Notice2023-17756
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
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Published
August 18, 2023
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 88 Issue 159 (Friday, August 18, 2023)</title>
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[Federal Register Volume 88, Number 159 (Friday, August 18, 2023)]
[Notices]
[Pages 56681-56685]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-17756]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-98126; File No. SR-CboeBZX-2023-056]
Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
Its Fee Schedule
August 14, 2023.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on August 1, 2023, Cboe BZX Exchange, Inc. (the ``Exchange'' or
``BZX'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been prepared by the Exchange. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Cboe BZX Exchange, Inc. (the ``Exchange'' or ``BZX'') proposes to
amend its Fee Schedule. The text of the proposed rule change is
provided in Exhibit 5.
The text of the proposed rule change is also available on the
Exchange's website (<a href="http://markets.cboe.com/us/options/regulation/rule_filings/bzx/">http://markets.cboe.com/us/options/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
[[Page 56682]]
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, effective August
1, 2023.
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 options venues to which market participants
may direct their order flow. Based on publicly available information,
no single options exchange has more than 16% of the market share.\3\
Thus, in such a low-concentrated and highly competitive market, no
single options exchange, including the Exchange, possesses significant
pricing power in the execution of option order flow. The Exchange
believes that the ever-shifting market share among the exchanges from
month to month demonstrates that market participants can shift order
flow or discontinue to reduce use of certain categories of products, in
response to fee changes. Accordingly, competitive forces constrain the
Exchange's transaction fees, and market participants can readily trade
on competing venues if they deem pricing levels at those other venues
to be more favorable. In response to competitive pricing, the Exchange,
like other options exchanges, offers rebates and assesses fees for
certain order types executed on or routed through the Exchange.
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\3\ See Cboe Global Markets U.S. Options Monthly Market Volume
Summary (July 26, 2023), available at <a href="https://markets.cboe.com/us/options/market_statistics/">https://markets.cboe.com/us/options/market_statistics/</a>.
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The Exchange's fee schedule sets forth standard rebates and rates
applied per contract. For example, the Exchange provides a rebate of
$0.29 per contract for Market Maker orders that add liquidity in Penny
Securities, yielding fee code PM. 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. For
example, the Exchange currently offers four Market Maker Penny Add
Volume Tiers (``MM Penny Add Tier'') under footnote 6 of the Fee
Schedule which provide rebates between $0.31 and $0.43 per contract for
qualifying Market Maker orders which meet certain add liquidity
thresholds and yield fee code PM.
The Exchange proposes to adopt a new MM Penny Add Tier,
specifically a Market Maker Cross-Asset Add Tier, which requires
participation on the Exchange's equity options platform (``BZX
Equities'').\4\ Under the proposed tier, the Exchange would provide a
rebate of $0.38 per contract where a Member (1) has an ADAV \5\ in
Market Maker orders greater than or equal to 0.05% of average OCV; \6\
(2) has on BZX Equities an ADAV greater than or equal to 0.35% of
average TCV; \7\ and (3) is the Lead Market Maker (``LMM'') \8\ on BZX
Equities in at least 50 equity symbols.
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\4\ The Exchange proposes to add this Tier as described in the
table in Footnote 6 and to the amounts of the rebates in the
Standard Rates table.
\5\ ``ADAV'' means average daily added volume calculated as the
number of contracts added.
\6\ ``OCV'' means the total equity and ETF options volume that
clears in the Customer range at the Options Clearing Corporation
(``OCC'') for the month for which the fees apply, excluding volume
on any day that the Exchange experiences an Exchange System
Disruption and on any day with a scheduled early market close.
\7\ ``TCV'' means total consolidated volume calculated as the
volume reported by all exchanges and trade reporting facilities to a
consolidated transaction reporting plan for the month for which the
fees apply.
\8\ ``Lead Market Maker'' means a Market Maker registered with
the Exchange for a particular LMM Security that has committed to
maintain Minimum Performance Standards in the LMM Security. See Rule
11.8(e).
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The Exchange believes the proposed tier, along with the existing
tiers, continues to provide an incremental incentive for Members to
strive for the highest tier levels, which provide increasingly higher
rebates for such transactions. The proposed thresholds include a
threshold relating to ADAV in Market Maker orders and cross-asset
thresholds, which are designed to incentivize Members to achieve
certain levels of participation on both the Exchange's options and
equities platforms. Overall, the proposed enhanced rebate and
corresponding criteria is designed to encourage Members to increase
their order flow, thereby contributing to a deeper and more liquid
market, which benefits all market participants and provides greater
execution opportunities on the Exchange.
Additionally, the Exchange proposes to modify fees associated with
certain routing fee codes. The Exchange assesses fees in connection
with orders routed away to various exchanges. The Fee Schedule
currently lists fee codes and their corresponding transaction fee for
certain Customer orders routed to other options exchanges. Currently,
under the Fee Codes and Associated Fees section of the Fee Schedule,
fee code RP is appended to routed Customer orders to NYSE American
(``AMEX''), BOX Options Exchange (``BOX''), Nasdaq BX Options (``BX''),
Cboe Exchange, Inc. (``Cboe''), Cboe EDGX Exchange, Inc. (``EDGX''),
ISE Mercury, LLC (``ISE Mercury'' or ``MERC''), MIAX Options Exchange
(``MIAX'') or Nasdaq PHLX LLC (``PHLX'') (excluding orders in SPY
options) and assesses a charge of $0.25 per contract; fee code RQ is
appended to routed Customer orders in Penny Program classes to NYSE
Arca, Inc (``ARCA''), Cboe C2 Exchange, Inc. (``C2''), Nasdaq ISE
(``ISE''), ISE Gemini, LLC (``ISE Gemini''), MIAX Emerald Exchange
(``MIAX Emerald''), MIAX Pearl Exchange (``MIAX Pearl''), Nasdaq
Options Market LLC (``NOM'') or PHLX (including orders in SPY options)
and assesses a charge of $0.85 per contract; and fee code RR is
appended to routed Customer orders in Non-Penny classes to ARCA, C2,
ISE, ISE Gemini, MIAX Emerald, MIAX Pearl or NOM and assesses a charge
of $1.25.
The Exchange notes that its current approach to routing fees is to
set forth in a simple manner certain sub-categories of fees that
approximate the cost of routing to other options exchanges based on the
cost of transaction fees assessed by each venue as well as costs to the
Exchange for routing (i.e., clearing fees, connectivity and other
infrastructure costs, membership fees, etc.) (collectively, ``Routing
Costs''). The Exchange then monitors the fees charged as compared to
the costs of its routing services and adjusts its routing fees and/or
sub-categories to ensure that the Exchange's fees do indeed result in a
rough approximation of overall Routing Costs, and are not significantly
higher or lower in any area. The Exchange notes that other options
exchanges currently assess routing fees in a similar manner as the
Exchange's current approach to assessing approximate routing fees.\9\
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\9\ See e.g., MIAX Options Exchange Fee Schedule, Section 1(c),
``Fees for Customer Orders Routed to Another Options Exchange.''
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The Exchange proposes to amend fee code RP to exclude applicable
Customer orders routed to ISE Mercury, LLC (i.e., MERC) \10\ and to
amend fee codes RQ and RR to add applicable Customer
[[Page 56683]]
orders routed to MERC.\11\ The Exchange further proposes to amend fee
codes RQ and RR to add applicable Customer orders routed to MEMX LLC
(``MEMX''), in anticipation of the launch of the new options exchange.
The charges assessed per contract for each fee code remain the same
under the proposed rule change.
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\10\ The Exchange proposes non-substantive changes to fee code
RP to rename ``BX Options'' to ``BX'' and ``EDGX Options'' to
``EDGX.''
\11\ The Exchange proposes non-substantive changes to fee code
RQ to rename ``ISE Gemini'' to ``GMNI'', ``MIAX Emerald'' to
``EMLD'', and ``MIAX Pearl'' to ``PERL.'' The Exchange further
proposes non-substantive changes to fee code RR to rename ``ISE
Gemini'' to ``GMNI'', ``MIAX Emerald'' to ``EMLD'', and ``MIAX
Pearl'' to ``PERL.''
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The proposed changes result in an assessment of fees that,
following fee changes by an away options exchange and in anticipation
of the launch of another options exchange, is more in line with the
Exchange's current approach to routing fees, that is, in a manner that
approximates the cost of routing Customer orders to other away options
exchanges, based on the general cost of transaction fees assessed by
the sub-category of away options exchanges for such orders (as well as
the Exchange's Routing Costs).\12\ The Exchange notes that routing
through the Exchange is optional and that TPHs will continue to be able
to choose where to route applicable Customer orders.
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\12\ See Securities Exchange Act Release No. 97800 (June 26,
2023), 88 FR 42409 (June 30, 2023) (SR-MRX-2023-11).
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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.\13\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \14\ 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) \15\ requirement that the rules of an exchange not be
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers. The Exchange also believes the proposed rule
change is consistent with Section 6(b)(4) of the Act,\16\ which
requires that Exchange rules provide for the equitable allocation of
reasonable dues, fees, and other charges among its Trading Permit
Holders and other persons using its facilities.
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\13\ 15 U.S.C. 78f(b).
\14\ 15 U.S.C. 78f(b)(5).
\15\ Id.
\16\ 15 U.S.C. 78f(b)(4).
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In particular, the Exchange believes the proposed Market Maker
Penny Add Volume Tier is reasonable because it provides additional
opportunities for Members to receive a rebate by providing alternative
criteria for which they can reach. The Exchange notes that volume-based
incentives and discounts have been widely adopted by exchanges,\17\
including the Exchange,\18\ and are reasonable, equitable and non-
discriminatory because they are open to all Members on an equal basis
and provide additional benefits or discounts that are reasonably
related to (i) the value to an exchange's market quality and (ii)
associated higher levels of market activity, such as higher levels of
liquidity provision and/or growth patterns. Additionally, as noted
above, the Exchange operates in a highly competitive market. The
Exchange is only one of several options venues to which market
participants may direct their order flow, and it represents a small
percentage of the overall market. Competing options exchanges offer
similar tiered pricing structures to that of the Exchange, including
schedules of rebates and fees that apply based upon Members achieving
certain volume and/or growth thresholds. These competing pricing
schedules, moreover, are presently comparable to those that the
Exchange provides.
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\17\ See e.g., Cboe EDGX U.S. Options Exchange Fee Schedule,
Footnote 2, Market Maker Volume Tiers, which provide reduced fees
between $0.02 and $0.17 per contract for Market Maker Penny and Non-
Penny orders where Members meet certain volume thresholds.
\18\ See e.g., Cboe BZX U.S. Options Exchange Fee Schedule,
Footnotes 6 and 7, Market Maker Penny and Non-Penny Volume Tiers
which provide enhanced rebates for Market Maker orders where Members
meet certain volume thresholds.
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Moreover, the Exchange believes the proposed MM Penny Add Tier is a
reasonable means to encourage Members to increase their liquidity on
the Exchange and also their participation on BZX Equities. The Exchange
believes that adopting tiers with alternative criteria to the existing
Market Maker Volume Tiers may encourage those Members who could not
previously achieve the criteria under existing Market Maker Volume
Tiers 1 through 4 to increase their order flow on BZX Options and
Equities.
For example, the proposed tiers would provide an opportunity for
Members who have an ADAV in Market Makers Orders of at least 0.05% of
average OCV, but less than the more stringent 0.15% of average OCV (the
requirement under current Tier 1), to receive a higher rebate than they
may currently receive but equal or slightly lower than the rebate they
would receive for reaching the more stringent criteria under current
Tiers 2 through 4, if they also meet the threshold requirements based
on BZX Equities participation. Similarly, for Market Makers that
participate on both BZX Options and Equities, and do not currently meet
the 0.15% ADAV threshold under current Tier 1, but can or do meet the
proposed equities thresholds, the proposed tier may incentivize those
participants to grow their options volume in order to receive enhanced
rebates. Increased liquidity benefits all investors by deepening the
Exchange's liquidity pool, offering additional flexibility for all
investors to enjoy cost savings, supporting the quality of price
discovery, promoting market transparency and improving investor
protection. The Exchange also believes that proposed enhanced rebates
are reasonable based on the difficulty of satisfying the tiers'
criteria and ensures the proposed rebates and thresholds appropriately
reflect the incremental difficulty to achieve the existing MM Penny Add
Tiers. The proposed enhanced rebate amounts also do not represent a
significant departure from the enhanced rebates currently offered under
the Exchange's existing MM Penny Add Tiers. Indeed, the proposed
enhanced rebate amount under the proposed Cross-Asset Add Tier ($0.38)
is incrementally higher than current Tier 1 ($0.31), which the Exchange
believes offer slightly less stringent criteria than the proposed
Cross-Asset Add Tier, but is incrementally lower than the rebate
offered under existing Tiers 3 and 4 ($0.39 and $0.43, respectively),
which the Exchange believes is more stringent than the proposed
criteria under the proposed Cross-Asset Tier. Similarly, the proposed
enhanced rebate amount under proposed tier ($0.38) is the same as
current Tier 2 ($0.38), which the Exchange believes reflects a similar
level of difficulty but using alternative types of criteria. The
Exchange also notes that the proposed rebates remain within the range
of the enhanced rebates offered under the current MM Penny Add Tiers
(i.e., $0.31-$0.43).
The Exchange believes that the proposal represents an equitable
[[Page 56684]]
allocation of fees and is not unfairly discriminatory because it
applies uniformly to all Market Makers. Additionally, a number of
Market Makers have a reasonable opportunity to satisfy the criteria of
the proposed Cross-Asset Add Tier, which the Exchange believes is less
stringent than the existing Market Maker Add Penny Tiers 3 and 4. The
Exchange also believes a number of Market-Makers have a reasonable
opportunity to satisfy the proposed Cross-Asset Add Tier's criteria,
which the Exchange believes has a similar level of difficulty to
current Tier 2 but using alternative types of criteria. While the
Exchange has no way of knowing whether this proposed rule change would
definitively result in any particular Market Maker qualifying for the
proposed tiers, the Exchange anticipates that approximately six Market
Makers will be able to compete for and achieve the proposed criteria of
the proposed Cross-Asset Add Tier; however, the proposed tiers are open
to any Market-Maker that satisfies the applicable tier's criteria. The
Exchange believes the proposed tiers could provide an incentive for
other Members to submit additional liquidity on BZX Options and
Equities to qualify for the proposed enhanced rebates. To the extent a
Member participates on the Exchange but not on BZX Equities, the
Exchange does believe that the proposal is still reasonable, equitably
allocated and non-discriminatory with respect to such Member based on
the overall benefit to the Exchange resulting from the success of BZX
Equities. Particularly, the Exchange believes such success allows the
Exchange to continue to provide and potentially expand its existing
incentive programs to the benefit of all participants on the Exchange,
whether they participate on BZX Equities or not. The proposed pricing
program is also fair and equitable in that membership in BZX Equities
is available to all market participants, which would provide them with
access to the benefits on BZX Equities provided by the proposed change,
even where a member of BZX Equities is not necessarily eligible for the
proposed enhanced rebates on the Exchange.
The Exchange also notes that it does not believe the proposed tier
will adversely impact any Member's pricing or ability to qualify for
other tiers. Rather, should a Member not meet the proposed criteria,
the Member will merely not receive the proposed enhanced rebate, and
has four alternative choices to aim to achieve under the MM Penny Add
Tiers. Furthermore, the proposed enhanced rebate would apply to all
Members that meet the required criteria under proposed tier.
The Exchange also believes the proposed rule change to amend fee
codes RP, RQ, and RR to account for MERC's current assessment of fees
for Customer orders and MEMX's expected assessment of fees for Customer
orders is reasonable because it is reasonably designed to assess
routing fees in line with the Exchange's current approach to routing
fees. That is, the proposed rule change is intended to include Customer
orders in Penny Program and Non-Penny classes routed to MERC and MEMX
in the most appropriate sub-category of fees that approximates the cost
of routing to a group of away options exchanges based on the cost of
transaction fees assessed by each venue as well as Routing Costs to the
Exchange. As noted 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 proposed rule change
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. The Exchange notes that other options exchanges currently
approximate routing fees in a similar manner as the Exchange's current
approach.\19\ The Exchange believes that the proposed rule change is
equitable and not unfairly discriminatory because all Members' Customer
orders in Penny Program and Non-Penny classes routed to MERC and MEMX
will automatically yield fee codes RQ or RR, respectively, and
uniformly be assessed the corresponding fee.
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\19\ See supra note 9.
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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. The Exchange does not
believe the proposed Market Maker Penny Add Volume Tier will impose any
burden on intramarket competition. Particularly, the proposed change
applies uniformly to all Market Makers. As discussed above, to the
extent a Member participates on the Exchange but not on BZX Equities,
the Exchange notes that the proposed change can provide an overall
benefit to the Exchange resulting from the success of BZX Equities.
Such success enables the Exchange to continue to provide and
potentially expand its existing incentive programs to the benefit of
all participants on the Exchange, whether they participate on BZX
Equities or not. The proposed pricing program is also fair and
equitable in that membership in BZX Equities is available to all market
participants. Additionally, the proposed change is designed to attract
additional order flow to the Exchange and BZX Equities. Greater
liquidity benefits all market participants on the Exchange by providing
more trading opportunities and encourages Members to send orders,
thereby contributing to robust levels of liquidity, which benefits all
market participant. As a result, the Exchange believes that the
proposed change furthers 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.'' \20\
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\20\ Securities Exchange Act Release No. 51808, 70 FR 37495,
37498-99 (June 29, 2005) (S7-10-04) (Final Rule).
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Additionally, the Exchange does not believe the proposed rule
change to amend fee codes RP, RQ, and RR will impose any burden on
intramarket competition. All Members' Customer orders routing to MERC
and currently yielding fee code RP will yield fee code RQ or RR
(depending on whether the order is in Penny Program or Non-Penny
classes, respectively) and will automatically and uniformly be assessed
the current fees already in place for such routed orders, as
applicable. Likewise, all Members' Customer orders routed to MEMX will
automatically yield fee code RQ or RR (depending on whether the order
is in Penny Program or Non-Penny classes, respectively) and uniformly
be assessed the corresponding fee. The Exchange notes that other
options exchange approximate routing costs in a similar manner as the
Exchange's current approach.\21\
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\21\ Id.
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The Exchange does not believe that the proposed rule changes will
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 15 other options exchanges and
off-exchange venues. Additionally, the Exchange represents a small
percentage
[[Page 56685]]
of the overall market. Based on publicly available information, no
single options exchange has more than 16% of the market share.\22\
Therefore, no exchange possesses significant pricing power in the
execution of option order flow. Indeed, participants can readily choose
to send their orders to other exchange and off-exchange venues if they
deem fee levels at those other venues to be more favorable. Moreover,
the Commission has repeatedly expressed its preference for competition
over regulatory intervention in determining prices, products, and
services in the securities markets. Specifically, in Regulation NMS,
the Commission highlighted the importance of market forces in
determining prices and SRO revenues and, also, recognized that current
regulation of the market system ``has been remarkably successful in
promoting market competition in its broader forms that are most
important to investors and listed companies.'' \23\ The fact that this
market is competitive has also long been recognized by the courts. In
NetCoalition v. Securities and Exchange Commission, the D.C. Circuit
stated as follows: ``[n]o one disputes that competition for order flow
is `fierce.' . . . As the SEC explained, `[i]n the U.S. national market
system, buyers and sellers of securities, and the broker-dealers that
act as their order-routing agents, have a wide range of choices of
where to route orders for execution'; [and] `no exchange can afford to
take its market share percentages for granted' because `no exchange
possesses a monopoly, regulatory or otherwise, in the execution of
order flow from broker dealers'. . . .''.\24\ 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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\22\ See supra note 3.
\23\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496, 37499 (June 29, 2005).
\24\ NetCoalition v. SEC, 615 F.3d 525, 539 (D.C. Cir. 2010)
(quoting Securities Exchange Act Release No. 59039 (December 2,
2008), 73 FR 74770, 74782-83 (December 9, 2008) (SR-NYSEArca-2006-
21)).
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C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
The Exchange neither solicited nor received comments on the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) of the Act \25\ and paragraph (f) of Rule 19b-4 \26\
thereunder. At any time within 60 days of the filing of the proposed
rule change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission will institute proceedings to
determine whether the proposed rule change should be approved or
disapproved.
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\25\ 15 U.S.C. 78s(b)(3)(A).
\26\ 17 CFR 240.19b-4(f).
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IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
<bullet> Use the Commission's internet comment form (<a href="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#9be9eef7feb6f8f4f6f6fef5efe8dbe8fef8b5fcf4ed"><span class="__cf_email__" data-cfemail="b9cbccd5dc94dad6d4d4dcd7cdcaf9cadcda97ded6cf">[email protected]</span></a>. Please include
file number SR-CboeBZX-2023-056 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-2023-056. 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 withhold entirely from publication submitted
material that is obscene or subject to copyright protection. All
submissions should refer to file number SR-CboeBZX-2023-056 and should
be submitted on or before September 8, 2023.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\27\
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\27\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-17756 Filed 8-17-23; 8:45 am]
BILLING CODE 8011-01-P
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