[Federal Register Volume 87, Number 150 (Friday, August 5, 2022)]
[Notices]
[Pages 48051-48055]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-16783]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-95406; File No. SR-CboeBZX-2022-042]


Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of 
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend 
Rule 19.6

August 1, 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 August 1, 2022, Cboe BZX Exchange, Inc. (``Exchange'' or 
``BZX'') 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 BZX Exchange, Inc. (the ``Exchange'' or ``BZX Options'') 
proposes to amend Rule 19.6. 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 proposed rule change amends Rule 19.6, Interpretation and 
Policy .05. Specifically, the Exchange proposes to amend Rule 19.6, 
Interpretation and Policy .05(f) to account for conflicts between 
different provisions within the Short Term Option Series Rules, extend 
current $0.50 strike price intervals in equity options to short term 
options with strike prices less than $100, and make other clarifying 
changes.
    In 2021, the Exchange amended Rule 19.6, Interpretation and Policy 
.05 to limit the intervals between strikes in equity options listed as 
part of the Short Term Option Series Program, excluding Exchange-Traded 
Fund Shares and ETNs, that have an expiration date more than twenty-one 
days from the listing date (``Strike Interval Proposal'').\5\ The 
Strike Interval Proposal adopted new paragraph (f), which included a 
table that intended to specify the applicable strike intervals that 
would supersede subparagraph (e) \6\ for Short Term Option Series in 
equity options, excluding options on exchange-traded

[[Page 48052]]

fund shares and on exchange-traded notes, which have an expiration more 
than 21 days from the listing date. The Strike Interval Proposal was 
designed to reduce the density of strike intervals that would be listed 
in later weeks, within the Short Term Option Series Program, by 
utilizing limitations for intervals between strikes that have an 
expiration date more than 21 days from the listing date.
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    \5\ See Securities Exchange Act Release No. 91455 (April 1, 
2021), 86 FR 18099 (April 7, 2021) (SR-CboeBZX-2021-022).
    \6\ Rule 19.6, Interpretation and Policy .05(e) states if a 
class does not trade in $1 strike price intervals, the strike price 
interval for Short Term Option Series may be (i) $0.50 or greater 
where the strike price is less than $75; (ii) $1.00 or greater where 
the strike price is between $75 and $150; or (iii) $2.50 or greater 
for strike prices greater than $150.
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    The Exchange proposes to amend Rule 19.6, Interpretation and Policy 
.05 to clarify the current rule text and amend the application of the 
table to account for potential conflicts within the Short Term Option 
Series Rules. Currently, Rule 19.6, Interpretation and Policy .05(f) 
provides that notwithstanding subparagraph (e),\7\ when Short Term 
Option Series in equity options (excluding options on ETFs and ETNs) 
have an expiration more than 21 days from the listing date, the strike 
interval for each option class will be based on the following table:
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    \7\ The proposed rule change makes a nonsubstantive change to 
correct the term ``subparagraph'' to ``paragraph'' in the 
introductory paragraph of Rule 19.6, Interpretation and Policy 
.05(f) as well as subparagraph (f)(3).
    \8\ The Share Price is the closing price on the primary market 
on the last day of the calendar quarter. In the event of a corporate 
action, the Share Price of the surviving company is utilized. The 
Average Daily Volume is the total number of option contracts traded 
in a given security for the applicable calendar quarter divided by 
the number of trading days in the applicable calendar quarter. 
Beginning on the second trading day in the first month of each 
calendar quarter, the Average Daily Volume is calculated by 
utilizing data from the prior calendar quarter based on Customer-
cleared volume at OCC. For options listed on the first trading day 
of a given calendar quarter, the Average Daily Volume is calculated 
using the quarter prior to the last trading calendar quarter. See 
Rule 19.6, Interpretation and Policy .05(f)(1) and (2).

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                                                                                                          Share price \8\
                                                                         -------------------------------------------------------------------------------
                   Tier                         Average daily volume                        $25 to less     $75 to less    $150 to less       $500 or
                                                                           Less than $25     than $75        than $150       than $500        greater
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1.........................................  Greater than 5,000..........           $0.50           $1.00           $1.00           $5.00           $5.00
2.........................................  Greater than 1,000 to 5,000.            1.00            1.00            1.00            5.00           10.00
3.........................................  0 to 1,000..................            2.50            5.00            5.00            5.00           10.00
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    First, the Exchange proposes to add the phrase ``which specifies 
the applicable interval for listing'' to the end of the first sentence 
of paragraph (f). The table within that paragraph provides for the 
listing of intervals based on certain parameters (average daily volume 
and share price). The Exchange proposes to add the phrase ``which 
specifies the applicable interval for listing'' to clarify that the 
only permitted intervals are as specified in the table within paragraph 
(f), as proposed to be amended.
    Second, the Exchange proposes to amend the table in paragraph (f) 
to address situations in which there is a conflict between applying the 
intervals in paragraph (e) and the table in paragraph (f). Today, there 
are instances where a conflict is presented as between the application 
of the table within paragraph (f) and the rule text within paragraph 
(e) with respect to the correct interval. To address these potential 
conflicts, the Exchange proposes that to the extent there is a conflict 
between applying the current table within paragraph (f) and the rule 
text within paragraph (e), the greater interval would apply. To reflect 
this within the Rules, the Exchange proposes to amend the table in 
paragraph (f) to specify what the greater interval would be, and thus 
the interval the Exchange would apply, in the event of any possible 
conflict between the two rule provisions. Specifically, the proposed 
rule change amends the table as follows:

----------------------------------------------------------------------------------------------------------------
                                                                 Share price
             Average daily  ------------------------------------------------------------------------------------
   Tier         volume                         $25 to less than    $75 to less     $150 to less       $500 or
                               Less than $25          $75           than $150        than $500        greater
----------------------------------------------------------------------------------------------------------------
1........  Greater than      $0.50 for         $1.00 for         $1.00 for                 $5.00           $5.00
            5,000.            strikes less      strikes less      strikes less
                              than $100 in      than $150.        than $150.
                              Short Term        $2.50 for         $2.50 for
                              Option Series     strikes greater   strikes
                              Program classes   than $150.        greater than
                              and classes                         $150.
                              that trade in
                              $1 increments
                              in non-Short
                              Term Options.
                              $1.00 for
                              strikes between
                              $100 and $150
                              for classes
                              that do not
                              otherwise trade
                              in $1.00
                              increments in
                              non-Short Term
                              Options. $2.50
                              for strikes
                              greater than
                              $150.
2........  Greater than      $1.00 for         $1.00 for         $1.00 for                  5.00           10.00
            1,000 to 5,000.   strikes less      strikes less      strikes less
                              than $150.        than $150.        than $150.
                              $2.50 for         $2.50 for         $2.50 for
                              strikes greater   strikes greater   strikes
                              than $150.        than $150.        greater than
                                                                  $150.
3........  0 to 1,000......  $2.50...........  $5.00...........  $5.00..........            5.00           10.00
----------------------------------------------------------------------------------------------------------------

    Below are some examples to demonstrate the application of the 
proposed table:
    Example 1: Assume a Tier 1 stock that closed on the last day of Q1 
with a quarterly share price higher than $75 but less than $150. 
Therefore, utilizing the current table within paragraph (f), the 
interval would be $1.00 for strikes added during Q2 even for strikes 
above $150. However, paragraph (e) provides that the Exchange may list 
a Short Term Option Series at $2.50 intervals where the strike price is 
above $150. In other words, there is a potential conflict

[[Page 48053]]

between the permitted strike intervals above $150 during Q2. In this 
example, current paragraph (f) would specify a $1.00 interval whereas 
current paragraph (e) would specify a $2.50 interval. Consistent with 
selecting the greater interval (from current paragraph (e)), the 
permissible strike interval in this scenario would be $2.50 as set 
forth in the proposed table. Therefore, during Q2, the following 
strikes would be eligible to list: $152.50 and $157.50. For strikes 
less than $150, the following strikes would be eligible to list during 
Q2: $149 and $148 because Short Term Option Series with expiration 
dates more than 21 days from the listing date as well as Short Term 
Option Series with expiration dates less than 21 days from the listing 
date would both be eligible to list $1 intervals pursuant to both 
paragraphs (e) and (f).
    Example 2: Assume a Tier 2 stock that closed on the last day of Q1 
with a quarterly share price less than $25. Therefore, utilizing the 
current table within paragraph (f), the interval would be $1.00 for 
strikes added during Q2 even for strikes above $25. However, paragraph 
(e) provides that the Exchange may list a Short Term Option Series at 
$0.50 intervals where the strike is less than $100 [sic], at $1.00 
intervals where the strike price is between $100 [sic] and $150, and at 
$2.50 intervals where the strike price is above $150. In other words, 
there is a potential conflict between the permitted strike intervals 
below $100 [sic] and above $150 during Q2. In this example, current 
paragraph (f) would specify a $1.00 interval for strikes below $100 
whereas current paragraph (e) would specify a $0.50 interval. 
Consistent with selecting the greater interval (from current paragraph 
(f)), the permissible strike interval in this scenario for strikes 
below $100 would be $1.00 as set forth in the proposed table. For 
strikes between $100 [sic] and $150, there is no conflict, as both 
provisions would provide $1.00 intervals for those strikes. For strikes 
above $150, current paragraph (f) would specify a $1.00 interval for 
strikes above $150 whereas current paragraph (e) would specify a $2.50 
interval. Consistent with selecting the greater interval (from current 
paragraph (e)), the permissible strike interval in this scenario for 
strikes above $150 would be $2.50 as set forth in the proposed table.
    Example 3: Assume a Tier 3 stock that closed on the last day of Q1 
with a quarterly share price less than $25. Therefore, utilizing the 
current table within paragraph (f), the interval would be $2.50 for all 
strikes added during Q2. However, paragraph (e) provides that the 
Exchange may list a Short Term Option Series at $0.50 intervals where 
the strike price is less than $100 [sic], $1.00 intervals where the 
strike price is between $100 [sic] and $150, and $2.50 intervals where 
the strike price is above $150. In other words, there is a potential 
conflict between the permitted strike intervals below $150 during Q2 
(there is no conflict for strikes above $150, as both provisions 
provide for a $2.50 strike interval). Consistent with selecting the 
greater interval (From current paragraph (f)), the permissible strike 
interval in this scenario for strikes below $150 would be $2.50 as set 
forth in the proposed table.\9\
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    \9\ The Exchange made similar corresponding changes to the table 
for tier 1 and tier 2 stocks with prices $25 to less than $75 and 
$75 to less than $150, with all potential conflicts between current 
paragraphs (e) and (f) resolved to apply the greater interval.
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    Third, the Exchange proposes to delete the last sentence of the 
introductory paragraph of paragraph (f), which states ``[t]he below 
table indicates the applicable strike intervals and supersedes 
paragraph (d) above, which permits additional series to be opened for 
trading on the Exchange when the Exchange deems it necessary to 
maintain an orderly market, to meet customer demand or when the market 
price of the underlying security moves substantially from the exercise 
price or prices of the series already opened.'' The table within 
paragraph (f) supersedes other rules pertaining to strike intervals, 
but the table does not supersede rules governing the addition of 
options series. Therefore, the table within paragraph (f) and the rule 
text of paragraph (d) do not conflict with each other. Deleting the 
reference to paragraph (d) will avoid potential confusion.
    Fourth, the Exchange proposes to delete subparagraph (f)(4), which 
states ``[n]otwithstanding the limitations imposed by this subparagraph 
(f), this subparagraph (f) does not amend the range of strikes for 
Short Term Option Series may be listed pursuant to subparagraph (e) 
above.'' While the range limitations continue to be applicable within 
paragraph (f), the strike ranges do not conflict with the strike 
intervals and therefore the sentence is not necessary. Removing this 
provision will avoid potential confusion.
    Finally, the Exchange proposes to amend Rule 19.6, Interpretation 
and Policy .05(e) to extend $0.50 strike price intervals in equity 
options to short-term options with strike prices less than $100 instead 
of the current $75. This proposed change is intended to conform this 
provision of the Short Term Option Series Program to that of other 
options exchanges.\10\ With this proposed change, for short term 
options in equity option classes that do not trade in $1 strike price 
intervals, the strike price interval for Short Term Option Series may 
be (i) $0.50 or greater where the strike price is less than $100; (ii) 
$1.00 or greater where the strike price is between $100 and $150; or 
(iii) $2.50 or greater for strike prices greater than $150.
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    \10\ This is consistent with the rules of other options 
exchanges. See, e.g., Cboe Options Rule 4.5(d)(5).
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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.\11\ Specifically, the 
Exchange believes the proposed rule change is consistent with the 
Section 6(b)(5) \12\ 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) \13\ requirement that the rules of an exchange not be 
designed to permit unfair discrimination between customers, issuers, 
brokers, or dealers. The Exchange believes the Strike Proposal 
continues to limit the intervals between strikes listed in the Short 
Term Option Series Program that have an expiration date more than 
twenty-one days.
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    \11\ 15 U.S.C. 78f(b).
    \12\ 15 U.S.C. 78f(b)(5).
    \13\ Id.
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    In particular, the Exchange's proposed addition to the first 
sentence of Rule 19.6, Interpretation and Policy .05(f) is consistent 
with the Act because it clarifies that the only permitted intervals are 
as specified in the table within that subparagraph, as amended. The 
Exchange believes this proposed rule change will bring greater 
transparency to the rule. The proposed rule change to amend the table 
within Rule 19.6, Interpretation and Policy .05(f) to address potential 
conflicts between that paragraph and paragraph

[[Page 48054]]

(e) with respect to the correct strike interval is consistent with the 
Act because it protects investors and the public interest by adding 
transparency to the manner in which the Exchange implements its listing 
rules and removes potential uncertainty. The proposed rule text 
specifies the applicable intervals when there is a conflict between the 
rule text within paragraphs (e) and (f), thereby providing certainty as 
to the outcome. The table within paragraph (f) impacts strike intervals 
and supersedes other strike interval rules but does not supersede the 
addition of option series. Therefore, paragraph (d) regarding the 
addition of option series does not conflict with the table in paragraph 
(f). Deleting the last sentence of the introductory paragraph of Rule 
19.6, Interpretation and Policy .05(f) that includes the reference to 
paragraph (d) is therefore consistent with the Act. Similarly, deleting 
Rule 19.6, Interpretation and Policy .05(f)(4) is consistent with the 
Act because while the range limitations continue to be applicable, the 
strike ranges do not conflict with strike intervals, rendering the 
sentence unnecessary. Deletion of this provision will avoid potential 
confusion.
    The Strike Interval Proposal was designed to reduce the density of 
strike intervals that would be listed in later weeks, within the Short 
Term Option Series Program, by utilizing limitations for intervals 
between strikes which have an expiration date more than twenty-one days 
from the listing date. The Exchange's proposal intends to continue to 
remove certain strike intervals where there exist clusters of strikes 
whose characteristics closely resemble one another and, therefore, do 
not serve different trading needs,\14\ rendering these strikes less 
useful. Also, the Strike Interval Proposal continues to reduce the 
number of strikes listed on the Exchange, allowing Market-Makers to 
expend their capital in the options market in a more efficient manner, 
thereby improving overall market quality on the Exchange.
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    \14\ For example, two strikes that are densely clustered may 
have the same risk properties and may also be the same percentage 
out-of-the-money.
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    Additionally, applying the greater interval would control as 
between the rule text within current Rule 19.6, Interpretation and 
Policy .05(e) and (f), the Exchange is reducing the number of strikes 
listed in a manner consistent with the intent of the Strike Interval 
Proposal, which was to reduce strikes which were farther out in time. 
The result of this clarification is to select wider strike intervals 
for Short Term Option Series in equity options which have an expiration 
date more than twenty-one days from the listing date. This rule change 
would harmonize strike intervals as between inner weeklies (those 
having less than twenty-one days from the listing date) and outer 
weeklies (those having more than twenty-one days from the listing date) 
so that strike intervals are not widening as the listing date 
approaches.
    The proposed rule change to extend current $0.50 strike price 
intervals in equity options to short term options with strike prices 
less than $100 will remove impediments to and perfect the mechanism of 
a free and open market and a national market system, because it will 
conform this portion of the Short Term Option Series Program to that of 
other options exchanges.\15\
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    \15\ See, e.g., Cboe Options Rule 4.5(d)(5).
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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 Strike Interval Proposal 
continues to limit the number of Short Term Option Series Program 
strike intervals available for quoting and trading on the Exchange for 
all Options Members.
    The Exchange believes adding clarifying language to the first 
sentence of Rule 19.6, Interpretation and Policy .05(f) regarding which 
parameter the table within that provision amends within the Short Term 
Option Series Program will bring greater transparency to the rules. 
Amending the table within paragraph (f) to address potential conflicts 
as between the rule text of Rule 19.6, Interpretation and Policy .05(e) 
and (f) will bring greater transparency to and reduce potential 
confusion regarding the manner in which the Exchange implements its 
listing rules. Deleting the last sentence of the first paragraph of the 
introductory paragraph of Rule 19.6, Interpretation and Policy .05(f) 
that references paragraph (d) does not impose an undue burden on 
competition and will avoid potential confusion because the table within 
paragraph (f) impacts strike intervals and supersedes other rules 
pertaining to strike intervals, but the table does not supersede rules 
governing the addition of options series, such as paragraph (d). 
Deleting Rule 19.6, Interpretation and Policy .05(f)(4) will also avoid 
any potential confusion because, while the range limitations continue 
to be applicable, the strike ranges do not conflict with strike 
intervals and are not necessary. Extending current $0.50 strike price 
intervals in equity options to short term options with strike prices 
less than $100 will not impose an undue burden on competition, because 
it is consistent with the rules of other options exchanges.\16\
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    \16\ See, e.g., Cboe Options Rule 4.5(d)(5).
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    While this proposal continues to limit the intervals of strikes 
listed on the Exchange, the Exchange continues to balance the needs of 
market participants by continuing to offer a number of strikes to meet 
a market participant's investment objective. The Exchange's Strike 
Interval Proposal does not impose an undue burden on intermarket 
competition as this Strike Interval Proposal does not impact the 
listings available at another self-regulatory organization.

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

    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 after the date of the filing, or such 
shorter time as the Commission may designate, it has become effective 
pursuant to 19(b)(3)(A) of the Act \17\ and Rule 19b-4(f)(6) \18\ 
thereunder.
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    \17\ 15 U.S.C. 78s(b)(3)(A).
    \18\ 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 under Rule 19b-4(f)(6) \19\ normally 
does not become operative prior to 30 days after the date of the 
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\20\ the Commission 
may designate a shorter time if such action is consistent with the 
protection of investors and the public interest. The Exchange has 
requested that the Commission waive the 30-day operative delay so that 
the Exchange may implement the proposed rule change on August 1, 2022--
the same time other exchanges are implementing

[[Page 48055]]

the same change.\21\ The Exchange states that implementing the proposal 
simultaneously with other option exchanges will promote the protection 
of investors by harmonizing the strike listing methodology across 
exchanges. In addition, the Exchange's proposal to extend current $0.50 
strike price intervals in equity options to short term options with 
strike prices less than $100 will conform this portion of the Short 
Term Option Series Program to that of other options exchanges.\22\ The 
Commission believes that waiver of the 30-day operative delay is 
consistent with the protection of investors and the public interest 
because the proposed rule change does not raise any new or novel 
issues. Accordingly, the Commission hereby waives the operative 
delay.\23\
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    \19\ 17 CFR 240.19b-4(f)(6).
    \20\ 17 CFR 240.19b-4(f)(6)(iii).
    \21\ The Commission recently approved a substantially similar 
proposal. See Securities Exchange Act Release No. 95085 (June 10, 
2022), 87 FR 36353 (June 16, 2022) (SR-ISE-2022-10) (Order Approving 
a Proposed Rule Change, as Modified by Amendment No. 1, to Amend ISE 
Options 4, Section 5, Series of Options Contracts Open for Trading).
    \22\ See, e.g., Cboe Exchange, Inc. Rule 4.5(d)(5).
    \23\ 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 to 
determine whether the proposed rule should be approved or disapproved.

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-CboeBZX-2022-042 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-CboeBZX-2022-042. 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-2022-042 and should be submitted 
on or before August 26, 2022.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\24\
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    \24\ 17 CFR 200.30-3(a)(12), (59).
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J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022-16783 Filed 8-4-22; 8:45 am]
BILLING CODE 8011-01-P


