[Federal Register Volume 89, Number 141 (Tuesday, July 23, 2024)]
[Notices]
[Pages 59788-59792]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-16108]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-100548; File No. SR-CBOE-2024-032]


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

July 17, 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 July 10, 2024, Cboe Exchange, Inc. (the ``Exchange'' or ``Cboe 
Options'') filed with the Securities and Exchange Commission (``SEC'' 
or ``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 
July 1, 2024 (SR-CBOE-2024-029). On July 10, 2024, the Exchange 
withdrew that filing and submitted this proposal.
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    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 17 options venues to which market participants 
may direct their order flow. Based on publicly available information, 
no single options exchange has more than 13% of the market share.\4\ 
Thus, in such a low-concentrated and highly competitive market, no 
single options exchange possesses significant pricing power in the 
execution of option order flow. The Exchange believes that the ever-
shifting market share among the exchanges from month to month 
demonstrates that market participants can shift order flow or 
discontinue to reduce use of certain categories of products in response 
to fee changes. Accordingly, competitive forces constrain the 
Exchange's transaction fees, and market participants can readily trade 
on competing venues if they deem pricing levels at those other venues 
to be more favorable. In response to competitive pricing, the Exchange, 
like other options exchanges, offers rebates and assesses fees for 
certain order types executed on or routed through the Exchange.
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    \4\ See Cboe Global Markets U.S. Options Monthly Market Volume 
Summary (June 27, 2024), available at https://markets.cboe.com/us/options/market_statistics/.
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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 Fees 
Schedule, fee codes TD, TE, TF, TG, TH and TI are appended to certain 
Customer orders in ETF and Equity options, as follows:
     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, 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

[[Page 59789]]

routed to AMEX, BOX, EDGX, MIAX, PHLX, and assesses no charge per 
contract;
     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, BX, BZX, C2, ISE, GMNI, MERC, 
EMLD, PERL, NOMX, or MEMX, 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, BX, BZX, C2, ISE, GMNI, 
MERC, EMLD, PERL, NOMX, or MEMX, 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, BX, BZX, C2, ISE, GMNI, MERC, EMLD, 
PERL, NOMX, or MEMX, 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, BX, BZX, C2, ISE, GMNI, MERC, 
EMLD, PERL, NOMX, or MEMX, and assesses no charge per contract.
    The Exchange proposes to remove fee codes TF, TG, TH, and TI and 
amend fee codes TD and TE to consolidate Customer routing fee codes. 
Specifically, the Exchange proposes to amend fee code TD to be appended 
to all Customer orders in ETF options originating on an Exchange-
sponsored terminal for greater than or equal to 100 contracts. 
Similarly, the Exchange proposes to amend fee code TE to be appended to 
all Customer orders in ETF/Equity options originating on an Exchange-
sponsored terminal for less than 100 contracts. The charges assessed 
per contract for each fee code remain the same under the proposed rule 
change.
    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 other options exchanges currently assess 
routing fees in a similar manner to the Exchange.\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 believes that eliminating fee codes TF, TG, TH, and TI 
and amending fee codes TD and TE to apply to applicable orders 
regardless of class or which away exchange the order is being routed to 
will simplify and streamline the System's billing process for routed 
Customer orders in ETF and equity options. As a result of the proposed 
rule change, orders to which TF, TG, TH, and TI are currently 
applicable may then be absorbed into orders to which TD and TE are 
currently applicable and the routing fees for Customer orders in ETF 
and equity options originating on an Exchange-sponsored terminal may be 
billed as one of two fee codes, instead of six. For example, fee code 
TI would, prior to this proposal, be appended to Customer orders in 
ETF/Equity Non-Penny options originating on an Exchange-sponsored 
terminal for less than 100 contracts routed to ARCA, BX, BZX, C2, ISE, 
GMNI, MERC, EMLD, PERL, NOMX, or MEMX; under the proposed rule change, 
fee code TE would be appended to such orders.
    Additionally, the Exchange proposes to amend the Regular Trading 
Hours (``RTH'') XSP Lead Market-Makers (``LMMs'') Incentive Program 
(the ``Program''). By way of background, the Exchange offers several 
LMM Incentive Programs which provide a rebate to TPHs with LMM 
appointments to the respective incentive program that meet certain 
quoting standards in the applicable series in a month.\6\ The Exchange 
notes that meeting or exceeding the quoting standards in each of the 
LMM incentive program products to receive the applicable rebate is 
optional for an LMM appointed to a program. Particularly, an LMM 
appointed to an incentive program is eligible to receive the 
corresponding rebate if it satisfies the applicable quoting standards, 
which the Exchange believes encourages appointed LMMs to provide 
liquidity in the applicable class and trading session (i.e., RTH or 
Global Trading Hours). The Exchange may consider other exceptions to 
the programs' quoting standards based on demonstrated legal or 
regulatory requirements or other mitigating circumstances. In 
calculating whether an LMM appointed to an incentive program meets the 
applicable program's quoting standards each month, the Exchange 
excludes from the calculation in that month the business day in which 
the LMM missed meeting or exceeding the quoting standards in the 
highest number of the applicable series.
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    \6\ See Exchange Rule 3.55(a). In advance of the LMM Incentive 
Program effective date, the Exchange will send a notice to solicit 
applications from interested TPHs for the LMM role and will, from 
among those applications, select the program LMMs. Factors to be 
considered by the Exchange in selecting LMMs include adequacy of 
capital, experience in trading options, presence in the trading 
crowd, adherence to Exchange rules and ability to meet the 
obligations specified in Rule 5.55.
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    The Exchange proposes to amend the current Program. Currently, the 
Program provides that 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 90% of the time in a given month, the LMM will receive (i) a 
payment for that month in the amount of $40,000 (or pro-rated amount if 
an appointment begins after the first trading day of the month or ends 
prior to the last trading day of the month) and (ii) 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.
    The Exchange now proposes to amend a rebate offered under the 
Program. As amended, if the LMM meets the requirements of the Program, 
the LMM will receive (i) a payment for that month in the amount of 
$40,000 (or pro-rated amount if an appointment begins after the first 
trading day of the month or ends prior to the last trading day of the 
month) and (ii) a rebate of $0.09 (rather than $0.27) per XSP contract 
that is executed in RTH in Market-Maker capacity and adds liquidity 
electronically contra to non-customer capacity.
    Further, the Exchange proposes to amend the heightened quoting 
requirements offered by the Program. The current heightened quoting 
requirements are as follows in the table below:

[[Page 59790]]



                                                      Width
----------------------------------------------------------------------------------------------------------------
                                     Expiring                       2 days to 5    6 days to 14    15 days to 35
            Moneyness                 option           1 day           days            days            days
----------------------------------------------------------------------------------------------------------------
                                          VIX Value at Prior Close <=30
----------------------------------------------------------------------------------------------------------------
[>3% ITM).......................           $0.20           $0.25           $0.30           $0.40           $0.75
[3% ITM to 2% ITM)..............            0.10            0.13            0.20            0.25            0.50
[2% ITM to 0.25% ITM)...........            0.08            0.10            0.13            0.16            0.25
[0.25% ITM to ATM)..............            0.05            0.06            0.08            0.10            0.15
[ATM to 1% OTM).................            0.03            0.04            0.05            0.06            0.10
[>1% OTM].......................            0.02            0.03            0.04            0.05            0.06
----------------------------------------------------------------------------------------------------------------
                                     VIX Value at Prior Close 30
----------------------------------------------------------------------------------------------------------------
[>3% ITM).......................            0.30            0.40            0.50            0.60            1.00
[3% ITM to 2% ITM)..............            0.15            0.20            0.25            0.30            0.75
[2% ITM to 0.25% ITM)...........            0.12            0.15            0.19            0.23            0.40
[0.25% ITM to ATM)..............            0.08            0.09            0.12            0.15            0.20
[ATM to 1% OTM).................            0.05            0.06            0.07            0.09            0.10
[>1% OTM].......................            0.03            0.04            0.05            0.06            0.07
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------------------------------------------------------------------------
                                                           Size (0 to 35
                        Moneyness                             days to
                                                              expiry)
------------------------------------------------------------------------
[>3% ITM)...............................................               5
[3% ITM to 2% ITM)......................................               5
[2% ITM to 0.25% ITM)...................................              10
[0.25% ITM to ATM)......................................              20
[ATM to 1% OTM).........................................              20
[>1% OTM]...............................................              20
------------------------------------------------------------------------

    The Exchange proposes to adopt a new set of heightened quoting 
standards for the Program. The heightened quoting standards proposed 
for XSP options are as follows in the table below:

                                                      Width
----------------------------------------------------------------------------------------------------------------
                                     Expiring                       2 days to 5    6 days to 14    15 days to 35
            Moneyness                 option           1 day           days            days            days
----------------------------------------------------------------------------------------------------------------
                                          VIX Value at Prior Close <=30
----------------------------------------------------------------------------------------------------------------
[>3% ITM).......................           $0.30           $0.30           $0.30           $0.50           $0.75
[3% ITM to 2% ITM)..............            0.20            0.20            0.20            0.30            0.50
[2% ITM to 0.25% ITM)...........            0.12            0.12            0.15            0.20            0.30
[0.25% ITM to ATM)..............            0.06            0.08            0.08            0.12            0.18
[ATM to 1% OTM).................            0.03            0.04            0.05            0.06            0.10
[>1% OTM].......................            0.02            0.03            0.04            0.05            0.06
----------------------------------------------------------------------------------------------------------------
                                     VIX Value at Prior Close 30
----------------------------------------------------------------------------------------------------------------
[>3% ITM).......................            0.40            0.50            0.60            0.60            1.00
[3% ITM to 2% ITM)..............            0.25            0.30            0.30            0.35            0.80
[2% ITM to 0.25% ITM)...........            0.18            0.20            0.25            0.30            0.50
[0.25% ITM to ATM)..............            0.10            0.12            0.15            0.15            0.25
[ATM to 1% OTM).................            0.05            0.06            0.07            0.09            0.10
[>1% OTM].......................            0.03            0.04            0.05            0.06            0.07
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------------------------------------------------------------------------
                                                           Size (0 to 35
                        Moneyness                             days to
                                                              expiry)
------------------------------------------------------------------------
[>3% ITM)...............................................               5
[3% ITM to 2% ITM)......................................               5
[2% ITM to 0.25% ITM)...................................              10
[0.25% ITM to ATM)......................................              20
[ATM to 1% OTM).........................................              20
[>1% OTM]...............................................              20
------------------------------------------------------------------------

    The proposed heightened quoting standards 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.
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

[[Page 59791]]

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 that the proposed rule change to remove fee 
codes TF, TG, TH, and TI and amend fee codes TD and TE is reasonable in 
that it is reasonably designed to simplify and streamline the System's 
billing process for routed Customer orders in ETF and equity options. 
As a result of the proposed rule change, orders to which fee codes TF, 
TG, TH, and TI are currently applicable may then be absorbed into the 
orders to which fee codes TD and TE are applicable and the routing fees 
for Customer orders in ETF and equity options originating on an 
Exchange-sponsored terminal may be billed as one of two fee codes, 
instead of six.
    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 
Exchange believes that the proposed rule change is equitable and not 
unfairly discriminatory because TPHs' routed Customer orders in ETF/
Equity options will continue to be automatically and uniformly assessed 
the applicable routing charges.
    Additionally, the Exchange believes that it is reasonable to amend 
the Program's heightened quoting standards, as the proposed new quoting 
requirements are overall reasonably designed to continue to encourage 
LMMs appointed to the Program to provide significant liquidity in XSP 
options, which benefits investors overall by providing more trading 
opportunities, tighter spreads, and overall enhanced market quality to 
the benefit of all market participants.
    The Exchange believes that the proposed changes to width sizes for 
the Program's heightened quoting requirements eases the heightened 
quoting standards in a manner that makes it easier for appointed LMMs 
to achieve such requirements and will incentivize an increase in 
quoting activity in XSP options. Particularly, by increasing certain 
quote widths, the Exchange believes the proposed changes will encourage 
appointed LMMs to post more aggressive quotes in XSP options, in order 
to meet the heightened quoting standards, as amended, and receive the 
rebates offered under the incentive program, resulting in tighter 
spreads and increased liquidity to the benefits of investors. The 
Exchange also believes that the proposed width sizes are reasonable 
because they remain generally aligned with the current heightened 
standards in the Program, as the proposed width sizes are only 
marginally changed in order to incentivize an increase in quoting 
activity.
    The Exchange further believes that the proposed rule change to 
amend a rebate amount received under the program, from $0.27 to $0.09 
per XSP contract that is executed in RTH in Market-Maker capacity and 
adds liquidity electronically contra to non-customer capacity, is 
reasonable because the rebate, as amended, is an incentive reasonably 
designed to continue to encourage appointed LMMs to provide liquidity 
electronically contra to non-customer capacity in XSP options during 
the trading day. The Exchange notes that LMMs appointed to the Program 
will continue to receive a monthly rebate and that it is not required 
to maintain this additional per contract credit incentive.
    The Exchange believes that the proposed changes to the Program are 
equitable and not unfairly discriminatory. Specifically, the changes to 
the Program will apply equally to any and all TPHs with LMM 
appointments to the Program that seek to meet the Program's quoting 
standards in order to receive the rebates offered. The Exchange 
additionally notes that, if an LMM appointed to the Program does not 
satisfy the corresponding heightened quoting standard for any given 
month, then it simply will not receive the rebate offered by the 
Program for that month.
    Regarding the Program generally, the Exchange believes it is 
reasonable, equitable and not unfairly discriminatory to continue to 
offer financial incentives to LMMs appointed to the Program, because it 
benefits all market participants trading in XSP options during RTH. The 
incentive program encourages the appointed LMMs to satisfy the 
applicable quoting standards, which may increase liquidity and 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 options, which can 
lead to increased volume, providing robust markets. The Exchange 
ultimately offers the Program, as amended, to sufficiently incentivize 
LMMs appointed to the Program to provide key liquidity and active 
markets in the XSP options during RTH and believes that the incentive 
program, as amended, will continue to encourage increased quoting to 
add liquidity in XSP options, thereby protecting investors and the 
public interest. The Exchange also notes that an LMM appointed to an 
incentive program may undertake added costs each month to satisfy that 
heightened quoting standards (e.g., having to purchase additional 
logical connectivity).

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 does not 
believe the proposed rule change to remove certain routing fee codes 
and to update other routing fee codes accordingly to apply instead, 
will impose any burden on intramarket competition because all TPHs' 
routed Customer orders in ETF/Equity options will continue to be able 
to route to the same sub-category group of away exchanges and will 
automatically and uniformly be assessed the applicable routing fees. 
Further, the proposed changes to the Program will apply to all LMMs 
appointed to the Program in a uniform manner. To the extent these LMMs 
appointed to an incentive program receive a benefit that other market 
participants do not, as stated, these LMMs in their role as Market-
Makers on the Exchange have different obligations and are held to 
different standards. For example, Market-Makers 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 also 
notes that an LMM appointed to an incentive program may undertake added 
costs each month to satisfy that heightened quoting standards (e.g., 
having to purchase additional logical connectivity). The Exchange also 
notes that the incentive programs are designed to attract additional 
order flow to the Exchange, wherein greater liquidity benefits all 
market participants by providing more trading opportunities, tighter 
spreads, and added market transparency and price discovery, and signals 
to other market participants to direct their order flow to those 
markets, thereby contributing to robust levels of liquidity. As a 
result, the Exchange believes that the proposed change furthers the 
Commission's goal in

[[Page 59792]]

adopting Regulation NMS of fostering competition among orders, which 
promotes ``more efficient pricing of individual stocks for all types of 
orders, large and small.'' \11\
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    \11\ See Securities Exchange Act Release No. 51808, 70 FR 37495, 
37498-99 (June 29, 2005) (S7-10-04) (Final Rule).
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    The Exchange does not believe that the proposed rule changes in 
connection with routing fees will impose any burden on intermarket 
competition that is not necessary or appropriate in furtherance of the 
purposes of the Act because, as previously discussed, the Exchange 
operates in a highly competitive market. The Exchange notes that, in 
addition to Cboe Options, 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 13% of 
the market share.\12\ 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.'' \13\ 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' . . . .''.\14\ 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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    \12\ See supra note 4.
    \13\ See Securities Exchange Act Release No. 51808 (June 9, 
2005), 70 FR 37496, 37499 (June 29, 2005).
    \14\ 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 \15\ and paragraph (f) of Rule 19b-4 \16\ 
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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    \15\ 15 U.S.C. 78s(b)(3)(A).
    \16\ 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-2024-032 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-2024-032. 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-2024-032, and should be 
submitted on or before August 13, 2024.
    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\17\
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    \17\ 17 CFR 200.30-3(a)(12).

Vanessa A. Countryman,
Secretary.
[FR Doc. 2024-16108 Filed 7-22-24; 8:45 am]
BILLING CODE 8011-01-P