Federal Register / Vol. 88, No. 164 / Friday, August 25, 2023 / Notices 58327 

18 15 U.S.C. 78s(b)(3)(A)(ii). 

19 17 CFR 200.30–3(a)(12). 

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). 

and do change over time as systems are 

modified, replaced or updated. 

For all of these reasons, customers can 

discontinue the use of the PSX FPGA 

Service at any time, or decide not to 

purchase it, for any reason, including 

the level of fees. 

Customers that choose not to 

purchase the PSX FPGA Service are not 

impacted by the proposal. 

The PSX FPGA Service will be 

available to all customers on a nondiscriminatory basis, and therefore the 

proposed fees are not designed to permit 

unfair discrimination between 

customers, issuers, brokers, or dealers. 

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 not 

necessary or appropriate in furtherance 

of the purposes of the Act. 

This Proposal, a response to customer 

demand, is a product of a competitive 

marketplace. To date, lower levels of 

peak activity at the Phlx equity 

exchange relative to the Nasdaq 

exchange have been associated with low 

levels of customer interest in this 

product. Recently, however, Phlx has 

heard from customers interested in 

using FPGA technology for PSX 

TotalView. To address this customer 

demand, and to drive liquidity to the 

Phlx equity exchange by making it a 

more attractive trading venue, Phlx has 

decided to offer this product. 

Approval of this Proposal will further 

promote competition by providing 

market participants additional choices 

in the transmission of PSX TotalView. 

Nothing in the Proposal burdens 

inter-market competition (the 

competition among self-regulatory 

organizations) because approval of the 

Proposal does not impose any burden 

on the ability of other exchanges to 

compete. As noted above, FPGA 

technology is generally available and 

any exchange has the ability to offer it 

if it so chooses. 

Nothing in the Proposal burdens 

intra-market competition (the 

competition among consumers of 

exchange data) because the PSX FPGA 

Service will be available to any 

customer under the same fee schedule 

as any other customer, and any market 

participant that wishes to purchase the 

PSX FPGA Service can do so on a nondiscriminatory basis. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were either 

solicited or received. 

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)(ii) of the Act.18

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: (i) necessary or appropriate in 

the public interest; (ii) for the protection 

of investors; or (iii) 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 (https://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include file number SR– 

Phlx–2023–37 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–Phlx–2023–37. 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 (https://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 

a.m. and 3 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–Phlx–2023–37 and should be 

submitted on or before September 15, 

2023. 

For the Commission, by the Division 

of Trading and Markets, pursuant to 

delegated authority.19

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–18307 Filed 8–24–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98181; File No. SR– 

CboeBZX–2023–059] 

Self-Regulatory Organizations; Cboe 

BZX Exchange, Inc.; Notice of Filing 

and Immediate Effectiveness of a 

Proposed Rule Change To Amend 

Exchange Rule 11.22 (‘‘Data Products’’) 

To Eliminate the ETF Implied Liquidity 

Feed 

August 21, 2023. 

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 8, 

2023, Cboe BZX Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘BZX’’) filed with the 

Securities and Exchange Commission 

(the ‘‘Commission’’) the proposed rule 

change as described in Items I 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 


ddrumheller on DSK120RN23PROD with NOTICES1
58328 Federal Register / Vol. 88, No. 164 / Friday, August 25, 2023 / Notices 

5The ETF Implied Liquidity Feed was adopted in 

2017. See Securities Exchange Act Release No. 

80580 (May 3, 2017), 82 FR 21585 (May 9, 2017) 

(SR–BatsBZX–2017–25) and Securities Exchange 

Act Release No. 80772 (May 25, 2017), 82 FR 25389 

(June 1, 2017) (SR–BatsBZX–2017–036). 

6The Exchange’s affiliates are Cboe EDGA 

Exchange, Inc., (‘‘EDGA’’), Cboe EDGX Exchange, 

Inc. (‘‘EDGX’’), and Cboe BYX Exchange, Inc. 

(‘‘BYX’’) (‘‘collectively, the ‘‘Bats Exchanges’’). 

7The securities underlying each of the U.S. 

equity ETFs included in the proposed feed must be 

considered NMS Securities as defined under Rule 

600(b)(46) of Regulation NMS. 17 CFR 

242.600(b)(46). 

8The Exchange intends to also submit a 

corresponding rule filing to eliminate reference to 

this feed and corresponding fees in the Exchange’s 

fee schedule. See SR–CboeBZX–2023–060. 

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

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

11 Id. 

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 BZX Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘BZX’’) proposes to 

amend Exchange Rule 11.22 (‘‘Data 

Products’’) to eliminate one of the 

Exchange’s data offerings. 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 

Rule 11.22 (‘‘Data Products’’) to 

eliminate the data product listed under 

subparagraph (n), the ‘‘ETF Implied 

Liquidity’’ data feed,5 which the 

Exchange intends to decommission on 

August 8, 2023. 

By way of background, the ETF 

Implied Liquidity feed is an optional 

data feed that provides the Exchange’s 

proprietary calculation of the implied 

liquidity and the aggregate best bid and 

offer (‘‘BBO’’) of all displayed orders on 

the Exchange and its affiliated 

exchanges 6 for all standard, nonleveraged U.S. equity Exchange Traded 

Funds (‘‘ETFs’’) traded on the System.7

An ETF’s implied liquidity 

disseminated via the feed consists of the 

ETF’s implied BBO (including the 

implied size) calculated via a 

proprietary methodology based on the 

national best bid and offer (‘‘NBBO’’), 

the number of shares of securities 

underlying one creation unit of the ETF, 

and the estimated cash included in one 

creation unit of the ETF. The Exchange 

disseminates the aggregate BBO through 

the ETF Implied Liquidity feed no 

earlier than it provides its BBO to the 

processors under the CTA Plan or the 

Nasdaq/UTP Plan. 

Currently there are no market 

participants that are taking the ETF 

Implied Liquidity feed. As such, the 

Exchange no longer wishes to maintain 

or offer this product and therefore 

proposes to decommission the ETF 

Implied Liquidity feed and delete the 

corresponding reference to the product 

from its rulebook.8

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.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 Exchange believes 

that the proposal to decommission the 

ETF Implied Liquidity feed is 

appropriate given the non-usage of the 

product among market participants. 

Further, the ETF Implied Liquidity feed 

is optional, and its use is not a 

prerequisite for trading on the 

Exchange. The Exchange also notes that 

is not required to maintain or offer any 

one proprietary market data product, 

including the ETF Implied Liquidity 

feed. The Exchange also believes that 

the proposed rule change is fair and 

equitable and is not designed to permit 

unfair discrimination as it applies 

uniformly to all Members (i.e., the 

product will no longer be available for 

any Member). Eliminating reference to 

this feed in the Exchange’s rulebook 

will promote clarity in the rules as to 

what data products may or may not be 

available. 

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 ETF 

Implied Liquidity feed is an optional 

data feed offered by the Exchange, it is 

not a prerequisite to trading on the 

Exchange, and the Exchange is not 

required to offer or maintain such feed. 

The Exchange believes that the 

proposed deletion does impose any 

intramarket competition as it applies to 

all Members (i.e. the product will no 

longer be available to any Member). The 

Exchange believes that the proposed 

rule change also does not impose any 

undue burden on intermarket 

competition. The ETF Implied Liquidity 

feed is an optional data product offered 

by the Exchange and market 

participants are not required to 

subscribe to it and the Exchange is not 

required to offer it. Moreover, the 

proposed change is not being submitted 

for competitive reasons, but rather to 

eliminate a data product that is not 

being actively used by market 

participants today. 

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 


ddrumheller on DSK120RN23PROD with NOTICES1
Federal Register / Vol. 88, No. 164 / Friday, August 25, 2023 / Notices 58329 

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

13 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6) 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. 

14 17 CFR 240.19b–4(f)(6). 

15 17 CFR 240.19b–4(f)(6)(iii). 

16For purposes only of waiving the 30-day 

operative delay, the Commission has also 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

15 U.S.C. 78c(f). 17 17 CFR 200.30–3(a)(12), (59). 

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

2 17 CFR 240.19b–4. 

operative for 30 days after the date of 

the filing, or such shorter time as the 

Commission may designate if consistent 

with the protection of investors and the 

public interest, it has become effective 

pursuant to section 19(b)(3)(A) of the 

Act 12 and Rule 19b–4(f)(6) 13

thereunder. 

A proposed rule change filed under 

Rule 19b–4(f)(6) 14 normally does not 

become operative prior to 30 days after 

the date of the filing. However, pursuant 

to Rule 19b–4(f)(6)(iii),15 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 upon 

filing. The Exchange requested the 

waiver because it intended to 

decommission the ETF Implied 

Liquidity feed effective August 8, 2023, 

and eliminate such references from the 

Exchange’s rulebook to alleviate 

potential confusion as to what data 

products the Exchange currently offers. 

Because the proposed rule change does 

not raise any novel legal or regulatory 

issues, the Commission believes that 

waiving the 30-day operative delay is 

consistent with the protection of 

investors and the public interest. 

Therefore, the Commission hereby 

waives the 30-day operative delay and 

designates the proposal operative upon 

filing.16

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 (https://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include file number SR– 

CboeBZX–2023–059 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–2023–059. 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 (https://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 

a.m. and 3 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–2023–059 and should be 

submitted on or before September 15, 

2023. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.17

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–18303 Filed 8–24–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98184; File No. SR–MRX– 

2023–14] 

Self-Regulatory Organizations; Nasdaq 

MRX, LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend Options 3, 

Section 15 (Simple Order Risk 

Protections) To Adopt an Active Quote 

Protection 

August 21, 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 August 

11, 2023, Nasdaq MRX, LLC (‘‘MRX’’ or 

‘‘Exchange’’) filed with the Securities 

and Exchange Commission (‘‘SEC’’ or 

‘‘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. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to amend 

Options 3, Section 15 (Risk Protections) 

to adopt an active quote protection. 

The text of the proposed rule change 

is available on the Exchange’s website at 

https://listingcenter.nasdaq.com/ 

rulebook/mrx/rules, at the principal 

office of the Exchange, 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 


ddrumheller on DSK120RN23PROD with NOTICES1