77310 Federal Register / Vol. 85, No. 231 / Tuesday, December 1, 2020 / Notices 

25 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3 ‘‘Early Trading Session’’ means the time 

between 7:00 a.m. and 8:00 a.m. ET. See Rule 

1.5(ii). 4 ‘‘Pre-Opening Session’’ means the time between 

8:00 a.m. and 9:30 a.m. ET. See Rule 1.5(s). 5 ‘‘Regular Trading Hours’’ means the time 

between 9:30 a.m. and 4:00 p.m. ET. See Rule 

1.5(y). 6 ‘‘Post-Closing Trading Session’’ means the time 

between 4:00 p.m. and 8:00 p.m. ET. See Rule 

1.5(r). 

7 ‘‘User’’ means any Member or Sponsored 

Participant who is authorized to obtain access to the 

System pursuant to Rule 11.3. See Rule 1.5(ee). 

8See Rule 11.8. 

reasons for so finding or (ii) as to which 

the self-regulatory organization 

consents, the Commission will: 

(A) By order approve or disapprove 

the proposed rule change, or 

(B) institute proceedings to determine 

whether the proposed rule change 

should be 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 rule-comments@

sec.gov. Please include File Number SR– 

NYSE–2020–95 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–NYSE–2020–95. 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–NYSE–2020–95 and should 

be submitted on or before December 22, 

2020. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.25

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2020–26399 Filed 11–30–20; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–90509; File No. SR– 

CboeEDGX–2020–056] 

Self-Regulatory Organizations; Cboe 

EDGX Exchange, Inc.; Notice of Filing 

and Immediate Effectiveness of a 

Proposed Rule Change To Extend Its 

Early Trading Session 

November 24, 2020. 

Pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 

(‘‘Act’’),1 and Rule 19b–4 thereunder,2

notice is hereby given that on November 

16, 2020, Cboe EDGX Exchange, Inc. 

(the ‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I and II, 

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. 

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 

extend its Early Trading Session. The 

text of the proposed rule change is 

provided in Exhibit 5. 

The text of the proposed rule change 

is also available on the Exchange’s 

website (http://markets.cboe.com/us/ 

options/regulation/rule_filings/edgx/), 

at the Exchange’s Office of the 

Secretary, and at the Commission’s 

Public Reference Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

Exchange included statements 

concerning the purpose of and basis for 

the proposed rule change and discussed 

any comments it received on the 

proposed rule change. The text of these 

statements may be examined at the 

places specified in Item IV below. The 

Exchange has prepared summaries, set 

forth in sections A, B, and C below, of 

the most significant aspects of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to extend its 

Early Trading Session hours. The 

Exchange currently offers four distinct 

trading sessions where the Exchange 

accepts orders for potential execution: 

(1) The ‘‘Early Trading Session,’’ which 

begins at 7:00 a.m. Eastern Time (‘‘ET’’) 

and continues until 8:00 a.m. ET,3 (2) 

the ‘‘Pre-Opening Session,’’ which 

begins at 8:00 a.m. ET and continues 

until 9:30 a.m. ET,4 (3) ‘‘Regular Trading 

Hours,’’ which begin at 9:30 a.m. ET and 

continue until 4:00 p.m. ET,5 and (4) the 

‘‘Post-Closing Trading Session,’’ which 

begins at 4:00 p.m. ET and continues 

until 8:00 p.m. ET.6 Users 7 may 

designate when their orders are eligible 

for execution by selecting their desired 

Time-in-Force instruction.8 The 

proposed rule change amends Rule 

1.5(ii), which defines the Early Trading 

Session, to allowing trading to begin at 

4:00 a.m. ET. In addition to this, the 

proposed rule change amends the time 

when orders may start to be entered into 

the System prior to the Early Trading 

Session in Rule 11.1(a)(1), from 6:00 

a.m. ET to 3:30 a.m. ET. The proposed 

rule change also updates Rule 11.1(a)(1) 

and Rule 14.1(c)(2) to reflect the 

proposed Early Trading Session and 

order acceptance times, where 

applicable. Orders entered for 

participation in the Early Trading 

Session will continue to be handled in 

the same manner as they are today. The 

proposed rule change merely permits 

the Exchange to begin order acceptance 

and commence trading at earlier times, 

thereby providing additional time for 

market participants to source and access 

liquidity on the Exchange outside of 

Regular Trading Hours. The Exchange 


khammond on DSKJM1Z7X2PROD with NOTICES4
Federal Register / Vol. 85, No. 231 / Tuesday, December 1, 2020 / Notices 77311 

9 15 U.S.C. 78f(b). 

10 15 U.S.C. 78f(b)(5). 

11 Id. 

12 15 U.S.C. 78s(b)(3)(A)(iii). 

13 17 CFR 240.19b–4(f)(6). 

14 15 U.S.C. 78s(b)(3)(A). 

15 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6)(iii) requires the Exchange to give the 

Commission written notice of the Exchange’s 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. 

16 17 CFR 240.19b–4(f)(6). 

17 17 CFR 240.19b–4(f)(6)(iii). 

18For purposes only of waiving the 30-day 

operative delay, the Commission has considered the 

proposed rule’s impact on efficiency, competition, 

and capital formation. See 15 U.S.C. 78c(f). 

therefore believes that amending Rule 

1.5(ii) to extend the Exchange’s trading 

hours will be benefit investors that will 

now be able to trade on the Exchange 

earlier in the day. 

The Exchange notes that the extended 

Early Trading Session hours are 

consistent with the early trading session 

hours currently in place on other 

equities exchanges. For example, NYSE 

Arca Rule 7.34–E (a)(1) provides that 

NYSE Arca’s early trading session 

begins 4:00 a.m. ET and concludes at 

the commencement of NYSE Arca’s 

regular trading hours at 9:30 a.m. ET, 

and Nasdaq Stock Market LLC 

(‘‘Nasdaq’’) Rule 4701(g) provides that 

Nasdaq’s early trading session begins at 

4:00 a.m. and continues until the 9:30 

a.m. commencement of Nasdaq’s regular 

trading hours. Additionally, NYSE Arca 

Rule 7.34–E(a)(1) provides that the 

exchange begins accepting orders 30 

minutes before its early trading session 

(i.e., 3:30 a.m. ET). 

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.9 Specifically, 

the Exchange believes the proposed rule 

change is consistent with the Section 

6(b)(5) 10 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) 11 requirement that 

the rules of an exchange not be designed 

to permit unfair discrimination between 

customers, issuers, brokers, or dealers. 

In particular, the proposed rule 

change to extend the Exchange’s Early 

Trading Session hours will remove 

impediments to and perfect the 

mechanism of a free and open market 

and national market system and will 

benefit investors by providing market 

participants with additional 

opportunities to source and access 

liquidity for their orders on the 

Exchange. All orders entered during the 

proposed acceptance period and 

extended Early Trading Session hours 

will continue to be handled in the same 

manner as they are today. In addition to 

this, the proposed rule change will not 

affect the protection of investors as it is 

consistent with early trading session 

hours, as well as the System acceptance 

time, already in place under the rules of 

other equities exchanges, as previously 

filed with the Commission. Finally, the 

Exchange notes that updating the 

references to Early Trading Session 

operation times in Rule 11.1 and 14.1 

will also remove impediments to and 

perfect the mechanism of a free and 

open market and national market system 

and benefit investors because the 

updates ensure that the Exchange Rules 

properly reflect the proposed changes to 

the Early Trading Session hours. 

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. Particularly, 

the Exchange does not believe that the 

proposed rule change will impose any 

burden on intramarket competition that 

is not necessary or appropriate in 

furtherance of the purposes of the Act 

because all Members will be able to 

enter orders earlier in the day for 

System acceptance and for execution in 

the lengthened Early Trading Session. 

As stated, the proposed rule change 

does not alter the manner in which a 

User’s orders are handled. The 

Exchange also does not believe that the 

proposed rule change will impose any 

burden on intermarket competition that 

is not necessary or appropriate in 

furtherance of the purposes of the Act, 

and may promote competition, because 

the proposed trading hours are identical 

to those of early trading sessions 

currently in place on other equities 

exchanges. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

The Exchange neither solicited nor 

received comments on the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The Exchange has filed the proposed 

rule change pursuant to Section 

19(b)(3)(A)(iii) of the Act 12 and Rule 

19b–4(f)(6) thereunder.13 Because the 

proposed rule change does not: (i) 

Significantly affect the protection of 

investors or the public interest; (ii) 

impose any significant burden on 

competition; and (iii) become operative 

for 30 days from the date on which it 

was filed, or such shorter time as the 

Commission may designate, if 

consistent with the protection of 

investors and the public interest, the 

proposed rule change has become 

effective pursuant to Section 19(b)(3)(A) 

of the Act 14 and Rule 19b–4(f)(6) 

thereunder.15

A proposed rule change filed under 

Rule 19b–4(f)(6) 16 normally does not 

become operative prior to 30 days after 

the date of the filing. However, pursuant 

to Rule 19b–4(f)(6)(iii),17 the 

Commission may designate a shorter 

time if such action is consistent with the 

protection of investors and the public 

interest. The Exchange has asked the 

Commission to waive the 30-day 

operative delay so that the proposed 

rule change may become operative 

immediately. The Exchange asserts that 

the proposed rule change does not 

introduce any new or novel issues. 

Rather, the Exchange states that it is 

proposing extend its Early Trading 

Session hours to the same as those on 

other equities exchanges. The Exchange 

represents that this proposal would not 

alter the manner in which Users’ orders 

will be handled for acceptance or 

execution in the Early Trading Session. 

The Exchange further states that 

waiving the operative delay will allow 

it to implement these extended hours as 

soon as practicable, with a target 

implementation date of December 7, 

2020. Based on the foregoing, the 

Commission believes that waiving the 

30-day operative delay is consistent 

with the protection of investors and the 

public interest. Accordingly, the 

Commission hereby waives the 30-day 

operative delay and designates the 

proposal operative upon filing.18


khammond on DSKJM1Z7X2PROD with NOTICES4
77312 Federal Register / Vol. 85, No. 231 / Tuesday, December 1, 2020 / Notices 

19 17 CFR 200.30–3(a)(12). 

1 17 CFR 240.17a–5(b). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

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 

change 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 rule-comments@

sec.gov. Please include File Number SR– 

CboeEDGX–2020–056 on the subject 

line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street NE, 

Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–CboeEDGX–2020–056. 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 

offices of the Exchange. All comments 

received will be posted without change. 

Persons submitting comments are 

cautioned that we do not redact or edit 

personal identifying information from 

comment submissions. You should 

submit only information that you wish 

to make available publicly. All 

submissions should refer to File 

Number SR–CboeEDGX–2020–056, and 

should be submitted on or before 

December 22, 2020. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.19

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2020–26406 Filed 11–30–20; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–148, OMB Control No. 

3235–0133] 

Submission for OMB Review; 

Comment Request 

Upon Written Request, Copies Available 

From: Securities and Exchange 

Commission, Office of FOIA Services, 

100 F Street NE, Washington, DC 

20549–2736 

Extension: 

Rule 17a–19 and Form X–17A–19 

Notice is hereby given that pursuant 

to the Paperwork Reduction Act of 1995 

(‘‘PRA’’) (44 U.S.C. 3501 et seq.), the 

Securities and Exchange Commission 

(‘‘Commission’’) has submitted to the 

Office of Management and Budget 

(‘‘OMB’’) a request for approval of 

extension of the previously approved 

collection of information provided for in 

Rule 17a–19 (17 CFR 240.17a–19) and 

Form X–17A–19 of the Securities 

Exchange Act of 1934 (15 U.S.C. 78a et 

seq.). 

Rule 17a–19 requires every national 

securities exchange and registered 

national securities association to file a 

Form X–17A–19 with the Commission 

and the Securities Investor Protection 

Corporation (‘‘SIPC’’) within 5 business 

days of the initiation, suspension, or 

termination of any member and, when 

terminating the membership interest of 

any member, to notify that member of 

its obligation to file financial reports as 

required by Exchange Act Rule 17a– 

5(b).1 There are currently a total of 10 

national securities exchanges and 

registered national securities 

associations that are potential 

respondents under the rule. 

Commission staff anticipates that the 

national securities exchanges and 

registered national securities 

associations collectively will make 408 

total filings annually pursuant to Rule 

17a–19 and that each filing will take 

approximately 15 minutes. The total 

reporting burden is estimated to be 

approximately 102 total annual hours. 

An agency may not conduct or 

sponsor, and a person is not required to 

respond to, a collection of information 

under the PRA unless it displays a 

currently valid OMB control number. 

The public may view background 

documentation for this information 

collection at the following website: 

www.reginfo.gov. Find this particular 

information collection by selecting 

‘‘Currently under 30-day Review—Open 

for Public Comments’’ or by using the 

search function. Written comments and 

recommendations for the proposed 

information collection should be sent 

within 30 days of publication of this 

notice to (i) www.reginfo.gov/public/do/ 

PRAMain and (ii) David Bottom, 

Director/Chief Information Officer, 

Securities and Exchange Commission, 

c/o Cynthia Roscoe, 100 F Street NE, 

Washington, DC 20549, or by sending an 

email to: PRA_Mailbox@sec.gov. 

Dated: November 25, 2020. 

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2020–26494 Filed 11–30–20; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–90522; File No. SR–BOX– 

2020–37] 

Self-Regulatory Organizations; BOX 

Exchange LLC; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend the Provisions 

of the Exchange’s Second Amended 

and Restated Limited Liability 

Company Agreement 

November 25, 2020. 

Pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 

(‘‘Act’’) 1 and Rule 19b–4 thereunder,2

notice is hereby given that, on 

November 24, 2020, BOX Exchange LLC 

(‘‘Exchange’’) filed with the Securities 

and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I and II 

below, which Items have been prepared 

by the self-regulatory organization. The 

Commission is publishing this notice to 


khammond on DSKJM1Z7X2PROD with NOTICES4