Notice2025-01624
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Cboe Timestamping Service Which Is a Market Data Service Comprised of Two Distinct Market Data Reports
Primary source
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Published
January 23, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 14 (Thursday, January 23, 2025)</title>
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[Federal Register Volume 90, Number 14 (Thursday, January 23, 2025)]
[Notices]
[Pages 8065-8067]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-01624]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-102237; File No. SR-CBOE-2025-003]
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt
Cboe Timestamping Service Which Is a Market Data Service Comprised of
Two Distinct Market Data Reports
January 17, 2025.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on January 10, 2025, Cboe Exchange, Inc. (``Exchange'') filed with the
Securities and Exchange Commission (``Commission'') the proposed rule
change as described in Item I below, which Item has been substantially
prepared by the Exchange. The Commission is publishing this notice to
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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
The Exchange proposes to adopt the Cboe Timestamping Service, which
is a market data service comprised of two distinct market data
reports.\3\ The Cboe Timestamping Service will provide timestamp
information for orders,\4\ quotes and cancels for market participants.
More specifically, the Cboe Timestamping Service reports will provide
various timestamps relating to the message lifecycle throughout the
exchange system. The first report--the Missed Liquidity Report--will
cover order and quote messages and the second report--Cancels Report--
will cover cancel messages. The proposed reports are optional products
that will be available to all Members and Members may opt to choose
both reports, one report, or neither report. Corresponding fees will be
assessed based on the number of reports selected.\5\
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\3\ The Exchange previously submitted the proposed rule change
on December 13, 2024 (SR-Cboe-2024-056). See Securities Exchange Act
Release No. 102045 (December 27, 2024), 90 FR 364, (January 3, 2025)
(SR-Cboe-2024-056). The Exchange is withdrawing SR-Cboe-2024-056 and
submitting this filing to make clarifying, non-substantive changes
to more clearly reflect the excluded trades in the Missed Liquidity
Report, which the Exchange believes will avoid potential confusion.
\4\ Orders shall include both complex and simple orders.
\5\ The Exchange plans to submit a separate filing with the
Commission pursuant to Section 19(b)(1) to propose fees for the
Missed Liquidity Report and Cancels Report.
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The proposed rule change, including the Exchange's statement of the
purpose of, and statutory basis for, the proposed rule change, is
available on the Exchange's website (<a href="https://www.cboe.com/AboutCBOE/CBOELegalRegulatoryHome.aspx">https://www.cboe.com/AboutCBOE/CBOELegalRegulatoryHome.aspx</a>), at the Exchange's Office of the
Secretary, and on the Commission's website at <a href="https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking/national-securities-exchanges?file_number=SR-CBOE-2025-003">https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking/national-securities-exchanges?file_number=SR-CBOE-2025-003</a>.
II. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A) of the Act \6\ and Rule 19b-4(f)(6) \7\ 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; or (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 \8\ and Rule 19b-4(f)(6) \9\ thereunder.
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\6\ 15 U.S.C. 78(b)(3)(A).
\7\ 17 CFR 240.19b-4(f)(6).
\8\ 15 U.S.C. 78s(b)(3)(A).
\9\ 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 its
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.
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A proposed rule change filed under Rule 19b-4(f)(6) \10\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\11\ the Commission
may designate a shorter time if such action is consistent with
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay so that the proposed
rule change may become operative immediately upon filing. The
Commission believes that waving the 30-day operative delay is
consistent with the protection of investors and the public interest
because it will allow the Exchange to launch the proposed Missed
Liquidity Report and Cancels Report on January 27, 2025. The Commission
recognizes that the Exchange previously submitted the proposed rule
change on December 13, 2024 (SR-Cboe-2024-056), which would have
resulted in an operative date of January 13, 2025. The Exchange
withdrew filing SR-Cboe-2024-056 on January 10, 2025, and the
Commission did not receive any comments related to that filing. The
Exchange submitted this filing to make a clarifying, non-substantive
change to more clearly reflect the excluded trades under the Missed
Liquidity Report, which the Exchange believes will avoid potential
confusion. Further, this filing does not introduce any novel regulatory
issues. Accordingly, the Commission designates the proposed rule change
to be operative upon filing.\12\
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\10\ 17 CFR 240.19b-4(f)(6).
\11\ 17 CFR 240.19b-4(f)(6)(iii).
\12\ 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).
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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.
III. 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.\13\ Comments may be submitted
electronically by using the Commission's internet comment form (<a href="https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking/national-securities-exchanges?file_number=SR-CBOE-2025-003">https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking/national-securities-exchanges?file_number=SR-CBOE-2025-003</a>) or by
sending an email to <a href="/cdn-cgi/l/email-protection#3644435a531b55595b5b535842457645535518515940"><span class="__cf_email__" data-cfemail="493b3c252c642a2624242c273d3a093a2c2a672e263f">[email protected]</span></a>. Please include file number
SR-CBOE-2025-003 on the subject line. Alternatively, paper comments may
be sent to Secretary, Securities and Exchange Commission, 100 F Street
NE, Washington, DC 20549-1090. All submissions should refer to file
number SR-CBOE-2025-003. 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-regulations/self-regulatory-organization-rulemaking/national-securities-exchanges?file_number=SR-CBOE-2025-003">https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking/national-securities-exchanges?file_number=SR-CBOE-2025-003</a>). Do not
include personal identifiable information in submissions; you should
submit only information that you wish to make available publicly. We
may redact in part or withhold entirely from publication submitted
material that is obscene or subject to copyright protection. All
submissions should refer to file number SR-CBOE-2025-003 and should be
submitted on or before February 13, 2025.
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\13\ 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 SRO.
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For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
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\14\ 17 CFR 200.30-3(a)(12) and (59).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-01624 Filed 1-22-25; 8:45 am]
BILLING CODE 8011-01-P
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