[Federal Register Volume 84, Number 97 (Monday, May 20, 2019)]
[Notices]
[Pages 22919-22923]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-10350]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-85852; File No. SR-CboeEDGX-2019-030]
Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice
of Filing and Immediate Effectiveness of a Proposed Rule Change To
Amend the Fee Schedule
May 14, 2019.
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 May 1, 2019, 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'') is filing
with the Securities and Exchange Commission (``Commission'') a proposed
rule change to amend the fee schedule applicable to Members and non-
Members \3\ of the Exchange pursuant to EDGX Rules 15.1(a) and (c). The
text of the proposed rule change is attached [sic] as Exhibit 5.
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\3\ A Member is defined as ``any registered broker or dealer
that has been admitted to membership in the Exchange.'' See Exchange
Rule 1.5(n).
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The text of the proposed rule change is also available on the
Exchange's website (http://markets.cboe.com/us/options/regulation/rule_filings/edgx/), at the Exchange's Office of the Secretary, and at
the Commission's Public Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend its fee schedule applicable to its
equities trading platform (``EDGX Equities''), effective May 1, 2019.
Transaction Fee Changes
Orders That Remove Liquidity
In securities priced at or above $1.00, the Exchange currently
assesses a fee of $0.0030 per share for Displayed and Non-Displayed
orders that remove liquidity (i.e., yields fee codes N, W, 6, BB, PR
and ZR). All Displayed and Non-Displayed orders in securities priced
below $1.00 that remove liquidity (i.e., yield fee codes N, W, 6, BB,
PR and ZR) result in a fee of 0.30% of dollar value. The Exchange first
proposes to reduce the current standard rate of $0.0030 per share to
$0.00265 per share for Displayed and Non-Displayed orders that remove
liquidity for securities priced at or above $1.00. All Displayed and
Non-Displayed orders that remove liquidity in securities priced below
$1.00 would continue to result in a fee of 0.30% of dollar value.
Orders That Add Liquidity
In securities priced at or above $1.00, the Exchange currently
provides a standard rebate of $0.0020 per share for Displayed orders
that add liquidity (i.e., yield fee code B, V, Y, 3 and 4) and a rebate
of $0.0015 for Non-Displayed orders that add liquidity (i.e., yield fee
code DM, HA, MM, and RP).\4\ All Displayed and Non-Displayed orders in
securities priced below $1.00 that add liquidity receive a rebate of
$0.00003 per share.
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\4\ Does not include fee code HI, which is appended to Non-
Displayed orders that receive price improvement and add liquidity.
Such executions are free.
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The Exchange now proposes to reduce rebates for Displayed and Non-
Displayed orders that add liquidity to balance the revenue received for
orders that remove liquidity (and as described above, the Exchange is
reducing the rates assessed for orders that remove liquidity). With
respect to Displayed orders priced at or above $1.00 that add liquidity
(i.e., yields fee codes B, V, Y, 3 and 4), the Exchange proposes to
reduce the per share rebate from $0.0020 to $0.0017. With respect to
Non-Displayed orders priced at or above $1.00 that add liquidity (i.e.,
yields fee codes DM, HA, MM, and RP), the Exchange proposes to reduce
the standard rebate from $0.0015 per share to $0.0010 per share.
The Exchange also proposes to eliminate the current rebate pf
$0.00003 per share for Non-Displayed orders in securities priced below
$1.00 that add liquidity and provide that such executions shall be
free. All Displayed orders that add liquidity in securities priced
below $1.00 would continue to receive a rebate of $0.00003 per share.
Add Volume Tiers--Amendments
The Exchange next proposes to amend and restructure its Add Volume
Tiers under footnote 1 of the fees schedule. Currently, the Exchange
offers eight Add Volume Tiers under footnote 1, which provide an
enhanced rebate of $0.0025 to $0.0033 per share for qualifying
Displayed orders which yield fee codes B, V, Y, 3 and 4. The Exchange
proposes to (i) eliminate the Super Tier, Ultra Tier and Mega Tiers 1
and 2, and adopt in their place new Tiers 1-4, (ii) amend the current
Growth Tier and adopt an additional Growth Tier, (iii) amend the Cross-
Asset Volume Tier, (iv) adopt a Market Quality Tier, and (v) eliminate
the Investor Tier and Step-Up Tier. The Exchange believes the proposed
changes result in an easier to follow tier structure and continues to
provide Members a variety of opportunities to receive enhanced rebates
for adding certain levels of
[[Page 22920]]
Displayed liquidity on the Exchange, as discussed below.
Add Volume Tiers: Under footnote 1, the Exchange currently offers a
Super Tier, Ultra Tier, Mega Tier 1 and Mega Tier 2, which provide
enhanced rebates of $0.0028 to $0.0032 where a member adds an ADV \5\
greater than or equal to a specified percentage of TCV. \6\
Particularly, the Super Tier provides an enhanced rebate of $0.0028 per
share where a Member adds an ADV greater than or equal to 0.15% of the
TCV; the Ultra Tier provides an enhanced rebate of $0.0030 per share
where a Member adds an ADV greater than or equal to 0.30% of the TCV;
Mega Tier 1 provides an enhanced rebate of $0.0031 per share where a
Member adds an ADV greater than or equal to 0.45% of the TCV; and Mega
Tier 2 provides an enhanced rebate of $0.0032 per share where a Member
adds an ADV greater than or equal to 0.75% of the TCV. The Exchange
proposes to eliminate these tiers and in their place adopt similar
tiers, named ``Tier 1'', ``Tier 2'', ``Tier 3'', and Tier 4''. Tiers 1-
4 will similarly provide enhanced rebates between $0.0023 to $0.0029
(reduced from the current rebates of $0.0028 to $0.0032) where a Member
adds an ADV greater than or equal to specified percentages of TCV
(slightly modified from the current percentages), as further described
below. The Exchange notes that, similar to the current Add Volume
Tiers, the proposed tiers provide an incremental incentive for Members
to strive for the highest tier level, which provides increasingly
higher enhanced rebates. The Exchange believes eliminating the current
``names'' of the Tiers and renaming the new tiers numerically (i.e.,
``Tiers 1-4'') and placing them in ascending order makes the Add Volume
Tiers easier to read and follow.
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\5\ ``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.
\6\ ``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.
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First, the Exchange proposes to adopt Tier 1, which will provide
Members an enhanced rebate of $0.0023 per share where the Member adds
as ADV greater than or equal to 0.20% of the TCV. The Exchange next
proposes to adopt Tier 2, which will provide Members an enhanced rebate
of $0.0025 per share where the Member adds as ADV greater than or equal
to 0.30% of the TCV. The Exchange also proposes to adopt Tier 3, which
will provide Members an enhanced rebate of $0.0027 per share where the
Member adds as ADV greater than or equal to 0.40% of the TCV. Lastly,
the Exchange proposes to adopt Tier 4, which will provide Members an
enhanced rebate of $0.0029 per share where the Member adds as ADV
greater than or equal to 0.70% of the TCV. The Exchange believes the
proposed Add Volume Tier changes will encourage members to increase
their liquidity on the Exchange.
Growth Tiers: The Exchange currently offers a Growth Tier under
footnote 1, which provides Members an enhanced rebate of $0.0025 per
share where the Member adds as ADV greater than or equal to 0.08% of
the TCV. The Exchange proposes to rename the tier ``Growth Tier 1'' and
reduce the enhanced rebate from $0.0025 per share to $0.0020 per share.
The Exchange also proposes to modify the threshold criteria to require
an ADV greater than or equal to 0.10% of the TCV (instead of 0.08%).
The Exchange also proposes to adopt an alternative criteria to satisfy
Growth Tier 1 which would provide that a Member would also receive the
enhanced rebate of $0.0020 per share where the Member has a Step-Up Add
TCV from March 2019 greater than or equal to 0.05%. The Exchange
proposes to adopt an additional Growth Tier (``Growth Tier 2''), which
would provide Members an enhanced rebate of $0.0026 per share where the
Member (i) has an ADV of greater than or equal to 0.20% of the TCV and
(ii) has a Step-Up Add TCV from March 2019 greater or equal to 0.10%.
The Exchange notes that the proposed Growth Tiers provide Members
additional ways to qualify for an enhanced rebate where they increase
their relative liquidity each month over a predetermined baseline.
Cross-Asset Volume Tier: The Exchange currently offers a Cross-
Asset Volume Tier under footnote 1, which provides Members an enhanced
rebate of $0.030 per share where the Member (i) adds as ADV greater
than or equal to 0.20% of the TCV and (ii) has an ADV in Customer
orders on EDGX Options greater than or equal to 0.10% of average OCV.
The Exchange proposes to reduce the enhanced rebate available under the
Cross-Asset Volume Tier from $0.0030 per share to $0.0027 per share.
The Exchange also proposes reducing the ADV requirement in the second
prong to 0.08% of average OCV (instead of 0.10%). The Exchange believes
that decreasing the tier's criteria, although modestly, will encourage
those Members who could not achieve the tier previously to increase
their order flow as a means to receive the tier's enhanced rebate.
Market Quality Tier: The Exchange proposes to adopt a new tier
under Footnote 1 that will also apply to Displayed orders that add
liquidity (i.e., orders that yield fee codes B, V, Y, 3 and 4) called
the Market Quality Tier. The Market Quality Tier would provide Members
an enhanced rebate of $0.0028 per share where a Member (i) adds an ADV
greater than or equal to 0.25% of the TCV and (ii) adds an ADV greater
than or equal to 0.10% of the TCV as Non-Displayed orders that yield
fee codes DM, HA, HI, MM or RP. The Exchange believes the proposed new
tier will encourage Members to increase both their Displayed and Non-
Displayed liquidity on the exchange. The Exchange further notes that
other Exchanges have similar add volume tiers that are comprised of
both Displayed and Non-Displayed threshold requirements.\7\
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\7\ See e.g., Nasdaq Stock Market, LLC Pricing Schedule, Section
118(a)(1).
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Step Up Tier and Investor Tier: The Exchange next proposes to
eliminate the (1) Step-Up Tier, which provides a $0.0033 per share
rebate where a Member has a Step-Up Add TCV from October 2018 greater
than or equal to 0.35% and the (2) Investor Tier, which provides a
$0.0032 rebate where a Member (i) adds an ADV greater than or equal to
0.20% of the TCV and (ii) has an ``added liquidity'' as a percentage of
``added plus removed liquidity'' greater than or equal to 85%. The
Exchange notes that in light of its amendment to Growth Tier 1 and
adoption of Growth Tier 2, both of which include criteria that require
Members to increase their relative liquidity each month over a
predetermined baseline, the current Step-Up Tier is no longer needed
and the Exchange no longer desires to maintain it. Accordingly, the
Exchange proposes to eliminate the Step-Up Tier from the Fees Schedule.
The Exchange also no longer wishes to maintain the Investor Tier and
therefore proposes to delete it.
Non-Displayed Tiers
The Exchange currently offers a Non-Displayed Add Volume Tier under
footnote 1, which provides Members an enhanced rebate of $0.0026 per
share where the Member adds an ADV greater than or equal to 0.08% of
the TCV as Non-Displayed orders that yield fee codes DM, HA, HI, MM or
RP. The Exchange proposes to amend the Non-Displayed Add Volume Tier
and adopt two additional Non-Displayed Add Volume Tiers. First, the
Exchange proposes to amend its current Non-Displayed Add Volume Tier by
(i)
[[Page 22921]]
reducing the offered rebate from $0.0026 per share to $0.0025 per share
and (ii) modifying the required criteria to provide that Members will
receive the enhanced rebate where they add an ADV greater than or equal
to 7,000,000 shares (instead of .0.08% of the TCV) as Non-Displayed
orders that yield fee codes DM, HA, HI, MM or RP. The Exchange also
proposes to rename the current tier to ``Non-Displayed Add Volume Tier
3.'' Next, the Exchange next proposes to adopt two new Non-Displayed
Add Volume Tiers. As proposed, under Non-Displayed Volume Tier 1, a
Member would receive a rebate of $0.0015 per share if that Member adds
an ADV greater than or equal to 1,000,000 shares as Non-Displayed
orders that yield DM, HA, MM and RP. The Exchange also proposes to
adopt Non-Displayed Volume Tier 2, which would provide a Member a
rebate of $0.0022 per share where the Member adds an ADV greater than
or equal to 2,500,000 shares as Non-Displayed orders that yield fee
codes DM, HA, HI, MM or PR [sic]. The Exchange believes the proposed
changes to the current Non-Displayed Add Volume Tier, along with the
proposed new tiers will encourage Members to increase their Non-
Displayed liquidity on the exchange. The Exchange further notes that
other Exchanges have similar non-displayed add volume tiers.\8\
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\8\ See e.g., Cboe BZX U.S. Equities Exchange Fee Schedule,
Footnote 1.
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Tape B Volume Tier
The Exchange next proposes to amend the Tape B Volume Tier, which
provides a $0.0027 per share rebate where a Member adds an ADV greater
than or equal to 0.03% of the TCV in Tape B securities. Particularly,
the Exchange proposes to increase the ADV requirement to 0.10% of the
TCV in Tape B securities (instead of 0.03%). The proposed increase is
designed to encourage entry of additional orders to the Exchange.
Retail Volume Tier Deletion
The Exchange proposes to eliminate the Retail Volume Tier, which
provides a $0.0037 rebate where a Member adds a Retail Order ADV (i.e.,
yielding fee code ZA) greater than or equal to 0.35% of the TCV. The
Exchange no longer wishes to maintain this tier and therefore proposes
to delete it.
2. Statutory Basis
The Exchange also believes the proposed rule change is consistent
with Section 6(b)(4) of the Act, which requires that Exchange rules
provide for the equitable allocation of reasonable dues, fees, and
other charges among its members and other persons using its facilities.
The Exchange believes its proposal to reduce rates for Non-
Displayed and Displayed orders that remove liquidity is reasonable
because Members will pay lower transaction fees for such orders.
Additionally, the Exchange notes that the proposed fee is lower than
transaction fees assessed on other Exchanges.\9\ The Exchange notes the
proposed fee reduction applies uniformly to Members.
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\9\ See e.g., NYSE Arca Equities, Fees and Charges, NYSE Arca
Marketplace: Trade Related Fees and Credits.
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The Exchange believes the proposed reduced rebates for Displayed
and Non-Displayed orders that add liquidity is reasonable, equitable
and not unfairly discriminatory because Members will still receive
rebates for such orders, albeit at a lower amount. The Exchange also
believes the proposed reduction of rebates for Displayed and Non-
Displayed orders that add liquidity is reasonable because the Exchange
must balance the revenue received for orders that remove liquidity (and
as described above, the Exchange is reducing the rates assessed for
orders that remove liquidity). Rebates for orders that add liquidity
incentivize members to bring additional liquidity to the Exchange,
thereby promoting price discovery and enhancing order execution
opportunities for members. Similarly, the Exchange believes eliminating
a rebate and providing free executions for Non-Displayed orders that
add liquidity in securities below $1.00 is reasonable because Members
still are not paying any fees for such executions. The Exchange
believes the proposed changes are equitable and not unfairly
discriminatory because they apply equally to all Members.
Furthermore, the Exchange's make-take fee structure would continue
to incentivize liquidity providers to continue to provide liquidity
since such orders remain eligible for better pricing than orders that
remove liquidity and are charged a fee (notwithstanding the proposed
reduced rebate and fee, respectively).
The Exchange next notes generally that volume-based rebates such as
those currently maintained on the Exchange and those being proposed
have been widely adopted by exchanges 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 of
an exchange's market quality; (ii) associated with higher levels of
market activity, such as higher levels of liquidity provision and/or
growth patterns; and (iii) introduction of higher volumes of orders
into the price and volume discovery processes. The Exchange believes
the proposed changes relating to its Add Volume Tiers provide Members a
variety of opportunities to receive enhanced rebates for adding certain
levels of liquidity to the Exchange.
The Exchange believes the proposal to eliminate the Mega Tier 1,
Mega Tier 2, Ultra Tier, and Super Tier and replace those tiers with
Tiers 1-4 is reasonable because the proposed new tiers continue to
provide Members a variety of opportunities to receive enhanced rebates,
albeit at lower amounts, for adding certain levels of liquidity on the
Exchange. The Exchange believes reducing the enhanced rebate amounts is
reasonable in light of the Exchange's proposal to also reduce the
standard rebate for orders that add liquidity and reduce the standard
rate for orders that remove liquidity. The Exchange notes that, similar
to the current Add Volume Tiers that are being eliminated, the proposed
tiers continue to provide an incremental incentive for Members to
strive for the highest tier level, which provides increasingly higher
enhanced rebates. Additionally, the Exchange believes the proposed
changes result in an easier to follow tier structure. Moreover, the
Exchange believes the proposed thresholds are commensurate with the
proposed corresponding enhanced rebates and that it will encourage
Members to add increased liquidity to EDGX each month. Increased
liquidity benefits all investors by deepening the Exchange's liquidity
pool, offering additional flexibility for all investors to enjoy cost
savings, supporting the quality of price discovery, promoting market
transparency and improving investor protection. The Exchange believes
the proposed changes are equitable and not unfairly discriminatory
because they apply equally to all Members.
The Exchange also believes the proposed changes to Growth Tier 1
and the adoption of Growth Tier 2 are reasonable. Particularly, the
Exchange believes proposed Growth Tier 2 and the proposed amendment to
Growth Tier 1 provide a reasonable means to encourage Members to
increase their liquidity on the Exchange based on increasing their
relative volume above a predetermined baseline. The proposed tiers
create an additional opportunity for Members to receive an enhanced
rebate for contributing increased liquidity as compared to the end of
the
[[Page 22922]]
previous month (March 2019). Increased liquidity benefits all investors
by deepening the Exchange's liquidity pool, offering additional
flexibility for all investors to enjoy cost savings, supporting the
quality of price discovery, promoting market transparency and improving
investor protection. The Exchange also believes that proposed rebates
under the Growth Tiers are reasonably based on the difficulty of
satisfying the tier's criteria, including using March 2019 as the
predetermined baseline. Furthermore, the Exchange believes that the
Growth Tiers are not unfairly discriminatory as it applies to all
Members that meet the required criteria.
The Exchange believes reducing the rebate under the Cross-Asset
Volume Tier is reasonable because Members will still receive a rebate
if they satisfy the threshold, just at a lesser amount. Additionally as
noted above, the Exchange is also reducing the standard rebates for
orders that add liquidity and reducing the rate for orders that remove
liquidity and the Exchange must balance the revenue received. The
Exchange believes lowering the ADV requirement for Customer orders on
EDGX Options is reasonable because the Exchange believes it will ease
the tier's requirements and encourage those Members who could not
achieve the tier previously to increase their order flow as a means to
receive the tier's enhanced rebate. The proposed changes are also
equitable and not unfairly discriminatory because they apply uniformly
to all Members.
The Exchange believes its proposal to introduce a new Market
Quality Tier is reasonable as it provides Members an additional
opportunity to receive an enhanced rebate for providing liquidity. The
Exchange believes the proposed rebate is reasonable based on the
difficulty of satisfying the proposed criteria. The Exchange believes
including a requirement for Non-Displayed liquidity in addition to the
Displayed liquidity requirement, will encourage Members to increase
both their Displayed and Non-Displayed liquidity on the exchange. Non-
Displayed liquidity is important as it can improve market quality by,
among other things, increasing market depth and providing price
improvement opportunities. The Exchange further notes that other
Exchanges have similar add volume tiers that are comprised of both
Displayed and Non-Displayed threshold requirements.\10\
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\10\ See e.g., Nasdaq Stock Market, LLC Pricing Schedule,
Section 118(a)(1).
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The Exchange believes eliminating the Investor Tier and Step-Up
Tier is reasonable because the Exchange is not required to maintain
such tiers and Members still have a number of opportunities and a
variety of ways to receive enhanced rebates, as discussed throughout
this filing. Similarly, the Exchange believes the proposal to eliminate
the Retail Volume Tier is reasonable because the Exchange no longer
wishes to maintain such tier and Members will merely not receive an
enhanced rebate for orders yielding fee code ZA. The Exchange believes
the proposal to eliminate these tiers is also equitable and not
unfairly discriminatory because it applies to all Members.
The Exchange believes the proposal to reduce the rebate under the
current Non-Displayed Add Volume Tier is reasonable for the same
reasons discussed above with respect to other rebate reductions.
Particularly, Members will still receive a rebate if they satisfy the
threshold and the Exchange must balance the revenue it receives. The
Exchange believes the proposed modification to the current Non-
Displayed Add Tier, which modestly increases the ADV requirement and
converts the requirements to shares instead of percentage of TCV, will
encourage the additional entry of Non-Displayed orders. The Exchange
also believes the amended rebate is still commensurate with the
modified threshold. The Exchange believes the proposal to introduce two
new Non-Displayed Add Volume Tiers under footnote 1 is reasonable
because it provides Members additional opportunities to receive
enhanced rebates for Non-Displayed orders that add liquidity and are a
reasonable means to encourage Members to increase their liquidity on
the Exchange. As noted above, Non-Displayed liquidity can improve
market quality by increasing market depth and providing price
improvement opportunities. Deepening the Exchange's liquidity pool
benefits investors by encouraging more price competition and providing
additional opportunities to trade. The Exchange further believes the
proposed thresholds are commensurate with the proposed enhanced rebates
and that it will encourage members to add increased liquidity to EDGX
each month. Lastly, the Exchange believes that the proposed changes are
not unfairly discriminatory as they apply uniformly to all Members.
Lastly, the Exchange believes the proposal to increase the
threshold requirement under Tape B Volume Tier is reasonable as the
Exchange believes the proposed change will encourage the additional
entry of orders in Tape B Securities. The Exchange also notes that
although the rebate is not changing, it believes the proposed
modification to the required criteria is commensurate with the rebate
offered. The proposed change also is not unfairly discriminatory
because it applies uniformly to all Members.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
result in any burden on competition that is not necessary or
appropriate in furtherance of the purposes of the Act, as amended.
Particularly, the proposed rates and rebates would apply uniformly to
all members, and 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. Further, excessive fees would serve
to impair an exchange's ability to compete for order flow and members
rather than burdening competition. Moreover, the proposed fee changes
are designed to incentivize liquidity, which the Exchange believes will
benefit all market participants by encouraging a transparent and
competitive market. The Exchange operates in a highly competitive
market in which market participants can readily direct their order flow
to competing venues. In such an environment, the Exchange must
continually review, and consider adjusting, its fees and rebates to
remain competitive with other exchanges. For the reasons described
above, the Exchange believes that the proposed fee changes reflect this
competitive environment.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were either solicited or received.
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 \11\ and paragraph (f) of Rule 19b-4 \12\
thereunder. At any time within 60 days of the filing of the proposed
rule
[[Page 22923]]
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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\11\ 15 U.S.C. 78s(b)(3)(A).
\12\ 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
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-CboeEDGX-2019-030 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-CboeEDGX-2019-030. 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 the 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-CboeEDGX-2019-030 and should be
submitted on or before June 10, 2019.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
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\13\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019-10350 Filed 5-17-19; 8:45 am]
BILLING CODE 8011-01-P