[Federal Register Volume 89, Number 12 (Thursday, January 18, 2024)]
[Notices]
[Pages 3452-3456]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-00848]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-99326; File No. SR-CBOE-2024-002]


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

January 11, 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 Exchange, Inc. (the ``Exchange'' or ``Cboe 
Options'') 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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[[Page 3453]]

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 amend 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 January 
2, 2024.
Open-Close Data
    The Exchange proposes to amend certain fees related to its 
provision of Open-Close Data. By way of background, the Exchange 
currently offers End-of-Day (``EOD'') and Intraday Open-Close Data 
(collectively, ``Open-Close Data''). EOD Open-Close Data is an end-of-
day volume summary of trading activity on the Exchange at the option 
level by origin (customer, professional customer, broker-dealer, and 
market maker), side of the market (buy or sell), price, and transaction 
type (opening or closing). The customer and professional customer 
volume is further broken down into trade size buckets (less than 100 
contracts, 100-199 contracts, greater than 199 contracts). The Open-
Close Data is proprietary Cboe Options trade data and does not include 
trade data from any other exchange. It is also a historical data 
product and not a real-time data feed.
    The Exchange also offers Intraday Open-Close Data, which provides 
similar information to that of Open-Close Data but is produced and 
updated every 10 minutes during the trading day. Data is captured in 
``snapshots'' taken every 10 minutes throughout the trading day and is 
available to subscribers within five minutes of the conclusion of each 
10-minute period.\3\ The Intraday Open-Close Data provides a volume 
summary of trading activity on the Exchange at the option level by 
origin (customer, professional customer, broker-dealer, and market 
maker), side of the market (buy or sell), and transaction type (opening 
or closing). The customer and professional customer volume are further 
broken down into trade size buckets (less than 100 contracts, 100-199 
contracts, greater than 199 contracts). The Intraday Open-Close Data is 
also proprietary Cboe Options trade data and does not include trade 
data from any other exchange.
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    \3\ For example, subscribers to the intraday product will 
receive the first calculation of intraday data by approximately 9:42 
a.m. ET, which represents data captured from 9:30 a.m. to 9:40 a.m. 
Subscribers will receive the next update at 9:52 a.m., representing 
the data previously provided together with data captured from 9:40 
a.m. through 9:50 a.m., and so forth. Each update will represent the 
aggregate data captured from the current ``snapshot'' and all 
previous ``snapshots.''
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    Cboe LiveVol, LLC (``LiveVol''), a wholly owned subsidiary of the 
Exchange's parent company, Cboe Global Markets, Inc., makes the Open-
Close Data available for purchase to TPHs and non-TPHs on the LiveVol 
DataShop website (datashop.cboe.com). Customers may currently purchase 
Intraday Open-Close Data on a subscription basis (monthly or annually) 
or by ad hoc request for a specified month (e.g., request for Intraday 
Open-Close Data for month of December 2023). The Exchange assesses a 
monthly fee of $2,000 (or $24,000 per year) for subscribing to the data 
feed and assesses a fee of $1,000 per request per month for an ad-hoc 
request of historical Intraday Open/Close data covering all Exchange-
listed securities. The Exchanges notes that Open-Close Data is subject 
to direct competition from similar end-of-day and intraday options 
trading summaries offered by several other options exchanges.\4\ All of 
these exchanges offer essentially the same end-of-day and intraday 
options trading summary information, which may be purchased on both a 
subscription and ad-hoc basis and which are similarly priced.\5\
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    \4\ These substitute products include: Nasdaq PHLX Options Trade 
Outline, Nasdaq Options Trade Outline, ISE Trade Profile, GEMX Trade 
Profile data; open-close data from C2, BZX, and EDGX; and Open Close 
Reports from MIAX Options, Pearl, and Emerald.
    \5\ See Price List--U.S. Derivatives Data for Nasdaq PHLX, LLC 
(``PHLX''), The Nasdaq Stock Market, LLC (``Nasdaq''), Nasdaq ISE, 
LLC (``ISE''), and Nasaq GEMX, LLC (``GEMX''), available at http://www.nasdaqtrader.com/Trader.aspx?id=DPPriceListOptions#web. 
Particularly, PHLX offers ``Nasdaq PHLX Options Trade Outline 
(PHOTO)'' and assesses $2,500 per month for an intraday subscription 
and $1,000 per month for historical reports; Nasdaq offers the 
``Nasdaq Options Trade Outline (NOTO)'' and assesses $750 per month 
for an intraday subscription and $500 per month for historical 
reports; ISE offers the ``Nasdaq ISE Open/Close Trade Profile'' and 
assesses $2,000 per month for an intraday subscription and $1,000 
per month for historical reports; and GEMX offers the ``Nasdaq GEMX 
Open/Close Trade Profile'' and assesses $1,000 per month for an 
intraday subscription and $750 per month for historical reports.
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    The Exchange notes that the current fee for Intraday Open-Close 
Data has been in place, without change, since 2020 when the Exchange 
first adopted the Intraday Open-Close Data product offering. In the 
time since, the Exchange has made enhancements to the offering, 
including adding data from the Global Trading Hours (``GTH'') \6\ 
session to the Intraday Open-Close Data, in addition to the Regular 
Trading Hours (``RTH'') and Curb sessions.\7\ As a result, Intraday 
Open-Close Data is produced and updated every 10 minutes throughout all 
trading sessions. The Exchange now proposes to increase the fee for 
Intraday Open-Close Data.\8\ The Exchange proposes to assess a monthly 
fee of $3,000 (or $36,000 per year) for subscribing to the data feed.
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    \6\ See Rule 5.1(c). Except under unusual conditions as may be 
determined by the Exchange or the Holiday hours set forth in Rule 
5.1(d), GTH starts at 8:15 p.m. ET and continue through the next day 
until 9:15 a.m. ET. Currently trading is limited to SPX, VIX, and 
XSP.
    \7\ See Rule 5.1 (b) (Regular Trading Hours) and Rule 5.1(d) 
(Curb Trading Hours).
    \8\ As part of the proposed rule change, the Exchange proposes 
to delete language in the Fees Schedule regarding the provision of a 
20% discount on fees assessed to Exchange Members and non-Members 
that purchase $20,000 or more of historical Open-Close Data; such 
discount program was effective from November 15, 2023 through 
December 31, 2023, and is no longer in effect.
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Historical Depth Data
    By way of background, the Exchange currently makes available for 
purchase Depth Data, which is a daily archive of the Exchange's depth 
of book real-time feed, which provides depth-of-book quotations and 
execution information based on options orders entered into the 
System.\9\ The Exchange also offers Historical Depth Data, for no 
charge, which offers such data on a historical basis, i.e. T+1 or 
later, dating back to

[[Page 3454]]

October 2019. The Depth Data and Historical Depth Data are available to 
Members and Non-Members on the Cboe LiveVol, LLC (``LiveVol'') 
website,\10\ for internal use only; LiveVol is a wholly owned 
subsidiary of the Exchange's parent company, Cboe Global Markets, Inc.
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    \9\ See Exchange Fees Schedule. Daily end-of-day delivery is 
provided via the DataShop SFTP. Files will typically become 
available after 8pm ET; see also Exchange Rule 1.1, which defines 
``System.''
    \10\ See https://datashop.cboe.com/cboe-us-options-multicast-pitch.
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    The Exchange and affiliated equities and options exchanges (i.e., 
Cboe C2 Exchange, Inc. (``C2 Options''), Cboe EDGX Exchange, Inc. 
(``EDGX''), Cboe BYX Exchange, Inc. (``BYX''), Cboe BZX Exchange, Inc. 
(``BZX''), and Cboe EDGA Exchange, Inc. (``EDGA'') (collectively, 
``Affiliates'') also offer similar data products. Particularly, each of 
the Exchange's Affiliates offer a daily and historical archive of their 
depth of book real-time feed with execution information based on their 
trading activity that is substantially similar to the information 
provided by the Exchange through its Depth Data products.
    Currently, the Exchange provides Historical Depth Data to users 
without a charge. Since the Exchange first began offering access to 
historical quotation and transactions data, the Exchange has made a 
number of significant enhancements to its platform, including, among 
other things, implementing a more efficient means of data delivery (via 
SFTP rather than shipment of hard drives), which consequently increases 
the value of the market data product.
    The Exchange now proposes to amend its Fees Schedule and assess a 
fee of $1,500 per month of Historical Depth Data accessed by a user. As 
is currently the case, the data will be provided to data recipients for 
internal use only, and thus, no redistribution will be permitted.
    The Exchange notes that the Depth Data products, including the 
Historical Depth Data, are completely voluntary products, in that the 
Exchange is not required by any rule or regulation to make the reports 
or services available and that potential subscribers may purchase it 
only if they voluntarily choose to do so. Further, the Exchange notes 
that other exchanges offer similar products for a fee.\11\
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    \11\ See, e.g., https://www.nasdaqtrader.com/Trader.aspx?id=DPPriceListOptions#nom; and https://www.nyse.com/publicdocs/nyse/data/NYSE_Market_Data_Fee_Schedule.pdf.
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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.\12\ Specifically, the 
Exchange believes the proposed rule change is consistent with the 
Section 6(b)(5) \13\ 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) \14\ requirement that the rules of an exchange not be 
designed to permit unfair discrimination between customers, issuers, 
brokers, or dealers. The Exchange also believes the proposed rule 
change is consistent with Section 6(b)(4) of the Act,\15\ which 
requires that Exchange rules provide for the equitable allocation of 
reasonable dues, fees, and other charges among its Trading Permit 
Holders and other persons using its facilities.
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    \12\ 15 U.S.C. 78f(b).
    \13\ 15 U.S.C. 78f(b)(5).
    \14\ Id.
    \15\ 15 U.S.C. 78f(b)(4).
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    The Exchange believes the proposed changes to increase the fee for 
Intraday Open-Close Data subscriptions and adopt a fee for Historical 
Depth Data are reasonable. In adopting Regulation NMS, the Commission 
granted self-regulatory organizations (``SROs'') and broker-dealers 
increased authority and flexibility to offer new and unique market data 
to the public. It was believed that this authority would expand the 
amount of data available to consumers, and also spur innovation and 
competition for the provision of market data.
    The Exchange also operates in a highly competitive environment. 
Indeed, there are currently 17 registered options exchanges that trade 
options. Based on publicly available information, no single options 
exchange has more than 12% of the market share.\16\ 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.'' \17\ 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.
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    \16\ See Cboe Global Markets U.S. Options Market Volume Summary 
(December 18, 2023), available at https://markets.cboe.com/us/options/market_statistics/.
    \17\ 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 change will continue to broaden 
the availability of U.S. option market data to investors consistent 
with the principles of Regulation NMS. Open-Close Data is designed to 
help investors understand underlying market trends to improve the 
quality of investment decisions. Indeed, subscribers to the data may 
enhance their ability to analyze option trade and volume data and 
create and test trading models and analytical strategies, especially 
given recent changes to the offering, including the addition of data 
from the GTH trading session. The Exchange believes Open-Close Data 
continues to provide a valuable tool that subscribers can use to gain 
comprehensive insight into the trading activity in a particular series, 
but also emphasizes such data is not necessary for trading and as noted 
above, is entirely optional. Moreover, several other exchanges offer a 
similar data product which offer the same type of data content through 
end-of-day or intraday reports,\18\ with similar pricing.
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    \18\ See supra note 4.
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    Further, the Exchange believes the proposed changes to the Intraday 
Open-Close Data fee are reasonable, given the enhancements to the 
offering, including the addition of data from the GTH session, in 
addition to the RTH and Curb sessions. As noted above, Intraday Open-
Close Data is now produced and updated every 10 minutes throughout all 
trading sessions. The addition of the GTH session provides subscribers 
with more granular insight into trading activity in the products that 
trade during that session. The Exchange notes a wide variety of market 
participants purchase Intraday Open-Close Data, including, but not 
limited to, individual customers, buy-side investors, and investment 
banks. The Exchange believes the Intraday Open-Close Data

[[Page 3455]]

product provides helpful trading information regarding investor 
sentiment that may allow market participants to make better trading 
decisions throughout the day and may be used to create and test trading 
models and analytical strategies and provides comprehensive insight 
into trading on the Exchange. For example, intraday open data may allow 
a market participant to identify new interest or possible risks 
throughout the trading day, while intraday closing data may allow a 
market participant to identify fading interests in a security. The 
product is a completely voluntary product, in that the Exchange is not 
required by any rule or regulation to make this data available and that 
potential subscribers may purchase it only if they voluntarily choose 
to do so. The Exchange notes that other exchanges offer similar data 
products, which are similarly priced.\19\
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    \19\ See supra note 5.
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    Additionally, the Exchange believes the proposed changes to the 
Historical Depth Data fee are reasonable, as the Exchange's Historical 
Depth Data is a competitively priced alternative to historical depth of 
book data disseminated by other national securities exchanges. The 
Exchange's Depth Data products, including Historical Depth Data, 
benefits a wide range of investors that participate in the national 
market system. As noted above, Nasdaq and NYSE have similar Depth Data 
offerings for a charge.\20\ The Exchange therefore believes that the 
proposed fees are reasonable and set at a level to compete with other 
exchanges that offer similar reports. Indeed, proposing fees that are 
excessively higher than established fees for similar data products 
would simply serve to reduce demand for the Exchange's data product, 
which as noted, is entirely optional. As such, if a market participant 
views another exchange's potential report as more attractive, then such 
market participant can merely choose not to purchase the Exchange's 
Historical Depth Data offering and instead purchase another exchange's 
similar data product, which offers similar data points, albeit based on 
other market's trading activity. Further, the Exchange believes the 
fees are reasonable since, as proposed, they represent a relatively 
modest fee for historical depth of book data that has proven valuable 
for investors.
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    \20\ See supra note 11.
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    The Exchange also believes that the proposed fee is reasonable 
because it is reasonably aligned with the value and benefits provided 
to users that choose to purchase Historical Depth Data from the 
Exchange. As discussed above, Historical Depth Data may be beneficial 
to Members and non-Members as it may provide helpful trading 
information regarding investor sentiment that may allow market 
participants to make more informed trading decisions and may be used to 
create and test trading models and analytical strategies and provide 
comprehensive insight into trading on the Exchange. As noted above, 
since first offering Historical Depth Data, the Exchange has made a 
number of significant enhancements to its platform, including, among 
other things, implementing a more efficient means of data delivery (via 
SFTP rather than shipment of hard drives), which consequently increases 
the value of the market data product.
    Finally, the Exchange believes that the proposed changes to the 
Exchange's Intraday Open-Close Data and Historical Depth Data offerings 
are equitable and not unfairly discriminatory because the changes to 
the offerings apply to all current and potential subscribers of the 
products uniformly, in that all subscribers will be assessed the new 
proposed fee for purchases of Intraday Open-Close Data or Historical 
Depth Data. As stated, purchase of Intraday Open-Close Data and 
Historical Depth Data is completely optional and not necessary for 
trading. Rather, the Exchange voluntarily makes Intraday Open-Close 
Data and Historical Depth Data available, and users may choose to 
purchase the data based on their own individual business needs.

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. As discussed above, the 
Exchange's Intraday Open-Close Data and Historical Depth Data offerings 
are subject to direct competition from several other exchanges that 
offer similar data products. The proposed rule changes are grounded in 
the Exchange's efforts to compete more effectively. In this competitive 
environment, potential purchasers are free to choose which, if any, 
similar product to purchase to satisfy their need for market 
information. As a result, the Exchange believes the proposed rule 
changes permit fair competition among national securities exchanges.
    Additionally, the Exchange believes the proposed rule change does 
not impose any burden on intramarket competition that is not necessary 
or appropriate in furtherance of the purposes of the Act. The changes 
to the Intraday Open-Close Data and Historical Depth Data offerings 
apply to all current and potential subscribers of the product 
uniformly, in that all subscribers will be assessed the same fees for 
subscribing to receive Intraday Open-Close Data and Historical Depth 
Data. Moreover, purchase of Intraday Open-Close Data and Historical 
Depth Data is optional.
    Further, the Exchange also does not believe that the proposed rule 
changes will impose any burden on intermarket competition that is not 
necessary or appropriate in furtherance of the purposes of the Act. As 
noted above, other exchanges offer similar data products, which are 
similarly priced.\21\ 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 16 
other options exchanges and off-exchange venues. Additionally, the 
Exchange represents a small percentage of the overall market. Based on 
publicly available information, no single options exchange has more 
than 12% of the market share.\22\ Therefore, no exchange possesses 
significant pricing power in the execution of option 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';

[[Page 3456]]

[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\ 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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    \21\ See supra notes 5 and 11.
    \22\ See supra note 16.
    \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 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 (https://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include 
file number SR-CBOE-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-CBOE-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-CBOE-2024-002 and should be 
submitted on or before February 8, 2024.

    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. 2024-00848 Filed 1-17-24; 8:45 am]
BILLING CODE 8011-01-P