Notice2024-25732
Self-Regulatory Organizations; Cboe EDGA Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fees Schedule by Replacing Its Inverted Pricing Model With a Maker-Taker Model for Its Equity Trading Platform
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 6, 2024
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 89 Issue 215 (Wednesday, November 6, 2024)</title>
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[Federal Register Volume 89, Number 215 (Wednesday, November 6, 2024)]
[Notices]
[Pages 88068-88075]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-25732]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-101492; File No. SR-CboeEDGA-2024-045]
Self-Regulatory Organizations; Cboe EDGA Exchange, Inc.; Notice
of Filing and Immediate Effectiveness of a Proposed Rule Change To
Amend Its Fees Schedule by Replacing Its Inverted Pricing Model With a
Maker-Taker Model for Its Equity Trading Platform
October 31, 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, 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
Effective November 1, 2024, Cboe EDGA Exchange, Inc. (the
``Exchange'' or ``EDGA'') proposes to amend its Fee Schedule. The text
of the proposed rule change is provided in Exhibit 5.
The text of the proposed rule change is 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 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
Many exchanges today utilize maker-taker pricing under which a
rebate is provided to orders that add liquidity and a fee is assessed
to orders that remove liquidity. The Exchange currently utilizes an
inverse of the maker-taker pricing model referred to as a taker-maker
pricing model in which a fee is provided to orders that add liquidity
and a rebate is provided to orders that remove liquidity. As described
below, the Exchange proposes to amend its Fee Schedule applicable to
its equities trading platform (``EDGA Equities'') by replacing its
inverted pricing model with a maker-taker model. The Exchange proposes
to implement these changes effective November 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 16 registered equities exchanges, as well as a
number of alternative trading systems and other off-exchange venues
that do not have similar self-regulatory responsibilities under the
Securities Exchange Act of 1934 (the ``Act''), to which market
participants may direct their order flow. The Exchange submits this
proposal in response to industry feedback and for business and
competitive reasons. Specifically, the Exchange notes that the market
share of taker-maker exchanges has been steadily declining in recent
years. The Exchange analyzed its internal data and found that, the
market share of inverted markets has dropped from approximately 8% in
April 2020 to 2.6% in July 2024. Similarly, the average monthly
notional volume of taker-maker exchanges has declined from
approximately $528.0 billion in 2021 to an average monthly notional
volume of $267.4 billion in 2024 (year-to-date). In addition to the
decline in taker-maker exchanges' market share, the Exchange has
received feedback from at least one Member that the economics of the
inverted exchange model are no longer profitable, which has led to the
Exchange to believe that a transition to a maker-taker model may help
to improve the Exchange's market share. Finally, in addition to
replacing its inverted pricing model with a maker-taker model, the
Exchange also proposes to eliminate tiered pricing, which provides
Members opportunities to qualify for higher rebates or reduced fees
where certain volume criteria and thresholds are met. By eliminating
tiered pricing incentives, the Exchange can instead redirect its
resources and funding to focus on providing a simplified fee structure,
whereby Members, regardless of their size or trading volume, can
receive the same rebates and pay the same fees for certain order types.
Fee Code Rate Changes
In securities priced at or above $1.00, the Exchange currently
charges a standard fee of $0.0030 per share for orders that add
liquidity to EDGA and provides a standard rebate of $0.0016 per share
for orders that remove liquidity from EDGA. Currently, for securities
priced below $1.00 the Exchange does not charge a standard fee to add
or remove liquidity. The Exchange also assesses a standard fee of
$0.0030 per share in orders that route liquidity away from EDGA in
securities priced at or above $1.00 and assesses a standard fee of
0.30% of the dollar value of the transaction in orders that route
liquidity away from EDGA in securities priced below $1.00.
Effective November 1, 2024, the Exchange now proposes to provide a
standard rebate of $0.0027 per share to all orders that add liquidity
in securities priced at or above $1.00 and proposes to charge a
standard fee of $0.0030 to all orders that remove liquidity in
securities priced at or above $1.00. Certain order types that add
liquidity to EDGA will receive lower rebates than the standard rate of
$0.0027 (discussed infra).
As a result of the proposed change, the Exchange proposes to make
corresponding changes to the following fee codes for securities priced
at or above $1.00:
Adding Liquidity Fee Codes
<bullet> Orders appended with fee code 3, which is appended to
orders that add liquidity to EDGA in Tape A or Tape C securities during
the pre and post market,\3\ are currently charged a fee of $0.00300 per
share. The Exchange proposes that orders appended with fee
[[Page 88069]]
code 3 will now receive a rebate of $0.00270 per share.
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\3\ See EDGA Equities Rules 1.5(r) and 1.5(s). The term ``Post-
Closing Session'' shall mean the time between 4:00 p.m. and 8:00
p.m. Eastern Time. The term ``Pre-Opening Session'' shall mean the
time between 8:00 a.m. and 9:30 a.m. Eastern Time. The Exchange
notes that Post-Closing Session shall have the same meaning as
``post market'' on the EDGA Fee Schedule and Pre-Opening Session
shall have the same meaning as ``pre market'' on the EDGA Fee
Schedule.
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<bullet> Orders appended with fee code 4, which is appended to
orders that add liquidity to EDGA in Tape B securities during the pre
and post market, are currently charged a fee of $0.00300 per share. The
Exchange proposes that orders appended with fee code 4 will now receive
a rebate of $0.00270 per share.
<bullet> Orders appended with fee code B, which is appended to
orders that add liquidity to EDGA in Tape B securities, are currently
charged a fee of $0.00300 per share. The Exchange proposes that orders
appended with fee code B will now receive a rebate of $0.00270 per
share.
<bullet> Orders appended with fee code DM, which is appended to
orders that add liquidity to EDGA using MidPoint Discretionary orders
(``MDOs'') \4\ within the discretionary range, are currently charged a
fee of $0.00300 per share. The Exchange proposes that orders appended
with fee code DM will now receive a rebate of $0.00200 per share.
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\4\ See EDGA Equities Rule 11.8(e). 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.
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<bullet> Orders appended with fee code DQ, which is appended to QDP
Orders \5\ that add liquidity to EDGA, are currently charged a fee of
$0.001800 per share. The Exchange proposes that orders appended with
fee code DQ will now receive a rebate of $0.00200 per share.
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\5\ See EDGA Equities Rule 11.8(e)(10). 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.
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<bullet> Orders appended with fee code HA, which is appended to
non-displayed orders \6\ that add liquidity to EDGA, are currently
charged a fee of $0.00300 per share. The Exchange proposes that orders
appended with fee code HA will now receive a rebate of $0.00250 per
share.
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\6\ See EDGA Equities Rule 11.6(e)(2). Non-Displayed is an
instruction the User may attach to an order stating that the order
is not to be displayed by the System on the EDGA Book.
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<bullet> Orders appended with fee code MM, which is appended to
non-displayed orders that add liquidity to EDGA using Mid-Point Peg,\7\
are currently charged a fee of $0.00100 per share. The Exchange
proposes that orders appended with fee code MM will now receive a
rebate of $0.00250 per share.
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\7\ See EDGA Equities Rule 11.8(d). 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.
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<bullet> Orders appended with fee code RP, which is appended to
non-displayed orders that add liquidity to EDGA using Supplemental
Peg,\8\ are currently charged a fee of $0.00300 per share. The Exchange
proposes that orders appended with fee code RP will now receive a
rebate of $0.00250 per share.
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\8\ See EDGA Equities Rule 11.8(g). A Supplemental Peg Order is
a non-displayed Limit Order that is eligible for execution at the
NBB for a buy order and NBO for a sell order against an order that
is in the process of being routed to an away Trading Center if such
order that is in the process of being routed away is equal to or
less than the aggregate size of the Supplemental Peg Order interest
available at that price.
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<bullet> Orders appended with fee code V, which is appended to
orders that add liquidity to EDGA in Tape A securities, are currently
charged a fee of $0.00300 per share. The Exchange proposes that orders
appended with fee code V will now receive a rebate of $0.00270 per
share.
<bullet> Orders appended with fee code Y, which is appended to
orders that add liquidity to EDGA in Tape C securities, are currently
charged a fee of $0.00300 per share. The Exchange proposes that orders
appended with fee code Y will now receive a rebate of $0.00270 per
share.
The Exchange notes that certain fee codes will receive a rebate
that is less than the proposed standard rebate of $0.00270 per share.
In the case of fee codes DM and DQ, these fee codes are appended to
MDOs that add liquidity and execute within a discretionary range or
MDOs utilizing the optional QDP instruction and will receive a proposed
rebate of $0.00200, which is lower than the standard rebate. In both
instances, the order being added to EDGA executes at a non-displayed
price and the Exchange provides lower rebates to non-displayed orders
in order to incentivize adding displayed liquidity to EDGA. The same
rationale is true for non-displayed orders appended with fee codes HA,
MM, and RP. For fee codes HA, MM, and RP, the Exchange proposes to
provide a lower rebate of $0.00250 per share as these fee codes are
appended to various non-displayed orders that add liquidity to EDGA.
Given the Exchange seeks to encourage displayed liquidity, the Exchange
believes it is reasonable to offer the proposed lower rebate for non-
displayed liquidity-adding orders.
In addition to the proposed rate changes for existing fee codes
described above, the Exchange proposes to introduce two new fee codes
for orders that add liquidity and discontinue an existing fee code used
for liquidity-adding orders. First, the Exchange proposes to introduce
fee codes DD and DN A description of each is provided below:
<bullet> Fee code DD will be appended to orders that add liquidity
to EDGA using a displayed MDO that executes at a price not within the
discretionary range. Orders appended with fee code DD will receive a
rebate of $0.00270 per share. There will be no rebates for securities
priced below $1.00.
<bullet> Fee code DN will be appended to orders that add liquidity
to EDGA using a non-displayed MDO that executes at a price not within
the discretionary range. Orders appended with fee code DN will receive
a rebate of $0.00200 per share. There will no rebates for securities
priced below $1.00.
Next, the Exchange proposes to discontinue fee code DA, which is
appended to an order that adds liquidity to EDGA using an MDO and
executes outside the discretionary range. The Exchange proposes to
discontinue this fee code as it has introduced fee codes DD and DN,
which provide additional granularity into how an MDO may be entered and
execute on EDGA. Specifically, an MDO may be entered as either a
displayed or non-displayed order and may execute at a price within or
outside the discretionary range.\9\ The discretionary range appended to
an MDO is always non-displayed.\10\ As such, when an MDO executes at a
price within the discretionary range, it executes at a non-displayed
price, will be appended with fee code DM, and will receive a lower
rebate ($0.00200) than a displayed order ($0.00270). However, an MDO
that executes at a price outside the discretionary range may be
displayed or non-displayed. As such, introducing fee codes DD and DN
will allow the Exchange to provide the standard rebate of $0.00270 to
displayed MDOs that execute outside the discretionary range and a lower
rebate of $0.00200 to non-displayed MDOs that execute outside the
discretionary range. The lower, non-displayed rebate is commensurate
with the rebate received by orders appended with fee code DM, which are
similarly not displayed.
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\9\ See EDGA Equities Rule 11.8(e)(4).
\10\ See EDGA Equities Rule 11.6(d).
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Removing Liquidity Fee Codes
<bullet> Orders appended with fee code 6, which is appended to
orders that remove liquidity from EDGA during the pre and post market,
currently receive a
[[Page 88070]]
rebate of $0.00160 per share. The Exchange proposes that orders
appended with fee code 6 will now be charged a fee of $0.00300 per
share.
<bullet> Orders appended with fee code BB, which is appended to
orders that remove liquidity from EDGA in Tape B securities, currently
receive a rebate of $0.00160 per share. The Exchange proposes that
orders appended with fee code BB will now be charged a fee of $0.00300
per share.
<bullet> Orders appended with fee code DX, which is appended to QDP
orders that remove liquidity from EDGA, are currently charged a fee of
$0.00040 per share. The Exchange proposes that orders appended with fee
code DX will now be charged a fee of $0.00300 per share.
<bullet> Orders appended with fee code HR, which is appended to
non-displayed orders that remove liquidity from EDGA, currently execute
at no cost. The Exchange proposes that orders appended with fee code HR
will now be charged a fee of $0.00300 per share.
<bullet> Orders appended with fee code MT, which is appended to
orders that remove liquidity designated as Mid-Point Peg from EDGA,
currently execute at no cost. The Exchange proposes that orders
appended with fee code MT will now be charged a fee of $0.00300 per
share.
<bullet> Orders appended with fee code N, which is appended to
orders that remove liquidity from EDGA in Tape C securities, currently
receive a rebate of $0.00160 per share. The Exchange proposes that
orders appended with fee code N will now be charged a fee of $0.00300
per share.
<bullet> Orders appended with fee code W, which is appended to
orders that remove liquidity from EDGA in Tape A securities, currently
receive a rebate of $0.00160 per share. The Exchange proposes that
orders appended with fee code W will now be charged a fee of $0.00300
per share.
Next, the Exchange proposes to discontinue fee codes, DR and DT.
The fee code DR is appended to orders that remove liquidity from EDGA
using an MDO and that executes outside the discretionary range. The fee
code DT is appended to orders that remove liquidity from EDGA using an
MDO that executes within the discretionary range. Based on the proposal
to transition EDGA to a maker-taker exchange, and the proposed changes
to MDO order behavior on Exchange,\11\ MDOs can only act as liquidity
providing orders, unless they have a QDP instruction. Because MDOs
without a QDP instruction will only add liquidity, and a separate fee
code (i.e., DX) already exists for MDOs with QDP instructions that
remove liquidity, fee codes DR and DT are no longer necessary.
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\11\ The Exchange notes that in connection with transitioning
EDGA to a maker-taker fee model, certain order types, including
MDOs, will behave differently. Here, MDOs entered onto EDGA will now
act as liquidity providers and will not remove liquidity. The
Exchange has filed a separate proposal codifying the change in
behavior of MDOs, and certain other order types, as well as the
removal of certain routing options. See SR-CboeEDGA-2024-042.
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Routing Fee Codes
Fee Code Description Changes and Removal
In addition to the proposed rate changes for certain fee codes
associated with the switch to maker-taker pricing, the Exchange also
proposes to amend certain fee code descriptions associated with fee
codes used for routing strategies. The Exchange notes that certain
routing strategies are being discontinued \12\ and as such, will no
longer be referenced in certain fee code descriptions. The proposed
changes are as follows:
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\12\ Id.
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<bullet> Fee code BY, which is appended to orders that are routed
to BYX using Destination Specific (``DIRC''),\13\ ROUC,\14\ ROBB \15\
or ROCO \16\ routing strategies will be amended to remove the
references to the ROBB and ROCO routing strategies, as these strategies
are being removed from EDGA.
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\13\ See EDGA Equities Rule 11.11(g)(13). Destination Specific
is a routing option under which an order checks the System for
available shares and then is sent to an away trading center or
centers specified by the User.
\14\ See EDGA Equities Rule 11.11(g)(1). ROUC is a routing
option under which an order checks the System for available shares
and then is sent to destinations on the System routing table, Nasdaq
OMX BX, and NYSE. If shares remain unexecuted after routing, they
are posted on the EDGX (sic) Book, unless otherwise instructed by
the User.
\15\ See EDGA Equities Rule 11.11(g)(3)(D). ROBB checks the
System for available shares and then sends the order to destinations
on the System routing table. If shares remain unexecuted after
routing, they are posted on the book, unless otherwise instructed by
the User. See also Cboe US Equities FIX Specification, at p. 26,
available at: <a href="https://cdn.cboe.c/resources/membership/Cboe_US_Equities_FIX_Specification.pdf">https://cdn.cboe.c/resources/membership/Cboe_US_Equities_FIX_Specification.pdf</a>.
\16\ See EDGA Equities Rule 11.11(g)(3)(E). ROCO checks the
System for available shares and then sends the order to destinations
on the System routing table. If shares remain unexecuted after
routing, they are posted on the book, unless otherwise instructed by
the User. See also Cboe US Equities FIX Specification, at p. 26,
available at: <a href="https://cdn.cboe.c/resources/membership/Cboe_US_Equities_FIX_Specification.pdf">https://cdn.cboe.c/resources/membership/Cboe_US_Equities_FIX_Specification.pdf</a>.
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<bullet> Fee code NX, which is appended to orders routed to NYSE
National using ROBB, ROCO or ROUC routing strategies will be amended to
remove the references to the ROBB and ROCO routing strategies, as these
strategies are being removed from EDGA.
<bullet> Fee code Z, which is appended to orders routed to a non-
exchange destination using ROCO or ROUZ \17\ routing strategies will be
amended to remove the reference to the ROCO routing strategy, as this
strategy is being removed from EDGA.
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\17\ See EDGA Equities Rule 11.11(g)(3)(C). ROUZ checks the
System for available shares and then sends the order to destinations
on the System routing table. If shares remain unexecuted after
routing, they are posted on the book, unless otherwise instructed by
the User. See also Cboe US Equities FIX Specification, at p. 26,
available at: <a href="https://cdn.cboe.c/resources/membership/Cboe_US_Equities_FIX_Specification.pdf">https://cdn.cboe.c/resources/membership/Cboe_US_Equities_FIX_Specification.pdf</a>.
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In addition to the description changes proposed above, the Exchange
also proposes to discontinue fee codes PA,\18\ PL,\19\ PT,\20\ and PX
\21\ as the RMPT \22\ and RMPL \23\ routing strategies are being
discontinued.
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\18\ Fee code PA is appended to orders that add liquidity to
EDGA using the RMPT or RMPL routing strategies.
\19\ Fee code PL is appended to orders routed to BZX, EDGX,
NYSE, NYSE Arca or Nasdaq using the RMPL routing strategy.
\20\ Fee code PT is appended to orders that remove liquidity
from EDGA using the RMPT or RMPL routing strategies.
\21\ Fee code PX is appended to orders routed using the RMPL
routing strategy to a destination not covered by Fee Code PL or
routing using the RMPT routing strategy.
\22\ See EDGA Equities Rule 11.11(g)(12)(A). RMPT utilizes a
MidPoint Peg Order to check 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. See
also Cboe US Equities FIX Specification, at p. 26, available at:
<a href="https://cdn.cboe.c/resources/membership/Cboe_US_Equities_FIX_Specification.pdf">https://cdn.cboe.c/resources/membership/Cboe_US_Equities_FIX_Specification.pdf</a>.
\23\ See EDGA Equities Rule 11.11(g)(12)(B). RMPL utilizes a
MidPoint Peg Order to check 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. See
also Cboe US Equities FIX Specification, at p. 26, available at:
<a href="https://cdn.cboe.c/resources/membership/Cboe_US_Equities_FIX_Specification.pdf">https://cdn.cboe.c/resources/membership/Cboe_US_Equities_FIX_Specification.pdf</a>.
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Routing Tier Changes
Pursuant to footnote 1 of the Fee Schedule, the Exchange currently
offers two Routing Tiers that provide a reduced fee to Members'
qualifying orders where (i) a Member adds or removes a specific level
of volume using certain routing strategies (``Routing Tier 1'') or (ii)
routes a specified level of volume using the ROUT routing option
(``Routing Tier 2''). However, the Exchange no longer wishes to, nor is
required to, maintain such tiers. As such, the Exchange now proposes to
[[Page 88071]]
discontinue Routing Tier 1 and Routing Tier 2. This proposed change
will enable the Exchange to redirect future resources and funding into
a standard rebate that is achievable by all Members, regardless of
their size or trading volume, thereby diversifying the mix of liquidity
and deepening the Exchange's liquidity pool, as well as enhancing
execution opportunities and price discovery and transparency for all
Members. In this regard, the Exchange believes that the proposed
changes further 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.''
Add/Remove Volume Tier Changes
Pursuant to footnote 7 of the Fee Schedule, the Exchange currently
offers certain Add/Remove Volume Tiers that provide an enhanced rebate
or a reduced fee for Members' qualifying orders. Specifically, the
Exchange offers four Add/Remove Volume Tiers applicable to fee codes 3,
4, B, V, and Y that each provide a reduced fee to Members' qualifying
orders where a Member reaches certain add or remove volume-based
criteria (the ``Add Volume Tiers''). In addition, the Exchange offers
one Add/Remove Volume Tier applicable to fee codes N, W, 6, and BB that
provides an enhanced rebate to Members' qualifying orders where a
Member reaches certain add or remove volume-based criteria (the
``Remove Volume Tier''). The Exchange now proposes to discontinue the
Add Volume Tiers and the Remove Volume Tier as the Exchange no longer
wishes to, nor is required to, maintain such tiers. More specifically,
this proposed change will enable the Exchange to redirect future
resources and funding into a standard rebate that is achievable by all
Members, regardless of their size or trading volume, thereby
diversifying the mix of liquidity on the Exchange, promoting market
depth, execution incentives and enhanced execution opportunities, as
well as price discovery and transparency for all Members.
Other Conforming Changes
Commensurate with the proposed changes discussed earlier in the
proposal, the Exchange proposes to: (1) remove the ``Definitions''
section of the Fee Schedule; (2) modify the ``General Notes'' section
of the Fee Schedule; and (3) mark as ``Reserved'', Footnote 1. As the
Exchange has proposed to discontinue the Routing Tier 1 and Routing
Tier 2 and the Add/Remove Volume Tiers under footnotes 1 and 7,
respectively, the Exchange now proposes to remove the Definitions
section of the Fee Schedule because it is no longer applicable to the
remaining footnotes of the Fee Schedule. Additionally, because the
Exchange proposes to discontinue Routing Tier 1 and Routing Tier 2, as
well as the Add/Remove Volume Tiers, the Exchange is removing certain
notes regarding Routing Tier 1 and Routing Tier 2, and Add/Remove
Tiers, from the General Notes section of the Fee Schedule. Finally,
because the Exchange proposes to discontinue Routing Tier 1 and Routing
Tier 2 under Footnote 1, the Exchange seeks to mark Footnote 1 as
``Reserved.''
2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Act and the rules and regulations thereunder applicable to the
Exchange and, in particular, the requirements of Section 6(b) of the
Act.\24\ Specifically, the Exchange believes the proposed rule change
is consistent with the Section 6(b)(5) \25\ 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) \26\ requirement that the rules of
an exchange not be designed to permit unfair discrimination between
customers, issuers, brokers, or dealers as well as Section 6(b)(4) \27\
as it is designed to 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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\24\ 15 U.S.C. 78f(b).
\25\ 15 U.S.C. 78f(b)(5).
\26\ Id.
\27\ 15 U.S.C. 78f(b)(4)
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As described above, the Exchange operates in a highly competitive
market in which market participants can readily direct order flow to
competing venues if they deem fee levels at a particular venue to be
excessive or incentives to be insufficient. As previously discussed,
the overall market share of exchanges offering a taker-maker pricing
model has significantly declined. According to data analyzed by the
Exchange, the average market share of taker-maker exchanges has
declined from approximately 8% in April 2020 to approximately 2.6% in
July 2024.\28\ This trend is also seen in volumes on taker-maker
exchanges, which have declined from approximately 10 billion shares per
month in 2022 to approximately 7.7 billion shares year-to-date in 2024.
The Exchange believes that its proposal to replace its current taker-
maker pricing model with a maker-taker pricing model without volume-
based pricing incentives 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.
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\28\ Source: Cboe internal data.
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Specifically, the Exchange believes its proposal to remove existing
volume-based pricing tiers and switch to a maker-taker pricing model,
with a standard rebate achievable by all Members, regardless of their
size or trading volume, will help to incentivize and diversify the mix
of liquidity on the Exchange, thereby promoting market depth, execution
incentives and enhanced execution opportunities, as well as price
discovery and transparency for all Members. As such, the proposed
changes further 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.'' Competing equity exchanges provide similar rebates or assess
similar fees for similar types of orders, to that of the Exchange.\29\
In this regard, the rebates and fees proposed by the Exchange are
intended to compete with the rebates and fees of other competing
equities exchanges while continuing to encourage Members to submit
order flow to the Exchange. Additionally, the Exchange notes that the
proposed rebates and fees are reasonable, equitable and non-
discriminatory because they are open to all Members on an equal basis,
wherein all Members will have the same opportunity to receive the same
rebate and pay the same fees without needing to satisfy volume-based
criteria.
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\29\ For instance, LTSE pays adders of liquidity a standard
rebate of $0.0028 ($0.0001 more than the Exchange's proposed
standard rebate), and charges removers of liquidity a standard fee
of $0.0030 (the same as the Exchange's proposed standard remove
fee). See LTSE Fee Schedule, Transaction Fees, available at: <a href="https://ltse.com/trading/fee-schedules">https://ltse.com/trading/fee-schedules</a>.
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The proposed introduction of a $0.0027 standard rebate for fee
codes B, V, Y, 3, and 4 is reasonable as it is designed to be the only
standard rebate
[[Page 88072]]
available to Members on the Exchange. The Exchange is increasing EDGA's
standard rebate from its current rebate of $0.0016 to $0.0027, in order
to provide a rebate that is higher than most other competing maker-
taker exchanges \30\ and that is equally attainable by all Members
regardless of their size or trading volume. In doing so, the Exchange
believes the proposed standard rebate will incentivize liquidity
provision and diversify its pool of liquidity providers, thereby
promoting market depth, execution incentives and enhanced execution
opportunities, as well as price discovery and transparency for all
Members. Furthermore, the Exchange believes that its proposal to
introduce a standard rate of $0.0030 applicable to fee codes N, W, 6,
and BB is reasonable as it is equal to the standard fee assessed to
Members on the Exchange's affiliate maker-taker exchanges.\31\ The
proposed $0.0030 standard fee is also unchanged from the add fee
assessed by the Exchange under its current inverted pricing model. As
such, Members will not have to consider an increased EDGA remove fee
when routing their orders to the marketplace.
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\30\ See MIAX Pearl Equities Fee Schedule, Transaction Rebates/
Fees, Standard Rates, available at <a href="https://www.miaxglobal.com/sites/default/files/fee_schedule-files/MIAX_Pearl_Equities_Fee_Schedule_07012024.pdf">https://www.miaxglobal.com/sites/default/files/fee_schedule-files/MIAX_Pearl_Equities_Fee_Schedule_07012024.pdf</a> (MIAX Pearl offers a
standard rebate of $0.0022 per share in securities priced at or
above $1.00); see also Nasdaq Price List, Add Remove Rates,
available at <a href="https://www.nasdaqtrader.com/Trader.aspx?id=PriceListTrading2">https://www.nasdaqtrader.com/Trader.aspx?id=PriceListTrading2</a> (Nasdaq offers a standard rebate of
$0.0018 per share in securities priced at or above $1.00).
\31\ See Cboe BZX Equity Fee Schedule, Standard Rates, available
at <a href="https://www.cboe.com/us/equities/membership/fee_schedule/bzx/">https://www.cboe.com/us/equities/membership/fee_schedule/bzx/</a>.
See also Cboe EDGX Equity Fee Schedule, Standard Rates, available at
<a href="https://www.cboe.com/us//membership/fee_schedule/edgx/">https://www.cboe.com/us//membership/fee_schedule/edgx/</a>.
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The Exchange continues to believe that volume-based pricing
provides for benefits or discounts that are reasonably related to: (i)
the value to an exchange's market quality; (ii) associated higher
levels of market activity, such as higher levels of liquidity provision
and/or growth patterns; and (iii) the introduction of higher volumes of
orders into the price and volume discovery processes. However, given
the decline in the inverted market share (discussed above), and
feedback from Members that the inverted fee model is no longer as
desirable (discussed above), the Exchange believes that shifting its
resources and funding from tiered pricing to a simplified maker-taker
model, and implementing a simplified rebate more easily attainable by
all Member, regardless of size or trading volume, will help to
diversify and deepen the Exchange's liquidity providers and liquidity
pool, thereby promoting market depth, execution incentives and enhanced
execution opportunities, as well as price discovery and transparency
for all Members. In this regard, the Exchange believes that the
proposed changes further 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.''
In addition to the proposed standard rebate of $0.0027 applicable
to fee codes 3, 4, B, V, and Y, the Exchange has also proposed lower
rebates for certain order types. Specifically, orders yielding fee
codes DM, DN, and DQ will receive a lower rebate of $0.00200 per share,
while orders yielding fee codes HA, MM, and RP will receive a lower
rebate of $0.00250 per share. In general, as discussed above, the
Exchange believes that providing slightly lower rebates to non-
displayed orders and MDOs that utilize QDP or execute at a non-
displayed price is reasonable as it is consistent with the Exchange's
overall pricing philosophy of encouraging added, displayed liquidity to
EDGA. More specifically, the Exchange proposes that orders yielding fee
codes DM, DN, and DQ receive a slightly lower rebate than orders
yielding fee codes HA, MM, and RP, because the former fee codes are
assigned to non-displayed orders designated with order features
designed to prevent a Member's orders from executing at more aggressive
prices--such as, Midpoint Discretionary Orders (``MDOs'') \32\ and
Quote Depletion Protection (``QDP'') \33\--thereby potentially limiting
the instances in which they may provide liquidity on the Exchange. In
contrast, orders yielding fee codes HA, MM, and RP, are assigned to
non-displayed orders not entered as MDOs or with the Exchange's QDP
feature, and as such, are more likely to add liquidity to the
Exchange's order book.
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\32\ MidPoint Discretionary Order (``MDO''). 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 those available in Rule 11.8(e). See Rule
11.8(e).
\33\ Quote Depletion Protection (``QDP''). 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).
---------------------------------------------------------------------------
Together, with the proposed standard rebate, the Exchange believes
that its proposed fee structure will provide a reasonable means to
encourage liquidity adding displayed and non-displayed orders in
Members' order flow to the Exchange and to incentivize Members to
continue to provide liquidity adding volume to the Exchange by offering
them an opportunity to receive a rebate. By providing higher rebates
for displayed liquidity, and slightly lower rebates for non-displayed
liquidity, the Exchange believes the proposed fees will help encourage
the entry of displayed orders, thereby deepening the Exchange's
displayed liquidity pool, fostering price discovery, promoting market
transparency, and improving market quality, for all investors.
The Exchange believes that its proposal to modify the description
of fee codes BY, NX, and Z as well as its proposal to eliminate fee
codes PA, PL, PT, and PX is reasonable, equitable, and non-
discriminatory as the Exchange is discontinuing certain routing
strategies as part of its transition from a taker-maker pricing
structure to a maker-taker pricing structure. The revised descriptions
in fee codes BY, NX, and Z will provide an accurate description of the
routing strategies eligible for certain fee codes, which will be
available to all Members on an equal basis. Further, the elimination of
fee codes PA, PL, PT, and PX will remove these fee codes from the Fee
Schedule for all Members as the routing strategies will no longer be
supported.
Similarly, the Exchange believes that its proposal to eliminate fee
code DA and introduce fee codes DD and DN is reasonable, equitable, and
non-discriminatory as the Exchange is seeking to utilize fee codes that
provide additional granularity into the usage of MDOs on the Exchange.
By eliminating fee code DA and replacing it with fee codes DD and DN,
the Exchange will be
[[Page 88073]]
able to provide rebates commensurate with either displayed MDOs or non-
displayed MDOs. This change benefits all Members equally in that fee
code DA will no longer be available to any Member and all Members
utilizing MDOs will have their orders appended with the appropriate fee
code for the display option chosen for its MDO. The Exchange notes that
the usage of the MDO order type is optional, and Members may choose to
submit (or not submit) MDOs as part of their order flow to the
Exchange. Additionally, the Exchange believes that its proposal to
eliminate fee codes DR and DT is reasonable, equitable, and non-
discriminatory, because as noted above, MDOs will now act only as
liquidity providers, unless they have a QDP instruction. Because MDOs
without a QDP instruction will only add liquidity, and a separate fee
code (i.e., DX) already exists for MDOs with QDP instructions that
remove liquidity, fee codes DR and DT are no longer necessary. This
change benefits all Members equally in that fee codes DR and DT will no
longer be available to any Member and Members that enter MDOs with a
QDP instruction permitting such orders to remove liquidity, can append
their orders with fee code, DX. Finally, removing fee codes DA, DR, and
DT will help to streamline the fee schedule, and make the fee schedule
clearer and more accurate.
In addition, the Exchange does not propose to change the standard
fee (Free) or standard rebate (Free) for securities priced below $1.00,
or the standard fee for routing orders in securities priced above $1.00
or below $1.00. The Exchange believes that these proposed standard
rebates and fees are reasonable, equitable, and non-discriminatory, as
Members have indicated that a Free/Free structure is currently a viable
incentive for them to add or remove liquidity on EDGA, today. Moreover,
the routing fees for both above $1.00 and below $1.00, are remaining
unchanged, because they remain consistent with the fees typically
assessed to the Exchange by other venues for routing liquidity and are
also the routing fees Members are accustomed to be assessed on EDGA,
today. Additionally, because theses proposed fees remain unchanged,
they do raise any new or novel issues not already considered by the
Commission.
The Exchange also proposes to increase the remove fee for fee codes
DX, HR, and MT. The Exchange believes that these proposed fees are
reasonable, equitable, and non-discriminatory because they are intended
to reflect the Exchange's transition to a maker-taker fee model and
reflect a fee structure typical of a maker-taker model where standard
remove fees are utilized to provide rebates to Members adding
liquidity. Accordingly, because orders appended with these fee codes
all remove liquidity, the Exchange proposes to assess them the standard
remove fee of $0.0030. In turn, the Exchange proposes to pay a standard
rebate of $0.0027 to orders appended with fee codes DD, DM, and DN, as
these orders add liquidity. The Exchange similarly believes that its
proposal to eliminate the Routing Tiers and the Add/Remove Volume Tiers
is reasonable because the Exchange is not required to maintain these
tiers or provide Members an opportunity to receive enhanced rebates or
reduced fees. The Exchange believes its proposal to eliminate these
tiers is also equitable and not unfairly discriminatory because the
change applies to all Members equally, in that the tiers will no longer
be available for any Member. The Exchange notes that the proposed
change to remove the Routing Tiers and the Add/Remove Volume Tiers
merely results in Members not receiving an enhanced rebate or paying a
reduced fee which, as noted above, the Exchange is not required to
offer or maintain. Further, the proposed change to eliminate the
Routing Tiers and the Add/Remove Volume Tiers enables the Exchange to
redirect resources and funding into the Exchange's proposed fee
structure, which is intended to incentivize increased order flow
without the use of volume-based criteria.
The Exchange does not propose to make any changes to fee codes 7-
AZ, C-D, F-G, I-J, NA, O, P, Q, RX-SW, and X. These fee codes append to
routed orders and the fees associated with these codes align with the
fees assessed to the Exchange by the each of the recipient trading
venues. These fees are not impacted by the transition to a maker-taker
fee model, and as such, the Exchange does not propose to any changes.
Fee code, OO, appends to EDGA opening or re-opening orders, and the
economics of such orders are not impacted by a transition from an
inverted fee model to a maker-taker fee model. Accordingly, the
Exchange does not propose any changes to fee code, OO. Similarly, fee
code, S, appends to directed ISOs, which the Exchange routes to away
trading venues. The current fee is not impacted by a transition from an
inverted fee model to a maker-taker fee model, and as such, the
Exchange is not proposing a change to fee code, S. Finally, the
Exchange believes that the proposed removal of the ``Definitions''
section of the Fee Schedule and proposed removal of content regarding
Routing Tier 1 and Routing Tier 2,\34\ and the Add/Remove Volume Tiers
from the ``General Notes'' section of the Fee Schedule is reasonable as
the changes are intended to remove references to terms and tiers that
are no longer applicable due to the Exchange's elimination of the
Routing Tiers, Add/Remove Volume Tiers, and certain routing strategies.
The proposed changes are equitable and non-discriminatory as they will
apply to all Members equally, in that the revised ``General Notes''
section of the Fee Schedule will be available to all Members and the
``Definitions'' section of the Fee Schedule will no longer be available
to any Member. Additionally, these proposed changes will help to make
the fee schedule clearer and more accurate.
---------------------------------------------------------------------------
\34\ As the Exchange seeks to discontinue Routing Tier 1 and
Routing Tier 2, noted under Footnote 1, the Exchange is marking
Footnote 1 as, ``Reserved.''
---------------------------------------------------------------------------
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. Rather, as discussed above,
the Exchange believes that the proposed changes would encourage the
submission of additional order flow to a public exchange, thereby
promoting market depth, execution incentives and enhanced execution
opportunities, as well as price discovery and transparency for all
Members. As a result, the Exchange believes that the proposed changes
further 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.''
The Exchange believes the proposed rule changes do not impose any
burden on intramarket competition that is not necessary or appropriate
in furtherance of the purposes of the Act. Particularly, the proposed
change to a maker-taker fee structure, proposed fee code changes,
elimination of Routing Tiers, and elimination of Add/Remove Volume
Tiers will apply to all Members equally in that all Members are
eligible for the revised fee structure and proposed fee code changes
and all Members will no longer be eligible for the Routing Tiers or
Add/Remove Volume Tiers. The Exchange does not believe the proposed
changes burden
[[Page 88074]]
competition, but rather, enhances competition as it is intended to
increase the competitiveness of EDGA by amending existing pricing
incentives in order to attract order flow and incentivize a more
diverse mix of liquidity providers to increase their participation on
the Exchange, thereby promoting market depth, execution incentives and
enhanced execution opportunities, as well as price discovery and
transparency for all Members. Greater overall order flow, trading
opportunities, and pricing transparency benefits all market
participants on the Exchange by enhancing market quality and continuing
to encourage Members to send orders, thereby contributing towards a
robust and well-balanced market ecosystem.
The Exchange further believes that the proposed rule change will
not impose any burden on intramarket competition that is not necessary
or appropriate in furtherance of the purposes of the Act because, while
in some circumstances different fees are assessed and different rebates
are paid, these different fees and rebates are not based on the type of
Member entering the orders that match or on the volume of orders
submitted by a Member but on the type of order entered, and all Members
may submit any type of order for any type of security and will be
subject to the same fee or rebate for that type of order and security.
EDGA believes that applying a simplified fee and rebate structure, that
is not based on tiered volume and is equally attainable by all types of
participants, avoids imposing a burden on competition by ensuring that
individual Members do not gain a competitive advantage over other
Members based solely on their size or volume of orders they are able to
submit to the Exchange.
Next, the Exchange believes the proposed rule changes do not impose
any burden on intermarket competition that is not necessary or
appropriate in furtherance of the purposes of the Act. As previously
discussed, the Exchange operates in a highly competitive market.
Members have numerous alternative venues that they may participate on
and direct their order flow, including other equities exchanges, off-
exchange venues, and alternative trading systems. Additionally, the
Exchange represents a small percentage of the overall market. Based on
publicly available information, no single equities exchange has more
than 17% of the market share.\35\ Therefore, no exchange possesses
significant pricing power in the execution of 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.'' \36\ 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'. . . .'' \37\ 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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\35\ See Cboe Global Markets, U.S. Equities Market Volume
Summary, Month-to-Date (August 20, 2024), available at <a href="https://www.cboe.com/us/equities/market_statistics/">https://www.cboe.com/us/equities/market_statistics/</a>.
\36\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496, 37499 (June 29, 2005).
\37\ 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 \38\ and paragraph (f) of Rule 19b-4 \39\
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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\38\ 15 U.S.C. 78s(b)(3)(A).
\39\ 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#f98b8c959cd49a9694949c978d8ab98a9c9ad79e968f"><span class="__cf_email__" data-cfemail="5022253c357d333f3d3d353e2423102335337e373f26">[email protected]</span></a>. Please include
file number SR-CboeEDGA-2024-045 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-2024-045. 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
[[Page 88075]]
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-2024-045 and should be submitted on or before
November 27, 2024.
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\40\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\40\
Vanessa A. Countryman,
Secretary.
[FR Doc. 2024-25732 Filed 11-5-24; 8:45 am]
BILLING CODE 8011-01-P
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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.