Notice2024-16108
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change 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
July 23, 2024
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 89 Issue 141 (Tuesday, July 23, 2024)</title>
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[Federal Register Volume 89, Number 141 (Tuesday, July 23, 2024)]
[Notices]
[Pages 59788-59792]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-16108]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-100548; File No. SR-CBOE-2024-032]
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
its Fees Schedule
July 17, 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 July 10, 2024, Cboe Exchange, Inc. (the ``Exchange'' or ``Cboe
Options'') filed with the Securities and Exchange Commission (``SEC''
or ``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
July 1, 2024 (SR-CBOE-2024-029). On July 10, 2024, 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 13% of the market share.\4\
Thus, in such a low-concentrated and highly competitive market, no
single options 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. In response to competitive pricing, the Exchange,
like other options exchanges, offers rebates and assesses fees for
certain order types executed on or routed through the Exchange.
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\4\ See Cboe Global Markets U.S. Options Monthly Market Volume
Summary (June 27, 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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The Exchange assesses fees in connection with orders routed away to
various exchanges. Currently, under the Routing Fees table of the Fees
Schedule, fee codes TD, TE, TF, TG, TH and TI are appended to certain
Customer orders in ETF and Equity options, as follows:
<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, 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
[[Page 59789]]
routed to AMEX, BOX, EDGX, MIAX, PHLX, and assesses no charge per
contract;
<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, BX, BZX, C2, ISE, GMNI, MERC,
EMLD, PERL, NOMX, or MEMX, 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, BX, BZX, C2, ISE, GMNI,
MERC, EMLD, PERL, NOMX, or MEMX, 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, BX, BZX, C2, ISE, GMNI, MERC, EMLD,
PERL, NOMX, or MEMX, 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, BX, BZX, C2, ISE, GMNI, MERC,
EMLD, PERL, NOMX, or MEMX, and assesses no charge per contract.
The Exchange proposes to remove fee codes TF, TG, TH, and TI and
amend fee codes TD and TE to consolidate Customer routing fee codes.
Specifically, the Exchange proposes to amend fee code TD to be appended
to all Customer orders in ETF options originating on an Exchange-
sponsored terminal for greater than or equal to 100 contracts.
Similarly, the Exchange proposes to amend fee code TE to be appended to
all Customer orders in ETF/Equity options originating on an Exchange-
sponsored terminal for less than 100 contracts. The charges assessed
per contract for each fee code remain the same under the proposed rule
change.
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 other options exchanges currently assess
routing fees in a similar manner to the Exchange.\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 believes that eliminating fee codes TF, TG, TH, and TI
and amending fee codes TD and TE to apply to applicable orders
regardless of class or which away exchange the order is being routed to
will simplify and streamline the System's billing process for routed
Customer orders in ETF and equity options. As a result of the proposed
rule change, orders to which TF, TG, TH, and TI are currently
applicable may then be absorbed into orders to which TD and TE are
currently applicable and the routing fees for Customer orders in ETF
and equity options originating on an Exchange-sponsored terminal may be
billed as one of two fee codes, instead of six. For example, fee code
TI would, prior to this proposal, be appended to Customer orders in
ETF/Equity Non-Penny options originating on an Exchange-sponsored
terminal for less than 100 contracts routed to ARCA, BX, BZX, C2, ISE,
GMNI, MERC, EMLD, PERL, NOMX, or MEMX; under the proposed rule change,
fee code TE would be appended to such orders.
Additionally, the Exchange proposes to amend the Regular Trading
Hours (``RTH'') XSP Lead Market-Makers (``LMMs'') Incentive Program
(the ``Program''). By way of background, the Exchange offers several
LMM Incentive Programs which provide a rebate to TPHs with LMM
appointments to the respective incentive program that meet certain
quoting standards in the applicable series in a month.\6\ The Exchange
notes that meeting or exceeding the quoting standards in each of the
LMM incentive program products to receive the applicable rebate is
optional for an LMM appointed to a program. Particularly, an LMM
appointed to an incentive program is eligible to receive the
corresponding rebate if it satisfies the applicable quoting standards,
which the Exchange believes encourages appointed LMMs to provide
liquidity in the applicable class and trading session (i.e., RTH or
Global Trading Hours). The Exchange may consider other exceptions to
the programs' quoting standards based on demonstrated legal or
regulatory requirements or other mitigating circumstances. In
calculating whether an LMM appointed to an incentive program meets the
applicable program's quoting standards each month, the Exchange
excludes from the calculation in that month the business day in which
the LMM missed meeting or exceeding the quoting standards in the
highest number of the applicable series.
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\6\ See Exchange Rule 3.55(a). In advance of the LMM Incentive
Program effective date, the Exchange will send a notice to solicit
applications from interested TPHs for the LMM role and will, from
among those applications, select the program LMMs. Factors to be
considered by the Exchange in selecting LMMs include adequacy of
capital, experience in trading options, presence in the trading
crowd, adherence to Exchange rules and ability to meet the
obligations specified in Rule 5.55.
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The Exchange proposes to amend the current Program. Currently, the
Program provides that 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 90% of the time in a given month, the LMM will receive (i) a
payment for that month in the amount of $40,000 (or pro-rated amount if
an appointment begins after the first trading day of the month or ends
prior to the last trading day of the month) and (ii) 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.
The Exchange now proposes to amend a rebate offered under the
Program. As amended, if the LMM meets the requirements of the Program,
the LMM will receive (i) a payment for that month in the amount of
$40,000 (or pro-rated amount if an appointment begins after the first
trading day of the month or ends prior to the last trading day of the
month) and (ii) a rebate of $0.09 (rather than $0.27) per XSP contract
that is executed in RTH in Market-Maker capacity and adds liquidity
electronically contra to non-customer capacity.
Further, the Exchange proposes to amend the heightened quoting
requirements offered by the Program. The current heightened quoting
requirements are as follows in the table below:
[[Page 59790]]
Width
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Expiring 2 days to 5 6 days to 14 15 days to 35
Moneyness 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 $0.30 $0.40 $0.75
[3% ITM to 2% ITM).............. 0.10 0.13 0.20 0.25 0.50
[2% ITM to 0.25% ITM)........... 0.08 0.10 0.13 0.16 0.25
[0.25% ITM to ATM).............. 0.05 0.06 0.08 0.10 0.15
[ATM to 1% OTM)................. 0.03 0.04 0.05 0.06 0.10
[>1% OTM]....................... 0.02 0.03 0.04 0.05 0.06
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VIX Value at Prior Close <ls-thn-eq>30
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[>3% ITM)....................... 0.30 0.40 0.50 0.60 1.00
[3% ITM to 2% ITM).............. 0.15 0.20 0.25 0.30 0.75
[2% ITM to 0.25% ITM)........... 0.12 0.15 0.19 0.23 0.40
[0.25% ITM to ATM).............. 0.08 0.09 0.12 0.15 0.20
[ATM to 1% OTM)................. 0.05 0.06 0.07 0.09 0.10
[>1% OTM]....................... 0.03 0.04 0.05 0.06 0.07
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Size (0 to 35
Moneyness days to
expiry)
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[>3% ITM)............................................... 5
[3% ITM to 2% ITM)...................................... 5
[2% ITM to 0.25% ITM)................................... 10
[0.25% ITM to ATM)...................................... 20
[ATM to 1% OTM)......................................... 20
[>1% OTM]............................................... 20
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The Exchange proposes to adopt a new set of heightened quoting
standards for the Program. The heightened quoting standards proposed
for XSP options are as follows in the table below:
Width
----------------------------------------------------------------------------------------------------------------
Expiring 2 days to 5 6 days to 14 15 days to 35
Moneyness option 1 day days days days
----------------------------------------------------------------------------------------------------------------
VIX Value at Prior Close <=30
----------------------------------------------------------------------------------------------------------------
[>3% ITM)....................... $0.30 $0.30 $0.30 $0.50 $0.75
[3% ITM to 2% ITM).............. 0.20 0.20 0.20 0.30 0.50
[2% ITM to 0.25% ITM)........... 0.12 0.12 0.15 0.20 0.30
[0.25% ITM to ATM).............. 0.06 0.08 0.08 0.12 0.18
[ATM to 1% OTM)................. 0.03 0.04 0.05 0.06 0.10
[>1% OTM]....................... 0.02 0.03 0.04 0.05 0.06
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VIX Value at Prior Close <ls-thn-eq>30
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[>3% ITM)....................... 0.40 0.50 0.60 0.60 1.00
[3% ITM to 2% ITM).............. 0.25 0.30 0.30 0.35 0.80
[2% ITM to 0.25% ITM)........... 0.18 0.20 0.25 0.30 0.50
[0.25% ITM to ATM).............. 0.10 0.12 0.15 0.15 0.25
[ATM to 1% OTM)................. 0.05 0.06 0.07 0.09 0.10
[>1% OTM]....................... 0.03 0.04 0.05 0.06 0.07
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Size (0 to 35
Moneyness days to
expiry)
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[>3% ITM)............................................... 5
[3% ITM to 2% ITM)...................................... 5
[2% ITM to 0.25% ITM)................................... 10
[0.25% ITM to ATM)...................................... 20
[ATM to 1% OTM)......................................... 20
[>1% OTM]............................................... 20
------------------------------------------------------------------------
The proposed heightened quoting standards 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.
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
[[Page 59791]]
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 that the proposed rule change to remove fee
codes TF, TG, TH, and TI and amend fee codes TD and TE is reasonable in
that it is reasonably designed to simplify and streamline the System's
billing process for routed Customer orders in ETF and equity options.
As a result of the proposed rule change, orders to which fee codes TF,
TG, TH, and TI are currently applicable may then be absorbed into the
orders to which fee codes TD and TE are applicable and the routing fees
for Customer orders in ETF and equity options originating on an
Exchange-sponsored terminal may be billed as one of two fee codes,
instead of six.
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
Exchange believes that the proposed rule change is equitable and not
unfairly discriminatory because TPHs' routed Customer orders in ETF/
Equity options will continue to be automatically and uniformly assessed
the applicable routing charges.
Additionally, the Exchange believes that it is reasonable to amend
the Program's heightened quoting standards, as the proposed new quoting
requirements are overall reasonably designed to continue to encourage
LMMs appointed to the Program to provide significant liquidity in XSP
options, which benefits investors overall by providing more trading
opportunities, tighter spreads, and overall enhanced market quality to
the benefit of all market participants.
The Exchange believes that the proposed changes to width sizes for
the Program's heightened quoting requirements eases the heightened
quoting standards in a manner that makes it easier for appointed LMMs
to achieve such requirements and will incentivize an increase in
quoting activity in XSP options. Particularly, by increasing certain
quote widths, the Exchange believes the proposed changes will encourage
appointed LMMs to post more aggressive quotes in XSP options, in order
to meet the heightened quoting standards, as amended, and receive the
rebates offered under the incentive program, resulting in tighter
spreads and increased liquidity to the benefits of investors. The
Exchange also believes that the proposed width sizes are reasonable
because they remain generally aligned with the current heightened
standards in the Program, as the proposed width sizes are only
marginally changed in order to incentivize an increase in quoting
activity.
The Exchange further believes that the proposed rule change to
amend a rebate amount received under the program, from $0.27 to $0.09
per XSP contract that is executed in RTH in Market-Maker capacity and
adds liquidity electronically contra to non-customer capacity, is
reasonable because the rebate, as amended, is an incentive reasonably
designed to continue to encourage appointed LMMs to provide liquidity
electronically contra to non-customer capacity in XSP options during
the trading day. The Exchange notes that LMMs appointed to the Program
will continue to receive a monthly rebate and that it is not required
to maintain this additional per contract credit incentive.
The Exchange believes that the proposed changes to the Program are
equitable and not unfairly discriminatory. Specifically, the changes to
the Program will apply equally to any and all TPHs with LMM
appointments to the Program that seek to meet the Program's quoting
standards in order to receive the rebates offered. The Exchange
additionally notes that, if an LMM appointed to the Program does not
satisfy the corresponding heightened quoting standard for any given
month, then it simply will not receive the rebate offered by the
Program for that month.
Regarding the Program generally, the Exchange believes it is
reasonable, equitable and not unfairly discriminatory to continue to
offer financial incentives to LMMs appointed to the Program, because it
benefits all market participants trading in XSP options during RTH. The
incentive program encourages the appointed LMMs to satisfy the
applicable quoting standards, which may increase liquidity and 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 options, which can
lead to increased volume, providing robust markets. The Exchange
ultimately offers the Program, as amended, to sufficiently incentivize
LMMs appointed to the Program to provide key liquidity and active
markets in the XSP options during RTH and believes that the incentive
program, as amended, will continue to encourage increased quoting to
add liquidity in XSP options, thereby protecting investors and the
public interest. The Exchange also notes that an LMM appointed to an
incentive program may undertake added costs each month to satisfy that
heightened quoting standards (e.g., having to purchase additional
logical connectivity).
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. The Exchange does not
believe the proposed rule change to remove certain routing fee codes
and to update other routing fee codes accordingly to apply instead,
will impose any burden on intramarket competition because all TPHs'
routed Customer orders in ETF/Equity options will continue to be able
to route to the same sub-category group of away exchanges and will
automatically and uniformly be assessed the applicable routing fees.
Further, the proposed changes to the Program will apply to all LMMs
appointed to the Program in a uniform manner. To the extent these LMMs
appointed to an incentive program receive a benefit that other market
participants do not, as stated, these LMMs in their role as Market-
Makers on the Exchange have different obligations and are held to
different standards. For example, Market-Makers 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 also
notes that an LMM appointed to an incentive program may undertake added
costs each month to satisfy that heightened quoting standards (e.g.,
having to purchase additional logical connectivity). The Exchange also
notes that the incentive programs are designed to attract additional
order flow to the Exchange, wherein greater liquidity benefits all
market participants by providing more trading opportunities, tighter
spreads, and added market transparency and price discovery, and signals
to other market participants to direct their order flow to those
markets, thereby contributing to robust levels of liquidity. As a
result, the Exchange believes that the proposed change furthers the
Commission's goal in
[[Page 59792]]
adopting Regulation NMS of fostering competition among orders, which
promotes ``more efficient pricing of individual stocks for all types of
orders, large and small.'' \11\
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\11\ See Securities Exchange Act Release No. 51808, 70 FR 37495,
37498-99 (June 29, 2005) (S7-10-04) (Final Rule).
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The Exchange does not believe that the proposed rule changes in
connection with routing fees will impose any burden on intermarket
competition that is not necessary or appropriate in furtherance of the
purposes of the Act because, as previously discussed, the Exchange
operates in a highly competitive market. The Exchange notes that, in
addition to Cboe Options, 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 13% of
the market share.\12\ 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.'' \13\ 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' . . . .''.\14\ 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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\12\ See supra note 4.
\13\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496, 37499 (June 29, 2005).
\14\ 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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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 \15\ and paragraph (f) of Rule 19b-4 \16\
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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\15\ 15 U.S.C. 78s(b)(3)(A).
\16\ 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#5c2e293039713f3331313932282f1c2f393f723b332a"><span class="__cf_email__" data-cfemail="7200071e175f111d1f1f171c0601320117115c151d04">[email protected]</span></a>. Please include
file number SR-CBOE-2024-032 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-2024-032. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for website viewing and
printing in the Commission's Public Reference Room, 100 F Street NE,
Washington, DC 20549 on official business days between the hours of 10
a.m. and 3 p.m. Copies of the filing also will be available for
inspection and copying at the principal office of the Exchange. Do not
include personal identifiable information in submissions; you should
submit only information that you wish to make available publicly. We
may redact in part or withhold entirely from publication submitted
material that is obscene or subject to copyright protection. All
submissions should refer to file number SR-CBOE-2024-032, and should be
submitted on or before August 13, 2024.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\17\
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\17\ 17 CFR 200.30-3(a)(12).
Vanessa A. Countryman,
Secretary.
[FR Doc. 2024-16108 Filed 7-22-24; 8:45 am]
BILLING CODE 8011-01-P
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</html>Indexed from Federal Register on July 23, 2024.
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