares added or removed, combined, per day. ADV is calculated on
a monthly basis.
\13\ Fee code HB is appended to non-displayed orders adding
liquidity to BZX in Tape B securities.
\14\ Fee code HI is appended to non-displayed orders adding
liquidity to BZX that receive price improvement.
\15\ Fee code HV is appended to non-displayed orders adding
liquidity to BZX in Tape A securities.
\16\ Fee code HY is appended to non-displayed orders adding
liquidity to BZX in Tape C securities.
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Also under footnote 1 of the Fee Schedule, the Exchange currently
offers five Non-Displayed Add Volume Tiers, that each provide an
enhanced rebate for Members' qualifying orders yielding fee codes HB,
HV or HY, where a Member reaches certain non-displayed add volume-based
criteria. The Exchange now proposes to add a sixth Non-Displayed Add
Volume Tier. The proposed criteria of Non-Displayed Add Volume Tier 6
is as follows:
<bullet> Proposed Non-Displayed Add Volume Tier 6 will provide a
rebate of $0.0025 per share for securities priced above $1.00 to
qualifying orders (i.e., orders yielding fee codes HB, HV or HY) where
a Member has an ADAV as a percentage of TCV >=0.40%; and Member adds an
ADV >=0.05% of the TCV for Non-Displayed orders that yield fee codes
HB, HI, HV or HY; and Member has a Tape B ADAV >=0.65% of the Tape B
TCV.
The Exchange notes that its proposal to introduce a new Add Volume
Tier 7 and a new Non-Displayed Add Volume Tier 6 is designed to provide
Members with additional ways in which to receive an enhanced rebate if
certain criteria are satisfied. The Exchange believes that by
introducing proposed Add Volume Tier 7 and Non-Displayed Add Volume
Tier 6, Members are incentivized to add both displayed and non-
displayed volume 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.
Step-Up Tiers
Under footnote 2 of the Fee Schedule, the Exchange currently offers
four Step-Up Tiers that each provide an enhanced rebate for Members'
qualifying orders yielding fee codes B, V, and Y, where a Member
reaches certain add volume-based criteria, including ``growing'' its
volume over a certain baseline month. The Exchange is proposing to
discontinue Step-Up Tiers 1 and 4, as no Members have satisfied the
criteria within the past six months and the Exchange no longer wishes
to, nor is required to, maintain such tier. More specifically, the
proposed change removes these tiers as the Exchange would rather
redirect future resources and funding into other programs and tiers
intended to incentivize increased order flow.
Also under footnote 2 of the Fee Schedule, the Exchange currently
offers a Non-Displayed Step Up tier that provides an enhanced rebate
for Members' qualifying orders yielding fee codes HB, HV, and HY, where
a Member reaches certain non-displayed add volume-based criteria,
including ``growing'' its volume over a certain baseline month. The
Exchange is proposing to discontinue the Non-Displayed Step Up Tier, as
no Members have satisfied the criteria since its introduction and the
Exchange no longer wishes to, nor is required to, maintain such tier.
More specifically, the proposed change removes this tier as the
Exchange would rather redirect future resources and funding into other
programs and tiers intended to incentivize increased order flow.
Fee Codes and Associated Fees
Currently, fee codes HB, HV, and HY are appended to non-displayed
orders that add liquidity and receive an enhanced rebate of $0.00100
per share. The Exchange now proposes to reduce the amount of the
enhanced rebate from $0.00100 per share to $0.00080 per share for
orders appended with fee codes HB, HV, or HY. The purpose of lowering
the rebate associated with orders appended with fee codes HB, HV, or HY
is for business and competitive reasons, as the Exchange believes that
reducing such rebate as proposed would decrease the Exchange's
expenditures with respect to transaction pricing in a manner that is
still consistent with the Exchange's overall pricing philosophy of
encouraging added liquidity. The Exchange notes that despite the modest
decrease of the rebate associated with fee codes HB, HV, and HY, the
lower rebate remains competitive and is in-line with the enhanced
rebate paid to
[[Page 32811]]
non-displayed orders adding liquidity on other exchanges, including the
Exchange's affiliate exchange.\17\
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\17\ See e.g., EDGX Equities Fee Schedule, Fee Codes and
Associated Fees.
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2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Act and the rules and regulations thereunder applicable to the
Exchange and, in particular, the requirements of section 6(b) of the
Act.\18\ Specifically, the Exchange believes the proposed rule change
is consistent with the section 6(b)(5) \19\ 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) \20\ requirement that the rules of
an exchange not be designed to permit unfair discrimination between
customers, issuers, brokers, or dealers as well as section 6(b)(4) \21\
as it is designed to 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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\18\ 15 U.S.C. 78f(b).
\19\ 15 U.S.C. 78f(b)(5).
\20\ Id.
\21\ 15 U.S.C. 78f(b)(4).
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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 proposal to adopt Add
Volume Tier 7 and Non-Displayed Add Volume Tier 6 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, the Exchange notes that relative volume-based
incentives and discounts have been widely adopted by exchanges,\22\
including the Exchange,\23\ 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. 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.
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\22\ See e.g., EDGX Equities Fee Schedule, Footnote 1, Add/
Remove Volume Tiers.
\23\ See e.g., BZX Equities Fee Schedule, Footnote 1, Add/Remove
Volume Tiers.
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In particular, the Exchange believes its proposal to adopt Add
Volume Tier 7 and Non-Displayed Add Volume Tier 6 is reasonable because
the revised tiers will be available to all Members and provide all
Members with an additional opportunity to receive an enhanced rebate or
a reduced fee. The Exchange further believes the proposed Add Volume
Tier 7 and Non-Displayed Add Volume Tier 6 will provide a reasonable
means to encourage liquidity adding displayed orders and liquidity
adding non-displayed orders, respectively, in Members' order flow to
the Exchange and to incentivize Members to continue to provide
liquidity adding volume to the Exchange by offering them an additional
opportunity to receive an enhanced rebate or reduced fee on qualifying
orders. An overall increase in activity would deepen the Exchange's
liquidity pool, offers additional cost savings, support the quality of
price discovery, promote market transparency and improve market
quality, for all investors.
The Exchange believes that its proposal to eliminate Step-Up Tiers
1 and 4 and the Non-Displayed Step Up Tier is reasonable because the
Exchange is not required to maintain these tiers or provide Members an
opportunity to receive enhanced rebates. The Exchange believes the
proposal to eliminate these tiers is also equitable and not unfairly
discriminatory because it applies to all Members (i.e., the tiers will
not be available for any Member). The Exchange notes that no Members
have satisfied the criteria of Step-Up Volume Tier 4 in any of the past
six months. While certain Members have recently satisfied the criteria
of Step-Up Volume Tier 1 and the Non-Displayed Step Up Tier, the
Exchange believes these Members will have the opportunity to receive
enhanced rebates under other tiers offered by the Exchange. The
Exchange also notes that the proposed rule change to remove these tiers
merely results in Members not receiving an enhanced rebate, which, as
noted above, the Exchange is not required to offer or maintain.
The Exchange believes that the proposed introduction of Add Volume
Tier 7 and Non-Displayed Add Volume Tier 6 are reasonable as they do
not represent a significant departure from the criteria currently
offered in the Fee Schedule. The Exchange also believes that the
proposal represents an equitable allocation of fees and rebates and is
not unfairly discriminatory because all Members will be eligible for
the proposed new tiers and have the opportunity to meet the tiers'
criteria and receive the corresponding enhanced rebate 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 this
proposed rule change would definitely result in any Members qualifying
the new proposed tiers. While the Exchange has no way of predicting
with certainty how the proposed changes will impact Member activity,
based on the prior months volume, the Exchange anticipates that at
least one Member will be able to satisfy proposed Add Volume Tier 7 and
at least two Members will be able to satisfy proposed Non-Displayed Add
Volume Tier 6. The Exchange also notes that proposed changes will not
adversely impact any Member's ability to qualify for 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. Furthermore, the proposed rule change to eliminate
Step-Up Tier 4 enables the Exchange to redirect resources and funding
into other programs and tiers intended to incentivize increased order
flow.
In addition, the Exchange believes that its proposal to reduce the
enhanced rebate associated with fee codes HB, HV, and HY is reasonable,
equitable, and consistent with the Act because such change is designed
to decrease the Exchange's expenditures with respect to transaction
pricing in order to offset some of the costs associated with the
Exchange's current pricing structure, which provides various rebates
for liquidity-adding orders, and the Exchange's operations generally,
in a manner that is consistent with the Exchange's overall pricing
philosophy of encouraging adding liquidity. The proposed lower enhanced
rebate ($0.00080 per share) is reasonable and appropriate because it
represents only a modest decrease from the current enhanced rebate
($0.00100 per share) and remains competitive with rebates offered by
other exchanges, including
[[Page 32812]]
the Exchange's affiliate exchange.\24\ The Exchange further believes
that the proposed reduction of the enhanced rebate associated with fee
codes HB, HV, and HY is not unfairly discriminatory because it applies
to all Members equally, in that all Members will receive the lower
rebate if their orders are appended with fee code HB, HV, or HY.
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\24\ Supra note 16.
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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. Rather, as discussed above,
the Exchange believes that the proposed changes would encourage the
submission of additional order flow to a public exchange, thereby
promoting market depth, execution incentives and enhanced execution
opportunities, as well as price discovery and transparency for all
Members. As a result, the Exchange believes that the proposed changes
further the Commission's goal in adopting Regulation NMS of fostering
competition among orders, which promotes ``more efficient pricing of
individual stocks for all types of orders, large and small.''
The Exchange believes the proposed rule changes do not impose any
burden on intramarket competition that is not necessary or appropriate
in furtherance of the purposes of the Act. Particularly, the proposed
introduction of Add Volume Tier 7 and Non-Displayed Add Volume Tier 6
will apply to all Members equally in that all Members are eligible for
each of the Tiers, have a reasonable opportunity to meet the Tiers'
criteria and will receive the enhanced rebate on their qualifying
orders if such criteria are met. In addition, the proposed change to
eliminate Step-Up Tiers 1 and 4 and the Non-Displayed Step Up Tier and
the proposed reduction of the enhanced rebate associated with fee codes
HB, HV, and HY will not impose any burden on intramarket competition
because the changes apply to all Members uniformly, as in, the tiers
will no longer be available to any Member and all Members will be
subject to the lower enhanced rebate for orders appended with fee code
HB, HV, or HY. The Exchange does not believe the proposed changes
burden competition, but rather, enhances competition as it is intended
to increase the competitiveness of BZX by adopting pricing incentives
in order to attract order flow and incentivize participants to increase
their participation on the Exchange, providing for additional execution
opportunities for market participants and improved price transparency.
Greater overall order flow, trading opportunities, and pricing
transparency benefits 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.
Next, the Exchange believes the proposed rule changes 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 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 16% of the market share.\25\ 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.'' \26\ 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' . . . .''.\27\ 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.
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\25\ Supra note 3.
\26\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496, 37499 (June 29, 2005).
\27\ 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 \28\ and paragraph (f) of Rule 19b-4 \29\
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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\28\ 15 U.S.C. 78s(b)(3)(A).
\29\ 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#483a3d242d652b2725252d263c3b083b2d2b662f273e"><span class="__cf_email__" data-cfemail="4d3f382128602e2220202823393e0d3e282e632a223b">[email protected]</span></a>. Please include
File Number SR-CboeBZX-2023-033 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.
[[Page 32813]]
All submissions should refer to File Number SR-CboeBZX-2023-033. 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. Do not include
personal identifiable information in submissions; you should submit
only information that you wish to make available publicly. We may
redact in part or withhold entirely from publication submitted material
that is obscene or subject to copyright protection. All submissions
should refer to File Number SR-CboeBZX-2023-033, and should be
submitted on or before June 12, 2023.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\30\
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\30\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-10813 Filed 5-19-23; 8:45 am]
BILLING CODE 8011-01-P
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