83 FR 6288 - Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Fees for Use on the Exchange's Equity Options Platform
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 30 (February 13, 2018)
Federal Register Volume 83, Issue 30 (February 13, 2018)
| Page Range | 6288-6290 | |
| FR Document | 2018-02862 |
[Federal Register Volume 83, Number 30 (Tuesday, February 13, 2018)] [Notices] [Pages 6288-6290] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-02862] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-82652; File No. SR-CboeBZX-2018-009] Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Fees for Use on the Exchange's Equity Options Platform February 7, 2018. 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 February 1, 2018, Cboe BZX Exchange, Inc. (the ``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 Exchange has designated the proposed rule change as one establishing or changing a member due, fee, or other charge imposed by the Exchange under Section 19(b)(3)(A)(ii) of the Act \3\ and Rule 19b-4(f)(2) thereunder,\4\ which renders the proposed rule change effective upon filing with the Commission. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. \3\ 15 U.S.C. 78s(b)(3)(A)(ii). \4\ 17 CFR 240.19b-4(f)(2). --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange filed a proposal to amend the fee schedule applicable to Members \5\ and non-Members of the Exchange pursuant to BZX Rules 15.1(a) and (c). --------------------------------------------------------------------------- \5\ The term ``Member'' is defined as ``any registered broker or dealer that has been admitted to membership in the Exchange.'' See Exchange Rule 1.5(n). --------------------------------------------------------------------------- The text of the proposed rule change is available at the Exchange's website at www.markets.cboe.com, at the principal office of the Exchange, 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 parts 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 for its equity options platform (``BZX Options'') to make certain changes to the following tiers: (i) Customer Penny Pilot Add Tiers under footnote 1; (ii) Quoting Incentive Program (``QIP'') Tiers under footnote 5; (iii) Market Maker Non-Penny Pilot Add Volume Tiers under footnote 7; and (iv) Away Market Maker Non-Penny Pilot Add Volume Tiers under 11. Customer Penny Pilot Add Tiers The Exchange currently offers eight Customer \6\ Penny Pilot Add Tiers under footnote 1, which provide an enhanced rebate ranging from $0.40 to $0.53 per contract for qualifying Customer orders that add liquidity in Penny Pilot Securities \7\ and yield fee code PY. The Exchange now proposes to modify Tier 1's required criteria and rebate. Currently under Tier 1, a Member may receive a rebate of $0.40 per contract where they have an ADV \8\ greater than or equal to 0.05% of average OCV.\9\ As amended, a Member may receive a rebate of $0.35 per contract where they [[Page 6289]] have an ADAV \10\ in Customer orders greater than or equal to 0.05% of average OCV. The Exchange also proposes to update the Standard Rates table accordingly to reflect the tier's revised rebate. --------------------------------------------------------------------------- \6\ ``Customer'' applies to any transaction identified by a Member for clearing in the Customer range at the OCC, excluding any transaction for a Broker Dealer or a ``Professional'' as defined in Exchange Rule 16.1. http://markets.cboe.com/us/options/membership/fee_schedule/bzx/. \7\ ``Penny Pilot Securities'' are those issues quoted pursuant to Exchange Rule 21.5, Interpretation and Policy .01. Id. \8\ ``ADV'' means average daily volume calculated as the number of contracts added or removed, combined, per day. Id. \9\ ``OCV'' means the total equity and ETF options volume that clears in the Customer range at the Options Clearing Corporation (``OCC'') for the month for which the fees apply, excluding volume on any day that the Exchange experiences an Exchange System Disruption and on any day with a scheduled early market close. Id. \10\ ``ADAV'' means average daily added volume calculated as the number of contracts added and ``ADV'' means average daily volume calculated as the number of contracts added or removed, combined, per day. Id. --------------------------------------------------------------------------- QIP Tiers The Exchange currently offers three QIP Tiers under footnote 5, which provide an additional rebate ranging from $0.02 to $0.04 per contract for qualifying Market Maker \11\ orders that add liquidity in: (i) Penny Pilot Securities that yield fee code PM; and (ii) Non-Penny Pilot Securities that yield fee code NM. The additional rebate per contract is for an order that adds liquidity to BZX Options in options classes in which a Member is a Market Maker registered pursuant to Exchange Rule 22.2. A Market Maker must be registered with BZX Options in an average of 20% or more of the associated options series in a class in order to qualify for QIP rebates for that class. The Exchange now proposes to amend the required criteria for Tiers 1 and 2 and delete the Tier 3. The Exchange does not propose to amend the amount of the additional rebate for Tiers 1 and 2. --------------------------------------------------------------------------- \11\ ``Market Maker'' applies to any transaction identified by a Member for clearing in the Market Maker range at the OCC, where such Member is registered with the Exchange as a Market Maker as defined in Rule 16.1(a)(37). Id. ---------------------------------------------------------------------------Under current Tier 1, a Member may receive an additional rebate of $0.02 per contract where they have an ADV greater than or equal to 0.40% of average OCV. The Exchange proposes to amend the required criteria for Tier 1 to now require that the Member have an ADAV in Market Maker orders greater than or equal to 0.15% of average OCV. Under current Tier 2, a Member may receive an additional rebate of $0.04 per contract where they have an ADV greater than or equal to 3.25% of average OCV. Similar to as proposed above for Tier 1, the Exchange proposes to amend the required criteria for Tier 2 to now require that the Member have an ADAV in Market Maker orders greater than or equal to 0.35% of average OCV. Under Tier 3, a Member may receive an additional rebate of $0.03 per contract where they have an ADAV in Market Maker orders greater than or equal to 0.50% of average OCV. The Exchange proposes to delete Tier 3. Market Maker Non-Penny Pilot Add Volume Tiers The Exchange currently offers three Market Maker Non-Penny Pilot Add Volume Tiers under footnote 7, which provide an enhanced rebate ranging from $0.45 to $0.65 per contract for qualifying Market Maker orders that add liquidity in Non-Penny Pilot Securities and yield fee code NM. The Exchange now proposes to amend the required criteria for Tiers 1 and 2 and delete the Tier 3. Under current Tier 1, a Member may receive an enhanced rebate of $0.45 per contract where they have an ADV greater than or equal to 0.40% of average OCV. The Exchange proposes to amend the required criteria for Tier 1 to now require that the Member have an ADAV in Market Maker orders greater than or equal to 0.10% of average OCV. Under current Tier 2, a Member may receive an enhanced rebate of $0.52 per contract where they have an ADV greater than or equal to 1.30% of average OCV. Similar to as proposed above for Tier 1, the Exchange proposes to amend the required criteria for Tier 2 to now require that the Member have an ADAV in Market Maker orders greater than or equal to 0.35% of average OCV. Under Tier 3, a Member may receive an enhanced rebate of $0.65 per contract where they have an ADAV in Market Maker orders in Non-Penny Pilot Securities greater than or equal to 0.10% of average OCV and an ADAV in Non-Customer \12\ orders greater than or equal to 3.00% of average OCV. The Exchange proposes to delete Tier 3 and update the Standard Rates table accordingly. --------------------------------------------------------------------------- \12\ ``Non-Customer'' applies to any transaction that is not a Customer order. Id. --------------------------------------------------------------------------- Away Market Maker Non-Penny Pilot Add Volume Tiers The Exchange currently offers two Away Market Maker \13\ Non-Penny Pilot Add Volume Tiers under footnote 11, which provide an enhanced rebate ranging from $0.40 to $0.52 per contract for qualifying Away Market Maker orders that add liquidity in Non-Penny Pilot Securities and yield fee code NN. The Exchange now proposes to amend the required criteria for Tiers 1 and 2. The Exchange does not propose to amend the amount of the enhanced rebate for Tiers 1 and 2. --------------------------------------------------------------------------- \13\ ``Away Market Marker'' applies to any transaction identified by a Member for clearing in the Market Maker range at the OCC, where such Member is not registered with the Exchange as a Market Maker, but is registered as a market maker on another options exchange. Id. --------------------------------------------------------------------------- Under current Tier 1, a Member may receive an enhanced rebate of $0.40 per contract where they have an ADV greater than or equal to 0.40% of average OCV. The Exchange proposes to amend the required criteria for Tier 1 to now require that the Member have an ADAV in Non-Customer orders greater than or equal to 0.10% of average OCV. Under current Tier 2, a Member may receive an enhanced rebate of $0.52 per contract where they have an ADV greater than or equal to 1.30% of average OCV. Similar to as proposed above for Tier 1, the Exchange proposes to amend the required criteria for Tier 2 to now require that the Member have an ADAV in Non-Customer orders greater than or equal to 0.35% of average OCV. Implementation Date The Exchange proposes to implement the above changes to its fee schedule on February 1, 2018. 2. Statutory Basis The Exchange believes that the proposed rule changes are consistent with the objectives of Section 6 of the Act,\14\ in general, and furthers the objectives of Section 6(b)(4),\15\ in particular, 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. The Exchange also 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. The proposed rule changes reflect a competitive pricing structure designed to incentivize market participants to direct their order flow to the Exchange. The Exchange believes it is reasonable to offer and incrementally modify incentives intended to help to contribute to the growth of the Exchange. --------------------------------------------------------------------------- \14\ 15 U.S.C. 78f. \15\ 15 U.S.C. 78f(b)(4). --------------------------------------------------------------------------- The Exchange believes that the proposed modifications to the tiered pricing structure are reasonable, fair and equitable, and non- discriminatory. Volume-based pricing such as that proposed herein have been widely adopted by exchanges, including the Exchange, and are equitable 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; (ii) associated higher levels of market activity, such as higher levels of liquidity provisions and/or growth patterns; and (iii) introduction of [[Page 6290]] higher volumes of orders into the price and volume discovery processes. In particular, the proposed changes are intended to further incentivize Members to send increased order flow to the Exchange in an effort to qualify for the enhanced rebates made available by the tiers, in turn contributing to the growth of the Exchange. Because ADAV of particular category of orders (e.g., Market Maker, Non-Customer, or Customer) generally makes up a smaller range than the previously required ADV of all orders that add liquidity submitted by the Member, the Exchange proposes to amend the percentage of ADAV necessary to achieve the tier so that it is substantially identical to the previously required percentage of OCV. The Exchange believes that those changes are equitable and reasonable because they will keep the difficulty to achieve each tier's criteria relatively unchanged from its current requirements. Also, limiting the ADAV requirement to a category of orders is designed to align the tier with the fee code it is associated with so that a rebate provide to a certain type of liquidity adding order is based on meeting criteria reasonably related to that type of order flow the tier is designed to attract. Lastly, the Exchange believes that eliminating tiers are proposed herein is reasonable, fair, and equitable because this tier was not providing the desired result of incentivizing Members to increase their participation on the Exchange. As such, the Exchange also believes that the proposed elimination of this tier would be non-discriminatory in that it currently applies equally to all Members and, upon elimination, would no longer be available to any Members. Further, its elimination could allow the Exchange to explore other pricing mechanisms such as those described herein, in which it may enhance market quality for all Members. B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange believes the proposed amendment to its fee schedule would not impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The Exchange does not believe that the proposed changes represent a significant departure from previous pricing offered by the Exchange or pricing offered by the Exchange's competitors. Additionally, Members may opt to disfavor the Exchange's pricing if they believe that alternatives offer them better value. Accordingly, the Exchange does not believe that the proposed changes will impair the ability of Members or competing venues to maintain their competitive standing in the financial markets. The Exchange does not believe that the proposed changes burdens competition, but instead, enhances competition as it is intended to increase the competitiveness of the Exchange. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others The Exchange has not solicited, and does not intend to solicit, comments on this proposed rule change. The Exchange has not received any written comments from members or other interested parties. 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 \16\ and paragraph (f) of Rule 19b-4 thereunder.\17\ 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. --------------------------------------------------------------------------- \16\ 15 U.S.C. 78s(b)(3)(A). \17\ 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 Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to [email protected]. Please include File Number SR-CboeBZX-2018-009 on the subject line. Paper Comments 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-2018-009. 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 (http://www.sec.gov/rules/sro.shtml). 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 10:00 a.m. and 3:00 p.m. Copies of such filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change. Persons submitting comments are cautioned that we do not redact or edit personal identifying information from comment submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-CboeBZX-2018-009, and should be submitted on or before March 6, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\18\ --------------------------------------------------------------------------- \18\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-02862 Filed 2-12-18; 8:45 am] BILLING CODE 8011-01-P
![6288 Federal Register / Vol. 83, No. 30 / Tuesday, February 13, 2018 / Notices
Commission takes such action, the For the Commission, by the Division of II. Self-Regulatory Organization’s
Commission shall institute proceedings Trading and Markets, pursuant to delegated Statement of the Purpose of, and
to determine whether the proposed rule authority.24 Statutory Basis for, the Proposed Rule
should be approved or disapproved. Eduardo A. Aleman, Change
Assistant Secretary.
IV. Solicitation of Comments In its filing with the Commission, the
[FR Doc. 2018–02864 Filed 2–12–18; 8:45 am]
Interested persons are invited to Exchange included statements
BILLING CODE 8011–01–P
submit written data, views, and concerning the purpose of and basis for
arguments concerning the foregoing, the proposed rule change and discussed
including whether the proposed rule SECURITIES AND EXCHANGE any comments it received on the
change is consistent with the Act. COMMISSION proposed rule change. The text of these
Comments may be submitted by any of statements may be examined at the
the following methods: [Release No. 34–82652; File No. SR– places specified in Item IV below. The
CboeBZX–2018–009] Exchange has prepared summaries, set
Electronic Comments forth in Sections A, B, and C below, of
• Use the Commission’s internet Self-Regulatory Organizations; Cboe the most significant parts of such
comment form (http://www.sec.gov/ BZX Exchange, Inc.; Notice of Filing statements.
rules/sro.shtml); or and Immediate Effectiveness of a
A. Self-Regulatory Organization’s
• Send an email to rule-comments@ Proposed Rule Change Related to Fees
Statement of the Purpose of, and
sec.gov. Please include File Number SR– for Use on the Exchange’s Equity
Statutory Basis for, the Proposed Rule
BOX–2018–04 on the subject line. Options Platform
Change
Paper Comments February 7, 2018.
1. Purpose
Pursuant to Section 19(b)(1) of the
• Send paper comments in triplicate
Securities Exchange Act of 1934 (the The Exchange proposes to amend its
to Secretary, Securities and Exchange
‘‘Act’’),1 and Rule 19b–4 thereunder,2 fee schedule for its equity options
Commission, 100 F Street NE,
notice is hereby given that on February platform (‘‘BZX Options’’) to make
Washington, DC 20549–1090.
1, 2018, Cboe BZX Exchange, Inc. (the certain changes to the following tiers: (i)
All submissions should refer to File ‘‘Exchange’’ or ‘‘BZX’’) filed with the Customer Penny Pilot Add Tiers under
Number SR–BOX–2018–04. This file Securities and Exchange Commission footnote 1; (ii) Quoting Incentive
number should be included on the (‘‘Commission’’) the proposed rule Program (‘‘QIP’’) Tiers under footnote 5;
subject line if email is used. To help the change as described in Items I, II, and (iii) Market Maker Non-Penny Pilot Add
Commission process and review your III below, which Items have been Volume Tiers under footnote 7; and (iv)
comments more efficiently, please use prepared by the Exchange. The Away Market Maker Non-Penny Pilot
only one method. The Commission will Exchange has designated the proposed Add Volume Tiers under 11.
post all comments on the Commission’s rule change as one establishing or
internet website (http://www.sec.gov/ Customer Penny Pilot Add Tiers
changing a member due, fee, or other
rules/sro.shtml). Copies of the charge imposed by the Exchange under The Exchange currently offers eight
submission, all subsequent Section 19(b)(3)(A)(ii) of the Act 3 and Customer 6 Penny Pilot Add Tiers under
amendments, all written statements Rule 19b–4(f)(2) thereunder,4 which footnote 1, which provide an enhanced
with respect to the proposed rule renders the proposed rule change rebate ranging from $0.40 to $0.53 per
change that are filed with the effective upon filing with the contract for qualifying Customer orders
Commission, and all written Commission. The Commission is that add liquidity in Penny Pilot
communications relating to the publishing this notice to solicit Securities 7 and yield fee code PY. The
proposed rule change between the comments on the proposed rule change Exchange now proposes to modify Tier
Commission and any person, other than from interested persons. 1’s required criteria and rebate.
those that may be withheld from the Currently under Tier 1, a Member may
public in accordance with the I. Self-Regulatory Organization’s
Statement of the Terms of Substance of receive a rebate of $0.40 per contract
provisions of 5 U.S.C. 552, will be where they have an ADV 8 greater than
available for website viewing and the Proposed Rule Change
or equal to 0.05% of average OCV.9 As
printing in the Commission’s Public The Exchange filed a proposal to amended, a Member may receive a
Reference Room, 100 F Street NE, amend the fee schedule applicable to rebate of $0.35 per contract where they
Washington, DC 20549 on official Members 5 and non-Members of the
business days between the hours of Exchange pursuant to BZX Rules 15.1(a) 6 ‘‘Customer’’ applies to any transaction identified
10:00 a.m. and 3:00 p.m. Copies of such and (c). by a Member for clearing in the Customer range at
filing also will be available for The text of the proposed rule change the OCC, excluding any transaction for a Broker
inspection and copying at the principal is available at the Exchange’s website at Dealer or a ‘‘Professional’’ as defined in Exchange
office of the Exchange. All comments Rule 16.1. http://markets.cboe.com/us/options/
www.markets.cboe.com, at the principal membership/fee_schedule/bzx/.
received will be posted without change. office of the Exchange, and at the 7 ‘‘Penny Pilot Securities’’ are those issues quoted
Persons submitting comments are Commission’s Public Reference Room. pursuant to Exchange Rule 21.5, Interpretation and
cautioned that we do not redact or edit Policy .01. Id.
personal identifying information from 8 ‘‘ADV’’ means average daily volume calculated
sradovich on DSK3GMQ082PROD with NOTICES
24 17 CFR 200.30–3(a)(12).
comment submissions. You should 1 15
as the number of contracts added or removed,
U.S.C. 78s(b)(1). combined, per day. Id.
submit only information that you wish 2 17 CFR 240.19b–4.
9 ‘‘OCV’’ means the total equity and ETF options
to make available publicly. All 3 15 U.S.C. 78s(b)(3)(A)(ii).
volume that clears in the Customer range at the
submissions should refer to File 4 17 CFR 240.19b–4(f)(2).
Options Clearing Corporation (‘‘OCC’’) for the
5 The term ‘‘Member’’ is defined as ‘‘any month for which the fees apply, excluding volume
Number SR–BOX–2018–04, and should
registered broker or dealer that has been admitted on any day that the Exchange experiences an
be submitted on or before March 6, to membership in the Exchange.’’ See Exchange Exchange System Disruption and on any day with
2018. Rule 1.5(n). a scheduled early market close. Id.
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![6290 Federal Register / Vol. 83, No. 30 / Tuesday, February 13, 2018 / Notices
higher volumes of orders into the price Members or competing venues to internet website (http://www.sec.gov/
and volume discovery processes. In maintain their competitive standing in rules/sro.shtml). Copies of the
particular, the proposed changes are the financial markets. The Exchange submission, all subsequent
intended to further incentivize Members does not believe that the proposed amendments, all written statements
to send increased order flow to the changes burdens competition, but with respect to the proposed rule
Exchange in an effort to qualify for the instead, enhances competition as it is change that are filed with the
enhanced rebates made available by the intended to increase the Commission, and all written
tiers, in turn contributing to the growth competitiveness of the Exchange. communications relating to the
of the Exchange. Because ADAV of proposed rule change between the
particular category of orders (e.g., C. Self-Regulatory Organization’s Commission and any person, other than
Market Maker, Non-Customer, or Statement on Comments on the those that may be withheld from the
Customer) generally makes up a smaller Proposed Rule Change Received From public in accordance with the
range than the previously required ADV Members, Participants, or Others provisions of 5 U.S.C. 552, will be
of all orders that add liquidity The Exchange has not solicited, and available for website viewing and
submitted by the Member, the Exchange does not intend to solicit, comments on printing in the Commission’s Public
proposes to amend the percentage of this proposed rule change. The Reference Room, 100 F Street NE,
ADAV necessary to achieve the tier so Exchange has not received any written Washington, DC 20549 on official
that it is substantially identical to the comments from members or other business days between the hours of
previously required percentage of OCV. interested parties. 10:00 a.m. and 3:00 p.m. Copies of such
The Exchange believes that those filing also will be available for
III. Date of Effectiveness of the
changes are equitable and reasonable inspection and copying at the principal
because they will keep the difficulty to Proposed Rule Change and Timing for office of the Exchange. All comments
achieve each tier’s criteria relatively Commission Action received will be posted without change.
unchanged from its current The foregoing rule change has become Persons submitting comments are
requirements. Also, limiting the ADAV effective pursuant to Section 19(b)(3)(A) cautioned that we do not redact or edit
requirement to a category of orders is of the Act 16 and paragraph (f) of Rule personal identifying information from
designed to align the tier with the fee 19b–4 thereunder.17 At any time within comment submissions. You should
code it is associated with so that a 60 days of the filing of the proposed rule submit only information that you wish
rebate provide to a certain type of change, the Commission summarily may to make available publicly. All
liquidity adding order is based on temporarily suspend such rule change if submissions should refer to File
meeting criteria reasonably related to it appears to the Commission that such Number SR–CboeBZX–2018–009, and
that type of order flow the tier is action is necessary or appropriate in the should be submitted on or before March
designed to attract. public interest, for the protection of 6, 2018.
Lastly, the Exchange believes that investors, or otherwise in furtherance of For the Commission, by the Division of
eliminating tiers are proposed herein is the purposes of the Act. Trading and Markets, pursuant to delegated
reasonable, fair, and equitable because authority.18
this tier was not providing the desired IV. Solicitation of Comments
Eduardo A. Aleman,
result of incentivizing Members to Interested persons are invited to Assistant Secretary.
increase their participation on the submit written data, views, and [FR Doc. 2018–02862 Filed 2–12–18; 8:45 am]
Exchange. As such, the Exchange also arguments concerning the foregoing,
BILLING CODE 8011–01–P
believes that the proposed elimination including whether the proposed rule
of this tier would be non-discriminatory change is consistent with the Act.
in that it currently applies equally to all Comments may be submitted by any of SECURITIES AND EXCHANGE
Members and, upon elimination, would the following methods: COMMISSION
no longer be available to any Members.
Further, its elimination could allow the Electronic Comments [Release No. 34–82650; File No. SR–CBOE–
Exchange to explore other pricing • Use the Commission’s internet 2018–013]
mechanisms such as those described comment form (http://www.sec.gov/
rules/sro.shtml); or Self-Regulatory Organizations; Cboe
herein, in which it may enhance market
• Send an email to rule-comments@ Exchange, Inc.; Notice of Filing and
quality for all Members.
sec.gov. Please include File Number SR– Immediate Effectiveness of a Proposed
B. Self-Regulatory Organization’s CboeBZX–2018–009 on the subject line. Rule Change Related to Market Data
Statement on Burden on Competition Fees
The Exchange believes the proposed Paper Comments
February 7, 2018.
amendment to its fee schedule would • Send paper comments in triplicate Pursuant to Section 19(b)(1) of the
not impose any burden on competition to Secretary, Securities and Exchange Securities Exchange Act of 1934 (the
that is not necessary or appropriate in Commission, 100 F Street NE, ‘‘Act’’),1 and Rule 19b–4 thereunder,2
furtherance of the purposes of the Act. Washington, DC 20549–1090. notice is hereby given that on January
The Exchange does not believe that the All submissions should refer to File 30, 2018, Cboe Exchange, Inc. (the
proposed changes represent a significant Number SR–CboeBZX–2018–009. This ‘‘Exchange’’ or ‘‘Cboe’’) filed with the
departure from previous pricing offered file number should be included on the Securities and Exchange Commission
by the Exchange or pricing offered by
sradovich on DSK3GMQ082PROD with NOTICES
subject line if email is used. To help the (the ‘‘Commission’’) the proposed rule
the Exchange’s competitors. Commission process and review your change as described in Items I, II, and
Additionally, Members may opt to comments more efficiently, please use III below, which Items have been
disfavor the Exchange’s pricing if they only one method. The Commission will prepared by the Exchange. The
believe that alternatives offer them post all comments on the Commission’s
better value. Accordingly, the Exchange 18 17 CFR 200.30–3(a)(12).
does not believe that the proposed 16 15 U.S.C. 78s(b)(3)(A). 1 15 U.S.C. 78s(b)(1).
changes will impair the ability of 17 17 CFR 240.19b–4(f). 2 17 CFR 240.19b–4.
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Document Created: 2018-02-13 02:32:25
Document Modified: 2018-02-13 02:32:25
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| Section | Notices | |
| FR Citation | 83 FR 6288 |
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