[Federal Register Volume 89, Number 8 (Thursday, January 11, 2024)]
[Notices]
[Pages 1966-1970]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-00385]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-99280; File No. SR-CboeEDGX-2024-002]


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

January 5, 2024.
    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 January 2, 2024, Cboe EDGX Exchange, Inc. (``Exchange'' or ``EDGX'') 
filed with the Securities and Exchange Commission (``Commission'') the 
proposed rule change as described in Items I, II, and III below, which 
Items have been prepared by the Exchange. The Commission is publishing 
this notice to solicit comments on the proposed rule change from 
interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    Cboe EDGX Exchange, Inc. (the ``Exchange'' or ``EDGX'') 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/options/regulation/rule_filings/edgx/), at the Exchange's Office of the Secretary, and at 
the Commission's Public Reference Room.

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, the Exchange included statements 
concerning the purpose of and basis for the proposed rule change and 
discussed any comments it received on the proposed rule change. The 
text of these statements may be examined at the

[[Page 1967]]

places specified in Item IV below. The Exchange has prepared summaries, 
set forth in sections A, B, and C below, of the most significant 
aspects of such statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to amend its Fee Schedule applicable to its 
equities trading platform (``EDGX Equities'') as follows: (1) by 
modifying the standard rate associated with certain fee codes; (2) by 
discontinuing Remove Volume Tier 1; and (3) by modifying Remove Volume 
Tier 3. The Exchange proposes to implement these changes effective 
January 2, 2024.
    The Exchange first notes that it 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. 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 
Securities Exchange Act of 1934 (the ``Act''), to which market 
participants may direct their order flow. Based on publicly available 
information,\3\ no single registered equities exchange has more than 
13% 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. Currently, for orders in securities priced at 
or above $1.00, the Exchange provides a standard rebate of $0.00160 per 
share for orders that add liquidity and assesses a fee of $0.0030 per 
share for orders that remove liquidity.\4\ For orders in securities 
priced below $1.00, the Exchange provides a standard rebate of $0.00009 
per share for orders that add liquidity and assesses a fee of 0.30% of 
the total dollar value for orders that remove liquidity.\5\ 
Additionally, in response to the competitive environment, the Exchange 
also offers tiered pricing which provides Members opportunities to 
qualify for higher rebates or reduced fees where certain volume 
criteria and thresholds are met. Tiered pricing provides an incremental 
incentive for Members to strive for higher tier levels, which provides 
increasingly higher benefits or discounts for satisfying increasingly 
more stringent criteria.
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    \3\ See Cboe Global Markets, U.S. Equities Market Volume 
Summary, Month-to-Date (December 20, 2023), available at https://www.cboe.com/us/equities/market_statistics/.
    \4\ See EDGX Equities Fee Schedule, Standard Rates.
    \5\ Id.
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Standard Rates
    Currently, the Exchange offers standard rates to add liquidity for 
orders appended with fee codes 3,\6\ 4,\7\ B,\8\ V,\9\ and Y.\10\ The 
Exchange now proposes to revise the standard rebate associated with 
securities priced below $1.00 from $0.00009 per share to $0.00003 per 
share for orders appended with fee codes 3, 4, B, V, or Y. The purpose 
of reducing the standard rebate associated with securities priced below 
$1.00 is for business and competitive reasons, as the Exchange believes 
that reducing such rebate as proposed would decrease the Exchange's 
expenditures with respect to transaction pricing in a manner that is 
still consistent with the Exchange's overall pricing philosophy of 
encouraging added liquidity. The Exchange notes that despite the 
decrease in the standard rebate associated with securities priced below 
$1.00, the standard rebate remains competitive and continues to be more 
favorable for Members than the standard rate provided by competing 
exchanges.\11\
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    \6\ Fee code 3 is appended to orders adding liquidity to EDGX in 
the pre and post market in Tapes A or C securities.
    \7\ Fee code 4 is appended to orders adding liquidity to EDGX in 
the pre and post market in Tape B securities.
    \8\ Fee code B is appended to orders adding liquidity to EDGX in 
Tape B securities.
    \9\ Fee code V is appended to orders adding liquidity to EDGX in 
Tape A securities.
    \10\ Fee code Y is appended to orders adding liquidity to EDGX 
in Tape C securities.
    \11\ See, e.g., NYSE Arca Fee Equities Fees and Charges; 
Standard Rates, available at https://www.nyse.com/publicdocs/nyse/markets/nyse-arca/NYSE_Arca_Marketplace_Fees.pdf; see also Nasdaq 
Price List; Add and Remove Rates; Rebates and Fees, Shares Executed 
Below $1.00, available at https://www.nasdaqtrader.com/Trader.aspx?id=PriceListTrading2. NYSE Arca provides a rebate to add 
liquidity equal to 0.0% of Dollar Value for securities priced below 
$1.00 and Nasdaq provides rebates of $0.00 to add liquidity in 
securities priced below $1.00.
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Remove Volume Tiers
    Under footnote 1 of the Fee Schedule, the Exchange currently offers 
various Add/Remove Volume Tiers. In particular, the Exchange offers 
three Remove Volume Tiers that each assess a reduced fee for Members' 
qualifying orders yielding fee codes BB,\12\ N,\13\ and W \14\ where a 
Member reaches certain add volume-based criteria. The Exchange now 
proposes to discontinue Remove Volume Tier 1 as the Exchange no longer 
wishes to, nor is required to, maintain such tier. More specifically, 
the proposed change removes this tier as the Exchange would rather 
redirect future resources and funding into other programs and tiers 
intended to incentivize increased order flow. In conjunction with 
discontinuing Remove Volume Tier 1, the Exchange proposes to renumber 
Remove Volume Tiers 2 and 3 as Remove Volume Tiers 1 and 2, 
respectively, following the deletion of current Remove Volume Tier 1.
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    \12\ Fee code BB is appended to orders that remove liquidity 
from EDGX in Tape B securities.
    \13\ Fee code N is appended to orders that remove liquidity from 
EDGX in Tape C securities.
    \14\ Fee code W is appended to orders that remove liquidity from 
EDGX in Tape A securities.
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    In addition to the proposed deletion of Remove Tier 1, the Exchange 
proposes to amend the criteria of proposed Remove Volume Tier 2 
(current Remove Volume Tier 3). Currently, the criteria for proposed 
Remove Volume Tier 2 is as follows:
     Proposed Remove Volume Tier 2 (current Remove Volume Tier 
3) provides a reduced fee of $0.00275 per share for securities priced 
at or above $1.00 to qualifying orders (i.e., orders yielding fee codes 
BB, N, or W) and a reduced fee of 0.28% of total dollar value for 
securities priced below $1.00 where: (1) Member has an ADAV \15\ 
>=0.30% of the TCV; \16\ and (2) Member has a total remove ADV \17\ 
>=0.40% of the TCV; or Member has a total remove ADV >=40,000,000; and 
(3) Member adds Retail Pre Market Order ADV (i.e., yielding fee code 
ZO) >=3,000,000.
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    \15\ ADAV means average daily added volume calculated as the 
number of shares added per day, calculated on a monthly basis.
    \16\ 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.
    \17\ ADV means average daily volume calculated as the number of 
shares added to, removed from, or routed by, the Exchange, or any 
combination or subset thereof, per day. ADV is calculated on a 
monthly basis.
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    Now, the Exchange proposes to amend the second prong of criteria in 
proposed Remove Volume Tier 2 by removing the total remove ADV share 
requirement. The proposed criteria is as follows:
     Proposed Remove Volume Tier 2 provides a reduced fee of 
$0.00275 per

[[Page 1968]]

share for securities priced at or above $1.00 to qualifying orders 
(i.e., orders yielding fee codes BB, N, or W) and a reduced fee of 
0.28% of total dollar value for securities priced below $1.00 where: 
(1) Member has an ADAV >=0.30% of the TCV; and (2) Member has a total 
remove ADV >=040% of the TCV; and (3) Member adds Retail Pre Market 
Order ADV (i.e., yielding fee code ZO) >=3,000,000.
    The proposed amendment to proposed Remove Volume Tier 2 is intended 
to slightly increase the difficulty of achieving an existing 
opportunity to earn an enhanced rebate by providing a single 
alternative for Members to increase their order flow to the Exchange. 
Submitting increased order flow to the Exchange will further contribute 
to a deeper, more liquid market and provide even more execution 
opportunities for active market participants. Incentivizing an increase 
in liquidity adding volume, through enhanced rebate opportunities, 
encourages liquidity adding Members on the Exchange to contribute to a 
deeper, more liquid market, and liquidity executing Members on the 
Exchange to increase transactions and take execution opportunities 
provided by such increased liquidity, together providing for overall 
enhanced price discovery and price improvement opportunities on the 
Exchange. As such, increased overall order flow benefits all Members by 
contributing towards a robust and well-balanced market ecosystem.
2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with 
the Act and the rules and regulations thereunder applicable to the 
Exchange and, in particular, the requirements of Section 6(b) of the 
Act.\18\ Specifically, the Exchange believes the proposed rule change 
is consistent with the Section 6(b)(5) \19\ 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) \20\ requirement that the rules of 
an exchange not be designed to permit unfair discrimination between 
customers, issuers, brokers, or dealers as well as Section 6(b)(4) \21\ 
as it is designed to 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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    \18\ 15 U.S.C. 78f(b).
    \19\ 15 U.S.C. 78f(b)(5).
    \20\ Id.
    \21\ 15 U.S.C. 78f(b)(4).
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    As described above, 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 Exchange believes that 
its proposal to: (1) modify the standard rebates associated with 
securities priced below $1.00 and (2) modify proposed Retail Volume 
Tier 2 reflects 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.
    Specifically, the Exchange's proposed criteria for proposed Remove 
Volume Tier 2 is not a significant departure from existing criteria, 
continues to be reasonably correlated to the enhanced rebate offered by 
the Exchange and other competing exchanges,\22\ and will continue to 
incentivize Members to submit order flow to the Exchange. Additionally, 
the Exchange notes that relative volume-based incentives and discounts 
have been widely adopted by exchanges,\23\ including the Exchange,\24\ 
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. 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.
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    \22\ See, e.g., MIAX Pearl Equities Exchange Fee Schedule, 
Remove Volume Tier, available at https://www.miaxglobal.com/sites/default/files/fee_schedule-files/MIAX_Pearl_Equities_Fee_Schedule_12012023.pdf; and MEMX Equities Fee 
Schedule, Liquidity Removal Tier, available at https://info.memxtrading.com/equities-trading-resources/us-equities-fee-schedule/.
    \23\ See, e.g., BZX Equities Fee Schedule, Footnote 1, Add/
Remove Volume Tiers.
    \24\ See, e.g., EDGX Equities Fee Schedule, Footnote 1, Add/
Remove Volume Tiers.
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    In particular, the Exchange believes its proposal to modify 
proposed Retail Volume Tier 2 is reasonable because the revised tier 
will be available to all Members and provide all Members with an 
opportunity to receive an enhanced rebate. The Exchange further 
believes the proposed modification to proposed Remove Volume Tier 2 
will provide a reasonable means to encourage liquidity adding displayed 
orders in Members' order flow to the Exchange and to incentivize 
Members to continue to provide liquidity adding volume to the Exchange 
by offering them an opportunity to receive an enhanced rebate on 
qualifying orders. While the proposed criteria in proposed Remove 
Volume Tier 2 is slightly more difficult than the current criteria 
found in that tier, the proposed criteria is not a significant 
departure from existing criteria, is reasonably correlated to the 
enhanced rebate offered by the Exchange, and will continue to 
incentivize Members to submit order flow to the Exchange. An overall 
increase in activity would deepen the Exchange's liquidity pool, offers 
additional cost savings, support the quality of price discovery, 
promote market transparency and improve market quality, for all 
investors.
    Further, the Exchange believes that its proposal to modify the 
standard rebate associated with securities priced below $1.00 is 
reasonable, equitable, and consistent with the Act because such change 
is designed to decrease the Exchange's expenditures with respect to 
transaction pricing in order to offset some of the costs associated 
with the Exchange's current pricing structure, which provides various 
rebates for liquidity-adding orders, and the Exchange's operations 
generally, in a manner that is consistent with the Exchange's overall 
pricing philosophy of encouraging added liquidity. The proposed 
decreased standard rebate of $0.00003 per share is reasonable and 
appropriate because it remains competitive with the standard rebate 
offered by other exchanges.\25\ The Exchange further believes that the 
proposed decrease to the standard rebate associated with securities 
priced below $1.00 is not unfairly discriminatory because it applies to 
all Members equally, in that all Members will received the lower 
standard rebate upon submitting orders appended with fee codes B, V, Y, 
3, or 4.
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    \25\ Supra note 11.
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    The Exchange believes that its proposal to eliminate current Remove

[[Page 1969]]

Volume Tier 1 is reasonable because the Exchange is not required to 
maintain this tier nor is it required to provide Members an opportunity 
to receive enhanced rebates. The Exchange believes its proposal to 
eliminate this tier is also equitable and not unfairly discriminatory 
because it applies to all Members (i.e., the tier will not be available 
for any Member). The Exchange also notes that the proposed rule change 
to remove this tier merely results in Members not receiving an enhanced 
rebate, which, as noted above, the Exchange is not required to offer or 
maintain. Furthermore, the proposed rule change to eliminate current 
Remove Volume Tier 1 enables the Exchange to redirect resources and 
funding into other programs and tiers intended to incentivize increased 
order flow.
    The Exchange believes that the proposed changes to its standard 
rebate associated with securities priced below $1.00 and Remove Volume 
Tiers are reasonable as they do not represent a significant departure 
from the criteria or rebates currently offered in the Fee Schedule. The 
Exchange also believes that the proposal represents an equitable 
allocation of fees and rebates and is not unfairly discriminatory 
because all Members will be eligible for the proposed standard rebate 
and revised tier and have the opportunity to meet the revised tier's 
criteria and receive the corresponding enhanced rebate if such criteria 
is met. Without having a view of activity on other markets and off-
exchange venues, the Exchange has no way of knowing whether this 
proposed rule change would definitely result in any Members qualifying 
the new proposed tiers. While the Exchange has no way of predicting 
with certainty how the proposed changes will impact Member activity, 
based on the prior months volume, the Exchange anticipates that at 
least one Member will be able to satisfy proposed Remove Volume Tier 2. 
The Exchange also notes that proposed changes will not adversely impact 
any Member's ability to qualify for 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.

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. Rather, as discussed above, 
the Exchange believes that the proposed changes would encourage the 
submission of additional order flow to a public exchange, thereby 
promoting market depth, execution incentives and enhanced execution 
opportunities, as well as price discovery and transparency for all 
Members. As a result, the Exchange believes that the proposed changes 
further the Commission's goal in adopting Regulation NMS of fostering 
competition among orders, which promotes ``more efficient pricing of 
individual stocks for all types of orders, large and small.''
    The Exchange believes the proposed rule changes do not impose any 
burden on intramarket competition that is not necessary or appropriate 
in furtherance of the purposes of the Act. Particularly, the proposed 
changes to the Exchange's standard rebate associated with securities 
priced below $1.00 and the proposed changes to proposed Remove Volume 
Tier 2 will apply to all Members equally in that all Members are 
eligible for the standard rebate and the proposed revised tier, have a 
reasonable opportunity to meet the proposed tier's criteria and will 
receive the enhanced rebate on their qualifying orders if such criteria 
is met. The Exchange does not believe the proposed changes burden 
competition, but rather, enhances competition as it is intended to 
increase the competitiveness of EDGX by amending an existing pricing 
incentive and adopting pricing incentives in order to attract order 
flow and incentivize participants to increase their participation on 
the Exchange, providing for additional execution opportunities for 
market participants and improved price transparency. Greater overall 
order flow, trading opportunities, and pricing transparency benefits 
all market participants on the Exchange by enhancing market quality and 
continuing to encourage Members to send orders, thereby contributing 
towards a robust and well-balanced market ecosystem.
    The Exchange believes the proposed elimination of Remove Volume 
Tier 1 does not impose any burden on intramarket competition that is 
not necessary or appropriate in furtherance of the purposes of the Act. 
Particularly, the proposed change to eliminate the Remove Volume Tier 1 
will not impose any burden on intramarket competition because the 
changes apply to all Members uniformly, as in, the tier will no longer 
be available to any Member.
    Next, the Exchange believes the proposed rule changes does not 
impose any burden on intermarket competition that is not necessary or 
appropriate in furtherance of the purposes of the Act. 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 13% of the market share.\26\ 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.'' \27\ 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'. . . .''.\28\ Accordingly, the Exchange does not believe its 
proposed fee change imposes any burden on competition that is not 
necessary or appropriate in furtherance of the purposes of the Act.
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    \26\ Supra note 3.
    \27\ See Securities Exchange Act Release No. 51808 (June 9, 
2005), 70 FR 37496, 37499 (June 29, 2005).
    \28\ 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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[[Page 1970]]

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 \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 (https://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include 
file number SR-CboeEDGX-2024-002 on the subject line.

Paper Comments

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

All submissions should refer to file number SR-CboeEDGX-2024-002. 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 (https://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 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-CboeEDGX-2024-002 and should 
be submitted on or before February 1, 2024.

    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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Christina Z. Milnor,
Assistant Secretary.
[FR Doc. 2024-00385 Filed 1-10-24; 8:45 am]
BILLING CODE 8011-01-P