Notice2024-05838
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fees Schedule
Primary source
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Published
March 20, 2024
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 89 Issue 55 (Wednesday, March 20, 2024)</title>
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[Federal Register Volume 89, Number 55 (Wednesday, March 20, 2024)]
[Notices]
[Pages 19901-19905]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-05838]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-99740; File No. SR-CBOE-2024-012]
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
Its Fees Schedule
March 14, 2024.
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 March 5, 2024, 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, 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 Exchange, Inc. (the ``Exchange'' or ``Cboe Options'') proposes
to amend its Fees 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://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 its Fees Schedule.\3\
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\3\ The Exchange initially filed the proposed fee changes on
March 1, 2024 (SR-CBOE-2024-011). On March 5, 2024, the Exchange
withdrew that filing and submitted this proposal.
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New XSP RTH LMM Program
The Exchange proposes to amend its Fees Schedule to adopt a Regular
Trading Hours (``RTH'') XSP Lead Market-Makers (``LMMs'') Incentive
Program (the ``Program'') under which LMMs appointed to the Program
would receive the proposed payment and rebate if they provide
continuous electronic quotes during RTH from 8:30 a.m. CST to 3:15 p.m.
CST that meet or exceed the proposed quoting standards under the
Program (as described in further detail below).
As proposed, if an LMM appointed to the Program provides continuous
electronic quotes during RTH that meet or exceed the proposed
heightened quoting standards (below) in at least 95% of the series 93%
of the time in a given month, the LMM will receive (i) a payment for
that month in the amount of $40,000 and (ii) a rebate of $0.27 per
[[Page 19902]]
XSP contract that is executed in RTH in Market-Maker capacity and adds
liquidity electronically contra to non-customer capacity.
Width
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Expiring 2 days to 5 6 days to 14 15 days to 35
Moneyness \4\ option 1 day days days days
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VIX Value at Prior Close <=30
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[>3% ITM)....................... $0.20 $0.25 $0.25 $0.50 $1.00
[3% ITM to 2% ITM).............. 0.10 0.15 0.15 0.25 0.75
[2% ITM to 0.25% ITM)........... 0.04 0.05 0.05 0.06 0.10
[0.25% ITM to ATM).............. 0.02 0.03 0.04 0.05 0.08
[ATM to 1% OTM)................. 0.02 0.02 0.02 0.03 0.06
[>1% OTM]....................... 0.02 0.02 0.02 0.02 0.04
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VIX Value at Prior Close <ls-thn-eq>30
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[>3% ITM)....................... 0.25 0.30 0.30 0.55 1.05
[3% ITM to 2% ITM).............. 0.15 0.20 0.20 0.30 0.80
[2% ITM to 0.25% ITM)........... 0.05 0.06 0.06 0.07 0.11
[0.25% ITM to ATM).............. 0.03 0.04 0.05 0.06 0.09
[ATM to 1% OTM)................. 0.03 0.03 0.03 0.04 0.07
[>1% OTM]....................... 0.03 0.03 0.03 0.03 0.05
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Size (0 to 35
Moneyness days to
expiry)
------------------------------------------------------------------------
[>3% ITM)............................................... 5
[3% ITM to 2% ITM)...................................... 10
[2% ITM to 0.25% ITM)................................... 15
[0.25% ITM to ATM)...................................... 20
[ATM to 1% OTM)......................................... 20
[>1% OTM]............................................... 20
------------------------------------------------------------------------
Meeting or exceeding the heightened quoting standards in XSP, as
proposed, to receive the proposed compensation payment(s) is optional
for any LMM appointed to the Program. The Exchange may consider other
exceptions to this quoting standard based on demonstrated legal or
regulatory requirements or other mitigating circumstances. In
calculating whether an LMM met the heightened quoting standard each
month, the Exchange will exclude from the calculation in that month the
business day in which the LMM missed meeting or exceeding the
heightened quoting standard in the highest number of series. The
heightened quoting requirements offered by the Program are designed to
incentivize LMMs appointed to the Program to provide significant
liquidity in XSP options during the RTH session, which, in turn, would
provide greater trading opportunities, added market transparency and
enhanced price discovery for all market participants in XSP.
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\4\ Moneyness is calculated as 1--strike/index for calls,
strike/index--1 for puts. Negative numbers are Out of the Money
(``OTM'') and positive values are In the Money (``ITM''). A
Moneyness value of zero for either calls or puts is considered At
the Money (``ATM''). For example, if the index is at 400, the 396
call = 1-396/400 = 0.01 = 1% ITM, whereas the 396 put = 396/400-1 =
-0.01 = 1% OTM.
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Routing Fee Codes Changes
The Exchange also proposes to modify fees associated with certain
routing fee codes. The Fees Schedule currently lists fee codes and
their corresponding transaction fee for routed Customer orders to other
options exchanges specifically in Exchange Traded Funds (``ETF'') and
equity options, and for non-Customer orders routed in Penny and Non-
Penny options classes.
The Exchange notes that its current approach to routing fees is to
set forth in a simple manner certain sub-categories of fees that
approximate the cost of routing to other options exchanges based on the
cost of transaction fees assessed by each venue as well as a flat $0.15
assessment that covers costs to the Exchange for routing (i.e.,
clearing fees, connectivity and other infrastructure costs, membership
fees, etc.) (collectively, ``Routing Costs''). The Exchange then
monitors the fees charged as compared to the costs of its routing
services and adjusts its routing fees and/or sub-categories to ensure
that the Exchange's fees do indeed result in a rough approximation of
overall Routing Costs, and are not significantly higher or lower in any
area. The Exchange notes that at least one other options exchange
currently assesses routing fees in a similar manner as the Exchange's
current approach to assessing approximate routing fees.\5\
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\5\ See e.g., MIAX Options Exchange Fee Schedule, Section 1(c),
``Fees for Customer Orders Routed to Another Options Exchange.''
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The Exchange assesses fees in connection with orders routed away to
various exchanges. Currently, under the Routing Fees table of the Fee
Schedule, fee codes RD, RF, and RI are appended to certain Customer
orders in ETF and Equity options, as follows:
<bullet> fee code RD is appended to Customer orders in ETF/Equity
options routed to NYSE American (``AMEX''), BOX Options Exchange
(``BOX''), Nasdaq BX Options (``BX''), Cboe EDGX Exchange, Inc.
(``EDGX''), MIAX Options Exchange (``MIAX'') or Nasdaq PHLX LLC
(``PHLX'') (excluding orders in SPY options), and assesses a charge of
$0.25 per contract;
<bullet> fee code RF is appended to Customer orders in ETF/Equity,
Penny options routed to NYSE Arca, Inc (``ARCA''), Cboe BZX Exchange,
Inc. (``BZX''), Cboe C2 Exchange, Inc. (``C2''), Nasdaq ISE (``ISE''),
ISE Gemini, LLC (``GMNI''), ISE Mercury, LLC (``MERC''), MIAX Emerald
Exchange (``EMLD''), MIAX Pearl Exchange (``PERL''), Nasdaq Options
Market LLC (``NOM''), or PHLX (for orders in SPY options only) and
assesses a charge of $0.75 per contract;
<bullet> fee code RI is appended to Customer orders in ETF/Equity,
Non-Penny options routed to ARCA, BZX, C2, ISE, GMNI, MERC, EMLD, PERL
or NOMX, and assesses a charge of $1.25 per contract.
<bullet> fee code TD is appended to Customer orders in ETF options
originating on an Exchange-sponsored terminal for greater than or equal
to 100 contracts routed to AMEX, BOX, BX, EDGX, MIAX, or PHLX, and
assesses a charge of $0.18 per contract;
<bullet> fee code TE is appended to Customer orders in ETF/Equity
options originating on an Exchange-sponsored terminal for less than 100
contracts routed to AMEX, BOX, BX, EDGX, MIAX, PHLX, and assesses no
charge per contract;
[[Page 19903]]
<bullet> fee code TF is appended to Customer orders in ETF, Penny
options originating on an Exchange-sponsored terminal for greater than
or equal to 100 contracts routed to ARCA, BZX, C2, ISE, GMNI, EMLD,
PERL, MERC, or NOM, and assesses a charge of $0.18 per contract;
<bullet> fee code TG is appended to Customer orders in ETF, Non-
Penny options originating on an Exchange-sponsored terminal for greater
than or equal to 100 contracts routed to ARCA, BZX, C2, ISE, GMNI,
EMLD, PERL, MERC, or NOM, and assesses $0.18 per contract;
<bullet> fee code TH is appended to Customer orders in ETF/Equity,
Penny options originating on an Exchange-sponsored terminal for less
than 100 contracts routed to ARCA, BZX, C2, ISE, GMNI, EMLD, PERL,
MERC, or NOM, and assesses no charge per contract; and
<bullet> fee code TI is appended to Customer orders in ETF/Equity,
Non-Penny options originating on an Exchange-sponsored terminal for
less than 100 contracts routed to ARCA, BZX, C2, ISE, GMNI, EMLD, PERL,
or NOM, and assesses no charge per contract.
The Exchange proposes to amend fee code RD, TD, and TE to exclude
applicable Customer orders routed to Nasdaq BX Options (BX) and to
amend fee codes RF, RI, TF, TG, TH, and TI to add applicable Customer
orders routed to BX. The charges assessed per contract for each fee
code remain the same under the proposed rule change.
The proposed changes result in an assessment of fees that, given
fees of an away options exchange, is more in line with the Exchange's
current approach to routing fees, that is, in a manner that
approximates the cost of routing Customer orders to other away options
exchanges, based on the general cost of transaction fees assessed by
the sub-category of away options exchanges for such orders (as well as
the Exchange's Routing Costs).\6\ The Exchange notes that routing
through the Exchange is optional and that TPHs will continue to be able
to choose where to route applicable Customer orders.
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\6\ See BX Options 7 (Pricing Schedule), Section 2.
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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.\7\ Specifically, the
Exchange believes the proposed rule change is consistent with the
section 6(b)(5) \8\ 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) \9\ 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,\10\ 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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\7\ 15 U.S.C. 78f(b).
\8\ 15 U.S.C. 78f(b)(5).
\9\ Id.
\10\ 15 U.S.C. 78f(b)(4).
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The Exchange believes the proposed XSP RTH LMM Incentive Program is
reasonable, equitable and not unfairly discriminatory. Particularly,
the proposed Program is a reasonable financial incentive program
because the proposed heightened quoting standards and rebate amounts
for meeting the heightened quoting standards in XSP series are
reasonably designed to incentivize LMMs appointed to the Program to
meet the proposed heightened quoting standards during RTH for XSP,
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.
The Exchange believes that the proposed heightened quoting
standards are reasonable because they are similar to the detail and
format of the quoting standards currently in place for LMM Incentive
Programs for other proprietary Exchange products that trade during
RTH.\11\ The Exchange also believes that proposed heightened quoting
requirements are reasonably tailored to reflect market characteristics
of XSP. For example, the Exchange believes the generally smaller widths
appropriately reflect the lower-priced and smaller notional sized XSP
product (XSP options are 1/10th the size of SPX options). The Exchange
believes utilizing moneyness as a quoting standard is reasonable, given
the program objectives to achieve tight liquidity in a market where
options premiums change quickly.
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\11\ See Cboe Options Fees Schedule, ``RTH SPESG LMM Incentive
Program'', ``MRUT LMM Incentive Program'', ``NANOS LMM Incentive
Program'', and ``MSCI LMM Incentive Program.''
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The Exchange also believes that the proposed incentive payment for
appointed LMMs that meet the proposed heightened quoting standards in
XSP in a month is reasonable and equitable as it is comparable to the
incentive payments offered for other LMM Incentive Programs for other
proprietary products. For example, the GTH1 and GTH2 LMM Incentive
Programs for SPX/SPXW offer incentive payments of $40,000 per month, in
which an appointed LMM meets the given quoting standards.\12\ The
Exchange also believes it is reasonable to offer to an appointed LMM
that meets the given quoting standards a rebate of $0.27 per XSP
contract that is executed in RTH in Market-Maker capacity and adds
liquidity electronically contra to non-customer capacity because the
proposed rebate is an incentive reasonably designed to encourage
appointed LMMs to provide liquidity electronically contra to non-
customer capacity in XSP options during the trading day.
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\12\ See Cboe Options Fees Schedule, SPX/SPXW LMM Incentive
Program'', and GTH2 SPX/SPXW LMM Incentive Program.''
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Finally, the Exchange believes it is equitable and not unfairly
discriminatory to offer the financial incentive to LMMs appointed to
the Program because it will benefit all market participants trading in
XSP during RTH by encouraging the appointed LMMs to satisfy the
heightened quoting standards, which incentivizes continuous increased
liquidity and thereby may provide more trading opportunities and
tighter spreads. Indeed, the Exchange notes that these LMMs serve a
crucial role in providing quotes and the opportunity for market
participants to trade XSP, which can lead to increased volume,
providing for robust markets. The Exchange ultimately proposes to offer
the Program to sufficiently incentivize the appointed LMMs to provide
key liquidity and active markets in XSP options to encourage liquidity,
thereby protecting investors and the public interest. The Exchange also
notes that an LMM appointed to the Program may undertake added costs
each month to satisfy that heightened quoting standards (e.g., having
to purchase additional logical connectivity). The
[[Page 19904]]
Exchange believes the Program is equitable and not unfairly
discriminatory because similar programs currently exist for LMMs
appointed to programs in other proprietary products,\13\ including for
XSP during the GTH session, and the Program will equally apply to any
TPH that is appointed as an LMM to the Program. Additionally, if an
appointed LMM does not satisfy the heightened quoting standard in XSP
for any given month, then it simply will not receive the offered
payments or rebates for that month.
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\13\ See supra notes 11 and 12.
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The Exchange also believes the proposed rule change to amend fee
codes RD, RF, RI, TD, TE, TF, TG, TH, and TI to account for BX's
current assessment of fees for Customer orders is reasonable because it
is reasonably designed to assess routing fees in line with the
Exchange's current approach to routing fees. That is, the proposed rule
change is intended to include Customer orders in ETF and equity options
routed to BX in the most appropriate sub-category of fees that
approximates the cost of routing to a group of away options exchanges
based on the cost of transaction fees assessed by each venue as well as
Routing Costs to the Exchange. As noted above, the Exchange operates in
a highly competitive market in which market participants can readily
direct order flow to competing venues if they deem fee levels at a
particular venue to be excessive or incentives to be insufficient. The
Exchange notes that routing through the Exchange is optional and that
TPHs will continue to be able to choose where to route their Customer
orders in ETF and equity options in the same sub-category group of away
exchanges as they currently may choose to route. 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 TPHs. The Exchange further notes that at least one other options
exchange currently approximates routing fees in a similar manner as the
Exchange's current approach.\14\ The Exchange believes that the
proposed rule change is equitable and not unfairly discriminatory
because all TPHs' applicable Customer orders in ETF and equity options
routed to BX will be automatically and uniformly assessed the
applicable routing charges.
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\14\ See supra note 4.
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B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. The Exchange also does not
believe that the Program would impose any burden on intramarket
competition because it applies to all LMMs appointed to the Program in
a uniform manner, in the same way similar programs apply to LMMs in
other proprietary products today. To the extent these LMMs receive a
benefit that other market participants do not, as stated, LMMs have
different obligations and are held to different standards. For example,
LMMs play a crucial role in providing active and liquid markets in
their appointed products, thereby providing a robust market which
benefits all market participants. Such Market-Makers also have
obligations and regulatory requirements that other participants do not
have.
The Exchange does not believe the proposed rule change to amend fee
codes RD, RF, RI, TD, TE, TF, TG, TH, and TI will impose any burden on
intramarket competition that is not necessary or appropriate in
furtherance of the purposes of the Act. All TPHs' Customer orders
routing to BX and currently yielding fee code RD, TD, or TE will yield
fee code RF, RI, RF, TG, TH, or TI (depending on the order) and will
automatically and uniformly be assessed the current fees already in
place for such routed orders, as applicable.
The Exchange does not believe that the proposed rule change to
establish the Program will impose any burden on intermarket competition
that is not necessary or appropriate in furtherance of the purposes of
the Act because the proposed incentive payment and rebate apply to a
product exclusively listed on the Exchange.
Further, the Exchange does not believe the proposed rule change to
amend fee codes RD, RF, RI, TD, TE, TF, TG, TH, and TI 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 at
least one other options exchange approximates routing costs in a
similar manner as the Exchange's current approach.\15\ Also, the
Exchange operates in a highly competitive market. TPHs have numerous
alternative venues that they may participate on and direct their order
flow, including 16 other options exchanges and off-exchange venues.
Additionally, the Exchange represents a small percentage of the overall
market. Based on publicly available information, no single options
exchange has more than 16% of the market share.\16\ Therefore, no
exchange possesses significant pricing power in the execution of option
order flow. Indeed, participants can readily choose to send their
orders to other exchange and off-exchange venues if they deem fee
levels at those other venues to be more favorable. Moreover, the
Commission has repeatedly expressed its preference for competition over
regulatory intervention in determining prices, products, and services
in the securities markets. Specifically, in Regulation NMS, the
Commission highlighted the importance of market forces in determining
prices and SRO revenues and, also, recognized that current regulation
of the market system ``has been remarkably successful in promoting
market competition in its broader forms that are most important to
investors and listed companies.'' \17\ 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'. . . .''.\18\ Accordingly, the Exchange
does not believe its proposed fee change imposes any burden on
competition that is not necessary or appropriate in furtherance of the
purposes of the Act.
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\15\ Id.
\16\ See Cboe Global Markets U.S. Options Market Monthly Volume
Summary (February 26, 2024), available at <a href="https://markets.cboe.com/us/options/market_statistics/">https://markets.cboe.com/us/options/market_statistics/</a>.
\17\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496, 37499 (June 29, 2005).
\18\ NetCoalition v. SEC, 615 F.3d 525, 539 (D.C. Cir. 2010)
(quoting Securities Exchange Act Release No. 59039 (December 2,
2008), 73 FR 74770, 74782-83 (December 9, 2008) (SR-NYSEArca-2006-
21)).
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[[Page 19905]]
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 \19\ and paragraph (f) of Rule 19b-4 \20\
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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\19\ 15 U.S.C. 78s(b)(3)(A).
\20\ 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="http://www.sec.gov/rules/sro.shtml">http://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#691b1c050c440a0604040c071d1a291a0c0a470e061f"><span class="__cf_email__" data-cfemail="6012150c054d030f0d0d050e1413201305034e070f16">[email protected]</span></a>. Please include
file number SR-CBOE-2024-012 on the subject line.
Paper Comments
<bullet> Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to file number SR-CBOE-2024-012. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (<a href="http://www.sec.gov/rules/sro.shtml">http://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-2024-012 and should be submitted on
or before April 10, 2024.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\21\
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\21\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-05838 Filed 3-19-24; 8:45 am]
BILLING CODE 8011-01-P
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