[Federal Register Volume 87, Number 201 (Wednesday, October 19, 2022)]
[Notices]
[Pages 63560-63565]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-22658]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-96065; File No. SR-CBOE-2022-052]


Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of 
Filing and Immediate Effectiveness of a Proposed Rule Change To Update 
Its Fees Schedule

October 13, 2022.
    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 October 3, 2022, Cboe Exchange, Inc. (the

[[Page 63561]]

``Exchange'' or ``Cboe Options'') filed with the Securities and 
Exchange Commission (the ``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 Exchange, Inc. (the ``Exchange'' or ``Cboe Options'') proposes 
to update its Fees Schedule. 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://www.cboe.com/AboutCBOE/CBOELegalRegulatoryHome.aspx), 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 Fees Schedule, effective October 
3, 2022.
Index Combination VIX Orders
    The Exchange first proposes to reduce fees for certain complex 
Professional Customer VIX transactions. By way of background, an 
``Index Combo'' is a complex order to purchase or sell one or more 
index option series and the offsetting number of Index Combinations 
defined by the delta.\3\ An ``Index Combination'' is a purchase (sale) 
of an index option call and sale (purchase) of an index option put with 
the same underlying index, expiration date and strike price.\4\ Index 
Combinations can trade on their own or as part of a tied combo strategy 
(such as part of an Index Combo), where similar to a tied-to-stock 
option, an option contact is bought or sold in the same package as the 
two legs making up the Index Combination as the synthetic underlying 
position as a hedge. Currently, Professional Customer (capacity ``U'') 
orders, including Index Combo orders, in VIX options are assessed a 
$0.40 per contract fee (yielding fee code BR). The Exchange proposes to 
waive transaction fees for the Index Combination component (legs) of 
Professional Customer Index Combo orders in VIX. The Index Combination 
legs will yield fee code ``CI'', and any remaining legs will continue 
to yield the applicable standard Professional Customer complex order 
fee code for VIX transactions (i.e., fee code BR). The Exchange notes 
it recently adopted the same fee waiver for Customer orders in VIX, 
which orders also yield fee code CI.\5\ The Exchange proposes to add 
the reference to Professional Customers in Footnote 43 which currently 
describes the fee waiver for Customer VIX orders (and which will 
similarly apply to Professional Customers as proposed). The Exchange 
proposes to waive fees for Professional Customer Index Combinations to 
encourage the submission of Index Combo orders which provide 
Professional Customers with a means to reduce or hedge the risk 
associated with price movements in the underlying index.
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    \3\ See Cboe Options Rule 5.33, ``Index Combo''.
    \4\ See Cboe Options Rule 5.33(b)(5) (subparagraph (1) of 
definition of ``Index Combo'').
    \5\ The Exchange inadvertently included a parenthetical symbol 
at the end of the rates added for CI in the row for Customer complex 
VIX orders, which the Exchange proposes to delete now.
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XSP Fees
    The Exchange next proposes to modify fees for Market-Maker orders 
in XSP. Currently, Market-Maker XSP orders are assessed $0.045 per 
contract. The Exchange proposes to waive these fees through December 
31, 2022. The Exchange also proposes to remove XSP from the Marketing 
Fee program, which currently assesses a fee of $0.25 per contract to 
Market-Maker XSP contracts resulting from Customer orders.
NANOS Fees and LMM Incentive Programs
    The Exchange first proposes to remove NANOS from the Marketing Fee 
program, which currently assesses a fee of $0.09 per contract to 
Market-Maker NANOS contracts resulting from Customer orders.
    The Exchange next proposes to amend the current NANOS Lead Market-
Maker (``LMM'') Incentive Program (the ``Program''). Particularly, the 
Exchange proposes to amend the NANOS LMM Incentive Program by 
increasing the rebate under the Program and amending the quote width 
requirements under the Program. By way of background, the Exchange 
offers, among other LMM incentive programs, a NANOS LMM Incentive 
Program which provides a rebate to TPH(s) that are appointed to the 
Program provided they meet certain quoting standards in NANOS in a 
month. The Exchange notes that meeting or exceeding the quoting 
standards in NANOS to receive the rebate (as currently offered and as 
proposed; described in further detail below) is optional for an LMM 
appointed to the NANOS LMM Incentive Programs. Indeed, an LMM appointed 
to the NANOS LMM incentive program is eligible to receive the 
corresponding rebate if it satisfies the applicable quoting standards 
(as currently offered and as proposed, described in further detail 
below), which the Exchange believes encourages an LMM to provide 
liquidity in NANOS. The Exchange may consider other exceptions to the 
Program's quoting standards based on demonstrated legal or regulatory 
requirements or other mitigating circumstances. In calculating whether 
an LMM appointed to the Program meets the quoting standards each month, 
the Exchange excludes from the calculation in that month the business 
day in which the LMM missed meeting or exceeding the quoting standards 
in the highest number of series.
    An LMM appointed to the NANOS LMM Incentive Program must provide 
continuous electronic quotes that meet or exceed the quoting standards 
under the applicable program in at least 99% of each of NANOS series, 
90% of the time in a given month in order to receive a rebate for that 
month in the amount of $15,000 (or pro-rated amount if an appointment 
begins after the first trading day of the month or ends prior to the 
last trading day of the month) for that month. The Exchange now 
proposes to increase the rebate amount received for meeting the quoting 
standards in a given month. Specifically, the Exchange proposes to 
slightly increase the rebate amount from $15,000 to $17,500. The 
Exchange wishes to further incentivize the LMMs appointed to the NANOS 
LMM Incentive Program to provide significant liquidity in NANOS options 
by meeting the quoting standards under the

[[Page 63562]]

Program in order to receive the proposed increased rebate.
    The Exchange also proposes to marginally tighten the quotes widths 
as follows:

------------------------------------------------------------------------
              Premium level               Current  width  Proposed width
------------------------------------------------------------------------
VIX Value at Prior Close <20:
    $0.00--$2.00........................           $0.28           $0.08
    $2.01-$5.00.........................            0.32            0.10
    $5.01-$15.00........................            0.35            0.18
    Greater than $15.00.................            0.50            0.31
VIX Value at Prior Close from 20-30:
    $0.00-$2.00.........................            0.30            0.09
    $2.01-$5.00.........................            0.35            0.10
    $5.01-$15.00........................            0.40            0.24
    Greater than $15.00.................            0.55            0.31
VIX Value at Prior Close from >30:
    $0.00-$2.00.........................            0.35            0.16
    $2.01-$5.00.........................            0.40            0.17
    $5.01-$15.00........................            0.45            0.31
    Greater than $15.00.................            0.60            0.38
------------------------------------------------------------------------

    Lastly, the Exchange proposes to offer a NANOS Volume Incentive 
Pool under the NANOS LMM Incentive Program, like that offered under the 
SPESG LMM Incentive Program. Specifically, the proposed rule change to 
the program provides that, in addition to the above rebate (i.e., the 
proposed $17,500 per month rebate), if the appointed LMM meets or 
exceeds the above heightened quoting standards in a given month, the 
LMM will receive the Monthly ADV Payment amount that corresponds to the 
level of ADV provided by the LMM in NANOS for that month per the NANOS 
Volume Incentive Pool program below.

------------------------------------------------------------------------
                                                                Monthly
                          NANOS ADV                               ADV
                                                                payment
------------------------------------------------------------------------
0-1,999 contracts...........................................       $0.00
2,000-4,999 contracts.......................................       5,000
5,000-24,999 contracts......................................       8,000
25,000-49,999 contracts.....................................      10,000
50,000-99,999 contracts.....................................      12,000
Greater than 10,000 contracts...............................      15,000
------------------------------------------------------------------------

    The proposed NANOS Volume Incentive Pool offered by the NANOS LMM 
Incentive Program is designed to incentivize LMMs to further increase 
the provision of liquidity in NANOS options. Increased liquidity in 
NANOS options would, in turn, provide greater trading opportunities, 
added market transparency and enhanced price discovery for all market 
participants in NANOS.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with the objectives of Section 6 of the Act,\6\ in general, and 
furthers the objectives of Section 6(b)(4),\7\ in particular, as it is 
designed to provide for the equitable allocation of reasonable dues, 
fees and other charges among its Members and issuers and other persons 
using its facilities. The Exchange also believes that the proposed rule 
change is consistent with the objectives of Section 6(b)(5) \8\ 
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, and, particularly, is not 
designed to permit unfair discrimination between customers, issuers, 
brokers, or dealers.
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    \6\ 15 U.S.C. 78f.
    \7\ 15 U.S.C. 78f(b)(4).
    \8\ 15 U.S.C. 78f(b)(5).
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    The Exchange believes that the proposed rule change to waive 
transaction fees for the Index Combination legs of a Professional 
Customer Index Combo order executed in VIX options is reasonable, 
equitable and not unfairly discriminatory as Professional Customers 
would not be subject to fees for contracts that are executed as part of 
an Index Combination and the proposed change would apply to all 
Professional Customers uniformly. The Exchange believes the proposal is 
reasonably designed to encourage Professional Customer order flow in 
VIX options. The Exchange wishes to promote the growth of VIX and 
believes that incentivizing increased Professional Customer Index Combo 
order flow in VIX options would attract additional liquidity to the 
Exchange. The Exchange believes increased Professional Customer order 
flow facilitates increased trading opportunities and attracts Market-
Maker activity, which facilitates tighter spreads and may ultimately 
signal an additional corresponding increase in order flow from other 
market participants, contributing overall towards a robust and well-
balanced market ecosystem. The Exchange notes that it similarly waives 
fees for Index Combination legs of an Index Combo for Customer orders 
executed in VIX options.\9\
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    \9\ See Cboe Options Fees Schedule, Rate Table--Underlying 
Symbol List A.
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    Further, the Exchange believes that it is equitable and not 
unfairly discriminatory to waive fees for certain Professional Customer 
complex orders because Professional Customer liquidity benefits all 
market participants by providing more execution opportunities, in turn, 
attracting Market Maker order flow, which ultimately enhances market 
quality on the Exchange to the benefit of all market participants. 
Additionally, the Exchange believes the proposed change is in line with 
other fee programs that are designed to incentivize the sending of 
complex orders, including Index Combo orders, to the Exchange. For 
example, the Exchange provides higher rebates under the Volume 
Incentive Program for complex orders as compared to simple orders.\10\ 
The Exchange also assesses lower fees for complex Customer orders

[[Page 63563]]

in VIX as compared to simple orders in VIX.\11\
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    \10\ See Cboe Options Fees Schedule, Volume Incentive Program.
    \11\ See Cboe Options Fees Schedule, Rate Table--Underlying 
Symbol List A.
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    The Exchange next believes the proposed change to temporarily waive 
XSP transaction fees for Market-Makers and remove XSP from the 
Marketing Fee program is reasonable as Market-Makers will not have to 
pay fees for such transactions. The Exchange notes the proposed changes 
are designed to encourage the sending of additional XSP orders to the 
Exchange. Indeed, the Exchange believes the proposed reduced feed will 
encourage Market-Makers to submit additional orders in XSP which may 
signal additional corresponding increase in order flow from other 
market participants, ultimately incentivizing more overall order flow 
and improving liquidity levels and price transparency on the Exchange 
to the benefit of all market participants.
    The Exchange believes the proposed fee change is equitable and not 
unfairly discriminatory because it applies to all Market-Makers 
uniformly. The Exchange believes that it is equitable and not unfairly 
discriminatory to propose lower transaction rates for Market-Makers 
because the Exchange recognizes that these market participants can 
provide key and distinct sources of liquidity. Additionally, as noted 
above, an increase in general market-making activity may provide more 
trading opportunities, in turn, signaling additional corresponding 
increase in order flow from other market participants, and, as a 
result, contributing towards a robust, well-balanced market ecosystem. 
The Exchange notes too that Market-Makers take on a number of 
obligations that other market participants do not have. For example, 
unlike other market participants, Market-Makers take on quoting 
obligations and other market making requirements.
    The Exchange believes that the proposed increase to the rebate 
under the NANOS LMM Incentive Program is reasonably designed to 
continue to incentivize an appointed LMM to meet the applicable quoting 
standards for NANOS options, thereby providing liquid and active 
markets, which facilitates tighter spreads, increased trading 
opportunities, and overall enhanced market quality to the benefit of 
all market participants. The Exchange further believes that the 
proposed rule change is reasonable because it is comparable to and 
within the range of the rebates offered by other LMM Incentive 
Programs. For example, the GTH2 VIX LMM Programs currently offers a 
rebate of $20,000 if the quoting standards are met in a given month. 
The Exchange believes the proposed rebate applicable to the NANOS LMM 
Incentive Program is equitable and not unfairly discriminatory because 
it will continue to apply equally to any TPH that is appointed as an 
LMM to the Program.
    The Exchange believes that it is reasonable to amend the quoting 
requirements under the Program by marginally tightening the quote 
widths in order to encourage LMMs to increase their quoting activity 
and post tighter spreads and more aggressive quotes in NANOS options in 
order to meet the heightened quoting standards and receive the proposed 
increased rebate. An increase in quoting activity and tighter quotes 
tends to signal additional corresponding increase in order flow from 
other market participants, which benefits all investors by deepening 
the Exchange's liquidity pool, potentially providing even greater 
execution incentives and opportunities, 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 the proposed widths are 
reasonable because they remain generally aligned with the current 
heightened quoting standards in the program, as the proposed widths are 
only marginally reduced in order to incentivize an increase in quoting 
activity and the provision of tighter markets. The Exchange believes 
that the proposed reduced quote widths under the Program are equitable 
and not unfairly discriminatory because such quote widths will continue 
to apply equally to any and all TPHs with LMM appointments to the NANOS 
LMM Incentive Program. Additionally, the Exchange notes if an LMM 
appointed to the Program does not satisfy the quoting standards for any 
given month, then it simply will not receive the rebate offered by the 
Program for that month. The Exchange believes the proposed changes to 
the quoting requires are equitable and not unfairly discriminatory 
because it will continue to apply equally to any TPH that is appointed 
as an LMM to the Program.
    The Exchange believes that the proposed rule change to adopt a 
NANOS Volume Incentive Pool as part of the NANOS LMM Incentive Program 
is reasonably designed to continue to encourage LMMs appointed to the 
incentive program to provide significant liquidity in NANOS options. 
The Exchange notes that the SPESG LMM Incentive Program also offers a 
volume incentive pool structured in a substantially similar manner. The 
Exchange believes the proposed NANOS Volume Incentive Program is 
equitable and not unfairly discriminatory because it will apply equally 
to any TPH that is appointed as an LMM to the Program.
    Regarding each of the LMM incentive programs generally, the 
Exchange believes it is reasonable, equitable and not unfairly 
discriminatory to offer these financial incentives, including as 
amended, to LMMs appointed to the Program, because it benefits all 
market participants trading in NANOS. These incentive programs 
encourage the LMMs to satisfy the heightened quoting standards, which 
may increase liquidity and provide more trading opportunities and 
tighter spreads. Indeed, the Exchange notes that these LMMs serve a 
crucial role in providing quotes and the opportunity for market 
participants to trade NANOS which can lead to increased volume, 
providing for robust markets. The Exchange ultimately offers the LMM 
incentive, as amended, to sufficiently incentivize LMMs to provide key 
liquidity and active markets in NANOS, and believes that these 
programs, even as amended, will continue to encourage increased quoting 
to add liquidity in NANOS thereby protecting investors and the public 
interest. The Exchange also notes that an LMM appointed to an incentive 
program may undertake added costs each month in order to satisfy that 
heightened quoting standards (e.g., having to purchase additional 
logical connectivity).

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange believes the proposed amendments to its Fee Schedule 
will 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 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 proposed fee changes 
will be assessed automatically and uniformly to each similarly situated 
market participant (e.g., all qualifying Professional Customer VIX 
transactions will receive the proposed fee waiver and all Market-Makers 
will be subject to the XSP fee waiver and no longer be subject to the 
Marketing Fee for XSP and NANOs orders). Similarly, the proposed 
changes to the NANOS LMM Incentive Program and adoption of the NANOS 
Volume Incentive Pool will apply uniformly to any LMM appointment to

[[Page 63564]]

the programs. The Exchange notes that there is a history in the options 
markets of providing preferential treatment to these market 
participants. As discussed in the statutory basis, the Exchange 
believes Professional Customer order flow may facilitate increased 
trading opportunities and attract Market-Maker activity, which can 
contribute towards a robust and well-balanced market ecosystem. Market-
Makers provide key and distinct sources of liquidity, and an increase 
in general market-making activity may facilitate tighter spreads, which 
tends to signal additional corresponding increases in order flow from 
other market participants, ultimately incentivizing more overall order 
flow and improving liquidity levels and price transparency on the 
Exchange to the benefit of all market participants. Further as 
discussed, Market-Makers take on a number of obligations that other 
market participants do not, such as quoting obligations and other 
market-making requirements. Similarly, to the extent LMMs appointed to 
the NANOS LMM Incentive Program receive a benefit that other market 
participants do not, as stated, these LMMs in their role as Market-
Makers on the Exchange have different obligations and are held to 
different standards. An LMM appointed to an incentive program may also 
undertake added costs each month to satisfy that heightened quoting 
standards (e.g., having to purchase additional logical connectivity).
    The Exchange also notes that the proposed fee changes are designed 
to attract additional order flow to the Exchange, wherein greater 
liquidity benefits all market participants by providing more trading 
opportunities, tighter spreads, and added market transparency and price 
discovery, and signals to other market participants to direct their 
order flow to those markets, thereby contributing to robust levels of 
liquidity.
    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 the 
proposed rule changes apply only to products exclusively listed on the 
Exchange. Additionally, the Exchange notes it operates in a highly 
competitive market. In addition to Cboe Options, TPHs have numerous 
alternative venues that they may participate on and direct their order 
flow, including 15 other options exchanges, as well as off-exchange 
venues, where competitive products are available for trading. Based on 
publicly available information, no single options exchange has more 
than 18% of the market share of executed volume of options trades.\12\ 
Therefore, no exchange possesses significant pricing power in the 
execution of option order flow. Moreover, the Commission has repeatedly 
expressed its preference for competition over regulatory intervention 
in determining prices, products, and services in the securities 
markets. Specifically, in Regulation NMS, the Commission highlighted 
the importance of market forces in determining prices and SRO revenues 
and, also, recognized that current regulation of the market system 
``has been remarkably successful in promoting market competition in its 
broader forms that are most important to investors and listed 
companies.'' \13\ The fact that this market is competitive has also 
long been recognized by the courts. In NetCoalition v. Securities and 
Exchange Commission, the D.C. Circuit stated as follows: ``[n]o one 
disputes that competition for order flow is `fierce.' . . . As the SEC 
explained, `[i]n the U.S. national market system, buyers and sellers of 
securities, and the broker-dealers that act as their order-routing 
agents, have a wide range of choices of where to route orders for 
execution'; [and] `no exchange can afford to take its market share 
percentages for granted' because `no exchange possesses a monopoly, 
regulatory or otherwise, in the execution of order flow from broker 
dealers'. . . .''.\14\ Accordingly, the Exchange does not believe its 
proposed changes to the incentive programs impose any burden on 
competition that is not necessary or appropriate in furtherance of the 
purposes of the Act.
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    \12\ See Cboe Global Markets, U.S. Options Market Volume Summary 
by Month (September 30, 2022), available at http://markets.cboe.com/us/options/market_share/.
    \13\ See Securities Exchange Act Release No. 51808 (June 9, 
2005), 70 FR 37496, 37499 (June 29, 2005).
    \14\ NetCoalition v. SEC, 615 F.3d 525, 539 (D.C. Cir. 2010) 
(quoting Securities Exchange Act Release No. 59039 (December 2, 
2008), 73 FR 74770, 74782-83 (December 9, 2008) (SR-NYSEArca-2006-
21)).
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C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    The Exchange 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 \15\ and paragraph (f) of Rule 19b-4 \16\ 
thereunder. At any time within 60 days of the filing of the proposed 
rule change, the Commission summarily may temporarily suspend such rule 
change if it appears to the Commission that such action is necessary or 
appropriate in the public interest, for the protection of investors, or 
otherwise in furtherance of the purposes of the Act. If the Commission 
takes such action, the Commission will institute proceedings to 
determine whether the proposed rule change should be approved or 
disapproved.
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    \15\ 15 U.S.C. 78s(b)(3)(A).
    \16\ 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-CBOE-2022-052 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-CBOE-2022-052. 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

[[Page 63565]]

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-CBOE-2022-052 
and should be submitted on or before November 9, 2022.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\17\
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    \17\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022-22658 Filed 10-18-22; 8:45 am]
BILLING CODE 8011-01-P