[Federal Register Volume 88, Number 95 (Wednesday, May 17, 2023)]
[Notices]
[Pages 31539-31543]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-10465]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-97480; File No. SR-CboeBZX-2023-030]


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

May 11, 2023.
    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 April 28, 2023, Cboe BZX Exchange, Inc. (``Exchange'' or ``BZX'') 
filed with the Securities and Exchange Commission (``Commission'') the 
proposed rule change as described in Items I, II, and III below, which 
Items have been prepared by the Exchange. The 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 Options'') 
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.

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 Fee Schedule to modify its 
market data fees for BZX Options Top.\3\ Particularly, the Exchange 
proposes to modify the Professional and Non-Professional User Fees, 
modify the Enterprise Fee for BXZ Options Top and make other 
clarifying, non-substantive changes.\4\
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    \3\ BZX Options Top is an uncompressed data feed that offers top 
of book quotations and execution information based on options orders 
entered into the System. Uncompressed data is disseminated ``as is'' 
in the native format by the Exchange, with no compression.
    \4\ The Exchange initially filed the proposed fee changes on 
January 3, 2023 (SR-CboeBZX-2023-001). On March 1, 2023, the 
Exchange withdrew that filing and submitted SR-CboeBZX-2023-016, 
which was filed on February 28, 2023. On April 28, 2023, the 
Exchange withdrew that filing and submitted this filing.
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    The Exchange first proposes to reduce the rates for Professional 
and Non-Professional User fees for BZX Options Top. The Exchange 
currently charges Internal Distributors and External Distributors that 
redistribute any of the BZX Options Data Feeds different fees for their 
Professional Users \5\ and Non-Professional Users.\6\ The Exchange

[[Page 31540]]

currently assesses a monthly fee for Professional Users of $30.00 per 
User and a monthly fee of $1.00 per Non-Professional User.\7\ One User 
fee allows access to the BZX Options Top Feed and the BZX Options Depth 
Feed.\8\ The Exchange proposes to reduce the rates for the User fees 
for BZX Options Top. Particularly, the Exchange proposes to reduce the 
monthly (i) Professional User fee from $30 per user to $5 per user and 
(ii) Non-Professional User fee from $1.00 per user to $0.10 per user. 
The Exchange also proposes to start charging separate User fees for BZX 
Options Top and BZX Options Depth Feed. The Exchange therefore proposes 
to eliminate the language under the BZX Options Top table and BZX 
Options Depth Feed table that states one User fee allows access to the 
BZX Options Top Feed and the BZX Options Depth Feed.\9\
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    \5\ A Professional User of an Exchange Market Data product is 
any User other than a Non-Professional User.
    \6\ A ``Non-Professional User'' of an Exchange Market Data 
product is a natural person or qualifying trust that uses Data only 
for personal purposes and not for any commercial purpose and, for a 
natural person who works in the United States, is not: (i) 
registered or qualified in any capacity with the Securities and 
Exchange Commission, the Commodities Futures Trading Commission, any 
state securities agency, any securities exchange or association, or 
any commodities or futures contract market or association; (ii) 
engaged as an ``investment adviser'' as that term is defined in 
section 202(a)(11) of the Investment Advisors Act of 1940 (whether 
or not registered or qualified under that Act); or (iii) employed by 
a bank or other organization exempt from registration under federal 
or state securities laws to perform functions that would require 
registration or qualification if such functions were performed for 
an organization not so exempt; or, for a natural person who works 
outside of the United States, does not perform the same functions as 
would disqualify such person as a Non-Professional User if he or she 
worked in the United States.
    \7\ Distributors that receive BZX Options Data are required to 
count every Professional User and Non-Professional User to which 
they provide the data feed(s).
    \8\ BZX Options Depth is an uncompressed data feed that offers 
depth of book quotations and execution information based on options 
orders entered into the System.
    \9\ The Exchange is not proposing any changes to the current 
User Fee amounts for BZX Options Depth Feed at this time.
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    The Exchange next proposes to increase the current monthly 
Enterprise Fee. The Enterprise Fee permits a recipient firm (i.e., a 
Distributor) to purchase a monthly (and optional) Enterprise license to 
receive the BZX Options Top Feed for distribution to an unlimited 
number of Professional and Non-Professional Users.\10\ The Enterprise 
Fee is an alternative to Professional and Non-Professional User fees. 
Like User fees, it is also assessed in addition to the Distribution 
Fee.\11\ Currently, the Exchange assesses an Enterprise Fee of $3,500 
per month for BZX Options Top Feed.\12\ The Exchange proposes to 
increase the Enterprise Fee to $20,000 per month. For example, if a 
Distributor distributes BZX Options Top to 15,000 Professional Users 
who each receive BZX Options Top at $5.00 per month (as proposed), then 
that Distributor will pay $75,000 per month in Professional Users fees. 
Under the proposed Enterprise Fee, it will pay a flat fee of $20,000 
for an unlimited number of Professional and Non-Professional Users. A 
Distributor must pay a separate Enterprise Fee for each entity that 
controls the display of BZX Options Top if it wishes for such User to 
be covered by the Enterprise Fee rather than by per User fees.\13\ A 
Distributor that pays the Enterprise Fee will not have to report its 
number of such Users on a monthly basis. However, every six months, it 
must provide the Exchange with a count of the total number of 
Professional and Non-Professional Users of BZX Options Top.\14\
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    \10\ The Exchange proposes to amend the description relating to 
the Enterprise Fees under the BZX Options Top and Depth fee tables 
to clarify that Distributors are the market participant that would 
be purchasing the monthly Enterprise license for purposes of 
distribution to Professional and Non-Professional Users.
    \11\ The Exchange also proposes to clarify in the descriptions 
relating to the Enterprise Fees that (i) it is an alternative to 
``Professional and Non-Professional'' User fees and (ii) is in 
addition to the Distribution Fee, to make clear what fees apply.
    \12\ The Exchange also offers a separate Enterprise license for 
the BZX Options Depth Feed, also priced at $3,500 per month. If a 
Distributor wishes to purchase an Enterprise license for each of BZX 
Options Top Feed and BZX Options Depth Feed, it would be subject to 
a total of $7,000 per month ($3,500 for each Enterprise license). To 
date, no market participant has purchased an Enterprise license for 
either feed.
    \13\ For example, if a Distributor (e.g., Refinitiv) that 
distributes BZX Options Top to Retail Brokerage Firm A and Retail 
Brokerage Firm B (which ``entities'' redistribute BZX Options Top to 
its respective Users) and wishes to have the Users under each entity 
covered by an Enterprise license, the Distributor would be subject 
to two Enterprise Fees.
    \14\ See Cboe Global Markets north American Data Policies.
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    The Exchange lastly proposes to make clarifying, non-substantive 
changes. First, the Exchange proposes to add references to ``Depth'' in 
the description of the Distribution Fees and Enterprise Fee under the 
BZX Options Depth Feed table to clarify which data feed such fees 
currently applies to, thereby alleviating potential confusion. The 
Exchange also proposes to replace references to ``Recipient firm'' with 
``Distributors'' to more accurately reflect the type of market 
participants the fees are applicable to, thereby alleviating potential 
confusion. The Exchange lastly proposes to add a reference to 
``Professional and Non-Professional'' Users in the description of the 
BZX Options Depth Enterprise Fee.
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.\15\ Specifically, the 
Exchange believes the proposed rule change is consistent with the 
section 6(b)(5) \16\ 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) requirement that the rules of an exchange not be 
designed to permit unfair discrimination between customers, issuers, 
brokers, or dealers. The Exchange also believes this proposal is 
consistent with section 6(b)(8) of the Act, which requires that the 
rules of an exchange not impose any burden on competition that is not 
necessary or appropriate in furtherance of the purposes of the Act.\17\ 
In addition, the Exchange believes that the proposed rule change is 
consistent with section 11(A) of the Act as it supports (i) fair 
competition among brokers and dealers, among exchange markets, and 
between exchange markets and markets other than exchange markets, and 
(ii) the availability to brokers, dealers, and investors of information 
with respect to quotations for and transactions in securities.\18\ The 
Exchange also believes the proposed rule change is consistent with 
section 6(b)(4) of the Act,\19\ 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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    \15\ 15 U.S.C. 78f(b).
    \16\ 15 U.S.C. 78f(b)(5).
    \17\ 15 U.S.C. 78f(b)(8).
    \18\ 15 U.S.C. 78k-1.
    \19\ 15 U.S.C. 78f(b)(4).
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    The Exchange first notes that it operates in a highly competitive 
environment. Indeed, there are currently 16 registered options 
exchanges that trade options. Based on publicly available information, 
no single options exchange has more than 18% of the market share.\20\ 
The Exchange believes top-of-book quotation and transaction data is 
highly competitive as national securities exchanges compete vigorously

[[Page 31541]]

with each other to provide efficient, reliable, and low-cost data to a 
wide range of investors and market participants. Indeed, there are 
several competing products offered by other national securities 
exchanges today, not counting products offered by the Exchange's 
affiliates, and each of the Exchange's affiliated U.S. options 
exchanges also offers similar top-of-book data.\21\ Each of those 
exchanges offer top-of-book quotation and last sale information based 
on their own quotation and trading activity that is substantially 
similar to the information provided by the Exchange through the BZX 
Options Top Feed. Further, the quote and last sale data contained in 
the BZX Options Top Feed is identical to the data sent to OPRA for 
redistribution to the public.\22\ Accordingly, Exchange top-of-book 
data is widely available today from a number of different sources.
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    \20\ See Cboe Global Markets U.S. Options Market Month-to-Date 
Volume Summary (April 24, 2023), available at https://markets.cboe.com/us/options/market_statistics/.
    \21\ See e.g., NYSE Arca Options Proprietary Market Data Fees 
Schedule, MIAX Options Exchange, Fee Schedule, Section 6 (Market 
Data Fees), Nasdaq PHLX Options 7 Pricing Schedule, Section 10 
(Proprietary Data Feed Fees) and Cboe Data Services, LLC Fees 
Schedule.
    \22\ The Exchange notes that it makes available the top-of-book 
and last sale data that is included in the BZX Options Top Data Feed 
no earlier than the time at which the Exchange sends that data to 
OPRA.
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    Moreover, the BZX Options Top is distributed and purchased on a 
voluntary basis, in that neither the Exchange nor market data 
distributors are required by any rule or regulation to make this data 
available. Accordingly, Distributors and Users can discontinue use at 
any time and for any reason, including due to an assessment of the 
reasonableness of fees charged. As described above, market participants 
have a wide variety of alternative market data products from which to 
choose, such as similar proprietary data products offered by other 
exchanges and consolidated data. Further, the Exchange is not required 
to make any proprietary data products available or to offer any 
specific pricing alternatives to any customers. Moreover, persons 
(including broker-dealers) who subscribe to any exchange proprietary 
data feed must also have equivalent access to consolidated Options 
Information \23\ from OPRA for the same classes or series of options 
that are included in the proprietary data feed, and proprietary data 
feeds cannot be used to meet that particular requirement.\24\ As such, 
all proprietary data feeds are purely optional and only those that deem 
the product to be of sufficient overall value and usefulness would 
purchase it.
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    \23\ ``Consolidated Options Information'' means consolidated 
Last Sale Reports combined with either consolidated Quotation 
Information or the BBO furnished by OPRA. Access to consolidated 
Options Information is deemed ``equivalent'' if both kinds of 
information are equally accessible on the same terminal or work 
station. See Limited Liability Company Agreement of Options Price 
Reporting Authority, LLC (``OPRA Plan''), Section 5.2(c)(iii). The 
Exchange notes that this requirement under the OPRA Plan is also 
reiterated under the Cboe Global Markets Global Data Agreement and 
Cboe Global Markets North American Data Policies, which subscribers 
to any exchange proprietary product must sign and are subject to, 
respectively. Additionally, the Exchange's Data Order Form (used for 
requesting the Exchange's market data products) requires 
confirmation that the requesting market participant receives data 
from OPRA.
    \24\ Id.
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    The Commission has repeatedly expressed its preference for 
competition over regulatory intervention in determining prices, 
products, and services in the securities markets. Particularly, 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.'' \25\ Making 
similar data products available to market participants fosters 
competition in the marketplace, and constrains the ability of exchanges 
to charge supracompetitive fees. In the event that a market participant 
views one exchange's data product as more or less attractive than the 
competition they can and do switch between similar products. The 
proposed fees are a result of the competitive environment, as the 
Exchange seeks to adopt fees to attract purchasers who may be 
interested in purchasing only the BZX Options Top Data Feed.
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    \25\ See Securities Exchange Act Release No. 51808 (June 9, 
2005), 70 FR 37496, 37499 (June 29, 2005) (``Regulation NMS Adopting 
Release'').
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    The Exchange believes the proposed changes to reduce the rates of 
the current Professional and Non-Professional User fees for BZX Options 
Top Data are reasonable as Distributors will be subject to lower User 
fees for the BZX Options Top Feed. Distributors who only wish to 
distribute BZX Options Top Feed will therefore be subject to lower User 
fees. Additionally, the User fees continue to be in line with and/or 
lower than User fees assessed by other exchanges for similar data.\26\
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    \26\ See e.g., Nasdaq PHLX Options 7 Pricing Schedule, Section 
10 (Proprietary Data Feed Fees), which provides for a fee of $40 per 
month to professional users and $1.00 per month to non-professional 
users to cover the usage of PHLX Options (TOPO) Data, TOPO Plus 
Orders, PHLX Orders and PHLX Depth Data feeds. See also NYSE 
American Options Proprietary Market Data Fees schedule, which 
provides for a fee of $50 per month to professional users and $1.00 
per month to non-professional users of American Options Top Data, 
American Options Deep and American Options Complex products. By 
comparison, the total combined Professional User fee for the 
Exchange's market data products is still lower at $35 per 
Professional User (i.e., $5 per Professional Users of BZX Options 
Top, as proposed, and $30 per Professional User of BZX Options 
Depth). The Exchange's combined Non-Professional User Fee at $1.10 
per Non-Professional User (i.e., $0.10 per Non-Professional User of 
BZX Options Top, as proposed, and $1 per Non-Professional User of 
BZX Options Depth) is still in line with, and not a significant 
departure from, PHLX's and NYSE American's aforementioned Non-
Professional User fees.
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    The Exchange believes that the proposed fees are equitable and not 
unfairly discriminatory because they will be charged uniformly to 
Distributors who distribute BZX Options Top. The Exchange also believes 
continuing to offer BZX Options Top Data to Non-Professional Users at a 
lower cost than Professional Users results in greater equity among data 
recipients, as Professional Users are categorized as such based on 
their employment and participation in financial markets, and thus, are 
compensated to participate in the markets. Although Non-Professional 
Users too can receive significant financial benefits through their 
participation in the markets, the Exchange believes it is reasonable to 
charge more to those Users who are more directly engaged in the 
markets. The Exchange believes assessing lower User fees for BZX 
Options Top as compared to BZX Options Depth is also equitably and not 
unfairly discriminatory. Particularly, the BZX Options Top Feed 
contains less information than BZX Options Depth (indeed, the 
information contained in BZX Options Top is a subset of the information 
that is included in BZX Options Depth). The Exchange believes it is 
equitable to have pricing based, in part, upon the amount of 
information contained in each data feed and the value of that 
information to market participants. Thus, the Exchange believes it's 
reasonable for BZX Options Top to have lower User fees than BZX Options 
Depth because it offers less data than BZX Options Depth.
    The Exchange next notes it is not required to charge a single User 
fee to cover all its available data products, but none-the-less has not 
charged separate User Fees for both BZX Options Top and BZX Options 
Depth since BZX Options Top was adopted in March 2018.\27\ However, the 
Exchange no longer wishes to continue to have a single fee. The 
Exchange believes the

[[Page 31542]]

proposed change is reasonable, equitable and not unfairly 
discriminatory as the Top and Book Depth Data Feeds are purely 
optional. As stated above, the Exchange also believes charging separate 
User fees is equitable as it allows the Exchange to assess prices based 
on the amount of information contained in each feed, which can provide 
an opportunity to assess lower fees for products that contain less 
information. Particularly, the proposed rule change reduces fees for 
market participants who only want top-of-book and execution data and do 
not need depth-of-book data. Those who wish to receive more 
comprehensive depth-of-book information may still continue to do so at 
the current (and higher) price. Additionally, as noted above, the data 
contained in the BZX Options Top Feed is a subset of the data included 
in the BZX Options Depth Feed. As such, a User that receives BZX 
Options Depth Feed would not need to also receive the BZX Options Top 
Feed since the BZX Options Depth Feed is already inclusive of the data 
contained in the BZX Options Top Feed. Moreover, only those 
Distributors that deem the products to be of sufficient overall value 
and usefulness would purchase either or both of them for purposes of 
distribution to Users. Distributors are not required to distribute, and 
Users are not required to receive, any one particular data product and 
indeed may choose to receive none, one, or several of the Exchange's 
market data products. Additionally, the Exchange is not required to 
provide any fee waiver to Distributors of BZX Options Top, including 
for User Fees. In fact, another exchange similarly adopted separate 
fees for different data products that historically had otherwise been 
provided under a single fee.\28\ The Exchange believes the proposed 
change is equitable and not unfairly discriminatory as it will apply 
uniformly to Distributors.
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    \27\ See Securities Exchange Act Release No. 82874 (March 14, 
2018), 83 FR 12210 (March 20, 2018) (SR-CboeBZX-2018-017).
    \28\ See Securities Exchange Act Release No. 79556 (December 14, 
2016), 81 FR 92935 (December 20, 2016) (SR-NASDAQ-2016-167).
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    The proposed increased Enterprise Fee for BZX Options Top Feed is 
equitable and reasonable as the proposed fee could still result in a 
fee reduction for Distributors with a large number of Professional and 
Non-Professional Users. If a Distributor has a smaller number of 
Professional Users of BZX Options Top, then it may continue using the 
per User structure and benefit from the proposed per BZX Options Top 
User Fee reductions. By reducing prices Distributors with a large 
number of Professional and Non-Professional Users, the Exchange 
believes that more firms may choose to receive and to distribute BZX 
Options Top Data, thereby expanding the distribution of this market 
data for the benefit of investors. The Exchange notes that currently no 
Distributors have purchased an Enterprise license. The Exchange 
believes however, that the proposed lower User fees for BZX Options Top 
may incentivize additional External Distributors to distribute BZX 
Options Top an enlist additional Users. As a Distributor's User base 
grows, it may make sense for a Distributor to purchase the alternative 
Enterprise license to cap its fees. In connection with this potential 
increase in Users, the Exchange believes it is therefore also 
reasonable to increase the current amount of the Enterprise Fee. That 
said, the Enterprise Fee is entirely optional. A firm that does not 
have a sufficient number of Users to benefit from the purchase of the 
Enterprise license need not do so.
    The Exchange further believes that the Enterprise Fee, even as 
amended, is reasonable because it simplifies reporting for certain 
Distributors that have large numbers of Professional and Non-
Professional Users. Firms that pay the proposed Enterprise Fee do have 
to report the number of Users on a monthly basis as they currently do, 
but rather only have to count authorized users every six months, which 
is a significant reduction in administrative burden.
    The Exchange lastly believes the proposed non-substantive 
clarifying changes will alleviate potential confusion, thereby removing 
impediments to and perfecting the mechanism of a free and open market 
and a national market system, and, in general, protecting investors and 
the public interest.

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

    The Exchange does not believe that the proposed rule change would 
result in any burden on competition that is not necessary or 
appropriate in furtherance of the purposes of the Act. The Exchange 
operates in a highly competitive environment, and its ability to price 
top-of-book data is constrained by competition among exchanges that 
offer similar data products to their customers. For example, Top-of-
book data is broadly disseminated by competing U.S. options exchanges. 
In this competitive environment potential Distributors are free to 
choose which competing product to purchase to satisfy their need for 
market information. Often, the choice comes down to price, as market 
data customers look to purchase cheaper data products, and quality, as 
market participants seek to purchase data that represents significant 
market liquidity.
    The Exchange believes that the proposed fees do not put any market 
participants at a relative disadvantage compared to other market 
participants. As discussed, the proposed fees would apply to all 
similarly situated Distributors of BZX Options Top on an equal and non-
discriminatory basis. The Exchange believes the differentiated fees for 
Professional and Non-Professional Users of BZX Options Top is 
appropriate given Professional Users are categorized as such based on 
their employment and participation in financial markets, and thus, are 
compensated to participate in the markets. Non-Professional Users too 
can receive significant financial benefits through their participation 
in the markets, however the Exchange believes it is reasonable to 
charge more for those Users who are more directly engaged in the 
markets. The Exchange therefore believes that the proposed fee neither 
favors nor penalizes one or more categories of market participants in a 
manner that would impose an undue burden on competition.
    The Exchange believes that the proposed fees do not impose a burden 
on competition or on other SROs that is not necessary or appropriate in 
furtherance of the purposes of the Act. In particular, market 
participants are not forced to subscribe to BZX Options Top, or any of 
the Exchange's data feeds, as described above. Also as described above, 
there are numerous substitute products offered by other national 
securities exchanges, as well as OPRA. Because market data customers 
can find suitable substitute feeds, an exchange that overprices its 
market data products stands a high risk that users may substitute 
another product. These competitive pressures ensure that no one 
exchange's market data fees can impose an undue burden on competition, 
and the Exchange's proposed fees do not do so here.

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)

[[Page 31543]]

of the Act \29\ and paragraph (f) of Rule 19b-4 \30\ 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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    \29\ 15 U.S.C. 78s(b)(3)(A).
    \30\ 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-2023-030 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-CboeBZX-2023-030. 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. Do not include 
personal identifiable information in submissions; you should submit 
only information that you wish to make available publicly. We may 
redact in part or withhold entirely from publication submitted material 
that is obscene or subject to copyright protection. All submissions 
should refer to File Number SR-CboeBZX-2023-030 and should be submitted 
on or before June 7, 2023.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\31\
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    \31\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-10465 Filed 5-16-23; 8:45 am]
BILLING CODE 8011-01-P