Federal Register / Vol. 88, No. 227 / Tuesday, November 28, 2023 / Notices 83189 

35See proposed BOX IM–7600–8. 

36See id. 

37See supra note 21 and accompanying text. 

38For purposes only of accelerating the operative 

date of this proposal, the Commission has 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. 15 

U.S.C. 78c(f). 

39 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3The Exchange initially filed the proposed 

pricing changes on November 14, 2023 (SR–BX– 

2023–029). On November 16, 2023, the Exchange 

withdrew that filing and submitted this filing. 

with the protection of investors and the 

public interest. As described above, 

BOX’s system reduces complex QOO 

and multi-leg QOO orders submitted to 

the Exchange to their simplest form to 

avoid populating the Exchange’s 

Complex Order Book with multiple 

versions of economically equivalent 

strategies. When this process results in 

a net price for a Complex QOO Order or 

multi-leg QOO Order that exceeds three 

decimal places, the Exchange’s system 

currently rejects the Complex QOO 

Order or multi-leg QOO Order back to 

the submitting Participant. Under the 

proposal, the Exchange will round the 

net price of such an order to the third 

decimal place with the advantage to the 

initiating side. This process will allow 

the Exchange to accept Complex QOO 

and multi-leg QOO Orders that the 

Exchange’s system currently rejects, 

which will provide investors with an 

additional venue for trading these 

orders. The system will calculate the 

quantities and prices, in $0.01 

increments, of the component legs 

necessary to achieve the net price of a 

Complex QOO Order or multi-leg QOO 

Order, and the component legs of the 

orders will execute in $0.01 increments, 

with their priority based on their 

execution prices.35 A Complex QOO 

Order or multi-leg QOO Order that has 

been reduced to its simplest form will 

be executed pursuant to Exchange Rule 

7600, including Exchange Rule 

7600(c).36 As described above, the 

process for calculating the quantities 

and execution prices of the component 

legs of a Complex QOO Order or multileg QOO Order is consistent with the 

process that the Exchange currently uses 

for executing split price transactions on 

the Exchange’s trading floor.37 For these 

reasons, the Commission designates the 

proposal operative upon filing.38

At any time within 60 days of the 

filing of the proposed rule change, the 

Commission summarily may 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is necessary or appropriate in the 

public interest, for the protection of 

investors, or otherwise in furtherance of 

the purposes of the Act. If the 

Commission takes such action, the 

Commission shall institute proceedings 

to determine whether the proposed rule 

should be approved or disapproved. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s internet 

comment form (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include file number SR– 

BOX–2023–28. 

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–BOX–2023–22. 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 

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–BOX–2023–28 and should be 

submitted on or before December 19, 

2023. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.39

Christina Z. Milnor, 

Assistant Secretary. 

[FR Doc. 2023–26111 Filed 11–27–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–99008; File No. SR–BX– 

2023–031] 

Self-Regulatory Organizations; Nasdaq 

BX, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend BX Options 7, 

Section 2 Regarding Fees and Rebates 

November 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 November 

17, 2023, Nasdaq BX, Inc. (‘‘BX’’ 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 its 

Pricing Schedule at Options 7, Section 

2.3

The text of the proposed rule change 

is available on the Exchange’s website at 

https://listingcenter.nasdaq.com/ 

rulebook/bx/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 


lotter on DSK11XQN23PROD with NOTICES1
83190 Federal Register / Vol. 88, No. 227 / Tuesday, November 28, 2023 / Notices 

4The term ‘‘Lead Market Maker’’ or (‘‘LMM’’) 

applies to a registered BX Options Market Maker 

that is approved pursuant to Options 2, Section 3 

to be the LMM in an options class (options classes). 

See BX Options 7, Section 1(a). 

5The term ‘‘BX Options Market Maker’’ or (‘‘M’’) 

is a Participant that has registered as a Market 

Maker on BX Options pursuant to Options 2, 

Section 1, and must also remain in good standing 

pursuant to Options 2, Section 9. In order to receive 

Market Maker pricing in all securities, the 

Participant must be registered as a BX Options 

Market Maker in at least one security. See BX 

Options 7, Section 1(a). 

6The term ‘‘Customer’’ or (‘‘C’’) applies to any 

transaction that is identified by a Participant for 

clearing in the Customer range at The Options 

Clearing Corporation (‘‘OCC’’) which is not for the 

account of broker or dealer or for the account of a 

‘‘Professional’’ (as that term is defined in Options 

1, Section 1(a)(48)). See BX Options 7, Section 1(a). 

7The Exchange is proposing to add dollar signs 

in a few places in the table in Options 7, Section 

2(1) where the dollar sign is missing. 

8The term ‘‘Non-Customer’’ shall include a 

Professional, Broker-Dealer and Non-BX Options 

Market Maker. See BX Options 7, Section 1(a). 

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 

BX’s Pricing Schedule at Options 7, 

Section 2, BX Options Market-Fees and 

Rebates. Specifically, BX proposes to (i) 

amend BX’s fees and rebates for 

execution of contracts at Options 7, 

Section 2(1) including note 1, and 

reserve note 2; (ii) amend fees for 

routing contracts to markets other than 

the Exchange at Options 7, Section 2(3); 

(iii) amend fees and rebates for 

execution of contracts on the Exchange 

that generate an order exposure alert at 

Options 7, Section 2(4); and (iv) amend 

fees and rebates for BX Price 

Improvement Auction (‘‘PRISM’’) at 

Options 7, Section 2(5). Each change 

will be described below. 

Options 7, Section 2(1) 

Today, the Exchange assesses the 

following Penny Symbols and NonPenny Symbols Maker Rebates and 

Taker Fees: 

PENNY SYMBOLS

Market participant Maker 

rebate 

Taker 

fee 

Lead Market Maker .................................................................................................................................................. 2 (0.29) $0.50 

Market Maker ........................................................................................................................................................... 2 (0.25) 0.50 

Non-Customer .......................................................................................................................................................... (0.12) 0.50 

Firm .......................................................................................................................................................................... (0.12) 0.50 

Customer ................................................................................................................................................................. (0.30) 1 0.46 

NON-PENNY SYMBOLS

Market participant 

Maker 

rebate / 

fee 

Taker 

fee 

Lead Market Maker .................................................................................................................................................. (0.45) $1.10 

Market Maker ........................................................................................................................................................... (0.40) 1.10 

Non-Customer .......................................................................................................................................................... 0.45 1.10 

Firm .......................................................................................................................................................................... 0.45 1.10 

Customer ................................................................................................................................................................. 3 (0.90) 0.79 

At this time, the Exchange proposes to 

reduce certain Penny Symbol Maker 

Rebates and Taker Fees and increase 

certain Non-Penny Symbol Maker 

Rebates and Taker Fees. With respect to 

the Penny Symbols, the Exchange 

proposes to decrease the Maker Rebates 

for Lead Market Makers 4 from $0.29 to 

$0.24 per contract and decrease the 

Maker Rebates for Market Makers 5 from 

$0.25 to $0.20 per contract. While the 

Exchange is reducing these Penny 

Symbol Maker Rebates for Lead Market 

Makers and Market Makers, the 

Exchange will continue to offer the 

rebates to incentivize market 

participants to direct order flow to BX. 

Additionally, the Exchange proposes to 

reduce the Customer 6 Penny Symbol 

Taker Fee from $0.46 to $0.40 per 

contract. The Exchange believes 

reducing this Penny Symbol Taker Fee 

will attract more Customer order flow to 

BX.7

With respect to Non-Penny Symbols, 

the Exchange proposes to increase the 

Maker Rebates for Customers from $0.90 

to $1.10 per contract and increase the 

Taker Fees for all Non-Customers 8 from 

$1.10 to $1.25 per contract. The 

Exchange believes the increase to the 

Non-Penny Symbol Customer Maker 

Rebate will attract more Customer order 

flow to BX. With respect to the NonPenny Symbol Taker Fee for NonCustomers, while the Exchange is 

increasing these fees, the Exchange 

believes that these fees will continue to 

draw participants seeking liquidity to 

BX because BX is increasing its NonPenny Customer Maker Rebate to 

enhance its market quality and provide 

more trading opportunities, which 

benefits all market participants. 

The Exchange proposes to amend note 

1 of Options 7, Section 2(1) which 

currently reduces the Customer Penny 

Symbol Taker Fee from $0.46 to $0.33 

per contract for trades which remove 

liquidity in SPDR S&P 500 ETF (‘‘SPY’’). 

With the proposed changes to the 

Customer Penny Symbol Taker Fee 

noted herein, note 1 of Options 7, 

Section 2(1) would reduce the Customer 

Penny Symbol Taker Fee from $0.40 to 

$0.33 per contract for trades which 

remove liquidity in SPY. Additionally, 

the Exchange proposes to extend this 

Customer Penny Symbol discount to 

transactions that remove liquidity in 

Invesco QQQ Trust Series 1 (‘‘QQQ’’) 

and iShares Russell 2000 ETF (‘‘IWM’’). 

The proposed rule text would provide, 

‘‘Customer Taker Fee will be $0.33 per 

contract for trades which remove 

liquidity in SPY, QQQ, and IWM.’’ The 

Exchange believes that note 1 will 

continue to attract Customer Penny 

Symbol SPY transactions that remove 

liquidity as the Exchange will continue 

to discount these fees for SPY. The 

addition of Taker Fee discounts for 

QQQ and IWM will attract additional 

QQQ and IWM transactions that remove 

liquidity to BX. 


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Federal Register / Vol. 88, No. 227 / Tuesday, November 28, 2023 / Notices 83191 

9See BX Options 3, Section 7(c). 10An order exposure alert provides marketable 

orders on BX’s order book an additional 

opportunity for execution on BX when it is not part 

of the national best bid or offer (‘‘NBBO’’) contra to 

the order and the order locks or crosses the away 

best bid or offer (‘‘ABBO’’). 

The Exchange also proposes to reserve 

note 2 of Options 7, Section 2(1) which 

currently provides, ‘‘The Maker Rebate 

for Lead Market Makers and Market 

Makers in SPY will be $0.22 per 

contract. The Maker Rebate for Lead 

Market Makers and Market Makers in 

AAPL and QQQ will be $0.42 per 

contract.’’ Today, the Penny Symbol 

Maker Rebates for Lead Market Makers 

and Market Makers in SPY is reduced to 

$0.22 per contract with this note 2. The 

Exchange would no longer reduce the 

Penny Symbol Maker Rebates for Lead 

Market Makers and Market Makers in 

SPY to $0.22, rather SPY would be paid 

the same Maker Rebates (a $0.24 per 

contract Lead Market Maker Penny 

Symbol Maker Rebate and a $0.20 per 

contract Market Maker Penny Symbol 

Maker Rebate) as all other options 

symbols. Additionally, AAPL and QQQ 

would no longer be paid a $0.42 per 

contract Penny Symbol Maker Rebate 

for Lead Market Makers and Market 

Makers, rather AAPL and QQQ would 

be paid the same Maker Rebates (a $0.24 

per contract Lead Market Maker Penny 

Symbol Maker Rebate and a $0.20 per 

contract Market Maker Penny Symbol 

Maker Rebate) as all other options 

symbols. With this proposal, the 

Exchange would uniformly pay the 

proposed Lead Market Maker and 

Market Maker Penny Symbol Maker 

Rebates on all options symbols. 

Options 7, Section 2(3) 

Currently, BX assesses a NonCustomer routing fee of $0.99 per 

contract and a Customer routing fee of 

$0.23 per contract, in addition to the 

actual transaction fee assessed by the 

away market, for routing contracts to 

markets other than The Nasdaq Options 

Market LLC (‘‘NOM’’) and Nasdaq Phlx 

LLC (‘‘Phlx’’). Currently, if the away 

market pays a rebate, the Exchange 

assesses a Customer a Routing Fee of 

$0.13 per contract for markets other 

than NOM and Phlx. Currently, BX 

assesses a Customer a $0.13 per contract 

Fixed Fee in addition to the actual 

transaction fee assessed when routing to 

NOM and Phlx. 

At this time, the Exchange proposes to 

assess a Non-Customer an increased 

routing fee to route to any options 

exchange of $1.20 per contract. The 

Exchange also proposes to assess a 

Customer a Fixed Fee of $0.23 per 

contract, in addition to the actual 

transaction fee assessed by the away 

market, for routing contracts to any 

options exchange. The Exchange would 

no longer assess the lower routing of 

$0.13 per contract, in addition to the 

actual transaction fee assessed, when 

routing to NOM and Phlx. The Exchange 

will continue to assess a $0.13 per 

contract routing fee if the away market 

pays a rebate, including NOM and Phlx. 

The purpose of the proposed routing 

fees is to recoup costs incurred by the 

Exchange when routing orders to other 

options exchanges on behalf of options 

Participants. In determining its 

proposed routing fees, the Exchange 

took into account transaction fees 

assessed by other options exchanges, the 

Exchange’s projected clearing costs, and 

the projected administrative, regulatory, 

and technical costs associated with 

routing orders to other options 

exchanges. The Exchange will continue 

to use its affiliated broker-dealer, 

Nasdaq Execution Services, to route 

orders to other options exchanges. 

Routing services offered by the 

Exchange are completely optional and 

market participants can readily select 

between various providers of routing 

services, including other exchanges and 

broker-dealers. Also, the Exchange notes 

that market participants may elect to 

mark their orders as ‘‘Do Not Route’’ to 

avoid any routing fees.9 The Exchange 

believes that the proposed Routing Fees 

would enable the Exchange to recover 

the costs it incurs to route orders to 

away markets after taking into account 

the other costs associated with routing 

orders to other options exchanges. Also, 

the Exchange’s proposal would 

uniformly assess the same Customer 

routing fees, regardless of the away 

venue, of $0.23 per contract, in addition 

to the actual transaction fee assessed, or 

$0.13 per contract if the away market 

pays a rebate. 

Options 7, Section 2(4) 

Today, the Exchange assesses the 

below fees and pays the below rebates 

for execution of contracts on BX that 

generate an order exposure alert 10

pursuant to Options 5, Section 4. 

Customer Lead market 

maker 

BX options 

market maker 

Non-customer 

Penny Symbols: 

Rebate for Order triggering order exposure alert ..................................... $0.34 $0.00 $0.00 $0.00 

Fee for Order responding to order exposure alert ................................... 0.39 0.39 0.39 0.45 

Non-Penny Symbols: 

Rebate for Order triggering order exposure alert ..................................... 0.70 0.00 0.00 0.00 

Fee for Order responding to order exposure alert ................................... 0.85 0.85 0.85 0.89 

At this time, the Exchange proposes to 

amend its pricing related to execution of 

contracts on BX that generate an order 

exposure alert. With respect to 

Customer fees and rebates, the Exchange 

proposes to increase the Penny Symbol 

rebate for an order triggering an order 

exposure alert from $0.34 to $0.47 per 

contract. The Exchange proposes to 

increase the Customer Penny Symbol 

fee for orders that respond to an order 

exposure alert from $0.39 to $0.47 per 

contract. The Exchange proposes to 

increase the Customer Non-Penny 

Symbol rebate for an order triggering an 

order exposure alert from $0.70 to $1.10 

per contract. The Exchange proposes to 

increase the Customer Non-Penny 

Symbol fee for orders that respond to an 

order exposure alert from $0.85 to $1.25 

per contract. 

With respect to Lead Market Maker 

fees and rebates, the Exchange proposes 

to increase the Penny Symbol rebate for 

an order triggering an order exposure 

alert from $0.00 to $0.10 per contract. 

The Exchange proposes to increase the 

Lead Market Maker Penny Symbol fee 

for orders that respond to an order 

exposure alert from $0.39 to $0.50 per 

contract. The Exchange proposes to 

increase the Lead Market Maker NonPenny Symbol rebate for an order 

triggering an order exposure alert from 

$0.00 to $0.25 per contract. The 

Exchange proposes to increase the Lead 

Market Maker Non-Penny Symbol fee 

for orders that respond to an order 

exposure alert from $0.85 to $1.25 per 

contract. 


lotter on DSK11XQN23PROD with NOTICES1
83192 Federal Register / Vol. 88, No. 227 / Tuesday, November 28, 2023 / Notices 

11A PRISM Auction Order is a two-sided, paired 

order comprised of a PRISM Order and an Initiating 

Order. See BX Options 7, Section 2(5). 12A PRISM Order is one-side of a PRISM Auction 

Order that represents an agency order on behalf a 

Public Customer, broker-dealer or other entity 

which is paired with an Initiating Order. See BX 

Options 7, Section 2(5). 

13An Initiating Order is one-side of a PRISM 

Auction Order that represents principal or other 

interest which is paired with a PRISM Order. See 

BX Options 7, Section 2(5). 

14A PRISM Response is interest that executed 

against the PRISM Order pursuant to Options 3, 

Section 13. See BX Options 7, Section 2(5). 

15The Exchange proposes to add the word 

‘‘PRISM’’ before ‘‘Response’’ in Options 7, Section 

2(5) of the Pricing Schedule to utilize the defined 

term in the description of the column header. 

With respect to Market Maker fees 

and rebates, the Exchange proposes to 

increase the Penny Symbol rebate for an 

order triggering an order exposure alert 

from $0.00 to $0.10 per contract. The 

Exchange proposes to increase the 

Market Maker Penny Symbol fee for 

orders that respond to an order exposure 

alert from $0.39 to $0.50 per contract. 

The Exchange proposes to increase the 

Market Maker Non-Penny Symbol rebate 

for an order triggering an order exposure 

alert from $0.00 to $0.25 per contract. 

The Exchange proposes to increase the 

Market Maker Non-Penny Symbol fee 

for orders that respond to an order 

exposure alert from $0.85 to $1.25 per 

contract. 

With respect to Non-Customer fees 

and rebates, the Exchange proposes to 

increase the Penny Symbol rebate for an 

order triggering an order exposure alert 

from $0.00 to $0.10 per contract. The 

Exchange proposes to increase the NonCustomer Penny Symbol fee for orders 

that respond to an order exposure alert 

from $0.45 to $0.50 per contract. The 

Exchange proposes to increase the NonCustomer Non-Penny Symbol rebate for 

an order triggering an order exposure 

alert from $0.00 to $0.25 per contract. 

The Exchange proposes to increase the 

Non-Customer Non-Penny Symbol fee 

for orders that respond to an order 

exposure alert from $0.89 to $1.25 per 

contract. 

While the Exchange is increasing fees 

to respond to an order exposure alert, it 

is also increasing rebates that trigger an 

order exposure alert. The Exchange 

believes that this pricing will continue 

to provide incentives to Participants to 

utilize the order exposure functionality 

which facilitates the ability of the 

Exchange to bring together participants 

and encourage more robust competition 

for orders. 

Options 7, Section 2(5) 

Currently, the Exchange assesses the 

below fees and pays the below rebates 

for orders executed in its PRISM 

Auction. 

FEES AND REBATES

[Per contract] 

Submitted PRISM auction order 

fee 

Response to PRISM auction fee PRISM order traded with 

PRISM response rebate 

Type of market participants PRISM order Initiating order Penny classes Non-penny 

classes Penny classes Non-penny 

classes 

Customer .................................................. $0.00 $0.00 $0.49 $0.94 $0.35 $0.70 

Lead Market Maker .................................. 0.00 0.05 0.49 0.94 0.00 0.00 

BX Options Market Maker ....................... 0.00 0.05 0.49 0.94 0.00 0.00 

Non-Customer .......................................... 0.00 0.05 0.49 0.94 0.00 0.00 

The Exchange proposes to amend its 

PRISM pricing to delineate PRISM 

Auction Orders 11 in Penny and NonPenny Classes. Today, the Exchange 

assesses no PRISM Order 12 fee to any 

Participant in Penny or Non-Penny 

Classes and assesses Non-Customers a 

$0.05 per contract Initiating Order 13 fee 

in Penny and Non-Penny Classes. With 

respect to PRISM Auction Orders 

submitted in Penny Classes, the 

Exchange proposes to continue to assess 

no PRISM Order fee to any Participant 

and also proposes to amend the NonCustomer Initiating Order Fees from 

$0.05 to $0.00 per contract. Today, 

Customers are not assessed an Initiating 

Order Fee in either Penny or Non-Penny 

Classes. With this proposed change, no 

Participant will be assessed an Initiating 

Order fee in Penny Classes. 

With respect to PRISM Auction 

Orders submitted in Non-Penny Classes, 

the Exchange proposes to adopt new 

pricing. The Exchange proposes to pay 

a Non-Penny Class PRISM Order rebate 

to a Customer of $0.12 per contract. 

Similar to Penny Classes, the Exchange 

proposes to assess no Non-Penny Class 

PRISM Order fees or Initiating Order 

fees to any Participant. The Exchange 

believes that the proposed pricing will 

encourage BX Participants to submit a 

greater amount of PRISM Orders to BX 

as the Exchange will not assess PRISM 

Order or Initiating Order fees to any BX 

Participant (Penny or Non-Penny Class) 

and it will pay a Non-Penny Class 

Customer PRISM Order rebate of $0.12 

per contract. 

With respect to a PRISM Response 14

to a PRISM Auction 15 the Exchange 

proposes to increase the $0.49 per 

contract fee for Penny Classes, which is 

currently assessed to all Participants 

(Customer, Lead Market Maker, BX 

Options Market Maker, and NonCustomer), to $0.50 per contract for 

Lead Market Makers, BX Options 

Market Makers and Non-Customers. The 

Exchange proposes to assess a Customer 

a $0.40 per contract PRISM Response 

fee for Penny Classes. Additionally, the 

Exchange proposes to increase the $0.94 

per contract fee for Non-Penny Classes, 

which is currently assessed to all 

Participants (Customer, Lead Market 

Maker, BX Options Market Maker, and 

Non-Customer), to $1.25 per contract for 

Lead Market Makers, BX Options 

Market Makers and Non-Customers. The 

Exchange proposes to assess a Customer 

a $0.79 per contract PRISM Response 

fee for Non-Penny Classes. These 

proposes fees are the same as the Taker 

Fees assessed to the same Participants 

when removing liquidity from the order 

book. The Exchange is not amending the 

rebates paid to a PRISM Order when 

that order trades with a PRISM 

Response. The Exchange believes that 

the increased PRISM Response fees will 

continue to attract order flow to BX 

since the Exchange is no longer 

assessing any fees to submit PRISM 

Orders and Initiating Orders and is now 

offering a Customer Non-Penny rebate to 

submit a PRISM Order with this 

proposal. 

Unrelated Market or Marketable Interest 

The Exchange assesses fees and pays 

rebates with respect to unrelated market 

or marketable interest received prior to 

the commencement of a PRISM Auction 

and during a PRISM Auction. Today, 

when a PRISM Order is a Customer 

order and executes against unrelated 

market or marketable interest received 

during a PRISM Auction, the Customer 


lotter on DSK11XQN23PROD with NOTICES1
Federal Register / Vol. 88, No. 227 / Tuesday, November 28, 2023 / Notices 83193 

16Today, BX assesses the following Penny 

Symbol Taker Fees: $0.50 per contract for a Lead 

Market Maker, Market Maker, Non-Customer, and 

Firm and $0.46 per contract for a Customer. BX 

assesses the following Non-Penny Symbol Taker 

Fees: $1.10 per contract for a Lead Market Maker, 

Market Maker, Non-Customer, and Firm and $0.79 

per contract for a Customer. The Exchange is 

proposing changes to these fees as described herein. 

17A Request for PRISM is a mechanism to submit 

orders into a PRISM Auction as described within 

Options 3, Section 7(e)(1)(A)(1)(b). See BX Options 

7, Section 2(5). 

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

19 15 U.S.C. 78f(b)(4) and (5). 

20NetCoalition v. SEC, 615 F.3d 525 (D.C. Cir. 

2010). 

21 Id. at 539 (quoting Securities Exchange Act 

Release No. 59039 (December 2, 2008), 73 FR 

74770, 74782–83 (December 9, 2008) (SR– 

NYSEArca–2006–21)). 

order receives a rebate of $0.35 per 

contract for Penny Classes and $0.70 per 

contract for Non-Penny Classes, which 

represents the pricing within Options 7, 

Section 2(5). In this case, the unrelated 

market or marketable interest received 

during a PRISM Auction is assessed a 

$0.49 per contract fee for Penny Classes 

or a $0.94 per contract fee for NonPenny Classes as described in Options 

7, Section 2(5). 

Likewise, today, when a PRISM Order 

is a Lead Market Maker, BX Options 

Market Maker or Non-Customer order 

and executes against unrelated market 

or marketable interest received during a 

PRISM Auction, the Lead Market Maker, 

BX Options Market Maker or NonCustomer order pays no fee, which 

represents the pricing within Options 7, 

Section 2(5). In this case, the unrelated 

market or marketable interest received 

during a PRISM Auction is assessed a 

$0.49 per contract fee for Penny Classes 

or a $0.94 per contract fee for NonPenny Classes as described in Options 

7, Section 2(5). In contrast, today, when 

a PRISM Order is a Customer, Lead 

Market Maker, BX Options Market 

Maker or Non-Customer order and 

executes against unrelated market or 

marketable interest received prior to a 

PRISM Auction, the Customer, Lead 

Market Maker, BX Options Market 

Maker or Non-Customer order is subject 

to the Taker Fee within Options 7, 

Section 2(1).16 The Exchange applies 

the order book pricing within Options 7, 

Section 2(1) to interest received prior to 

the PRISM Auction, which is 

considered unrelated market or 

marketable interest for purposes of the 

PRISM Auction. In contrast, the 

Exchange applies PRISM pricing within 

Options 7, Section 2(5) to the unrelated 

market or marketable interest when 

interest arrived during a PRISM 

Auction. 

At this time, the Exchange proposes to 

amend the unrelated market or 

marketable interest rule text in Options 

7, Section 2(5) to reflect the 

amendments proposed herein to 

Options 7, Section 2(1) order book 

pricing and Options 7, Section 2(5) 

PRISM pricing. The Exchange believes 

this pricing will continue to attract 

liquidity to BX and reward Participants 

differently for the order flow. 

Request for PRISM 

With respect to Request for PRISM 17

Pricing, today, in lieu of Options 7, 

Section 2(5) pricing, different pricing is 

assessed and paid to PRISM Auction 

Orders which commenced as a Request 

for PRISM pursuant to Options 3, 

Section 7(e)(1)(A)(1)(b) and executed in 

the PRISM Auction. With respect to 

PRISM Orders, today, a rebate of $0.35 

per contract for Penny Classes and $0.70 

per contract for Non-Penny Classes is 

paid to a PRISM Order when a BX 

Participant responds to a Request for 

PRISM with an Initiating Order, 

provided the PRISM Order trades with 

an Initiating Order. Also, today, a rebate 

of $0.35 per contract for Penny Classes 

and $0.70 per contract for Non-Penny 

Classes is paid to the PRISM Order 

when the PRISM Order trades with a 

PRISM Response. This pricing is not 

being amended. 

With respect to Initiating Orders, 

today, a fee of $0.49 per contract for 

Penny Classes and $0.94 per contract fee 

for Non-Penny Classes is assessed to the 

Initiating Order when a BX Participant 

responds to a Request for PRISM with 

an Initiating Order, provided the PRISM 

Order trades with an Initiating Order. 

This pricing is being amended such that 

a fee of $0.50 per contract for Penny 

Classes and $1.25 per contract fee for 

Non-Penny Classes will be assessed to 

the Initiating Order when a BX 

Participant responds to a Request for 

PRISM with an Initiating Order, 

provided the PRISM Order trades with 

an Initiating Order. 

With respect to Responses to a PRISM 

Auction, today, Responses to a PRISM 

Auction is assessed $0.49 per contract 

fee for Penny Classes and a $0.94 per 

contract fee for Non-Penny Classes. This 

pricing is being amended such that 

Responses to a PRISM Auction will be 

assessed $0.50 per contract fee for 

Penny Classes and a $1.25 per contract 

fee for Non-Penny Classes. 

While the Exchange is increasing the 

pricing to Initiating Orders and 

Responses to a PRISM Auction, the 

Exchange believes that this pricing 

remains competitive and will continue 

to attract PRISM Auction order flow to 

BX. 

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with Section 6(b) 

of the Act,18 in general, and furthers the 

objectives of Sections 6(b)(4) and 6(b)(5) 

of the Act,19 in particular, in that it 

provides for the equitable allocation of 

reasonable dues, fees, and other charges 

among members and issuers and other 

persons using any facility, and is not 

designed to permit unfair 

discrimination between customers, 

issuers, brokers, or dealers. 

The proposed changes to its Pricing 

Schedule are reasonable in several 

respects. As a threshold matter, the 

Exchange is subject to significant 

competitive forces in the market for 

options transaction services that 

constrain its pricing determinations in 

that market. The fact that this market is 

competitive has long been recognized by 

the courts. In NetCoalition v. Securities 

and Exchange Commission 20

(‘‘NetCoalition’’), the D.C. Circuit stated, 

‘‘[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’. . . .’’ 21

Numerous indicia demonstrate the 

competitive nature of this market. For 

example, clear substitutes to the 

Exchange exist in the market for options 

transaction services. The Exchange is 

only one of seventeen options 

exchanges to which market participants 

may direct their order flow. Within this 

environment, market participants can 

freely and often do shift their order flow 

among the Exchange and competing 

venues in response to changes in their 

respective pricing schedules. Within the 

foregoing context, the proposal 

represents a reasonable attempt by the 

Exchange to attract additional order 

flow to the Exchange and increase its 

market share relative to its competitors. 

Options 7, Section 2(1) 

The Exchange’s proposal to reduce 

the Lead Market Maker and Market 

Maker Penny Symbol Maker Rebates 

and the Customer Penny Symbol Taker 

Fee is reasonable. Despite the reduction 

of these Penny Symbol Maker Rebates 

for Lead Market Makers and Market 

Makers, the Exchange will continue to 


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22See BX Options 2, Section 4. 

23 Id. 

24The Exchange proposes to increase the Maker 

Rebates for Customer from $0.90 to $1.10 per 

contract and increase the Taker Fees for all NonCustomers from $1.10 to $1.25 per contract. 

25The Exchange would no longer assess the lower 

routing of $0.13 per contract, in addition to the 

actual transaction fee assessed, when routing to 

NOM and Phlx. 

26Both NOM and Phlx offer rebates. See NOM’s 

Pricing Schedule at Options 7, Section 2 and Phlx’s 

Pricing Schedule at Options 7, Sections 2 and 4. 

27See BX Options 3, Section 7(c). 

offer these rebates to incentivize 

Participants to continue to direct order 

flow to BX. The reduction of the 

Customer Penny Symbol Taker Fee from 

$0.46 to $0.40 per contract will attract 

more Customer order flow to BX to take 

advantage of the lower rate. 

The Exchange’s proposal to reduce 

the Lead Market Maker and Market 

Maker Penny Symbol Maker Rebates 

and the Customer Penny Symbol Taker 

Fee is equitable and not unfairly 

discriminatory. With respect to the 

amendments to the Lead Market Maker 

and Market Maker Penny Symbol Maker 

Rebates, the Exchange notes that unlike 

other market participants, Lead Market 

Makers and Market Makers add value 

through continuous quoting and the 

commitment of capital.22 Further, 

differentiating Lead Market Makers and 

Market Makers is equitable and not 

unfairly discriminatory because Lead 

Market Makers are subject to heightened 

quoting obligations 23 as compared to 

Market Makers. The higher rebate 

therefore recognizes the differing 

contributions made to the liquidity and 

trading environment on the Exchange by 

Lead Market Makers. Overall, the 

Exchange believes that incentivizing 

both Lead Market Makers and Market 

Makers to provide greater liquidity 

benefits all market participants through 

the quality of order interaction. The 

reduction of the Customer Penny 

Symbol Taker Fee from $0.46 to $0.40 

per contract is equitable and not 

unfairly discriminatory because 

Customers will continue to receive 

favorable pricing as compared to other 

market participants because Customer 

liquidity enhances market quality on the 

Exchange by providing more trading 

opportunities, which benefits all market 

participants. 

The Exchange’s proposal to 

increase 24 the Customer Non-Penny 

Symbol Maker Rebate and NonCustomer Non-Penny Symbol Taker 

Fees is reasonable. Increasing the 

Customer Maker Rebate from $0.90 to 

$1.10 per contract will attract more 

Customer order flow to BX. With respect 

to increasing the Taker Fees for all NonCustomers from $1.10 to $1.25 per 

contract, the Exchange believes that 

these fees will continue to draw 

participants seeking liquidity to BX 

because BX is increasing its Non-Penny 

Customer Maker Rebate to enhance its 

market quality and provide more trading 

opportunities, which benefits all market 

participants. 

The Exchange’s proposal to increase 

the Customer Non-Penny Symbol Maker 

Rebate and Non-Customer Non-Penny 

Symbol Taker Fees is equitable and not 

unfairly discriminatory. The increase in 

the Customer Non-Penny Symbol Maker 

Rebate from $0.90 to $1.10 is equitable 

and not unfairly discriminatory because 

Customers will continue to receive 

favorable pricing as compared to other 

market participants because Customer 

liquidity enhances market quality on the 

Exchange by providing more trading 

opportunities, which benefits all market 

participants. The increase in the NonPenny Symbol Taker Fees for all NonCustomers from $1.10 to $1.25 per 

contract, is equitable and not unfairly 

discriminatory because the Exchange 

will uniformly assess the Non-Penny 

Taker Fees to all Non-Customers. 

With respect to note 1 of Options 7, 

Section 2(1), the Exchange’s proposal to 

reduce the Customer Penny Symbol 

Taker Fee from the proposed $0.40 per 

contract to $0.33 per contract for trades 

which remove liquidity in SPY, the 

Exchange believes that this is reasonable 

because note 1 will continue to attract 

Customer Penny Symbol SPY 

transactions that remove liquidity as the 

Exchange will continue to offer this 

discount, albeit a lesser discount as 

proposed. Also, Customers will 

continue to receive favorable pricing in 

SPY as compared to Non-Customers. 

Additionally, the Exchange’s proposal 

to extend this discount to Customer 

Penny Symbol transactions that remove 

liquidity in QQQ and IWM will attract 

QQQ and IWM transactions that remove 

liquidity to BX. In addition, the 

Exchange believes that it is reasonable 

to pay lower fees in SPY, QQQ and IWM 

as compared to other options symbols 

because the Exchange is seeking to 

incentivize greater order flow in these 

highly liquid Penny Symbols which are 

subject to greater competition among 

options exchanges. Finally, the 

Exchange’s proposal to reserve note 2 of 

Options 7, Section 2(1) is reasonable 

because the Exchange would assess the 

Penny Symbol Maker Rebate for Lead 

Market Makers and Market Makers in 

SPY, AAPL and QQQ the same fees as 

it assesses to all other options symbols. 

With respect to note 1 of Options 7, 

Section 2(1), the Exchange’s proposal to 

reduce the Customer Penny Symbol 

Taker Fee from $0.40 to $0.33 per 

contract for trades which remove 

liquidity in SPY and also extend this 

discount to Customer Penny Symbol 

Taker Fees that remove liquidity in 

QQQ and IWM is equitable and not 

unfairly discriminatory because 

Customer liquidity enhances market 

quality on the Exchange by providing 

more trading opportunities, which 

benefits all market participants. 

Additionally, the Exchange will assess 

the lower Taker Fee uniformly to all 

Customer Penny Symbol Taker Fees in 

SPY, QQQ and IWM. Finally, the 

Exchange’s proposal to reserve note 2 of 

Options 7, Section 2(1) is equitable and 

not unfairly discriminatory because the 

Exchange would pay the same Penny 

Symbol Maker Rebates to Lead Market 

Makers and Market Makers for all other 

options symbols. 

Options 7, Section 2(3) 

The Exchange’s proposal to assess a 

Non-Customer an increased routing fee 

of $1.20 to route to another options 

exchange and a Customer a Fixed Fee of 

$0.23 per contract, in addition to the 

actual transaction fee assessed by the 

away market, for routing contracts to 

any options exchange 25 is reasonable 

because the proposed Routing Fees 

would enable the Exchange to recover 

the costs it incurs to route orders to 

away markets after taking into account 

the other costs associated with routing 

orders to other options exchanges. In 

determining its proposed routing fees, 

the Exchange took into account 

transaction fees assessed by other 

options exchanges, the Exchange’s 

projected clearing costs, and the 

projected administrative, regulatory, 

and technical costs associated with 

routing orders to other options 

exchanges. While the Exchange is no 

longer offering a discounted Routing Fee 

to route to NOM and Phlx, the Exchange 

notes that the Routing Fee will be $0.13 

for these markets, similar to other 

options markets, if they pay a rebate.26

Routing services offered by the 

Exchange are completely optional and 

market participants can readily select 

between various providers of routing 

services, including other exchanges and 

broker-dealers. Also, the Exchange notes 

that market participants may elect to 

mark their orders as ‘‘Do Not Route’’ to 

avoid any routing fees.27

The Exchange’s proposal to assess a 

Non-Customer an increased routing fee 

of $1.20 to route to another options 

exchange and a Customer a Fixed Fee of 

$0.23 per contract, in addition to the 

actual transaction fee assessed by the 

away market, for routing contracts to 


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any options exchange is equitable and 

not unfairly discriminatory as all NonCustomers would be assessed a uniform 

routing fee. Additionally, Customers 

will be uniformly assessed the same fee, 

regardless of the destination market. 

Customers will continue to receive 

favorable pricing as compared to other 

market participants because Customer 

liquidity enhances market quality on the 

Exchange by providing more trading 

opportunities, which benefits all market 

participants. Finally, the Exchange 

notes that market participants may elect 

to market orders as Do Not Route to 

avoid any routing fees. 

Options 7, Section 2(4) 

The Exchange’s proposal to amend its 

pricing related to execution of contracts 

on BX that generate an order exposure 

alert is reasonable. While the Exchange 

is increasing fees to respond to an order 

exposure alert, it is also increasing 

rebates that trigger an order exposure 

alert. The Exchange believes that this 

pricing will continue to provide 

incentives to Participants to utilize the 

order exposure functionality which 

facilitates the ability of the Exchange to 

bring together participants and 

encourage more robust competition for 

orders. For Penny Symbols and NonPenny Symbols, increasing the 

Customer rebate for orders triggering 

order exposure alert, and offering higher 

Customer rebates as compared to NonCustomer rebates is reasonable because 

it encourages the desired Customer 

behavior by attracting Customer interest 

to the Exchange. Increasing the 

Customer, Lead Market Maker, Market 

Maker, and Non-Customer fees for 

orders responding to order exposure 

alerts in Penny Symbols and Non-Penny 

Symbols is reasonable because the 

associated revenue will allow the 

Exchange to maintain and enhance its 

services. Additionally, for Penny 

Symbols, Customers would pay the 

lowest fee for responding to order 

exposure alert while all Participants are 

assessed the same fee for Non-Penny 

Symbols. 

The Exchange’s proposal to amend its 

pricing related to execution of contracts 

on BX that generate an order exposure 

alert is equitable and not unfairly 

discriminatory. Customers are being 

paid higher Penny Symbol and NonPenny Symbol rebates and lower Penny 

Symbols fees as compared to NonCustomers because Customer activity 

enhances liquidity on the Exchange for 

the benefit of all market participants 

and benefits all market participants by 

providing more trading opportunities, 

which attracts market makers. An 

increase in the activity of these market 

participants in turn facilitates tighter 

spreads, which may cause an additional 

corresponding increase in order flow 

from other market participants. The 

Exchange also is assessing the same 

Non-Penny Symbol fees uniformly to all 

Participants. 

Options 7, Section 2(5) 

The Exchange’s proposal to amend its 

PRISM pricing is reasonable because the 

Exchange proposes to not assess an 

Initiating Order fee in Penny and NonPenny Classes. Today, the Exchange 

assesses no PRISM Order fee to any 

Participant in Penny or Non-Penny 

Classes and assesses Non-Customers a 

$0.05 per contract Initiating Order fee in 

Penny and Non-Penny Classes. The 

Exchange proposes to continue to assess 

no PRISM Order fee and also proposes 

to amend the Non-Customer Initiating 

Order Fees from $0.05 to $0.00 per 

contract. Today, Customers are not 

assessed an Initiating Order Fee in 

either Penny or Non-Penny Classes. 

With this proposed change, no 

Participant will be assessed an Initiating 

Order fee in Penny Classes and NonPenny Classes. Further, the Exchange 

proposes to pay a Non-Penny Class 

PRISM Order rebate to a Customer of 

$0.12 per contract. The Exchange 

believes that the proposed pricing will 

encourage BX Participants to submit a 

greater amount of PRISM Orders to BX 

as the Exchange will not assess PRISM 

Order or Initiating Order fees to any BX 

Participant and it will pay a Non-Penny 

Class PRISM Order rebate to a Customer 

of $0.12 per contract. With respect to a 

PRISM Response to a PRISM Auction 

the Exchange’s proposal to increase the 

$0.49 per contract fee for Penny Classes, 

which is currently assessed to all 

Participants to $0.50 per contract and 

the proposal to increase the $0.94 per 

contract fee for Non-Penny Classes, 

which is currently assessed to all 

Participants, to $1.25 per contract is 

reasonable because despite these 

increases, the Exchange believes that the 

pricing will continue to encourage 

Participants to send order to BX’s 

PRISM Auction. Additionally, the 

proposed PRISM Response fees would 

be equivalent to the Penny Symbol 

Taker Fees in Options 7, Section 2(1) of 

$0.50 per contract for Lead Market 

Makers, BX Options Market Makers and 

Non-Customers and $0.40 per contract 

for Customers. Additionally, the 

proposed PRISM Response Fees would 

be equivalent to the Non-Penny Symbol 

Taker Fees in Options 7, Section 2(1) of 

$1.25 per contract for Lead Market 

Makers, BX Options Market Makers and 

Non-Customers and $0.79 per contract 

for Customers. The Exchange’s proposal 

harmonizes the PRISM Response fees 

for Penny and Non-Penny Classes so 

that they are the same as the Taker Fees 

assessed to each market participant 

when they remove liquidity from the 

order book. The Exchange believes that 

it is reasonable to assess Penny and 

Non-Penny Class PRISM Response Fees 

that are equivalent to those Taker Fees 

assessed to Participants for removing 

liquidity from the order book because 

orders resting on the order book may 

respond to PRISM Auctions similar to 

PRISM Responses entered during a 

PRISM Auction. The Exchange believes 

that despite the increase in these PRISM 

Response Fees, the fees remain 

competitive with the pricing to remove 

liquidity from the order book. 

The Exchange’s proposal to amend its 

PRISM pricing is equitable and not 

unfairly discriminatory. The Exchange 

will uniformly not assess a Penny Class 

or Non-Penny Class PRISM Order fee or 

Initiating Order Fee to any Participant. 

While Customers will receive a Penny 

Symbol PRISM Order rebate, the 

Exchange notes that Customer activity 

enhances liquidity on the Exchange for 

the benefit of all market participants 

and benefits all market participants by 

providing more trading opportunities, 

which attracts market makers. The 

proposed PRISM Response Fees would 

be equivalent to the Penny Symbol 

Taker Fees in Options 7, Section 2(1) of 

$0.50 per contract for Lead Market 

Makers, Market Makers and NonCustomers and $0.40 per contract for 

Customers. Additionally, the proposed 

PRISM Response Fees would be 

equivalent to the Non-Penny Symbol 

Taker Fees in Options 7, Section 2(1) of 

$1.25 per contract for Lead Market 

Makers, Market Makers and NonCustomers and $0.79 per contract for 

Customers. Assessing Customers a lower 

Response Fee as compared to NonCustomers is equitable and not unfairly 

discriminatory because Customer 

activity enhances liquidity on the 

Exchange for the benefit of all market 

participants and benefits all market 

participants by providing more trading 

opportunities, which attracts market 

makers. Further, assessing no fee to the 

Initiating Order and assessing Response 

Fees as described above to Participants 

that respond to the PRISM Auction is 

equitable and not unfairly 

discriminatory because the Exchange 

desires to encourage Participants to 

submit PRISM Orders to BX. 

Responders, similar to Participants that 

remove liquidity from the order book, 

may interact with the PRISM Order and 

receive an allocation. Of note, any BX 

Participant may respond to a PRISM 


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83196 Federal Register / Vol. 88, No. 227 / Tuesday, November 28, 2023 / Notices 

28The identity of the sender and the recipients 

are not known to any party. 

Auction. Similar to the manner in 

which the Exchange assesses fees to 

takers of liquidity in Options 7, Section 

2(1), Participants who remove liquidity 

are assessed fees to interact with the 

liquidity. The Exchange incentivizes 

Participants that add liquidity on our 

markets by assessing lower fees and/or 

rebates to encourage order flow to be 

sent to BX. The Exchange believes that 

creating a similar model to encourage 

Participants to bring two-sided orders 

into the PRISM Auction and assessing 

higher fees for the Participants that 

interact with those orders is equitable 

and not unfairly discriminatory as well 

as consistent with the fee structure in 

place on BX today. Finally, BX 

Participants may elect not to utilize the 

PRISM Auction and only transact 

options on the order book, in which 

case they would not incur the 

Responder Fees. 

Unrelated Market or Marketable Interest 

The Exchange’s proposal to amend 

the unrelated market or marketable 

interest rule text in Options 7, Section 

2(5) to reflect the proposed changes to 

Options 7, Section 2(1) order book 

pricing and Options 7, Section 2(5) 

PRISM pricing is reasonable because the 

Exchange seeks to incentivize 

Participants to submit PRISM Auction 

Orders to receive a guaranteed 

execution, potential price improvement, 

and Customer rebates. The Exchange’s 

PRISM pricing assesses fees to PRISM 

Responses and unrelated market or 

marketable interest that allocated in the 

PRISM Auction and rewards those BX 

Participants with a guaranteed 

execution and potential price 

improvement. The response fees 

assessed by the Exchange are intended 

to fund the Customer rebates paid by the 

Exchange which seek to incentivize 

increased Customer order flow to the 

PRISM Auction. While the Exchange’s 

proposal increases these fees, the 

Exchange believes this pricing will 

continue to attract liquidity to BX and 

reward Participants differently for the 

order flow. 

The Exchange’s proposal to amend 

the unrelated market or marketable 

interest rule text in Options 7, Section 

2(5) to reflect the proposed changes to 

Options 7, Section 2(1) order book 

pricing and Options 7, Section 2(5) 

PRISM pricing is equitable and not 

unfairly discriminatory. All BX 

Participants who submitted unrelated 

market or marketable interest which 

rested on the order book prior to the 

commencement of a PRISM Auction 

will be uniformly paid a Maker Rebate. 

The Exchange’s proposal would treat BX 

Participants who submitted unrelated 

market or marketable interest which 

rested on the order book prior to the 

commencement of a PRISM Auction in 

the same manner as other BX 

Participants who posted liquidity on the 

order book as they would both be 

considered makers of liquidity. Further, 

all Participants who submitted a PRISM 

Order that executed against the 

unrelated market or marketable interest 

that posted to the order book prior to the 

commencement of a PRISM Auction 

would be uniformly assessed a Taker 

Fee. The Exchange’s proposal would 

treat BX Participants who submitted 

PRISM Order that executed against the 

unrelated market or marketable interest 

that posted to the order book prior to the 

commencement of a PRISM Auction in 

the same manner as other BX 

Participants who removed liquidity 

from the order book as they would both 

be considered takers of liquidity. 

Request for PRISM 

The Exchange’s proposal to amend 

pricing for PRISM Orders submitted via 

a Request for PRISM is reasonable. 

While the Exchange is increasing the 

Initiating order fees in Penny and NonPenny Classes as well as the Responses 

to a PRISM Auction in Penny and NonPenny Classes, the Exchange believes 

that this pricing will continue to 

incentivize BX Participants to utilize the 

Request for PRISM feature to obtain 

liquidity, potential price improvement, 

as well as a rebate for the PRISM Order. 

Further, the Exchange notes that it will 

continue to offer certain rebates to 

attract BX Participants to utilize the 

Request for PRISM mechanism. Further, 

the Exchange believes it is reasonable to 

assess a higher fee for the Initiating 

Order that was submitted with the 

Request for PRISM mechanism, where 

fees are the same as those assessed to 

responders in the PRISM Auction, 

because BX Participants are able to 

obtain immediate liquidity. The Request 

for PRISM mechanism is utilized by 

Participants as a liquidity seeking tool 

that if not available would require a BX 

Participant to source liquidity from 

third parties, expending time and 

potential additional cost. The Request 

for PRISM mechanism offers 

Participants the opportunity to 

immediately commence a PRISM 

Auction without the need to source 

liquidity. Liquidity providers that enter 

orders directly into PRISM and do not 

utilize the Request for PRISM 

mechanism have expended time 

sourcing liquidity with third parties 

outside of the Exchange. The Exchange 

believes that BX Participants benefit 

from the liquidity seeking mechanism 

that is being offered by the Exchange to 

allow certain market participants to 

compete with other market participants 

whose business model is designed to 

source liquidity. The proposed fee for 

Initiating Orders who respond to a 

Request for PRISM, when the PRISM 

Order trades with an Initiating Order, 

would enable the Exchange to offer 

rebates to BX Participants submitting 

PRISM Orders into the Request for 

PRISM mechanism. The Exchange 

believes the fees for responders are 

reasonable because responders to a 

PRISM Auction would pay the same fee 

of $0.50 per contract fee for Penny 

Classes and $1.25 per contract fee for 

Non-Penny Classes regardless of 

whether the Request for PRISM 

mechanism was utilized to initiate a 

PRISM Auction or the PRISM Auction 

Order was entered directly into PRISM 

as a paired order. 

The Exchange’s proposal to amend 

pricing for PRISM Orders submitted via 

a Request for PRISM is equitable and 

not unfairly discriminatory because any 

BX Participant may utilize the Request 

for PRISM feature. Also, any BX 

Participant may respond to a PRISM 

Auction and all BX Participants benefit 

from the ability to interact with 

additional order flow.28 The Request for 

PRISM mechanism provides greater 

flexibility for Participants submitting 

orders into PRISM, specifically 

providing an avenue for BX Participants 

desiring to send orders to the PRISM 

mechanism to locate an Initiating Order 

to pair their PRISM Order with and 

participate in a PRISM Auction. All 

Participants that enter a PRISM Order 

into the Request for PRISM mechanism 

are uniformly entitled to a rebate if the 

PRISM Order trades with the Initiating 

Order or if the PRISM Order trades with 

a PRISM Response. Also, all 

Participants that enter Initiating Orders 

into the Request for PRISM mechanism 

are uniformly assessed a fee provided 

the PRISM Order trades with the 

Initiating Order. The proposed fees for 

an Initiating Order entered into the 

Request for PRISM mechanism that 

trade with a PRISM Response are 

equivalent to the pricing for responders 

pursuant to Options 7, Section 2(5) 

because BX Participants benefit from the 

liquidity seeking mechanism that is 

being offered. The mechanism allows 

certain market participants to compete 

with other market participants whose 

business model is designed to source 

liquidity. 


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29See BX Options 2, Section 4. 

30 Id. 

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. 

Intermarket Competition 

The proposal does not impose an 

undue burden on inter-market 

competition. The Exchange believes its 

proposal remains competitive with 

other options markets and will offer 

market participants with another choice 

to initiate a price improvement auction. 

The Exchange notes that it operates in 

a highly competitive market in which 

market participants can readily favor 

competing venues if they deem fee 

levels at a particular venue to be 

excessive, or rebate opportunities 

available at other venues to be more 

favorable. In such an environment, the 

Exchange must continually adjust its 

fees to remain competitive with other 

exchanges. Because competitors are free 

to modify their own fees in response, 

and because market participants may 

readily adjust their order routing 

practices, the Exchange believes that the 

degree to which fee changes in this 

market may impose any burden on 

competition is extremely limited. 

Intramarket Competition 

Options 7, Section 2(1) 

The Exchange’s proposal to reduce 

certain Penny Symbol Maker Rebates 

and Taker Fees and increase certain 

Non-Penny Symbol Maker Rebates and 

Taker Fees does not impose an undue 

burden on competition. With respect to 

the amendments to the Lead Market 

Maker and Market Maker Penny Symbol 

Maker Rebates, the Exchange notes that 

unlike other market participants, Lead 

Market Makers and Market Makers add 

value through continuous quoting and 

the commitment of capital.29 Further, 

differentiating Lead Market Makers and 

Market Makers is equitable and not 

unfairly discriminatory because Lead 

Market Makers are subject to heightened 

quoting obligations 30 as compared to 

Market Makers. The higher rebate 

therefore recognizes the differing 

contributions made to the liquidity and 

trading environment on the Exchange by 

Lead Market Makers. Overall, the 

Exchange believes that incentivizing 

both Lead Market Makers and Market 

Makers to provide greater liquidity 

benefits all market participants through 

the quality of order interaction. The 

reduction of the Customer Penny 

Symbol Taker Fee from $0.46 to $0.40 

per contract and the increase in the 

Non-Penny Symbol Maker Rebates for 

Customers from $0.90 to $1.10 does not 

impose an undue burden on 

competition because Customers will 

continue to receive favorable pricing as 

compared to other market participants 

because Customer liquidity enhances 

market quality on the Exchange by 

providing more trading opportunities, 

which benefits all market participants. 

The Exchange’s proposal to increase the 

Non-Penny Symbol Taker Fees for all 

Non-Customers from $1.10 to $1.25 per 

contract does not impose an undue 

burden on competition because the 

Exchange will uniformly assess the 

Non-Penny Taker Fees to all NonCustomers. 

With respect to note 1 of Options 7, 

Section 2(1), the Exchange’s proposal to 

reduce the Customer Penny Symbol 

Taker Fee from $0.40 to $0.33 per 

contract for trades which remove 

liquidity in SPY and also extend this 

discount to Customer Penny Symbol 

Taker Fees that remove liquidity in 

QQQ and IWM does not impose an 

undue burden on competition because 

Customer liquidity enhances market 

quality on the Exchange by providing 

more trading opportunities, which 

benefits all market participants. 

Additionally, the Exchange will assess 

the lower Taker Fee uniformly to all 

Customer Penny Symbol Taker Fees in 

SPY, QQQ and IWM. Finally, the 

Exchange’s proposal to reserve note 2 of 

Options 7, Section 2(1) does not impose 

an undue burden on competition 

because the Exchange would pay the 

same Penny Symbol Maker Rebates to 

Lead Market Makers and Market Makers 

for all other options symbols. 

Options 7, Section 2(3) 

The Exchange’s proposal to assess a 

Non-Customer an increased routing fee 

of $1.20 to route to another options 

exchange and a Customer a Fixed Fee of 

$0.23 per contract, in addition to the 

actual transaction fee assessed by the 

away market, for routing contracts to 

any options exchange does not impose 

an undue burden on competition 

because all Non-Customers would be 

assessed a uniform routing fee. 

Additionally, all Customers will be 

uniformly assessed the same fee, 

regardless of the destination market. 

Customers will continue to receive 

favorable pricing as compared to other 

market participants because Customer 

liquidity enhances market quality on the 

Exchange by providing more trading 

opportunities, which benefits all market 

participants. Finally, the Exchange 

notes that market participants may elect 

to market orders as Do Not Route to 

avoid any routing fees. 

Options 7, Section 2(4) 

The Exchange’s proposal to amend its 

pricing related to execution of contracts 

on BX that generate an order exposure 

alert does not impose an undue burden 

on competition. Customers are being 

paid higher Penny Symbol and NonPenny Symbol rebates and lower Penny 

Symbols fees as compared to NonCustomers because Customer activity 

enhances liquidity on the Exchange for 

the benefit of all market participants 

and benefits all market participants by 

providing more trading opportunities, 

which attracts market makers. An 

increase in the activity of these market 

participants in turn facilitates tighter 

spreads, which may cause an additional 

corresponding increase in order flow 

from other market participants. The 

Exchange also is assessing the same 

Non-Penny Symbol fees uniformly to all 

Participants. 

Options 7, Section 2(5) 

The Exchange’s proposal to amend its 

PRISM pricing does not impose an 

undue burden on competition. The 

Exchange will uniformly not assess a 

Penny Class or Non-Penny Class PRISM 

Order fee or Initiating Order Fee to any 

Participant. While Customers will 

receive a Penny Symbol PRISM Order 

rebate, the Exchange notes that 

Customer activity enhances liquidity on 

the Exchange for the benefit of all 

market participants and benefits all 

market participants by providing more 

trading opportunities, which attracts 

market makers. Additionally, the 

Exchange will uniformly assess the 

PRISM Response fee to all Participants. 

The proposed PRISM Response Fees 

would be equivalent to the Penny 

Symbol Taker Fees in Options 7, 

Section 2(1) of $0.50 per contract for 

Lead Market Makers, Market Makers 

and Non-Customers and $0.40 per 

contract for Customers. Additionally, 

the proposed PRISM Response Fees 

would be equivalent to the Non-Penny 

Symbol Taker Fees in Options 7, 

Section 2(1) of $1.25 per contract for 

Lead Market Makers, Market Makers 

and Non-Customers and $0.79 per 

contract for Customers. Assessing 

Customers a lower Response Fee as 

compared to Non-Customers is equitable 

and not unfairly discriminatory because 

Customer activity enhances liquidity on 

the Exchange for the benefit of all 

market participants and benefits all 

market participants by providing more 

trading opportunities, which attracts 

market makers. Further, assessing no fee 


lotter on DSK11XQN23PROD with NOTICES1
83198 Federal Register / Vol. 88, No. 227 / Tuesday, November 28, 2023 / Notices 

31The identity of the sender and the recipients 

are not known to any party. 

32 15 U.S.C. 78s(b)(3)(A)(ii). 

to the Initiating Order and assessing 

Response Fees as described above to 

Participants that respond to the PRISM 

Auction is equitable and not unfairly 

discriminatory because the Exchange 

desires to encourage Participants to 

submit PRISM Orders to BX. 

Responders, similar to Participants that 

remove liquidity from the order book, 

may interact with the PRISM Order and 

receive an allocation. Of note, any BX 

Participant may respond to a PRISM 

Auction. Similar to the manner in 

which the Exchange assesses fees to 

takers of liquidity in Options 7, Section 

2(1), Participants who remove liquidity 

are assessed fees to interact with the 

liquidity. The Exchange incentivizes 

Participants that add liquidity on our 

markets by assessing lower fees and/or 

rebates to encourage order flow to be 

sent to BX. The Exchange believes that 

creating a similar model to encourage 

Participants to bring two-sided orders 

into the PRISM Auction and assessing 

higher fees for the Participants that 

interact with those orders is equitable 

and not unfairly discriminatory as well 

as consistent with the fee structure in 

place on BX today. Finally, BX 

Participants may elect not to utilize the 

PRISM Auction and only transact 

options on the order book, in which 

case they would not incur the 

Responder Fees. 

Unrelated Market or Marketable Interest 

The Exchange’s proposal to amend 

the unrelated market or marketable 

interest rule text in Options 7, Section 

2(5) to reflect the proposed changes to 

Options 7, Section 2(1) order book 

pricing and Options 7, Section 2(5) 

PRISM pricing does not impose an 

undue burden on competition. All BX 

Participants who submitted unrelated 

market or marketable interest which 

rested on the order book prior to the 

commencement of a PRISM Auction 

will be uniformly paid a Maker Rebate. 

The Exchange’s proposal would treat BX 

Participants who submitted unrelated 

market or marketable interest which 

rested on the order book prior to the 

commencement of a PRISM Auction in 

the same manner as other BX 

Participants who posted liquidity on the 

order book as they would both be 

considered makers of liquidity. Further, 

all Participants who submitted a PRISM 

Order that executed against the 

unrelated market or marketable interest 

that posted to the order book prior to the 

commencement of a PRISM Auction 

would be uniformly assessed a Taker 

Fee. The Exchange’s proposal would 

treat BX Participants who submitted 

PRISM Order that executed against the 

unrelated market or marketable interest 

that posted to the order book prior to the 

commencement of a PRISM Auction in 

the same manner as other BX 

Participants who removed liquidity 

from the order book as they would both 

be considered takers of liquidity. 

Request for PRISM 

The Exchange’s proposal to amend 

pricing for PRISM Orders submitted via 

a Request for PRISM does not impose an 

undue burden on competition because 

any BX Participant may utilize the 

Request for PRISM feature. Also, any BX 

Participant may respond to a PRISM 

Auction and all BX Participants benefit 

from the ability to interact with 

additional order flow.31 The Request for 

PRISM mechanism provides greater 

flexibility for Participants submitting 

orders into PRISM, specifically 

providing an avenue for BX Participants 

desiring to send orders to the PRISM 

mechanism to locate an Initiating Order 

to pair their PRISM Order with and 

participate in a PRISM Auction. All 

Participants that enter a PRISM Order 

into the Request for PRISM mechanism 

are uniformly entitled to a rebate if the 

PRISM Order trades with the Initiating 

Order or if the PRISM Order trades with 

a PRISM Response. Also, all 

Participants that enter Initiating Orders 

into the Request for PRISM mechanism 

are uniformly assessed a fee provided 

the PRISM Order trades with the 

Initiating Order. The proposed fees for 

an Initiating Order entered into the 

Request for PRISM mechanism that 

trade with a PRISM Response are 

equivalent to the pricing for responders 

pursuant to Options 7, Section 2(5) 

because BX Participants benefit from the 

liquidity seeking mechanism that is 

being offered. The mechanism allows 

certain market participants to compete 

with other market participants whose 

business model is designed to source 

liquidity. 

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.32

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– 

BX–2023–031 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–BX–2023–031. 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 


lotter on DSK11XQN23PROD with NOTICES1
Federal Register / Vol. 88, No. 227 / Tuesday, November 28, 2023 / Notices 83199 

33 17 CFR 200.30–3(a)(12). 

submitted material that is obscene or 

subject to copyright protection. All 

submissions should refer to file number 

SR–BX–2023–031 and should be 

submitted on or before December 19, 

2023. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.33

Christina Z. Milnor, 

Assistant Secretary. 

[FR Doc. 2023–26112 Filed 11–27–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Investment Company Act Release No. 

35053; 812–15509] 

CAZ Strategic Opportunities Fund and 

CAZ Investments Registered Adviser 

LLC 

November 21, 2023. 

AGENCY: Securities and Exchange 

Commission (‘‘Commission’’ or ‘‘SEC’’). 

ACTION: Notice. 

Notice of an application for an order 

pursuant to section 6(c) of the 

Investment Company Act of 1940 (the 

‘‘Act’’) for an exemption from sections 

18(a)(2), 18(c), and 18(i) of the Act, 

pursuant to sections 6(c) and 23(c) of 

the Act for an exemption from rule 23c– 

3 under the Act, and pursuant to section 

17(d) of the Act and rule 17d–1 

thereunder. 

SUMMARY OF APPLICATION: Applicants 

request an order to permit certain 

registered closed-end investment 

companies to issue multiple classes of 

shares and to impose early withdrawal 

charges and asset-based distribution 

and/or service fees. 

APPLICANTS: CAZ Strategic 

Opportunities Fund and CAZ 

Investments Registered Adviser LLC. 

FILING DATE: The application was filed 

on September 29, 2023 and amended on 

November 15, 2023. 

HEARING OR NOTIFICATION OF HEARING: 

An order granting the requested relief 

will be issued unless the Commission 

orders a hearing. Interested persons may 

request a hearing on any application by 

emailing the SEC’s Secretary at 

Secretarys-Office@sec.gov and serving 

the Applicants with a copy of the 

request by email, if an email address is 

listed for the relevant Applicant below, 

or personally or by mail, if a physical 

address is listed for the relevant 

Applicant below. Hearing requests 

should be received by the Commission 

by 5:30 p.m. on December 18, 2023, and 

should be accompanied by proof of 

service on the Applicants, in the form 

of an affidavit, or, for lawyers, a 

certificate of service. Pursuant to rule 0– 

5 under the Act, hearing requests should 

state the nature of the writer’s interest, 

any facts bearing upon the desirability 

of a hearing on the matter, the reason for 

the request, and the issues contested. 

Persons who wish to be notified of a 

hearing may request notification by 

emailing the Commission’s Secretary. 

ADDRESSES: The Commission: 

Secretarys-Office@sec.gov. Applicants: 

Christopher Alan Zook, CAZ Strategic 

Opportunities Fund, caz@

cazinvestments.com; with a copy to 

Thomas Friedmann, Dechert LLP, 

thomas.friedmann@dechert.com; 

Matthew Carter, Dechert LLP, 

matthew.carter@dechert.com; and 

Alexander Karampatsos, Dechert LLP, 

alexander.karampatsos@dechert.com. 

FOR FURTHER INFORMATION CONTACT: 

Trace W. Rakestraw, Senior Special 

Counsel, at (202) 551–6825 (Division of 

Investment Management, Chief 

Counsel’s Office). 

SUPPLEMENTARY INFORMATION: For 

Applicants’ representations, legal 

analysis, and conditions, please refer to 

Applicants’ application, dated 

November 15, 2023, which may be 

obtained via the Commission’s website 

by searching for the file number at the 

top of this document, or for an 

Applicant using the Company name 

search field on the SEC’s EDGAR 

system. The SEC’s EDGAR system may 

be searched at https://www.sec.gov/ 

edgar/searchedgar/legacy/ 

companysearch.html. 

You may also call the SEC’s Public 

Reference Room at (202) 551–8090. 

For the Commission, by the Division of 

Investment Management, under delegated 

authority. 

J. Matthew DeLesDernier, 

Deputy Secretary. 

[FR Doc. 2023–26116 Filed 11–27–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Investment Company Act Release No. 

35052; File No. 812–15467] 

Oxford Park Income Fund, Inc. and 

Oxford Park Management, LLC 

November 21, 2023. 

AGENCY: Securities and Exchange 

Commission (‘‘Commission’’ or ‘‘SEC’’). 

ACTION: Notice. 

Notice of an application for an order 

pursuant to section 6(c) of the 

Investment Company Act of 1940 (the 

‘‘Act’’) for an exemption from sections 

18(a)(2), 18(c), and 18(i) of the Act, 

pursuant to sections 6(c) and 23(c) of 

the Act for certain exemptions from rule 

23c–3 under the Act, and pursuant to 

section 17(d) of the Act and rule 17d– 

1 thereunder. 

Summary of Application: Applicants 

request an order to permit certain 

registered closed-end management 

investment companies to issue multiple 

classes of shares and to impose early 

withdrawal charges and asset-based 

distribution and/or service fees. 

Applicants: Oxford Park Income 

Fund, Inc. and Oxford Park 

Management, LLC. 

Filing Dates: The application was 

filed on May 16, 2023, and amended on 

June 14, 2023 and October 4, 2023. 

Hearing or Notification of Hearing: An 

order granting the requested relief will 

be issued unless the Commission orders 

a hearing. Interested persons may 

request a hearing on any application by 

emailing the SEC’s Secretary at 

Secretarys-Office@sec.gov and serving 

the Applicants with a copy of the 

request by email, if an email address is 

listed for the relevant Applicant below, 

or personally or by mail, if a physical 

address is listed for the relevant 

Applicant below. Hearing requests 

should be received by the Commission 

by 5:30 p.m. on December 18, 2023, and 

should be accompanied by proof of 

service on Applicants, in the form of an 

affidavit or, for lawyers, a certificate of 

service. Pursuant to rule 0–5 under the 

Act, hearing requests should state the 

nature of the writer’s interest, any facts 

bearing upon the desirability of a 

hearing on the matter, the reason for the 

request, and the issues contested. 

Persons who wish to be notified of a 

hearing may request notification by 

emailing the Commission’s Secretary at 

Secretarys-Office@sec.gov. 

ADDRESSES: The Commission: 

Secretarys-Office@sec.gov. Applicants: 

Jonathan H. Cohen, Oxford Park Income 

Fund. Inc., 8 Sound Shore Drive, Suite 

255, Greenwich, CT 06830; Harry S. 

Pangas, Dechert LLP, harry.pangas@

dechert.com; Philip T. Hinkle, Dechert 

LLP, philip.hinkle@dechert.com. 

FOR FURTHER INFORMATION CONTACT: 

Chris Chase, Senior Counsel, or Lisa 

Reid Ragen, Branch Chief, at (202) 551– 

6825 (Division of Investment 

Management, Chief Counsel’s Office). 

SUPPLEMENTARY INFORMATION: For 

Applicants’ representations, legal 

analysis, and conditions, please refer to 

Applicants’ second amended and 


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