Notice2023-23141
Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee Schedule
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
October 20, 2023
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 88 Issue 202 (Friday, October 20, 2023)</title>
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[Federal Register Volume 88, Number 202 (Friday, October 20, 2023)]
[Notices]
[Pages 72541-72545]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-23141]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-98761; File No. SR-CboeBZX-2023-081]
Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
Its Fee Schedule
October 16, 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 October 4, 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 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.\3\
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\3\ The Exchange initially filed the proposed fee changes on
September 29, 2023 (SR-CBOE-2023-076) [sic]. On October 4, 2023, the
Exchange withdrew that filing and submitted this proposal.
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The Exchange first notes that it operates in a highly competitive
market in which market participants can readily direct order flow to
competing venues if they deem fee levels at a particular venue to be
excessive or incentives to be insufficient. More specifically, the
Exchange is only one of 17 options venues to which market participants
may direct their order flow. Based on publicly available information,
no single options exchange has more than 19% of the market share and
currently the Exchange represents only approximately 4% of the market
share.\4\ 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.
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\4\ See Cboe Global Markets U.S. Options Market Monthly Volume
Summary (September 25, 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 assesses a standard
transaction fee of $0.48 per contract for Customer orders in Penny
Securities, excluding SPY and IWM, that remove liquidity, yielding fee
code ``PC''. The Exchange assesses a standard transaction fee of $0.45
per contract for Customer SPY and IWM orders that remove liquidity,
yielding fee code ``PR''. The Fee Codes and Associated Fees section of
the Fees
[[Page 72542]]
Schedule also provides for certain fee codes associated with certain
order types and market participants that provide for various other fees
or rebates. In response to the competitive environment, the Exchange
also offers tiered pricing, which provides Members with 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.
The Exchange proposes to amend the standard transaction fee
applicable to fee code PC from $0.48 per contract to $0.45 per contract
(same as current fee code PR), and to amend the definition of fee code
PC so that such fee code (and corresponding transaction fee) applies to
all Customer orders in Penny Securities that remove liquidity
(including SPY and IWM). The Exchange also proposes to eliminate fee
code ``PR''. Additionally, the Exchange proposes to delete the
Customer, Firm, Broker Dealer and Joint Back Office Penny Take Volume
Tiers, set forth in Footnote 14 of the Fee Schedule and applicable to
orders yielding fee code PD.\5\
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\5\ Orders yielding fee code PD are Firm, Broker Dealer and
Joint Back Office orders that remove liquidity in Penny Program
Securities and are charged a standard transaction fee of $0.48. The
Exchange proposes to make corresponding changes to the Standard
Rates table included in the Exchange's Fee Schedule.
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Currently, the Exchange provides a rebate of $0.85 per contract for
Customer orders in Non-Penny Securities that add liquidity, yielding
fee code ``NY''. The Exchange now proposes to increase the rebate
provided for Customer orders in Non-Penny Securities that add liquidity
and yield fee code NY, to $1.05. The Exchange also proposes to delete
the Customer Non-Penny Add Volume Tiers, set forth in Footnote 12 to
the Fee Schedule and applicable to orders yielding fee code NY, since
under the proposed rule change the Exchange is now providing a rebate
for orders yielding fee code NY equal to the highest tier of the
program.\6\
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\6\ The Exchange proposes to make corresponding changes to the
Standard Rates table included in the Exchange's Fee Schedule.
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The Exchange currently assesses a standard transaction fee of $1.10
for Non-Customer orders in Non-Penny Securities that remove liquidity,
yielding fee code ``NP''. The Exchange proposes to increase the
standard transaction fee for Non-Customer orders in Non-Penny
Securities that remove liquidity and yield fee code NP, to $1.15. The
Exchange also proposes to eliminate the Non-Customer Non-Penny Take
Volume Tiers program set forth in Footnote 13 to the Fee Schedule,
applicable to orders yielding fee code NP.\7\
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\7\ The Exchange proposes to make corresponding changes to the
Standard Rates table included in the Exchange's Fee Schedule.
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Finally, the Exchange currently offers five Market Maker Penny Add
Volume Tiers under Footnote 6 of the Fee Schedule, including on Market
Maker Cross-Asset Add Tier, which provide additional rebates between
$0.31 and $0.43 per contract for qualifying Market Maker orders (i.e.,
that yield fee code PM) \8\ where a Member meets certain liquidity
thresholds. For example, current Tier 2 offers an enhanced rebate of
$0.38 per contract for qualifying orders where a Member has an ADAV \9\
in Market Maker orders greater than or equal to 0.25% of average OCV;
\10\ Tier 3 offers an enhanced rebate of $0.39 per contract for
qualifying orders where a Member has an ADAV in Market Maker orders
greater than or equal to 0.40% of average OCV: and Tier 4 offers an
enhanced rebate of $0.43 per contract for qualifying orders where a
Member has an ADAV in Market Maker orders greater than or equal to
0.60% of average OCV. The Exchange now proposes to amend the Market
Maker Penny Add Volume Tiers by updating the criteria for Tiers 2, 3,
and 4.
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\8\ Orders yielding fee code PM are Market Maker orders that add
liquidity in Penny Program Securities and are offered a rebate of
$0.29.
\9\ ``ADAV'' means average daily added volume calculated as the
number of contracts added, per day.
\10\ ``OCC Customer Volume'' or ``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.
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Specifically, the proposed rule change amends the criteria in Tier
2 so that a Member must have an ADAV in Market Maker orders greater
than or equal to 0.35% of average OCV; amends the criteria in Tier 3 so
that a Member must have an ADAV in Market Maker orders greater than or
equal to 0.35% of average OCV; and amends the criteria in Tier 4 so
that a Member must have an ADAV in Market Maker orders greater than or
equal to 0.65% of average OCV. The proposed rule change does not alter
the enhanced rebates offered under each tier.
The proposed changes to the criteria in Tiers 2, 3, and 4 are
designed to continue to provide an incremental incentive for Members to
strive for the highest tier levels, which provide increasingly higher
rebates for such transactions.
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.\11\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \12\ 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) \13\ 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,\14\ 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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\11\ 15 U.S.C. 78f(b).
\12\ 15 U.S.C. 78f(b)(5).
\13\ Id.
\14\ 15 U.S.C. 78f(b)(4).
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As described above, the Exchange operates in a highly competitive
market in which market participants can readily direct order flow to
competing venues if they deem fee levels at a particular venue to be
excessive or incentives to be insufficient. The 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. Additionally, competing exchanges offer similar tiered pricing
structures, including schedules of rebates and fees that apply based
upon similarly situated members achieving certain volume and/or growth
thresholds, as well as assess similar fees or rebates for similar types
of orders, to that of the Exchange.
[[Page 72543]]
In particular, the Exchange believes that proposed changes to fee
code PC to reduce the standard transaction fee and make the fee code
applicable to all customer orders in Penny Securities that remove
liquidity (including SPY and IWM), is reasonable, equitable and not
unfairly discriminatory. The current fee code PC already applies to
customer orders in Penny Securities that remove liquidity, except for
SPY and IWM (which yield fee code PR), and will apply in the same
manner to liquidity removing IWM and SPY Customer orders. As amended,
fee code PC assesses the same rate, $0.45, as fee code PR, which is
eliminated under the proposed rule change. Thus, the Exchange believes
the proposed change is reasonable as Members will continue to pay the
same fee for liquidity removing IWM and SPY Customer orders. Further,
the Exchange believes that the proposed rule change is equitable and
not unfairly discriminatory as fee code PC applies automatically and
uniformly to all Customer orders in Penny Securities that remove
liquidity.
The Exchange also believes that it is equitable and not unfairly
discriminatory to assess a lower fee for Customer orders in Penny
Securities that add liquidity, as compared to other market
participants, because customer order flow enhances liquidity on the
Exchange for the benefit of all market participants. Specifically,
customer liquidity benefits all market participants by providing more
trading opportunities, which attracts Market-Makers. An increase in the
activity of these market participants in turn facilitates tighter
spreads, which may cause an additional corresponding increase in order
flow from other market participants. Moreover, the options industry has
a long history of providing preferential pricing to customers, and the
Exchange's current Fee Schedule currently does so in many places, as do
the fees structures of multiple other exchanges.\15\
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\15\ See BZX Options Fee Schedule, Fee Codes and Associated
Fees. See also Cboe C2 Options Exchange Fees Schedule, Transaction
Fees.
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The Exchange believes the proposed rule change to increase the
rebate provided for Customer orders that add liquidity in Non-Penny
Securities is reasonably designed to further incentivize Members to
submit Customer orders that add liquidity in Non-Penny Securities,
thereby providing liquid and active markets, which facilitates tighter
spreads, increased trading opportunities, and overall enhanced market
quality to the benefit of all market participants. Further, the
Exchange believes that the proposed rule change is equitable and not
unfairly discriminatory as all Members that submit Customer orders that
add liquidity in Non-Penny Securities and yield fee code NY will
receive the rebate.
The Exchange believes eliminating the Customer Non-Penny Add Volume
Tiers under Footnote 12 is reasonable because the Exchange is not
required to maintain this program. While the Exchange is not required
to provide Members an opportunity to receive reduced fees or enhanced
rebates, Members may still have other opportunities to obtain enhanced
rebates for orders in Non-Penny Securities, such as via the Non-Penny
Add Volume Tiers (via Footnotes 7, 8, and 11 of the Fee Schedule).
Further, the Exchange believes the Customer Non-Penny Add Volume Tiers
may no longer incentivize Members, as the rebate offered under amended
fee code NY is equal to the highest rebate available under the Customer
Non-Penny Add Volume Tiers. The Exchange believes that eliminating the
Customer Non-Penny Add Volume Tiers is equitable and not unfairly
discriminatory because it applies uniformly to all Members. Further,
the Exchange notes that the proposed changes will not adversely impact
any Member's ability to otherwise qualify for reduced fees or enhanced
rebates offered under other programs in the Fee Schedule.
The Exchange believes the proposed rule change to increase the
standard fee for Non-Customer orders that remove liquidity in Non-Penny
Securities is reasonable because it is a modest increase in this
transaction rate for these orders. Additionally, the increased fee is
in line with fees assessed for similar transactions at other
exchanges.\16\ The Exchange believes the proposed change is equitable
and not unfairly discriminatory because it applies uniformly to all
Members.
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\16\ See, e.g., NYSE Arca Fee Schedule, Transaction Fee for
Electronic Executions--Per Contract, which provides that Firms and
Broker Dealers that remove liquidity are assessed $1.10 per contract
in Non-Penny Issues. See also MIAX Pearl Options Exchange Fee
Schedule, which provides Non-Priority Customer, Firm, BD, and Non-
MIAX Pearl Market Makers that remove liquidity are assessed between
$1.09 and $1.10 per contract for Non-Penny classes, depending on
volume.
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The Exchange believes eliminating the Non-Customer Non-Penny Take
Volume Tiers under Footnote 13 and Customer, Firm, Broker Dealer and
Joint Back Office Penny Take Volume Tiers under Footnote 14 is
reasonable because the Exchange is not required to maintain these
programs or provide Members an opportunity to receive reduced fees or
enhanced rebates. The Exchange believes that eliminating the Customer,
Firm, Broker Dealer and Joint Back Office Penny Take Volume Tiers and
Non-Customer Non-Penny Take Volume Tiers is equitable and not unfairly
discriminatory because it applies uniformly to all Members, in that,
such programs will not be available for any Member. Further, the
Exchange notes that the proposed changes will not adversely impact any
Member's ability to otherwise qualify for reduced fees or enhanced
rebates offered under other programs in the Fee Schedule.
Finally, the Exchange believes updating the criteria for Tiers 2,
3, and 4 of the Market Maker Penny Add Volume Tiers is reasonable as it
is designed to encourage Market Makers to increase their order flow to
the Exchange to achieve each tiers' criteria, as amended. More
specifically, the Exchange believes that updating the criteria for
Tiers 2, 3, and 4 may encourage Members to increase their ADAV in
Market Makers orders, over a modestly higher percentage of average OCV,
and encourage Members to strive to achieve higher tiers (and
corresponding higher rebates) by submitting the requisite add volume
order flow. An increase in Market Maker add volume, particularly,
facilitates tighter spreads and an increase in overall liquidity
provider activity, both of which signal additional corresponding
increase in order flow from other market participants, contributing
towards a robust, well-balanced market ecosystem. Indeed, increased
overall order flow benefits investors by continuing to deepen the
Exchange's liquidity pool, potentially providing even greater execution
incentives and opportunities, 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 the proposed criteria in
Tiers 2, 3, and 4 continues to reasonably reflect the incremental
difficulty in achieving the Market Maker Penny Add Volume Tiers.
The Exchange believes the proposed change is also equitable and not
unfairly discriminatory because it applies uniformly to all Members,
who will have the opportunity to meet the tiers' new criteria and
receive the corresponding rebate for the tier if such criteria is met.
Without having a view of activity on other markets and off-exchange
venues, the Exchange has no way of knowing whether this proposed
[[Page 72544]]
rule change would definitively result in any changes to particular
Market Makers qualifying for the proposed tiers, the Exchange believes
that that at least two Market Makers will reasonably be able to achieve
the proposed criteria in Tier 2, one Market Maker may be able to
achieve the proposed criteria in Tier 3, and one Market Maker may be
able to achieve the proposed criteria in Tier 4; however, the proposed
tiers are open to any Market-Maker that satisfies the tier's criteria.
Additionally, all Members are able to increase their Market Maker order
flow to attempt to achieve the new tiers' criteria. Should a Member not
meet the proposed new criteria, the Member will merely not receive that
corresponding enhanced rebate.
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 believes the
proposed rule change does not impose any burden on intramarket
competition that is not necessary or appropriate in furtherance of the
purposes of the Act.
The Exchange believes the proposed change to apply fee code PC to
all Customer orders that remove liquidity in all Penny Securities,
including IWM and SPY, will not impose any burden on intramarket
competition because it will apply uniformly to all Members. Further,
the Exchange believes the proposal to reduce the standard fee for
Customer orders that remove liquidity in Penny Securities will not
impose any burden on intramarket competition because it will apply
uniformly to all Members, in that all Members that submit orders
yielding fee codes PC will pay the same transaction fee. As discussed
above, the Exchange believes the proposed change to reduce the
transaction fee would attract additional Customer orders that remove
liquidity, thereby promoting market depth, price discovery and
transparency and enhancing order execution opportunities for all
Members. As a result, the Exchange believes that the proposed change
furthers the Securities and Exchange Commission's (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.''
Additionally, the Exchange believes the proposal to increase the
rebate offered for Customer orders in Non-Penny Securities that add
liquidity and to increase the standard transaction fee for Non-Customer
orders in Non-Penny Securities that remove liquidity will not impose
any burden on intramarket competition, as the changes will apply
uniformly to all Members. Further, the Exchange believes the proposal
to eliminate the Customer, Firm, Broker Dealer and Joint Back Office
Penny Take Volume Tiers, Non-Customer Non-Penny Take Volume Tiers, and
Customer Non-Penny Add Volume Tiers will not impose any burden on
intramarket competition because they will no longer be available to any
Members.
The Exchange believes the proposals to amend the criteria for Tiers
2, 3, and 4 of the Market Maker Penny Add Volume Tiers will also not
impose any burden on intramarket competition, as they will also apply
to all Members. All Members will continue to have an opportunity to
receive rebates under various tiers. Market Maker Volume Add Tiers are
generally designed to increase the competitiveness of BZX and
incentivize participants to increase their order flow on the Exchange,
providing for additional execution opportunities for market
participants and improved price transparency. An overall increase in
add activity may provide for deeper, more liquid markets and execution
opportunities at improved prices.
The Exchange does not believe that the proposed changes represent a
significant departure from pricing currently offered by the Exchange or
pricing offered by other options exchanges. Members may opt to disfavor
the Exchange's pricing if they believe that alternatives offer them
better value. Accordingly, the Exchange does not believe that the
proposed changes will impair the ability of Members or competing venues
to maintain their competitive standing in the financial markets.
The Exchange also believes the proposed rule change does not impose
any burden on intermarket competition that is not necessary or
appropriate in furtherance of the purposes of the Act. As previously
discussed, the Exchange operates in a highly competitive market.
Members have numerous alternative venues they may participate on and
direct their order flow, including 17 other options exchanges.
Additionally, the Exchange represents a small percentage of the overall
market. Based on publicly available information, no single options
exchange has more than 19% of the market share. Therefore, no exchange
possesses significant pricing power in the execution of order flow.
Indeed, participants can readily choose to send their orders to other
exchanges 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.'' 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'. . . .''. 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.
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 \17\ and paragraph (f) of Rule 19b-4 \18\
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
[[Page 72545]]
to determine whether the proposed rule change should be approved or
disapproved.
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\17\ 15 U.S.C. 78s(b)(3)(A).
\18\ 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#6f1d1a030a420c0002020a011b1c2f1c0a0c41080019"><span class="__cf_email__" data-cfemail="93e1e6fff6bef0fcfefef6fde7e0d3e0f6f0bdf4fce5">[email protected]</span></a>. Please include
file number SR-CboeBZX-2023-081 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-2023-081. 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-2023-081 and should
be submitted on or before November 13, 2023.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\19\
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\19\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-23141 Filed 10-19-23; 8:45 am]
BILLING CODE 8011-01-P
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