Notice2025-05044
Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee Schedule Related To Add/Remove Volume Tiers
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
March 26, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 57 (Wednesday, March 26, 2025)</title>
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[Federal Register Volume 90, Number 57 (Wednesday, March 26, 2025)]
[Notices]
[Pages 13796-13800]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-05044]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-102703; File No. SR-CboeEDGX-2025-020]
Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice
of Filing and Immediate Effectiveness of a Proposed Rule Change To
Amend Its Fee Schedule Related To Add/Remove Volume Tiers
March 20, 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 March 13, 2025, Cboe EDGX Exchange, Inc. (``Exchange'' or ``EDGX'')
filed with the Securities and Exchange Commission (``Commission'') the
proposed rule change as described in Items I, II, and III below, which
Items have been prepared by the Exchange. The Commission is publishing
this notice to solicit comments on the proposed rule change from
interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Cboe EDGX Exchange, Inc. (the ``Exchange'' or ``EDGX'') proposes to
amend its Fee Schedule as follows: (i) updating the criteria applicable
to Add/Remove Volume Tier 3; (ii) updating the criteria applicable to
Market Quality Tier 1; (iii) updating the rate applicable to Non-
Displayed Add Volume Tier 2; and (iv) updating the criteria applicable
to Non-Displayed Add Volume Tier 3. The text of the proposed rule
change is provided in Exhibit 5.
The text of the proposed rule change is also available on the
Exchange's website (<a href="http://markets.cboe.com/us/options/regulation/rule_filings/edgx/">http://markets.cboe.com/us/options/regulation/rule_filings/edgx/</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
[[Page 13797]]
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
Cboe EDGX Exchange, Inc. (the ``Exchange'' or ``EDGX'') proposes to
amend its Fee as follows: (i) updating the criteria applicable to Add/
Remove Volume Tier 3; (ii) updating the criteria applicable to Market
Quality Tier 1; (iii) updating the rate applicable to Non-Displayed Add
Volume Tier 2; and (iv) updating the criteria applicable to Non-
Displayed Add Volume Tier 3.
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
Act, to which market participants may direct their order flow. Based on
publicly available information,\3\ no single registered equities
exchange has more than 16% of the market share. Thus, in such a low-
concentrated and highly competitive market, no single equities exchange
possesses significant pricing power in the execution of order flow. The
Exchange in particular operates a ``Maker-Taker'' model whereby it pays
rebates to members that add liquidity and assesses fees to those that
remove liquidity. The Exchange's Fee Schedule sets forth the standard
rebates and rates applied per share for orders that provide and remove
liquidity, respectively. Currently, for orders in securities priced at
or above $1.00, the Exchange provides a standard rebate of $0.00160 per
share for orders that add liquidity and assesses a fee of $0.0030 per
share for orders that remove liquidity.\4\ For orders in securities
priced below $1.00, the Exchange provides a standard rebate of $0.00003
per share for orders that add liquidity and assesses a fee of 0.30% of
the total dollar value for orders that remove liquidity.\5\
Additionally, in response to the competitive environment, the Exchange
also offers tiered pricing which provides Members opportunities to
qualify for higher rebates or reduced fees where certain volume
criteria and thresholds are met. Tiered pricing provides an incremental
incentive for Members to strive for higher tier levels, which provides
increasingly higher benefits or discounts for satisfying increasingly
more stringent criteria.
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\3\ See Cboe Global Markets, U.S. Equities Market Volume
Summary, Month-to-Date (March 11, 2025), available at <a href="https://www.cboe.com/us/equities/market_statistics/">https://www.cboe.com/us/equities/market_statistics/</a>.
\4\ See EDGX Equities Fee Schedule, Standard Rates.
\5\ Id.
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Add/Remove Volume Tiers
Under footnote 1 of the Fee Schedule, the Exchange currently offers
various Add/Remove Volume Tiers. In particular, the Exchange offers
nine Add Volume Tiers (Tier 1 through Tier 9) that each pay Members an
enhanced rebate for qualifying orders yielding fee codes B,\6\ V,\7\
Y,\8\ 3,\9\ or 4,\10\ when a Member reaches certain add or remove
volume-based criteria. The Exchange now proposes to update the criteria
for Add Volume Tier 3. Currently, the criteria for Add Volume Tier 3 is
as follows:
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\6\ Fee code B is appended to orders that add liquidity to EDGX
in Tape B securities.
\7\ Fee code V is appended to orders that add liquidity to EDGX
in Tape A securities.
\8\ Fee code Y is appended to orders that add liquidity to EDGX
in Tape C securities.
\9\ Fee code 3 is appended to orders that add liquidity to EDGX
in the pre and post market in Tape A or Tape C securities.
\10\ Fee code 4 is appended to orders that add liquidity to EDGX
in the pre and post market in Tape B securities.
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<bullet> Add Volume Tier 3 provides an enhanced rebate of $0.0027
per share for qualifying orders (i.e., orders yielding fee codes B, V,
Y, 3, or 4) when: (1) Member adds an ADV \11\ (excluding fee codes ZA
\12\ and ZO \13\) greater than or equal to 0.22% of the TCV; \14\ or
(2) Member adds an ADV (excluding fee codes ZA and ZO) greater than or
equal to 25,000,000 shares.
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\11\ ADV means average daily volume calculated as the number of
shares added to, removed from, or routed by, the Exchange, or any
combination or subset thereof, per day. ADV is calculated on a
monthly basis.
\12\ Fee code ZA is appended to Retail Orders that add liquidity
to EDGX.
\13\ Fee code ZO is appended to Retail Orders that add liquidity
to EDGX in the pre and post market.
\14\ TCV means total consolidated volume calculated as the
volume reported by all exchanges and trade reporting facilities to a
consolidated transaction reporting plan for the month for which the
fees apply. The Exchange excludes from its calculation of TCV volume
on any day that the Exchange experiences an Exchange System
Disruption, on any day with a scheduled early market close, and the
Russell Reconstitution Day.
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Now, the Exchange proposes to update the criteria to both prongs of
Add Volume Tier 3, as follows:
<bullet> Proposed Add Volume Tier 3 provides an enhanced rebate of
$0.0027 per share for qualifying orders (i.e., orders yielding fee
codes B, V, Y, 3, or 4) when: (1) Member adds an ADV (excluding fee
codes ZA and ZO) greater than or equal to 0.25% of the TCV; or (2)
Member adds an ADV (excluding fee codes ZA and ZO) greater than or
equal to 30,000,000 shares.
Also under footnote 1 of the Fee Schedule, the Exchange currently
offers three Market Quality Tiers that each pay a Member an enhanced
rebate for qualifying orders yielding fee codes, B, V, Y, 3, or 4, when
a Member reaches certain add/remove volume-based criteria. The Exchange
now proposes to update the criteria for Market Quality Tier 1.
Currently, the criteria for Market Quality Tier 1 is as follows:
<bullet> Market Quality Tier 1 provides an enhanced rebate of
$0.0025 per share for qualifying orders when (1) Member add or removes
an ADV greater than or equal to 0.36% of the TCV; and (2) Member has a
retail remove ADV (yielding fee codes ZM \15\ or ZR \16\) greater than
or equal to 800,000; and (3) Member has a non-retail remove ADV
(excluding fee codes ZM and ZR) greater than or equal to 0.08% of the
TCV.
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\15\ Fee code ZM is appended to retail orders with a time-in-
force of Day/RHO or GTX, that remove liquidity upon arrival.
\16\ Fee code ZR is appended to retail orders that remove
liquidity from EDGX.
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The Exchange now proposes to update the criteria for prong 1 of
Market Quality Tier 1, as follows:
<bullet> Proposed Market Quality Tier 1 provides an enhanced rebate
of $0.0025 per share for qualifying orders when: (1) Member add or
removes an ADV equal to or greater than 0.50% of the TCV; and (2)
Member has a retail remove ADV (yielding fee codes ZM or ZR) equal to
or greater than 800,000; and (3) Member has non-retail remove ADV
(excluding fee codes ZM and ZR) equal to or greater than 0.08% of the
TCV.
The proposed modifications to Add Volume Tier 3 and Market Quality
Tier 1 represent a modest increase in difficulty to achieve the
applicable tier threshold while maintaining the existing rebate. The
Exchange believes that the proposed criteria continue to be
commensurate with the rebate received and will encourage Members to
grow their volume on the Exchange. Increased volume on the Exchange
contributes to a deeper and more liquid market, which benefits all
market participants and provides greater execution opportunities on the
Exchange.
Non-Displayed Add Volume Tiers
Under footnote 1 of the Fee Schedule, the Exchange currently offers
five Non-Displayed Add Volume Tiers that each pay a Member an enhanced
rebate for
[[Page 13798]]
qualifying orders (i.e. orders yielding fee codes DM,\17\ HA,\18\ MM
\19\ and RP \20\) when they achieve certain add or remove volume-based
criteria. Currently, Non-Displayed Add Volume Tier 2 provides a rebate
of $0.0020 to Members who satisfy the criteria of Non-Displayed Add
Volume Tier 2. The Exchange now proposes to amend the rebate applicable
to Non-Displayed Add Volume Tier 2 from $0.0020 to $0.0022. The purpose
of revising the rebate associated with Non-Displayed Add Volume Tier 2
is for business and competitive reasons, as the proposed change is
intended to incentivize Members to submit additional non-displayed
order flow to the Exchange by providing a higher enhanced rebate and
such rebate remains consistent with the Exchange's overall pricing
philosophy of encouraging added liquidity. Incentivizing an increase in
liquidity adding volume through enhanced rebate opportunities
encourages Members on the Exchange to contribute to a deeper, more
liquid market, providing for overall enhanced price discovery and price
improvement opportunities on the Exchange. As such, increased overall
order flow benefits all Members by contributing towards a robust and
well-balanced market ecosystem.
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\17\ Fee code DM is appended to orders that add liquidity to
EDGX using MidPoint Discretionary order within the discretionary
range.
\18\ Fee code HA is appended to non-displayed orders that add
liquidity to EDGX.
\19\ Fee code MM is appended to non-displayed orders that add
liquidity to EDGX using Mid-Point Peg.
\20\ Fee code RP is appended to non-displayed orders that add
liquidity to EDGX using Supplemental Peg.
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In addition to amending the rebate associated with Non-Displayed
Add Volume Tier 2, the Exchange now proposes to modify the criteria for
Non-Displayed Add Volume Tier 3. Currently, the criteria for Non-
Displayed Add Volume Tier 3 is as follows:
<bullet> Non-Displayed Add Volume Tier 3 provides a rebate of
$0.0025 per share for qualifying orders (i.e., orders yielding fee
codes DM, HA, MM and RP) when a Member has an ADAV \21\ equal to or
greater than 0.11% of TCV for Non-Displayed orders that yield fee
codes, DM, HA, HI,\22\ MM or RP.
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\21\ ADAV means average daily added volume calculated as the
number of shares added per day. ADAV is calculated on a monthly
basis.
\22\ Fee code HI is appended to non-displayed orders that add
liquidity to EDGX and receive price improvement.
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The Exchange now proposes to update the criteria of Non-Displayed
Add Volume Tier 3 as follows:
<bullet> Proposed Non-Displayed Add Volume Tier 3 provides a rebate
of $0.0025 per share for qualifying orders (i.e., orders yielding fee
codes DM, HA, MM and RP) when a Member has an ADAV equal to or greater
than 0.15% of TCV for Non-Displayed orders that yield fee codes DM, HA,
HI, MM or RP.
The proposed modification to Non-Displayed Tier 3 represents a
modest increase in difficulty to achieve the applicable tier threshold
while maintaining the existing rebate. The Exchange believes that the
proposed criteria continues to be commensurate with the rebate received
and will encourage Members to grow their volume on the Exchange.
Increased volume on the Exchange contributes to a deeper and more
liquid market, which benefits all market participants and provides
greater execution opportunities on the Exchange.
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.\23\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \24\ 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) \25\ requirement that the rules of an exchange not be
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers.
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\23\ 15 U.S.C. 78f(b).
\24\ 15 U.S.C. 78f(b)(5).
\25\ Id.
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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. The Exchange believes that
its proposal to modify Add/Remove Volume Tier 3, Market Quality Tier 1,
and Non-Displayed Add Volume Tier 3 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. Specifically, the
Exchange's proposal to introduce slightly different criteria to Add/
Remove Volume Tier 3, Market Quality Tier 1, and Non-Displayed Add
Volume Tier 3 is not a significant departure from existing criteria, is
reasonably correlated to the enhanced rebates offered by the Exchange
and other competing exchanges,\26\ and will continue to incentivize
Members to submit order flow to the Exchange. Additionally, the
Exchange notes that relative volume-based incentives and discounts have
been widely adopted by exchanges,\27\ including the Exchange,\28\ and
are reasonable, equitable and non-discriminatory because they are open
to all Members on an equal basis and provide additional benefits or
discounts that are reasonably related to (i) the value to an exchange's
market quality and (ii) associated higher levels of market activity,
such as higher levels of liquidity provision and/or growth patterns.
Competing equity exchanges offer similar tiered pricing structures,
including schedules or rebates and fees that apply based upon members
achieving certain volume and/or growth thresholds, as well as assess
similar fees or rebates for similar types of orders, to that of the
Exchange.
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\26\ See Nasdaq Price List, Rebate to Add Displayed Liquidity,
Shares Executed at or Above $1.00 available at <a href="https://nasdaqtrader.com/Trader.aspx?id=PriceListTrading2">https://nasdaqtrader.com/Trader.aspx?id=PriceListTrading2</a>; see also NYSE
Arca Equities Fees and Charges, Adding Tiers, available at <a href="https://www.nyse.com/publicdocs/nyse/markets/nyse-arca/NYSE_Arca_Marketplace_Fees.pdf">https://www.nyse.com/publicdocs/nyse/markets/nyse-arca/NYSE_Arca_Marketplace_Fees.pdf</a>.
\27\ See e.g., BZX Equities Fee Schedule, Footnote 1, Add/Remove
Volume Tiers.
\28\ See e.g., EDGX Equities Fee Schedule, Footnote 1, Add/
Remove Volume Tiers.
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In particular, the Exchange believes its proposal to modify Add/
Remove Volume Tier 3, Market Quality Tier 1, and Non-Displayed Add
Volume Tier 3 is reasonable because the revised tiers will be available
to all Members and provide all Members with an opportunity to receive
an enhanced rebate. The Exchange further believes its proposal to
modify Add/Remove Volume Tier 3, Market Quality Tier 1, and Non-
Displayed Add Volume Tier 3 will provide a reasonable means to
encourage liquidity adding 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 an enhanced rebate on qualifying orders. An overall increase
in activity would deepen the Exchange's liquidity pool, offer
additional cost savings, support
[[Page 13799]]
the quality of price discovery, promote market transparency and improve
market quality, for all investors.
Additionally, the Exchange believes its proposed modification to
the rate associated with Non-Displayed Add Volume Tier 2 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. In particular, the Exchange believes its proposal to modify
the reduced fee [sic] associated with Non-Displayed Add Volume Tier 2
is reasonable, equitable, and consistent with the Act because such
change is designed to incentivize Members to submit additional non-
displayed order flow to the Exchange by providing a higher enhanced
rebate and such rebate remains consistent with the Exchange's overall
pricing philosophy of encouraging added liquidity. The proposed
increased rebate of $0.0022 per share is reasonable and appropriate
because it is commensurate with the rebates provided by the Exchange's
other Non-Displayed Add Volume tiers and the criteria required to be
satisfied under Non-Displayed Add Volume Tier 2. The Exchange further
believes that the proposed increase to the rebate associated with Non-
Displayed Add Volume Tier 2 is not unfairly discriminatory because it
applies to all Members equally, in that all Members will be eligible to
receive the higher rebate upon satisfying the criteria associated with
Non-Displayed Add Volume Tier 2.
The Exchange believes that its proposal to modify Add/Remove Volume
Tier 3, Market Quality Tier 1, and Non-Displayed Add Volume Tier 3 is
reasonable as the proposed criteria does not represent a significant
departure from the criteria currently offered in the Fee Schedule. The
Exchange also believes that the proposal represents an equitable
allocation of fees and rebates and is not unfairly discriminatory
because all Members continue to be eligible for the proposed Add/Remove
Volume Tier 3, Market Quality Tier 1, and Non-Displayed Add Volume Tier
3 and have the opportunity to meet the tier's criteria and receive the
corresponding enhanced rebate if such criteria is met. Without having a
view of activity on other markets and off-exchange venues, the Exchange
has no way of knowing whether this proposed rule change would
definitely result in any Members qualifying for proposed Add/Remove
Volume Tier 3, Market Quality Tier 1, and Non-Displayed Add Volume Tier
3. While the Exchange has no way of predicting with certainty how the
proposed changes will impact Member activity, based on the prior
month's volume, the Exchange anticipates that at least two Members will
be able to satisfy proposed Add/Remove Volume Tier 3, no Members will
be able to satisfy proposed Market Quality Tier 1, and at least one
Member will be able to satisfy proposed Non-Displayed Add Volume Tier
3. The Exchange also notes that proposed changes will not adversely
impact any Member's ability to qualify for enhanced rebates offered
under other tiers. Should a Member not meet the proposed new criteria,
the Member will merely not receive that corresponding enhanced rebate.
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 Exchange's
proposal to modify Add/Remove Volume Tier 3, Market Quality Tier 1, and
Non-Displayed Add Volume Tier 3 will apply to all Members equally in
that all Members are eligible for the modified tiers, have a reasonable
opportunity to meet the proposed tiers' criteria and will receive the
enhanced rebate on their qualifying orders if such criteria is met.
Additionally, the proposed change to modify the enhanced rebate
associated with Non-Displayed Add Volume Tier 2 does not impose an
unnecessary burden as all Members will be eligible to receive the
higher enhanced rebate should they satisfy the criteria of Non-
Displayed Add Volume Tier 2. The Exchange does not believe the proposed
changes burden competition, but rather, enhance competition as they are
intended to increase the competitiveness of EDGX by amending existing
pricing incentives in order to attract order flow and incentivize
participants to increase their participation on the Exchange, providing
for additional execution opportunities for market participants and
improved price transparency. 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.
Next, the Exchange believes the proposed rule changes does 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 16% of the market share.\29\ 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.'' \30\ 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
[[Page 13800]]
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'. . . .''.\31\ 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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\29\ Supra note 3.
\30\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496, 37499 (June 29, 2005).
\31\ 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 \32\ and paragraph (f) of Rule 19b-4 \33\
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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\32\ 15 U.S.C. 78s(b)(3)(A).
\33\ 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#0173746d642c626e6c6c646f7572417264622f666e77"><span class="__cf_email__" data-cfemail="5d2f283138703e3230303833292e1d2e383e733a322b">[email protected]</span></a>. Please include
file number SR-CboeEDGX-2025-020 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-CboeEDGX-2025-020. 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-CboeEDGX-2025-020 and should
be submitted on or before April 16, 2025.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\34\
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\34\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-05044 Filed 3-25-25; 8:45 am]
BILLING CODE 8011-01-P
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