66070 Federal Register / Vol. 88, No. 185 / Tuesday, September 26, 2023 / Notices 

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

2 17 CFR 240.19b–4. 

3The Exchange initially filed the proposed fee 

change on August 31, 2023 (SR–CboeEDGX–2023– 

055). On September 11, 2023, the Exchange 

withdrew that proposal and submitted this 

proposal. 

4See Cboe Global Markets, U.S. Equities Market 

Volume Summary, Month-to-Date (August 24, 

2023), available at https://www.cboe.com/us/ 

equities/market_statistics/. 

5See EDGX Equities Fee Schedule, Standard 

Rates. 

6 Id. 

7Fee code B is appended to orders that add 

liquidity to EDGX in Tape B securities. 

8Fee code V is appended to orders that add 

liquidity to EDGX in Tape A securities. 

9Fee code Y is appended to orders that add 

liquidity to EDGX in Tape C securities. 

10Fee code 3 is appended to orders that add 

liquidity to EDGX in Tape A or Tape C securities 

during the pre and post market. 

11Fee code 4 is appended to orders that add 

liquidity to EDGX in Tape B securities during the 

pre and post market. 

12Step-Up Tape B & C ADAV means ADAV in 

Tape B and Tape C securities in the relevant 

baseline month subtracted from current ADAV. 

ADAV means average daily volume calculated as 

the number of shares added per day. ADAV is 

calculated on a monthly basis. 

13Market Maker Add means any order for the 

account of a registered Market Maker on EDGX 

Options appended with fee code NM or PM. See 

EDGX Options Fee Schedule, Footnote 2. 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98449; File No. SR– 

CboeEDGX–2023–059] 

Self-Regulatory Organizations; Cboe 

EDGX Exchange, Inc.; Notice of Filing 

and Immediate Effectiveness of a 

Proposed Rule Change To Amend its 

Fee Schedule 

September 20, 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 

September 11, 2023, Cboe EDGX 

Exchange, Inc. (‘‘Exchange’’ or ‘‘EDGX’’) 

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. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

Cboe EDGX Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘EDGX’’) proposes to 

amend its Fee Schedule. The text of the 

proposed rule change is provided in 

Exhibit 5. 

The text of the proposed rule change 

is also available on the Exchange’s 

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

options/regulation/rule_filings/edgx/), 

at the Exchange’s Office of the 

Secretary, and at the Commission’s 

Public Reference Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

Exchange included statements 

concerning the purpose of and basis for 

the proposed rule change and discussed 

any comments it received on the 

proposed rule change. The text of these 

statements may be examined at the 

places specified in Item IV below. The 

Exchange has prepared summaries, set 

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

the most significant aspects of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to amend its 

Fee Schedule applicable to its equities 

trading platform (‘‘EDGX Equities’’) by 

adopting a new Cross Asset Tier. The 

Exchange proposes to implement these 

changes effective September 1, 2023.3

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 

which market participants may direct 

their order flow. Based on publicly 

available information,4 no single 

registered equities exchange has more 

than 14% 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. 

Under footnote 1 of the Fee Schedule, 

the Exchange currently offers various 

Add/Remove Volume Tiers that provide 

enhanced rebates for orders yielding fee 

codes B,7 V,8 Y,9 3,10 and 4.11 The 

Exchange now proposes to introduce a 

new tier under footnote 1 titled Cross 

Asset Tier, which is designed to 

incentivize Members to achieve certain 

levels of participation on both the 

Exchange’s equities and options 

platform (‘‘EDGX Options’’). The 

proposed criteria is as follows: 

• The Cross Asset Tier provides a 

rebate of $0.0029 per share for securities 

priced above $1.00 for qualifying orders 

(i.e., orders yielding fee codes B, V, Y, 

3, or 4) where (1) Member has a StepUp Tape B & C ADAV 12 from July 2023 

≥ 4,000,000; and (2) Member has a 

Market Maker Add 13 on EDGX Options 

≥ 2,000,000 in SPY. 

The proposed Cross Asset Tier is 

intended to provide an additional 

manner to incentive Members to add 

displayed liquidity in Tape B and Tape 

C securities on the Exchange while also 

increasing participation in SPY on 

EDGX Options. The Exchange believes 

the addition of the Cross Asset Tier will 

incentivize Members to grow their 

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. 

Additionally, the Exchange notes that 

the proposed Cross Asset Tier will 

expire no later than January 31, 2024, 


lotter on DSK11XQN23PROD with NOTICES1
Federal Register / Vol. 88, No. 185 / Tuesday, September 26, 2023 / Notices 66071 

14See EDGX Equities Fee Schedule, Footnote 1, 

Add/Remove Volume Tiers. 

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

16 15 U.S.C. 78f(b)(5). 

17 Id. 

18 15 U.S.C. 78f(b)(4) 

19See e.g., BZX Equities Fee Schedule, Footnote 

1, Add/Remove Volume Tiers. 

20See e.g., EDGX Equities Fee Schedule, Footnote 

1, Add/Remove Volume Tiers. 

21See e.g., MIAX Pearl Options Fee Schedule, 

Transaction Rebates/Fees; The Nasdaq Options 

Market LLC (‘‘NOM’’) Pricing Schedule, Options 7, 

Section 2. 

which the Exchange will indicate on the 

Exchange’s fee schedule. Growth Tiers 

in general are designed to provide 

Members with additional opportunities 

to receive enhanced rebates by 

increasing their order flow to the 

Exchange, which further contributes to 

a deeper, more liquid market and 

provides even more execution 

opportunities for active market 

participants. Like other Growth Tiers on 

the Exchange,14 the proposed Cross 

Asset Tier is designed to give members 

an additional opportunity to receive an 

enhanced rebate for orders meeting the 

applicable criteria. Increased overall 

order flow benefits all Members by 

contributing towards a robust and wellbalanced market ecosystem. 

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.15 Specifically, 

the Exchange believes the proposed rule 

change is consistent with the section 

6(b)(5) 16 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) 17 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) 18 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. 

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 

Exchange believes that its proposal to 

introduce a Cross Asset Tier 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 volumebased incentives and discounts have 

been widely adopted by exchanges,19

including the Exchange,20 and are 

reasonable, equitable and nondiscriminatory 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.21

In particular, the Exchange believes 

its proposal to introduce a Cross Asset 

Tier is reasonable because the revised 

tier will be available to all Members and 

provide all Members with an additional 

opportunity to receive an enhanced 

rebate. The Exchange further believes 

the proposed Cross Asset Tier will 

provide a reasonable means to 

encourage liquidity adding displayed 

orders 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 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 the 

proposed Cross Asset Tier represents an 

equitable allocation of fees and rebates 

and is not unfairly discriminatory 

because all Members will be eligible for 

the proposed tier and have the 

opportunity to meet the tier’s criteria 

and receive the corresponding enhanced 

rebate if such criteria is met. To the 

extent a Member participates on EDGX 

Equities but not on EDGX Options, the 

Exchange continues to believe that its 

proposal represents an equitable 

allocation of fees and rebates and is not 

unfairly discriminatory with respect to 

such Member based on the overall 

benefit to the Exchange resulting from 

the success of its options platform. 

Particularly, the Exchange believes that 

additional such success allows the 

Exchange to continue to provide and 

potentially expand its existing incentive 

programs to the benefit of all 

participants on the Exchange, regardless 

of whether they participate on EDGX 

Options or not. Without having a view 

of activity on other markets and offexchange 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 the proposed criteria 

for the proposed Cross Asset Tier. The 

Exchange also notes that proposed 

changes will not adversely impact any 

Member’s ability to qualify for enhanced 

rebates or reduced fees offered under 

other tiers. Should a Member not meet 

the proposed new criteria for the 

proposed Cross Asset Tier, the Member 

will merely not receive that 

corresponding enhanced rebate. 

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 Cross Asset Tier will 

apply to all Members equally in that all 


lotter on DSK11XQN23PROD with NOTICES1
66072 Federal Register / Vol. 88, No. 185 / Tuesday, September 26, 2023 / Notices 

22Supra note 2. 

23See Securities Exchange Act Release No. 51808 

(June 9, 2005), 70 FR 37496, 37499 (June 29, 2005). 

24NetCoalition 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)). 

25 15 U.S.C. 78s(b)(3)(A). 

26 17 CFR 240.19b–4(f). 

Members are eligible for the tier, have 

a reasonable opportunity to meet the 

tier’s criteria and will receive the 

enhanced rebate on their qualifying 

orders if such criteria is met. The 

Exchange does not believe the proposed 

changes burden competition, but rather, 

enhances competition as it is intended 

to increase the competitiveness of EDGX 

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. 

Additionally, the Exchange believes that 

the proposed criteria based on SPY 

options volume applicable to EDGX 

Options Market Makers will provide an 

additional incentive to those Market 

Makers that concentrate their trading 

activity in SPY options to send 

additional SPY orders, which in turn 

provides additional liquidity in the 

market. Greater overall order flow, 

trading opportunities, and pricing 

transparency benefits all market 

participants on the Exchange, as well as 

its affiliate options 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 14% of the market share.22

Therefore, no exchange possesses 

significant pricing power in the 

execution of order flow. Indeed, 

participants can readily choose to send 

their orders to other exchange and offexchange venues if they deem fee levels 

at those other venues to be more 

favorable. Moreover, the Commission 

has repeatedly expressed its preference 

for competition over regulatory 

intervention in determining prices, 

products, and services in the securities 

markets. Specifically, in Regulation 

NMS, the Commission highlighted the 

importance of market forces in 

determining prices and SRO revenues 

and, also, recognized that current 

regulation of the market system ‘‘has 

been remarkably successful in 

promoting market competition in its 

broader forms that are most important to 

investors and listed companies.’’ 23 The 

fact that this market is competitive has 

also long been recognized by the courts. 

In NetCoalition v. Securities and 

Exchange Commission, the D.C. Circuit 

stated as follows: ‘‘[n]o one disputes 

that competition for order flow is 

‘fierce.’ . . . As the SEC explained, ‘[i]n 

the U.S. national market system, buyers 

and sellers of securities, and the brokerdealers that act as their order-routing 

agents, have a wide range of choices of 

where to route orders for execution’; 

[and] ‘no exchange can afford to take its 

market share percentages for granted’ 

because ‘no exchange possesses a 

monopoly, regulatory or otherwise, in 

the execution of order flow from broker 

dealers’. . . .’’.24 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. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

The Exchange neither solicited nor 

received comments on the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing rule change has become 

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

of the Act 25 and paragraph (f) of Rule 

19b–4 26 thereunder. At any time within 

60 days of the filing of the proposed rule 

change, the Commission summarily may 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is necessary or appropriate in the 

public interest, for the protection of 

investors, or otherwise in furtherance of 

the purposes of the Act. If the 

Commission takes such action, the 

Commission will institute proceedings 

to determine whether the proposed rule 

change should be approved or 

disapproved. 

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– 

CboeEDGX–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–CboeEDGX–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–CboeEDGX–2023–059 and should be 

submitted on or before October 17, 

2023. 


lotter on DSK11XQN23PROD with NOTICES1
Federal Register / Vol. 88, No. 185 / Tuesday, September 26, 2023 / Notices 66073 

27 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 97366 

(April 24, 2023), 88 FR 26359 (‘‘Notice’’). 

4 15 U.S.C. 78s(b)(2). 

5See Securities Exchange Act Release No. 97678, 

88 FR 39285 (June 15, 2023). The Commission 

designated July 27, 2023, as the date by which the 

Commission shall approve or disapprove, or 

institute proceedings to determine whether to 

approve or disapprove, the proposed rule change. 

6See Securities Exchange Act Release No. 98005, 

88 FR 50943 (August 2, 2023). 

7The seller of a ‘‘cash-settled’’ index option pays 

out the cash value of the applicable index on 

expiration or exercise. A ‘‘physical delivery’’ 

option, like equity and ETF options, involves the 

Continued 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.27

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–20807 Filed 9–25–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–813, OMB Control No. 

3235–0765] 

Proposed Collection; Comment 

Request; Extension: Rule 498A 

Upon Written Request, Copies Available 

From: Securities and Exchange 

Commission, Office of FOIA Services, 

100 F Street NE, Washington, DC 

20549–2736. 

Notice is hereby given that, pursuant 

to the Paperwork Reduction Act of 1995 

(‘‘Paperwork Reduction Act’’) (44 U.S.C. 

3501–3520), the Securities and 

Exchange Commission (the 

‘‘Commission’’) is soliciting comments 

on the collections of information 

summarized below. The Commission 

plans to submit this existing collection 

of information to the Office of 

Management and Budget for extension 

and approval. 

Rule 498A under the Securities Act 

permits a person to satisfy its 

prospectus delivery obligations under 

Section 5(b)(2) of the Securities Act for 

a contract by: (1) sending or giving to 

new investors key information 

contained in a variable contract 

statutory prospectus in the form of an 

initial summary prospectus; (2) sending 

or giving to existing investors each year 

a brief description of certain changes to 

the contract, and a subset of the 

information in the initial summary 

prospectus, in the form of an updating 

summary prospectus; and (3) providing 

the statutory prospectus and other 

materials online. Rule 498A considers a 

person to have met its prospectus 

delivery obligations for any portfolio 

companies associated with a variable 

contract if the portfolio company 

prospectuses are posted online. Under 

the rule, a registrant (or the financial 

intermediary distributing the variable 

contract) relying on the rule must send 

the variable contract statutory 

prospectus (that statutory prospectus 

must be filed as part of registration 

statement on Form N–3, N–4, or N–6, as 

applicable) and other materials to an 

investor in paper or electronic format 

upon request. 

Based on current EDGAR data, 82% of 

variable contracts that filed annual 

updates to their registration statements 

filed at least one summary prospectus 

under rule 498A. In the aggregate, the 

Commission staff estimates the total 

annual hour burden to comply with 

Rule 498A to be 7,634 hours, at an 

internal time cost equivalent of 

$2,337,471, and a total annual external 

cost burden of $9,094,866. 

The estimate of average burden hours 

is made solely for the purposes of the 

Paperwork Reduction Act. The estimate 

is based on communications with 

industry representatives, and is not 

derived from a comprehensive or even 

a representative survey or study. 

Responses will not be kept confidential. 

An agency may not conduct or sponsor, 

and a person is not required to respond 

to, a collection of information unless it 

displays a currently valid OMB control 

number. 

Written comments are invited on: (a) 

whether the proposed collection of 

information is necessary for the proper 

performance of the functions of the 

Commission, including whether the 

information shall have practical utility; 

(b) the accuracy of the Commission’s 

estimate of the burden of the collection 

of information; (c) ways to enhance the 

quality, utility, and clarity of the 

information collected; and (d) ways to 

minimize the burden of the collection of 

information on respondents, including 

through the use of automated collection 

techniques or other forms of information 

technology. Consideration will be given 

to comments and suggestions submitted 

by November 27, 2023. 

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. 

Please direct your written comments 

to: David Bottom, Acting Director/Chief 

Information Officer, Securities and 

Exchange Commission, c/o John 

Pezzullo, 100 F Street NE, Washington, 

DC 20549 or send an email to: PRA_

Mailbox@sec.gov. 

Dated: September 21, 2023. 

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–20906 Filed 9–25–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98455; File No. SR–CBOE– 

2023–019] 

Self-Regulatory Organizations; Cboe 

Exchange, Inc.; Order Granting 

Approval of a Proposed Rule Change 

To Make Permanent the Operation of 

Its Pilot Program That Allows the 

Exchange To List P.M.-Settled Third 

Friday-of-the-Month Mini-SPX Index 

(‘‘XSP’’) Options and Mini-Russell 2000 

Index (‘‘MRUT’’) Options Series 

September 20, 2023. 

I. Introduction 

On April 19, 2023, Cboe Exchange, 

Inc. (‘‘Exchange’’ or ‘‘Cboe Options’’) 

filed with the Securities and Exchange 

Commission (‘‘Commission’’), pursuant 

to section 19(b)(1) of the Securities 

Exchange Act of 1934 (‘‘Act’’) 1 and Rule 

19b-4 thereunder,2 a proposed rule 

change to make permanent the 

operation of its pilot program 

(‘‘Program’’) that permits the Exchange 

to list p.m.-settled third Friday-of-themonth XSP and MRUT options (‘‘p.m.- 

settled XSP’’ and ‘‘p.m.-settled MRUT,’’ 

respectively, and collectively, the ‘‘Pilot 

Products’’). The proposed rule change 

was published for comment in the 

Federal Register on April 28, 2023.3 On 

June 9, 2023, pursuant to section 

19(b)(2) of the Act,4 the Commission 

designated a longer period within which 

to approve the proposed rule change, 

disapprove the proposed rule change, or 

institute proceedings to determine 

whether to disapprove the proposed 

rule change.5 On July 27, 2023, the 

Commission instituted proceedings to 

determine whether to approve or 

disapprove the proposed rule change.6

The Commission did not receive any 

comment letters and is approving the 

proposed rule change. 

II. Background 

When cash-settled 7 index options 

were first introduced in the 1980s, they 


lotter on DSK11XQN23PROD with NOTICES1