Notice2024-10590
Self-Regulatory Organizations; Cboe C2 Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating To Amend Its Fees 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
May 15, 2024
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 89 Issue 95 (Wednesday, May 15, 2024)</title>
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[Federal Register Volume 89, Number 95 (Wednesday, May 15, 2024)]
[Notices]
[Pages 42567-42571]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-10590]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-100089; File No. SR-C2-2024-006]
Self-Regulatory Organizations; Cboe C2 Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change Relating
To Amend Its Fees Schedule
May 9, 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 May 1, 2024, Cboe C2 Exchange, Inc. (the ``Exchange'' or
``C2'') 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 C2 Exchange, Inc. (the ``Exchange'' or ``C2'') 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://markets.cboe.com/us/options/regulation/rule_filings/ctwo/">http://markets.cboe.com/us/options/regulation/rule_filings/ctwo/</a>), at the Exchange's Office of the Secretary, and at
the Commission's Public Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set
[[Page 42568]]
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, effective May 1,
2024.
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 approximately 15% of the
market share.\3\ Thus, in such a low-concentrated and highly
competitive market, no single options exchange, including the Exchange,
possesses significant pricing power in the execution of option order
flow. The Exchange believes that the ever-shifting market share among
the exchanges from month to month demonstrates that market participants
can shift order flow or discontinue to reduce use of certain categories
of products, in response to fee changes. Accordingly, competitive
forces constrain the Exchange's transaction fees, and market
participants can readily trade on competing venues if they deem pricing
levels at those other venues to be more favorable.
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\3\ See Cboe Global Markets U.S. Options Market Volume Summary
by Month (April 29, 2024), 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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Fee Code Updates
The Exchange first proposes to increase fees for Non-Customer, Non-
Market Maker and Market-Maker orders that remove liquidity in Penny
Classes. Currently, the Exchange assesses a fee of $0.49 per contract
for Non-Customer, Non-Market Maker orders and Market-Maker orders that
remove liquidity in Penny Classes (which orders yield fee codes ``PP''
and ``PR'', respectively). The Exchange proposes to increase the Penny
Class Remove transaction fee for Non-Customer, Non-Market Maker orders
and Market-Maker orders, from $0.49 per contract to $0.50 per
contract.\4\
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\4\ The Exchange also proposes to update the rate for fee codes
PP and PR within the Transactions Fees section of the Fees Schedule.
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Additionally, the Exchange proposes to amend fees for Public
Customer orders in SPY, AAPL, QQQ, IWM, SLV, AMC, AMD, AMZN, HYG, PLTR,
TSLA \5\ and XLF that remove liquidity. Currently, the Exchange
assesses a fee of $0.37 per contract for Public Customer orders in SPY,
AAPL, QQQ, IWM, SLV, AMC, AMD, AMZN, HYG, PLTR, TSLA and XLF that
remove liquidity (which orders yield fee code ``SC''). The Exchange
proposes to amend the transaction fee for Public Customer orders in
SPY, AAPL, QQQ, IWM, SLV, AMC, AMD, AMZN, HYG, PLTR, TSLA and XLF that
remove liquidity (and yield fee code SC) from $0.37 per contract to
$0.40 per contract.\6\
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\5\ As part of the proposed rule change, the Exchange proposes
to correct the spelling of ``TSLA'' (from ``TLSA'') throughout the
Fees Schedule.
\6\ The Exchange also proposes to update the rate for fee code
SC within the Transactions Fees section of the Fees Schedule.
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The Exchange next proposes to amend the rebate for C2 Market-Maker
orders in SPY, AAPL, QQQ, IWM, SLV, AMC, AMD, AMZN, HYG, PLTR, TSLA and
XLF that add liquidity. Currently, the Exchanges provides a rebate of
$0.20 per contract for C2 Market-Maker orders in SPY, AAPL, QQQ, IWM,
SLV, AMC, AMD, AMZN, HYG, PLTR, TSLA and XLF that add liquidity (which
orders yield fee code ``SM''). The Exchange proposes to amend the
rebate provided for C2 Market-Maker orders in SPY, AAPL, QQQ, IWM, SLV,
AMC, AMD, AMZN, HYG, PLTR, TSLA and XLF that add liquidity (and yield
fee code ``PM''), from $0.20 per contract to $0.28 per contract.\7\
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\7\ The Exchange also proposes to update the rate for fee code
SM within the Transactions Fees section of the Fees Schedule.
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Additionally, the Exchange proposes to amend Footnote 1 (Market
Maker Volume Tiers), applicable to qualifying C2 Market-Maker orders
yielding fee code SM. Pursuant to Footnote 1 of the Fee Schedule, the
Exchange currently offers four Market-Maker Volume Tiers, which provide
enhanced rebates between $0.26 and $0.32 per contract for qualifying
Market-Maker orders yielding fee code SM where a TPH meets required
criteria. Specifically, Tier 1 provides an enhanced rebate of $0.26 per
contract where a TPH: (1) has an ADAV \8\ in Market-Maker orders in
SPY, AAPL, QQQ, IWM, SLV, AMC, AMD, AMZN, HYG, PLTR, TLSA, and XLF
(i.e., yielding fee codes SM or SL) greater than or equal to 0.15% of
Average OCV.\9\ Tier 2 provides a higher rebate of $0.28 per contract
where a TPH meets the more stringent criteria of having an ADAV in
Market-Maker orders in SPY, AAPL, QQQ, IWM, SLV, AMC, AMD, AMZN, HYG,
PLTR, TLSA, and XLF (i.e., yielding fee codes SM or SL) greater than or
equal to 0.35% of Average OCV. Tier 3 provides a rebate of $0.31 per
contract if a TPH has an ADAV in Market-Maker orders in SPY, AAPL, QQQ,
IWM, SLV, AMC, AMD, AMZN, HYG, PLTR, TSLA, and XLF (i.e., yielding fee
codes SM or SL) greater than or equal to 0.60% of Average OCV. Finally,
Tier 4 provides an enhanced rebate of $0.32 per contract if a TPH has
an ADAV in Market-Maker orders in SPY, AAPL, QQQ, IWM, SLV, AMC, AMD,
AMZN, HYG, PLTR, TSLA, and XLF (i.e., yielding fee codes SM or SL)
greater than or equal to 0.70% of Average OCV.
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\8\ ``ADAV'' means average daily added volume calculated as the
number of contracts added, per day.
\9\ ``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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The Exchange proposes to amend the required criteria for Tiers 1
through 4, as well as the associated enhanced rebates. Specifically,
the Exchange proposes to: amend Tier 1 criteria to state that a TPH
must have an ADAV in Market-Maker orders in SPY, AAPL, QQQ, IWM, SLV,
AMC, AMD, AMZN, HYG, PLTR, TSLA, and XLF (i.e., yielding fee codes SM
or SL) greater than or equal to 0.35% of Average OCV; amend Tier 2
criteria to state that a TPH must have an ADAV in Market-Maker orders
in SPY, AAPL, QQQ, IWM, SLV, AMC, AMD, AMZN, HYG, PLTR, TSLA, and XLF
(i.e., yielding fee codes SM or SL) greater than or equal to 0.65% of
Average OCV; amend Tier 3 criteria to state that a TPH must have an
ADAV in Market-Maker orders in SPY, AAPL, QQQ, IWM, SLV, AMC, AMD,
AMZN, HYG, PLTR, TSLA, and XLF (i.e., yielding fee codes SM or SL)
greater than or equal to 0.85% of Average OCV; and amend Tier 4
criteria to state that a TPH must have an ADAV in Market-Maker orders
in SPY, AAPL, QQQ, IWM, SLV, AMC, AMD, AMZN, HYG, PLTR, TSLA, and XLF
(i.e., yielding fee codes SM or SL) greater than or equal to 1.05% of
Average OCV. Additionally, the Exchange proposes to change the enhanced
rebate for Tier 1 from $0.26 per contract to $0.30 per contract, for
Tier 2 from $0.28 per contract to $0.32 per contract, for Tier 3 from
$0.31 to $0.34 per contract, and for Tier 4 from $0.32 per contract to
$0.36.
Finally, the Exchange proposes to amend the Access Fees section of
the Fees Schedule. Currently, the Fees Schedule states that Trading
Permit
[[Page 42569]]
Holders will only be assessed a single monthly fee for each type of
Trading Permit it holds and provides the example that a TPH with two
Market-Maker Permits and one Electronic Access Permit would be assessed
a total of $6,000 per month ($5,000 for a Market-Maker Permit and
$1,000 for an Electronic Access Permit). The Exchange proposes to
correct an inaccuracy contained within the example. Specifically, the
Exchange proposes to remove reference to two Market-Maker Permits, as
TPHs are not permitted to hold two Market-Maker permits. As amended the
language would read that a TPH with one Market-Maker Permit and one
Electronic Access Permit would be assessed a total of $5,000 per month
($5,000 for a Market-Maker Permit and $1,000 for an Electronic Access
Permit).
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.\10\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \11\ 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) \12\ 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,\13\ 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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\10\ 15 U.S.C. 78f(b).
\11\ 15 U.S.C. 78f(b)(5).
\12\ Id.
\13\ 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. Further, the Exchange notes
that other exchanges offer tiered product-specific pricing and/or
incentives.\14\ The proposed changes to Exchange execution fees and
rebates are intended to attract order flow to the Exchange by
continuing to offer competitive pricing while also creating additional
incentives to providing aggressively priced displayed liquidity, which
the Exchange believes would enhance market quality to the benefit of
all market participants.
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\14\ See, e.g., MIAX Pearl Fee Schedule, Section 1 Transaction
Rebates/Fees, which provides for product-specific pricing for SPY,
QQQ, and IWM; and Nasdaq ISE Pricing Schedule, Section 3, Footnote
5, which provides for tiered rebates for Market Maker SPY, QQQ, IWM
orders that add liquidity between $0.10 and $0.26 per contract, as
well as tired [sic] rebates for Market Maker orders in similar,
single-name options (AMZN, META, and NVDA) between $0.15 and $0.22.
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The Exchange believes the proposed change to increase the standard
fee for Non-Customer, Non-Market Maker and Market-Maker orders that
remove liquidity in Penny Classes (i.e., yield fee codes fee codes
``PP'' and ``PR'', respectively) and Public Customer orders in SPY,
AAPL, QQQ, IWM, SLV, AMC, AMD, AMZN, HYG, PLTR, TSLA and XLF that
remove liquidity (which orders yield fee code ``SC'') are reasonable
because they are modest increases and are still in line with (and in
some instances lower than) fees assessed for similar transactions at
other exchanges.\15\ The Exchange believes the proposed changes are
equitable and not unfairly discriminatory as they will apply to all
Non-Customer, Non-Market Maker and Market-Maker orders that remove
liquidity in Penny Classes (i.e., yield fee codes fee codes ``PP'' and
``PR'', respectively) and all Public Customer orders in SPY, AAPL, QQQ,
IWM, SLV, AMC, AMD, AMZN, HYG, PLTR, TSLA and XLF that remove liquidity
(which orders yield fee code ``SC'') equally, as applicable.
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\15\ See, e.g., MIAX Pearl Fee Schedule, Section 1 Transaction
Rebates/Fees, which provides for fees of $0.42 to $0.46 per contract
for priority customer SPY orders that remove liquidity, $0.45 to
$0.48 per contract for priority customer IWM and QQQ orders that
remove liquidity, $0.47 to $0.48 per contract for priority customer
orders in Penny Classes other than SPY, QQQ and IWM orders that
remove liquidity, $0.50 per contract for Non-Priority Customer,
Firm, BD and Non-MIAX Pearl Market Maker orders in Penny Classes
that remove liquidity, and $0.50 per contract for all MIAX Pearl
Market Maker orders in Penny Classes that remove liquidity. See also
Nasdaq ISE Pricing Schedule, Section 3, Footnote 5, which provides
for fees of $0.46 per contract for Priority Customer orders in
Select Symbols that remove liquidity.
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Further, the Exchange believes the proposed change to increase the
rebate for C2 Market-Maker orders in SPY, AAPL, QQQ, IWM, SLV, AMC,
AMD, AMZN, HYG, PLTR, TSLA and XLF that add liquidity (which yield fee
code ``SM'') is reasonable, because such market participants are
providing liquidity in SPY, AAPL, QQQ, IWM, SLV, AMC, AMD, AMZN, HYG,
PLTR, TSLA and XLF options to the benefit of all market participants.
Increased add volume order flow, particularly by liquidity providers,
contributes to a deeper, more liquid market, which, in turn, provides
for increased execution opportunities and thus overall enhanced price
discovery and price improvement opportunities on the Exchange. As such,
this benefits all market participants by contributing towards a robust
and well-balanced market ecosystem, 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 believes its proposed change is reasonable as it is
competitive and in line with pricing of at least one other
exchange.\16\ Additionally, the Exchange believes that it is equitable
and not unfairly discriminatory to assess higher rebates to Market-
Makers that add liquidity as compared to other market participants,
because Market-Makers, unlike other market participants, take on a
number of obligations, including quoting obligations, which other
market participants do not have. Further, these rebates are intended to
incentivize Market-Makers to quote and trade more on the Exchange,
thereby providing more trading opportunities for all market
participants. The Exchange notes that the proposed changes to Market-
Maker rebates for orders in SPY, AAPL, QQQ, IWM, SLV, AMC, AMD, AMZN,
HYG, PLTR, TSLA and XLF that add liquidity will be applied equally to
all Market-Makers.
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\16\ See, e.g., MIAX Pearl Fee Schedule, Section 1 Transaction
Rebates/Fees, which provides for rebates ranging between $0.22 and
$0.48 for all MIAX Pearl Market Maker orders in Penny Classes that
add liquidity.
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The Exchange believes the Market-Maker Volume Tiers, as amended,
continue to be a reasonable means to encourage Market-Makers to
increase their order flow to specific multiply-listed options on the
Exchange (i.e., SPY, AAPL, QQQ, IWM, SLV, AMC, AMD, AMZN, HYG, PLTR,
TSLA, and XLF). The Exchange notes that increased Market-Maker
activity, particularly, facilitates tighter spreads and an increase in
overall liquidity provider activity, both of which signal additional
corresponding increase in
[[Page 42570]]
order flow from other market participants, contributing towards a
robust, well-balanced market ecosystem, particularly in multiply-listed
options on the Exchange. The Exchange also believes that the proposed
enhanced rebates offered under Tiers 1 through 4 are reasonably based
on the difficulty of satisfying the tiers' amended criteria and ensures
the proposed rebate and thresholds appropriately reflect the
incremental difficulty in achieving the Market-Maker Volume Tier. The
Exchange believes that the proposed enhanced rebates are also in line
with the enhanced rebates currently offered by another exchange for
similar products.\17\
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\17\ See, e.g., MIAX Pearl Fee Schedule, Section 1 Transaction
Rebates/Fees, which provides for rebates ranging between $0.22 and
$0.48 for all MIAX Pearl Market Maker orders in Penny Classes that
add liquidity.
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The Exchange believes that the Market-Maker Volume Tiers, as
amended, represent an equitable allocation of fees and is not unfairly
discriminatory because it applies uniformly to all Market-Makers, in
that all Market-Makers have the opportunity to compete for and achieve
the proposed tiers. The enhanced rebates will apply automatically and
uniformly to all Market-Makers that achieve the proposed corresponding
criteria. While the Exchange has no way of knowing whether this
proposed rule change would definitively result in any particular
Market-Maker qualifying for the proposed tiers, the Exchange believes
that approximately five Market-Makers will reasonably be able to
achieve the amended criteria in Tier 1; approximately one Market-Makers
[sic] will be able to achieve the amended criteria in Tier 2; and
currently no Market-Makers would be able to achieve the amended
criteria in Tiers 3 and 4. The Exchange notes that the tiers are open
to any Market-Maker that satisfies the tiers' criteria.
The Exchange lastly notes that it does not believe the tiers, as
amended, will adversely impact any TPH's pricing. Rather, should a TPH
not meet the proposed criteria, the TPH will merely not receive the
enhanced rebates corresponding to the tiers, and will instead receive
the standard rebate.
Finally, the Exchange believes the proposed change to the Access
Fees section of the Fees Schedule is reasonable, as the proposed change
corrects an inaccurate reference within the Fees Schedule, thereby
mitigating any potential confusion for TPHs.
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. Particularly, the proposed change applies to all
similarly situated TPHs equally. As noted above, the changes to
increase the standard transaction fees for Non-Customer, Non-Market
Maker and Market-Maker orders that remove liquidity in Penny Classes
(i.e., yield fee codes fee codes ``PP'' and ``PR'', respectively) and
Public Customer orders in SPY, AAPL, QQQ, IWM, SLV, AMC, AMD, AMZN,
HYG, PLTR, TSLA and XLF that remove liquidity (which orders yield fee
code ``SC'') will be applied equally to all Non-Customer, Non-Market
Maker and Market-Maker orders that remove liquidity in Penny Classes
(i.e., yield fee codes fee codes ``PP'' and ``PR'', respectively) and
all Public Customer orders in SPY, AAPL, QQQ, IWM, SLV, AMC, AMD, AMZN,
HYG, PLTR, TSLA and XLF that remove liquidity (which orders yield fee
code ``SC'') equally, as applicable.
Further, the proposed changes to Market-Maker rebates for orders in
SPY, AAPL, QQQ, IWM, SLV, AMC, AMD, AMZN, HYG, PLTR, TSLA and XLF that
add liquidity will be applied equally to all Market-Makers. The
Exchange believes that the proposed change to increase the C2 Market-
Maker rebate for orders in SPY, AAPL, QQQ, IWM, SLV, AMC, AMD, AMZN,
HYG, PLTR, TSLA, and XLF will incentivize entry on the Exchange of more
aggressive SPY, AAPL, QQQ, IWM, SLV, AMC, AMD, AMZN, HYG, PLTR, TSLA,
and XLF orders that will maintain tighter spreads, benefitting both
TPHs and public investors criteria and, as a result, provide for deeper
levels of liquidity, increasing trading opportunities for other market
participants, thus signaling further trading activity, ultimately
incentivizing more overall order flow and improving price transparency
on the Exchange. Finally, as noted above, the changes to the Market-
Maker Volume Tiers apply uniformly to all Market-Makers, in that all
Market-Makers have the opportunity to compete for and achieve the
tiers, as amended; the enhanced rebates, as amended, will apply
automatically and uniformly to all Market-Makers that achieve the
proposed corresponding criteria. Finally, the Exchange believes the
proposed change to the Access Fees section of the Fees Schedule will
not impose a burden on competition, as the proposed change merely
corrects an inaccurate reference within the Fees Schedule, thereby
mitigating any potential confusion for TPHs.
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, the Exchange operates in a highly competitive market. TPHs
have numerous alternative venues that they may participate on and
director [sic] 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 15% of the market
share.\18\ 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.'' 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
[[Page 42571]]
appropriate in furtherance of the purposes of the Act.
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\18\ See supra note 3.
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C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
The Exchange neither solicited nor received comments on the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) of the Act \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="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#5f2d2a333a723c3032323a312b2c1f2c3a3c71383029"><span class="__cf_email__" data-cfemail="91e3e4fdf4bcf2fefcfcf4ffe5e2d1e2f4f2bff6fee7">[email protected]</span></a>. Please include
file number SR-C2-2024-006 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-C2-2024-006. 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-C2-2024-006 and
should be submitted on or before June 5, 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. 2024-10590 Filed 5-14-24; 8:45 am]
BILLING CODE 8011-01-P
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</html>Indexed from Federal Register on May 15, 2024.
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