5582 Federal Register / Vol. 89, No. 19 / Monday, January 29, 2024 / Notices 

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

2 17 CFR 240.19b–4. 

SUPPLEMENTARY INFORMATION: On August 

8, 2023, the National Science 

Foundation published a notice in the 

Federal Register of permit applications 

received. The permits were issued on 

the following dates: 

1. Ron Naveen, Permit No. 2024–001, 

September 6, 2023 

2. Heather Lynch, Permit No. 2024–002, 

September 6, 2023 

On August 9, 2023, the National 

Science Foundation published a notice 

in the Federal Register of permit 

applications received. The permits were 

issued on the following dates: 

1. Chris Linder, Permit No. 2024–003, 

September 8, 2023 

2. Paul Ponganis, Permit No. 2024–004, 

September 8, 2023 

3. Rachael Herman, Permit No. 2024– 

005, September 8, 2023 

On August 14, 2023, the National 

Science Foundation published a notice 

in the Federal Register of a permit 

application received. The permit was 

issued on the following date: 

1. Megan Cimino, Permit No. 2024–006, 

September 13, 2023 

On August 25, 2023, the National 

Science Foundation published a notice 

in the Federal Register of a permit 

applications received. The permit was 

issued on the following dates: 

1. Scenic, Permit No. 2022–013, 

September 25, 2023 

On September 11, 2023, the National 

Science Foundation published a notice 

in the Federal Register of permit 

applications received. The permits were 

issued on the following dates: 

1. Logan Pallin, Permit No. 2024–007, 

October 11, 2023 

2. Heather Lynch, Permit No. 2024–008, 

October 11, 2023 

On September 15, 2023, the National 

Science Foundation published a notice 

in the Federal Register of a permit 

application received. The permit was 

issued on the following date: 

1. Poseidon, Permit No. 2024–009, 

October 16, 2023 

On September 20, 2023, the National 

Science Foundation published a notice 

in the Federal Register of a permit 

application received. The permit was 

issued on the following date: 

1. Ron Naveen, Permit No. 2024–010, 

October 20, 2023 

On September 26, 2023 the National 

Science Foundation published a notice 

in the Federal Register of a permit 

application received. The permit was 

issued on the following date: 

1. Grant Ballard, Permit No. 2021–004, 

October 26, 2023 

On October 2, 2023, the National 

Science Foundation published a notice 

in the Federal Register of a permit 

application received. The permit was 

issued on the following date: 

1. Alia Khan, Permit No. 2024–011, 

October 26, 2023 

On October 10, 2023, the National 

Science Foundation published a notice 

in the Federal Register of permit 

applications received. The permits were 

issued on the following dates: 

1. Seabourn, Permit No. 2024–012, 

November 9, 2023 

2. Sea Shepherd, Permit No. 2024–013, 

November 9, 2023 

On November 7, 2023, the National 

Science Foundation published a notice 

in the Federal Register of permit 

application received. The permit was 

issued on the following date: 

1. Chris Eckstrom, Permit No. 2024–014, 

December 7, 2023 

On November, 14, 2023, the National 

Science Foundation published a notice 

in the Federal Register of permit 

applications received. The permits were 

issued on the following dates: 

1. Sarah Ruth, Permit No. 2024–015, 

December 14, 2023 

2. Princess, Permit No. 2024–016, 

December 14, 2023 

3. Lindblad, Permit No. 2024–017, 

December 14, 2023 

On December 12, 2023, the National 

Science Foundation published a notice 

in the Federal Register of permit 

applications received. The permit was 

issued on the following date: 

1. Sarah Kienle, Permit No. 2024–018, 

January 11, 2024 

On December 14, 2023, the National 

Science Foundation published a notice 

in the Federal Register of permit 

applications received. The permits were 

issued on the following dates: 

1. EYOS, Permit No. 2024–019, January 

16, 2024 

2. The World, Permit No. 2024–020, 

January 16, 2024 

Kimiko S. Bowens-Knox, 

Program Analyst, Office of Polar Programs. 

[FR Doc. 2024–01712 Filed 1–26–24; 8:45 am] 

BILLING CODE 7555–01–P 

POSTAL SERVICE 

Sunshine Act Meetings 

TIME AND DATE: Thursday, February 8, 

2024, at 9:00 a.m.; Thursday, February 

8, 2024, at 4:00 p.m. 

PLACE: Washington, DC, at U.S. Postal 

Service Headquarters, 475 L’Enfant 

Plaza SW, in the Benjamin Franklin 

Room. 

STATUS: Thursday, February 8, 2024, at 

9:00 a.m.—Closed. Thursday, February 

8, 2024, at 4:00 p.m.—Open. 

MATTERS TO BE CONSIDERED: 

Meeting of the Board of Governors 

Thursday, February 8, 2023, at 9:00 a.m. 

(Closed) 

1. Strategic Issues. 

2. Financial and Operational Matters. 

3. Executive Session. 

4. Administrative Items. 

Thursday, February 8, 2023, at 4:00 p.m. 

(Open) 

1. Remarks of the Chairman of the Board 

of Governors. 

2. Remarks of the Postmaster General 

and CEO. 

3. Approval of the Minutes. 

4. Committee Reports. 

5. Quarterly Financial Report. 

6. Quarterly Service Performance 

Report. 

7. Approval of Tentative Agenda for 

May 9 Meeting. 

CONTACT PERSON FOR MORE INFORMATION: 

Michael J. Elston, Secretary of the Board 

of Governors, U.S. Postal Service, 475 

L’Enfant Plaza SW, Washington, DC 

20260–1000. Telephone: (202) 268– 

4800. 

Michael J. Elston, 

Secretary. 

[FR Doc. 2024–01810 Filed 1–25–24; 4:15 pm] 

BILLING CODE 7710–12–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–99413; File No. SR– 

CboeBYX–2024–003] 

Self-Regulatory Organizations; Cboe 

BYX Exchange, Inc.; Notice of Filing of 

a Proposed Rule Change To Amend 

Rule 11.9(c)(6) and Rule 11.13(a)(4)(D) 

To Permit the Use of BYX Post Only 

Orders at Prices Below $1.00 

January 23, 2024. 

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

Securities Exchange Act of 1934 (the 

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

notice is hereby given that on January 8, 

2024, Cboe BYX Exchange, Inc. (the 

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

Securities and Exchange Commission 

(the ‘‘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 


ddrumheller on DSK120RN23PROD with NOTICES1
Federal Register / Vol. 89, No. 19 / Monday, January 29, 2024 / Notices 5583 

3The ‘‘SIP’’ refers to the centralized securities 

information processors. 

4See ‘‘How Subdollar Securities are Trading 

Now’’ (March 16, 2023). Available at https://

www.cboe.com/insights/posts/how-subdollarsecurities-are-trading-now/. 

5 Id. 

6Trade Reporting Facilities are facilities through 

which FINRA members report off-exchange 

transactions in NMS stocks, as defined in SEC Rule 

600(b)(47) of Regulation NMS. See Securities 

Exchange Act Release No. 96494 (December 14, 

2022), 87 FR 80266 (December 29, 2022) (‘‘Tick Size 

Proposal’’) at 80315. 

7Supra note 4. 

8 Id. 

9See Rule 1.5(e). The BYX Book means the 

System’s electronic file of orders. 

10See BYX Equities Fee Schedule, Standard 

Rates. In securities priced at or above $1.00, BYX 

pays rebates for Users that remove liquidity and 

assesses fees for Users that add liquidity. Under the 

current fee schedule for securities priced at or 

above $1.00 there is no economic benefit to utilize 

the BYX Post Only Order due to the Exchange’s 

economic best interest calculation, and as such, 

BYX Post Only Orders are eligible to remove 

liquidity when priced at or above $1.00. 

11The Exchange’s economic best interest 

calculation determines whether the value of price 

improvement associated with a BYX Post Only 

Order equals or exceeds the sum of fees charged for 

such execution and the value of any rebate that 

would be provided if the order posted to the BYX 

Book and subsequently provided liquidity. The 

determination of whether a BYX Post Only Order 

will be allowed to post to the BYX Book or be 

eligible to remove liquidity is based on the current 

fee schedule, the execution price, and the amount 

of price improvement received. 

12Based on the current fee schedule, the proposal 

will not modify the functionality of BYX Post Only 

Orders in securities priced at or above $1.00 as 

these orders will remain eligible to remove liquidity 

upon entry under the current economic best interest 

calculation. 

13See Rule 1.5(cc). The term ‘‘User’’ shall mean 

any Member or Sponsored Participant who is 

authorized to obtain access to the System pursuant 

to Rule 11.3. 

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 BYX Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘BYX’’) proposes to 

amend Rule 11.9(c)(6) and Rule 

11.13(a)(4)(D) to permit the use of BYX 

Post Only Orders at prices below $1.00. 

The text of the proposed rule change is 

provided in Exhibit 5. 

The text of the proposed rule change 

is also available on the Exchange’s 

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

equities/regulation/rule_filings/byx/), 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 

Trading in sub-dollar securities both 

on- and off-exchange has grown 

significantly since early 2019. An 

analysis of SIP 3 data by the Exchange 

found that sub-dollar average daily 

volume has increased over 300% as 

compared to volumes in the first quarter 

of 2019.4 During this period, onexchange average daily volume in subdollar securities grew from 442 million 

shares per day to 1.8 billion shares per 

day.5 A separate analysis of SIP and 

FINRA Trade Reporting Facility 

(‘‘TRF’’) 6 data indicated that exchanges 

represented approximately 39.8% 

market share in sub-dollar securities, 

with a total of 1,638 securities trading 

below $1.00.7 As an exchange group, 

Cboe had approximately 13.3% of 

market share in sub-dollar securities in 

the first quarter of 2023.8 Additionally, 

an analysis of internal data showed that 

the Exchange’s affiliate exchange, EDGX 

Exchange, Inc. (‘‘EDGX’’), has seen retail 

sub-dollar average daily volume grow 

from approximately $40 million during 

the first quarter of 2022 to over $100 

million during the third quarter of 2023. 

As a result of the growth in sub-dollar 

trading, the Exchange proposes to 

amend Rule 11.9(c)(6) in order to permit 

a BYX Post Only Order to post to the 

BYX Book 9 at prices below $1.00. 

Currently, the BYX fee schedule does 

not assess a fee or provide a rebate for 

adding liquidity in securities priced 

below $1.00 and charges a fee of 0.10% 

of the total dollar value of the 

transaction for removing liquidity in 

securities priced below $1.00.10 While 

the Exchange’s economic best interest 

calculation 11 will remain the same as is 

currently in-place, the impact of this 

proposal will allow certain BYX Post 

Only Orders in securities priced below 

$1.00 to post to the BYX Book for Users 

who receive an economic benefit.12

As defined in Rule 11.9(c)(6), a BYX 

Post Only Order is ‘‘[a]n order that is to 

be ranked and executed on the 

Exchange pursuant to Rule 11.12 and 

Rule 11.13(a)(4) or cancelled, as 

appropriate, without routing away to 

another trading center except that the 

order will not remove liquidity from the 

BYX Book. . .’’. Accordingly, a BYX 

Post Only Order does not remove 

liquidity, but rather posts to the BYX 

Book to the extent permissible. 

Additionally, the Exchange proposes to 

amend Rule 11.13(a)(4)(D) to describe 

the manner in which bids or offers 

priced below $1.00 per share are 

executed against orders resting on the 

BYX Book. The Exchange believes the 

proposed changes will provide Users 13

with an additional order type to utilize 

when submitting order flow to the 

Exchange in securities priced below 

$1.00, thereby contributing to a deeper 

and more liquid market, which benefits 

all market participants and provides 

greater execution opportunities on the 

Exchange. While the Exchange believes 

that expanding the use of the BYX Post 

Only Order to securities priced below 

$1.00 will contribute to a deeper and 

more liquid market, the Exchange does 

not anticipate any capacity issues as a 

result of its proposal. 

In order to permit a BYX Post Only 

Order to post to the BYX Book at prices 

below $1.00, the Exchange proposes to 

amend Rule 11.9(c)(6) to remove 

language that states that a BYX Post 

Only Order ‘‘will remove contra-side 

liquidity from the BYX Book if the order 

is an order to buy or sell a security 

priced below $1.00 . . .’’. Currently, 

BYX Post Only Orders priced below 

$1.00 are automatically treated as orders 

that remove liquidity, while BYX Post 

Only Orders priced at or above $1.00 

will only remove liquidity if the value 

of the overall execution (taking into 

account all applicable fees and rebates) 

make it economically beneficial for the 

order to remove liquidity. A BYX Post 

Only Order priced at or above $1.00 will 

continue to remove contra-side liquidity 

if the value of such execution when 

removing liquidity equals or exceeds the 

value of such execution if the order 

instead posted to the BYX Book and 

subsequently provided liquidity, 

including the applicable fees charged or 

rebates provided. BYX Post Only Orders 

priced below $1.00 will be treated in the 

same manner as BYX Post Only Orders 

priced at or above $1.00 in that BYX 

Post Only Orders priced below $1.00 

will only remove liquidity if the value 

of the overall execution (taking into 

account all applicable fees and rebates) 

make it economically beneficial for the 

order to remove liquidity. The Exchange 

has received User feedback requesting 

the ability to utilize BYX Post Only 


ddrumheller on DSK120RN23PROD with NOTICES1
5584 Federal Register / Vol. 89, No. 19 / Monday, January 29, 2024 / Notices 

14See Rule 11.9(c)(11). A ‘‘Non-Displayed Order’’ 

is a market or limit order that is not displayed on 

the Exchange. 

15See Securities Exchange Act Release No. 64753 

(June 27, 2011), 76 FR 38714 (July 1, 2011), SR– 

BYX–2011–009 (‘‘Resting Order Execution Filing’’). 

The Resting Order Execution Filing introduced an 

order handling change for certain Non-Displayed 

Orders and orders subject to display-price sliding 

that are not executable at prices equal to displayed 

orders on the opposite side of the market (the 

‘‘locking price’’). The Resting Order Execution 

Filing permits Resting Orders priced at or above 

$1.00 to be executed at one-half minimum price 

variation less aggressive than the locking price (for 

bids) and one-half minimum price variation more 

aggressive than the locking price (for offers), under 

certain circumstances. 

16See Rule 11.13(a)(4)(D). 

17See Resting Order Execution Filing footnote 8. 

18See Rule 1.5(aa). The term ‘‘System’’ shall 

mean the electronic communications and trading 

facility designated by the Board through which 

securities orders of Users are consolidated for 

ranked, executions and, when applicable, routing 

away. 

19See Rule 11.9(g)(1)(A). An order eligible for 

display by the Exchange that, at the time of entry, 

would create a violation of Rule 610(d) of 

Regulation NMS by locking or crossing a Protected 

Quotation of an external market will be ranked at 

the locking price in the BYX Book and displayed 

by the System at one minimum price variation 

below the current NBO (for bids) or to one 

minimum price variation above the NBB (for offers) 

(‘‘display-price sliding). 

20The Exchange notes that the reference to 

‘‘temporarily’’ is meant to convey that for so long 

as the NBB is locked, Order 1 will be displayed at 

a price of $0.5001 pursuant to Rule 11.9(g)(1)(A). In 

the event that the NBB moves so that Order 1 is no 

longer locking the NBB, Order 1 will be displayed 

at the most aggressive permissible price. 

21 Id. 

22See Rule 11.9(g)(1)(E). 

23See Rule 11.9(b)(1). An ‘‘IOC’’ order is a limit 

order that is to be executed in whole or in part as 

soon as such order is received. The portion not 

executed immediately on the Exchange or another 

trading center is treated as cancelled and is not 

posted to the BYX Book. 

24Orders subject to NMS Price Sliding (‘‘displayprice sliding’’) that are temporarily slid to one 

minimum price variation above (below) the NBO 

(NBB) will consist of a non-displayed ranked price 

that is equal to the locking price while 

simultaneously showing a displayed price that is 

one minimum price variation above (below) the 

NBO (NBB). Given that orders subject to displayprice sliding contain a non-displayed ranked price 

in addition to the order’s displayed price, the 

particular priority issue identified in the Resting 

Order Execution Filing with regard to NonDisplayed Orders is also present when an order 

subject to display-price sliding is resting on the 

BYX Book opposite a displayed order. 

Orders in securities priced below $1.00 

in order to allow Users to operate a 

single strategy for securities at all prices 

even though the execution cost 

economics for securities priced below 

$1.00 may only provide a slight 

economic benefit for Users who choose 

to utilize BYX Post Only Orders in 

securities priced below $1.00. 

In addition to the proposed 

amendment to Rule 11.9(c)(6), the 

Exchange proposes an amendment to its 

order handling procedures in order to 

permit Non-Displayed Orders 14 and 

orders subject to display-price sliding 

(collectively, ‘‘Resting Orders’’) which 

are not executable at their most 

aggressive price due to the presence of 

a contra-side BYX Post Only Order to be 

executed at one minimum price 

variation less aggressive than the order’s 

most aggressive price.15 Currently, 

similar order handling behavior applies 

only to securities priced at or above 

$1.00.16 When proposed in 2011, the 

Resting Order Execution Filing stated 

that the order handling functionality 

was not necessary for securities priced 

below $1.00 as the Exchange did not 

have the ability to quote in sub-pennies 

and the system limitations that market 

participants may encounter if 

attempting to execute in increments 

finer than $0.0001.17 Given the rise in 

sub-dollar trading discussed above, the 

Exchange now proposes to expand the 

order handling functionality introduced 

by the Resting Order Execution Filing to 

securities priced below $1.00. 

Rule 11.13(a)(4)(D) states that for 

securities priced above $1.00, incoming 

orders that are market orders or limit 

orders priced more aggressively than a 

displayed order on the same side of the 

market, the Exchange will execute the 

incoming order at, in the case of an 

incoming sell order, one-half minimum 

price variation less than the price of the 

displayed order, and, in the case of an 

incoming buy order, at one-half 

minimum price variation more than the 

price of the displayed order. The 

Exchange proposes that for securities 

priced below $1.00, incoming orders 

that are market orders or limit orders 

priced more aggressively than a 

displayed order on the same side of the 

market, the Exchange will execute the 

incoming order at, in the case of an 

incoming sell order, one minimum price 

variation less than the price of the 

displayed order, and, in the case of an 

incoming buy order, at one minimum 

price variation more than the price of 

the displayed order. The different 

treatment of securities priced below 

$1.00 from securities priced at or above 

$1.00 arises from limitations within the 

System,18 which cannot process 

executions out to five decimal places. 

Under the Exchange’s current fee 

schedule, there may be an economic 

benefit for Users to submit a BYX Post 

Only Order in securities priced below 

$1.00, which represents a change to how 

the System will process BYX Post Only 

Orders in securities priced below $1.00. 

In order to demonstrate the proposed 

order handling behavior for securities 

priced below $1.00, the Exchange has 

included the following examples: 

Example 1 

• Assume the NBB is $0.50 and the 

NBO is $0.53. There is no resting 

interest on the BYX Book. 

Bid Offer 

National best ........................ $0.50 × $0.53 

• Next, assume the Exchange received 

an incoming displayed offer (Order 1) to 

sell 100 shares at $0.50. Order 1 is 

eligible for display-price sliding 

pursuant to Rule 11.9(g).19 Pursuant to 

Rule 11.9(g), Order 1 is temporarily slid 

to a displayed price of $0.5001 as it 

locked the NBB upon entry.20 Even 

though Order 1 is now temporarily 

displayed at a price of $0.5001, Order 

1’s ranked price remains $0.50, as $0.50 

is the locking price.21

• Next, assume the Exchange received 

an incoming BYX Post Only Order bid 

(Order 2) to buy 100 shares at $0.50. The 

Exchange’s economic best interest 

calculation determined that it was more 

beneficial for Order 2 to post to the BYX 

Book and display at a price of $0.50. 

BYX Post Only Orders are permitted to 

post and be displayed opposite the 

ranked price of orders subject to 

display-price sliding.22 The result is 

depicted as follows: 

Bid Offer 

National best ........................ $0.50 × $0.5001 

BYX best .............................. $0.50 × $0.5001 

• The Exchange then receives an 

IOC23 order to buy (Order 3) 100 shares 

at $0.5001. Order 3 executes against 

Order 1 in its entirety at a price of 

$0.5001. 

Consistent with the Exchange’s rule 

regarding priority of orders, Rule 11.12, 

a Non-Displayed order cannot be 

executed by the Exchange pursuant to 

Rule 11.13 when such order would be 

executed at the locking price. 

Specifically, if an incoming, marketable 

order was allowed to execute against the 

resting, non-displayed portion of Order 

1 at the locking price, such order would 

receive a priority advantage over Order 

2, a resting, displayed order at the 

locking price. The Resting Order 

Execution Filing granted the Exchange 

the ability to execute Non-Displayed 

Orders and orders subject to NMS Price 

Sliding 24 priced at or above $1.00 at 

one-half minimum variation (more) less 

than the locking price in the event that 

a bid (offer) submitted to the Exchange 

opposite such Resting Order is a market 

order or limit order priced more 

aggressive than the locking price. 

In the example above, Order 1, ranked 

at $0.50 upon entry, was slid to a 

displayed price of $0.5001 pursuant to 


ddrumheller on DSK120RN23PROD with NOTICES1
Federal Register / Vol. 89, No. 19 / Monday, January 29, 2024 / Notices 5585 

25Supra note 19. 

26See 17 CFR 242.612 (‘‘Minimum pricing 

increment’’). Given that the minimum pricing 

increment for securities priced below $1.00 is 

$0.0001, the Exchange believes that allowing orders 

to execute at one minimum price variation above 

(for offers) or below (for bids) the locking price is 

appropriate, as requiring executions to occur at onehalf minimum price variation above (for offers) or 

below (for bids) the locking price, which is the 

current behavior for securities priced at or above 

$1.00, would results in trades executing out to five 

decimal places, which is not supporting by the 

System. 

27For example, if all facts from Example 1 remain 

the same except that Order 3 is an IOC buy order 

entered with a limit price of $0.5005, then Order 

3 will execute against Order 1 at a price of $0.5001 

and receive $0.0004 of price improvement. 

28See Resting Order Execution Filing at 28831. 

29 Id. 

Rule 11.9(g)(1)(A) as it locked the NBB. 

Upon the arrival of Order 2, which is a 

BYX Post Only Order that is permitted 

to post to the BYX Book and display 

opposite of Order 1,25 the Exchange’s 

current priority rule prohibits Order 1 

from executing at a price of $0.50 in the 

event a subsequent contra-side 

incoming order is entered at a more 

aggressive price than the locking price. 

In the example above, Order 3 was 

entered at a more aggressive price 

($0.5001) than the locking price ($0.50). 

Without the proposed changes to Rule 

11.13(a)(4), Order 3 would be cancelled 

upon entry as it cannot execute at a 

price of $0.50 due to Order 2’s higher 

priority status. 

As discussed above, the Exchange is 

proposing that a Resting Order priced 

below $1.00 be permitted to execute at 

one minimum price variation above the 

locking price (in the event of a Resting 

Order offer) or one minimum price 

variation below the locking price (in the 

event of a Resting Order bid) in the 

event that an order submitted to the 

Exchange on the side opposite such 

Resting Order is a market or limit order 

priced more aggressively than the 

locking price.26 This behavior is 

substantially similar to the order 

handling functionality described in the 

Resting Order Execution Filing, with 

one difference being that securities 

priced below $1.00 will execute at one 

full minimum price variation above 

(below) the locking price for offers 

(bids) rather than one-half minimum 

price variation above (below) the 

locking price for offers (bids) in 

securities priced at or above $1.00. 

While the example above shows a 

scenario in which only the Resting 

Order will receive $0.0001 of price 

improvement, rather than each side of 

the transaction as is the case in the 

scenarios described in the Resting Order 

Execution Filing, the Exchange notes 

that if Order 3 in the example above was 

entered at any price more aggressive 

than $0.5001, Order 3 would continue 

to execute against Order 1 at a price of 

$0.5001 and Order 3 would receive 

price improvement equal to the 

difference between its limit price and 

$0.5001.27

The Resting Order Execution Filing 

specifically introduced order handling 

behavior that would permit Resting 

Orders to be executed at one-half 

minimum price variation above (below) 

the locking price when an incoming, 

marketable offer (bid) would otherwise 

be prevented from executing due to the 

presence of a BYX Post Only Order in 

order to optimize available liquidity for 

incoming orders and to provide price 

improvement for market participants.28

This change to order handling behavior 

was required because, if incoming 

orders were allowed to execute against 

Resting Orders at the locking price, such 

incoming order would receive a priority 

advantage over the resting, displayed 

order at the locking price, contrary to 

the Exchange’s priority rule, Rule 

11.12.29 The Exchange recognizes that 

the order handling behavior for 

securities priced at or above $1.00 

described in the Resting Order 

Execution Filing results in price 

improvement for both sides of an 

affected transaction and the Exchange’s 

proposed order handling change will 

result in $0.0001 of price improvement 

only for the Resting Order, however this 

situation is limited to instances where 

the incoming order is entered at a price 

equal to the displayed price of the 

Resting Order. While only the Resting 

Order will receive $0.0001 of price 

improvement when an incoming order 

is entered at the Resting Order’s 

displayed price, the Exchange believes 

the incoming order is receiving the 

benefit of immediate execution rather 

than cancelling back or posting to the 

BYX Book (depending on User 

instruction), which will result in higher 

overall market quality and likelihood of 

execution on BYX for Users. In 

situations where the incoming order is 

entered at a more aggressive price than 

the displayed price of the Resting Order, 

however, each side of the transaction 

will be receiving at least $0.0001 of 

price improvement. 

Without the proposed order handling 

change for securities priced below 

$1.00, a Resting Order may be priced at 

the very inside of the market at a price 

below $1.00 but temporarily unable to 

execute at its full limit price due to the 

Exchange’s priority rule and current 

order handling procedures. The 

Exchange notes that by permitting a 

User’s Resting Order to rest at a locking 

price opposite a displayed order and 

receive an execution against an 

incoming order that is priced equal to or 

more aggressively than the displayed 

price, the Exchange is incentivizing 

Users to post aggressively priced 

liquidity on both sides of the market, 

rather than discouraging such liquidity 

by leaving orders unexecuted. In 

addition, if the BYX Book changes so 

that such orders are no longer resting or 

ranked opposite a displayed order, then 

such orders will again be executable at 

their full limit price, and in the case of 

price slid orders, will be displayed at 

that limit price. 

The Exchange is proposing a solution 

to address specific conditions that are 

present on the BYX Book when a BYX 

Post Only Order is displayed opposite 

the ranked price of orders subject to 

display-price sliding. The Exchange 

believes that such specific 

circumstances, without modification of 

Rule 11.13(a)(4), would be present upon 

the expansion of BYX Post Only Order 

functionality to securities priced below 

$1.00 and would result in Users 

receiving fewer executions than the 

Exchange could otherwise facilitate. The 

Exchange believes the proposed change 

to Rule 11.13(a)(4)(D) is substantially 

similar to the order handling 

modification proposed and ultimately 

approved by the Resting Order 

Execution Filing and does not introduce 

any novel order handling behavior that 

has not previously been proposed. 

While the Exchange is proposing to use 

a full minimum price variation rather 

than the one-half minimum price 

variation currently used for securities 

priced at or above $1.00 as detailed in 

the Resting Order Execution Filing, the 

minimum price variation for securities 

priced below $1.00 is commensurate 

with the standard minimum pricing 

increment for securities priced below 

$1.00. 

The Exchange believes the absence of 

price improvement for the incoming 

order is diminished by the incoming 

order’s ability to receive an execution 

on the Exchange against the Resting 

Order, rather than receive a cancellation 

or be posted to the BYX Book 

(depending on User instruction). 

Further, the Exchange believes that 

Users who receive increased execution 

rates on BYX will be more likely to 

submit additional order flow to the 

Exchange. Additional increased order 

flow benefits all market participants by 

contributing to a deeper, more liquid 

market and provides even more 

execution opportunities for active 

market participants. Additionally, this 

difference is necessary due to System 


ddrumheller on DSK120RN23PROD with NOTICES1
5586 Federal Register / Vol. 89, No. 19 / Monday, January 29, 2024 / Notices 

30 15 U.S.C. 78f(b). 

31 15 U.S.C. 78f(b)(5). 

32 Id. 33Supra note 26. 

limitations that do not support 

executions out to five decimal places 

($0.00001) in securities priced below 

$1.00, which would occur should the 

Exchange utilize the same minimum 

price variation described in the Resting 

Order Execution Filing. The proposal to 

amend Rule 11.13(a)(4)(D) is limited to 

certain circumstances that occur as a 

result of the presence of a BYX Post 

Only Order resting opposite a NonDisplayed Order or order subject to 

display-price sliding and is designed to 

optimize available liquidity for 

incoming orders. 

2. Statutory Basis 

The Exchange believes the proposed 

rule change is consistent with the 

Securities Exchange Act of 1934 (the 

‘‘Act’’) and the rules and regulations 

thereunder applicable to the Exchange 

and, in particular, the requirements of 

Section 6(b) of the Act.30 Specifically, 

the Exchange believes the proposed rule 

change is consistent with the Section 

6(b)(5) 31 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) 32 requirement that 

the rules of an exchange not be designed 

to permit unfair discrimination between 

customers, issuers, brokers, or dealers. 

As discussed above, the Exchange is 

proposing to expand its BYX Post Only 

Order functionality to securities priced 

below $1.00. In conjunction with 

expanding the ability to utilize BYX 

Post Only Orders at prices below $1.00, 

the Exchange also proposes that a 

Resting Order priced below $1.00 be 

permitted to execute at one minimum 

price variation above the locking price 

(in the event of a Resting Order offer) or 

one minimum price variation below the 

locking price (in the event of a Resting 

Order bid) in the event that an order 

submitted to the Exchange on the side 

opposite such Resting Order is a market 

or limit order priced more aggressively 

than the locking price. This change in 

order handling behavior is necessary in 

order to address specific conditions that 

are present on the BYX Book when a 

BYX Post Only Order is displayed 

opposite the ranked price of orders 

subject to display-price sliding. As 

discussed below, the Exchange believes 

its proposal is consistent with Section 

6(b)(5) of the Act. 

In particular, the proposal to amend 

Rule 11.9(c)(6) to permit orders priced 

below $1.00 to utilize BYX Post Only 

Order functionality promotes just and 

equitable principles of trade and 

removes impediments to, and perfects 

the mechanism of a free and open 

market and a national market system 

because it will allow Users to enter 

orders with a BYX Post Only instruction 

at any price, rather than being limited 

to securities priced above $1.00. The 

growth in trading of sub-dollar 

securities has expanded significantly 

since 2019 and as such, the Exchange 

believes that orders at all prices, not 

only securities priced above $1.00, 

should be permitted to utilize BYX Post 

Only Order functionality, which will 

permit orders to post on the Exchange 

without removing liquidity or routing to 

away to another trading center. BYX 

Post Only Orders allow Users to post 

aggressively priced liquidity, as such 

Users have certainty as to the fee or 

rebate they will receive from the 

Exchange if their order is executed. 

Without such ability, the Exchange 

believes that certain Users would 

simply post less aggressively priced 

liquidity, and prices available for 

market participants, including retail 

investors, would deteriorate. 

Accordingly, the Exchange believes that 

BYX Post Only Orders enhance the 

liquidity available to all market 

participants by allowing market makers 

and other liquidity providers to add 

liquidity to the Exchange at or near the 

inside of the market. Indeed, such 

market participants have asked the 

Exchange to implement such 

functionality in order to permit them to 

utilize a single trading strategy across 

securities at all prices. Allowing BYX 

Post Only Orders to be utilized at prices 

below $1.00 will deepen the Exchange’s 

pool of available liquidity in sub-dollar 

securities, which is a growing area of 

trading, particularly for retail investors. 

A deeper and more liquid market 

supports the quality of price discovery, 

promotes market transparency, and 

improves market quality for all 

investors. The Exchange does not 

believe that the proposed amendment to 

Rule 11.9(c)(6) is unfairly 

discriminatory as it will permit the BYX 

Post Only Order type to be used by all 

Users at any price and the order type 

will no longer be limited to securities 

priced at or above $1.00. 

Similarly, the proposal to amend Rule 

11.13(a)(4)(D) to allow, under limited 

circumstances, a Resting Order priced 

below $1.00 that would otherwise be 

non-executable due to the presence of a 

BYX Post Only Order to execute at one 

minimum price variation above (below) 

the locking price upon receipt of an 

incoming, marketable offer (bid) that 

would otherwise be prohibited from 

executing due to the presence of a BYX 

Post Only Order promotes just and 

equitable principles of trade and 

removes impediments to, and perfects 

the mechanism of a free and open 

market and a national market system 

because it extends functionality 

currently available to orders priced at or 

above $1.00 to orders priced below 

$1.00, with a slight difference in the 

minimum price variation to account for 

the System’s inability to display orders 

out to five decimal places ($0.00001). 

The proposed amendment to Rule 

11.13(a)(4)(D) is substantially similar to 

the order handling behavior change that 

was proposed (and later approved) by 

the Resting Order Execution Filing and 

will only serve to improve execution 

quality for participants sending orders 

to the Exchange. 

The Exchange does not believe that 

the treatment of sub-dollar securities is 

unfairly discriminatory as the Exchange 

will be using the standard minimum 

pricing increment for sub-dollar 

securities in order to determine the 

price at which the Resting Order is 

eligible to execute.33 While the 

Exchange recognizes that under its 

proposal for securities priced below 

$1.00 results in a limited situation in 

which only the Resting Order will 

receive $0.0001 of price improvement 

(i.e., when an incoming order is entered 

at the same price as the displayed price 

of the Resting Order), the Exchange 

believes the incoming, contra-side order 

is receiving the benefit of immediate 

execution rather than cancelling or 

posting to the BYX Book (depending on 

User instruction), which will result in 

higher overall market quality and 

likelihood of execution on BYX for 

Users. In situations where the incoming 

order is entered at a more aggressive 

price than the displayed price of the 

Resting Order, however, each side of the 

transaction will receive at least $0.0001 

of price improvement, which is 

substantially similar to how the order 

handling functionality works for 

securities priced at or above $1.00. The 

Exchange believes the proposed change 

to execute marketable orders that are 


ddrumheller on DSK120RN23PROD with NOTICES1
Federal Register / Vol. 89, No. 19 / Monday, January 29, 2024 / Notices 5587 

34See Nasdaq Equity 4, Rule 4702(b)(4) (‘‘PostOnly Order’’). See also NYSE Rule 7.31(e)(2) (‘‘ALO 

Order’’). 

35See ‘‘Off-Exchange Trends: Beyond Sub-dollar 

Trading’’ (May 17, 2023). Available at https://

www.cboe.com/insights/posts/off-exchange-trendsbeyond-sub-dollar-trading/. 

currently not executed under specific 

scenarios will help provide price 

improvement to Resting Orders that, in 

these limited circumstances, otherwise 

would not receive an execution even 

though their order is priced at the inside 

of the market and would also provide 

increased execution opportunities to 

aggressively priced incoming orders 

rather than requiring these orders to be 

cancelled or post to the BYX Book. 

Thus, the Exchange believes that its 

proposed order handling process in the 

limited scenario where a Resting Order 

is ineligible to execute due to the 

presence of a contra-side BYX Post Only 

Order will benefit market participants 

and their customers by allowing them 

greater flexibility in their efforts to fill 

orders and minimize trading costs. 

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 intramarket competition 

that is not necessary or appropriate in 

furtherance of the purposes of the Act. 

The proposed change to Rule 11.9(c)(6) 

will apply equally to all Users in that all 

Users will be eligible to utilize the BYX 

Post Only Order for securities priced 

below $1.00. Similarly, the proposed 

change to Rule 11.13(a)(4)(D) applies 

equally to all Users in that all Resting 

Orders will benefit from the proposed 

order handling behavior change that 

will execute Resting Orders at one 

minimum price variation above (below) 

the locking price upon the receipt of a 

marketable offer (bid) should a Resting 

Order be ineligible to execute due to the 

presence of a contra-side BYX Post Only 

Order. The proposed changes are 

designed to expand an existing 

Exchange order type and existing order 

handling behavior to securities priced 

below $1.00 due to the growth in subdollar trading that has been seen since 

2019. Further, the Exchange does not 

believe that Users submitting incoming, 

contra-side orders are burdened by 

virtue of not receiving price 

improvement in limited situations as 

they instead receive the benefit of an 

immediate execution as opposed to 

being cancelled back to the User or 

posting on the BYX Book which results 

in increased overall market quality and 

a higher likelihood of execution on 

BYX. 

The Exchange similarly does not 

believe that the proposed rule change 

will impose any burden on intermarket 

competition that is not necessary or 

appropriate in furtherance of the 

purposes of the Act. In fact, the 

Exchange notes that other exchanges 

already offer the ability to submit an 

order that is not eligible for routing to 

away markets and posts to the relevant 

exchange book at prices below $1.00.34

The Exchange believes its proposal to 

expand the use of the BYX Post Only 

Order to securities priced below $1.00 

will promote competition between the 

Exchange and other exchanges for 

volume in sub-dollar securities. 

Furthermore, the Exchange believes its 

proposal will promote competition 

between the Exchange and off-exchange 

trading venues, where a significant 

amount of sub-dollar trading occurs 

today.35 The Exchange similarly 

believes that its proposal to amend its 

order handling behavior in limited 

circumstances where a Resting Order 

cannot execute due to the presence of a 

contra-side BYX Post Only Order does 

not impose a burden on intermarket 

competition as the change is not 

designed to address any competitive 

issue, but rather to address order 

handling behavior in a substantially 

similar manner to how the Exchange 

treats Resting Orders priced at or above 

$1.00 in the limited scenario where a 

Resting Order is ineligible to execute 

against an incoming, marketable order 

due to the presence of a contra-side BYX 

Post Only Order. 

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 

Within 45 days of the date of 

publication of this notice in the Federal 

Register or within such longer period 

up to 90 days (i) as the Commission may 

designate if it finds such longer period 

to be appropriate and publishes its 

reasons for so finding or (ii) as to which 

the Exchange consents, the Commission 

will: 

A. by order approve or disapprove 

such proposed rule change, or 

B. institute proceedings to determine 

whether the proposed rule change 

should be disapproved. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s internet 

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

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include file number SR– 

CboeBYX–2024–003 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–CboeBYX–2024–003. 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–CboeBYX–2024–003 and should be 

submitted on or before February 20, 

2024. 


ddrumheller on DSK120RN23PROD with NOTICES1
5588 Federal Register / Vol. 89, No. 19 / Monday, January 29, 2024 / Notices 

36 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. 98532 

(Sept. 26, 2023), 88 FR 67852. 

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

5See Securities Exchange Act Release No. 98860, 

88 FR 77647 (Nov. 13, 2023). 

6Comments received on the proposed rule change 

are available at: https://www.sec.gov/comments/srcboebzx-2023-063/srcboebzx2023063.htm. 

7 15 U.S.C. 78s(b)(2)(B). 

8See Securities Exchange Act Release No. 99247, 

89 FR 425 (Jan. 3, 2024). 

9 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. 99119 

(December 8, 2023), 88 FR 86701. 

4See letters from Jennifer W. Han, Executive Vice 

President, Chief Counsel and Head of Global 

Regulatory Affairs, Managed Funds Association, to 

Sherry R. Haywood, Assistant Secretary, 

Commission, dated January 4, 2024; and Jirˇı ́ Kro ́l, 

Deputy CEO, Global Head of Government Affairs, 

Alternative Investment Management Association, to 

Vanessa Countryman, Secretary, Commission, dated 

January 14, 2024. Comment letters can be accessed 

at https://www.sec.gov/comments/sr-cboe-2023- 

063/srcboe2023063.htm. 

5 15 U.S.C. 78s(b)(2). 

6 Id. 

7 17 CFR 200.30–3(a)(31). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.36

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–01617 Filed 1–26–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–99415; File No. SR– 

CboeBZX–2023–063] 

Self-Regulatory Organizations; Cboe 

BZX Exchange, Inc.; Notice of 

Withdrawal of a Proposed Rule Change 

To Adopt an Alternative to the 

Minimum $4 Price Requirement for 

Companies Seeking To List Tier II 

Securities on the Exchange 

January 23, 2024. 

On September 19, 2023, Cboe BZX 

Exchange, Inc. (‘‘BZX’’ or the 

‘‘Exchange’’) 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 

adopt an alternative to the minimum $4 

price requirement for companies 

seeking to list Tier II securities on the 

Exchange. The proposed rule change 

was published for comment in the 

Federal Register on October 2, 2023.3

On November 6, 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 The Commission 

received two comments on the proposed 

rule change.6

On December 27, 2023, the 

Commission instituted proceedings 

under Section 19(b)(2)(B) of the Act 7 to 

determine whether to approve or 

disapprove the proposed rule change.8

On January 17, 2024, the Exchange 

withdrew the proposed rule change 

(SR–CboeBZX–2023–063). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.9

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–01619 Filed 1–26–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–99417; File No. SR–CBOE– 

2023–063] 

Self-Regulatory Organizations; Cboe 

Exchange, Inc.; Notice of Designation 

of a Longer Period for Commission 

Action on a Proposed Rule Change To 

Amend the Exchange’s Rules Relating 

to Position and Exercise Limits 

January 23, 2024. 

On November 29, 2023, Cboe 

Exchange, Inc. (the ‘‘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 (the ‘‘Act’’),1 and Rule 19b–4 

thereunder,2 a proposed rule change to 

amend its rules relating to position and 

exercise limits. The proposed rule 

change was published for comment in 

the Federal Register on December 14, 

2023.3 The Commission has received 

two comment letters regarding the 

proposed rule change.4

Section 19(b)(2) of the Act 5 provides 

that, within 45 days of the publication 

of notice of the filing of a proposed rule 

change, or within such longer period up 

to 90 days as the Commission may 

designate if it finds such longer period 

to be appropriate and publishes its 

reasons for so finding or as to which the 

self-regulatory organization consents, 

the Commission shall either approve the 

proposed rule change, disapprove the 

proposed rule change, or institute 

proceedings to determine whether the 

proposed rule change should be 

disapproved. The 45th day after 

publication of the notice for this 

proposed rule change is January 28, 

2024. 

The Commission is extending the 45- 

day time period for Commission action 

on the proposed rule change. The 

Commission finds that it is appropriate 

to designate a longer period within 

which to take action on the proposed 

rule change so that it has sufficient time 

to consider the proposed rule change 

and the comments received. 

Accordingly, pursuant to Section 

19(b)(2) of the Act,6 the Commission 

designates March 13, 2024, as the date 

by which the Commission shall either 

approve or disapprove, or institute 

proceedings to determine whether to 

disapprove, the proposed rule change 

(File No. SR–CBOE–2023–063). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.7

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–01621 Filed 1–26–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Sunshine Act Meetings 

TIME AND DATE: 2:00 p.m. on Thursday, 

February 1, 2024. 

PLACE: The meeting will be held via 

remote means and/or at the 

Commission’s headquarters, 100 F 

Street NE, Washington, DC 20549. 

STATUS: This meeting will be closed to 

the public. 

MATTERS TO BE CONSIDERED: 

Commissioners, Counsel to the 

Commissioners, the Secretary to the 

Commission, and recording secretaries 

will attend the closed meeting. Certain 

staff members who have an interest in 

the matters also may be present. 

In the event that the time, date, or 

location of this meeting changes, an 

announcement of the change, along with 

the new time, date, and/or place of the 

meeting will be posted on the 

Commission’s website at https://

www.sec.gov. 

The General Counsel of the 

Commission, or her designee, has 

certified that, in her opinion, one or 

more of the exemptions set forth in 5 

U.S.C. 552b(c)(3), (5), (6), (7), (8), 9(B) 

and (10) and 17 CFR 200.402(a)(3), 

(a)(5), (a)(6), (a)(7), (a)(8), (a)(9)(ii) and 

(a)(10), permit consideration of the 

scheduled matters at the closed meeting. 


ddrumheller on DSK120RN23PROD with NOTICES1