[Federal Register Volume 87, Number 113 (Monday, June 13, 2022)]
[Notices]
[Pages 35842-35846]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-12647]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-95060; File No. SR-CboeEDGX-2022-029]


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

June 7, 2022.
    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 June 1, 2022, Cboe EDGX Exchange, Inc. (the ``Exchange'' or 
``EDGX'') 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.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

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 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/options/regulation/rule_filings/edgx/) [sic], 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 (``EDGX Equity'') to modify certain tiers 
offered under the Add/Remove Volume Tiers, including certain Add Volume 
Tiers, a Growth Tier, and a Remove Volume Tier. The Exchange proposes 
to implement these changes effective June 1, 2022.
    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 17% 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 rebates to members that add 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 that 
provide and remove liquidity, respectively. Currently, for orders in 
securities priced at or above $1.00, the Exchange provides a standard 
rebate of $0.00160 per share for orders that add liquidity and assesses 
a fee of $0.0030 per share for orders that remove liquidity. For orders 
in securities priced below $1.00, the Exchange provides a standard 
rebate of $0.00009 per share for orders that add liquidity and assesses 
a fee of 0.30% of the 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

[[Page 35843]]

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.
---------------------------------------------------------------------------

    \3\ See Cboe Global Markets, U.S. Equities Market Volume 
Summary, Month-to-Date (May 30, 2022), available at https://www.cboe.com/us/equities/market_statistics/.
---------------------------------------------------------------------------

Modifications To Add Volume Tiers
    Under footnote 1 of the Fee Schedule, the Exchange currently offers 
various Add/Remove Volume Tiers. In particular, the Exchange offers 
four Add Volume Tiers that each provide an enhanced rebate for Members' 
qualifying orders yielding fee codes B \4\, V \5\, Y \6\, 3 \7\ or 4 
\8\, where a Member reaches certain add volume-based criteria. 
Specifically, the Add Volume Tiers are as follows:
---------------------------------------------------------------------------

    \4\ Orders yielding Fee Code ``B'' are orders adding liquidity 
to EDGX (Tape B).
    \5\ Orders yielding Fee Code ``V'' are orders adding liquidity 
to EDGX (Tape A).
    \6\ Orders yielding Fee Code ``Y'' are orders adding liquidity 
to EDGX (Tape C).
    \7\ Orders yielding Fee Code ``3'' are orders adding liquidity 
to EXGX in the pre and post market (Tapes A or C).
    \8\ Orders yielding Fee Code ``4'' are orders adding liquidity 
to EDGX in the pre and post market (Tape B).
---------------------------------------------------------------------------

     Tier 1 offers an enhanced rebate of $0.0020 per share for 
qualifying orders (i.e., yielding fee codes B, V, Y, 3 or 4) where a 
Member adds an ADV \9\ greater than or equal to 0.20% of the TCV.\10\
---------------------------------------------------------------------------

    \9\ ``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.
    \10\ ``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.
---------------------------------------------------------------------------

     Tier 2 offers an enhanced rebate of $0.0023 per share for 
qualifying orders (i.e., yielding fee codes B, V, Y, 3 or 4) where a 
Member adds an ADV greater than or equal to 0.30% of the TCV.
     Tier 3 offers an enhanced rebate of $0.0027 per share for 
qualifying orders (i.e., yielding fee codes B, V, Y, 3 or 4) where a 
Member adds an ADV greater than or equal to 0.40% of the TCV.
     Tier 4 offers an enhanced rebate of $0.0029 per share for 
qualifying orders (i.e., yielding fee codes B, V, Y, 3 or 4) where a 
Member adds an ADV greater than or equal to 0.65% of the TCV.
    The Exchange now proposes to modify Tier 2, remove existing Tier 3, 
and, consequently, renumber Tier 4. Specifically, as proposed, the 
Tiers would provide for the following:
     Proposed Tier 2 would offer an enhanced rebate of $0.0027 
per share (instead of $0.0023 per share) for qualifying orders (i.e., 
yielding fee codes B, V, Y, 3 or 4) where a Member adds an ADV greater 
than or equal to 0.28% of the TCV (instead of 0.30% of the TCV) or 
Member adds an ADV greater than or equal to 30,000,000 (not a criteria 
in current Tier 2).
     Proposed Tier 3 (current Tier 4) would offer an enhanced 
rebate of $0.0029 per share for qualifying orders (i.e., yielding fee 
codes B, V, Y, 3 or 4) where a Member adds an ADV greater than or equal 
to 0.65% of the TCV.
    Although the Exchange proposes to eliminate the current Tier 3, 
thus limiting the amount of available Add Volume Tiers and 
corresponding rebates available to Members, the Exchange proposes to 
increase the rebate in Tier 2, slightly ease the percentage of ADV over 
TCV, and provide an additional prong of criteria for Members to qualify 
for the enhanced rebate under proposed Tier 2, which serves to 
incentivize market participants to provide additional displayed 
liquidity 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. The Exchange does not 
propose any changes to the current Add Volume Tier 1.
Modification to Growth Volume Tier 4
    In addition to the Add/Remove Volume Tiers under footnote 1 of the 
Fee Schedule, the Exchange offers four Growth Tiers that each provide 
an enhanced rebate for Members' qualifying orders yielding fee codes B, 
V, Y, 3 or 4, where a Member reaches certain add volume-based criteria, 
including ``growing'' its volume over a certain baseline month. 
Currently, Growth Tier 4 provides an enhanced rebate of $0.0034 per 
share to MPIDs that (1) add a Step-Up ADAV from October 2021 equal to 
or greater than 0.10% of the TCV \11\ or MPIDs that add a Step-Up ADAV 
from October 2021 equal to or greater than 16 million shares; and (2) 
MPIDs that add an ADV \12\ equal to or greater than 0.30% of TCV or 
MPIDs that add an ADV equal to or greater than 30 million shares. The 
Exchange now proposes to amend the criteria in prong 2 of Growth Tier 4 
by increasing the second add ADV criteria from greater than or equal to 
30 million shares to 35 million shares.
---------------------------------------------------------------------------

    \11\ ``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.
    \12\ ``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.
---------------------------------------------------------------------------

    The Exchange notes that the purpose of the Growth Volume Tiers is 
to encourage MPIDs to grow their volume on the Exchange as compared to 
a baseline month. By increasing one of the add ADV criteria in the 
second prong of Growth Volume Tier 4 while keeping the enhanced rebate 
the same, the proposed rule change slightly increases the current 
criteria's difficulty, which is intended to encourage liquidity adding 
MPIDs on the Exchange to strive to reach Growth Tier 4 by increasing 
the provision of liquidity to the Exchange, which increases execution 
opportunities and provides for overall enhanced price discovery and 
price improvement opportunities on the Exchange. Increased overall 
order flow benefits all Members by contributing towards a robust and 
well-balanced market ecosystem.
Modification To Remove Volume Tier
    The Exchange also offers two Remove Volume Tiers under the Add/
Remove Volume Tiers in footnote 1 of the Fee Schedule. The Remove 
Volume Tiers each assess a reduced fee for Members' qualifying orders 
yielding fee codes BB \13\, N \14\ and W \15\ where a Member reaches 
certain add volume-based criteria. Specifically, the Exchange proposes 
to amend Remove Volume Tier 1, which currently offers a reduced fee of 
$0.00275 per share in securities priced above $1.00 and 0.28% of the 
total dollar value in securities priced below $1.00 for qualifying 
orders (i.e., yielding fee codes BB, N or W) where (1) Member adds a 
Step-Up ADAV \16\ from June 2021 greater than or equal to 0.10% of the 
TCV or Member adds a Step-Up ADAV from June 2021 greater than or equal 
to 8,000,000; and (2) Member has a total remove ADV greater than or 
equal to 0.60% of the TCV or Member has a total remove ADV greater than 
or equal to 60,000,000. The Exchange proposes to amend the criteria in 
the second prong of Remove Volume Tier 1 by decreasing the second ADV 
remove criteria from a total remove ADV of greater than or equal to 
60,000,000 to a total remove ADV of greater than or equal to 
45,000,000.
---------------------------------------------------------------------------

    \13\ Orders yielding fee code ``BB'' are orders removing 
liquidity from EDGX (Tape B).
    \14\ Orders yielding fee code ``N'' are orders removing 
liquidity from EDGX (Tape C).
    \15\ Orders yielding fee code ``W'' are orders removing 
liquidity from EDGX (Tape A).
    \16\ ``Step-Up ADAV'' means ADAV in the relevant baseline month 
subtracted from current ADAV. ``ADAV'' means average daily volume 
calculated as the number of shares added per day. ADAV is calculated 
on a monthly basis.

---------------------------------------------------------------------------

[[Page 35844]]

    The proposed amendment to Remove Volume Tier 1 would lessen the 
difficulty of the existing criteria while keeping the reduced fee the 
same. The Exchange believes lowering the total remove ADV criteria in 
the second prong of Remove Volume Tier 1 without changing the reduced 
fee available to Members will encourage Members to strive to meet the 
criteria by removing liquidity on the Exchange to receive the same 
reduced fee. An increase in remove liquidity on the Exchange signals an 
overall increase in activity from other market participants, 
contributes to a deeper, more liquid market and provides additional 
execution opportunities for active market participants, which benefits 
the entire market system. The Exchange does not propose any changes to 
current Remove Volume Tier 2.
2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with 
the objectives of Section 6 of the Securities and Exchange Act of 1933 
(the ``Act''),\17\ in general, and furthers the objectives of Section 
6(b)(4),\18\ in particular, as it is designed to provide for the 
equitable allocation of reasonable dues, fees and other charges among 
its Members and issuers and other persons using its facilities. The 
Exchange also believes that the proposed rule change is consistent with 
the objectives of Section 6(b)(5) \19\ 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, 
and, particularly, is not designed to permit unfair discrimination 
between customers, issuers, brokers, or dealers. 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 proposed rule change reflects a competitive 
pricing structure designed to incentivize market participants to direct 
their order flow to the Exchange, which the Exchange believes would 
enhance market quality to the benefit of all Members.
---------------------------------------------------------------------------

    \17\ 15 U.S.C. 78f.
    \18\ 15 U.S.C. 78f(b)(4).
    \19\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The Exchange believes that the proposed changes to certain Add/
Remove Volume Tiers, specifically, Add Volume Tiers 2 and 3, Remove 
Volume Tier 1, and Growth Tier 4, are reasonable, equitable and not 
unfairly discriminatory because each tier, as modified, continues to be 
available to all Members and provide Members an opportunity to receive 
an enhanced rebate or a reduced fee. As noted above, the Exchange 
operates in a highly competitive market. The Exchange is only one of 16 
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 rates and tiered pricing structures to that of the 
Exchange, including schedules of rebates and fees that apply based upon 
members achieving certain volume thresholds. Specifically, the Exchange 
notes that relative volume-based incentives and discounts have been 
widely adopted by exchanges,\20\ including the Exchange,\21\ 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 or liquidity provision and/or growth thresholds, 
as well as assess similar fees or rebates for similar types of orders, 
to that of the Exchange.
---------------------------------------------------------------------------

    \20\ See BZX Equities Fee Schedule, Footnote 1, Add/Remove 
Volume Tiers.
    \21\ See EDGX Equities Fee Schedule, Footnote 1, Add/Remove 
Volume Tiers.
---------------------------------------------------------------------------

    In particular, the Exchange believes the proposed rule changes to 
certain Add/Remove Volume Tiers are reasonable because the tiers will 
continue to provide Members with an opportunity to receive an enhanced 
rebate or reduced fee by encouraging Members to increase their order 
flow to the Exchange. In particular, the Exchange believes that the 
changes to the Add Volume Tiers will provide reasonable means for 
Members to receive an enhanced rebate for adding liquidity on the 
Exchange. While the Exchange has proposed to remove the existing Tier 
3, it believes that by proposing to lower the percentage of ADV over 
TCV in Tier 2 and proposing to add an additional ADV criteria to Tier 
2, Members will continue to be incentivized to provide liquidity adding 
volume to the Exchange. The Exchange also believes that the proposed 
enhanced rebate for Add Volume Tier 2 continues to be commensurate with 
the proposed criteria. That is, the rebate reasonably reflects the 
difficulty in achieving the applicable criteria as amended. 
Furthermore, the Exchange believes that the proposed increase to one of 
the ADV criteria in Growth Tier 4 is reasonable because the proposal 
represents a modest increase in volume as compared to the previous 
criteria. The Growth Tiers incentivize Members to grow their add volume 
as compared to a baseline month in order to receive an enhanced rebate 
and the proposed increase in add ADV represents a reasonable incentive 
for MPIDs to increase their liquidity adding order flow in order to 
receive an enhanced rebate that reasonably reflects the difficulty in 
achieving the criteria. Additionally, the Exchange believes the 
proposed lower one of the remove ADV criteria in Remove Volume Tier 1 
is reasonable because it will encourage Members to increase their 
remove volume on the Exchange, as the proposed change will make it 
easier for Members to receive a reduced fee for removing liquidity on 
the Exchange. The Exchange believes the proposed changes to the Add/
Remove Volume Tiers are reasonably designed overall to incentivize 
Members to continue to add and remove liquidity on the Exchange, thus 
deepening the Exchange's liquidity pool, offering additional cost 
savings to Members, supporting the quality of price discovery, 
promoting market transparency, and improving market quality for all 
investors.
    The Exchange believes the proposed changes to the various Add/
Remove Volume Tiers represent an equitable allocation of rebates and 
fees and are not unfairly discriminatory because all Members are 
eligible for those tiers and would have the opportunity to meet a 
tier's criteria and would receive the proposed enhanced rebate or 
reduced fee if such criteria is met. Without having a view of activity 
on other market 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. While the Exchange has 
no way of predicting with certainty how the proposed tiers will impact 
Member activity, the Exchange anticipates that at least one Member will 
be able to satisfy the criteria proposed for Add Volume Tier 2, Remove 
Volume Tier 1, and Growth Tier 4. The Exchange also notes that the 
proposed changes will not adversely

[[Page 35845]]

impact any Member's ability to qualify for other reduced fee or 
enhanced rebated tiers. Should a Member not meet the proposed criteria 
under the modified tier, the Member will merely not receive that 
corresponding enhanced rebate or reduced fee. The Exchange also 
believes the proposal to eliminate a tier is equitable and not unfairly 
discriminatory because it applies to all Members, in that, such tier 
will not be available for any Member. The Exchange believes that the 
proposed changes to the Add/Remove Volume Tiers will benefit all market 
participants by incentivizing continuous liquidity and, thus, deeper 
more liquid markets as well as increased execution opportunities. 
Particularly, the proposals are designed to incentivize liquidity, 
which further contributes 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.

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 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 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 
tier changes will apply to all Members equally in that all Members will 
continue to be eligible for Add Tier 2, Remove Volume Tier 1 and Growth 
Tier 4, have a reasonable opportunity to meet the tiers' criteria and 
will receive the enhanced rebate or reduced fee on their qualifying 
orders if such criteria are met. Also, as stated above, the proposal to 
eliminate a tier applies to all Members, in that, such tier will not be 
available for any Member. The Exchange does not believe the proposed 
changes burden competition, but rather, enhance competition as they are 
intended to increase the competitiveness of EDGX 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 benefit 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 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.\22\ 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.'' \23\ 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' . . .''.\24\
---------------------------------------------------------------------------

    \22\ Supra note 3.
    \23\ See Securities Exchange Act Release No. 51808 (June 9, 
2005), 70 FR 37496, 37499 (June 29, 2005).
    \24\ NetCoalition v. SEC, 615 F.3d 525, 539 (DC Cir. 2010) 
(quoting Securities Exchange Act Release No. 59039 (December 2, 
2008), 73 FR 74770, 74782-83 (December 9, 2008) (SR-NYSEArca-2006-
21)).
---------------------------------------------------------------------------

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 \25\ and paragraph (f) of Rule 19b-4 \26\ 
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.
---------------------------------------------------------------------------

    \25\ 15 U.S.C. 78s(b)(3)(A).
    \26\ 17 CFR 240.19b-4(f).
---------------------------------------------------------------------------

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include 
File Number SR-CboeEDGX-2022-029 on the subject line.

[[Page 35846]]

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-2022-029. 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. 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-2022-029, and 
should be submitted on or before July 5, 2022.
---------------------------------------------------------------------------

    \27\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\27\
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-12647 Filed 6-10-22; 8:45 am]
BILLING CODE 8011-01-P


