Notice2025-13808
Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee Schedule Related To Add 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
July 23, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
<html>
<head>
<title>Federal Register, Volume 90 Issue 139 (Wednesday, July 23, 2025)</title>
</head>
<body><pre>
[Federal Register Volume 90, Number 139 (Wednesday, July 23, 2025)]
[Notices]
[Pages 34705-34709]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-13808]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-103500; File No. SR-CboeBZX-2025-091]
Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
Its Fee Schedule Related To Add Volume Tiers
July 18, 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 July 10, 2025, Cboe BZX Exchange, Inc. (``Exchange'' or ``BZX'')
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.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Cboe BZX Exchange, Inc. (the ``Exchange'' or ``BZX'') proposes to
amend its Fee Schedule by: (i) revising the volume component of Add
Volume Tier 1; (ii) revising the volume component and the applicable
rebate of Add Volume Tier 3; and (iii) removing the shares component of
certain Add Volume Tiers and replacing it with a component that
excludes a Member's subdollar trading activity. The text of the
proposed rule change is provided in Exhibit 5.
The text of the proposed rule change is also available on the
Exchange's website (<a href="http://markets.cboe.com/us/equities/regulation/rule_filings/BZX/">http://markets.cboe.com/us/equities/regulation/rule_filings/BZX/</a>) and at the Exchange's Office of the Secretary.
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
The Exchange proposes to amend its Fee Schedule applicable to its
equities trading platform (``BZX Equities'') by: (i) revising the
volume component of Add Volume Tier 1; (ii) revising the volume
component and the applicable rebate of Add Volume Tier 3; and (iii)
removing the shares component of certain Add Volume Tiers and replacing
it with a component that excludes a Member's subdollar trading
activity. The Exchange proposes to implement these changes effective
July 1, 2025.\3\
---------------------------------------------------------------------------
\3\ The Exchange previously submitted the proposed rule change
on July 1, 2025 (SR-CboeBZX-2025-084). On July 10, 2025, the
Exchange withdrew that filing and submitted this proposal.
---------------------------------------------------------------------------
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. Based on publicly available
information,\4\ no single registered equities exchange has more than
13% 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.\5\ For orders in securities
priced below $1.00, the Exchange does not provide a rebate for orders
that add liquidity and assesses a fee of 0.30% of the total dollar
value for orders that remove liquidity.\6\ 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.
---------------------------------------------------------------------------
\4\ See Cboe Global Markets, U.S. Equities Market Volume
Summary, Month-to-Date (June 23, 2025), available at <a href="https://www.cboe.com/us/equities/market_statistics/">https://www.cboe.com/us/equities/market_statistics/</a>.
\5\ See BZX Equities Fee Schedule, Standard Rates.
\6\ Id.
---------------------------------------------------------------------------
Add/Remove Volume Tiers
Under footnote 1 of the Fee Schedule, the Exchange offers various
Add/Remove Volume Tiers. In particular, the Exchange offers nine Add
Volume Tiers that provide enhanced rebates for orders yielding fee
codes B,\7\ V \8\ and Y \9\ where a Member reaches certain add volume-
based criteria. The Exchange now proposes to modify the criteria of Add
Volume Tiers 1-3 and Add Volume Tiers 5-7 by removing the shares
component in the second prong of criteria and replacing this criteria
with a criteria that excludes a Member's subdollar trading activity.
The Exchange also proposes to revise the current volume criteria in the
first prong of criteria of Add Volume Tier 1, the current volume
criteria in the first prong of criteria of Add Volume Tier 3, and the
applicable rebate associated with Add Volume Tier 3. The current
criteria for Add Volume Tiers 1-3 and Add Volume Tiers 5-7 is as
follows:
---------------------------------------------------------------------------
\7\ Fee code B is appended to displayed orders that add
liquidity to BZX in Tape B securities.
\8\ Fee code V is appended to displayed orders that add
liquidity to BZX in Tape A securities.
\9\ Fee code Y is appended to displayed orders that add
liquidity to BZX in Tape C securities.
---------------------------------------------------------------------------
<bullet> Add Volume Tier 1 provides a rebate of $0.0020 per share
in securities
[[Page 34706]]
priced at or above $1.00 to qualifying orders (i.e., orders yielding
fee codes B, V, or Y) where a Member has an ADAV \10\ as a percentage
of TCV \11\ >= 0.05% or Member has an ADAV >= 10,000,000.
---------------------------------------------------------------------------
\10\ ``ADAV'' means average daily added volume calculated as the
number of shares added per day. ADAV is calculated on a monthly
basis.
\11\ ``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.
---------------------------------------------------------------------------
<bullet> Add Volume Tier 2 provides a rebate of $0.0023 per share
in securities priced at or above $1.00 to qualifying orders (i.e.,
orders yielding fee codes B, V, or Y) where a Member has an ADAV as a
percentage of TCV >= 0.20% or Member has an ADAV >= 40,000,000.
<bullet> Add Volume Tier 3 provides a rebate of $0.0027 per share
in securities priced at or above $1.00 to qualifying orders (i.e.,
orders yielding fee codes B, V, or Y) where a Member has an ADAV as a
percentage of TCV >= 0.30% or Member has an ADAV >= 50,000,000.
<bullet> Add Volume Tier 5 provides a rebate of $0.0029 per share
in securities priced at or above $1.00 to qualifying orders (i.e.,
orders yielding fee codes B, V, or Y) where a Member has an ADAV as a
percentage of TCV >= 0.35% or Member has an ADAV >= 60,000,000.
<bullet> Add Volume Tier 6 provides a rebate of $0.0030 per share
in securities priced at or above $1.00 to qualifying orders (i.e.,
orders yielding fee codes B, V, or Y) where a Member has an ADAV as a
percentage of TCV >= 0.60% or Member has an ADAV >= 120,000,000.
<bullet> Add Volume Tier 7 provides a rebate of $0.0031 per share
in securities priced at or above $1.00 to qualifying orders (i.e.,
orders yielding fee codes B, V, or Y) where a Member has an ADAV as a
percentage of TCV >= 1.00% or Member has an ADAV >= 200,000,000.
The proposed criteria for Add Volume Tiers 1--3 and Add Volume
Tiers 5--7 is as follows:
<bullet> Add Volume Tier 1 provides a rebate of $0.0020 per share
in securities priced at or above $1.00 to qualifying orders (i.e.,
orders yielding fee codes B, V, or Y) where a Member has an ADAV as a
percentage of TCV >= 0.06% or Member has an Ex-Subdollar ADAV \12\ as a
percentage of Ex-Subdollar TCV \13\ >= 0.06%.
---------------------------------------------------------------------------
\12\ The Exchange proposes to introduce the term ``Ex-Subdollar
ADAV'' to the Definitions section of the Fee Schedule. ``Ex-
Subdollar ADAV'' means ADAV that excludes executions in securities
priced below $1.00.
\13\ The Exchange proposes to introduce the term ``Ex-Subdollar
TCV'' to the Definitions section of the Fee Schedule. ``Ex-Subdollar
TCV'' means TCV that excludes executions in securities that have an
average daily price below $1.00.
---------------------------------------------------------------------------
<bullet> Add Volume Tier 2 provides a rebate of $0.0023 per share
in securities priced at or above $1.00 to qualifying orders (i.e.,
orders yielding fee codes B, V, or Y) where a Member has an ADAV as a
percentage of TCV >= 0.20% or Member has an Ex-Subdollar ADAV as a
percentage of Ex-Subdollar TCV >= 0.20%.
<bullet> Add Volume Tier 3 provides a rebate of $0.0028 per share
in securities priced at or above $1.00 to qualifying orders (i.e.,
orders yielding fee codes B, V, or Y) where a Member has an ADAV as a
percentage of TCV >= 0.25% or Member has an Ex-Subdollar ADAV as a
percentage of Ex-Subdollar TCV >= 0.25%.
<bullet> Add Volume Tier 5 provides a rebate of $0.0029 per share
in securities priced at or above $1.00 to qualifying orders (i.e.,
orders yielding fee codes B, V, or Y) where a Member has an ADAV as a
percentage of TCV >= 0.35% or Member has an Ex-Subdollar ADAV as a
percentage of Ex-Subdollar TCV >= 0.35%.
<bullet> Add Volume Tier 6 provides a rebate of $0.0030 per share
in securities priced at or above $1.00 to qualifying orders (i.e.,
orders yielding fee codes B, V, or Y) where a Member has an ADAV as a
percentage of TCV >= 0.60% or Member has an Ex-Subdollar ADAV as a
percentage of Ex-Subdollar TCV >= 0.60%.
<bullet> Add Volume Tier 7 provides a rebate of $0.0031 per share
in securities priced at or above $1.00 to qualifying orders (i.e.,
orders yielding fee codes B, V, or Y) where a Member has an ADAV as a
percentage of TCV >= 1.00% or Member has an Ex-Subdollar ADAV as a
percentage of Ex-Subdollar TCV >= 1.00%.
The proposed modification to the volume component of the first
prong of criteria of Add Volume Tier 1 represents a modest increase in
difficulty of one prong of criteria to achieve the applicable tier
threshold while maintaining the existing rebate. Similarly, the
proposed modification to the volume component of the first prong of
criteria of Add Volume Tier 3 represents a modest decrease in
difficulty of one prong of criteria to achieve the applicable tier
threshold while slightly increasing the rebate associated with Add
Volume Tier 3. In both instances, the revised first prong of criteria
is designed to match the percentage requirement in the second prong of
criteria and is commensurate with the rebate earned if the criteria is
satisfied.
While ADAV as a percentage of TCV is generally a reasonable
baseline for determining tiered pricing for Members, the Exchange notes
that in certain months where subdollar trading volume is significantly
higher, TCV becomes inflated due to the higher levels of subdollar
volume. During these months of high subdollar trading volume, if a
Member does not increase its volume to account for the increased TCV,
then the Member is disadvantaged when it comes to satisfying criteria
requiring ADAV as a percentage of TCV. The Exchange's proposed
introduction of the Ex-Subdollar ADAV as a percentage of Ex-Subdollar
TCV prong of criteria (the ``Ex-Subdollar Criteria'') in Add Volume
Tiers 1-3 and Add Volume Tiers 5-7 is designed to provide Members with
an opportunity to earn an enhanced rebate during months when subdollar
trading activity is high and the Exchange's calculation of ADAV
inclusive of subdollar volume under the Tiers' existing criteria could
potentially make it far more difficult for the Member to qualify,
particularly when the Member's volume in securities priced at or above
$1.00 remains relatively constant. The Exchange notes that its proposed
Ex-Subdollar Criteria in Add Volume Tiers 1-3 and Add Volume Tiers 5-7
will introduce a new method of calculating ADAV as a percentage of TCV,
exclusive of subdollar activity.\14\
---------------------------------------------------------------------------
\14\ The Exchange notes that NYSE Arca offers a similar method
of calculating total equity volume and total equity CADV for certain
tiers in order to determine the appropriate fees and credits for its
ETP Holders. See NYSE Arca Equities Fee and Charges, NYSE Arca
Marketplace: Trade Related Fees and Credits, Footnote 1. See also
Securities Exchange Act Release No. 34-100506 (July 11, 2024), 89 FR
58215 (July 17, 2024), SR-NYSEArca-2024-58 (``NYSE Arca Fee
Filing'').
---------------------------------------------------------------------------
This change is intended to aid Members during months where
subdollar volume is elevated, thus causing the TCV (used as the
denominator when the Exchange calculates this prong of criteria) to be
significantly higher while the Member's ADAV (used as the numerator for
the Exchange's calculation of this prong of criteria) remains
relatively stable if they are not actively trading in securities priced
below $1.00. In months when subdollar trading activity is particularly
high, the Exchange believes that it would be unfair to Members that
execute significant volume in securities priced at or above $1.00 to
potentially not be able to qualify for an enhanced rebate or lose
existing incentives due to an increase in TCV due to a significant
increase in the amount of volume in securities priced below $1.00. The
Exchange believes that the proposed criteria continues to be
commensurate with the rebate received for each tier and will encourage
Members to grow
[[Page 34707]]
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 Act and the rules and regulations thereunder applicable to the
Exchange and, in particular, the requirements of Section 6(b) of the
Act.\15\ Specifically, the Exchange believes the proposed rule change
is consistent with the Section 6(b)(5) \16\ 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) \17\ 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) \18\
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.
---------------------------------------------------------------------------
\15\ 15 U.S.C. 78f(b).
\16\ 15 U.S.C. 78f(b)(5).
\17\ Id.
\18\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
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: (i) revise the volume component of Add Volume Tier 1;
(ii) revise the volume component and the applicable rebate of Add
Volume Tier 3; and (iii) remove the shares component of certain Add
Volume Tiers and replace it with a component that excludes a Member's
subdollar trading activity 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. Additionally, the Exchange notes
that relative volume-based incentives and discounts have been widely
adopted by exchanges,\19\ including the Exchange,\20\ 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 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.\21\
---------------------------------------------------------------------------
\19\ See e.g., EDGX Equities Fee Schedule, Footnote 1, Add/
Remove Volume Tiers. See also, NYSE Arca Equities Fees and Charges,
NYSE Arca Marketplace: Trade Related Fees and Credits, Footnote 1
and NYSE Arca Equities Fees and Charges, Tier Rates--Round Lots and
Odd Lots (Per Share Price $1.00 or Above).
\20\ See e.g., BZX Equities Fee Schedule, Footnote 1, Add/Remove
Volume Tiers.
\21\ Supra footnote 19.
---------------------------------------------------------------------------
In particular, the Exchange believes its proposal to (i) revise the
volume component of Add Volume Tier 1; (ii) revise the volume component
and the applicable rebate of Add Volume Tier 3; and (iii) remove the
shares component of certain Add Volume Tiers and replace it with a
component that excludes a Member's subdollar trading activity 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 the proposed modification to the
Add Volume Tiers 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 an enhanced rebate on qualifying orders. An overall increase in
activity would deepen the Exchange's liquidity pool, offer additional
cost savings, support the quality of price discovery, promote market
transparency and improve market quality, for all investors.
Additionally, the Exchange believes that the proposed changes to
the Add Volume Tiers are reasonable as they do not represent a
significant departure from the criteria currently offered in the Fee
Schedule. The Exchange also believes that the proposed changes to the
Add Volume Tiers represents an equitable allocation of fees and rebates
and is not unfairly discriminatory because all Members continue to be
eligible for the revised tiers and have the opportunity to meet the
tiers' criteria and receive the corresponding enhanced rebates if such
criteria is met.
Further, the Exchange believes its proposed modification to the
rate associated with 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. In particular, the
Exchange believes its proposal to modify the higher rebate associated
with Add Volume Tier 3 is reasonable, equitable, and consistent with
the Act because such change is designed to incentivize Members to
submit additional 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 $0.0028 per share is reasonable and
appropriate because it is commensurate with the rebates provided by the
Exchange's other Add Volume tiers and the criteria required to be
satisfied under Add Volume Tier 3. The Exchange further believes that
the proposed increase to the rebate associated with Add Volume Tier 3
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 Add Volume Tier 3.
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 the
revised Add Volume Tiers. 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 Volume Tier 1,
no Members will be able to satisfy proposed Add Volume Tier 2, at least
one Member will be able to satisfy proposed Add Volume Tier 3, at least
three Members will be able to satisfy proposed Add Volume Tier 5, no
Members will be able to satisfy proposed Add Volume Tier 6, and no
Members will be able to satisfy proposed Add Volume Tier 7. The
Exchange also notes that the proposed changes will not adversely impact
any Member's ability to qualify for enhanced rebates offered under
other tiers. Should
[[Page 34708]]
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 change 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
modifications to the Add Volume Tiers will apply to all Members equally
in that all Members are eligible for the revised tiers, have a
reasonable opportunity to meet the tiers' proposed criteria and will
receive the enhanced rebate on their qualifying orders if such criteria
is met. The Exchange does not believe the proposed changes burden
competition, but rather, enhance competition as they are intended to
increase the competitiveness of BZX 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 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 14% of the market share.\22\ 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.'' \23\ 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'. . . .''.\24\ 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.
---------------------------------------------------------------------------
\22\ Supra note 3.
\23\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496, 37499 (June 29, 2005).
\24\ 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)).
---------------------------------------------------------------------------
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 \25\ and paragraph (f) of Rule 19b-4 \26\
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.
---------------------------------------------------------------------------
\25\ 15 U.S.C. 78s(b)(3)(A).
\26\ 17 CFR 240.19b-4(f).
---------------------------------------------------------------------------
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#fe8c8b929bd39d9193939b908a8dbe8d9b9dd0999188"><span class="__cf_email__" data-cfemail="d3a1a6bfb6feb0bcbebeb6bda7a093a0b6b0fdb4bca5">[email protected]</span></a>. Please include
file number SR-CboeBZX-2025-091 on the subject line.
Paper Comments
<bullet> Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to file number SR-CboeBZX-2025-091. 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 filing also will be available for inspection
and copying at the principal office of the Exchange. Do not include
personal identifiable information in submissions; you should submit
only information that you wish to make available publicly. We may
redact in part or withhold entirely from publication submitted material
that is obscene or subject to copyright protection. All submissions
should refer to file number SR-CboeBZX-2025-091 and should be submitted
on or before August 13, 2025.
[[Page 34709]]
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\27\
---------------------------------------------------------------------------
\27\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-13808 Filed 7-22-25; 8:45 am]
BILLING CODE 8011-01-P
</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body>
</html>Indexed from Federal Register on July 23, 2025.
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.