[Federal Register Volume 85, Number 219 (Thursday, November 12, 2020)]
[Notices]
[Pages 71952-71956]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-24962]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-90352; File No. SR-CboeBZX-2020-078]


Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of 
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend 
the Equity Transaction Fee Rebate Tiers

November 5, 2020.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(the ``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given 
that on November 2, 2020, Cboe BZX Exchange, Inc. (the ``Exchange'' or 
``BZX'') filed with the Securities and Exchange Commission (the 
``Commission'') the proposed rule change as described in Items I, II, 
and III below, which Items have been prepared by the Exchange. The 
Commission is publishing this notice to solicit comments on the 
proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    Cboe BZX Exchange, Inc. (the ``Exchange'' or ``BZX'') is filing 
with the Securities and Exchange Commission (``Commission'') a proposed 
rule change to amend the 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/bzx/), 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 fee schedule applicable to its 
equities trading platform (``BZX Equities'') to: (1) Update the 
Supplemental Incentive Program Tiers; (2) update the Lead Market Maker 
(``LMM'') Add Volume Tiers and (3) eliminate the Non-Displayed Tape A 
Tier 1, effective November 2, 2020.
    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 
Exchange Act, to which market participants may direct their order flow. 
Based on publicly available information,\3\ no single registered 
equities exchange has more than 18% 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 ``Maker-Taker'' model 
whereby it pays credits to members that provide liquidity and assesses 
fees to those that remove liquidity. The Exchange's fee schedule sets 
forth the standard rebates and rates applied per share for orders

[[Page 71953]]

that provide and remove liquidity, respectively. Currently, for orders 
priced at or above $1.00, the Exchange provides a standard rebate of 
$0.0020 per share for orders that add liquidity and assesses a fee of 
$0.0030 per share for orders that remove liquidity. For orders priced 
below $1.00, the Exchange provides a standard rebate of $0.0009 per 
share for orders that add liquidity and assesses a fee of 0.30% of 
total dollar value for orders that remove liquidity. 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 (October 28, 2020), available at https://markets.cboe.com/us/equities/market_statistics/.
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Proposed Updates to the Supplemental Incentive Program Tiers
    The Exchange currently offers three different Supplemental 
Incentive Program Tiers under footnote 1 of the Fee Schedule, wherein a 
Member may receive an additional rebate for qualifying orders where a 
Member adds a certain Tape ADAV \4\ as a percentage of that Tape's TCV. 
Specifically, the Supplemental Incentive Program Tiers offered are as 
follows:
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    \4\ ``ADAV'' means average daily added volume calculated as the 
number of shares added per day.
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     Supplemental Incentive Program--Tape A Tier offers an 
additional rebate of $0.0001 for orders yielding fee code V \5\ where a 
Member has a Tape A ADAV greater than or equal to 0.30% of the Tape A 
TCV;
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    \5\ Appended to orders that add liquidity to BZX (Tape A) and 
offered a rebate of $0.002000 per share.
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     Supplemental Incentive Program--Tape B Tier offers an 
additional rebate of $0.0001 for orders yielding fee code B \6\ where a 
Member has a Tape B ADAV greater than or equal to 0.30% of the Tape B 
TCV; and
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    \6\ Appended to orders that add liquidity to BZX (Tape B) and 
offered a rebate of $0.00200 per share.
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     Supplemental Incentive Program--Tape C Tier offers an 
additional rebate of $0.0001 for orders yielding fee code Y \7\ where a 
Member has a Tape C ADAV greater than or equal to 0.30% of the Tape C 
TCV;
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    \7\ Appended to orders that add liquidity to BZX (Tape C) and 
offered a rebate of $0.00200 per share.
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    The proposed rule change amends the tiers' criteria by increasing 
the percentage of Tape ADAV over Tape TCV from 0.30% to 0.40% for 
Supplemental Incentive Program--Tape A and Tape C Tiers, and from 0.30% 
to 0.50% for Supplemental Incentive Program--Tape B Tier. The proposed 
rule change to the Supplemental Incentive Program Tiers does not alter 
any of the additional rebate amounts currently offered. Although the 
proposed changes to the thresholds result in more stringent criteria, 
Members still have an opportunity to receive the additional rebate if 
they meet the applicable tier threshold. Moreover, the proposed changes 
are designed to encourage Members to increase their Displayed liquidity 
in Tape A, B and C securities on the Exchange, thereby contributing to 
a deeper and more liquid market, which benefits all market participants 
and provides greater execution opportunities on the Exchange.
Proposed Updates to the LMM Add Volume Tiers
    Under the Exchange's LMM Program, the Exchange offers daily 
incentives for LMMs in securities listed on the Exchange for which the 
LMM meets certain Minimum Performance Standards.\8\ Such daily 
incentives are determined based on the number of Cboe-listed securities 
for which the LMM meets such Minimum Performance Standards and the 
average auction volume across such securities. Generally, the more LMM 
Securities \9\ for which the LMM meets the Minimum Performance 
Standards and the higher the auction volume across those securities, 
the greater the total daily payment to the LMM. Currently, the Exchange 
offers 3 LMM Add Volume Tiera [sic] under footnote 14 of the Fee 
Schedule, which provides an additional rebate for applicable LMM 
orders. Specifically, the Supplemental Incentive Program Tiers 
currently offered are as follows:
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    \8\ As defined in Rule 11.8(e)(1)(E), the term ``Minimum 
Performance Standards'' means a set of standards applicable to an 
LMM that may be determined from time to time by the Exchange. Such 
standards will vary between LMM Securities depending on the price, 
liquidity, and volatility of the LMM Security in which the LMM is 
registered. The performance measurements will include: (A) Percent 
of time at the NBBO; (B) percent of executions better than the NBBO; 
(C) average displayed size; and (D) average quoted spread. For 
additional detail, see Original LMM Filing.
    \9\ As defined in Rule 11.8(e)(1)(D), the term ``LMM Security'' 
means a Listed Security that has an LMM. As defined in Rule 
11.8(e)(1)(B), the term ``Listed Security'' means any ETP or any 
Primary Equity Security or Closed-End Fund listed on the Exchange 
pursuant to Rule 14.8 or 14.9.
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     LMM Add Volume Tier 1 provides an additional rebate of 
$0.0001 for orders yielding fee codes B, V and Y where an LMM (1) has 
an ADAV greater than or equal to 0.20% of the TCV, (2) has an Average 
Aggregate Daily Auction Volume in LMM Securities greater than or equal 
to 500,000 and (3) is enrolled in at least 75 LMM Securities.
     LMM Add Volume Tier 2 provides an additional rebate of 
$0.0006 for orders yielding fee codes V and ``HV'' \10\ where an LMM 
(1) is enrolled in at least 50 LMM Securities, and (2) has a Tape A 
ADAV greater than or equal to 0.10% of the Tape A TCV;
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    \10\ Appended to non-displayed orders that add liquidity (Tape 
A) and are assessed a standard rebate of $0.00150.
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     LMM Add Volume Tier 3 provides an additional rebate of 
$0.0003 for orders yielding fee codes B and ``HB'' \11\ where an LMM 
(1) is enrolled is enrolled in at least 50 LMM Securities, and (2) has 
a Tape B ADAV greater than or equal to 0.20% of the Tape B TCV;
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    \11\ Appended to non-displayed orders that add liquidity (Tape 
B) and are assessed a standard rebate of $0.00150.
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     LMM Add Volume Tier 4 provides an additional rebate of 
$0.0006 for orders yielding fee codes Y and ``HY'' \12\ where an LMM 
(1) is enrolled in at least 50 LMM Securities, and (2) has a Tape C 
ADAV greater than or equal to 0.10% of the Tape C TCV.
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    \12\ Appended to non-displayed orders that add liquidity (Tape 
C) and are assessed a standard rebate of $0.00150.
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    The Exchange proposes to update the TCV thresholds in LMM Add 
Volume Tiers 2, 3 and 4 as follows below. The Exchange notes that the 
additional rebates currently provided in each tier remain the same, as 
do the remaining criteria for each tier.
     To meet the proposed criteria in Tier 2, a Member must add 
a Tape A ADV greater than or equal to 0.20% (instead of 0.10%) of the 
Tape A TCV.
     To meet the proposed criteria in Tier 3, a Member must add 
a Tape B ADV greater than or equal to 0.35% (instead of 0.20%) of the 
Tape B TCV.
     To meet the proposed criteria in Tier 4, a Member must add 
a Tape C ADV greater than or equal to 0.20% (instead of 0.10%) of the 
Tape C TCV.
    Although the proposed changes to these thresholds result in more 
stringent criteria, Members will still have an opportunity to receive 
the additional rebates for meeting the applicable tier thresholds. 
Moreover, the proposed changes are designed to encourage LMMs to 
increase both their Displayed and Non-Displayed liquidity in Tape A, B 
and C securities on the Exchange, thereby contributing to a deeper and 
more liquid market, which benefits all market participants and provides 
greater execution opportunities on the Exchange.

[[Page 71954]]

Non-Displayed Add Volume Tape A Tier 1
    The Exchange also proposes to eliminate Non-Displayed Add Volume 
Tape A Tier 1, which is currently described under footnote 1 of the 
fees schedule. Particularly, this tier applies to orders yielding fee 
code HV and provides a $0.00275 per share rebate to Members that add an 
ADV greater than or equal to 0.20% of the TCV as Non-Displayed orders 
that yield fee codes HI or HV. Particularly, no Member has reached this 
tier in several months and the Exchange therefore no longer wishes to, 
nor is it required to, maintain such tiers.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with the objectives of Section 6 of the Act,\13\ in general, and 
furthers the objectives of Section 6(b)(4),\14\ in particular, as it is 
designed to provide for the equitable allocation of reasonable dues, 
fees and other charges among its Members, issuers and other persons 
using its facilities. 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 proposed rule changes 
reflect 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. The Exchange notes that relative volume-based incentives and 
discounts have been widely adopted by exchanges, including the 
Exchange, 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. Additionally, as noted above, the Exchange operates in 
highly competitive market. The Exchange is only one of several equity 
venues to which market participants may direct their order flow, and it 
represents a small percentage of the overall market. It is also only 
one of several maker-taker exchanges. 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. These competing 
pricing schedules, moreover, are presently comparable to those that the 
Exchange provides, including the pricing of comparable criteria and/or 
fees and rebates.
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    \13\ 15 U.S.C. 78f.
    \14\ 15 U.S.C. 78f(b)(4).
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    Regarding the proposed updates to the Supplemental Incentive and 
LMM Add Volume Tiers, the Exchange believes that the proposed tiers are 
reasonable because each of the tiers, as modified, continue to be 
available to all Members and provide Members an opportunity to receive 
an additional rebate, albeit using more stringent criteria. 
Additionally, the Exchange also believes that the tiers, even as 
amended, are reasonable, equitable and not unfairly discriminatory 
because competing equity exchanges offer similar tiered pricing 
structures with comparable criteria to that of the Supplemental 
Incentive \15\ and LMM Add Volume Tiers.\16\ The Exchange also believes 
that the current additional rebates continue to be commensurate with 
the proposed criteria. That is, the additional rebates reasonably 
reflect the difficulty in achieving the corresponding criteria as 
amended.
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    \15\ See NYSE Price List, ``Credit Applicable to Supplemental 
Liquidity Providers (``SLPs'')'' and Nasdaq Equity 7, Section 
118(a)(1).
    \16\ See e.g., Nasdaq Phlx Equity 7 Pricing Schedule, Section 
3(c), which provides up to an additional credit of $0.0003 for 
various order and quoting volume thresholds for the exchange's 
qualified market makers (``QMMs'').
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    The Exchange further believes that the proposed criteria and 
corresponding additional rebates per tier are reasonable and equitable. 
Generally, Tape B experiences less variability in terms of broader 
market share, whereas Tape A and C tend to experience more volatility. 
As a result, the Exchange has observed that Members generally submit 
less Tape volume in connection with Tape A and Tape C. For example, the 
average Tape ADAV as a percentage of Tape TCV in Tape A and Tape C from 
LMM Members in the last month was lower than their average Tape ADAV 
over Tape TCV in Tape B. As a result, the Exchange believes Members are 
more easily able to meet a volume requirement for Tape B, and 
therefore, it is equitable to provide for a slightly higher ADAV Tape B 
threshold of Tape B TCV than that for Tape A and C.
    The Exchange believes the proposed changes are also a reasonable 
means to incentivize Members to continue to provide liquidity adding, 
displayed volume (Supplemental Incentive Tiers) and displayed and non-
displayed volume (for LMM Add Volume Tiers), which will benefit all 
market participants by incentivizing continuous liquidity and thus, 
deeper more liquid markets as well as increased execution 
opportunities. Particularly, the proposed changes are designed to 
incentivize continuous displayed liquidity, which signals other market 
participants to take the additional execution opportunities provided by 
such liquidity, while the proposed incentives to provide non-displayed 
liquidity will further contribute to a deeper, more liquid market and 
provide even more execution opportunities for active market 
participants at improved prices. This overall increase in activity 
deepens the Exchange's liquidity pool, offers additional cost savings, 
supports the quality of price discovery, promotes market transparency 
and improves market quality, for all investors.
    In addition to this, the Exchange believes that the proposal 
represents an equitable allocation of rebates and is not unfairly 
discriminatory because all Members will continue to be eligible for the 
Supplemental Incentive Tiers, as amended, and for the LMM Add Volume 
Tiers, as amended. Without having a view of activity on other markets 
and off-exchange venues, the Exchange has no way of knowing whether 
this proposed rule change would definitely result in any Members 
qualifying for the proposed tiers. The Exchange notes that most 
recently, seven Members satisfied Supplemental Incentive Tier Tape A, 
seven members satisfied Supplemental Incentive Tier Tape B, and five 
Members satisfied Supplemental Incentive Tier Tape C. While the 
Exchange has no way of predicting with certainty how the proposed tier 
will impact Member activity, the Exchange anticipates that 
approximately four Members will be able to satisfy Supplemental 
Incentive Tier Tape A (as amended), five Members will be able to 
satisfy Supplemental Incentive Tier Tape B (as amended) and three 
Members will be able to satisfy Supplemental Incentive Tier Tape C (as 
amended). With respect to the LMM Add Volume Tiers, the Exchange notes 
that most recently, one Member satisfied LMM Add Volume Tier 2, two 
Members satisfied LMM Add Volume Tier 3 and two Members satisfied LMM 
Add Volume Tier 4. While the Exchange has no way of predicting with 
certainty how the proposed tier will impact Member activity, the 
Exchange anticipates that approximately one Member will be able to 
satisfy LMM Add Volume Tier 2 (as amended), one Member will be able to

[[Page 71955]]

satisfy LMM Add Volume Tier 3 (as amended) and one Member will be able 
to satisfy LMM Add Volume Tier 4 (as amended). The Exchange also notes 
that the proposed tiers will not adversely impact any Member's ability 
to qualify for other rebate tiers. Rather, should a Member not meet the 
proposed criteria for a tier, the Member will merely not receive the 
corresponding additional rebate.
    Finally, the Exchange believes the proposed amendment to remove 
Non-Displayed Add Volume Tape A Tier 1 is reasonable because no Member 
has achieved this tier in several months. Moreover, the Exchange is not 
required to maintain this tier and Members still have a number of other 
opportunities and a variety of ways to receive enhanced rebates for 
Non-Displayed liquidity, including the enhanced rebates under the Non-
Displayed Add Volume Tiers under footnote 1 of the fees schedule. The 
Exchange believes the proposal to eliminate these tiers is also 
equitable and not unfairly discriminatory because it applies to all 
Members.

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 change 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 change 
furthers 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.'' \17\
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    \17\ 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 believes the proposed rule change does not impose any 
burden on intramarket competition that is not necessary or appropriate 
in furtherance of the purposes of the Act. Particularly, the proposed 
changes apply to all Members equally in that all Members continue to be 
eligible for the Supplemental Incentive Tiers and LMM Add Volume Tiers 
(and have the same opportunity to become an LMM Member), have a 
reasonable opportunity to meet the tiers' criteria and will all receive 
the corresponding additional rebates if such criteria are met. 
Additionally, the proposed tier changes are designed to attract 
additional order flow to the Exchange. The Exchange believes that the 
updated tier criteria would incentivize market participants to direct 
liquidity adding order flow to the Exchange, bringing with it 
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.
    Next, the Exchange believes the proposed rule change does 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 15 other equities exchanges and 
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 18% of the market share. 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.'' \18\ 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'. . . .''.\19\ 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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    \18\ See Securities Exchange Act Release No. 51808 (June 9, 
2005), 70 FR 37496, 37499 (June 29, 2005).
    \19\ 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 \20\ and paragraph (f) of Rule 19b-4 
thereunder.\21\ 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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    \20\ 15 U.S.C. 78s(b)(3)(A).
    \21\ 17 CFR 240.19b-4(f).
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IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to rule-comments@sec.gov. Please include 
File Number SR-CboeBZX-2020-078 on the subject line.

[[Page 71956]]

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-CboeBZX-2020-078. 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-CboeBZX-2020-078 and should be submitted 
on or before December 3, 2020.
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    \22\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\22\
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-24962 Filed 11-10-20; 8:45 am]
BILLING CODE 8011-01-P


