[Federal Register Volume 85, Number 208 (Tuesday, October 27, 2020)]
[Notices]
[Pages 68099-68103]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-23685]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-90241; File No. SR-C2-2020-016]
Self-Regulatory Organizations; Cboe C2 Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Enhance
its Drill-Through Protections and Make Other Clarifying Changes
October 21, 2020.
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 October 9, 2020, Cboe C2 Exchange, Inc. (``Exchange'' or ``C2'')
filed with the Securities and Exchange Commission (``Commission'') the
proposed rule change as described in Items I and II 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 C2 Exchange, Inc. (the ``Exchange'' or ``C2'') proposes to
enhance its drill-through protections and make other clarifying
changes. 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 (http://markets.cboe.com/us/options/regulation/rule_filings/ctwo/), 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 enhance its drill-through protections for
simple and complex orders and make other clarifying changes. Currently,
pursuant to Rule 6.14(a)(4) and (b)(6), the System will execute a
marketable buy (sell) order or complex order,\3\ respectively, up to a
buffer amount above (below) the limit of the Opening Collar or the
national best offer (``NBO'') (national best bid (``NBB'')), as
applicable, or the synthetic national best offer (``SNBO'') or
synthetic national best bid (``SNBB''), respectively (the ``drill-
through price''). The System enters any order (or unexecuted portion),
simple \4\ or complex, into the book or the complex order book
(``COB''), respectively, at the drill-through price for a specified
period of time (determined by the Exchange).\5\ At the end of the time
period, the System cancels any portion of the order not executed during
that time period.
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\3\ The System may also initiate a complex order auction
(``COA'') at the drill-through price for a complex order that would
otherwise initiate a COA.
\4\ Market orders or limit orders (or unexecuted portions) with
times-in-force of immediate-or-cancel (``IOC'') or fill-or-kill
(``FOK'') are cancelled rather than be entered into the book. Limit
orders with times-in-force of day, good-til-cancelled (``GTC''), or
good-til-day (``GTD) may enter the book.
\5\ The current time period is two seconds, and the current
default amounts are available in the technical specifications
available at https://cdn.cboe.com/resources/membership/US_Options_BOE_Specification.pdf. Upon implementation of the
proposed rule change, the Exchange will likely reduce the length of
the time period and maintain the same buffer amounts.
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The Exchange proposes to permit orders to rest in the book or COB,
as applicable, for multiple time periods and at more aggressive
displayed prices during each time period.\6\ Specifically, for a limit
order (or unexecuted portion) with a Time-in-Force of Day, GTC, or GTD,
or a complex order, the System enters the order in the Book or COB with
a displayed \7\ price equal to the drill-through price (as discussed
below, if an order's limit price is less aggressive than the drill-
through price, the order will rest in the Book or COB, as applicable,
at its limit price and subject to the User's instructions, and the
drill-through mechanism as proposed to be amended would no longer apply
to the order).\8\ The order (or unexecuted portion) will rest in the
book or COB, as applicable, until the earlier to occur of the order's
full execution or the end of the duration of the number of time
periods.\9\ Following the end of each period prior to the final period,
the System adds (if a buy order) or subtracts (if a sell order) one
buffer amount to the drill-through price displayed during the
immediately preceding period (each new price becomes the ``drill-
through price'').\10\ The order (or unexecuted
[[Page 68100]]
portion) rests in the book or COB, as applicable, at that new drill-
through price for the duration of the subsequent period. Following the
end of the final period, the System cancels the simple or complex order
(or unexecuted portion) not executed during any time period.\11\ The
Exchange has received feedback from Users that the current application
of the drill-through mechanism is too limited. The Exchange believes
this proposed rule change will provide additional execution
opportunities for these orders (or unexecuted portions) while providing
protection against execution at prices that may be erroneous.
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\6\ The Exchange will announce to Trading Permit Holders the
buffer amount, the number of time periods, and the length of the
time periods in accordance with Rule 1.2. The Exchange notes that
each time period will be the same length (as designated by the
Exchange), and the buffer amount applied for each time period will
be the same.
\7\ Currently, the drill-through price is the price of orders
and complex orders in the book or COB, respectively. The proposed
rule change clarifies that the drill-through price is displayed,
which is consistent with current functionality.
\8\ See proposed Rule 6.14(a)(4)(C) and (b)(6)(B).
\9\ The Exchange will determine on a class-by-class basis the
number of time periods, which may not exceed five, and the length of
the time period, which may not exceed three seconds. See proposed
Rule 6.14(a)(4)(C)(i) and (b)(6)(B)(i). The proposed rule change
adds class flexibility so that the Exchange may determine different
time periods and buffer amounts for different classes, which may
exhibit different trading characteristics and have different market
models.
\10\ The System will apply a timestamp to the order (or
unexecuted portion) based on the time it enters or is re-priced in
the book or COB, as applicable, for priority purposes. See proposed
Rule 6.14(a)(4)(C)(iii) and (b)(6)(B)(iii). This is consistent with
the current drill-through functionality, pursuant to which the
System applies a timestamp to the order (or unexecuted portion)
based on the time it enters the book or COB, as applicable, modified
to reflect the multiple price levels at which an order may rest. See
current Rule 6.14(a)(4)(C) and (b)(6)(A).
\11\ Note current Rule 6.14(a)(4)(C) and (b)(6)(B) uses the
language ``cancel or reject'' while the proposed rule change deletes
``reject,'' as both terms have the same result and merely relate to
internal System code, making the use of both terms unnecessary.
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For example, suppose the Exchange's market for a series in a class
with a 0.05 minimum increment is 0.90-1.00, represented by a quote for
10 contracts on each side (the quote offer is Quote A). The following
sell orders or quote offers for the series also rest in the book:
Order A: 10 contracts at 1.05;
Quote B: 10 contracts at 1.10;
Order B: 10 contracts at 1.15; and
Order C: 20 contracts at 1.25.
The market for away exchanges is 0.80-1.45. The Exchange's buffer
amount for the class is 0.10, the drill-through resting time period is
one second, and the number of time periods is three. The System
receives an incoming order to buy 100 at 1.40, which executes against
resting orders and quotes as follows: 10 Against Quote A at 1.00 (which
is the national best offer), 10 against Order A at 1.05, and 10 against
Quote B at 1.10. The System will not automatically execute any of the
remaining 70 contracts from the incoming buy order against Order B,
because 1.15 is more than 0.10 away from the national best offer at the
time of order entry of 1.00 and thus exceeds the drill-through price
check. The 70 unexecuted contracts then rest in the book for one second
at a price of 1.10 (the initial drill-through price). No incoming
orders are entered during that one-second time period to trade against
the remaining 70 contracts. The System then re-prices the buy order in
the book at a new drill-through price of 1.20 (drill-through price plus
one buffer of 0.10). Ten contracts immediately execute against Order B
at a price of 1.15 (the buy order is still handled as the ``incoming
order'' that executes against the resting Order B, and thus receives
price improvement to 1.15). An incoming order to sell 20 contracts at
1.20 enters the book and executes against 20 of the resting contracts
at that price. At the end of the second one-second time period, there
are 40 remaining contracts. These contracts then rest in the book at a
price of 1.30 for the final one second time period. Twenty contracts
immediately execute against Order C at a price of 1.25. No incoming
orders are entered during that time period to trade against the
remaining 20 contracts. At the end of the final one-second time period,
the System cancels the remaining 20 contracts.\12\
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\12\ The proposed drill-through protection for complex orders
works in an identical manner.
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Currently, Users may establish a higher or lower buffer amount than
the default amount set by the Exchange with respect to complex orders
subject to the drill-through protection.\13\ Pursuant to the proposed
rule change, if a User establishes its own buffer amount, the drill-
through protection will work as it does today. In other words, if a
User establishes its own buffer amount, a complex order will rest in
the COB for one time period at the drill-through price and any
unexecuted portion will be cancelled at the end of the time period. The
proposed rule change clarifies that the length of the time period will
continue to be determined by the Exchange, and will be the same as the
length of the time period that applies to complex orders for which the
User does not establish its own buffer amount. The Exchange believes
this is consistent with a User's desire to set its own buffer to
accommodate its own risk tolerance. All Users have the ability either
to establish their own buffer amounts for complex orders, and thus have
unexecuted orders rest for one time period, or let their complex orders
be subject to the Exchange default buffer amount for complex orders,
and thus have unexecuted orders rest at multiple price points for
multiple time periods, as proposed.
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\13\ See Rule 6.14(b)(6) (proposed subparagraph (b)(6)(A)).
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The proposed rule change also makes certain clarifying and
nonsubstantive changes, including movement of certain terms and
provisions within Rule 6.14(a)(4) and (b)(6) due to the proposed rule
changes described above. First, the proposed rule change combines the
provisions in current subparagraphs (A) and (B) of Rule 6.14(a)(4) into
proposed subparagraph (A). The drill-through protection in the
following subparagraphs of Rule 6.14(a)(4) (currently and as proposed)
apply to orders that enter the Book at the conclusion of the opening
auction and intraday in the same manner. Current Rule 6.14(a)(4)(B)
(the second subparagraph (B) and (C) (proposed subparagraphs (B) and
(C)) provide that the System handles orders not executed pursuant to
current subparagraph (A) in accordance with those subparagraphs,
inadvertently omitting that current subparagraphs (B) (the second
subparagraph (C) [sic] and (C) (and proposed subparagraphs (B) and (C))
also apply to orders described in current first subparagraph (B).\14\
The proposed rule change clarifies that the drill-through protection
applies to all orders that would enter the Book at prices worse than
the drill-through price, including orders not executed during the
opening auction and orders entered intraday. This is consistent with
and a clarification of current functionality.
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\14\ The Exchange notes that current Rule 6.14(a)(4)
inadvertently has two subparagraphs lettered (B). The proposed rule
change, as describes above, incorporates the provisions from the
first subparagraph (B) into subparagraph (A) and retains the second
subparagraph (B) as the only subparagraph (B).
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Second, the proposed rule change adds clarifying language regarding
how the System handles orders for which the limit price is equal to or
less than (if a buy order) or greater than (if a sell order) the drill-
through price. Current Rule 6.14(b)(6) contemplates that complex orders
with limit prices equal to or less aggressive than the drill-through
price will not be subject to the mechanism pursuant to which orders
will rest in the COB for a time period and then be cancelled.
Specifically, Rule 6.14(b)(6)(A) states if a buy (sell) complex order
would execute or enter the COB at a price higher (lower) than the
drill-through price, the System enters the complex order into the COB
with a price equal to the drill-through price and rests for the time
period in accordance with the drill-through mechanism. Additionally,
Rule 6.14(b)(6)(B) states that any complex order with a displayed price
equal to the drill-through price (unless the drill-through price equals
the order's limit price) will rest in the COB for the drill-through
time period. Therefore, currently, if the limit price of a complex
order is less aggressive than or equal to the drill-through price
(i.e., if a buy (sell) complex order (or unexecuted
[[Page 68101]]
portion) would execute or enter the COB at a price lower (higher) than
or equal to the drill-through price), the complex order will rest in
the COB, as applicable, and the drill-through mechanism stops (i.e.,
the time period will not occur and the System will not cancel the
order). This is also true for simple orders but is not specified in the
current Rules.
The proposed rule change clarifies that notwithstanding the
provisions described above regarding an order or complex order resting
in the book or COB, respectively, for brief time periods at drill-
through prices, if a buy (sell) order's limit price equals or is less
(greater) than the drill-through price at any time during application
of the drill-through mechanism, the order rests in the book or COB, as
applicable, subject to a User's instructions,\15\ at its limit price
and any remaining time period(s) described above do not occur.\16\ If
the drill-through price is equal to or more aggressive than the order's
limit price, the additional protection of having the order rest in the
COB for a short time period is not necessary given that the order will
rest at the limit price entered by the User (and thus an acceptable
execution price for that User). Additionally, displaying an order at a
drill-through price (a price at which execution is possible) worse than
the limit price of the order would be inconsistent with the terms of
the order. This is consistent with current functionality (updated to
reflect the proposed rule change to allow multiple time periods) and
the definition of limit orders and merely clarifies this in the Rules.
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\15\ For example, the order will remain in force subject to any
time-in-force instruction applied to the order by the User upon
entry.
\16\ See proposed Rule 6.14(a)(4)(C)(iv) and (b)(6)(B)(iv).
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Third, the proposed rule change corrects the market order reference
in current and proposed Rule 6.14(a)(4)(C) (to limit order. That
subparagraph relates to orders with times-in-force of day, GTC, or GTD
that will rest in the book for a time period at the drill-through
price. However, market orders by definition \17\ do not rest in the
book and would not have those times-in-force, which are contrary to the
character of market orders. The System applies the functionality
described in that subparagraph to limit orders with those times-in-
force. The proposed rule change conforms the rule to current System
functionality and to the definition of market and limit orders, as
limit orders not fully executed upon entry will rest in the book while
market orders not fully executed upon entry will be cancelled and not
rest in the book.\18\
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\17\ See Rule 5.6(b).
\18\ The proposed rule change also reorders the terms limit and
market orders in current Rule 6.14(a)(4)(B) (the second subparagraph
(B), which is proposed subparagraph (a)(4)(B)). As noted above,
current Rule 6.14(a)(4) inadvertently has two subparagraphs lettered
(B). The proposed rule change, as describes above, incorporates the
provisions from the first subparagraph (B) into subparagraph (A) and
retains the second subparagraph (B) as the only subparagraph
(B).This is a nonsubstantive change, as the times-in-force of
immediate-or-cancel or fill-or-kill described in that subparagraph
are applicable to limit orders rather than market orders, which by
definition are immediate-or-cancel.
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Fourth, the proposed rule change clarifies in proposed Rule
6.14(b)(6)(B)(ii) that if the synthetic best bid or offer (``SBBO'')
changes prior to the end of any time period but the complex order
cannot leg into the simple book, and the new SBB or SBO, as applicable,
crosses the drill-through price, the System changes the displayed price
of the complex order to the new SBB or SBO, as applicable, plus or
minus the applicable minimum increment for the class. The current Rule
states that $0.01 is added to or subtracted from the new SBBO. However,
a class may have a minimum increment other than $0.01 pursuant to Rule
5.4(b). Currently, the System adds or subtracts the applicable minimum
increment. The proposed rule change corrects an inadvertent error in
the Rules to conform to current System functionality and Rules
regarding minimum increments for complex orders. The proposed rule
change will ensure that a complex order will rest in the COB only with
a displayed price in the applicable minimum increment applicable for
the class of that complex order. The proposed rule change also
clarifies that the complex order will rest in the COB (the current rule
text says the complex order is not cancelled), and adds detail that the
complex order rests at that displayed price, subject to a User's
instructions, and if it was not the final period, any remaining time
period(s) do not occur.
2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Securities Exchange Act of 1934 (the ``Act'') and the rules and
regulations thereunder applicable to the Exchange and, in particular,
the requirements of Section 6(b) of the Act.\19\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \20\ 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) \21\ requirement that the rules of an exchange not be
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers.
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\19\ 15 U.S.C. 78f(b).
\20\ 15 U.S.C. 78f(b)(5).
\21\ Id.
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In particular, the Exchange believes the proposed enhancement to
the drill-through mechanism removes impediments to and perfects the
mechanism of a free and open market and a national market system, and,
in general, protects investors and the public interest. The proposed
rule change will permit orders (or unexecuted portions) to rest in the
book or COB, as applicable, at different displayed prices for a brief
but overall longer period of time, which will provide market
participants' orders with additional execution opportunities while
continuing to protect them against execution at potentially erroneous
prices. The proposed enhancement to the drill-through protection is
similar to current drill-through functionality. The Exchange may
determine the buffer amount for orders and the time period in which
orders may rest in the book or COB. The proposed rule change permits an
order to rest at multiples of the buffer amount, which would have the
same effect as the Exchange setting a larger buffer amount. For
example, if the Exchange set a buffer amount of $0.75, that would allow
orders to execute at any price no further than $0.75 away from the NBBO
or SNBBO at the time of order entry (including at prices $0.25 and
$0.50 away from the NBBO or SNBBO at the time of order entry). This
allows for the same potential execution prices that would be possible
if the Exchange set a buffer of $0.25 and three time periods under the
proposed rule change. While the overall time period for which an order
may rest in the book or COB may be longer than the currently
permissible time period, the longer time period will still be
relatively brief (maximum of 15 seconds). The Exchange notes it may
maintain the same buffer amounts that are in place today. However,
rather than increase the buffer amount at one time, the proposed rule
change adds the overall larger
[[Page 68102]]
buffer amount incrementally over a potentially overall longer time
period. While this may permit executions at prices farther away from
the NBBO or SNBBO at the time of order entry, it will still never
permit executions at prices through orders' limit prices. This will
provide execution opportunities for orders at incremental amounts away
from the NBBO or SNBBO, as applicable, over a slightly longer time
period and thus against a potentially larger number of orders. Users
also have the ability to cancel orders prior to the completion of the
time periods if they do not want the orders resting for a longer period
of time (and Users can set their own buffer for complex orders, which
would cause those complex orders to rest for a single time period
rather than multiple as proposed).
The Exchange believes the proposed clarifying and nonsubstantive
changes to the drill-through protection rules protect investors by
adding transparency to the rules regarding the drill-through
functionality. These changes are consistent with current functionality
and thus do not impact the applicability of the drill-through mechanism
to orders.
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. The Exchange does not
believe that the proposed rule change will impose any burden on
intramarket competition that is not necessary or appropriate in
furtherance of the purposes of the Act because the enhanced drill-
through protection will apply to all marketable orders in the same
manner. Users may cancel orders resting on the Book during the drill-
through time periods or set their own buffer with respect to complex
orders if they do not want their orders resting for a longer period of
time as proposed.
The Exchange does not believe that the proposed rule change will
impose any burden on intermarket competition that is not necessary or
appropriate in furtherance of the purposes of the Act because it
relates solely to how and when marketable orders will rest on the
Exchange's book or COB. The proposed enhancement to the drill-through
protection is consistent with the current protection and provides
orders subject to the protection with additional execution
opportunities while providing continued protection against execution
against potentially erroneous prices.
The Exchange believes the proposed rule change would ultimately
provide all market participants with additional execution opportunities
when appropriate while providing protection from erroneous execution.
The Exchange believes the proposal will enhance risk protections, the
individual firm benefits of which flow downstream to counterparties
both at the Exchange and at other options exchanges, which increases
systemic protections as well. The Exchange believes enhancing risk
protections will allow Users to enter orders and quotes with further
reduced fear of inadvertent exposure to excessive risk, which will
benefit investors through increased liquidity for the execution of
their orders. Without adequate risk management tools, such as the one
proposed to be enhanced in this filing, Trading Permit Holders could
reduce the amount of order flow and liquidity they provide. Such
actions may undermine the quality of the markets available to customers
and other market participants. Accordingly, the proposed rule change is
designed to encourage Trading Permit Holders to submit additional order
flow and liquidity to the Exchange. The proposed flexibility may
similarly provide additional execution opportunities, which further
benefits liquidity in potentially volatile markets. In addition,
providing Trading Permit Holders with more tools for managing risk will
facilitate transactions in securities because, as noted above, Trading
Permit Holders will have more confidence protections are in place that
reduce the risks from potential system errors and market events.
The proposed clarifying and nonsubstantive changes are consistent
with current functionality and are intended to add clarity to the
Rules, and thus the Exchange expects those changes to have no
competitive impact.
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
Because the foregoing proposed rule change does not: (i)
Significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days from the date on which it was filed, or
such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A)(iii) of the Act \22\ and
subparagraph (f)(6) of Rule 19b-4 thereunder.\23\
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\22\ 15 U.S.C. 78s(b)(3)(A)(iii).
\23\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change, along
with a brief description and text of the proposed rule change, at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
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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: (i)
Necessary or appropriate in the public interest; (ii) for the
protection of investors; or (iii) otherwise in furtherance of the
purposes of the Act. If the Commission takes such action, the
Commission shall institute proceedings to determine whether the
proposed rule should be approved or disapproved.
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-C2-2020-016 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-C2-2020-016. 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
[[Page 68103]]
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-C2-2020-016 and should be
submitted on or before November 17, 2020.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\24\
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\24\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-23685 Filed 10-26-20; 8:45 am]
BILLING CODE 8011-01-P