[Federal Register Volume 88, Number 98 (Monday, May 22, 2023)]
[Notices]
[Pages 32809-32813]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-10813]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-97513; File No. SR-CboeBZX-2023-033]


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

May 16, 2023.
    Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that 
on May 1, 2023, Cboe BZX Exchange, Inc. (``Exchange'' or ``BZX'') filed 
with the Securities and Exchange Commission (``Commission'') the 
proposed rule change as described in Items I, II, and III below, which 
Items have been prepared by the Exchange. The Commission is publishing 
this notice to solicit comments on the proposed rule change from 
interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    Cboe BZX Exchange, Inc. (the ``Exchange'' or ``BZX'') proposes to 
amend its Fee Schedule. The text of the proposed rule change is 
provided in Exhibit 5.
    The text of the proposed rule change is also available on the 
Exchange's website (http://markets.cboe.com/us/equities/regulation/rule_filings/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'') by: (1) introducing a new 
Add Volume Tier; (2) introducing a new Non-Displayed Add Volume Tier; 
(3) eliminating Step-Up Tiers 1 and 4 and the Non-Displayed Step Up 
Tier; and (4) reducing the enhanced rebates associated with certain fee 
codes. The Exchange proposes to implement these changes effective May 
1, 2023.\3\
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    \3\ The Exchange initially filed the proposed fee changes on May 
1, 2023 (SR-CboeBZX-2023-032). On May 1, 2023, the Exchange withdrew 
that filing and submitted this proposal.
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    The Exchange first notes that it operates in a highly competitive 
market in which market participants can readily direct order flow to 
competing venues if they deem fee levels at a particular venue to be 
excessive or incentives to be insufficient. More specifically, the 
Exchange is only one of 16 registered equities exchanges, as well as a 
number of alternative trading systems and other off-exchange venues 
that do not have similar self-regulatory responsibilities under the 
Securities Exchange Act of 1934 (the ``Act''), to

[[Page 32810]]

which market participants may direct their order flow. Based on 
publicly available information,\4\ no single registered equities 
exchange has more than 16% of the market share. Thus, in such a low-
concentrated and highly competitive market, no single equities exchange 
possesses significant pricing power in the execution of order flow. The 
Exchange in particular operates a ``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.\5\ 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.\6\ 
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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    \4\ See Cboe Global Markets, U.S. Equities Market Volume 
Summary, Month-to-Date (April 21, 2023), available at https://www.cboe.com/us/equities/market_statistics/.
    \5\ See BZX Equities Fee Schedule, Standard Rates.
    \6\ Id.
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Add/Remove Volume Tiers
    Under footnote 1 of the Fee Schedule, the Exchange currently offers 
various Add/Remove Volume Tiers. In particular, the Exchange offers six 
Add Volume Tiers, that each provide an enhanced rebate for Members' 
qualifying orders yielding fee codes B,\7\ V,\8\ or Y,\9\ where a 
Member reaches certain add volume-based criteria. The Exchange now 
proposes to introduce a seventh Add Volume Tier. The proposed criteria 
of Add Volume Tier 7 is as follows:
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    \7\ Fee code B is appended to displayed orders adding liquidity 
to BZX in Tape B securities.
    \8\ Fee code V is appended to displayed orders adding liquidity 
to BZX in Tape A securities.
    \9\ Fee code Y is appended to displayed orders adding liquidity 
to BZX in Tape C securities.
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     Proposed Tier 7 will provide a rebate of $0.0031 per share 
for securities priced above $1.00 to qualifying orders (i.e., orders 
yielding fee codes B, V, or Y) where a Member has an ADAV \10\ as a 
percentage of TCV \11\ >=0.40%; and Member adds an ADV \12\ >=0.05% of 
the TCV for Non-Displayed orders that yield fee codes HB,\13\ HI,\14\ 
HV \15\ or HY; \16\ and Member has a Tape B ADAV >=0.65% of the Tape B 
TCV.
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    \10\ ``ADAV'' means average daily added volume calculated as the 
number of shares added per day. ADAV is calculated on a monthly 
basis.
    \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 or removed, combined, per day. ADV is calculated on 
a monthly basis.
    \13\ Fee code HB is appended to non-displayed orders adding 
liquidity to BZX in Tape B securities.
    \14\ Fee code HI is appended to non-displayed orders adding 
liquidity to BZX that receive price improvement.
    \15\ Fee code HV is appended to non-displayed orders adding 
liquidity to BZX in Tape A securities.
    \16\ Fee code HY is appended to non-displayed orders adding 
liquidity to BZX in Tape C securities.
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    Also under footnote 1 of the Fee Schedule, the Exchange currently 
offers five Non-Displayed Add Volume Tiers, that each provide an 
enhanced rebate for Members' qualifying orders yielding fee codes HB, 
HV or HY, where a Member reaches certain non-displayed add volume-based 
criteria. The Exchange now proposes to add a sixth Non-Displayed Add 
Volume Tier. The proposed criteria of Non-Displayed Add Volume Tier 6 
is as follows:
     Proposed Non-Displayed Add Volume Tier 6 will provide a 
rebate of $0.0025 per share for securities priced above $1.00 to 
qualifying orders (i.e., orders yielding fee codes HB, HV or HY) where 
a Member has an ADAV as a percentage of TCV >=0.40%; and Member adds an 
ADV >=0.05% of the TCV for Non-Displayed orders that yield fee codes 
HB, HI, HV or HY; and Member has a Tape B ADAV >=0.65% of the Tape B 
TCV.
    The Exchange notes that its proposal to introduce a new Add Volume 
Tier 7 and a new Non-Displayed Add Volume Tier 6 is designed to provide 
Members with additional ways in which to receive an enhanced rebate if 
certain criteria are satisfied. The Exchange believes that by 
introducing proposed Add Volume Tier 7 and Non-Displayed Add Volume 
Tier 6, Members are incentivized to add both displayed and non-
displayed volume 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.
Step-Up Tiers
    Under footnote 2 of the Fee Schedule, the Exchange currently offers 
four Step-Up Tiers that each provide an enhanced rebate for Members' 
qualifying orders yielding fee codes B, V, and Y, where a Member 
reaches certain add volume-based criteria, including ``growing'' its 
volume over a certain baseline month. The Exchange is proposing to 
discontinue Step-Up Tiers 1 and 4, as no Members have satisfied the 
criteria within the past six months and the Exchange no longer wishes 
to, nor is required to, maintain such tier. More specifically, the 
proposed change removes these tiers as the Exchange would rather 
redirect future resources and funding into other programs and tiers 
intended to incentivize increased order flow.
    Also under footnote 2 of the Fee Schedule, the Exchange currently 
offers a Non-Displayed Step Up tier that provides an enhanced rebate 
for Members' qualifying orders yielding fee codes HB, HV, and HY, where 
a Member reaches certain non-displayed add volume-based criteria, 
including ``growing'' its volume over a certain baseline month. The 
Exchange is proposing to discontinue the Non-Displayed Step Up Tier, as 
no Members have satisfied the criteria since its introduction and the 
Exchange no longer wishes to, nor is required to, maintain such tier. 
More specifically, the proposed change removes this tier as the 
Exchange would rather redirect future resources and funding into other 
programs and tiers intended to incentivize increased order flow.
Fee Codes and Associated Fees
    Currently, fee codes HB, HV, and HY are appended to non-displayed 
orders that add liquidity and receive an enhanced rebate of $0.00100 
per share. The Exchange now proposes to reduce the amount of the 
enhanced rebate from $0.00100 per share to $0.00080 per share for 
orders appended with fee codes HB, HV, or HY. The purpose of lowering 
the rebate associated with orders appended with fee codes HB, HV, or HY 
is for business and competitive reasons, as the Exchange believes that 
reducing such rebate as proposed would decrease the Exchange's 
expenditures with respect to transaction pricing in a manner that is 
still consistent with the Exchange's overall pricing philosophy of 
encouraging added liquidity. The Exchange notes that despite the modest 
decrease of the rebate associated with fee codes HB, HV, and HY, the 
lower rebate remains competitive and is in-line with the enhanced 
rebate paid to

[[Page 32811]]

non-displayed orders adding liquidity on other exchanges, including the 
Exchange's affiliate exchange.\17\
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    \17\ See e.g., EDGX Equities Fee Schedule, Fee Codes and 
Associated Fees.
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2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with 
the Act and the rules and regulations thereunder applicable to the 
Exchange and, in particular, the requirements of section 6(b) of the 
Act.\18\ Specifically, the Exchange believes the proposed rule change 
is consistent with the 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. 
Additionally, the Exchange believes the proposed rule change is 
consistent with the section 6(b)(5) \20\ requirement that the rules of 
an exchange not be designed to permit unfair discrimination between 
customers, issuers, brokers, or dealers as well as section 6(b)(4) \21\ 
as it is designed to provide for the equitable allocation of reasonable 
dues, fees and other charges among its Members and other persons using 
its facilities.
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    \18\ 15 U.S.C. 78f(b).
    \19\ 15 U.S.C. 78f(b)(5).
    \20\ Id.
    \21\ 15 U.S.C. 78f(b)(4).
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    As described above, the Exchange operates in a highly competitive 
market in which market participants can readily direct order flow to 
competing venues if they deem fee levels at a particular venue to be 
excessive or incentives to be insufficient. The proposal to adopt Add 
Volume Tier 7 and Non-Displayed Add Volume Tier 6 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. Additionally, the Exchange notes that relative volume-based 
incentives and discounts have been widely adopted by exchanges,\22\ 
including the Exchange,\23\ and are reasonable, equitable and non-
discriminatory because they are open to all Members on an equal basis 
and provide additional benefits or discounts that are reasonably 
related to (i) the value to an exchange's market quality and (ii) 
associated higher levels of market activity, such as higher levels of 
liquidity provision and/or growth patterns. Competing equity exchanges 
offer similar tiered pricing structures, including schedules of rebates 
and fees that apply based upon members achieving certain volume and/or 
growth thresholds, as well as assess similar fees or rebates for 
similar types of orders, to that of the Exchange.
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    \22\ See e.g., EDGX Equities Fee Schedule, Footnote 1, Add/
Remove Volume Tiers.
    \23\ See e.g., BZX Equities Fee Schedule, Footnote 1, Add/Remove 
Volume Tiers.
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    In particular, the Exchange believes its proposal to adopt Add 
Volume Tier 7 and Non-Displayed Add Volume Tier 6 is reasonable because 
the revised tiers will be available to all Members and provide all 
Members with an additional opportunity to receive an enhanced rebate or 
a reduced fee. The Exchange further believes the proposed Add Volume 
Tier 7 and Non-Displayed Add Volume Tier 6 will provide a reasonable 
means to encourage liquidity adding displayed orders and liquidity 
adding non-displayed orders, respectively, in Members' order flow to 
the Exchange and to incentivize Members to continue to provide 
liquidity adding volume to the Exchange by offering them an additional 
opportunity to receive an enhanced rebate or reduced fee on qualifying 
orders. An overall increase in activity would deepen the Exchange's 
liquidity pool, offers additional cost savings, support the quality of 
price discovery, promote market transparency and improve market 
quality, for all investors.
    The Exchange believes that its proposal to eliminate Step-Up Tiers 
1 and 4 and the Non-Displayed Step Up Tier is reasonable because the 
Exchange is not required to maintain these tiers or provide Members an 
opportunity to receive enhanced rebates. The Exchange believes the 
proposal to eliminate these tiers is also equitable and not unfairly 
discriminatory because it applies to all Members (i.e., the tiers will 
not be available for any Member). The Exchange notes that no Members 
have satisfied the criteria of Step-Up Volume Tier 4 in any of the past 
six months. While certain Members have recently satisfied the criteria 
of Step-Up Volume Tier 1 and the Non-Displayed Step Up Tier, the 
Exchange believes these Members will have the opportunity to receive 
enhanced rebates under other tiers offered by the Exchange. The 
Exchange also notes that the proposed rule change to remove these tiers 
merely results in Members not receiving an enhanced rebate, which, as 
noted above, the Exchange is not required to offer or maintain.
    The Exchange believes that the proposed introduction of Add Volume 
Tier 7 and Non-Displayed Add Volume Tier 6 are reasonable as they do 
not represent a significant departure from the criteria currently 
offered in the Fee Schedule. The Exchange also believes that the 
proposal represents an equitable allocation of fees and rebates and is 
not unfairly discriminatory because all Members will be eligible for 
the proposed new tiers and have the opportunity to meet the tiers' 
criteria and receive the corresponding enhanced rebate if such criteria 
is met. 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 
the new proposed tiers. While the Exchange has no way of predicting 
with certainty how the proposed changes will impact Member activity, 
based on the prior months volume, the Exchange anticipates that at 
least one Member will be able to satisfy proposed Add Volume Tier 7 and 
at least two Members will be able to satisfy proposed Non-Displayed Add 
Volume Tier 6. The Exchange also notes that proposed changes will not 
adversely impact any Member's ability to qualify for enhanced rebates 
offered under other tiers. Should a Member not meet the proposed new 
criteria, the Member will merely not receive that corresponding 
enhanced rebate. Furthermore, the proposed rule change to eliminate 
Step-Up Tier 4 enables the Exchange to redirect resources and funding 
into other programs and tiers intended to incentivize increased order 
flow.
    In addition, the Exchange believes that its proposal to reduce the 
enhanced rebate associated with fee codes HB, HV, and HY is reasonable, 
equitable, and consistent with the Act because such change is designed 
to decrease the Exchange's expenditures with respect to transaction 
pricing in order to offset some of the costs associated with the 
Exchange's current pricing structure, which provides various rebates 
for liquidity-adding orders, and the Exchange's operations generally, 
in a manner that is consistent with the Exchange's overall pricing 
philosophy of encouraging adding liquidity. The proposed lower enhanced 
rebate ($0.00080 per share) is reasonable and appropriate because it 
represents only a modest decrease from the current enhanced rebate 
($0.00100 per share) and remains competitive with rebates offered by 
other exchanges, including

[[Page 32812]]

the Exchange's affiliate exchange.\24\ The Exchange further believes 
that the proposed reduction of the enhanced rebate associated with fee 
codes HB, HV, and HY is not unfairly discriminatory because it applies 
to all Members equally, in that all Members will receive the lower 
rebate if their orders are appended with fee code HB, HV, or HY.
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    \24\ Supra note 16.
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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. Rather, as discussed above, 
the Exchange believes that the proposed changes would encourage the 
submission of additional order flow to a public exchange, thereby 
promoting market depth, execution incentives and enhanced execution 
opportunities, as well as price discovery and transparency for all 
Members. As a result, the Exchange believes that the proposed changes 
further the Commission's goal in adopting Regulation NMS of fostering 
competition among orders, which promotes ``more efficient pricing of 
individual stocks for all types of orders, large and small.''
    The Exchange believes the proposed rule changes do not impose any 
burden on intramarket competition that is not necessary or appropriate 
in furtherance of the purposes of the Act. Particularly, the proposed 
introduction of Add Volume Tier 7 and Non-Displayed Add Volume Tier 6 
will apply to all Members equally in that all Members are eligible for 
each of the Tiers, have a reasonable opportunity to meet the Tiers' 
criteria and will receive the enhanced rebate on their qualifying 
orders if such criteria are met. In addition, the proposed change to 
eliminate Step-Up Tiers 1 and 4 and the Non-Displayed Step Up Tier and 
the proposed reduction of the enhanced rebate associated with fee codes 
HB, HV, and HY will not impose any burden on intramarket competition 
because the changes apply to all Members uniformly, as in, the tiers 
will no longer be available to any Member and all Members will be 
subject to the lower enhanced rebate for orders appended with fee code 
HB, HV, or HY. The Exchange does not believe the proposed changes 
burden competition, but rather, enhances competition as it is intended 
to increase the competitiveness of BZX by adopting pricing incentives 
in order to attract order flow and incentivize participants to increase 
their participation on the Exchange, providing for additional execution 
opportunities for market participants and improved price transparency. 
Greater overall order flow, trading opportunities, and pricing 
transparency benefits all market participants on the Exchange by 
enhancing market quality and continuing to encourage Members to send 
orders, thereby contributing towards a robust and well-balanced market 
ecosystem.
    Next, the Exchange believes the proposed rule changes 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 16% of the market share.\25\ 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.'' \26\ 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' . . . .''.\27\ 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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    \25\ Supra note 3.
    \26\ See Securities Exchange Act Release No. 51808 (June 9, 
2005), 70 FR 37496, 37499 (June 29, 2005).
    \27\ 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 \28\ and paragraph (f) of Rule 19b-4 \29\ 
thereunder. At any time within 60 days of the filing of the proposed 
rule change, the Commission summarily may temporarily suspend such rule 
change if it appears to the Commission that such action is necessary or 
appropriate in the public interest, for the protection of investors, or 
otherwise in furtherance of the purposes of the Act. If the Commission 
takes such action, the Commission will institute proceedings to 
determine whether the proposed rule change should be approved or 
disapproved.
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    \28\ 15 U.S.C. 78s(b)(3)(A).
    \29\ 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 [email protected]. Please include 
File Number SR-CboeBZX-2023-033 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.


[[Page 32813]]


All submissions should refer to File Number SR-CboeBZX-2023-033. 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. Do not include 
personal identifiable information in submissions; you should submit 
only information that you wish to make available publicly. We may 
redact in part or withhold entirely from publication submitted material 
that is obscene or subject to copyright protection. All submissions 
should refer to File Number SR-CboeBZX-2023-033, and should be 
submitted on or before June 12, 2023.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\30\
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    \30\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-10813 Filed 5-19-23; 8:45 am]
BILLING CODE 8011-01-P


