Notice2023-21347
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Automated Price Improvement Auction Rules
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
September 29, 2023
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 88 Issue 188 (Friday, September 29, 2023)</title>
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[Federal Register Volume 88, Number 188 (Friday, September 29, 2023)]
[Notices]
[Pages 67400-67404]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-21347]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-98511; File No. SR-CBOE-2023-053]
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
Its Automated Price Improvement Auction Rules
September 25, 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 September 20, 2023, Cboe Exchange, Inc. (the ``Exchange'' or
``Cboe Options'') filed with the Securities and Exchange Commission
(the ``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 Exchange, Inc. (the ``Exchange'' or ``Cboe Options'') proposes
to amend its automated price improvement auction rules. 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://www.cboe.com/AboutCBOE/CBOELegalRegulatoryHome.aspx">http://www.cboe.com/AboutCBOE/CBOELegalRegulatoryHome.aspx</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 provisions in Rule 5.37 (Automated
Price Improvement Mechanism (``AIM'' or ``AIM Auction'')) and Rule 5.38
(Complex Automated Improvement Mechanism (``C-AIM'' or ``C-AIM
Auction'')) regarding concurrent AIM and C-AIM Auctions, respectively.
The Exchange also proposes to update the provisions in those Rules
regarding the permissible stop price.
By way of background, Rules 5.37 and 5.38 contain the requirements
applicable to the execution of orders using AIM and C-AIM,
respectively. The AIM and C-AIM auctions are electronic auctions
intended to provide orders that Trading Permit Holders (``TPHs'')
represent as agent (``Agency Orders'') with opportunities to receive
price improvement (over the National Best Bid or Offer (``NBBO'') in
AIM, or the synthetic best bid or offer (``SBBO'') on the Exchange in
C-AIM). Upon submitting an Agency Order into an AIM or C-AIM auction,
the initiating Trading Permit Holder (``Initiating TPH'') must also
submit a contra-side second order (``Initiating Order'') for the
[[Page 67401]]
same size as the Agency Order. The Initiating Order guarantees that the
Agency Order will receive an execution at no worse than the auction
price (i.e., acts as a stop). During an AIM or C-AIM Auction, market
participants may submit responses to trade against the Agency Order. At
the end of an auction, depending on the contra-side interest available,
the Initiating Order may be allocated a certain percentage of the
Agency Order.\5\
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\5\ See generally Rules 5.37(e) and 5.38(e).
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An Initiating TPH may initiate an AIM or C-AIM auction provided
that the Agency Order is in a class and of sufficient size as
determined by the Exchange.\6\ Upon receipt of an Agency Order, the AIM
or C-AIM auction process commences. Currently, under Rule 5.37(c)(1),
for Agency Orders for less than 50 standard option contracts (or 500
mini-option contracts or 5,000 micro-option contracts), only one AIM
Auction may be ongoing at any given time in a series, and AIM Auctions
in the same series may not queue or overlap in any manner. One or more
AIM Auctions in the same series for Agency Orders of 50 standard option
contracts (or 500 mini-option contracts or 5,000 micro-option
contracts) or more may occur at the same time. The Exchange proposes
amending Rule 5.37(c)(1) to allow one or more AIM Auctions in the same
series to occur at the same time for Agency Orders for less than 50
standard option contracts (or 500 mini-option contracts or 5,000 micro-
option contracts). This would effectively allow for one or more AIM
Auctions in the same series to occur at the same time for orders of all
sizes. Concurrent AIM Auctions for these smaller-sized orders will
occur in the same manner as concurrent AIM Auctions for orders of 50 or
more contracts occur today.\7\
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\6\ See Rules 5.37(a) and 5.38(a), respectively.
\7\ See Rules 5.37(c)(1) (which provides that if there is more
than one AIM Auction in a series underway at a time, those auctions
will conclude sequentially based on the exact time each auction
commenced, including if they are terminated early pursuant to Rule
5.37(d)); and Rule 5.38(c)(1)(B) and (C) (which provides that if
there is more than one C-AIM Auction in a complex strategy underway
at a time, those auctions will conclude sequentially based on the
exact time each auction commenced, including if they are terminated
early pursuant to Rule 5.38(d)).
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Similarly, under current Rule 5.38(c)(1)(A), with respect to Agency
Orders for which the smallest leg is less than 50 standard option
contracts (or 500 mini-option contracts or 5,000 micro-option
contracts), only one C-AIM Auction may be ongoing at any given time in
a complex strategy, and C-AIM Auctions in the same complex strategy may
not queue or overlap in any manner. One or more C-AIM Auctions in the
same complex strategy for Agency Orders for which the smallest leg is
50 standard option contracts (or 500 mini-option contracts or 5,000
micro-option contracts) or more may occur at the same time. The
Exchange proposes amending Rule 5.38(c)(1)(A) to allow one or more C-
AIM Auctions in a complex strategy to occur at the same time for Agency
Orders for which the smallest leg is less than 50 standard option
contracts (or 500 mini-option contracts or 5,000 micro-option
contracts). This would effectively allow for one or more C-AIM Auctions
in the same complex strategy to occur at the same time for complex
orders of all sizes. The Exchange believes this proposed functionality
will allow more AIM Auctions in the same series and more C-AIM Auctions
in the same complex strategy to be conducted, thereby increasing
opportunities for price improvement on the Exchange to the benefit of
all market participants.
Currently, if an Agency Order of fewer than 50 contracts (or 500
mini-option contracts or 5,000 micro-option contracts) is submitted to
AIM or C-AIM while an AIM or C-AIM Auction is in progress, the Agency
order is rejected. The proposal to add concurrent AIM and C-AIM
Auctions for Agency Orders of any size, including for Agency Orders of
fewer than 50 contracts (or 500 mini-option contracts or 5,000 micro-
option contracts), would also prevent the rejection of these smaller
Agency Orders that occurs when such smaller Agency Orders are submitted
while an AIM or C-AIM Auction is in progress. By eliminating this
rejection scenario, the Exchange would increase execution and price
improvement opportunities for these smaller Agency orders to the
benefit of investors.
The Exchange notes that allowing more than one price improvement
auction at a time in the same series for paired agency orders of fewer
than 50 contracts is not new or novel and is current functionality on
at least one other options exchange.\8\ While the Exchange is unaware
of another options exchange that offers concurrent price improvement
auctions for orders in complex strategies for which the smallest leg is
fewer than 50 contracts, other options exchanges (as well as the
Exchange) permit simple price improvement auctions to occur
simultaneously with complex price improvement auctions for complex
strategies involving the same series, with no size restrictions.\9\
Having simple price improvement auctions in multiple legs of a complex
strategy in progress at the same time as a complex price improvement
auction for that complex strategy for orders of any size is similar to
two complex price improvement auctions in the same complex strategy
being in progress at the same time. Additionally, the benefits of
allowing concurrent price improvement auctions for simple orders of all
sizes and complex strategies with 50 contracts in the smallest leg or
more (as described above) would apply to concurrent price improvement
auctions for complex strategies with fewer than 50 contracts in the
smallest leg. Specifically, allowing concurrent C-AIM Auctions in the
same complex strategy if the smallest leg has fewer than 50 contracts
would benefit investors because it would afford smaller-sized complex
orders increased opportunities to solicit price-improving auction
interest. The Exchange further believes this proposed change would
provide additional benefits to customers, as smaller-sized orders tend
to represent retail interest, and could improve the customer experience
on the Exchange by increasing trading opportunities in the C-AIM
Auctions.
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\8\ See, e.g., NYSE American LLC (``NYSE American'') Rule
971.1NYP(c) (as recently amended) (see Securities Exchange Act
Release No. 97938 (July 18, 2023), 88 FR 47536 (July 24, 2023) (SR-
NYSEAMER-2023-35) (permitting concurrent simple price improvement
auctions).
\9\ See, e.g., NYSE American Rule 971.1NYP, Commentary .01; BOX
Exchange LLC (``BOX'') Rules 7150, IM-7150-1 and 7245, IM-7245-2;
and Nasdaq ISE, LLC (``ISE'') Options 3, Sections 11(g) and 13,
Supplementary Material .04.
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The proposal to allow concurrent AIM and C-AIM Auctions for Agency
Orders for less than 50 contracts (or 500 mini-option contracts or
5,000 micro-option contracts) in the same series or complex strategy,
respectively, would benefit investors because it would afford smaller-
sized Agency Orders increased opportunities for price improvement,
including because such smaller Agency Orders would no longer be
rejected if submitted while an AIM or C-AIM Auction is in progress.
The Exchange will continue to protect smaller-sized simple Agency
Orders in minimum increment-wide \10\ markets by
[[Page 67402]]
requiring price improvement of at least one minimum increment for such
orders and rejecting such orders in minimum increment-wide markets that
do not provide for such price improvement.\11\ Additionally, the
Exchange will continue to protect Priority Customers on the Simple Book
by requiring price improvement of at least one minimum increment better
than the SBBO if the applicable side of the BBO on any component of the
complex Agency Order complex strategy represents a Priority Customer on
the Simple Book.\12\ These protections would apply when the proposed
concurrent Auctions are occurring. Thus, the Exchange believes this
proposed change should allow the Exchange to better compete for
auction-related order flow that may lead to an increase in Exchange
volume, while continuing to ensure that displayed customer interest on
the Book is protected, to the benefit of all market participants.
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\10\ The Exchange proposes to amend Rule 5.37(b)(1) to require
the stop price be at least one minimum increment better than the
then-current NBBO if the NBBO width equals the minimum increment
rather than $0.01. The purpose of this provision is to require this
price improvement if the width of the NBBO is as narrow as possible.
However, if the minimum increment for a class is, for example,
$0.05, it would not be possible to price improve penny-wide market
in the permissible minimum increment of $0.05. The proposed rule
change will ensure that smaller-sized orders receive this price
improvement when the NBBO is as narrow as possible, as intended.
\11\ See Rule 5.37(b)(1). The proposed rule change continues to
provide price improvement assurances for those for buy (sell) Agency
Orders submitted for AIM Auction processing with less than 50
standard option contracts (or 500 mini-option contracts or 5,000
micro-option contracts) and NBBO width of $0.01, pursuant to Rule
5.37(b)(1)(A), which remains unchanged.
\12\ See Rule 5.38(b)(1).
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The Exchange believes that its System has sufficient capacity to
process a large volume of concurrent AIM and C-AIM Auctions for Agency
Orders of any size, including for Agency Orders of fewer than 50
contracts (or 500 mini-option contracts or 5,000 micro-option
contracts).
Additionally, the Exchange proposes to amend Rule 5.38(c)(1)(B)
related to early termination priority in the event of concurrent AIM
and C-AIM Auctions. Currently, if the System receives a simple order
that causes AIM and C-AIM (or multiple AIM and/or C-AIM) Auctions to
end in early termination, the System first processes AIM Auctions (in
price-time priority) and then processes C-AIM Auctions (in price-time
priority). The Exchange proposes to update Rule 5.38(c)(1)(B) to
provide for the processing of early terminations in time priority in
these instances. Under the proposed rule, if the System receives a
simple order that causes AIM and C-AIM (or multiple AIM and/or C-AIM)
Auctions to end in early termination, the System will continue to first
process AIM Auctions (sequentially based on the exact time each AIM
Auction commenced) and then process C-AIM Auctions (sequentially based
on the exact time each C-AIM Auction commenced), which is consistent
with the priority the System processes concurrent AIM Auctions and
concurrent C-AIM Auctions.
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.
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\13\ 15 U.S.C. 78f(b).
\14\ 15 U.S.C. 78f(b)(5).
\15\ Id.
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The Exchange believes the proposal to permit concurrent AIM and C-
AIM Auctions for Agency Orders for less than 50 contracts (or 500 mini-
option contracts or 5,000 micro-option contracts) in the same series or
complex strategy, respectively, would remove impediments to and perfect
the mechanisms of a free and open market and a national market system
because it would extend concurrent auction functionality to smaller-
sized Agency Orders. The Exchange also believes this proposed change is
non-controversial because it does not raise any issues that differ from
those previously considered when the Exchange and other options
exchanges adopted this functionality for larger-sized agency orders
submitted to price improvement auctions, or when another options
exchange adopted this functionality (pursuant to an immediately
effective, noncontroversial rule filing) for smaller-sized simple
agency orders submitted into a price improvement auction.\16\ The
Exchange believes the proposal will benefit investors because it would
afford smaller-sized Agency Orders increased opportunity to solicit
price-improving auction interest. The Exchange further believes that
this proposed rule change would provide additional benefits to
customers, as smaller-sized Agency Orders tend to represent retail
interest, and could improve the customer experience on the Exchange by
increasing trading opportunities in AIM and C-AIM Auctions.
Notwithstanding the proposal to allow concurrent AIM auctions for
smaller-sized Agency Orders, the Exchange would continue to protect
customer interest on the simple Book by requiring price improvement
over the BBO to initiate an Auction for smaller-sized Agency Orders and
rejecting such orders in increment wide markets when price improvement
is not possible. Additionally, the Exchange will continue to protect
Priority Customers on the Simple Book by requiring price improvement of
at least one minimum increment better than the SBBO if the applicable
side of the BBO on any component of the complex Agency Order complex
strategy represents a Priority Customer on the Simple Book.\17\
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\16\ See supra note 8.
\17\ See supra note 12.
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Further, the Exchange believes the proposed new functionality to
allow concurrent AIM and C-AIM auctions for Agency Orders of any size
is consistent with the Act, as the proposed rule changes will prevent
the rejection of these smaller Agency Orders that occurs when such
smaller Agency Orders are submitted while an AIM or C-AIM Auction is in
progress, which the Exchange believes will increase execution
opportunities for these smaller Agency orders to the benefit of
investors. For example, in July 2023, the new functionality would have
provided investors with additional price improvement and execution
opportunities via approximately 6,000 additional AIM or C-AIM Auctions
that were otherwise rejected due to current concurrency limitations.
The Exchange also believes this proposed new functionality to allow
concurrent AIM and C-AIM auctions for Agency Orders of any size should
promote and foster competition and provide more options contracts with
the opportunity for price improvement, which should benefit all market
participants. In addition, this proposed change may lead to an increase
in Exchange volume and should allow the Exchange to better compete
against other markets that permit overlapping price improvement
auctions, while continuing to ensure that displayed customer interest
on the simple Book is protected. The proposed enhancement to allow
concurrent auctions for Agency Orders of any size would be a
[[Page 67403]]
competitive change and may make the Exchange a more attractive venue
for auction-related order flow. As noted above, the Exchange believes
that its trading platform has sufficient capacity to process a large
volume of concurrent Auctions for Agency Orders of any size, including
for Agency Orders of fewer than 50 contracts (or 500 mini-option
contracts or 5,000 micro-option contracts).
Further, the Exchange believes its proposal to amend its AIM Rules
to require the stop price be at least one minimum increment better than
the then-current NBBO if the NBBO width equals the minimum increment
for the class rather than $0.01 would remove impediments to and perfect
the mechanisms of a free and open market and a national market system.
As stated above, the purpose of this provision is to require this price
improvement if the width of the NBBO is as narrow as possible. However,
if the minimum increment for a class is, for example, $0.05, it would
not be possible to price improve penny-wide market in the permissible
minimum increment of $0.05. The Exchange believes the proposal, which
is consistent with the original intention of current AIM stop price
rules (which permit the Exchange to determine different AIM minimum
increments for classes), will ensure that smaller-sized orders receive
this price improvement when the NBBO is as narrow as possible, to the
benefit of the marketplace and investors.
Finally, the Exchange believes the proposed rule change related to
the processing of AIM and C-AIM Auctions in the event of early
termination will promote just and equitable principles of trade, in
accordance with the Act. The Exchange believes processing concurrent
AIM and C-AIM Auctions that end in early termination in time priority
is a fair and equitable process, and consistent with the priority
applicable to concurrent AIM Auctions and concurrent C-AIM Auctions
when they are terminated early.
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 rule change will impose any burden on intramarket
competition that is not necessary or appropriate in furtherance of the
purposes of the Act, because it will apply uniformly to TPHs. The
proposed rule change will result in smaller orders receiving the same
opportunities for execution and price improvement through AIM and C-AIM
that are already afforded to larger orders, which are not subject to
the concurrency restriction. As noted above, the proposed rule change
to require the stop price in AIM Auctions be at least one minimum
increment better than the then-current NBBO if the NBBO width equals
the minimum increment for the class rather than $0.01 will ensure that
smaller-sized orders receive this price improvement when the NBBO is as
narrow as possible, which the Exchange believes will result in orders
in all classes receiving the same price improvement opportunities
through AIM and C-AIM in a manner consistent with the applicable
minimum increment. Further, the Exchange does not believe the proposed
rule change related to the processing of AIM and C-AIM Auctions in the
event of early termination will impose any burden on intramarket
competition that is not necessary or appropriate in furtherance of the
purposes of the Act, as it will apply in the same manner to all Agency
Orders.
Additionally, the Exchange notes that participation in the AIM and
C-AIM Auctions is completely voluntary. The Exchange believes all
market participants, particular those that submit smaller orders, may
benefit from any additional liquidity, execution opportunities, and
price improvement in the AIM and C-AIM Auctions that may result from
the proposed rule change.
The Exchange does not believe the proposed rule change will impose
any burden on intermarket competition that is not necessary or
appropriate in furtherance of the purposes of the Act. The Exchange
notes that it operates in a highly competitive market in which market
participants can readily direct order flow to competing venues who
offer similar functionality. The Exchange believes this proposed rule
change would promote fair competition among the options exchanges and
establish more uniform functionality across the various price
improvement auctions offered by other options exchanges. The proposed
functionality may lead to an increase in Exchange volume and should
allow the Exchange to better compete against other options markets that
already offer similar price improvement mechanisms and for this reason
the proposal does not create an undue burden on intermarket
competition. By contrast, not having the proposed functionality places
the Exchange at a competitive disadvantage vis-[agrave]-vis other
exchanges that offer similar price improvement mechanisms. As noted
above, another options exchange adopted this functionality (pursuant to
an immediately effective, noncontroversial rule filing) to allow for
concurrent price improvement auctions for smaller-sized simple agency
orders,\18\ and other options exchanges (as well as the Exchange)
permit simple price improvement auctions to occur simultaneously with
complex price improvement auctions for complex strategies involving the
same series, with no size restrictions.\19\
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\18\ See supra note 8.
\19\ See supra note 9.
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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
Because the foregoing proposed rule change does not: (i)
significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
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 \20\ and Rule 19b-
4(f)(6) \21\ 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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\20\ 15 U.S.C. 78s(b)(3)(A).
\21\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
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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:
[[Page 67404]]
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#addfd8c1c880cec2c0c0c8c3d9deeddec8ce83cac2db"><span class="__cf_email__" data-cfemail="1c6e697079317f7371717972686f5c6f797f327b736a">[email protected]</span></a>. Please include
file number SR-CBOE-2023-053 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-CBOE-2023-053. 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-CBOE-2023-053 and should be
submitted on or before October 20, 2023.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\22\
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\22\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-21347 Filed 9-28-23; 8:45 am]
BILLING CODE 8011-01-P
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