[Federal Register Volume 85, Number 30 (Thursday, February 13, 2020)]
[Notices]
[Pages 8327-8331]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-02838]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-88154; File No. SR-CboeEDGX-2020-006]


Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice 
of Filing and Immediate Effectiveness of a Proposed Rule Change To 
Adopt the Dark Routing Technique Routing Option; To Eliminate 
References to the ROUD, ROUE, and ROUQ Routing Options; and To Reflect 
Additional Routing Strategies for Which the Exchange May Route Orders 
With a Short Sale Instruction

February 7, 2020.
    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 February 3, 2020, Cboe EDGX Exchange, Inc. (``Exchange'') filed with 
the Securities and Exchange Commission (``Commission'') the proposed 
rule change as described in Items I and II below, which Items have been 
prepared by the Exchange. The Exchange filed the proposal as a ``non-
controversial'' proposed rule change pursuant to Section 
19(b)(3)(A)(iii) of the Act \3\ and Rule 19b-4(f)(6) thereunder.\4\ 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.
    \3\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \4\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    Cboe EDGX Exchange, Inc. (the ``Exchange'' or ``EDGX'') proposes: 
To amend Rule 11.11(g)(2) to adopt the proposed Dark Routing Technique 
(``DRT'') routing option on the Exchange; to amend Rule 11.11, as well

[[Page 8328]]

as its Fee Schedule, to eliminate references to the ROUD, ROUE, and 
ROUQ routing options; and to amend Rule 11.11 to reflect additional 
routing strategies for which the Exchange may route orders with a short 
sale instruction when a short sale circuit breaker pursuant to Rule 201 
of Regulation SHO is in effect. The text of the proposed rule change is 
provided in Exhibit 5.
    The text of the proposed rule change is also available on the 
Exchange's website (http://markets.cboe.com/us/options/regulation/rule_filings/edgx/), at the Exchange's Office of the Secretary, and at 
the Commission's Public Reference Room.

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

    In its filing with the Commission, the Exchange included statements 
concerning the purpose of and basis for the proposed rule change and 
discussed any comments it received on the proposed rule change. The 
text of these statements may be examined at the 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: (i) Adopt the DRT routing option under 
proposed Rule 11.11(g)(2); (ii) amend Rule 11.11(g) to eliminate the 
ROUD, ROUE, and ROUQ routing options and to eliminate any such 
references in its Fee Schedule; and (iii) amend Rule 11.11(a) to make 
clear that if a User \5\ selects the RDOT, RDOX, or INET routing 
options, orders with a short sale \6\ instruction when a short sale 
circuit breaker pursuant to Rule 201 of Regulation SHO \7\ is in effect 
are eligible for routing by the Exchange. The Exchange intends to 
implement the proposed rule changes on February 3, 2020.
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    \5\ See Exchange Rule 1.5(ee).
    \6\ See Exchange Rule 11.6(o). The term ``short sale'' is 
defined as ``any sale of a security which the seller does not own or 
any sale which is consummated by the delivery of a security borrowed 
by, or for the account of, the seller.'' 17 CFR 242.200(a).
    \7\ See 17 CFR 242.201; Securities Exchange Act Release No. 
61595 (February 26, 2010), 75 FR 11232 (March 10, 2010).
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Adopting DRT
    The Exchange proposes to adopt the DRT under subparagraph (g)(2) as 
a new routing option available on the Exchange. As noted in proposed 
Rule 11.11(g)(2), the DRT routing option would instruct the System \8\ 
to route to alternative trading systems (``ATSs'') included in the 
System routing table.\9\ The proposed description of DRT is identical 
to existing Cboe BZX Exchange, Inc. (``BZX'') and Cboe BYX Exchange, 
Inc. (``BYX'') Rules 11.13(b)(3)(D). Thus, the proposed amendment is 
intended to add certain system functionality currently offered by BZX 
and BYX in order to provide a consistent technology offering for Users 
across the Cboe affiliated exchanges.
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    \8\ The ``System'' is the Exchange's electronic communications 
and trading facility designated by the Board through which 
securities orders of Users are consolidated for ranking, execution 
and, when applicable, routing away. See Exchange Rule 1.5(cc).
    \9\ The term ``System routing table'' refers to the proprietary 
process for determining the specific trading venues to which the 
System routes orders and the order in which it routes them. See 
Exchange Rule 11.11(g).
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    Currently, for routing mechanisms that route orders to ATSs, the 
Exchange routes such orders using a preselected sequence of venues 
pursuant to the applicable System routing table and every order is 
routed to such venues in that sequence.\10\ Stated another way, all 
orders entered with a routing strategy that is eligible for routing to 
ATSs will first seek liquidity on the Exchange and any unexecuted 
portion of the order will then be routed in accordance with the pre-
established sequence in the System routing table.
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    \10\ The Exchange notes that the current routing mechanism is 
set forth in the System routing table, and is not referenced in 
Exchange Rules. Nonetheless, the Exchange proposes to adopt the DRT 
under subparagraph (g)(2) of Rule 11.11 to harmonize the Exchange's 
rules with BZX/BYX Rule 11.13(b)(3)(D).
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    As proposed, the DRT routing mechanism would instead use a randomly 
generated, weighted permutation to prioritize off-exchange venues based 
on a ``score'' \11\ for each off-exchange venue, where a higher score 
will result in a greater likelihood that the off-exchange venue will be 
selected earlier in the permutation. The DRT routing mechanism will be 
established in the System routing table and replace the existing 
routing mechanism that routes orders to ATSs. The Exchange believes 
that converting from this mechanical, sequential routing strategy to 
the more dynamic strategy applied with DRT will allow an off-exchange 
venue with a lower score to occasionally be selected before an off-
exchange venue with a higher score, and thus provides the Exchange with 
the most accurate view of the quality at each market. As a result, the 
Exchange believes that DRT will result in improved execution quality. 
Additionally, converting to DRT will result in uniformity that will 
simplify the Exchange's routing logic and management across the Cboe 
equities platforms.
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    \11\ ``Scores'' are assigned to each off-exchange venue by the 
Exchange and are determined based on various factors, such as order 
fill percentage, latency, and price improvement.
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Eliminating ROUE, ROUQ, and ROUD
    In connection with the adoption of the DRT mechanism, the Exchange 
proposes to amend Rule 11.11(g) and the Fee Schedule to eliminate any 
references to routing options that are redundant due to such adoption.
    Currently, Rule 11.11(g) provides for a variety of routing options 
under which the System will consider the quotations only of accessible 
Trading Centers.\12\ Rules 11.11(g)(2) and 11.11(g)(3)(D) currently 
provides for the ROUD and ROUQ routing options, respectively, which are 
detailed in the System routing table.\13\ For orders entered with a 
ROUD or ROUQ routing options, the System is first checked for available 
shares and then is sent to destinations on the System routing table. If 
shares remain unexecuted after routing, they are posted on the EDGX 
Book, unless otherwise instructed by the User. The ROUD and ROUQ 
routing options first seek liquidity on the Exchange's book, and will 
subsequently route any unfilled portion of the order pursuant to the 
System routing table. Given the proposed implementation of DRT, the 
ROUD and ROUQ routing option will first seek liquidity on the 
Exchange's book, and will subsequently route any unfilled portion via 
DRT. Such a

[[Page 8329]]

strategy is duplicative of the Exchange's ROUZ routing option.\14\ 
Therefore, the Exchange proposes to eliminate subparagraph (g)(2) and 
(g)(3)(D) of Rule 11.11, as well as Fee Code T from the Exchange's Fee 
Schedule.\15\
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    \12\ Rule 600(b)(82) of Regulation NMS defines a ``Trading 
Center'' as ``a national securities exchange or national securities 
association that operates an SRO trading facility, an alternative 
trading system, an exchange market maker, an OTC market maker, or 
any other broker or dealer that executes orders internally by 
trading as principal or crossing orders as agent.'' See 17 CFR 
242.201(a)(9); 17 CFR 242.600(b)(82).
    \13\ While the System routing table is not publicly available, 
the Cboe affiliated equity markets have provided a summary document 
of its available routing options, which is subject to change at any 
time. Such document details the strategies of the ROUD, ROUQ, ROUE, 
ROUZ, and ROUT routing options referenced herein. See https://cdn.cboe.com/resources/features/cboe_exchange_routing-strategies.pdf. See also Exchange Rule 11.11(g), which provides that 
the Exchange reserves the right to route orders simultaneously or 
sequentially, maintain a 124 different System routing table for 
different routing options and to modify the System routing table at 
any time without notice.
    \14\ See Exchange Rule 11.11(g)(3)(E). See also id.
    \15\ Fee Code T references both the ROUD and ROUE routing 
options, both of which are proposed to be eliminated from the Fee 
Schedule. As such, the Exchange proposes to eliminate Fee Code T in 
its entirety.
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    Similarly, the ROUE routing option provided in Rule 11.11(g)(3)(A) 
first seeks liquidity on the Exchange's book, second will route any 
unfilled portion of the order to ATSs pursuant to the System routing 
table, and third will route any unfilled portion of the order to other 
Trading Centers.\16\ Given the proposed implementation of DRT, the ROUE 
routing option will first seek liquidity on the Exchange's book, second 
route any unfilled portion via DRT, and third will route any unfilled 
portion of the order to other Trading centers. Such a strategy is 
duplicative of the Exchange's ROUT routing option.\17\ Therefore, the 
Exchange proposes to eliminate subparagraph (g)(3)(A) of Rule 11.11 and 
references to the ROUE routing option in subparagraphs (g)(11) and 
(12). The Exchange also proposes to remove Fee Codes PR and RQ as they 
both reference the ROUQ routing option which is also proposed to be 
eliminated.\18\ The Exchange also proposes to remove references to the 
ROUE trading strategy in Fee Codes BY, I, and K.
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    \16\ See supra note 14.
    \17\ See Exchange Rule 11.11(g)(3)(B). See also supra note 14.
    \18\ As noted above, Fee Code T references both ROUD and ROUE 
routing strategies, both of which the Exchange is proposing to 
eliminate and, as such, the Exchange proposed above to eliminate Fee 
Code T.
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RDOT, RDOX, and INET Routing Clarification
    Under Rule 201 of Regulation SHO, a short sale order in a covered 
security \19\ generally cannot be executed or displayed by a Trading 
Center (such as the Exchange), at a price that is at or below the 
current national best bid (``NBB'') \20\ when a short sale circuit 
breaker is in effect for the covered security (the ``SSCB''). Based on 
this rule, there is no reason for a Trading Center to route an order 
marked short when a SSCB is in effect using a routing option that does 
not provide for a routed order to post to another Trading Center's 
book. Post to Away \21\ and ROOC \22\ routing options are able to post 
an order to another Trading Center's book and, thus, Exchange Rule 
11.11(a) explicitly provides that the Exchange will route orders marked 
short using Post to Away and ROOC routing options when a SSCB is in 
effect.\23\
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    \19\ Rule 201(a)(1) of Regulation SHO defines the term ``covered 
security'' to mean any ``NMS stock'' as defined under Rule 
600(b)(48) of Regulation NMS. Rule 600(b)(48) of Regulation NMS 
defines an ``NMS stock'' as ``any NMS security other than an 
option.'' Rule 600(b)(47) of Regulation NMS defines an ``NMS 
security'' as ``any security or class of securities for which 
transaction reports are collected, processed, and made available 
pursuant to an effective transaction reporting plan, or an effective 
national market system plan for reporting transactions in listed 
options.'' See 17 CFR 242.201(a)(1); 17 CFR 242.600(b)(47); and 17 
CFR 242.600(b)(48).
    \20\ See 17 CFR 242.201(a)(4); 17 CFR 242.600(b)(43).
    \21\ See Exchange Rule 11.11(g)(11). Under the Post to Away 
routing option, the remainder of a routed order is routed to and 
posted to the order book of a destination on the ``System routing 
table'', as specified by the User.
    \22\ ROOC is a routing option for orders that the User wishes to 
designate for participation in the opening, re-opening (following a 
halt, suspension, or pause), or closing process of a primary listing 
market other than the Exchange (e.g., the New York Stock Exchange, 
Inc. (``NYSE''), Nasdaq Stock Market LLC (``Nasdaq''), NYSE MKT LLC, 
NYSE Arca, Inc. (``NYSE Arca''), or BZX) if received before the 
opening/re-opening/closing time of such market. If shares remain 
unexecuted after attempting to execute in the opening, re-opening, 
or closing process, they are either posted to the EDGX Book, 
executed, or routed to destinations on the System routing table. See 
Exchange Rule 11.11(g)(8).
    \23\ The Exchange notes that orders routed pursuant to the Post 
to Away, ROOC, RDOT, RDOX, and INET routing options that include a 
short sale instruction are identified as ``short'' and are subject 
to the receiving Trading Center's processes for handling short sale 
orders in compliance with Rule 201 of Regulation SHO.
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    Similarly, RDOT,\24\ RDOX,\25\ and INET \26\ routing options are 
able to post an order to another Trading Center's book. Based on this 
functionality, the Exchange currently allows orders marked short while 
a SSCB is in effect to be routed using these routing options. As such, 
the Exchange is proposing to amend Rule 11.11(a) in order to codify 
that, in addition to Post to Away and ROOC routing options, short 
orders using the RDOT, RDOX, and INET routing strategies are also able 
to be routed when a SSCB is in effect. Given that orders routed via the 
RDOT, RDOX, and INET routing options are subjected to the receiving 
Trading Center's processes for handling short sale orders in compliance 
with Rule 201 of Regulation SHO in substantially the same manner as the 
ROOC and Post to Away routing options, the Exchange believes such 
functionality is appropriate and that Exchange Rules should be amended 
to codify such functionality.
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    \24\ RDOT is a routing option under which an order checks the 
System for available shares and then is sent to destinations on the 
System routing table. If shares remain unexecuted after routing, 
they are sent to the NYSE and can be re-routed by the NYSE. Any 
remainder will be posted to the NYSE, unless otherwise instructed by 
the User.
    \25\ See Exchange Rule 11.11(g)(6). RDOX is a routing option 
under which an order checks the System for available shares, is then 
sent to the NYSE and can be re-routed by the NYSE. If shares remain 
unexecuted after routing, they are posted on the NYSE book, unless 
otherwise instructed by the User.
    \26\ See Exchange Rule 11.11(g)(4). INET is a routing option 
under which an order checks the System for available shares and then 
is sent to Nasdaq. If shares remain unexecuted after routing, they 
are posted on the Nasdaq book, unless otherwise instructed by the 
User.
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    Based on the above proposed changes the Exchange also proposes to 
re-alphabetize paragraph (g)(3) of Rule 11.11, and make conforming 
changes to various subparagraphs under paragraph (g) of Rule 11.11. 
Additionally, the Exchange proposes non-substantive changes to Rule 
11.11(g)(7) and (g)(13) to properly reflect the name of Cboe BZX 
Exchange, Inc. and remove the Investors Exchange as a primary listing 
market.
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.\27\ Specifically, the 
Exchange believes the proposed rule change is consistent with the 
Section 6(b)(5) \28\ 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) \29\ requirement that the rules of an exchange not be 
designed to permit unfair discrimination between customers, issuers, 
brokers, or dealers. The proposed rule change also is designed to 
support the principles of Section 11A(a)(1) \30\ of the Act in that it 
seeks to assure fair competition among brokers and dealers and among 
exchange markets.
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    \27\ 15 U.S.C. 78f(b).
    \28\ 15 U.S.C. 78f(b)(5).
    \29\ Id.
    \30\ 15 U.S.C. 78k-1(a)(1).

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[[Page 8330]]

    In particular, the proposed rule change to add the DRT routing 
option is generally intended to provide a consistent technology 
offering for the Cboe affiliated exchanges, which the Exchange believes 
is designed to remove impediments to and perfect the mechanism of a 
free and open market and a national market system. Further to this 
point, a consistent technology offering, in turn, will simplify the 
technology implementation, changes and maintenance by Users of the 
Exchange that are also participants on BYX and/or BZX. The proposed 
rule changes would also provide Users with access to functionality that 
is intended to result in the efficient execution of such orders and 
will provide additional flexibility as well as increased functionality 
to the Exchange's System and its Users. As a result, the Exchange's 
proposal will further remove impediments to and perfect the mechanism 
of a free and open market and a national market system, and will also 
introduce the DRT routing strategy on the Exchange which will provide 
market participants with greater flexibility in routing orders without 
developing order routing strategies on their own.
    The Exchange believes the proposed rule change to remove references 
to ROUD, ROUQ, and ROUE from Exchange Rules and the Fee Schedule will 
remove impediments to the mechanism of a free and open market, thereby 
protecting investors and the public interest. As stated above, the 
Exchange is proposing that its routing functionality to ATSs will use 
the DRT routing mechanism in the System routing table effective 
February 3, 2020. As a result, the ROUD, ROUQ, and ROUE routing options 
will function in the same manner as other existing routing options. By 
removing routing options that are duplicative of other existing routing 
options and amending Exchange Rules to reflect a new routing option, 
the Exchange believes the proposed rule change will remove impediments 
to the mechanism of a free and open market and protect investors by 
providing investors with increased transparency regarding rules that 
reflect routing options currently available on the Exchange. Also, as 
it pertains to the proposed changes to Exchange Rule 11.11(g) and the 
Fee Schedule, the Exchange does not believe the proposed amendments 
will permit unfair discrimination among customers, brokers, or dealers 
because the ROUD, ROUQ, and ROUE routing options will no longer be 
available to all Users.
    Finally, the proposed changes to Rule 11.11(a) are designed to 
ensure clarity in the Exchange's rulebook with respect to the routing 
of orders in compliance with Rule 201 of Regulation SHO. In addition, 
providing Users the ability to send short sale orders that are routable 
pursuant to RDOT, RDOX, and INET routing options provides them 
additional flexibility with regard to the handling of their orders. The 
Exchange notes that orders that include a short sale instruction routed 
pursuant to the RDOT, RDOX, or INET routing options are identified 
``short'' and, therefore, subject to the receiving Trading Center's 
processes for handling short sale orders in compliance with Regulation 
SHO. The Exchange also notes that the Post to Away and ROOC routing 
options are similar to the RDOT, RDOX, and INET routing options in that 
they route orders to other Trading Centers for posting and/or later 
execution. Rule 11.11(a) currently provides that orders including a 
short sale instruction routed pursuant to the Post to Away or ROOC 
routing options are eligible for routing when a short sale circuit 
breaker is in effect. Thus, the proposed amendments to Rule 11.11(a) is 
directly targeted at removing impediments to and perfecting the 
mechanism of a free and open market and national market system, as well 
as to assure fair competition among brokers and dealers and among 
exchange markets.

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 notes that the 
proposed amendment to allow orders with a short sale instruction and a 
RDOX, RDOT, or INET routing option to be eligible to route when a short 
sale circuit breaker is in effect will promote consistency between 
other routing strategies (i.e., Post to Away and ROOC) that are 
similarly eligible to route when a short sale circuit breaker is in 
effect and are designed to route orders to other Trading Centers for 
posting and/or later execution. The Exchange does not believe the 
proposed change will have any impact on intermarket competition as the 
RDOX, RDOT, and INET routing strategies are and will continue to be 
available to all Users.
    The Exchange notes that the proposed amendments to add a reference 
to the DRT routing option and eliminate references to the ROUD, ROUE, 
and ROUQ routing options in Exchange Rules and the Fee Schedule will 
eliminate any potential confusion to investors, as those routing 
options will be duplicative of existing routing options after the 
implementation of the DRT routing mechanism.
    The Exchange does not believe that the proposed amendments will 
impose any burden on intra-market competition that is not necessary or 
appropriate in furtherance of the purposes of the Act. The Exchange 
provides routing services in a highly competitive market in which 
participants may avail themselves of a wide variety of routing options 
offered by self-regulatory organizations, other broker-dealers, market 
participants' own proprietary routing systems, and service bureaus. In 
such an environment, system enhancements such as the changes proposed 
in this rule filing do not burden competition, because they can succeed 
in attracting order flow to the Exchange only if they offer investors 
higher quality and better value than services offered by others. The 
Exchange reiterates that the proposed rule change to adopt DRT and 
eliminate the ROUE, ROUQ, and ROUD strategies is being proposed in an 
effort to add a consistent technology offering across the Cboe 
affiliated Exchanges.

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 Exchange has designated this rule filing as non-controversial 
under Section 19(b)(3)(A) of the Act \31\ and Rule 19b-4(f)(6) 
thereunder.\32\ Because the foregoing proposed rule change does not: 
(i) Significantly affect the protection of investors or the public 
interest; (ii) impose any significant burden on competition; and (iii) 
become operative for 30 days from the date on which it was filed, or 
such shorter time as the Commission may designate, it has become 
effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b-
4(f)(6) thereunder.
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    \31\ 15 U.S.C. 78s(b)(3)(A).
    \32\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii) 
requires a self-regulatory organization to give the Commission 
written notice of its intent to file the proposed rule change, along 
with a brief description and text of the proposed rule change, at 
least five business days prior to the date of filing of the proposed 
rule change, or such shorter time as designated by the Commission. 
The Exchange has satisfied this requirement.
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    A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the 
Act \33\ normally does not become

[[Page 8331]]

operative for 30 days after the date of its filing. However, Rule 19b-
4(f)(6)(iii) \34\ permits the Commission to designate a shorter time if 
such action is consistent with the protection of investors and the 
public interest. The Exchange has asked the Commission to waive the 30-
day operative delay so that the proposal may become operative 
immediately upon filing. The Exchange has represented that adopting the 
DRT routing functionality and eliminating references to certain 
duplicative routing options will conform its routing strategies to its 
affiliated exchanges and will eliminate any potential confusion for its 
Members. The Commission believes that waiver of the 30-day operative 
delay is consistent with the protection of investors and the public 
interest and hereby waives the operative delay and designates the 
proposal as operative upon filing.\35\
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    \33\ 17 CFR 240.19b-4(f)(6).
    \34\ 17 CFR 240.19b-4(f)(6)(iii).
    \35\ For purposes only of waiving the 30-day operative delay, 
the Commission also has considered the proposed rule's impact on 
efficiency, competition, and capital formation. See 15 U.S.C. 
78c(f).
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    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 shall institute proceedings under 
Section 19(b)(2)(B) of the Act \36\ to determine whether the proposed 
rule change should be approved or disapproved.
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    \36\ 15 U.S.C. 78s(b)(2)(B).
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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 rule-comments@sec.gov. Please include 
File Number SR-CboeEDGX-2020-006 on the subject line.

Paper Comments:

     Send paper comments in triplicate to Secretary, Securities 
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to File Number SR-CboeEDGX-2020-006. 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 10:00 a.m. and 
3:00 p.m. Copies of the filing also will be available for inspection 
and copying at the principal office of the Exchange. All comments 
received will be posted without change. Persons submitting comments are 
cautioned that we do not redact or edit personal identifying 
information from comment submissions. You should submit only 
information that you wish to make available publicly. All submissions 
should refer to File Number SR-CboeEDGX-2020-006 and should be 
submitted on or before March 5, 2020.
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    \37\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\37\
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-02838 Filed 2-12-20; 8:45 am]
 BILLING CODE 8011-01-P


