Notice2024-25633
Self-Regulatory Organizations; Cboe EDGA Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Remove Certain Routing Options and Amend Certain Order Types
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
November 5, 2024
Issuing agencies
Securities and Exchange Commission
Full Text
<html>
<head>
<title>Federal Register, Volume 89 Issue 214 (Tuesday, November 5, 2024)</title>
</head>
<body><pre>
[Federal Register Volume 89, Number 214 (Tuesday, November 5, 2024)]
[Notices]
[Pages 87907-87914]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-25633]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-101476; File No. SR-CboeEDGA-2024-042]
Self-Regulatory Organizations; Cboe EDGA Exchange, Inc.; Notice
of Filing and Immediate Effectiveness of a Proposed Rule Change To
Remove Certain Routing Options and Amend Certain Order Types
October 30, 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 October 28, 2024, Cboe EDGA Exchange, Inc. (the ``Exchange'' or
``EDGA'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I and II
below, which Items have been prepared by the Exchange. The Exchange
filed the proposal as a ``non-controversial'' proposed rule change
pursuant to Section 19(b)(3)(A)(iii) of the Act \3\ and Rule 19b-
4(f)(6) thereunder.\4\ The Commission is publishing this notice to
solicit comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A)(iii).
\4\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to move EDGA from its current inverted fee
model to a maker-taker fee model, by remove certain routing options
from the EDGA rulebook, and amending certain order type rules to align
their behavior with the EDGX rule text, and the maker-taker
functionality that currently exists on EDGX.
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/edga/">http://markets.cboe.com/us/equities/regulation/rule_filings/edga/</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
[[Page 87908]]
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 move EDGA from its current inverted \5\
fee model to a maker-taker fee model.\6\ The Exchange anticipates that
this transition will take effect on November 1, 2024. In order to move
EDGA to a maker-taker fee model, the Exchange seeks to amend Rule
11.11(g)(3)(D), Rule 11.11(g)(3)(E), 11.11(g)(12)(A), 11.11(g)(12)(B),
to remove the routing options ROBB, ROCO, RMPT, and RMPL, respectively,
from the EDGA rulebook, as well as amend Rule 11.11(g)(14) to remove
references to ROBB and ROCO. The Exchange also seeks to align certain
EDGA order type functionality with how such orders behave on EDGX (a
maker-taker exchange). These functionality changes will require
amendments to EDGA Rules 11.8(d)(5), 11.8(e)(5), and 11.6(d), to fully
align them with EDGX Rules, 11.8(d)(5), 11.8(g)(5), and 11.6(d),
respectively.\7\ The Exchange believes these changes are non-
controversial because they are identical \8\ to existing EDGX rules
which were immediately effective upon filing \9\ and are already
codified in the EDGX rulebook. In this regard, the proposed rule
changes present no new or novel issues for consideration. Moreover,
because the proposed functionality will mirror exactly the order
behavior as it exists on EDGX, today, Users \10\ will already be
familiar with the new EDGA functionality.\11\ In addition to the filing
of this proposal, the Exchange has provided Users with advance notice
of these proposed changes, via a Trade Desk Notice and client letter on
October 1, 2024 (i.e., one full month prior to the proposed changes),
thereby providing Users with as much advanced notice of the proposed
changes as possible and giving Users additional time to make any
technological and operational changes necessary, on their end.
Importantly, various Users have verbally expressed their support for
this proposal and have verbally indicated they will be ready to trade
on EDGA under a maker-taker fee model.
---------------------------------------------------------------------------
\5\ The inverted fee model is a pricing structure in which a
market, such as an exchange, charges its participants a fee to
provide liquidity in securities, and provides a rebate to
participants that remove liquidity in securities. See SEC Market
Structure Advisory Committee, Memorandum on ``Maker-Taker Fees on
Equities Exchanges,'' October 20, 2015, available at: <a href="https://www.sec.gov/spotlight/emsac/memo-maker-taker-fees-on-equities-exchanges.pdf">https://www.sec.gov/spotlight/emsac/memo-maker-taker-fees-on-equities-exchanges.pdf</a>.
\6\ The maker-taker fee model is a pricing structure in which a
market, such as an exchange, generally pays its members a per share
rebate to provide (i.e., ``make'') liquidity in securities and
assesses on them a fee to remove (i.e., ``take'') liquidity. Id.
\7\ The Exchange notes that it has also made a related EDGA fee
filing, effective November 1, 2024, to reflect EDGA's new maker-
taker fee model. See SR-CboeEDGA-2024-045.
\8\ These rules will be substantively identical, absent the EDGA
Rules' references to the ``EDGA Book'', and the EDGX Rules'
references to the ``EDGX Book.''
\9\ See Securities Exchange Act Release No. 75479 (July 17,
2015), 80 FR 43810 (July 23, 2015) (SR-EDGX-2015-33) (Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change to
Rules 11.6, 11.8, 11.9, 11.10 and 11.11 to Align With Similar Rules
of the BATS Exchange, Inc.) (i.e., Rule 11.6(D) and Rule
11.8(d)(5)); see also Securities Exchange Act Release No. 90713
(December 17, 2020), 85 FR 84065 (December 23, 2020) (SR-CboeEDGX-
2020-063) (Notice of Filing and Immediate Effectiveness of a
Proposed Rule Change To Amend EDGX Rule 11.8(g), Which Describes the
Handling of MidPoint Discretionary Orders Entered on the Exchange)
(i.e., Rule 11.6(e)(5)).
\10\ The term ``User'' shall mean any Member or Sponsored
Participant who is authorized to obtain access to the System
pursuant to Rule 11.3. See Rule 1.5(ee).
\11\ The Exchange notes that many EDGA Users are also EDGX
Users. In this regard, the Exchange's transition to a maker-taker
fee model and to EDGX functionality will not present any new or
novel issues for such EDGA Users to consider, as they are already
familiar with EDGX's maker-taker fee model, and EDGX's order
behavior.
---------------------------------------------------------------------------
Rule 11.11(g)--Routing Options
The Exchange proposes to amend Rule 11.11(g)(3)(D), Rule
11.11(g)(3)(E), 11.11(g)(12)(A), 11.11(g)(12)(B), to remove the routing
options ROBB, ROCO, RMPT, and RMPL, respectively, from the EDGA
rulebook, as well as amend Rule 11.11(g)(14) to remove references to
ROBB and ROCO. These routing options are strategies that specifically
target certain equities exchanges that provide low-cost executions or
rebates to liquidity removing orders, and route to those venues after
trading with the EDGA Book--i.e., ROBB, ROCO, RMPT, and RMPL are
routing options applicable only to an inverted market. More
specifically, these routing options are targeting Users that want low-
cost executions. In this regard, each of these routing options first
seek liquidity from the Exchange, which is currently inverted. However,
once the Exchange transitions to a maker-taker fee model, these
strategies will no longer be useful for Users targeting a low-cost
execution, since the first trading venue these routing options would
check--EDGA--will now assess Users a full remove fee. Therefore, given
the proposal to convert EDGA to a maker-taker fee structure, these
routing options are no longer necessary.
EDGA Rule 11.6(d)--Order With a Discretionary Range
Current Functionality
Currently, EDGA Rule 11.6(d) provides that Discretionary Range \12\
is an instruction that a User may attach to an order to buy (sell) a
stated amount of a security at a specified, displayed or non-displayed
ranked price with discretion to execute up (down) to another specified,
non-displayed price. Moreover, resting orders with a Discretionary
Range instruction will be executed at a price that uses the minimum
amount of discretion necessary to execute the order against an incoming
order. When an incoming order also contains a Discretionary Range
instruction, an order with a Discretionary Range instruction resting on
the EDGA Book will execute at its least aggressive price when it
matches against such incoming order. Any contra-side order that
executes against a resting order with a Discretionary Range instruction
at its displayed or non-displayed ranked price, or a price in the
discretionary range, will remove liquidity against the order with a
Discretionary Range instruction. Furthermore, where an incoming order
with a Post Only \13\ instruction does not remove liquidity on entry
pursuant to Rule 11.6(n)(4) against a resting order with a
Discretionary Range instruction, the discretionary range of the resting
order with a Discretionary Range instruction will be shortened to equal
the limit price of the incoming contra-side order with a Post Only
instruction. As such, resting orders with a Discretionary Range
instruction do not perform a liquidity swap against
[[Page 87909]]
incoming orders (including those with a Post Only instruction), such
that incoming orders always act as takers of liquidity, and the resting
order with a Discretionary Range instruction always acts as the maker
of liquidity, thereby ensuring that the incoming order is the taker of
liquidity and is paid the applicable rebate rather than charged an
unexpected fee.
---------------------------------------------------------------------------
\12\ See Rule 11.6(d).
\13\ Post Only is ``[a]n instruction that may be attached to an
order that is to be ranked and executed on the Exchange pursuant to
Rule 11.9 and Rule 11.10(a)(4) or cancelled, as appropriate, without
routing away to another trading center except that the order will
not remove liquidity from the EDGA Book, except as described below.
An order with a Post Only instruction will remove contra-side
liquidity from the EDGA Book if the order is an order to buy or sell
a security priced below $1.00 or if the value of such execution when
removing liquidity equals or exceeds the value of such execution if
the order instead posted to the EDGA Book and subsequently provided
liquidity, including the applicable fees charged or rebates
provided. To determine at the time of a potential execution whether
the value of such execution when removing liquidity equals or
exceeds the value of such execution if the order instead posted to
the EDGA Book and subsequently provided liquidity, the Exchange will
use the highest possible rebate paid and highest possible fee
charged for such executions on the Exchange.'' See EDGA Rule
11.6(n)(4).
---------------------------------------------------------------------------
Proposed Functionality
The Exchange proposes to add rule text to EDGA Rule 11.6(d) to
align it with the rule text of EDGX Rule 11.6(d). As proposed, the EDGA
and EDGX rule text will be identical.\14\ Moreover, by aligning the
EDGA rule text with EDGX rule text, the behavior of EDGA orders with a
Discretionary Range will be identical to how such orders behave on the
maker-taker exchange, EDGX. Specifically, the Exchange proposes that a
resting order with a Discretionary Range instruction would remove
liquidity against: (1) an incoming Post Only order at its displayed or
non-displayed ranked price that does not remove liquidity on entry
pursuant to Rule 11.6(n)(4), and (2) an incoming order with a time-in-
force (``TIF'') other than Immediate-or-Cancel (``IOC'') \15\ or Fill-
or-Kill (``FOK'') \16\ that is priced within its Discretionary Range.
All other orders follow normal handling for the execution of an
incoming order and remove liquidity when trading with a resting order
with a Discretionary Range instruction.\17\
---------------------------------------------------------------------------
\14\ Supra note 8.
\15\ The term ``Immediate-or-Cancel (``IOC'') shall mean, ``An
instruction the User may attach to an order stating the order is to
be executed in whole or in part as soon as such order is received.
The portion not executed immediately on the Exchange or another
trading center is treated as cancelled and is not posted to the EDGA
Book. An order with an IOC instruction that does not include a Book
Only instruction and that cannot be executed in accordance with Rule
11.10(a)(4) on the System when reaching the Exchange will be
eligible for routing away pursuant to Rule 11.11.'' See Rule
11.6(q)(1).
\16\ The term Fill-or-Kill (``FOK'') shall mean, ``An
instruction the User may attach to an order stating that the order
is to be executed in its entirety as soon as it is received and, if
not so executed, cancelled. An order with a FOK instruction is not
eligible for routing away pursuant to Rule 11.11.'' See Rule
11.6(q)(3).
\17\ For example, an incoming order that executes at the ranked
price of the Discretionary Range order, or an IOC or FOK order that
executes at a price within the Discretionary Range would execute as
the liquidity remover.
---------------------------------------------------------------------------
Accordingly, the Exchange proposes to amend its current Rule by
adding language to 11.6(d) discussing how an order with a Discretionary
Range instruction would interact with an order with a Post Only
instruction. Specifically, when an order with a Post Only instruction
that is entered at the displayed or non-displayed ranked price of an
order with a Discretionary Range instruction that does not remove
liquidity on entry pursuant to Rule 11.6(n)(4), the order with a
Discretionary Range instruction would be converted to an executable
order and will remove liquidity against such incoming order.
Since an order with a Discretionary Range instruction contains a
more aggressive price at which it is willing to execute, the Exchange
proposes to treat orders with a Discretionary Range instruction as
aggressive orders that would prefer to execute rather than forego an
execution, due to applicable fees or rebates. In such instances, Users
of orders with Discretionary Range instructions, willing to execute at
more aggressive prices, would expect to pay a fee to remove liquidity.
Similarly, for example, a User who has entered a Post-Only order onto a
maker-taker exchange, would not expect to immediately remove liquidity
against a resting order with a Discretionary Range, and would expect
instead to be treated as an adder of liquidity and receive a rebate.
Accordingly, the proposed amendments align EDGA rule text with Users'
expectations.
Examples--Order With a Discretionary Range Instruction Executes Against
an Order With a Post Only Instruction
<bullet> Assume that the National Best Bid or Offer (``NBBO'') is
$10.00 by $10.05, and the Exchange's BBO is $9.99 by $10.06.
<bullet> Assume that the Exchange receives a non-routable order to
buy 100 shares at $10.00 per share designated with discretion to pay up
to an additional $0.05 per share. Assume further that an order would
not remove any liquidity upon entry pursuant to the Exchange's economic
best interest functionality.\18\
---------------------------------------------------------------------------
\18\ See EDGA Rule 11.6(n), which in relevant part, provides,
``. . . An order with a Post Only instruction will remove contra-
side liquidity from the EDGA Book if the order is an order to buy or
sell a security priced below $1.00 or if the value of such execution
when removing liquidity equals or exceeds the value of such
execution if the order instead posted to the EDGA Book and
subsequently provided liquidity, including the applicable fees
charged or rebates provided. To determine at the time of a potential
execution whether the value of such execution when removing
liquidity equals or exceeds the value of such execution if the order
instead posted to the EDGA Book and subsequently provided liquidity,
the Exchange will use the highest possible rebate paid and highest
possible fee charged for such executions on the Exchange.''
---------------------------------------------------------------------------
<bullet> Assume that the next order received by the Exchange is an
order with a Post Only instruction to sell 100 shares of the security
priced at $10.03 per share. The order with a Post Only instruction
would not remove any liquidity upon entry and would post to the EDGA
Book at $10.03. This would, in turn, trigger the discretion of the
resting buy order with a Discretionary Range instruction and an
execution would occur at $10.03. The order with a Post Only instruction
to sell would be treated as the adder of liquidity and the buy order
with discretion would be treated as the remover of liquidity.
<bullet> Assume the same facts as above, but that the incoming
order with a Post Only instruction is priced at $10.00 instead of
$10.03. As is true in the example above, the order with a Post Only
instruction would not remove any liquidity upon entry. Rather than
cancelling the incoming order, with a Post Only instruction to sell,
back to the User, particularly when the resting order with a
Discretionary Range instruction is willing to buy the security for up
to $10.05 per share, the Exchange proposes to execute at $10.00 the
order with a Post Only instruction against the resting buy order with a
Discretionary Range instruction. As is also true in the example above,
the order with a Post Only instruction to sell would be treated as the
liquidity adder and the buy order with discretion would be treated as
the liquidity remover. As set forth in more detail below, if the
incoming order was not an order with a Post Only instruction to sell,
the incoming order could be executed at the ranked price of the order
with a Discretionary Range instruction without restriction and would
therefore be treated as the liquidity remover.
Furthermore, the Exchange proposes to modify the description of the
process by which it handles incoming orders that interact with orders
with a Discretionary Range instruction. The Exchange proposes to
specify in Rule 11.6(d) its proposed handling of a contra-side order
that executes against a resting order with a Discretionary Range
instruction at its displayed or non-displayed ranked price or that
contains a time-in-force of IOC or FOK and a price in the discretionary
range by stating that such an incoming order will remove liquidity
against the order with a Discretionary Range instruction. The Exchange
also proposes to specify in Rule 11.6(d) its handling of orders that
are intended to post to the EDGA Book \19\ at a price within the
discretionary range of an order with a Discretionary Range instruction.
This includes, but is not limited to, an order with a Post Only
instruction. Specifically, the Exchange proposes to specify in Rule
11.6(d) that any contra-
[[Page 87910]]
side order with a time-in-force other than IOC or FOK and a price
within the discretionary range but not at the displayed or non-
displayed ranked price of an order with a Discretionary Range
instruction will be posted to the EDGA Book and then the order with a
Discretionary Range instruction would remove liquidity against such
posted order.
---------------------------------------------------------------------------
\19\ The term ``EDGA Book'' shall mean the System's electronic
file of orders. See Rule 1.5(d).
---------------------------------------------------------------------------
Examples--Order With a Discretionary Instruction Executes Against an
Order Without a Post Only Instruction
<bullet> Assume that the NBBO is $10.00 by $10.05, and the
Exchange's BBO is $9.99 by $10.06. Assume that the Exchange receives an
order to buy 100 shares of a security at $10.00 per share designated
with discretion to pay up to an additional $0.05 per share.
<bullet> Assume that the next order received by the Exchange is an
order with a Book Only \20\ instruction to sell 100 shares of the
security with a TIF other than IOC or FOK priced at $10.03 per share.
The order with a Book Only instruction would not remove any liquidity
upon entry and would post to the EDGA Book at $10.03. This would, in
turn, trigger the discretion of the resting buy order and an execution
would occur at $10.03. The order with a Book Only instruction to sell
would be treated as the adder of liquidity and the buy order with
discretion would be treated as the remover of liquidity.
---------------------------------------------------------------------------
\20\ The term Book Only shall mean ``An order instruction
stating that an order will be matched against an order on the EDGA
Book or posted to the EDGA Book, but will not route to an away
Trading Center.'' See Rule 11.6(n)(3).
---------------------------------------------------------------------------
<bullet> Assume the same facts as above, but that the incoming
order with a Book Only instruction is priced at $10.00 instead of
$10.03. The order with a Book Only instruction would remove liquidity
upon entry at $10.00 per share pursuant to the Exchange's order
execution rule. Contrary to the examples set forth above, the order
with a Book Only instruction to sell would be treated as the liquidity
remover and the resting buy order with discretion would be treated as
the liquidity adder. The Exchange notes that this example operates the
same whether an order contains a TIF of IOC, FOK or any other TIF.
EDGA Rule 11.8(d)(5)--MidPoint Peg Order, Routing and Posting
Current Functionality
Pursuant to EDGA Rule 11.8(d), a MidPoint Peg Order \21\ may
include a Book Only or Post Only instruction. MidPoint Peg Orders are
not eligible for routing pursuant to Rule 11.11 unless routed utilizing
the RMPT,\22\ RMPL,\23\ or Destination Specific \24\ routing strategy
as defined in Rule 11.11(g)(13). A MidPoint Peg Order may include a
Non-Displayed Swap (``NDS'') \25\ instruction, however, when such
instruction is included, a MidPoint Peg Order is not eligible for
routing pursuant to Rule 11.11.
---------------------------------------------------------------------------
\21\ A MidPoint Peg Order is ``[a] non-displayed Market Order or
Limit Order with an instruction to execute at the midpoint of the
NBBO, or, alternatively, pegged to the less aggressive of the
midpoint of the NBBO or one minimum price variation inside the same
side of the NBBO as the order. A MidPoint Peg Order with a limit
price that is more aggressive than the midpoint of the NBBO will
execute at the midpoint of the NBBO or better subject to its limit
price. A MidPoint Peg Order may execute at its limit price or better
when its limit price is less aggressive than the midpoint of the
NBBO. A MidPoint Peg Order will be ranked at the midpoint of the
NBBO where its limit price is equal to or more aggressive than the
midpoint of the NBBO. A MidPoint Peg Order will not be eligible for
execution when an NBBO is not available. In such case, a MidPoint
Peg Order would rest on the EDGA Book and would not be eligible for
execution in the System until an NBBO is available. The MidPoint Peg
Order will receive a new time stamp when an NBBO becomes available
and a new midpoint of the NBBO is established. In such case,
pursuant to Rule 11.9, all MidPoint Peg Orders that are ranked at
the midpoint of the NBBO will retain their priority as compared to
each other based upon the time such orders were initially received
by the System. A MidPoint Peg Order will be ranked at its limit
price where its limit price is less aggressive than the midpoint of
the NBBO. Notwithstanding that a MidPoint Peg Order may be a Market
Order or a Limit Order, its operation and available modifiers are
limited to this Rule 11.8(d).'' See Rule 11.8(d).
\22\ See Rule 11.11(g)(12)(A).
\23\ See Rule 11.11(g)(12)(B).
\24\ See Rule 11.11(g)(13).
\25\ A Non-Displayed Swap (``NDS'') Non-Displayed Swap (``NDS'')
is ``[a]n instruction that may be attached to an order with a Non-
Displayed instruction that when such order is resting on the EDGA
Book and is locked by an incoming order with a Post Only instruction
that does not remove liquidity pursuant to paragraph (4) of this
rule, the order with an NDS instruction is converted to an
executable order and will remove liquidity against such incoming
order. An order with an NDS instruction is not eligible for routing
pursuant to Rule 11.11.'' See Rule 11.6(n)(7).
---------------------------------------------------------------------------
Currently, RMPL and RMPT are routing strategies under which a
MidPoint Peg Order checks the System for available shares and any
remaining shares are then sent to destinations on the System routing
table that support midpoint eligible orders. If any shares remain
unexecuted after routing, they are posted on the EDGA Book as a
MidPoint Peg Order, unless otherwise instructed by the User.
Proposed Functionality
The Exchange proposes to amend EDGA Rule 11.8(d)(5)'s rule text to
align with the rule text of EDGX Rule 11.8(d)(5).\26\ As proposed, the
EDGA and EDGX rule text will be identical,\27\ and the routing and
posting behavior of MidPoint Peg Orders on EDGA will now be identical
to how such orders behave on EDGX. Specifically, as is the case under
both the current EDGA and EDGX rules, MidPoint Peg Orders may contain a
Book Only, Post Only, or NDS instruction. However, pursuant to the
proposed EDGA Rule 11.8(d)(5), MidPoint Peg Orders entered onto EDGA
will no longer be routable, thereby aligning the rule text with EDGX's
rule text.
---------------------------------------------------------------------------
\26\ Note the Exchange proposes to remove the RMPT and RMPL
routing strategies from the EDGA rulebook. While the Exchange does
not propose to entirely remove the Destination Specific routing
option from the rulebook, EDGA does propose to prohibit the routing
of Midpoint Peg Orders utilizing the Destination Specific routing
option, just as it does on EDGX, today.
\27\ Supra note 8.
---------------------------------------------------------------------------
By fully adopting the EDGX Rule 11.8(d)(5) language, the Routing
and Posting behavior for MidPoint Peg Order's will be identical to that
of MidPoint Peg Order's entered onto EDGX, thereby aligning
functionality on affiliated exchanges, EDGA and EDGX. Typically,
MidPoint Peg Orders are entered with a Post Only or Book Only
instruction,\28\ which result in orders seeking to either execute on
the Exchange or post to the EDGA Book, but not route to an away market.
Users often prefer to use these types of instructions to help them
manage trading fees they may incur when their orders are routed away
from EDGA and access other markets. In this regard, the Exchange
believes that the alignment of EDGA's rule text with EDGX's rule text--
particularly removing the routing of EDGA MidPoint Peg Orders--will
help to make MidPoint Peg Order behavior consistent with Users'
expectations, as well as increase liquidity at the midpoint on EDGA.
---------------------------------------------------------------------------
\28\ See Rule 11.8(d)(5).
---------------------------------------------------------------------------
EDGA Rule 11.8(e)(5)--MidPoint Discretionary Order (``MDO'') \29\
Functionality
---------------------------------------------------------------------------
\29\ A MidPoint Discretionary Order (``MDO'') is ``[a] limit
order to buy that is pegged to the NBB, with or without an offset,
with discretion to execute at prices up to and including the
midpoint of the NBBO, or a limit order to sell that is pegged to the
NBO, with or without an offset, with discretion to execute at prices
down to and including the midpoint of the NBBO. An MDO's pegged
price and Discretionary Range are bound by its limit price. An MDO
to buy or sell with a limit price that is less (higher) than its
pegged price, including any offset, is posted to the EDGA Book at
its limit price. The pegged prices of an MDO are derived from the
NBB or NBO, and cannot independently establish or maintain the NBB
or NBO. An MDO in a stock priced at $1.00 or more can only be
executed in sub-penny increments when it executes at the midpoint of
the NBBO or against a contra-side order pursuant to Rule
11.10(a)(4)(D). Notwithstanding that an MDO Order may be a Limit
Order, its operation and available modifiers are limited to this
Rule 11.8(e). See EDGA Rule 11.8(e).
---------------------------------------------------------------------------
Current Functionality
Today, EDGA Rule 11.8(e)(5), Routing, provides only that MDOs are
[[Page 87911]]
not eligible for routing pursuant to Rule 11.11. As such, MDOs entered
onto EDGA today will typically exercise discretion and remove liquidity
against eligible contra-side orders upon arrival or execute against
contra-side MDOs at the NBBO midpoint and will not act as providers of
liquidity. MDOs may also be entered with a Quote Depletion Protection
(``QDP'') \30\ instruction that Users may include on their MDOs to
limit their orders' ability to exercise discretion in certain
circumstances. QDP restricts the exercise of discretion on MDOs in
circumstances where applicable market conditions indicate that it may
be less desirable to execute within an order's Discretionary Range.\31\
---------------------------------------------------------------------------
\30\ Quote Depletion Protection (``QDP'') is an optional
instruction that a User may include on an MDO to limit the order's
ability to exercise discretion in certain circumstances. A ``QDP
Active Period'' will be enabled or refreshed for buy (sell) MDOs if
the best bid (offer) displayed on the EDGA Book is executed below
one round lot. During the QDP Active Period, an MDO entered with a
QDP instruction will not exercise discretion, and is executable only
at its ranked price. When a QDP Active Period is initially enabled,
or refreshed by a subsequent execution or cancellation of the best
bid (offer) then displayed on the EDGA Book, it will remain enabled
for two milliseconds. Unless the User chooses otherwise, an MDO to
buy (sell) entered with a QDP instruction will default to a Non-
Displayed instruction and will include an Offset Amount equal to one
Minimum Price Variation below (above) the NBB (NBO). See Rule
11.8(e)(10).
\31\ For instance, a QDP instruction would provide Users with
protective features that would limit the order's ability to exercise
discretion in certain circumstances that may be indicative of a
quotation that is moving against the resting MDO--i.e., a buy
quotation that is moving to a lower price for MDOs to buy, or a sell
quotation that is moving to a higher price for MDOs to sell.
---------------------------------------------------------------------------
Proposed Functionality
While the non-routable restriction will remain in place, the
Exchange now seeks to add additional rule text to EDGA 11.8(e)(5) to
align it with EDGX Rule 11.8(g)(5). As proposed, the EDGA and EDGX rule
text will be identical,\32\ and the posting behavior of MDOs on EDGA
will now be identical to how such orders behave on EDGX. Specifically,
the Exchange seeks to add rule text to provide that MDOs entered onto
the Exchange will, by default, act as liquidity providers. However, by
adding rule text that allows MDOs entered with a QDP instruction to
remove liquidity, by default, unless a User chooses to require an MDO
act only as a liquidity provider, MDOs with a QDP instruction will be
able to act as a liquidity provider or remover.
---------------------------------------------------------------------------
\32\ Supra note 8.
---------------------------------------------------------------------------
In addition, the Exchange seeks to add rule text to EDGA Rule
11.8(e)(5) that would provide that if the instructions included on an
MDO do not permit the order to remove liquidity, the MDO will only
execute on entry against resting orders that include a Super Aggressive
\33\ instruction priced at the MDO's pegged price if the MDO also
contains a Displayed \34\ instruction, and against orders with an NDS
instruction priced at the MDO's pegged price or within its
Discretionary Range.
---------------------------------------------------------------------------
\33\ Super Aggressive is ``[a]n order instruction that directs
the System to route the order if an away Trading Center locks or
crosses the limit price of the order resting on the EDGA Book. A
User may instruct the Exchange to apply the Super Aggressive
instruction solely to routable orders posted to the EDGA Book with
remaining size of an Odd Lot. When any order with a Super Aggressive
instruction is locked by an incoming order with a Post Only
instruction that does not remove liquidity pursuant to Rule
11.6(n)(4) below, the order with a Super Aggressive instruction is
converted to an executable order and will remove liquidity against
such incoming order. Notwithstanding the foregoing, if an order that
does not contain a Super Aggressive instruction maintains higher
priority than one or more Super Aggressive eligible orders, the
Super Aggressive eligible order(s) with lower priority will not be
converted, as described above, and the incoming order with a Post
Only instruction will be posted or cancelled in accordance with Rule
11.6(n)(4) below.'' See Rule 11.6(n)(2).
\34\ Displayed is ``[a]n instruction the User may attach to an
order stating that the order is to be displayed by the System on the
EDGA Book. Unless the User elects otherwise, all orders eligible to
be displayed on the EDGA Book will be automatically defaulted by the
System to Displayed. See Rule 11.6(e)(1).
---------------------------------------------------------------------------
The Exchange also proposes to add language to EDGA Rule 11.8(e)(5)
stating that if a resting contra-side order that does not include an
NDS instruction is priced within the discretionary range of an incoming
MDO that is not permitted to remove liquidity, then the incoming MDO
will be placed on the EDGA Book and its discretionary range will be
shortened to equal the limit price of the resting contra-side order.
Finally, the Exchange seeks to add language to Rule 11.8(e)(5)
which provides that where an incoming order with a Post Only
instruction does not remove liquidity on entry pursuant to EDGA Rule
11.6(n)(4) against a resting MDO, the discretionary range of the
resting MDO will be shortened to equal the limit price of the incoming
contra-side order with a Post Only instruction.
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.\35\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \36\ 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) \37\ requirement that the rules of an exchange not be
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers.
---------------------------------------------------------------------------
\35\ 15 U.S.C. 78f(b).
\36\ 15 U.S.C. 78f(b)(5).
\37\ Id.
---------------------------------------------------------------------------
In particular, the proposed changes are designed to align the
economics of executing under the pending EDGA maker-taker fee model,
with that of the EDGX maker-taker fee model. In order to do so, though,
certain amendments to EDGA order type behavior are necessary, such that
EDGA adders of liquidity and removers of liquidity, receive rebates and
pay fees, as expected, i.e., receive rebate to add liquidity, and pay a
fee to remove liquidity. The proposed changes appropriately treat
aggressive order types that would prefer to immediately execute,
favoring immediate executions over rebates. The Exchange believes that
such Users would naturally expect to pay a fee to immediately remove
liquidity. In this regard, the proposed changes are designed to promote
just and equitable principles of trade, and facilitate 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 proposed changes are necessary to align EDGA
rules 11.6(d), 11.8(d)(5), and 11.8(e)(5), with EDGX rules 11.6(d),
11.8(d)(5), and 11.8(g)(5), respectively, thereby making the EDGA rule
text \38\ and order behavior identical to that of EDGX, a maker-taker
exchange.
---------------------------------------------------------------------------
\38\ Supra note 8.
---------------------------------------------------------------------------
Rule 11.11(g)--Routing Options
The Exchange believes that the deletion of the routing options
ROBB, ROCO, RMPT, and RMPL from the EDGA rulebook are consistent with
the Act and these requirements because
[[Page 87912]]
doing so will remove impediments to the mechanism of a free and open
market, thereby protecting investors and the public interest. As
stated, ROBB, ROCO, RMPT, and RMPL are routing options designed for an
inverted fee schedule. Because EDGA is transitioning to a maker-taker
fee model, these routing options are no longer necessary. Additionally,
these routing options are targeting Users that want low-cost
executions. In this regard, each of these routing options first seek
liquidity from the Exchange, which is currently inverted. However, once
the Exchange transitions to a maker-taker fee model, these strategies
will no longer be useful for Users targeting a low-cost execution,
since the first trading venue these routing options would check--EDGA--
will now assess Users a full fee for removing liquidity. Therefore, the
Exchange is discontinuing these routing options. The Exchange notes
that routing through the Exchange is voluntary and alternative routing
options offered by the Exchange as well as other methods remain
available to Users that wish to route to other trading centers. By
removing references to routing options that will no longer be offered
by the Exchange, the Exchange believes the proposed rule change will
remove impediments to the mechanism of a free and open market and
protect investors by providing investors with rules that accurately
reflect routing options currently available on the Exchange. The
Exchange does not believe that this proposal will permit unfair
discrimination among customers, brokers, or dealers because the ROBB,
ROCO, RMPT, and RMPL routing options will no longer be available to any
User.
EDGA Rule 11.6(d)--Order With a Discretionary Range; EDGA Rule
11.8(d)(5)--MidPoint Peg Order, Routing and Posting; EDGA Rule
11.8(e)(5)--MidPoint Discretionary Order (``MDO'') Routing and Posting
In general, these proposed amendments to EDGA Rule 11.6(d) are
intended to better align certain Exchange rules and System \39\
functionality with that currently offered by EDGX in order to provide a
consistent functionality across the Exchange and EDGX and to align the
economics of these order types and executions with that of a maker-
taker model (i.e., receive a rebate to add liquidity, and pay a fee to
remove liquidity). Consistent functionality between the EDGA and EDGX
will reduce complexity and streamline duplicative functionality,
thereby resulting in simpler technology implementation, and changes and
maintenance by Users of the Exchange that are also participants on
EDGX.
---------------------------------------------------------------------------
\39\ The term ``System'' shall mean the electronic
communications and trading facility designated by the Board through
which securities orders of Users are consolidated for ranking,
execution and, when applicable, routing away. See Rule 1.5(cc).
---------------------------------------------------------------------------
The proposed rule changes also do not propose to implement new or
unique functionality that has not been previously filed with the
Commission or is not available on EDGX. The Exchange notes that the
proposed rule text is based on applicable EDGX rule text, and that the
proposed language of the Exchange's Rules differs only to extent
necessary to conform to existing Exchange rule text or to account for
minor differences, such as references to EDGA and EDGX. Where possible,
the Exchange has mirrored EDGX rules, because consistent rules will
simplify the regulatory requirements and increase the understanding of
the Exchange's operations for Users of the Exchange that are also
participants on EDGX. As such, the proposed rule change would foster
cooperation and coordination with persons engaged in facilitating
transactions in securities and would remove impediments to and perfect
the mechanism of a free and open market and a national market system.
Moreover, these changes are not designed to permit unfair
discrimination because they apply equally to all Users, and Users are
not required to utilize the described functionality.
EDGA Rule 11.6(d)--Order With a Discretionary Range Executes Against an
Order With a Post Only Instruction; EDGA Rule 11.6(d)--Order With a
Discretionary Range Executes vs. an Order Without a Post Only
Instruction
The Exchange believes that aligning EDGA Rule 11.6(d) with EDGX
Rule 11.6(d) will provide additional clarity and specificity regarding
the functionality of the System and provide Users with consistent rules
between EDGA and its affiliated exchange, EDGX. In this regard, the
proposed amendments would promote just and equitable principles of
trade and remove impediments to a free and open market.
In particular, the Exchange believes it is consistent with the Act
to execute orders with a Discretionary Range instruction against
marketable liquidity (e.g., order with a Post Only instruction) when an
execution would not otherwise occur is consistent with both: (i) the
Act, by facilitating executions, removing impediments and perfecting
the mechanism of a free and open market and national market system; and
(ii) a User's instructions, which have evidenced a willingness by the
User to pay applicable execution fees and/or execute at more aggressive
prices than they are currently ranked in favor of an execution. As
noted above, because Users of orders with Discretionary Range
instructions are willing to execute at more aggressive prices, they
typically expect to pay a fee to remove liquidity. Similarly, a User
who has entered a Post Only order onto a maker-taker exchange, would
not expect to immediately remove liquidity against a resting order with
a Discretionary Range, and would expect instead to be treated as an
adder of liquidity and receive a rebate. Accordingly, in order to
facilitate transactions consistent with the instructions and
expectations of its Users, the Exchange proposes to execute resting
orders with a Discretionary Range instruction against incoming orders,
when such incoming orders would otherwise forego an execution.
Moreover, the proposed rule change to Rule 11.6(d) is not designed
to permit unfair discrimination amongst Users because the proposed
amendment is applicable to all Users, and the use of a Discretionary
Range instruction is not required.
EDGA Rule 11.8(d)(5)--MidPoint Peg Order, Routing and Posting
The proposed amendments to Rule 11.8(d)(5) are consistent with the
Act and its requirements because the MidPoint Peg Order would now
operate in exactly the same fashion as the MidPoint Peg Order available
on EDGX, thereby further aligning functionality across affiliated
exchanges. In addition, the Exchange believes that by eliminating the
routing of MidPoint Peg Orders entered on EDGA will help to increase
liquidity at the midpoint of the National Best Bid or National Best
Offer on EDGA, thereby improving both the potential for price
improvement and execution on the Exchange. Accordingly, the Exchange
believes that the proposed amendments to Rule 11.8(d)(5) would promote
just and equitable principles of trade, remove impediments to, and
perfect the mechanism of, a free and open market and a national market
system.
Finally, the Exchange also notes that there are minor differences
between EDGA Rule 11.8(d), MidPoint Peg Order, and EDGX Rule 11.8(d),
MidPoint Peg Order. Importantly, however, these differences are minor
and do not change how Midpoint Peg Orders behave on EDGX and how
MidPoint Peg Orders will behave on EDGA post implementation of the
[[Page 87913]]
proposed changes. As such, the Exchange believes the proposed
conforming changes to be appropriate.
EDGA Rule 11.8(e)(5)--MidPoint Discretionary Order (``MDO'')
Functionality
As noted above, the Exchange seeks to add rule text to provide that
MDOs entered onto the Exchange will, by default, act as liquidity
providers. However, by adding rule text that allows MDOs entered with a
QDP instruction to remove liquidity, by default, unless a User chooses
to require an MDO act only as a liquidity provider, MDOs with a QDP
instruction will be able to act as a liquidity provider or remover.
The addition of rule text providing that MDOs will act only as
adders of liquidity makes sense under a maker-taker fee model, as such
amendment will now align the rule text with the expectations of such
Users--i.e., Users of MDOs can use MDOs to post displayed or non-
displayed liquidity at the NBB or NBO with or without an offset, with a
Discretionary Range extending to and including the NBBO midpoint, and
receive a rebate for providing liquidity. Additionally, the proposed
operation of the EDGA MDO enables Users to act as liquidity providers
while increasing its opportunities to rest on the EDGA Book and
potentially execute at prices more favorable than the midpoint whenever
contra-side orders are priced more aggressively than the NBBO midpoint.
Therefore, the proposed operation of the EDGA MDO promotes just and
equitable principles of trade and would facilitate transactions in
securities and improve trading within the national market system by
increasing the potential price improvement opportunities for incoming
orders that may execute against a resting MDO within its discretionary
range.
Additionally, as noted above, by adding rule text that allows MDOs
entered with a QDP instruction to remove liquidity, by default, unless
a User chooses to require an MDO act only as a liquidity provider, MDOs
with a QDP instruction will be able to act as a liquidity provider or
remover. The Exchange believes adding this rule text makes sense under
a maker-taker fee model because Users that enter MDOs with a QDP
instruction would expect to potentially pay a remove fee if they permit
their orders to remove liquidity, and to receive a rebate should they
permit their orders only to add liquidity. A User that enters a MDO
with a QDP instruction, and permits their order only to add liquidity,
is prioritizing the provision of liquidity and receipt of a rebate,
rather than maximizing execution opportunities. Conversely, a User that
enters a MDO with a QDP instruction, and permits their order to remove
liquidity, would value the opportunity to improve their fill rates.
Moreover, the addition of such rule text will help to increase
price improvement opportunities to incoming orders, while at the same
time limit the exercise of discretion in circumstances where an
execution within the MDOs Discretionary Range may be undesirable. The
Exchange therefore believes that the addition of the rule text
regarding MDOs entered with a QDP instruction would remove impediments
to and perfect the mechanism of a free and open market and a national
market system. Furthermore, while the QDP instruction would be
available to all Users, use of this instruction would be voluntary,
meaning that Users could choose to use this instruction, or not, based
on their specific needs.
As a result of the proposed changes, MDOs entered on the Exchange
without a QDP instruction will only execute on entry in limited
circumstances where the resting order includes a Super Aggressive or
NDS instruction that allows for a liquidity swap with the incoming MDO.
The Exchange believes it is reasonable to execute resting orders with
an NDS instruction within the incoming MDO's discretionary range but
not execute orders with a Super Aggressive instruction within the
incoming MDO's discretionary range due to the different purposes of
each order instruction. Users of the Super Aggressive instruction tend
to use it for best execution purposes because the order instruction
enables the order to be routed away or executed locally when an order
is displayed at a price equal to or better than the order's limit
price. Conversely, an order with an NDS instruction is not routable and
only executes against an incoming order that would lock it. The User of
the NDS instruction is generally agnostic to whether the order is
displayed on an away market or priced at the NBBO. It simply seeks to
execute against an order that is priced at its limit price and engages
in a liquidity swap to do so, even if the contra-side interest contains
a NDS instruction.
Finally, the Exchange also notes that there are minor differences
between EDGA Rule 11.8(e), MidPoint Discretionary Orders, and EDGX Rule
11.8(g), MidPoint Discretionary Orders. Importantly, however, these
differences are minor and do not change how MDOs behave on EDGX and how
MDOs will behave on EDGA post implementation of the proposed changes.
As such, the Exchange believes the proposed conforming changes to be
appropriate.
B. Self-Regulatory Organization's Statement on Burden on Competition
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. The elimination
of the routing options ROBB, ROCO, RMPT, and RMPL is due to the fact
that these routing options are not viable on a maker-taker exchange and
are therefore obsolete. Additionally, the proposed changes to
Discretionary Ranges, MidPoint Peg Orders, and MDOs, will provide
consistent functionality between the Exchange and EDGX, thereby
reducing complexity and streamlining duplicative functionality,
resulting in simpler technology implementation, as well as changes and
maintenance by Users of the Exchange that are also participants on
EDGX. Thus, the Exchange believes this proposed rule change is
necessary to permit fair competition among national securities
exchanges. In addition, the Exchange believes the proposed rule change
will benefit Exchange participants in that it is designed to achieve a
consistent technology offering by affiliated exchanges.
Furthermore, the Exchange does not believe that the proposed rule
changes will impose any burden on intramarket competition that is not
necessary or appropriate in furtherance of the act, because the
proposed changes to order type functionality, and the modification of
the fee model from inverted to maker-taker, will apply equally to all
Users. Users are not required to continue to trade on the Exchange
following the implementation of the proposed changes, and should they
wish to continue to trade on an inverted exchange, Users may continue
to access the Exchange's affiliated inverted exchange, BYX, as well as
other inverted exchanges offered by the Exchange's competitors.
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 written comments on the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The Exchange has filed the proposed rule change pursuant to Section
[[Page 87914]]
19(b)(3)(A) of the Act \40\ and Rule 19b-4(f)(6) \41\ thereunder.
Because the foregoing proposed rule change does not: (i) significantly
affect the protection of investors or the public interest; (ii) impose
any significant burden on competition; and (iii) become operative for
30 days from the date on which it was filed, or such shorter time as
the Commission may designate, it has become effective pursuant to
Section 19(b)(3)(A) of the Act \42\ and Rule 19b-4(f)(6) \43\
thereunder.
---------------------------------------------------------------------------
\40\ 15 U.S.C. 78s(b)(3)(A).
\41\ 17 CFR 240.19b-4(f)(6).
\42\ 15 U.S.C. 78s(b)(3)(A).
\43\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires the Exchange to give the Commission written notice of the
Exchange's intent to file the proposed rule change, along with a
brief description and text of the proposed rule change, at least
five business days prior to the date of filing of the proposed rule
change, or such shorter time as designated by the Commission. The
Exchange has satisfied this requirement.
---------------------------------------------------------------------------
A proposed rule change filed under Rule 19b-4(f)(6) \44\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\45\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay so that the proposal
may become operative immediately. According to the Exchange, waiver of
the 30-day operative delay would assist the Exchange in transitioning
from an inverted exchange to a maker-taker exchange, as well as
harmonize its rules with its affiliate, EDGX. Further, the Exchange has
alerted Users of these changes as well as its anticipated
implementation date of November 1, 2024, so that Users had additional
time to make the requisite changes.\46\ Based on the foregoing, the
Commission believes that waiving the 30-day operative delay is
consistent with the protection of investors and the public interest.
Accordingly, the Commission designates the proposed rule change to be
operative on November 1, 2024.\47\
---------------------------------------------------------------------------
\44\ 17 CFR 240.19b-4(f)(6).
\45\ 17 CFR 240.19b-4(f)(6)(iii).
\46\ See supra notes 10-11 and accompanying text.
\47\ For purposes only of waiving the 30-day operative delay,
the Commission also has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
---------------------------------------------------------------------------
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.
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#a5d7d0c9c088c6cac8c8c0cbd1d6e5d6c0c68bc2cad3"><span class="__cf_email__" data-cfemail="0270776e672f616d6f6f676c7671427167612c656d74">[email protected]</span></a>. Please include
file number SR-CboeEDGA-2024-042 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-CboeEDGA-2024-042. 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-CboeEDGA-2024-042 and should
be submitted on or before November 26, 2024.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\48\
---------------------------------------------------------------------------
\48\ 17 CFR 200.30-3(a)(12), (59).
---------------------------------------------------------------------------
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-25633 Filed 11-4-24; 8:45 am]
BILLING CODE 8011-01-P
</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body>
</html>Indexed from Federal Register on November 5, 2024.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.