Notice2024-17950
Self-Regulatory Organizations; Cboe BZX 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
August 13, 2024
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 89 Issue 156 (Tuesday, August 13, 2024)</title>
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[Federal Register Volume 89, Number 156 (Tuesday, August 13, 2024)]
[Notices]
[Pages 65941-65945]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-17950]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-100669; File No. SR-CboeBZX-2024-074]
Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
Its Fees Schedule
August 7, 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 August 1, 2024, Cboe BZX Exchange, Inc. (the ``Exchange'' or
``BZX'') 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 BZX Exchange, Inc. (the ``Exchange'' or ``BZX'') 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/equities/regulation/rule_filings/BZX/">http://markets.cboe.com/us/equities/regulation/rule_filings/BZX/</a>), at the Exchange's Office of the Secretary, and at
the Commission's Public Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.
[[Page 65942]]
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 August
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 12% of the market share.\3\
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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\3\ See Cboe Global Markets U.S. Options Monthly Market Volume
Summary (July 30, 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's fee schedule sets forth standard rebates and rates
applied per contract. For example, the Exchange provides a rebate of
$0.29 per contract for Market Maker orders that add liquidity in Penny
Securities, yielding fee code PM. Additionally, in response to the
competitive environment, the Exchange also offers tiered pricing, which
provides Members opportunities to qualify for higher rebates or reduced
fees where certain volume criteria and thresholds are met. Tiered
pricing provides an incremental incentive for Members to strive for
higher tier levels, which provides increasingly higher benefits or
discounts for satisfying increasingly more stringent criteria. For
example, the Exchange currently offers four Market Maker Penny Add
Volume Tiers (``MM Penny Add Tier'') under footnote 6 of the Fee
Schedule which provide rebates between $0.31 and $0.43 per contract for
qualifying Market Maker orders which meet certain add liquidity
thresholds and yield fee code PM.
Currently, the MM Penny Add Tiers includes one Market Maker Cross-
Asset Add Tier, which requires participation on the Exchange's equities
platform (``BZX Equities''). Under the Market Maker Cross-Asset Add
Tier, the Exchange provides a rebate of $0.39 per contract where a
Member (1) has an ADAV \4\ in Market Maker orders in SPY, QQQ >= 0.20%
of average SPY, QQQ OCV \5\; (2) has on BZX Equities an ADAV greater
than or equal to 0.45% of average TCV \6\ or an ADAV >= 45,000,000,000;
and (3) is the Lead Market Maker (``LMM'') \7\ on BZX Equities in at
least 50 equity symbols. The Exchange proposes to amend the rebate for
the Market Maker Cross-Asset Add Tier,\8\ from $0.39 per contract to
$0.38 per contract.
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\4\ ``ADAV'' means average daily added volume calculated as the
number of contracts added.
\5\ ``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.
\6\ ``TCV'' means total consolidated volume calculated as the
volume reported by all exchanges and trade reporting facilities to a
consolidated transaction reporting plan for the month for which the
fees apply.
\7\ ``Lead Market Maker'' means a Market Maker registered with
the Exchange for a particular LMM Security that has committed to
maintain Minimum Performance Standards in the LMM Security. See Rule
11.8(e).
\8\ As part of this proposed rule change, the Exchange proposes
to rename this Market Maker Cross-Asset Tier as Market Maker Cross-
Asset Tier 1
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Further, the Exchange proposes to adopt a new MM Penny Add Tier,
specifically Market Maker Cross-Asset Add Tier 2, which requires
participation on BZX Equities. Under the proposed tier, the Exchange
would provide a rebate of $0.39 per contract where a Member (1) has an
ADAV in Market Maker orders in SPY, QQQ >=0.25% of average SPY, QQQ
OCV; (2) has on BZX Equities an ADAV >= 0.45% of average TCV or an ADAV
>=47,500,000; and (3) is the LMM on BZX Equities in at least 50 equity
symbols.
The Exchange believes the amended rebate for Market Maker Cross-
Asset Tier 1 and the proposed Market Maker Cross-Asset Tier 2, along
with the existing MM Penny Add Tiers, continue to provide an
incremental incentive for Members to strive for the highest tier
levels, which provide increasingly higher rebates for such
transactions. Overall, the MM Penny Add Tiers, including the Market
Maker Cross-Asset Add Tiers (current and proposed) are designed to
encourage Members to increase their order flow, thereby contributing to
a deeper and more liquid market, which benefits all market participants
and provides greater execution opportunities on the Exchange.
Additionally, the Exchange assesses fees in connection with orders
routed away to various exchanges. 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 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 another options exchange currently assesses
routing fees in a similar manner as the Exchange's current approach to
assessing approximate routing fees.\9\
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\9\ See e.g., MIAX Options Exchange Fee Schedule, Section 1(c),
``Fees for Customer Orders Routed to Another Options Exchange.''
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Currently, under the Fee Codes and Associated Fees section of the
Fees Schedule, fee code RP is appended to routed Customer orders to
NYSE American (``AMEX''), BOX Options Exchange (``BOX''), Cboe
Exchange, Inc. (``Cboe''), Cboe EDGX Exchange, Inc. (``EDGX''), MIAX
Options Exchange (``MIAX'') or Nasdaq PHLX LLC (``PHLX'') (excluding
orders in SPY options to PHLX) and assesses a charge of $0.25 per
contract. The Exchange proposes to amend fee code RP to add applicable
Customer orders routed to MIAX Sapphire, LLC (``SPHR''), in
anticipation of the launch of the new options exchange. The charge
assessed per contract for fee code RP remain the same under the
proposed rule change.
The proposed changes result in an assessment of fees that, in
anticipation of the launch of another 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-
[[Page 65943]]
category of away options exchanges for such orders (as well as the
Exchange's Routing Costs).\10\ The Exchange notes that routing through
the Exchange is optional and that Members will continue to be able to
choose where to route applicable Customer orders.
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\10\ See Securities Exchange Act Release No. 97800 (June 26,
2023), 88 FR 42409 (June 30, 2023) (SR-MRX-2023-11).
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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.\11\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \12\ requirements that the rules of an exchange be
designed to prevent fraudulent and manipulative acts and practices, to
promote just and equitable principles of trade, to foster cooperation
and coordination with persons engaged in regulating, clearing,
settling, processing information with respect to, and facilitating
transactions in securities, to remove impediments to and perfect the
mechanism of a free and open market and a national market system, and,
in general, to protect investors and the public interest. Additionally,
the Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \13\ requirement that the rules of an exchange not be
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers. The Exchange also believes the proposed rule
change is consistent with Section 6(b)(4) of the Act,\14\ which
requires that Exchange rules provide for the equitable allocation of
reasonable dues, fees, and other charges among its Members and other
persons using its facilities.
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\11\ 15 U.S.C. 78f(b).
\12\ 15 U.S.C. 78f(b)(5).
\13\ Id.
\14\ 15 U.S.C. 78f(b)(4).
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In particular, the Exchange believes the proposed changes to the MM
Penny Add Tiers are reasonable because they provide additional
opportunities for Members to receive a rebate by providing alternative
criteria for which they can reach. The Exchange notes that volume-based
incentives and discounts have been widely adopted by exchanges,\15\
including the Exchange,\16\ and are reasonable, equitable and non-
discriminatory because they are open to all Members on an equal basis
and provide additional benefits or discounts that are reasonably
related to (i) the value to an exchange's market quality and (ii)
associated higher levels of market activity, such as higher levels of
liquidity provision and/or growth patterns. Additionally, as noted
above, the Exchange operates in a highly competitive market. The
Exchange is only one of several options venues to which market
participants may direct their order flow, and it represents a small
percentage of the overall market. Competing options exchanges offer
similar tiered pricing structures to that of the Exchange, including
schedules of rebates and fees that apply based upon Members achieving
certain volume and/or growth thresholds. These competing pricing
schedules, moreover, are presently comparable to those that the
Exchange provides.
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\15\ See e.g., Cboe EDGX U.S. Options Exchange Fee Schedule,
Footnote 2, Market Maker Volume Tiers, which provide reduced fees
between $0.02 and $0.17 per contract for Market Maker Penny and Non-
Penny orders where Members meet certain volume thresholds.
\16\ See e.g., Cboe BZX U.S. Options Exchange Fee Schedule,
Footnotes 6 and 7, Market Maker Penny and Non-Penny Volume Tiers
which provide enhanced rebates for Market Maker orders where Members
meet certain volume thresholds.
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Moreover, the Exchange believes the proposed MM Penny Add Tier,
namely Market Maker Cross-Asset Tier 2, is a reasonable means to
encourage Members to increase their liquidity on the Exchange and also
their participation on BZX Equities. The Exchange believes that
adopting tiers with alternative criteria to the existing MM Penny Add
Tiers may encourage Members to increase their order flow on BZX Options
and Equities.
For example, the proposed Market-Maker Cross-Asset Tier 2 would
provide an opportunity for Members who have an ADAV in Market Maker
orders in SPY, QQQ of at least 0.25% of average SPY, QQQ OCV, but less
than an ADAV of Market Maker orders of at least 0.45% of average OCV
(the requirement under current Tier 3), to receive a higher rebate than
they may currently receive but equal or slightly lower than the rebate
they would receive for reaching the more stringent criteria under
current Tiers 3 through 4, if they also meet the threshold requirements
based on BZX Equities participation. Similarly, for Market Makers that
participate on both BZX Options and Equities, and do not currently meet
the 0.35% ADAV threshold under current MM Penny Add Tier 2, but can or
do meet the proposed equities thresholds, the proposed tier may
incentivize those participants to grow their options volume in order to
receive enhanced rebates. Increased liquidity benefits all investors by
deepening the Exchange's liquidity pool, offering additional
flexibility for all investors to enjoy cost savings, supporting the
quality of price discovery, promoting market transparency and improving
investor protection. The Exchange also believes that proposed enhanced
rebate is reasonable based on the difficulty of satisfying the tier's
criteria and ensures the proposed rebate and thresholds appropriately
reflect the incremental difficulty to achieve the existing MM Penny Add
Tiers.
The proposed enhanced rebate amounts also do not represent a
significant departure from the enhanced rebates currently offered under
the Exchange's existing MM Penny Add Tiers. Indeed, the proposed
enhanced rebate amount under the proposed Cross-Asset Add Tier 2
($0.39) is incrementally higher than current Tiers 1 and 2 ($0.31 and
$0.38, respectively), which the Exchange believes offer slightly less
stringent criteria than the proposed Cross-Asset Add Tier 2, but is
incrementally lower than the rebate offered under existing Tier 4
($0.43), which the Exchange believes is more stringent than the
proposed criteria under the proposed Cross-Asset Tier 2. Similarly, the
proposed enhanced rebate amount under the proposed Cross-Asset Tier 2
($0.39) is the same as current Tier 3 ($0.39), which the Exchange
believes reflects a similar level of difficulty but using alternative
types of criteria. Finally, the proposed enhanced rebate amount under
the proposed Cross-Asset Tier 2 ($0.39) is incrementally higher than
the rebate offered under existing Cross-Asset Add Tier 1, which the
Exchange believes is less stringent than the proposed criteria than the
proposed Cross-Asset Add Tier 2. The Exchange also notes that the
proposed rebates remain within the range of the enhanced rebates
offered under the current MM Penny Add Tiers (i.e., $0.31-$0.43).
Further, the Exchange believes that the amended fee for Market
Maker Cross-Asset Tier 1, considered with the proposed criteria and fee
for proposed Market Maker Cross-Asset Tier 2, is reasonable, as such
changes are designed to encourage Members to increase their liquidity
on the Exchange and also their participation on BZX Equities to
continue to achieve the rebate offered under Market Maker Cross-Asset
Tier 1 or to achieve the rebate offered under proposed Market Maker
Cross-Asset Tier 2. The Exchange
[[Page 65944]]
notes that increased Market Maker activity (including LMMs),
particularly, facilitates tighter spreads and an increase in overall
liquidity provider activity, both of which signal additional
corresponding increase in order flow from other market participants,
contributing towards a robust, well-balanced market ecosystem. Indeed,
increased overall order flow benefits investors across both the
Exchange's options and equities platforms by continuing to deepen the
Exchange's liquidity pool, potentially providing even greater execution
incentives and opportunities, offering additional flexibility for all
investors to enjoy cost savings, supporting the quality of price
discovery, promoting market transparency and improving investor
protection.
The Exchange believes that the proposal represents an equitable
allocation of fees and is not unfairly discriminatory because it
applies uniformly to all Market Makers. Additionally, a number of
Market Makers have a reasonable opportunity to satisfy the criteria of
the Cross-Asset Add Tier 1, which the Exchange believes is less
stringent than existing MM Penny Add Tier 2, and proposed Cross-Asset
Add Tier 2, which the Exchange believes is less stringent than the
existing MM Penny Add Tiers 3 and 4. 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 anticipates that approximately two Market Makers will be able
to compete for and achieve the criteria of Cross-Asset Add Tier 1 and
approximately two Market Makers will be able to compete for and achieve
the proposed criteria of the proposed Cross-Asset Add Tier 2; however,
the proposed tiers are open to any Market Maker that satisfies the
applicable tiers' criteria. The Exchange believes the proposed tiers
could provide an incentive for other Members to submit additional
liquidity on BZX Options and Equities to qualify for the proposed
enhanced rebates. To the extent a Member participates on the Exchange
but not on BZX Equities, the Exchange does believe that the proposal is
still reasonable, equitably allocated and non-discriminatory with
respect to such Member based on the overall benefit to the Exchange
resulting from the success of BZX Equities. Particularly, the Exchange
believes such success allows the Exchange to continue to provide and
potentially expand its existing incentive programs to the benefit of
all participants on the Exchange, whether they participate on BZX
Equities or not. The proposed pricing program is also fair and
equitable in that membership in BZX Equities is available to all market
participants, which would provide them with access to the benefits on
BZX Equities provided by the proposed change, even where a member of
BZX Equities is not necessarily eligible for the proposed enhanced
rebates on the Exchange.
The Exchange also notes that it does not believe the proposed
changes will adversely impact any Member's pricing or ability to
qualify for other tiers. Rather, should a Member not meet the proposed
criteria, the Member will merely not receive the proposed enhanced
rebate, and has five alternative choices to aim to achieve under the MM
Penny Add Tiers. Furthermore, the proposed enhanced rebate would apply
to all Members that meet the required criteria under proposed tier.
Additionally, the Exchange believes the proposed rule change to
amend fee code RD to account for SPHR's expected 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 routed to SPHR 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 Members will continue to be able to choose where to
route their Customer orders 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 Members. The Exchange further notes that another options exchange
currently approximates routing fees in a similar manner as the
Exchange's current approach.\17\ The Exchange believes that the
proposed rule change is equitable and not unfairly discriminatory
because all Members' applicable Customer orders routed to SPHR will be
automatically and uniformly assessed the applicable routing charge.
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\17\ See e.g., MIAX Options Exchange Fee Schedule, Section 1(c),
``Fees for Customer Orders Routed to Another Options Exchange.''
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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 does not
believe the proposed changes to the MM Penny Add Tiers will impose any
burden on intramarket competition. Particularly, the proposed change
applies uniformly to all Market Makers. As discussed above, to the
extent a Member participates on the Exchange but not on BZX Equities,
the Exchange notes that the proposed changes can provide an overall
benefit to the Exchange resulting from the success of BZX Equities.
Such success enables the Exchange to continue to provide and
potentially expand its existing incentive programs to the benefit of
all participants on the Exchange, whether they participate on BZX
Equities or not. The proposed pricing program is also fair and
equitable in that membership in BZX Equities is available to all market
participants. Additionally, the proposed change is designed to attract
additional order flow to the Exchange and BZX Equities. Greater
liquidity benefits all market participants on the Exchange by providing
more trading opportunities and encourages Members to send orders,
thereby contributing to robust levels of liquidity, which benefits all
market participant. As a result, the Exchange believes that the
proposed change furthers the Commission's goal in adopting Regulation
NMS of fostering competition among orders, which promotes ``more
efficient pricing of individual stocks for all types of orders, large
and small.'' \18\
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\18\ Securities Exchange Act Release No. 51808, 70 FR 37495,
37498-99 (June 29, 2005) (S7-10-04) (Final Rule).
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Further, the Exchange does not believe the proposed rule change to
amend fee code RP will impose any burden on intramarket competition
that is not necessary or appropriate in furtherance of the purposes of
the Act. All Members' applicable Customer orders routed to SPHR will
automatically yield fee code RP and
[[Page 65945]]
uniformly be assessed the corresponding fee. The Exchange notes that
another options exchange approximates routing costs in a similar manner
as the Exchange's current approach.\19\
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\19\ 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 does not believe that the proposed rule changes will
impose any burden on intermarket competition that is not necessary or
appropriate in furtherance of the purposes of the Act. As previously
discussed, the Exchange operates in a highly competitive market.
Members have numerous alternative venues 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 12% of the market
share.\20\ 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.'' \21\ 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' . . . .''.\22\
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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\20\ See supra note 1.
\21\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496, 37499 (June 29, 2005).
\22\ 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 \23\ and paragraph (f) of Rule 19b-4 \24\
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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\23\ 15 U.S.C. 78s(b)(3)(A).
\24\ 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#3a484f565f17595557575f544e497a495f59145d554c"><span class="__cf_email__" data-cfemail="cfbdbaa3aae2aca0a2a2aaa1bbbc8fbcaaace1a8a0b9">[email protected]</span></a>. Please include
file number SR-CboeBZX-2024-074 on the subject line.
Paper Comments
<bullet> Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to file number SR-CboeBZX-2024-074. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for website viewing and
printing in the Commission's Public Reference Room, 100 F Street NE,
Washington, DC 20549 on official business days between the hours of 10
a.m. and 3 p.m. Copies of the filing also will be available for
inspection and copying at the principal office of the Exchange. Do not
include personal identifiable information in submissions; you should
submit only information that you wish to make available publicly. We
may redact in part or withhold entirely from publication submitted
material that is obscene or subject to copyright protection. All
submissions should refer to file number SR-CboeBZX-2024-074, and should
be submitted on or before September 3, 2024.
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\25\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\25\
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-17950 Filed 8-12-24; 8:45 am]
BILLING CODE 8011-01-P
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