[Federal Register Volume 88, Number 38 (Monday, February 27, 2023)]
[Notices]
[Pages 12427-12431]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-03907]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-96954; File No. SR-CboeBZX-2023-011]


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

February 21, 2023.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given 
that on February 14, 2023, Cboe BZX Exchange, Inc. (the ``Exchange'' or 
``BZX'') 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 BZX Exchange, Inc. (the ``Exchange'' or ``BZX'') proposes to 
amend its Fee 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://markets.cboe.com/us/equities/regulation/rule_filings/bzx/), 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.

[[Page 12428]]

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 to: (i) add a Tape 
A Incentive Tier, (ii) modify Add/Remove Volume Tier 1, (iii) eliminate 
fee code ZA and replace it with new fee codes ZV, ZB, and ZY, and (iv) 
add the new fees code ZV, ZB and ZY to Lead Market Markers (``LMMs'') 
Add Tiers 2, 3, and 4, respectively.\3\
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    \3\ The Exchange initially filed the proposed fee changes on 
February 1, 2023 (SR-CboeBZX-2023-005). On February 7, 2023, the 
Exchange withdrew that filing and submitted SR-CboeBZX-2023-009. On 
February 14, 2023, the Exchange withdrew that filing and submitting 
this proposal.
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    The Exchange first notes that it operates in a highly competitive 
market in which market participants, including issuers of securities, 
LMMs, and other liquidity providers, can readily direct order flow to 
competing venues if they deem fee levels at a particular venue to be 
excessive or incentives to be insufficient. More specifically, the 
Exchange is only one of 16 registered equities exchanges, as well as a 
number of alternative trading systems and other off-exchange venues 
that do not have similar self-regulatory responsibilities under the 
Exchange Act, to which market participants may direct their order flow. 
Based on publicly available information,\4\ no single registered 
equities exchange has more than 15% of the market share. Thus, in such 
a low-concentrated and highly competitive market, no single equities 
exchange possesses significant pricing power in the execution of order 
flow. The Exchange in particular operates a ``Maker-Taker'' model 
whereby it pays rebates to members that add liquidity and assesses fees 
to those that remove liquidity. The Exchange's Fee Schedule sets forth 
the standard rebates and rates applied per share for orders that 
provide and remove liquidity, respectively. The Exchange proposes to 
amend its Fee Schedule, as described below.
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    \4\ See Cboe Global Markets, U.S. Equities Market Volume 
Summary, Month-to-Date (January 27, 2023), available at https://markets.cboe.com/us//market_statistics/.
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Tape A Incentive Tier
    For order in securities priced at or above $1.00, the Exchange 
currently provides a standard rebate of $0.00160 per share for 
displayed orders that add liquidity in Tape A securities, which yield 
fee code V \5\. The Exchange proposes to amend footnote 12 of the Fee 
Schedule to adopt a Tape A Incentive Tier, which would be available for 
qualifying orders that yield fee code V. Particularly, under the 
proposed Tape A Incentive Tier, Members may receive an additional 
$0.0002 per share rebate where they have a: Step-Up ADAV \6\ from 
January 2023 greater than or equal to 5,000,000; a Tape A ADAV greater 
than or equal to 0.30% of the Tape A TCV; \7\ and an ADV \8\ greater 
than or equal to 0.50% of the TCV. The proposed changes are designed to 
encourage Members to increase their displayed liquidity in Tape A 
securities on the Exchange, thereby contributing to a deeper and more 
liquid market, which benefits all market participants and provides 
greater execution opportunities on the Exchange.
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    \5\ Orders yielding Fee Code ``V'' are displayed orders adding 
liquidity to BZX (Tape A).
    \6\ ``Step-Up ADAV'' means ADAV in the relevant baseline month 
subtracted from current ADAV. ADAV means average daily added volume 
calculated as the numbers of share added per day and is calculated 
on a monthly basis.
    \7\ ``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.
    \8\ ``ADV'' means average daily volume calculated as the number 
of shares added or removed, combined, per day. ADV is calculated on 
a monthly basis.
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Add/Remove Volume Tier 1
    Under footnote 1 of the Fee Schedule, the Exchange currently offers 
various Add/Remove Volume Tiers. In particular, the Exchange offers six 
displayed add volume tiers that each provide an enhanced rebate for 
Members' qualifying orders yielding fee codes B,\9\ V, or Y,\10\ where 
a Member reaches certain add volume-based criteria. Currently Tier 1 is 
as follows:
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    \9\ Orders yielding Fee Code ``B'' are displayed orders adding 
liquidity to BZX (Tape B). For order in securities priced at or 
above $1.00, orders yielding Fee Code B will receive a standard 
rebate of $0.00160 per share.
    \10\ Orders yielding Fee Code ``Y'' are displayed orders adding 
liquidity to BZX (Tape C). For order in securities priced at or 
above $1.00, orders yielding Fee Code C will receive a standard 
rebate of $0.00160 per share.
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     Tier 1 provides a rebate of $0.0020 per share to 
qualifying orders (i.e., orders yielding fee codes B, V, or Y) where 
the Member has an ADAV as a percentage of TCV equal to or greater than 
0.15%, or the Member has an ADAV equal to or greater than 15,000,000.
    The Exchange proposes to amend the criteria of Tier 1. 
Specifically, the Exchange proposes to amend Tier 1 as follows:
     Proposed Tier 1 will provide a rebate of $0.0020 per share 
to qualifying orders (i.e., orders yielding fee codes B, V, or Y) where 
the Member has an ADAV as a percentage of TCV equal to or greater than 
0.05%, or the Member has an ADAV equal to or greater than 5,000,000.
Fee Codes ZV, ZB, ZY
    Currently, fee code ZA is appended to retail orders that add 
liquidity and receive a rebate of $0.00320 per share. The Exchange 
proposes to eliminate fee code ZA and replace it with fee codes ZV, ZB 
and ZY. Particularly, the Exchange proposes to separate fee code ZA 
into three separate fee codes, each representing a different Tape for 
retail orders that add liquidity. The Exchange proposes to adopt fee 
code ZV for Tape A retail orders that add liquidity; fee code ZB for 
Tape B retail orders that add liquidity; and fee code ZY for Tape C 
retail orders that add liquidity. Retail orders appended with ZV, ZB, 
and ZY will continue to receive a rebate of $0.00320 per share. The 
Exchange notes that it currently maintains separate fee codes based on 
Tapes for other types of orders as well.\11\
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    \11\ See e.g., Cboe BZX U.S. Equities Exchange Fee Schedule, Fee 
Codes HV, HB, and HY which fee codes represent non-displayed orders 
that add liquidity to BZX for Tapes A, B, and C respectively.
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    Finally, the Exchange proposes to include orders yielding fee codes 
ZV, ZB, and ZY as part of its LMM Program. Under the Exchange's LMM 
Program, the Exchange offers daily incentives for LMMs in securities 
listed on the Exchange for which the LMM meets certain Minimum 
Performance Standards.\12\ Such daily incentives are determined based 
on the number of Cboe-listed securities for which the LMM meets such 
Minimum Performance Standards and the average auction volume across 
such securities. Generally, the more LMM Securities \13\ for which the 
LMM meets the Minimum Performance Standards and the higher the auction 
volume across those securities, the greater the total daily payment to 
the LMM. Currently, the Exchange offers four LMM Add Volume Tiers under 
footnote 14(D) of the Fee

[[Page 12429]]

Schedule, which provides an additional rebate for applicable LMM 
orders. The Exchange proposes to update applicable fee codes for LMM 
Add Volume Tiers 2, 3, and 4, to include new fee codes ZV, ZB, and ZY, 
respectively. Specifically, the Exchange proposes to: amend LMM Add 
Volume Tier 2 (which provides an enhanced rebate for adding displayed 
liquidity in Tape A securities) to apply to orders yielding fee code ZV 
(in addition to fee codes V and HV \14\); amend LMM Add Volume Tier 3 
(which provides and enhanced rebate for adding displayed liquidity in 
Tape B securities) to apply to orders yielding fee code ZB (in addition 
to fee codes B and HB \15\); and for LMM Add Volume Tier 4 (which 
provides and enhanced rebate for adding displayed liquidity in Tape C 
securities) to apply to orders yielding fee code ZY (in addition to fee 
codes Y and HY \16\).
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    \12\ As defined in Rule 11.8(e)(1)(E), the term ``Minimum 
Performance Standards'' means a set of standards applicable to an 
LMM that may be determined from time to time by the Exchange. Such 
standards will vary between LMM Securities depending on the price, 
liquidity, and volatility of the LMM Security in which the LMM is 
registered. The performance measurements will include: (A) Percent 
of time at the NBBO; (B) percent of executions better than the NBBO; 
(C) average displayed size; and (D) average quoted spread. For 
additional detail, see Original LMM Filing.
    \13\ As defined in Rule 11.8(e)(1)(D), the term ``LMM Security'' 
means a Listed Security that has an LMM. As defined in Rule 
11.8(e)(1)(B), the term ``Listed Security'' means any ETP or any 
Primary Equity Security or Closed-End Fund listed on the Exchange 
pursuant to Rule 14.8 or 14.9.
    \14\ Orders yielding Fee Code ``HV'' are non-displayed orders 
adding liquidity to BZX (Tape A).
    \15\ Orders yielding Fee Code ``HB'' are non-displayed orders 
adding liquidity to BZX (Tape B).
    \16\ Orders yielding Fee Code ``HY'' are non-displayed orders 
adding liquidity to BZX (Tape C).
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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.\17\ Specifically, the 
Exchange believes the proposed rule change is consistent with the 
Section 6(b)(5) \18\ 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) \19\ requirement that the rules of an exchange not be 
designed to permit unfair discrimination between customers, issuers, 
brokers, or dealers. Additionally, the Exchange believes the proposed 
rule change is consistent with Section 6(b)(4) of the Act,\20\ 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.
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    \17\ 15 U.S.C. 78f(b).
    \18\ 15 U.S.C. 78f(b)(5).
    \19\ Id.
    \20\ 15 U.S.C. 78f(b)(4).
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    The Exchange operates in a highly competitive market in which 
market participants can readily direct order flow to competing venues 
if they deem fee levels at a particular venue to be excessive or 
incentives to be insufficient. The proposed rule changes reflect a 
competitive pricing structure designed to incentivize market 
participants to direct their order flow to the Exchange, which the 
Exchange believes would enhance market quality to the benefit of all 
Members. The Exchange notes that relative volume-based incentives and 
discounts have been widely adopted by exchanges, including the 
Exchange, and are reasonable, equitable and non-discriminatory because 
they are open to all members on an equal basis and provide additional 
benefits or discounts that are reasonably related to (i) the value to 
an exchange's market quality and (ii) associated higher levels of 
market activity, such as higher levels of liquidity provision and/or 
growth patterns. Additionally, as noted above, the Exchange operates in 
highly competitive market. The Exchange is only one of several equity 
venues to which market participants may direct their order flow, and it 
represents a small percentage of the overall market. It is also only 
one of several maker-taker exchanges. Competing equity exchanges offer 
similar tiered pricing structures, including schedules of rebates and 
fees that apply based upon members achieving certain volume and/or 
growth thresholds, as well as assess similar fees or rebates for 
similar types of orders, to that of the Exchange. These competing 
pricing schedules, moreover, are presently comparable to those that the 
Exchange provides, including the pricing of comparable criteria and/or 
fees and rebates.
    The Exchange believes the proposed addition of the Tape A Incentive 
Tier, as well as the proposed modifications to Add/Remove Volume Tier 
1, are reasonable, fair and equitable, and not unfairly discriminatory 
because the tiers provide additional opportunities for all Members to 
meet the tier criteria and receive the corresponding enhanced rebate 
for each tier if such criteria is met. Furthermore, the Exchange 
believes that the proposed new Tape A Incentive Tier and modified Add/
Remove Volume Tier 1 are reasonable as they serve to incentivize 
Members to increase their liquidity adding, displayed volume, which 
benefit all market participants by incentivizing continuous liquidity 
and thus, deeper, more liquid markets as well as increased execution 
opportunities. The Exchange notes that it is adding a new incentive 
tier applicable to Tape A securities but not other securities because 
it already has Tape B Incentive (and Quoting) Tiers to similarly 
incentive liquidity in Tape B securities. The Exchange has no 
obligation to have incentive tiers for any securities, and the Exchange 
believes other rebate programs currently and as proposed to be offered 
for adding liquidity to Tape C securities provides sufficient incentive 
to add liquidity in those securities. Particularly, the proposed 
incentives to provide displayed liquidity are designed to incentivize 
continuous displayed liquidity, which signals other market participants 
to take the additional execution opportunities provided by such 
liquidity. This overall increase in activity deepens the Exchange's 
liquidity pool, offers additional cost savings, supports the quality of 
price discovery, promotes market transparency and improves market 
quality for all investors.
    In addition to this, the Exchange believes that the proposal 
represents an equitable allocation of rebates and is not unfairly 
discriminatory because all Members will continue to be eligible for the 
Add/Remove Volume Tier 1, as amended, as well as for the new Tape A 
Incentive Tier, and would receive the proposed rebate if such criteria 
is met. The Exchange notes the proposed criteria for Add/Remove Volume 
Tier 1 is less stringent than the current criteria, and thus will be 
easier for Members to meet.
    Without having a view of activity on other markets and off-exchange 
venues, the Exchange has no way of knowing whether these proposed 
changes would definitely result in any Members qualifying for the 
proposed Tape A Incentive Tier and modified Add/Remove Volume Tier 1. 
While the Exchange has no way of predicting with certainty how the 
proposed changes will impact Member activity, the Exchange anticipates 
six Members will be able to satisfy the criteria proposed under the new 
Tape A Incentive Tier and up to eight Members will be able to satisfy 
the modified criteria proposed under Add/Remove Volume Tier 1. The 
Exchange also notes that the proposed changes will not adversely impact 
any Member's ability to qualify for reduced fees or enhanced rebates 
offered under other tiers. Should a Member not meet the proposed new 
criteria, the Member will merely not receive that corresponding 
enhanced rebate.
    Finally, the Exchange believes the proposed amendment to eliminate 
fee

[[Page 12430]]

code ZA and replace it with new fee codes ZV, ZB and ZY is reasonable, 
as the Exchange is simply recategorizing retail orders that add 
liquidity and yield fee code ZA by distinguishing each order based on 
Tapes. The Exchange notes that it currently maintains separate fee 
codes based on Tapes for other types of orders as well.\21\ Further, 
the Exchange believe that adding the new fees code ZV, ZB and ZY to LMM 
Add Tiers 2, 3, and 4, respectively, is reasonable because such fee 
codes correspond to the criteria for each relevant LMM Add Tier. 
Specifically, LMM Add Tier 2 relates to orders adding liquidity in Tape 
A Securities, and proposed fee code ZV applies to retail orders adding 
liquidity in Tape A Securities; LMM Add Tier 3 relates to orders adding 
liquidity in Tape B Securities, and proposed fee code ZB applies to 
retail orders adding liquidity in Tape B Securities; and LMM Add Tier 4 
relates to orders adding liquidity in Tape C Securities, and proposed 
fee code ZY applies to retail orders adding liquidity in Tape C 
Securities. Finally, the Exchange believes the proposal to recategorize 
retail orders adding liquidity and adding such fee codes to LMM Add 
Tiers is also equitable and not unfairly discriminatory because it 
applies to all Members.
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    \21\ Supra note 10.
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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. Particularly, the proposed 
Tape A Incentive Tier and modified Add/Remove Volume Tier 1 do not 
impose a burden on intramarket competition that is not in furtherance 
of the Act in that each tier will be eligible to all Members equally, 
as all Members have the opportunity to submit orders in an attempt to 
satisfy the proposed criteria and receive the enhanced rebates 
associated with each tier. Furthermore, the Exchange believes that the 
criteria under proposed Tape A Incentive Tier and modified Add/Remove 
Volume Tier 1 will continue to incentivize Members to submit additional 
liquidity to the Exchange and to increase their order flow on the 
Exchange generally, thereby contributing to a deeper and more liquid 
market. A deeper and more liquid market may promote price discovery and 
market quality on the Exchange to the benefit of all market 
participants and enhance the attractiveness of the Exchange as a 
trading venue, which the Exchange believes, in turn, would continue to 
encourage market participants to direct additional order flow to the 
Exchange. Greater liquidity benefits all Members by providing more 
trading opportunities and encourages Members to send additional orders 
to the Exchange, thereby contributing to robust levels of liquidity, 
which benefits all market participants.
    The Exchange believes its proposal to eliminate fee code ZA and 
separate it into three fee codes (ZV, ZB, and ZY) will have no impact 
on competition, as it merely is a recategorization of a current fee 
code under the existing Fee Schedule. Further, the proposal to add such 
fee codes ZV, ZB, and ZY to LMM Add Tiers 2, 3, and 4, respectively, 
applies to all Members. Particularly, the proposed changes apply to all 
Members equally in that all Members continue to be eligible for the LMM 
Add Volume Tiers (and have the same opportunity to become an LMM 
Member), have a reasonable opportunity to meet the tiers' criteria and 
will all receive the corresponding additional rebates if such criteria 
are met.
    The Exchange believes the proposed Tape A Incentive Tier, modified 
Add/Remove Volume Tier 1, and fee code changes do not impose a burden 
on intermarket competition that is not necessary or appropriate in 
furtherance of the purposes of the Act. The Exchange does not believe 
that the proposed changes represent a significant departure from 
pricing currently offered by the Exchange or pricing offered by other 
equities exchanges. 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. As previously discussed, the 
Exchange operates in a highly competitive market. Members have numerous 
alternative venues that they may participate on and direct their order 
flow, including other equities exchanges, off-exchange venues, and 
alternative trading systems. Additionally, the Exchange represents a 
small percentage of the overall market. Based on publicly available 
information, no single equities exchange has more than 15% of the 
market share.\22\ Therefore, no exchange possesses significant pricing 
power in the execution of order flow. Indeed, participants can readily 
choose to send their orders to other exchange and off-exchange venues 
if they deem fee levels at those other venues to be more favorable. 
Moreover, the Commission has repeatedly expressed its preference for 
competition over regulatory intervention in determining prices, 
products, and services in the securities markets. Specifically, in 
Regulation NMS, the Commission highlighted the importance of market 
forces in determining prices and SRO revenues and, also, recognized 
that current regulation of the market system ``has been remarkably 
successful in promoting market competition in its broader forms that 
are most important to investors and listed companies.'' \23\ The fact 
that this market is competitive has also long been recognized by the 
courts. In NetCoalition v. Securities and Exchange Commission, the D.C. 
Circuit stated as follows: ``[n]o one disputes that competition for 
order flow is `fierce.'. . . As the SEC explained, `[i]n the U.S. 
national market system, buyers and sellers of securities, and the 
broker-dealers that act as their order-routing agents, have a wide 
range of choices of where to route orders for execution'; [and] `no 
exchange can afford to take its market share percentages for granted' 
because `no exchange possesses a monopoly, regulatory or otherwise, in 
the execution of order flow from broker dealers'. . .''.\24\
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    \22\ Supra note 3.
    \23\ See Securities Exchange Act Release No. 51808 (June 9, 
2005), 70 FR 37496, 37499 (June 29, 2005).
    \24\ NetCoalition v. SEC, 615 F.3d 525, 539 (D.C. Cir. 2010) 
(quoting Securities Exchange Act Release No. 59039 (December 2, 
2008), 73 FR 74770, 74782-83 (December 9, 2008) (SR-NYSEArca-2006-
21)).
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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 neither solicited nor received comments on the 
proposed rule change.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    The foregoing rule change has become effective pursuant to Section 
19(b)(3)(A) of the Act \25\ and paragraph (f) of Rule 19b-4 \26\ 
thereunder. At any time within 60 days of the filing of the proposed 
rule change, the Commission summarily may temporarily suspend such rule 
change if it appears to the Commission that such action is necessary or 
appropriate in the public interest, for the protection of investors, or 
otherwise in furtherance of the purposes of the Act. If the Commission 
takes such action, the Commission will institute proceedings to 
determine whether the proposed rule

[[Page 12431]]

change should be approved or disapproved.
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    \25\ 15 U.S.C. 78s(b)(3)(A).
    \26\ 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-CboeBZX-2023-011 on the subject line.

Paper Comments

     Send paper comments in triplicate to Secretary, Securities 
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.

All submissions should refer to File Number SR-CboeBZX-2023-011. 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 a.m. and 3 
p.m. Copies of such filing also will be available for inspection and 
copying at the principal office of the Exchange.
    All comments received will be posted without change. Persons 
submitting comments are cautioned that we do not redact or edit 
personal identifying information from comment submissions. You should 
submit only information that you wish to make available publicly. All 
submissions should refer to File Number SR-CboeBZX-2023-011 and should 
be submitted on or before March 20, 2023.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\27\
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    \27\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-03907 Filed 2-24-23; 8:45 am]
BILLING CODE 8011-01-P