[Federal Register Volume 89, Number 158 (Thursday, August 15, 2024)]
[Notices]
[Pages 66473-66477]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-18200]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-100682; File No. SR-CboeEDGA-2024-031]
Self-Regulatory Organizations; Cboe EDGA Exchange, Inc.; Notice
of Filing and Immediate Effectiveness of a Proposed Rule Change To
Amend Its Fee Schedule Related to the Standard Rebate and Volume Tiers
August 9, 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 August 1, 2024, Cboe EDGA Exchange, Inc. (``Exchange'' or ``EDGA'')
filed with the Securities and Exchange Commission (``Commission'') the
proposed rule change as described in Items I, II, and III below, which
Items have been prepared by the Exchange. The Commission is publishing
this notice to solicit comments on the proposed rule change from
interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Cboe EDGA Exchange, Inc. (the ``Exchange'' or ``EDGA'') proposes to
amend its Fee Schedule. The text of the proposed rule change is
provided in Exhibit 5.
The text of the proposed rule change is also available on the
Exchange's website (http://markets.cboe.com/us/equities/regulation/rule_filings/edga/), 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.
[[Page 66474]]
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend its Fee Schedule applicable to its
equities trading platform (``EDGA Equities'') by: (1) modifying the
standard rebate for orders that remove liquidity in securities priced
at or above $1.00; (2) modifying certain Add/Remove Volume Tiers; and
(3) discontinuing certain Add/Remove Volume Tiers. The Exchange
proposes to implement these changes effective August 1, 2024.
The Exchange first notes that it operates in a highly competitive
market in which market participants can readily direct order flow to
competing venues if they deem fee levels at a particular venue to be
excessive or incentives to be insufficient. More specifically, the
Exchange is only one of 16 registered equities exchanges, as well as a
number of alternative trading systems and other off-exchange venues
that do not have similar self-regulatory responsibilities under the
Securities Exchange Act of 1934 (the ``Act''), to which market
participants may direct their order flow. Based on publicly available
information,\3\ no single registered equities exchange has more than
16% of the market share. Thus, in such a low-concentrated and highly
competitive market, no single equities exchange possesses significant
pricing power in the execution of order flow. The Exchange in
particular operates a ``Taker-Maker'' model whereby it pays credits to
members that remove liquidity and assesses fees to those that add
liquidity. The Exchange's Fee Schedule sets forth the standard rebates
and rates applied per share for orders that remove and provide
liquidity, respectively. Currently, for orders in securities priced at
or above $1.00, the Exchange provides a standard rebate of $0.0014 per
share for orders that remove liquidity and assesses a fee of $0.0030
per share for orders that add liquidity.\4\ For orders in securities
priced below $1.00, the Exchange does not assess any fees or provide
any rebates for orders that add or remove liquidity.\5\ Additionally,
in response to the competitive environment, the Exchange also offers
tiered pricing which provides Members opportunities to qualify for
higher rebates or reduced fees where certain volume criteria and
thresholds are met. Tiered pricing provides an incremental incentive
for Members to strive for higher tier levels, which provides
increasingly higher benefits or discounts for satisfying increasingly
more stringent criteria.
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\3\ See Cboe Global Markets, U.S. Equities Market Volume
Summary, Month-to-Date (July 29, 2024), available at https://www.cboe.com/us/equities/market_statistics/.
\4\ See EDGA Equities Fee Schedule, Standard Rates.
\5\ Id.
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Standard Rates
Currently, the Exchange offers standard rebates to remove liquidity
for orders appended with fee codes 6,\6\ BB,\7\ N,\8\ and W.\9\ The
Exchange now proposes to revise the standard rebate associated with
securities priced at or above $1.00 from $0.00140 per share to $0.00160
per share for orders appended with fee codes 6, BB, N, or W. There is
no proposed change in the rebate amount provided for securities priced
below $1.00. The purpose of increasing the standard rebate associated
with fee codes 6, BB, N, and W in securities priced at or above $1.00
is for business and competitive reasons, as the Exchange believes that
increasing such rebate as proposed has the potential to make the
Exchange more competitive in attracting orders designed to remove
volume. The Exchange notes that the standard rebate remains competitive
and continues to be more favorable for Members than the standard rebate
provided by competing exchanges.\10\
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\6\ Fee code 6 is appended to orders that remove liquidity from
EDGA during the pre and post market in securities listed on all
tapes.
\7\ Fee code BB is appended to orders that remove liquidity from
EDGA in Tape B securities.
\8\ Fee code N is appended to orders that remove liquidity from
EDGA in Tape C securities.
\9\ Fee code W is appended to orders that remove liquidity from
EDGA in Tape A securities.
\10\ See e.g., BYX Equity Fee Schedule, Standard Rates (the
standard rebate provided to orders that remove liquidity is
$0.00020); Nasdaq BX Fee Schedule (orders that remove liquidity are
assessed a fee of $0.0007 unless certain volume thresholds are met).
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Add/Remove Volume Tiers
Under footnote 7 of the Fee Schedule, the Exchange currently offers
various Add/Remove Volume Tiers. In particular, the Exchange offers
four Add/Remove Volume Tiers that each provide a reduced fee for
Members' qualifying orders yielding fee codes 3,\11\ 4,\12\ B,\13\
V,\14\ and Y \15\ where a Member reaches certain add or remove volume-
based criteria.\16\ The Exchange now proposes to modify the criteria
associated with Add Volume Tier 2. The current criteria for Add Volume
Tier 2 is as follows:
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\11\ Fee code 3 is appended to orders that add liquidity to EDGA
in the pre and post market in Tape A or Tape C securities.
\12\ Fee code 4 is appended to orders that add liquidity to EDGA
in the pre and post market in Tape B securities.
\13\ Fee code B is appended to orders that add liquidity to EDGA
in Tape B securities.
\14\ Fee code V is appended to orders that add liquidity to EDGA
in Tape A securities.
\15\ Fee code Y is appended to orders that add liquidity to EDGA
in Tape C securities.
\16\ For the sake of clarity with additional proposed changes
discussed infra, the Exchange will refer to the Add/Remove Volume
Tiers applicable to fee codes 3, 4, B, V, and Y as the ``Add Volume
Tiers'' as Members who satisfy these tiers are assessed a fee to add
liquidity to the Exchange.
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Add Volume Tier 2 provides a reduced fee of $0.0016 per
share for securities priced at or above $1.00 to qualifying orders
(i.e., orders yielding fee codes 3, 4, B, V, or Y) where a Member adds
or removes an ADV \17\ >=0.50% of the TCV \18\ or Members adds or
removes an ADV >=52,000,000.
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\17\ ADV means average daily volume calculated as the number of
shares added to, removed from, or routed by, the Exchange, or any
combination or subset thereof, per day. ADV is calculated on a
monthly basis.
\18\ TCV means total consolidated volume calculated as the
volume reported by all exchanges and trade reporting facilities to a
consolidated transaction reporting plan for the month for which the
fees apply.
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The proposed criteria for Add Volume Tier 2 is as follows:
Add Volume Tier 2 provides a reduced fee of $0.0016 per
share for securities priced at or above $1.00 to qualifying orders
(i.e., orders yielding fee codes 3, 4, B, V, or Y) where a Member adds
or removes an ADV >=0.35% of the TCV or Member adds or removes an ADV
>=35,000,000.
Additionally, under footnote 7, the Exchange offers three Add/
Remove Volume Tiers that each provide an enhanced rebate for Members'
qualifying orders yielding fee codes N, W, 6 and BB where a Member
reaches certain add or remove volume-based criteria.\19\ The Exchange
now proposes to modify the enhanced rebate associated with Remove
Volume Tier 1. Currently, the Exchange provides an enhanced rebate of
$0.0018 per share for securities priced at or above $1.00 to qualifying
orders (i.e., orders yielding fee codes N, W, 6 and BB) that satisfy
the criteria of Remove Volume Tier 1. The Exchange proposes to increase
the enhanced rebate from $0.0018 to $0.0020 per share for securities
priced at or above $1.00 to qualifying orders (i.e., orders yielding
fee codes N, W, 6 and BB) that satisfy the criteria of Remove Volume
Tier 1. This change is being made for business and competitive reasons,
as the Exchange believes that
[[Page 66475]]
increasing the enhanced rebate as proposed could make the Exchange more
competitive in attracting orders that remove volume in a manner
consistent with the Exchange's overall pricing philosophy of
encouraging added liquidity. The Exchange does not propose to modify
the criteria associated with Remove Volume Tier 1. Additionally, the
Exchange proposes to discontinue Remove Volume Tiers 2-3 as the
Exchange no longer wishes to, nor is required to, maintain such tiers.
More specifically, the proposed change removes these tiers as the
Exchange would rather redirect future resources and funding into other
programs and tiers intended to incentivize increased order flow.
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\19\ For the sake of clarity with the proposed changes to the
Add Volume Tiers discussed supra, the Exchange will refer to the
Add/Remove Volume Tiers applicable to fee codes N, W, 6, and BB as
the ``Remove Volume Tiers'' as Members who satisfy these tiers
receive an enhanced rebate for adding liquidity to the Exchange.
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The Exchange believes that the proposed modification to Add Volume
Tier 2 and the proposed increase to the enhanced rebate associated with
Remove Volume Tier 1 will incentivize Members to add volume to and
remove volume from the Exchange, thereby contributing to a deeper and
more liquid market, which benefits all market participants and provides
greater execution opportunities on the Exchange. While the proposed
criteria of Add Volume Tier 2 is slightly easier to achieve than the
current criteria, the Exchange believes that the criteria continues to
be commensurate with the reduced fees offered by the Exchange, is a
reflection of current market trends, and will continue to encourage
Members to submit order flow to the Exchange. Similarly, the Exchange
believes that the proposed increased enhanced rebate remains
commensurate with the existing criteria for Remove Volume Tier 1 and
will encourage Members to submit liquidity-removing orders to the
Exchange.
2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Act and the rules and regulations thereunder applicable to the
Exchange and, in particular, the requirements of Section 6(b) of the
Act.\20\ Specifically, the Exchange believes the proposed rule change
is consistent with the Section 6(b)(5) \21\ 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) \22\ requirement that the rules of
an exchange not be designed to permit unfair discrimination between
customers, issuers, brokers, or dealers as well as Section 6(b)(4) \23\
as it is designed to provide for the equitable allocation of reasonable
dues, fees and other charges among its Members and other persons using
its facilities.
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\20\ 15 U.S.C. 78f(b).
\21\ 15 U.S.C. 78f(b)(5).
\22\ Id.
\23\ 15 U.S.C. 78f(b)(4).
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As described above, the Exchange operates in a highly competitive
market in which market participants can readily direct order flow to
competing venues if they deem fee levels at a particular venue to be
excessive or incentives to be insufficient. The Exchange believes that
its proposal to: (1) modify the standard rebate for orders that remove
liquidity in securities priced at or above $1.00 and (2) modify certain
Add/Remove Volume tiers reflects a competitive pricing structure
designed to incentivize market participants to direct their order flow
to the Exchange, which the Exchange believes would enhance market
quality to the benefit of all Members.
Specifically, the Exchange's proposal to modify Add Volume Tier 2
is not a significant departure from existing criteria, is reasonably
correlated to the reduced fees offered by the Exchange and other
competing exchanges,\24\ and will continue to incentivize Members to
submit order flow to the Exchange. The criteria proposed by the
Exchange is intended to reflect current market trends while continuing
to encourage Members to submit order flow to the Exchange. Further, the
Exchange's proposal to modify the enhanced rebate associated with
Remove Volume Tier 1 is not a significant departure from existing
enhanced rebates, is reasonably correlated to the enhanced rebates
offered by the Exchange and other competing exchanges,\25\ and will
continue to incentivize Members to submit order flow to the Exchange.
Additionally, the Exchange notes that relative volume-based incentives
and discounts have been widely adopted by exchanges,\26\ including the
Exchange,\27\ and are reasonable, equitable and non-discriminatory
because they are open to all Members on an equal basis and provide
additional benefits or discounts that are reasonably related to (i) the
value to an exchange's market quality and (ii) associated higher levels
of market activity, such as higher levels of liquidity provision and/or
growth patterns. Competing equity exchanges offer similar tiered
pricing structures, including schedules of rebates and fees that apply
based upon members achieving certain volume and/or growth thresholds,
as well as assess similar fees or rebates for similar types of orders,
to that of the Exchange.
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\24\ See NYSE National, Inc., Schedule of Fees and Rebates,
Rates for Adding Liquidity (Per Share), available at https://www.nyse.com/publicdocs/nyse/regulation/nyse/NYSE_National_Schedule_of_Fees.pdf.
\25\ See Nasdaq BX Fee Schedule, Rebate to Remove Liquidity.
\26\ See e.g., BYX Equities Fee Schedule, Footnote 1, Add/Remove
Volume Tiers.
\27\ See e.g., EDGA Equities Fee Schedule, Footnote 7, Add/
Remove Volume Tiers.
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In particular, the Exchange believes its proposal to modify Add
Volume Tier 2 and Remove Volume Tier 1 is reasonable because the tiers
will be available to all Members and provide all Members with an
opportunity to receive a reduced fee or increased enhanced rebate. The
Exchange further believes that modified Add Volume Tier 2 and Remove
Volume Tier 1 will provide a reasonable means to encourage adding
liquidity to and removing liquidity from the Exchange and to
incentivize Members to continue to provide volume to the Exchange by
offering them an additional opportunity to receive a reduced fee or
increased enhanced rebate on qualifying orders. An overall increase in
activity would deepen the Exchange's liquidity pool, offers additional
cost savings, support the quality of price discovery, promote market
transparency and improve market quality, for all investors.
Further, the Exchange believes that its proposal to modify the
standard rebate associated with securities priced at or above $1.00 is
reasonable, equitable, and consistent with the Act because such change
is designed to make the Exchange more competitive in attracting orders
that remove liquidity. The proposed increased standard rebate of
$0.00160 per share is reasonable and appropriate because it remains
competitive with the standard rebate offered by other exchanges.\28\
The Exchange further believes that the proposed increase to the
standard rebate associated with securities priced at or above $1.00 is
not unfairly discriminatory because it applies to all Members equally,
in that all Members will receive the higher standard rebate
[[Page 66476]]
upon submitting orders appended with fee codes 6, BB, N, or W.
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\28\ Supra note 10.
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The Exchange believes that its proposal to eliminate current Remove
Volume Tiers 2-3 is reasonable because the Exchange is not required to
maintain these tiers nor is it required to provide Members an
opportunity to receive enhanced rebates. The Exchange believes its
proposal to eliminate these tiers is also equitable and not unfairly
discriminatory because it applies to all Members (i.e., the tiers will
not be available for any Member). The Exchange also notes that the
proposed rule change to remove these tiers merely results in Members
not receiving an enhanced rebate, which, as noted above, the Exchange
is not required to offer or maintain. Furthermore, the proposed rule
change to eliminate current Remove Volume Tiers 2-3 enables the
Exchange to redirect resources and funding into other programs and
tiers intended to incentivize increased order flow.
The Exchange believes the proposed modified Add Volume Tier 2 is
reasonable as it does not represent a significant departure from the
criteria currently offered in the fee schedule. The Exchange also
believes that the proposal represents an equitable allocation of fees
and rebates and is not unfairly discriminatory because all Members will
be eligible for the revised tier and have the opportunity to meet the
tier's criteria and receive the corresponding reduced fee if such
criteria are met. Without having a view of activity on other markets
and off-exchange venues, the Exchange has no way of knowing whether
these proposed rule changes would definitely result in any Members
qualifying for the new proposed tiers. While the Exchange has no way of
predicting with certainty how the proposed changes will impact Member
activity, based on the prior month's volume, the Exchange does not
anticipate that at any Member will be able to satisfy proposed Add
Volume Tier 2. The Exchange also notes that the proposed changes will
not adversely impact any Member's ability to qualify for reduced fees
or enhanced rebates offered under other tiers. Should a Member not meet
the proposed new criteria, the Member will merely not receive that
corresponding reduced fee.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. Rather, as discussed above,
the Exchange believes that the proposed changes would encourage the
submission of additional order flow to a public exchange, thereby
promoting market depth, execution incentives and enhanced execution
opportunities, as well as price discovery and transparency for all
Members. As a result, the Exchange believes that the proposed changes
further the Commission's goal in adopting Regulation NMS of fostering
competition among orders, which promotes ``more efficient pricing of
individual stocks for all types of orders, large and small.''
The Exchange believes the proposed rule changes do not impose any
burden on intramarket competition that is not necessary or appropriate
in furtherance of the purposes of the Act. Particularly, the proposed
change to Add Volume Tier 2 and proposed increase to the enhanced
rebate of Remove Volume Tier 1 will apply to all Members equally in
that all Members are eligible for the tiers, have a reasonable
opportunity to meet the tiers' criteria and will receive the reduced
fee or increased enhanced rebate on their qualifying orders if such
criteria are met. The Exchange does not believe the proposed change
burdens competition, but rather, enhances competition as it is intended
to increase the competitiveness of EDGA by amending existing pricing
incentives in order to attract order flow and incentivize participants
to increase their participation on the Exchange, providing for
additional execution opportunities for market participants and improved
price transparency. Greater overall order flow, trading opportunities,
and pricing transparency benefits all market participants on the
Exchange by enhancing market quality and continuing to encourage
Members to send orders, thereby contributing towards a robust and well-
balanced market ecosystem.
The Exchange believes the proposed elimination of Remove Volume
Tiers 2-3 do not impose any burden on intramarket competition that is
not necessary or appropriate in furtherance of the purposes of the Act.
Particularly, the proposed change to eliminate the Remove Volume Tiers
2-3 will not impose any burden on intramarket competition because the
changes apply to all Members uniformly, as the tiers will no longer be
available to any Member.
Further, the Exchange believes the proposed increased standard
rebate associated with orders that remove liquidity in securities
priced at or above $1.00 does not impose any burden on intramarket
competition that is not necessary or appropriate in furtherance of the
purposes of the Act. The proposed rebate associated with orders that
remove liquidity in securities priced at or above $1.00 would apply to
all Members equally in that all Members are eligible for the revised
standard rebate and all Members would be subject to the same associated
rebate for removing liquidity from the Exchange in securities priced at
or above $1.00. As a result, any Member can decide to remove liquidity
(or not remove liquidity) based on the associated rebate that the
Exchange proposes to amend. Additionally, the increased rebate is
designed to make the Exchange more competitive by offering an increased
rebate to orders that remove liquidity from the Exchange.
Next, the Exchange believes the proposed rule changes do not impose
any burden on intermarket competition that is not necessary or
appropriate in furtherance of the purposes of the Act. As previously
discussed, the Exchange operates in a highly competitive market.
Members have numerous alternative venues that they may participate on
and direct their order flow, including other equities exchanges, off-
exchange venues, and alternative trading systems. Additionally, the
Exchange represents a small percentage of the overall market. Based on
publicly available information, no single equities exchange has more
than 17% of the market share.\29\ Therefore, no exchange possesses
significant pricing power in the execution of order flow. Indeed,
participants can readily choose to send their orders to other exchange
and off-exchange venues if they deem fee levels at those other venues
to be more favorable. Moreover, the Commission has repeatedly expressed
its preference for competition over regulatory intervention in
determining prices, products, and services in the securities markets.
Specifically, in Regulation NMS, the Commission highlighted the
importance of market forces in determining prices and SRO revenues and,
also, recognized that current regulation of the market system ``has
been remarkably successful in promoting market competition in its
broader forms that are most important to investors and listed
companies.'' \30\ 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
[[Page 66477]]
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' . . . .''.\31\ 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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\29\ Supra note 3.
\30\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496, 37499 (June 29, 2005).
\31\ 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 \32\ and paragraph (f) of Rule 19b-4 \33\
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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\32\ 15 U.S.C. 78s(b)(3)(A).
\33\ 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-CboeEDGA-2024-031 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-CboeEDGA-2024-031. 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-CboeEDGA-2024-031 and should
be submitted on or before September 5, 2024.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\34\
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\34\ 17 CFR 200.30-3(a)(12).
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Vanessa A. Countryman,
Secretary.
[FR Doc. 2024-18200 Filed 8-14-24; 8:45 am]
BILLING CODE 8011-01-P