Notice2024-00710
Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee Schedule To Adopt Fees for the Short Interest Report
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
January 17, 2024
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 89 Issue 11 (Wednesday, January 17, 2024)</title>
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[Federal Register Volume 89, Number 11 (Wednesday, January 17, 2024)]
[Notices]
[Pages 2989-2993]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-00710]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-99307; File No. SR-CboeBZX-2024-003]
Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
Its Fee Schedule To Adopt Fees for the Short Interest Report
January 10, 2024.
Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on January 2, 2024, Cboe BZX Exchange, Inc. (the ``Exchange'' or
``BZX'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been prepared by the Exchange. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Cboe BZX Exchange, Inc. (the ``Exchange'' or ``BZX'') proposes to
amend its Fee Schedule. The text of the proposed rule change is
provided below.
(additions are italicized; deletions are [bracketed])
* * * * *
Cboe U.S. Equities Fee Schedules
BZX Equities
Effective [December 12, 2023] January 2, 2024
* * * * *
Market Data Fees:
* * * * *
Cboe Premium Exchange Tools
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Description Fee
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Monthly Fee per User Login.............................. $65
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[[Page 2990]]
Short Interest Report *
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Delivery Fee
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Monthly Fee--Access..................................... $250
Monthly Fee--Access (Historical Data)................... 250
Monthly Fee per Internal Distributor.................... 500
Monthly Fee Internal Distributor (Historical Data)...... 500
Monthly Fee per External Distributor **................. 750
Monthly Fee External Distributor (Historical Data) **... 750
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* The Short Interest Report is available for purchase on a monthly basis
or on an annual basis.
** The Short Interest Report provided for External Distribution is only
for display use redistribution.
* * * * *
The text of the proposed rule change is also available on the
Exchange's website (<a href="http://markets.cboe.com/us/equities/regulation/rule_filings/BZX/">http://markets.cboe.com/us/equities/regulation/rule_filings/BZX/</a>), at the Exchange's Office of the Secretary, and at
the Commission's Public Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend its Fee Schedule to adopt fees to be
assessed to individuals that elect to subscribe to the Short Interest
Reports, effective January 2, 2024.
On December 11, 2023 the Exchange proposed to adopt a new data
product known as the Short Interest Report.\3\ The Short Interest
Report contains a summary of consolidated market short interest
positions in all BZX-listed securities \4\ only as reported by the
Financial Industry Regulatory Authority, Inc. (``FINRA''); it is
designed to facilitate the distribution of short sale data to, among
other things, provide analytical and investment data that the brokerage
industry, academic institutions, and investors may use in developing
risk-assessment tool and trading models for BZX-listed issues. The
report data fields include Cycle Settlement Date,\5\ BATS-Symbol,\6\
Security Name, Number of Shares Net Short Current Cycle,\7\ Number of
Shares Net Short Previous Cycle,\8\ Cycle Average Daily Trade
Volume,\9\ Minimum Number of Trade Days to Cover Shorts,\10\ Split
Indicator,\11\ Manual Revision Indicator,\12\ Percent Change in Short
Position,\13\ and Change in Short Position from Previous.\14\
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\3\ See SR-CboeBZX-2023-102.
\4\ A BZX-listed security is a security listed on the Exchange
pursuant to Chapter 14 of the Exchange's Rules and includes both
corporate listed securities and Exchange Traded Products (``ETPs'').
\5\ ``Cycle Settlement Date'' is the reporting period date.
\6\ ``BATS-Symbol'' is the Exchange-assigned symbol for the
given security.
\7\ ``Number Shares Net Short Current Cycle'' is the total of
uncovered open short interest positions in a particular security in
shares, for the current reporting period.
\8\ ``Number of Shares Net Short Previous Cycle'' is the total
number of uncovered open short interest positions in a particular
security in shares, for the previous reporting period.
\9\ ``Cycle Average Daily Trade Volume'' is the number of shares
traded on average per day in a particular security in shares.
\10\ ``Minimum Number of Trade Days to Cover Shorts'' is the
ratio of the current short interest position over the average daily
volume for the current settlement date.
\11\ ``Split Indicator'' indicates whether the security has
undergone a stock split during the current reporting period.
\12\ ``Manual Revision Indicator'' indicates whether the
security's short interest for the previous reporting period has been
revised.
\13\ ``Percent Change in Short Position'' is the percent change
from the current reporting period's short interest compared to the
previous reporting period's short interest.
\14\ ``Change in Short Position from Previous'' is the
difference between the current and previous reporting period of
uncovered short interest positions in a particular security in
shares.
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The Short Interest Report is available for purchase by both Members
\15\ and non-Members on a monthly or annual subscription basis, and
subscribers will receive a daily end-of-day file (with values updated
twice per month). The Short Interest Report is also available for
purchase on a historical monthly basis. The historical reports provide
the end-of-day report for each day during a given calendar month, are
available for purchase dating back to March 31, 2015, and include the
same data fields as the daily end-of-day files. Members and non-Members
have the ability to re-distribute (internally and/or externally) the
Short Interest Report.
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\15\ See Exchange Rule 1.5(n).
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The Exchange now proposes to adopt fees applicable to individuals
that subscribe to the Short Interest Reports. As proposed, the Exchange
would assess a monthly \16\ fee of $250 per month for individuals that
subscribe to the report, $500 per month for an Internal Distributor
\17\ of the report, and a fee of $750 per month to an External
Distributor \18\ of the report. These fees may be paid on a monthly
basis or on an annual basis.\19\ Data provided to an External
Distributor via the Short Interest Report is only for display use
redistribution (e.g., the data may be provided on the distributor's
platform). Therefore, distributors of the data may not charge
separately for data included in the Report or incorporate such data
into their product. External Distributors, unlike Internal
Distributors, are typically compensated for the distribution of short
sale data through subscription fees or other mechanisms. The higher
price for External Distributors reflects the additional value these
distributors may gain from the product.
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\16\ The monthly fees for the Short Interest Reports are
assessed based on a 30-day period. For example, if an individual
subscribes to the Short Interest Report on December 15, 2023, the
monthly fee will cover the period of December 15, 2023 through
January 15, 2023. If the individual cancels his/her subscription
prior to January 15, 2023, the individual will not be charged for
(or have access to) Short Interest Reports for the remainder of
January.
\17\ An ``Internal Distributor'' of an Exchange Market Data
product is a Distributor that receives the Exchange Market Data
product and then distributes that data to one or more users within
the Distributor's own entity.
\18\ An ``External Distributor'' of an Exchange Market Data
product is a Distributor that receives the Exchange Market Data
product and then distributes that data to a third party or one or
more users outside the Distributor's own entity.
\19\ Those who subscribe to the Short Interest Report during the
middle of a month will receive the end-of-day report for each day
beginning on the date of subscription.
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Additionally, the Exchange proposes to adopt fees for the Short
Interest Report provided on a historical basis. As
[[Page 2991]]
noted above, the Short Interest Report will be available for each
calendar month dating back to March 31, 2015. As proposed, the fees for
Short Interest Reports provided on a historical basis are the same as
the fees proposed for the standard Short Interest Report: the Exchange
would assess a fee of $250 per historical month for individuals that
subscribe, $500 per historical month assessed to Internal Distributors
of the report, and a fee of $750 per historical month assessed to
External Distributors of the report. Data provided via the historical
Short Volume Report is also for display use redistribution only (e.g.,
the data may be provided on the distributor's platform). Therefore,
distributors of the historical data may not charge separately for data
included in the Short Interest Report or incorporate such data into
their product. Nonetheless, the Exchange believes it is reasonable,
equitable and not unfairly discriminatory to charge a fee for display
use redistribution that reflects the value these distributors may gain
from the historical product.
The Exchange anticipates that a wide variety of market participants
will purchase the Short Interest Report, including, but not limited to,
active equity trading firms and academic institutions. For example, the
Exchange notes that academic institutions may utilize the Short
Interest Report data and as a result promote research and studies of
the equities industry to the benefit of all market participants. The
Exchange further believes the Short Interest Report may provide helpful
trading information regarding investor sentiment that may allow market
participants to make more informed trading decisions and may be used to
create and test trading models and analytical strategies and provide
comprehensive insight into trading on the Exchange.
The Exchange notes that the Short Interest Report is a completely
voluntary product, in that the Exchange is not required by any rule or
regulation to make the reports or services available and that potential
subscribers may purchase it only if they voluntarily choose to do so.
Further, the Exchange notes that other exchanges offer similar products
for a fee.\20\
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\20\ See, e.g., Specifications for Short Interest file,
available at: <a href="https://www.nasdaq.com/solutions/short-interest-report">https://www.nasdaq.com/solutions/short-interest-report</a>; and NYSE Group Short Interest Client Specification,
available at:
NYSE_Group_Short_Interest_Client_Specification_v1.5.pdf.
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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.\21\ Specifically, the
Exchange believes the proposed rule change is consistent with the
section 6(b)(5) \22\ 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) \23\ 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,\24\ 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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\21\ 15 U.S.C. 78f(b).
\22\ 15 U.S.C. 78f(b)(5).
\23\ Id.
\24\ 15 U.S.C. 78f(b)(4).
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In adopting Regulation NMS, the Commission granted self-regulatory
organizations (``SROs'') and broker-dealers increased authority and
flexibility to offer new and unique market data to the public. It was
believed that this authority would expand the amount of data available
to consumers, and also spur innovation and competition for the
provision of market data. The Exchange believes that the Short Interest
Report further broadens the availability of U.S. equity market data to
investors consistent with the principles of Regulation NMS. The Short
Interest Report also promotes increased transparency through the
dissemination of short interest data. The Short Interest Report
benefits investors by providing access to the Short Interest Report
data, which may promote better informed trading, as well as research
and studies of the equities industry.
The Exchange operates in a highly competitive environment. Indeed,
there are currently 16 registered equities exchanges that trade
equities. Based on publicly available information, no single equities
exchange has more than 13% of the equity market share.\25\ The
Commission has repeatedly expressed its preference for competition over
regulatory intervention in determining prices, products, and services
in the securities markets. Particularly, in Regulation NMS, the
Commission highlighted the importance of market forces in determining
prices and SRO revenues and, also, recognized that current regulation
of the market system ``has been remarkably successful in promoting
market competition in its broader forms that are most important to
investors and listed companies.'' \26\ Making similar data products
available to market participants fosters competition in the
marketplace, and constrains the ability of exchanges to charge
supracompetitive fees. In the event that a market participant views one
exchange's data product as more attractive than the competition, that
market participant can, and often does, switch between similar
products. The proposed fees are a result of the competitive environment
of the U.S. equities industry as the Exchange seeks to adopt fees to
attract purchasers of the recently introduced Short Interest Report.
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\25\ See Cboe Global Markets, U.S. Equities Market Volume
Summary, Month-to-Date (December 18, 2023), available at <a href="https://www.cboe.com/us/equities/market_statistics/">https://www.cboe.com/us/equities/market_statistics/</a>.
\26\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496, 37499 (June 29, 2005) (``Regulation NMS Adopting
Release'').
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The Exchange believes that the proposed fees for the Short Interest
Report are consistent with the Act in that they are reasonable,
equitable, and not unfairly discriminatory. In particular, the Exchange
believes that the proposed fees are reasonable because they are
reasonably aligned with the value and benefits provided to users that
choose to subscribe to the Short Interest Report on the Exchange. As
discussed above, the Short Interest Report may be beneficial to Members
and non-Members as it may provide helpful trading information regarding
investor sentiment that may allow market participants to make more
informed trading decisions and may be used to create and test trading
models and analytical strategies and provide comprehensive insight into
trading on the Exchange. Therefore, the Exchange believes that it is
reasonable to assess a modest fee to users that subscribe to the Short
Interest Report.
The Exchange further believes the proposed fee is reasonable
because the amount assessed is less than the analogous fees charged by
competitor exchanges. For example, for its Short Interest Reports,
Nasdaq charges $500
[[Page 2992]]
for access, $1,000 for Internal Distributors and from $2,500 to $7,500
for External Distributors (depending on the number of subscribers).\27\
Additionally, NYSE and its affiliated equity markets (the ``NYSE
Group'') have a similar Short Interest Report offering, seemingly for a
charge.\28\ The Exchange therefore believes that the proposed fees are
reasonable and set at a level to compete with other equity exchanges
that offer similar reports. Indeed, proposing fees that are excessively
higher than established fees for similar data products would simply
serve to reduce demand for the Exchange's data product, which as noted,
is entirely optional. Although each of these similar data products
provide only proprietary trade data and not trade data from other
exchanges, it is possible investors are still able to gauge overall
investor sentiment across different equities based on the included data
points on any one exchange. As such, if a market participant views
another exchange's potential report as more attractive, then such
market participant can merely choose not to purchase the Exchange's
Short Interest Report and instead purchase another exchange's similar
data product, which offers similar data points, albeit based on that
other market's trading activity.
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\27\ See Nasdaq Rule 7, Section 122.
\28\ See <a href="https://www.nyse.com/market-data/reference/nyse-group-short-interest">https://www.nyse.com/market-data/reference/nyse-group-short-interest</a>, which includes a ``Purchase Now'' option. The
Exchange is unaware of a related filing for the offering.
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In addition, the Exchange believes that the proposed fees are
equitable and not unfairly discriminatory because they will apply to
all similarly situated Members and non-Members that choose to subscribe
to the Short Interest Report equally. As stated, the Short Interest
Report is completely optional and not necessary for trading. Rather,
the Exchange voluntarily makes the Short Interest Report available, and
users may choose to subscribe (and pay for) the report based on their
own individual business needs. Potential subscribers may subscribe to
the Short Interest Report at any time if they believe it to be valuable
or may decline to purchase it.
The Exchange also believes it is reasonable, equitable and not
unfairly discriminatory to charge an External Distributor of the Short
Interest Report a higher fee than an Internal Distributor as an
External Distributor may provide the data on their platform. External
Distributors, unlike Internal Distributors, are typically compensated
for the distribution of short sale data through subscription fees or
other mechanisms. Therefore, the Exchange believes it is reasonable,
equitable and not unfairly discriminatory to charge a higher fee for
display use redistribution, as it reflects the additional value these
distributors may gain from the Short Interest product. Additionally,
the Exchange believes it is reasonable, equitable and not unfairly
discriminatory to charge an Internal Distributor of the Short Interest
Report a higher fee than an individual, as an Internal Distributor may
distribute the data to one or more users within the Distributor's own
entity; thus, the higher fee reflects the additional value such
Internal Distributors may gain from the Short Interest product.
Further, the proposed fee will apply equally to similarly situated
individuals, Internal Distributors and External Distributors,
respectively. Moreover, as described above, another Exchange similarly
charges Internal and External Distributors higher fees as compared to
individuals for a similar data product.
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 that 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 the Short Interest
Report will be available equally to all Members and non-Members that
choose to subscribe to the report. Market participants are not required
to purchase the Short Interest Report, and the Exchange is not required
to make the Short Interest Report available to investors. Rather, the
Exchange is voluntarily making the Short Interest Report available, and
market participants may choose to receive (and pay for) this data based
on their own business needs. Potential purchasers may request the data
at any time if they believe it to be valuable or may decline to
purchase such data. Given the above, the Exchange does not believe the
proposed rule change will result in any burden on competition that is
not necessary or appropriate in furtherance of the purposes of the Act.
Additionally, as discussed above, the Exchange believes it is
appropriate to charge Internal and External Distributors higher fees as
compared to individuals, as the higher fees reflect the additional
value such Internal Distributors and External Distributors may gain
from the Short Interest product.
Next, the Exchange 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, similar products offered by Nasdaq are priced higher than
the Short Volume Report. 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
proposal imposes any burden on competition that is not necessary or
appropriate in furtherance of the purposes of the Act.
Further, making similar data products available to market
participants fosters competition in the marketplace, and constrains the
ability of exchanges to charge supracompetitive fees. In the event that
a market participant views one exchange's data product as more
attractive than the competition, that market participant can, and often
does, switch between similar products. The proposed fees are a result
of the competitive environment of the U.S. equities industry as the
Exchange seeks to adopt fees to attract purchasers of the Short
Interest Report. As noted above, the Exchange believes that the
proposed fees are reasonable and set at a level to compete with other
equity exchanges that offer similar reports. Accordingly, the Exchange
does not believe its proposal imposes any burden on competition that is
not necessary or
[[Page 2993]]
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 \29\ and paragraph (f) of Rule 19b-4 \30\
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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\29\ 15 U.S.C. 78s(b)(3)(A).
\30\ 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#2654534a430b45494b4b434852556655434508414950"><span class="__cf_email__" data-cfemail="cfbdbaa3aae2aca0a2a2aaa1bbbc8fbcaaace1a8a0b9">[email protected]</span></a>. Please include
file number SR-CboeBZX-2024-003 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-2024-003. 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-2024-003 and should
be submitted on or before February 7, 2024.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\31\
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\31\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-00710 Filed 1-16-24; 8:45 am]
BILLING CODE 8011-01-P
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