Notice2023-16504
Self-Regulatory Organizations; Cboe BYX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 11.9(f) To Allow Match Trade Prevention Between Users That Access the Exchange With Both a Direct Connection and Sponsored Access
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
August 3, 2023
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 88 Issue 148 (Thursday, August 3, 2023)</title>
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[Federal Register Volume 88, Number 148 (Thursday, August 3, 2023)]
[Notices]
[Pages 51379-51383]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-16504]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-98019; File No. SR-CboeBYX-2023-012]
Self-Regulatory Organizations; Cboe BYX Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
Rule 11.9(f) To Allow Match Trade Prevention Between Users That Access
the Exchange With Both a Direct Connection and Sponsored Access
July 28, 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 July 26, 2023, Cboe BYX Exchange, Inc. (the ``Exchange'' or ``BYX'')
filed with the Securities and Exchange Commission (``Commission'') the
proposed rule change as described in Items I and II below, which Items
have been prepared by the Exchange. The Exchange filed the proposal as
a ``non-controversial'' proposed rule change pursuant to section
19(b)(3)(A)(iii) of the Act \3\ and Rule 19b-4(f)(6) thereunder.\4\ 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.
\3\ 15 U.S.C. 78s(b)(3)(A)(iii).
\4\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Cboe BYX Exchange, Inc. (the ``Exchange'' or ``BYX'') proposes to
amend Exchange Rule 11.9(f) (``Match Trade Prevention (``MTP'')
Modifiers'') to permit individual firms with Users that access the
Exchange through a direct connection and also access the Exchange
through Sponsored Access to enable Match Trade Prevention at the firm
level. 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/byx/">http://markets.cboe.com/us/equities/regulation/rule_filings/byx/</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 Rule 11.9(f) (``Match Trade
Prevention (``MTP'') Modifiers'') to add the term ``Multiple Access
identifier'' to the definition of ``Unique Identifier'' while also
codifying how a User may utilize the Multiple Access identifier. Adding
a Multiple Access identifier to MTP functionality on the Exchange would
allow Users that electronically access the Exchange via their own
Membership and Exchange connection(s), as well as Sponsored
Participants \5\ that access the Exchange via a Sponsored Access \6\
arrangement, to enable MTP at the firm level, in addition to the
current MTP functionality based on market participant identifier
(``MPID''), Exchange Member identifier, trading group identifier,
Exchange Sponsored Participant identifier, or affiliate identifier (any
such existing identifier, a ``Unique Identifier'').\7\
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\5\ See Exchange Rule 1.5(x). The term ``Sponsored Participant''
shall mean a person which has entered into a sponsorship arrangement
with a Sponsoring Member pursuant to Rule 11.3.
\6\ See Exchange Rule 11.3(a). ``Sponsored Access'' shall mean
``an arrangement whereby a Member permits its customer to enter
orders into the System that bypass the Member's trading system and
are routed directly to the Exchange, including routing through a
service bureau or other third-party technology provider.''
\7\ See Exchange Rule 11.9(f).
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Currently, the Exchange's MTP functionality prevents certain contra
side orders entered by a User \8\ from executing, provided that each
order has been marked with the same Unique Identifier.\9\ MTP
functionality is currently available only to individual or affiliated
Users on the Exchange and cannot be enabled by Users who choose
[[Page 51380]]
to access the Exchange through both a direct connection as well as
through a Sponsored Access arrangement because such Users do not have
the same Unique Identifier.
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\8\ See Exchange Rule 1.5(cc). ``User'' is defined as ``any
Member or Sponsored Participant who is authorized to obtain access
to the System pursuant to Rule 11.3.'' The ``System'' is ``the
electronic communications and trading facility designated by the
Board through which securities orders of Users are consolidated for
ranking, execution and, when applicable, routing away.'' See
Exchange Rule 1.5(aa). The term ``Member'' means any registered
broker or dealer that has been admitted to membership in the
Exchange. See Exchange Rule 1.5(n).
\9\ Supra note 7.
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As noted above, there are currently five Unique Identifiers that a
User may choose from when submitting an order subject to MTP: (i) MPID;
\10\ (ii) Exchange Member identifier; (iii) trading group identifier;
(iv) Exchange Sponsored Participant identifier, and (v) affiliate
identifier.\11\ MTP functionality is optional for Users and is not
automatically implemented by the Exchange. Both the buy and the sell
order must include the same Unique Identifier in order to prevent an
execution from occurring and to effect a cancel instruction.
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\10\ An MPID is a four-character unique identifier that is
approved by the Exchange and assigned to a Member for use on the
Exchange to identify the Member firm on the orders sent to the
Exchange and resulting executions.
\11\ Supra note 7.
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For example, a User who enables MTP functionality using the MPID
Unique Identifier will prevent contra side executions between the same
MPID from occurring. A User who enables MTP using the Exchange Member
Unique Identifier would prevent contra side executions between any MPID
associated with that User and not just a single MPID. The trading group
Unique Identifier permits Users to prevent matched trades amongst
traders or desks within a certain firm but allows orders from outside
such group or desk to interact with other firm orders. Users who enable
MTP functionality using the Exchange Sponsored Participant Unique
Identifier will prevent matched trades between contra side orders with
an identical Sponsored Participant identifier. The affiliate identifier
is a Unique Identifier that permits MTP to be enabled by firms with a
control relationship. The affiliate identifier is only available to
Users where: (i) greater than 50% ownership is identified in a User's
Form BD; and (ii) the Users execute an affidavit stating that a control
relationship exists between the two Users. The Exchange is not
proposing any change in functionality for the current Unique
Identifiers described above.
The Exchange now proposes to amend Rule 11.9(f) and enhance its
existing MTP functionality by introducing a sixth Unique Identifier,
Multiple Access identifier, which will allow a User to prevent orders
entered via its direct connection from interacting with the User's
orders entered via Sponsored Access. Currently, MTP is only available
to individual and affiliated Users. However, there are certain
situations (discussed infra) in which an individual firm may access the
Exchange through different methods (i.e., through a direct connection
and through Sponsored Access) and therefore desires to enable MTP in
order to prevent orders submitted through its direct connection from
interacting with those orders submitted through Sponsored Access.
The Multiple Access identifier is similar to the affiliate
identifier that is already in place, as it will enable firms that
currently enter orders on the Exchange under two different Unique
Identifiers to assign the same Unique Identifier to orders entered via
its direct connection and to orders entered via Sponsored Access. This
will permit the firm to enable MTP and prevent contra side orders from
executing. While the affiliate identifier requires Users to prove that
an affiliate relationship exists between the two Users,\12\ the
proposed Multiple Access identifier will only require a User to
demonstrate: (i) it maintains a Membership on the Exchange through
which it directly submits orders to the System; and (ii) it also
operates as a Sponsored Participant and submits orders to the System
through Sponsored Access. The proposed addition of the Multiple Access
identifier does not present any new or novel MTP functionality, but
rather would extend existing MTP functionality to firms that already
access the Exchange through multiple formats and therefore have
different Unique Identifiers appended to their orders.
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\12\ See Exchange Rule 11.9(f). See also 17 CFR 230.405. An
affiliate of, or person affiliated with, a specified person, is a
person that directly, or indirectly through one or more
intermediaries, controls or is controlled by, or is under common
control with, the person specified.
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By way of example, there are situations where an individual firm
would choose to submit orders to the Exchange through different
mechanisms. For instance, a firm may employ different trading
strategies across different trading desks and choose to send orders for
one strategy to the Exchange through a direct connection while the
other strategy is sent through Sponsored Access. The proposed
functionality would serve as an additional tool that Users may enable
in order to assist with compliance with the various securities laws
relating to potentially manipulative trading activity such as wash
sales \13\ and self-trades.\14\ Additionally, the proposed
functionality would provide firms an additional solution to manage
order flow by preventing undesirable executions where the firm submits
orders in multiple formats (i.e., direct connection or Sponsored
Access). As is the case with the existing risk tools, Users, and not
the Exchange, have full responsibility for ensuring that their orders
comply with applicable securities rules, laws, and regulations.
Furthermore, as is the case with the existing risk settings, the
Exchange does not believe that the use of the proposed MTP
functionality can replace User-managed risk management solutions.
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\13\ A ``wash sale'' is generally defined as a trade involving
no change in beneficial ownership that is intended to produce the
false appearance of trading and is strictly prohibited under both
the federal securities laws and FINRA rules. See, e.g., 15 U.S.C.
78i(a)(1); FINRA Rule 6140(b) (``Other Trading Practices'').
\14\ Self-trades are ``transactions in a security resulting from
the unintentional interaction of orders originating from the same
firm that involve no change in beneficial ownership of the
security.'' FINRA requires members to have policies and procedures
in place that are reasonably designed to review trading activity
for, and prevent, a pattern or practice of self-trades resulting
from orders originating from a single algorithm or trading desk, or
related algorithms or trading desks. See FINRA Rule 5210,
Supplementary Material .02.
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The Exchange is proposing to allow firms that submit orders to the
Exchange through both a direct connection and through Sponsored Access
to utilize MTP by utilizing the Multiple Access identifier.\15\
Specifically, the Exchange is proposing to allow individual firms who
choose to access the System through both a direct connection and
through Sponsored Access to use MTP functionality in order to prevent
executions from occurring between those separate Users that are
associated with the direct connection and Sponsored Access. When a firm
requests MTP using the Multiple Access identifier and the Exchange
confirms that the individual firm is both a Member that accesses the
Exchange through a direct connection and maintains a Sponsored
Participant relationship on the Exchange, the Exchange will assign an
identical Multiple Access identifier to each User. This Multiple Access
identifier will be used to prevent executions between contra side
orders entered by the Users assigned the same Multiple Access
identifier. The purpose of this proposed change is to extend MTP
functionality
[[Page 51381]]
to separate Users originating from the same individual firm in order to
prevent transactions between the firm's orders submitted directly to
the System and through Sponsored Access.
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\15\ The Exchange will require firms requesting to use the
Multiple Access identifier to complete an affidavit stating: (i) it
is currently a Member of the Exchange that submits orders directly
to the System, and (ii) it also submits orders to the System through
a Sponsored Access arrangement.
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To demonstrate how MTP will operate with the proposed Multiple
Access identifier, the Exchange has included examples of potential
scenarios in which MTP may be used by individual Users utilizing the
Multiple Access identifier. For all examples below, User A represents
Firm 1 accessing the System through a direct connection. User B also
represents Firm 1 but where Firm 1 is accessing the System as a
Sponsored Participant through a Sponsoring Member.\16\ User A and User
B will use a Multiple Access identifier of ``A'' when requesting MTP at
the Multiple Access level, as both Users submit Firm 1's orders to the
System. User C is not related to Users A and B and uses a Multiple
Access identifier of ``C''.
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\16\ See Exchange Rule 1.5(y). A ``Sponsoring Member'' shall
mean a broker-dealer that has been issued a membership by the
Exchange who has been designated by a Sponsored Participant to
execute, clear and settle transactions resulting from the System.
The Sponsoring Member shall be either (i) a clearing firm with
membership in a clearing agency registered with the Commission that
maintains facilities through which transactions may be cleared or
(ii) a correspondent firm with a clearing arrangement with any such
clearing firm.
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Multiple Access Level MTP
Scenario 1: User A submits a buy order. User B submits a sell
order. User C also submits a sell order. User A has enabled MTP at the
Multiple Access level using a Multiple Access identifier of A. User B
has enabled MTP at the Multiple Access level using a Multiple Access
identifier of A. User C has not enabled MTP. User A's buy order is
prevented from executing with User B's sell order as each User has
enabled MTP at the Multiple Access level using an Multiple Access
identifier of A. User A's buy order will be permitted to execute with
User C's sell order because User C has not enabled MTP.
Scenario 2: User A submits a buy order. User B submits a sell
order. User C also submits a sell order. User A has enabled MTP at the
Multiple Access level using an Multiple Access identifier of A. User B
has not enabled MTP. User C has enabled MTP at the Multiple Access
level using a Multiple Access identifier of C. User A's order will be
eligible to trade with both User B and User C. User A's order is
eligible to trade with User B because User B did not enable MTP. In
order for MTP to prevent the matching of contra side orders, both the
buy and sell order must contain an MTP modifier. User A's order is also
eligible to trade with User C because even though User A and User C
have both enabled MTP at the Multiple Access level, User A and User C
have been assigned different Multiple Access identifiers.
Scenario 3: User A submits a buy order and a sell order. User B
submits a buy order. User A has enabled MTP at the Multiple Access
level using a Multiple Access identifier of A. User B has enabled MTP
at the Multiple Access level using a Multiple Access identifier of A.
User A's buy order is not eligible to execute with User A's sell order
because User A has enabled MTP at the Multiple Access level using a
Multiple Access identifier of A. User A's sell order is not eligible to
execute with User B's buy order because both User A and User B have
enabled MTP at the Multiple Access level using a Multiple Access
identifier of A.
Scenario 4: User A submits a buy order and a sell order. User B
submits a sell order. User C submits a sell order. User A has enabled
MTP at the Multiple Access level using a Multiple Access identifier of
A. User B has enabled MTP at the Multiple Access level using a Multiple
Access identifier of A. User C has enabled MTP at the Multiple Access
level using a Multiple Access identifier of C. User A's buy order is
not eligible to execute with User A's sell order because User A has
enabled MTP at the Multiple Access level using a Multiple Access
identifier of A. User A's buy order is not eligible to execute with
User B's sell order because both User A and User B have enabled MTP at
the Multiple Access level using a Multiple Access identifier of A. User
A's buy order is eligible to execute with User C's sell order because
while User A and User C have enabled MTP at the Multiple Access level,
User A and User C have been assigned different Multiple Access
identifiers.
The Exchange plans to implement the proposed rule change during the
third quarter of 2023 and will announce the implementation date via
Trade Desk Notice.
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.\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.
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\17\ 15 U.S.C. 78f(b).
\18\ 15 U.S.C. 78f(b)(5).
\19\ Id.
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In particular, the Exchange believes that the proposed Multiple
Access level MTP functionality promotes just and equitable principles
of trade by allowing individual firms to better manage order flow and
prevent undesirable trading activity such as wash sales'' \20\ or self-
trades \21\ that may occur as a result of the velocity of trading in
today's high-speed marketplace. The proposed Multiple Access identifier
and description of eligibility to utilize the proposed Multiple Access
identifier does not introduce any new or novel functionality, as the
proposed amendment does not seek to change the underlying MTP
functionality, but merely extends the current MTP functionality to
another trading relationship. For instance, a User may operate trading
desk 1 that accesses the Exchange via the User's direction connection,
as well as trading desk 2 that access the Exchange as a Sponsored
Participant. While these desks may operate different trading
strategies, a User may desire to prevent these desks from trading
versus each other in the marketplace because the orders are originating
from the same entity. Here, Users may desire MTP functionality on a
Multiple Access level that will help them achieve compliance \22\ with
regulatory rules regarding wash sales and self-trades in a very similar
manner to the way that the current MTP functionality applies on the
existing Unique Identifier level. In this regard, the proposed Multiple
Access level MTP functionality will permit individual firms associated
with different Users for purposes of
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submitting orders to the Exchange in a different manner to prevent the
execution of transactions by and between the Users. The Exchange also
believes that the proposed rule change is fair and equitable and is not
designed to permit unfair discrimination as use of the proposed MTP
functionality is optional, and its use is not a prerequisite for
trading on the Exchange.
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\20\ Supra note 13.
\21\ Supra note 14.
\22\ The Exchange reminds Users that while they may utilize MTP
to help prevent potential transactions such as wash sales or self-
trades, Users, not the Exchange, are ultimately responsible for
ensuring that their orders comply with applicable rules, laws, and
regulations.
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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. MTP is an optional
functionality offered by the Exchange and Users are free to decide
whether to use MTP in their decision-making process when submitting
orders to the Exchange.
The Exchange believes that the proposed Multiple Access identifier
does not impose any intramarket competition as it seeks to enhance an
existing functionality available to all Users. The Exchange is not
proposing to introduce any new or novel functionality, but rather is
proposing to provide an extension of its existing MTP functionality to
individual firms who choose to access the System through both a direct
connection and through Sponsored Access. Additionally, the proposed
rule specifies which Users are eligible to use the Multiple Access
identifier and will be available to any User who satisfies such
criteria. MTP will continue to be an optional functionality offered by
the Exchange and the addition of Multiple Access level MTP will not
change how the current Unique Identifiers and MTP functionality
operate.
The Exchange believes that the proposed Multiple Access identifier
does not impose any undue burden on intermarket competition. MTP is an
optional functionality offered by the Exchange and Users are not
required to use MTP functionality when submitting orders to the
Exchange. Further, the Exchange is not required to offer MTP and is
choosing to do so as a benefit for Users who wish to enable MTP
functionality. Moreover, the proposed change is not being submitted for
competitive reasons, but rather to provide Users enhanced order
processing functionality that may prevent undesirable executions by
affiliated Users such as wash sales or self-trades.
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
Because the foregoing proposed rule change does not: (A)
significantly affect the protection of investors or the public
interest; (B) impose any significant burden on competition; and (C)
become operative for 30 days from the date on which it was filed, or
such shorter time as the Commission may designate, it has become
effective pursuant to section 19(b)(3)(A) of the Act \23\ and Rule 19b-
4(f)(6) \24\ thereunder.
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\23\ 15 U.S.C. 78s(b)(3)(A).
\24\ 17 CFR 240.19b-4(f)(6).
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A proposed rule change filed under Rule 19b-4(f)(6) \25\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\26\ the Commission
may designate a shorter time if such action is consistent with the
protection of investor and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay so that the proposed
rule change may become operative upon filing. The Exchange states that
waiver of the 30-day operative delay will allow the Exchange to
immediately offer its Users that access the Exchange's System through a
direct connection and through Sponsored Access the ability to better
manage order flow and prevent undesirable executions, such as wash
sales and self-trades, in the same manner as Users who currently enable
MTP at the MPID, Exchange Member identifier, trading group identifier,
Exchange Sponsored Participant, or affiliate identifier levels. Because
the proposed rule change does not raise any novel regulatory issues,
the Commission believes that waiving the 30-day operative delay is
consistent with the protection of investors and the public interest.
Therefore, the Commission hereby waives the operative delay and
designates the proposal operative upon filing.\27\
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\25\ 17 CFR 240.19b-4(f)(6).
\26\ 17 CFR 240.19b-4(f)(6)(iii).
\27\ For purposes only of waiving the 30-day operative delay,
the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission will institute proceedings to
determine whether the proposed rule change should be approved or
disapproved.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
<bullet> Use the Commission's internet comment form (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#582a2d343d753b3735353d362c2b182b3d3b763f372e"><span class="__cf_email__" data-cfemail="f381869f96de909c9e9e969d8780b3809690dd949c85">[email protected]</span></a>. Please include
file number
SR-CboeBYX-2023-012 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-CboeBYX-2023-012. 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="https://www.sec.gov/rules/sro.shtml">https://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 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
[[Page 51383]]
withhold entirely from publication submitted material that is obscene
or subject to copyright protection. All submissions should refer to
file number SR-CboeBYX-2023-012 and should be submitted on or before
August 24, 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), (59).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-16504 Filed 8-2-23; 8:45 am]
BILLING CODE 8011-01-P
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