[Federal Register Volume 89, Number 55 (Wednesday, March 20, 2024)]
[Notices]
[Pages 19901-19905]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-05838]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-99740; File No. SR-CBOE-2024-012]


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

March 14, 2024.
    Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given 
that on March 5, 2024, Cboe Exchange, Inc. (the ``Exchange'' or ``Cboe 
Options'') filed with the Securities and Exchange Commission (the 
``Commission'') the proposed rule change as described in Items I, II, 
and III below, which Items have been prepared by the Exchange. The 
Commission is publishing this notice to solicit comments on the 
proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    Cboe Exchange, Inc. (the ``Exchange'' or ``Cboe Options'') proposes 
to 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.\3\
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    \3\ The Exchange initially filed the proposed fee changes on 
March 1, 2024 (SR-CBOE-2024-011). On March 5, 2024, the Exchange 
withdrew that filing and submitted this proposal.
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New XSP RTH LMM Program
    The Exchange proposes to amend its Fees Schedule to adopt a Regular 
Trading Hours (``RTH'') XSP Lead Market-Makers (``LMMs'') Incentive 
Program (the ``Program'') under which LMMs appointed to the Program 
would receive the proposed payment and rebate if they provide 
continuous electronic quotes during RTH from 8:30 a.m. CST to 3:15 p.m. 
CST that meet or exceed the proposed quoting standards under the 
Program (as described in further detail below).
    As proposed, if an LMM appointed to the Program provides continuous 
electronic quotes during RTH that meet or exceed the proposed 
heightened quoting standards (below) in at least 95% of the series 93% 
of the time in a given month, the LMM will receive (i) a payment for 
that month in the amount of $40,000 and (ii) a rebate of $0.27 per

[[Page 19902]]

XSP contract that is executed in RTH in Market-Maker capacity and adds 
liquidity electronically contra to non-customer capacity.

                                                      Width
----------------------------------------------------------------------------------------------------------------
                                     Expiring                       2 days to 5    6 days to 14    15 days to 35
          Moneyness \4\               option           1 day           days            days            days
----------------------------------------------------------------------------------------------------------------
                                          VIX Value at Prior Close <=30
----------------------------------------------------------------------------------------------------------------
[>3% ITM).......................           $0.20           $0.25           $0.25           $0.50           $1.00
[3% ITM to 2% ITM)..............            0.10            0.15            0.15            0.25            0.75
[2% ITM to 0.25% ITM)...........            0.04            0.05            0.05            0.06            0.10
[0.25% ITM to ATM)..............            0.02            0.03            0.04            0.05            0.08
[ATM to 1% OTM).................            0.02            0.02            0.02            0.03            0.06
[>1% OTM].......................            0.02            0.02            0.02            0.02            0.04
----------------------------------------------------------------------------------------------------------------
                                     VIX Value at Prior Close 30
----------------------------------------------------------------------------------------------------------------
[>3% ITM).......................            0.25            0.30            0.30            0.55            1.05
[3% ITM to 2% ITM)..............            0.15            0.20            0.20            0.30            0.80
[2% ITM to 0.25% ITM)...........            0.05            0.06            0.06            0.07            0.11
[0.25% ITM to ATM)..............            0.03            0.04            0.05            0.06            0.09
[ATM to 1% OTM).................            0.03            0.03            0.03            0.04            0.07
[>1% OTM].......................            0.03            0.03            0.03            0.03            0.05
----------------------------------------------------------------------------------------------------------------


------------------------------------------------------------------------
                                                           Size (0 to 35
                        Moneyness                             days to
                                                              expiry)
------------------------------------------------------------------------
[>3% ITM)...............................................               5
[3% ITM to 2% ITM)......................................              10
[2% ITM to 0.25% ITM)...................................              15
[0.25% ITM to ATM)......................................              20
[ATM to 1% OTM).........................................              20
[>1% OTM]...............................................              20
------------------------------------------------------------------------

    Meeting or exceeding the heightened quoting standards in XSP, as 
proposed, to receive the proposed compensation payment(s) is optional 
for any LMM appointed to the Program. The Exchange may consider other 
exceptions to this quoting standard based on demonstrated legal or 
regulatory requirements or other mitigating circumstances. In 
calculating whether an LMM met the heightened quoting standard each 
month, the Exchange will exclude from the calculation in that month the 
business day in which the LMM missed meeting or exceeding the 
heightened quoting standard in the highest number of series. The 
heightened quoting requirements offered by the Program are designed to 
incentivize LMMs appointed to the Program to provide significant 
liquidity in XSP options during the RTH session, which, in turn, would 
provide greater trading opportunities, added market transparency and 
enhanced price discovery for all market participants in XSP.
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    \4\ Moneyness is calculated as 1--strike/index for calls, 
strike/index--1 for puts. Negative numbers are Out of the Money 
(``OTM'') and positive values are In the Money (``ITM''). A 
Moneyness value of zero for either calls or puts is considered At 
the Money (``ATM''). For example, if the index is at 400, the 396 
call = 1-396/400 = 0.01 = 1% ITM, whereas the 396 put = 396/400-1 = 
-0.01 = 1% OTM.
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Routing Fee Codes Changes
    The Exchange also proposes to modify fees associated with certain 
routing fee codes. The Fees Schedule currently lists fee codes and 
their corresponding transaction fee for routed Customer orders to other 
options exchanges specifically in Exchange Traded Funds (``ETF'') and 
equity options, and for non-Customer orders routed in Penny and Non-
Penny options classes.
    The Exchange notes that its current approach to routing fees is to 
set forth in a simple manner certain sub-categories of fees that 
approximate the cost of routing to other options exchanges based on the 
cost of transaction fees assessed by each venue as well as a flat $0.15 
assessment that covers costs to the Exchange for routing (i.e., 
clearing fees, connectivity and other infrastructure costs, membership 
fees, etc.) (collectively, ``Routing Costs''). The Exchange then 
monitors the fees charged as compared to the costs of its routing 
services and adjusts its routing fees and/or sub-categories to ensure 
that the Exchange's fees do indeed result in a rough approximation of 
overall Routing Costs, and are not significantly higher or lower in any 
area. The Exchange notes that at least one other options exchange 
currently assesses routing fees in a similar manner as the Exchange's 
current approach to assessing approximate routing fees.\5\
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    \5\ See e.g., MIAX Options Exchange Fee Schedule, Section 1(c), 
``Fees for Customer Orders Routed to Another Options Exchange.''
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    The Exchange assesses fees in connection with orders routed away to 
various exchanges. Currently, under the Routing Fees table of the Fee 
Schedule, fee codes RD, RF, and RI are appended to certain Customer 
orders in ETF and Equity options, as follows:
     fee code RD is appended to Customer orders in ETF/Equity 
options routed to NYSE American (``AMEX''), BOX Options Exchange 
(``BOX''), Nasdaq BX Options (``BX''), Cboe EDGX Exchange, Inc. 
(``EDGX''), MIAX Options Exchange (``MIAX'') or Nasdaq PHLX LLC 
(``PHLX'') (excluding orders in SPY options), and assesses a charge of 
$0.25 per contract;
     fee code RF is appended to Customer orders in ETF/Equity, 
Penny options routed to NYSE Arca, Inc (``ARCA''), Cboe BZX Exchange, 
Inc. (``BZX''), Cboe C2 Exchange, Inc. (``C2''), Nasdaq ISE (``ISE''), 
ISE Gemini, LLC (``GMNI''), ISE Mercury, LLC (``MERC''), MIAX Emerald 
Exchange (``EMLD''), MIAX Pearl Exchange (``PERL''), Nasdaq Options 
Market LLC (``NOM''), or PHLX (for orders in SPY options only) and 
assesses a charge of $0.75 per contract;
     fee code RI is appended to Customer orders in ETF/Equity, 
Non-Penny options routed to ARCA, BZX, C2, ISE, GMNI, MERC, EMLD, PERL 
or NOMX, and assesses a charge of $1.25 per contract.
     fee code TD is appended to Customer orders in ETF options 
originating on an Exchange-sponsored terminal for greater than or equal 
to 100 contracts routed to AMEX, BOX, BX, EDGX, MIAX, or PHLX, and 
assesses a charge of $0.18 per contract;
     fee code TE is appended to Customer orders in ETF/Equity 
options originating on an Exchange-sponsored terminal for less than 100 
contracts routed to AMEX, BOX, BX, EDGX, MIAX, PHLX, and assesses no 
charge per contract;

[[Page 19903]]

     fee code TF is appended to Customer orders in ETF, Penny 
options originating on an Exchange-sponsored terminal for greater than 
or equal to 100 contracts routed to ARCA, BZX, C2, ISE, GMNI, EMLD, 
PERL, MERC, or NOM, and assesses a charge of $0.18 per contract;
     fee code TG is appended to Customer orders in ETF, Non-
Penny options originating on an Exchange-sponsored terminal for greater 
than or equal to 100 contracts routed to ARCA, BZX, C2, ISE, GMNI, 
EMLD, PERL, MERC, or NOM, and assesses $0.18 per contract;
     fee code TH is appended to Customer orders in ETF/Equity, 
Penny options originating on an Exchange-sponsored terminal for less 
than 100 contracts routed to ARCA, BZX, C2, ISE, GMNI, EMLD, PERL, 
MERC, or NOM, and assesses no charge per contract; and
     fee code TI is appended to Customer orders in ETF/Equity, 
Non-Penny options originating on an Exchange-sponsored terminal for 
less than 100 contracts routed to ARCA, BZX, C2, ISE, GMNI, EMLD, PERL, 
or NOM, and assesses no charge per contract.
    The Exchange proposes to amend fee code RD, TD, and TE to exclude 
applicable Customer orders routed to Nasdaq BX Options (BX) and to 
amend fee codes RF, RI, TF, TG, TH, and TI to add applicable Customer 
orders routed to BX. The charges assessed per contract for each fee 
code remain the same under the proposed rule change.
    The proposed changes result in an assessment of fees that, given 
fees of an away options exchange, is more in line with the Exchange's 
current approach to routing fees, that is, in a manner that 
approximates the cost of routing Customer orders to other away options 
exchanges, based on the general cost of transaction fees assessed by 
the sub-category of away options exchanges for such orders (as well as 
the Exchange's Routing Costs).\6\ The Exchange notes that routing 
through the Exchange is optional and that TPHs will continue to be able 
to choose where to route applicable Customer orders.
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    \6\ See BX Options 7 (Pricing Schedule), Section 2.
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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.\7\ Specifically, the 
Exchange believes the proposed rule change is consistent with the 
section 6(b)(5) \8\ requirements that the rules of an exchange be 
designed to prevent fraudulent and manipulative acts and practices, to 
promote just and equitable principles of trade, to foster cooperation 
and coordination with persons engaged in regulating, clearing, 
settling, processing information with respect to, and facilitating 
transactions in securities, to remove impediments to and perfect the 
mechanism of a free and open market and a national market system, and, 
in general, to protect investors and the public interest. Additionally, 
the Exchange believes the proposed rule change is consistent with the 
section 6(b)(5) \9\ 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,\10\ 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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    \7\ 15 U.S.C. 78f(b).
    \8\ 15 U.S.C. 78f(b)(5).
    \9\ Id.
    \10\ 15 U.S.C. 78f(b)(4).
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    The Exchange believes the proposed XSP RTH LMM Incentive Program is 
reasonable, equitable and not unfairly discriminatory. Particularly, 
the proposed Program is a reasonable financial incentive program 
because the proposed heightened quoting standards and rebate amounts 
for meeting the heightened quoting standards in XSP series are 
reasonably designed to incentivize LMMs appointed to the Program to 
meet the proposed heightened quoting standards during RTH for XSP, 
thereby providing liquid and active markets, which facilitates tighter 
spreads, increased trading opportunities, and overall enhanced market 
quality to the benefit of all market participants.
    The Exchange believes that the proposed heightened quoting 
standards are reasonable because they are similar to the detail and 
format of the quoting standards currently in place for LMM Incentive 
Programs for other proprietary Exchange products that trade during 
RTH.\11\ The Exchange also believes that proposed heightened quoting 
requirements are reasonably tailored to reflect market characteristics 
of XSP. For example, the Exchange believes the generally smaller widths 
appropriately reflect the lower-priced and smaller notional sized XSP 
product (XSP options are 1/10th the size of SPX options). The Exchange 
believes utilizing moneyness as a quoting standard is reasonable, given 
the program objectives to achieve tight liquidity in a market where 
options premiums change quickly.
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    \11\ See Cboe Options Fees Schedule, ``RTH SPESG LMM Incentive 
Program'', ``MRUT LMM Incentive Program'', ``NANOS LMM Incentive 
Program'', and ``MSCI LMM Incentive Program.''
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    The Exchange also believes that the proposed incentive payment for 
appointed LMMs that meet the proposed heightened quoting standards in 
XSP in a month is reasonable and equitable as it is comparable to the 
incentive payments offered for other LMM Incentive Programs for other 
proprietary products. For example, the GTH1 and GTH2 LMM Incentive 
Programs for SPX/SPXW offer incentive payments of $40,000 per month, in 
which an appointed LMM meets the given quoting standards.\12\ The 
Exchange also believes it is reasonable to offer to an appointed LMM 
that meets the given quoting standards a rebate of $0.27 per XSP 
contract that is executed in RTH in Market-Maker capacity and adds 
liquidity electronically contra to non-customer capacity because the 
proposed rebate is an incentive reasonably designed to encourage 
appointed LMMs to provide liquidity electronically contra to non-
customer capacity in XSP options during the trading day.
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    \12\ See Cboe Options Fees Schedule, SPX/SPXW LMM Incentive 
Program'', and GTH2 SPX/SPXW LMM Incentive Program.''
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    Finally, the Exchange believes it is equitable and not unfairly 
discriminatory to offer the financial incentive to LMMs appointed to 
the Program because it will benefit all market participants trading in 
XSP during RTH by encouraging the appointed LMMs to satisfy the 
heightened quoting standards, which incentivizes continuous increased 
liquidity and thereby may provide more trading opportunities and 
tighter spreads. Indeed, the Exchange notes that these LMMs serve a 
crucial role in providing quotes and the opportunity for market 
participants to trade XSP, which can lead to increased volume, 
providing for robust markets. The Exchange ultimately proposes to offer 
the Program to sufficiently incentivize the appointed LMMs to provide 
key liquidity and active markets in XSP options to encourage liquidity, 
thereby protecting investors and the public interest. The Exchange also 
notes that an LMM appointed to the Program may undertake added costs 
each month to satisfy that heightened quoting standards (e.g., having 
to purchase additional logical connectivity). The

[[Page 19904]]

Exchange believes the Program is equitable and not unfairly 
discriminatory because similar programs currently exist for LMMs 
appointed to programs in other proprietary products,\13\ including for 
XSP during the GTH session, and the Program will equally apply to any 
TPH that is appointed as an LMM to the Program. Additionally, if an 
appointed LMM does not satisfy the heightened quoting standard in XSP 
for any given month, then it simply will not receive the offered 
payments or rebates for that month.
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    \13\ See supra notes 11 and 12.
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    The Exchange also believes the proposed rule change to amend fee 
codes RD, RF, RI, TD, TE, TF, TG, TH, and TI to account for BX's 
current assessment of fees for Customer orders is reasonable because it 
is reasonably designed to assess routing fees in line with the 
Exchange's current approach to routing fees. That is, the proposed rule 
change is intended to include Customer orders in ETF and equity options 
routed to BX in the most appropriate sub-category of fees that 
approximates the cost of routing to a group of away options exchanges 
based on the cost of transaction fees assessed by each venue as well as 
Routing Costs to the Exchange. As noted 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 notes that routing through the Exchange is optional and that 
TPHs will continue to be able to choose where to route their Customer 
orders in ETF and equity options in the same sub-category group of away 
exchanges as they currently may choose to route. The proposed rule 
change 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 TPHs. The Exchange further notes that at least one other options 
exchange currently approximates routing fees in a similar manner as the 
Exchange's current approach.\14\ The Exchange believes that the 
proposed rule change is equitable and not unfairly discriminatory 
because all TPHs' applicable Customer orders in ETF and equity options 
routed to BX will be automatically and uniformly assessed the 
applicable routing charges.
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    \14\ See supra note 4.
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will 
impose any burden on competition that is not necessary or appropriate 
in furtherance of the purposes of the Act. The Exchange also does not 
believe that the Program would impose any burden on intramarket 
competition because it applies to all LMMs appointed to the Program in 
a uniform manner, in the same way similar programs apply to LMMs in 
other proprietary products today. To the extent these LMMs receive a 
benefit that other market participants do not, as stated, LMMs have 
different obligations and are held to different standards. For example, 
LMMs play a crucial role in providing active and liquid markets in 
their appointed products, thereby providing a robust market which 
benefits all market participants. Such Market-Makers also have 
obligations and regulatory requirements that other participants do not 
have.
    The Exchange does not believe the proposed rule change to amend fee 
codes RD, RF, RI, TD, TE, TF, TG, TH, and TI will impose any burden on 
intramarket competition that is not necessary or appropriate in 
furtherance of the purposes of the Act. All TPHs' Customer orders 
routing to BX and currently yielding fee code RD, TD, or TE will yield 
fee code RF, RI, RF, TG, TH, or TI (depending on the order) and will 
automatically and uniformly be assessed the current fees already in 
place for such routed orders, as applicable.
    The Exchange does not believe that the proposed rule change to 
establish the Program will impose any burden on intermarket competition 
that is not necessary or appropriate in furtherance of the purposes of 
the Act because the proposed incentive payment and rebate apply to a 
product exclusively listed on the Exchange.
    Further, the Exchange does not believe the proposed rule change to 
amend fee codes RD, RF, RI, TD, TE, TF, TG, TH, and TI will impose any 
burden on intermarket competition that is not necessary or appropriate 
in furtherance of the purposes of the Act. The Exchange notes that at 
least one other options exchange approximates routing costs in a 
similar manner as the Exchange's current approach.\15\ Also, the 
Exchange operates in a highly competitive market. TPHs 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 16% of the market share.\16\ 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.'' \17\ 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'. . . .''.\18\ 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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    \15\ Id.
    \16\ See Cboe Global Markets U.S. Options Market Monthly Volume 
Summary (February 26, 2024), 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).
    \18\ 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 19905]]

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 \19\ and paragraph (f) of Rule 19b-4 \20\ 
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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    \19\ 15 U.S.C. 78s(b)(3)(A).
    \20\ 17 CFR 240.19b-4(f).
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IV. Solicitation of Comments

    Interested persons are invited to submit written data, views and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act. Comments may be submitted by any of 
the following methods:

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include 
file number SR-CBOE-2024-012 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-2024-012. This file 
number should be included on the subject line if email is used. To help 
the Commission process and review your comments more efficiently, 
please use only one method. The Commission will post all comments on 
the Commission's internet website (http://www.sec.gov/rules/sro.shtml). 
Copies of the submission, all subsequent amendments, all written 
statements with respect to the proposed rule change that are filed with 
the Commission, and all written communications relating to the proposed 
rule change between the Commission and any person, other than those 
that may be withheld from the public in accordance with the provisions 
of 5 U.S.C. 552, will be available for website viewing and printing in 
the Commission's Public Reference Room, 100 F Street NE, Washington, DC 
20549, on official business days between the hours of 10 a.m. and 3 
p.m. Copies of 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-2024-012 and should be submitted on 
or before April 10, 2024.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\21\
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    \21\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-05838 Filed 3-19-24; 8:45 am]
BILLING CODE 8011-01-P