8460 Federal Register / Vol. 89, No. 26 / Wednesday, February 7, 2024 / Notices 

1See Docket No. RM2018–3, Order Adopting 

Final Rules Relating to Non-Public Information, 

June 27, 2018, Attachment A at 19–22 (Order No. 

4679). 

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

2 17 CFR 240.19b–4. 

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. 

notice informs the public of the filing, 

invites public comment, and takes other 

administrative steps. 

DATES: Comments are due: February 8, 

2024. 

ADDRESSES: Submit comments 

electronically via the Commission’s 

Filing Online system at http://

www.prc.gov. Those who cannot submit 

comments electronically should contact 

the person identified in the FOR FURTHER

INFORMATION CONTACT section by 

telephone for advice on filing 

alternatives. 

FOR FURTHER INFORMATION CONTACT: 

David A. Trissell, General Counsel, at 

202–789–6820. 

SUPPLEMENTARY INFORMATION: 

Table of Contents 

I. Introduction 

II. Docketed Proceeding(s) 

I. Introduction 

The Commission gives notice that the 

Postal Service filed request(s) for the 

Commission to consider matters related 

to negotiated service agreement(s). The 

request(s) may propose the addition or 

removal of a negotiated service 

agreement from the Market Dominant or 

the Competitive product list, or the 

modification of an existing product 

currently appearing on the Market 

Dominant or the Competitive product 

list. 

Section II identifies the docket 

number(s) associated with each Postal 

Service request, the title of each Postal 

Service request, the request’s acceptance 

date, and the authority cited by the 

Postal Service for each request. For each 

request, the Commission appoints an 

officer of the Commission to represent 

the interests of the general public in the 

proceeding, pursuant to 39 U.S.C. 505 

(Public Representative). Section II also 

establishes comment deadline(s) 

pertaining to each request. 

The public portions of the Postal 

Service’s request(s) can be accessed via 

the Commission’s website (http://

www.prc.gov). Non-public portions of 

the Postal Service’s request(s), if any, 

can be accessed through compliance 

with the requirements of 39 CFR 

3011.301.1

The Commission invites comments on 

whether the Postal Service’s request(s) 

in the captioned docket(s) are consistent 

with the policies of title 39. For 

request(s) that the Postal Service states 

concern Market Dominant product(s), 

applicable statutory and regulatory 

requirements include 39 U.S.C. 3622, 39 

U.S.C. 3642, 39 CFR part 3030, and 39 

CFR part 3040, subpart B. For request(s) 

that the Postal Service states concern 

Competitive product(s), applicable 

statutory and regulatory requirements 

include 39 U.S.C. 3632, 39 U.S.C. 3633, 

39 U.S.C. 3642, 39 CFR part 3035, and 

39 CFR part 3040, subpart B. Comment 

deadline(s) for each request appear in 

section II. 

II. Docketed Proceeding(s) 

1. Docket No(s).: CP2022–110; Filing 

Title: USPS Notice of Amendment to 

Priority Mail Express, Priority Mail, 

First-Class Package Service & Parcel 

Select Contract 20, Filed Under Seal, 

Filed Under Seal; Filing Acceptance 

Date: January 31, 2024; Filing Authority: 

39 CFR 3035.105; Public Representative: 

Cherry Yao; Comments Due: February 8, 

2024. 

This Notice will be published in the 

Federal Register. 

Jennie L. Jbara, 

Alternate Certifying Officer. 

[FR Doc. 2024–02435 Filed 2–6–24; 8:45 am] 

BILLING CODE 7710–FW–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–99458; File No. SR– 

CboeEDGA–2024–003] 

Self-Regulatory Organizations; Cboe 

EDGA Exchange, Inc.; Notice of Filing 

of a Proposed Rule Change To Amend 

Rule 11.6(n)(4) and Rule 11.10(a)(4)(D) 

To Permit the Use of the Post Only 

Order Instruction at Prices Below $1.00 

February 1, 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 

19, 2024, Cboe EDGA Exchange, Inc. 

(the ‘‘Exchange’’ or ‘‘EDGA’’) 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 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 EDGA Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘EDGA’’) proposes to 

amend Rule 11.6(n)(4) and Rule 

11.10(a)(4)(D) to permit the use of the 

Post Only order instruction 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/edga/), 

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 


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8 Id. 

9See Rule 1.5(d). The EDGA Book means the 

System’s electronic file of orders. 

10See Rule 1.5(ee). The term ‘‘User’’ shall mean 

any Member or Sponsored Participant who is 

authorized to obtain access to the System pursuant 

to Rule 11.3. 

11Orders containing a Post Only instruction in 

securities priced at or above $1.00 remove contraside liquidity only if the value of such execution 

when removing liquidity equals or exceeds the 

value of such execution if the order instead posted 

to the EDGA Book and subsequently provided 

liquidity. The Exchange does not propose to change 

the functionality of orders containing a Post Only 

instruction in securities priced at or above $1.00. 

12The Exchange’s economic best interest 

calculation determines whether the value of price 

improvement associated with an order containing a 

Post Only instruction 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 EDGA Book and subsequently 

provided liquidity. The determination of whether 

an order containing a Post Only instruction will be 

allowed to post to the EDGA Book or be eligible to 

remove liquidity is based on the current fee 

schedule, the execution price, and the amount of 

price improvement received. 

13The Exchange notes that EDGA currently offers 

a flat pricing structure for securities priced below 

$1.00 in which it does not assess any fees to Users 

that add liquidity or pay any rebates to Users that 

remove liquidity. For securities priced at or above 

$1.00, EDGA pays rebates to Users that remove 

liquidity and assesses fees to Users that add 

liquidity. All orders containing a Post Only 

instruction in securities priced at or above $1.00 are 

permitted to remove liquidity, as the Exchange’s 

economic best interest calculation does not result 

in an economic benefit for Users. 

14See Rule 11.6(e)(2). A User may attach a ‘‘NonDisplayed Order’’ instruction to an order stating 

that the order is not to be displayed by the System 

on the EDGA Book. 

15See Securities Exchange Act Release No. 75700 

(August 14, 2015), 80 FR 50689 (August 20, 2015), 

SR–EDGA–2015–33 (‘‘EDGA Order Handling 

Filing’’). See also Securities Exchange Act Release 

No. 64475 (May 12, 2011), 76 FR 28830 (May 18, 

2011), SR–BATS–2011–015 (‘‘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’’) on the 

Exchange’s affiliate, BZX (BATS) Exchange in 2011 

and is incorporated by reference in the EDGA Order 

Handling Filing. 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. 

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 11.6(n)(4) in order to permit 

an order containing a Post Only 

instruction to post to the EDGA Book 9

at prices below $1.00. As defined in 

Rule 11.6(n)(4), a Post Only instruction 

is ‘‘[a]n instruction that may be attached 

to an order that is to be ranked and 

executed on the Exchange pursuant to 

Rule 11.9 and Rule 11.10(a)(4) or 

cancelled, as appropriate, without 

routing away to another trading center 

except that the order will not remove 

liquidity from the EDGA Book. . .’’. 

Accordingly, an order containing a Post 

Only instruction does not remove 

liquidity, but rather posts to the EDGA 

Book to the extent permissible. 

Additionally, the Exchange proposes to 

amend Rule 11.10(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 

EDGA Book. The Exchange believes the 

proposed changes will provide Users 10

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 Post Only 

instruction 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. 

Currently, orders containing a Post 

Only instruction priced below $1.00 are 

automatically treated as orders that 

remove liquidity.11 In order to permit an 

order containing a Post Only instruction 

to post to the EDGA Book at prices 

below $1.00, the Exchange proposes to 

amend Rule 11.6(n)(4) to remove 

language that states that an order 

containing a Post Only instruction ‘‘will 

remove contra-side liquidity from the 

EDGA Book if the order is an order to 

buy or sell a security priced below 

$1.00. . .’’. While the Exchange’s 

economic best interest calculation 12

will remain the same as is currently inplace for securities priced at or above 

$1.00, the impact of this proposal will 

modify the outcome for orders 

containing a Post Only instruction in 

securities priced below $1.00 for Users 

who choose to utilize this particular 

order type. Orders containing a Post 

Only instruction 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.13 The 

Exchange has received User feedback 

requesting the ability to utilize orders 

containing a Post Only instruction in 

securities priced below $1.00 in order to 

allow Users to operate a single trading 

strategy for securities at all prices even 

though the execution cost economics for 

securities priced below $1.00 may only 

provide a slight economic advantage for 

Users who choose to utilize a Post Only 

instruction in securities priced below 

$1.00. 

Under the Exchange’s current fee 

schedule, orders containing a Post Only 

instruction in securities priced below 

$1.00 will not result in an economic 

benefit for Users and as such, securities 

priced below $1.00 containing a Post 

Only instruction will be permitted to 

remove liquidity upon entry. The 

Exchange is proposing to update the 

rule text to permit orders priced below 

$1.00 to include a Post Only instruction 

in order to maintain consistency with its 

affiliate exchanges (Cboe BYX 

Exchange, Inc. (‘‘BYX’’), Cboe BZX 

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

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

there will be no change to how an order 

containing a Post Only instruction is 

treated (i.e., an order priced below $1.00 

will continue to be permitted to remove 

liquidity just as it is today), however the 

ability of the order to remove liquidity 

will be the result of the Exchange’s 

economic best interest calculation rather 

than the treatment of the order based on 

current rule text. If, in the future, the 

Exchange modifies its fee schedule such 

that there would be an economic benefit 

for orders priced below $1.00 containing 

a Post Only instruction to post to the 

EDGA Book rather than remove 

liquidity upon entry, then the proposed 

changes would result in a different 

outcome for Users who choose to submit 

orders containing a Post Only 

instruction in securities priced below 

$1.00. 

In addition to the proposed 

amendment to Rule 11.6(n)(4), 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 order containing a Post 

Only instruction to be executed at one 

minimum price variation less aggressive 

than the order’s most aggressive price.15

Currently, similar order handling 

behavior is codified for securities priced 

at or above $1.00 in Rule 11.6(n)(4), but 

the Exchange’s current fee schedule 

does not provide an economic benefit 

for orders containing a Post Only 

instruction to post to the EDGA Book, 

and as such, the order handling 

functionality is not currently 


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16See Rule 11.10(a)(4)(D). 

17See Resting Order Execution Filing footnote 8. 

18See Rule 11.8(a). A ‘‘Market Order’’ is an order 

to buy or sell a stated amount of a security that is 

to be executed at the NBBO or better when the order 

reaches the Exchange. 

19See Rule 11.8(b). A ‘‘Limit Order’’ is an order 

to buy or sell a stated amount of a security at a 

specified price or better. 

20See Rule 1.5(cc). 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. 

21See Rule 11.6(l)(1)(B)(i). An order instruction 

requiring that where an order would be a Locking 

Quotation or Crossing Quotation of an external 

market if displayed by the System on the EDGA 

Book at the time of entry, will be ranked at the 

Locking Price in the EDGA Book and displayed by 

the System at one Minimum Price Variation lower 

(higher) than the Locking Price for orders to buy 

(sell) (‘‘Display-Price Sliding’’). 

22The 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 11.6(l)(1)(B)(i). 

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. 

See also Rule 11.6(l)(1)(B)(ii). 

23 Id. 

24See Rule 11.6(l)(1)(B)(v). 

25See Rule 11.6(q)(1). ‘‘IOC’’ is an instruction the 

User may attach to an order stating the order 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 EDGA Book. 

26Orders 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 

book opposite a displayed order. 

27Supra note 21. 

applicable.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 EDGA Order 

Handling Filing to securities priced 

below $1.00 should the Exchange 

modify its fee schedule such that Users 

receive an economic benefit to utilize 

orders containing a Post Only 

instruction. 

Rule 11.10(a)(4)(D) states that for 

securities priced above $1.00, incoming 

orders that are Market Orders 18 or Limit 

Orders 19 priced more aggressively than 

an order displayed on the EDGA Book, 

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 an order displayed on 

the EDGA Book, 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,20 which cannot 

process executions out to five decimal 

places. 

As stated previously, the Exchange is 

proposing changes to its rule text in 

order to maintain consistency with its 

affiliate exchanges, but so long as the 

current EDGA fee schedule remains in 

place, orders containing a Post Only 

instruction in securities priced below 

$1.00 will continue to remove liquidity 

upon entry and the proposed order 

handling behavior change will not take 

effect, as no orders containing a Post 

Only instruction will be posted on the 

EDGA Book. The Exchange has included 

the following example to demonstrate 

the proposed changes, which shall only 

become effective should the Exchange 

modify its fee schedule such that Users 

receive an economic benefit to utilize 

orders containing a Post Only 

instruction. 

Example 1 

• Assume the NBB is $0.50 and the 

NBO is $0.53. There is no resting 

interest on the EDGA 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 11.6(l).21 Pursuant to 

Rule 11.6(l), Order 1 is temporarily slid 

to a displayed price of $0.5001 as it 

locked the NBB upon entry.22 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.23

• Next, assume the Exchange received 

an incoming bid containing a Post Only 

instruction (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 EDGA Book and display at a price 

of $0.50. Orders containing a Post Only 

instruction are permitted to post and be 

displayed opposite the ranked price of 

orders subject to Display-Price 

Sliding.24 The result would be depicted 

as follows: 

Bid Offer 

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

EDGA best .......... 0.50 × 0.5001 

• The Exchange then receives an 

IOC25 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 11.9, 

a Non-Displayed Order cannot be 

executed by the Exchange pursuant to 

Rule 11.10 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 EDGA Order 

Handling Filing granted the Exchange 

the ability to execute Non-Displayed 

Orders and orders subject to NMS Price 

Sliding 26 priced at or above $1.00 at 

one-half minimum price 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 priced of $0.5001 pursuant to 

Rule 11.6(l)(1)(B)(i) as it locked the 

NBB. Upon the arrival of Order 2, which 

is an order containing a Post Only 

instruction that is permitted to post to 

the EDGA Book and display opposite of 

Order 1, 27 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 


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28See 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 result in trades execution out to five 

decimal places, which is not supported by the 

System. 

29For 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. 

30See Resting Order Execution Filing at 28831. 

31 Id. 

locking price ($0.50). Without the 

proposed changes to Rule 11.10(a)(4)(D), 

Order 3 would be cancelled upon entry 

at is 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.28 This behavior is 

substantially similar to the order 

handling functionality described in the 

EDGA Order Handling 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 EDGA 

Order Handling 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 at a price of $0.5001 

and Order 3 would receive price 

improvement equal to the difference 

between its limit price and $0.5001.29

The EDGA Order Handling 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 an order containing a Post 

Only instruction in order to optimize 

available liquidity for incoming orders 

and to provide price improvement for 

market participants.30 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 

11.9.31 The Exchange recognizes that 

the order handling behavior for 

securities priced at or above $1.00 

described in the EDGA Order Handling 

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 a price 

equal to 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 EDGA 

Book (depending on User instruction), 

which will result in higher overall 

market quality and likelihood of 

execution on EDGA 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 EDGA 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 EDGA Book when an 

order containing a Post Only instruction 

is displayed opposite the ranked price 

of orders subject to display-price 

sliding. The Exchange believes that such 

specific circumstances, without 

modification of Rule 11.10(a)(4), would 

be present upon the expansion of Post 

Only instruction 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 

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

the order handling modification 

proposed and ultimately approved by 

the EDGA Order Handling 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 EDGA 

Order Handling Filing, the minimum 

price variation proposed 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 EDGA Book 

(depending on User instruction). 

Further, the Exchange believes that 

Users who received increased execution 

rates on EDGA 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 

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 EDGA 

Order Handling Filing. The proposal to 

amend Rule 11.10(a)(4)(D) is limited to 

certain circumstances that occur as a 

result of the presence of an order 

containing a Post Only instruction 

resting opposite a Non-Displayed Order 

or order subject to Display-Price Sliding 

and is designed to optimize available 


khammond on DSKJM1Z7X2PROD with NOTICES
8464 Federal Register / Vol. 89, No. 26 / Wednesday, February 7, 2024 / Notices 

32 15 U.S.C. 78f(b). 

33 15 U.S.C. 78f(b)(5). 

34 Id. 

35As stated previously, securities priced below 

$1.00 will continue to remove liquidity from the 

EDGA Book, however this will be the result of the 

Exchange’s economic best interest calculation and 

not language in the rule text that directs the 

Exchange to treat orders containing a Post Only 

instruction as liquidity-removing orders. 

liquidity for incoming orders. As 

previously discussed, the proposed 

changes to Rule 11.10(a)(4)(D) will only 

modify current order handling 

functionality should the Exchange 

modify its fee schedule such that Users 

entering orders containing a Post Only 

instruction in securities priced below 

$1.00 receive an economic benefit for 

such order posting to the EDGA Book. 

The proposed change to Rule 

11.10(a)(4)(D) is being proposed in order 

to keep the EDGA rulebook aligned with 

the rulebooks of the Exchange’s 

affiliates. The Exchange also proposes to 

make a change to Rule 11.10(a)(4)(C) in 

order to correct a reference to 

subparagraph (d) in order to properly 

reflect subparagraph (D). 

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.32 Specifically, 

the Exchange believes the proposed rule 

change is consistent with the Section 

6(b)(5) 33 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) 34 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 the use of its Post 

Only instruction to securities priced 

below $1.00.35 In conjunction with 

expanding the ability to utilize a Post 

Only instruction 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 EDGA Book when an 

order containing a Post Only instruction 

is displayed opposite the ranked price 

of orders subject to display-price 

sliding. The Exchange notes, however, 

that as the economic best interest 

calculation will not result in an 

economic benefit for Users utilizing the 

Post Only instruction for securities 

priced below $1.00, orders containing a 

Post Only instruction will continue to 

remove liquidity from EDGA and the 

proposed changes are simply being 

made to align the EDGA rulebook with 

the rulebooks of its affiliate exchanges. 

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 11.6(n)(4) to permit orders priced 

below $1.00 to utilize a Post Only 

instruction 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 

Post Only instruction at any price, 

rather than being limited to securities 

priced above $1.00, should the 

Exchange amend its fee schedule such 

that Users receive an economic benefit 

for having an order containing a Post 

Only instruction that posts to the EDGA 

Book. The growth in trading of subdollar 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 a 

Post Only instruction. A Post Only 

instruction allows Users to post 

aggressively priced liquidity, and 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 

orders containing a Post Only 

instruction 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, should the Exchange amend its 

fee schedule such that Users which 

submit orders containing a Post Only 

instruction receive an economic benefit 

when the order posts to the EDGA Book. 

Allowing an order containing a Post 

Only instruction to be utilized at prices 

below $1.00 in the future, should the 

Exchange choose to amend its fee 

schedule, 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. Indeed, such market 

participants have asked the Exchange to 

implement such functionality across the 

Exchange’s affiliates in order to permit 

them to utilize a single trading strategy 

across securities at all prices and the 

Exchange is proposing to update its 

rulebook in order to maintain 

consistency with its affiliates, even as 

the Exchange’s current fee structure 

does not result in the economic benefit 

necessary for orders containing a Post 

Only instruction to post to the EDGA 

Book. The Exchange does not believe 

that the proposed amendment to Rule 

11.6(n)(4) is unfairly discriminatory as it 

will permit the Post Only instruction to 

be used by all Users at any price and the 

order instruction will no longer be 

limited to securities priced at or above 

$1.00, should the Exchange amend its 

fee schedule such that Users will 

receive an economic benefit when an 

order containing a Post Only instruction 

posts to the EDGA Book. 

Similarly, the proposal to amend Rule 

11.10(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 

an order containing a Post Only 

instruction to execute at one minimum 

price variation above (below) the 

locking price upon the receipt of an 

incoming, marketable offer (bid) that 

would otherwise be prohibited from 

executing due to the presence of an 

order containing a Post Only instruction 

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 


khammond on DSKJM1Z7X2PROD with NOTICES
Federal Register / Vol. 89, No. 26 / Wednesday, February 7, 2024 / Notices 8465 

36Supra note 28. 

37See Nasdaq Equity 4, Rule 4702(b)(4) (‘‘PostOnly Order’’). See also NYSE Rule 7.31(e)(2) (‘‘ALO 

Order’’). 

38See ‘‘Off-Exchange Trends: Beyond Sub-dollar 

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

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

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

the order handling behavior change that 

was proposed (and later approved) by 

the Resting Order Execution Filing on 

the Exchange’s affiliate, BZX Exchange, 

and subsequently by the EDGA Order 

Handling Filing, and will only serve to 

improve execution quality for 

participants sending orders to the 

Exchange. The Exchange notes, 

however, that under the current fee 

schedule, orders containing a Post Only 

instruction will continue to remove 

liquidity rather than post to the EDGA 

Book, and as such, the proposed 

amendment to Rule 11.10(a)(4)(D) will 

not have any affect on order behavior 

unless the Exchange amends its fee 

schedule and orders containing a Post 

Only instruction are permitted to post to 

the EDGA Book. 

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 

priced at which the Resting Order is 

eligible to execute.36 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 EDGA Book (depending 

on User instruction), which will result 

in higher overall market quality and 

likelihood of execution on EDGA 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, 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 

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 EDGA 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 order 

containing a Post Only instruction will 

benefit market participants and their 

customers by allowing them greater 

flexibility in their efforts to fill orders 

and minimize trading costs, should the 

Exchange amend its fee schedule such 

that Users will receive an economic 

benefit when an order containing a Post 

Only instruction posts to the EDGA 

Book. 

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 11.6(n)(4) 

will apply equally to all Users in that all 

Users will be eligible to utilize the Post 

Only instruction for securities priced 

below $1.00. Similarly, the proposed 

change to Rule 11.10(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 order 

containing a Post Only instruction. 

Further, the Exchange does not believe 

that Users submitting incoming, contraside 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 EDGA 

Book which results in increased overall 

market quality and a higher likelihood 

of execution on EDGA. The proposed 

changes are designed to align the 

Exchange rulebook with the rulebooks 

of its affiliate exchanges and provide the 

Exchange an opportunity to expand an 

existing Exchange order instruction and 

existing order handling behavior to 

securities priced below $1.00 should the 

Exchange amend its fee schedule in the 

future due to the growth in sub-dollar 

trading that has been seen since 2019. 

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 $1.00.37

The Exchange believes its proposal to 

expand the use of the Post Only 

instruction to securities priced below 

$1.00 will promote competition between 

the Exchange and other exchanges for 

volume in sub-dollar securities should 

the Exchange amend its fee schedule 

such that Users will receive an 

economic benefit when an order 

containing a Post Only instruction posts 

to the EDGA Book. 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.38 The 

Exchange similarly believes that its 

proposal to grant it the ability to amend 

its order handling behavior in limited 

circumstances where a Resting Order 

cannot execute due to the presence of a 

contra-side order containing a Post Only 

instruction 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 

order containing a Post Only 

instruction. 

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. 


khammond on DSKJM1Z7X2PROD with NOTICES
8466 Federal Register / Vol. 89, No. 26 / Wednesday, February 7, 2024 / Notices 

39 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. 99234 

(Dec. 22, 2023), 88 FR 89752 (Dec. 28, 2023) (File 

No. SR–DTC–2023–013) (‘‘Notice of Filing’’). 

4Capitalized terms not defined herein are defined 

in the Rules, By-Laws and Organization Certificate 

of DTC (‘‘Rules’’) and the DTC Settlement Service 

Guide (‘‘Settlement Guide’’), available at https://

www.dtcc.com/legal/rules-and-procedures.aspx. 

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– 

CboeEDGA–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–CboeEDGA–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–CboeEDGA–2024–003 and should 

be submitted on or before February 28, 

2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.39

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–02414 Filed 2–6–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–563, OMB Control No. 

3235–0626] 

Proposed Collection; Comment 

Request; Extension: Rule 17g–3 

Upon Written Request, Copies Available 

From: Securities and Exchange 

Commission, Office of FOIA Services. 

100 F Street NE, Washington, DC 

20549–2736. 

Notice is hereby given that pursuant 

to the Paperwork Reduction Act of 1995 

(44 U.S.C. 3501 et seq.), the Securities 

and Exchange Commission 

(‘‘Commission’’) is soliciting comments 

on the existing collection of information 

provided for in Rule 17g–3 (17 CFR 

240.17g–3) under the Securities 

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

seq.). The Commission plans to submit 

this existing collection of information to 

the Office of Management and Budget 

for extension and approval. 

Rule 17g–3 contains certain reporting 

requirements for NRSROs. Specifically, 

NRSROs are required to file with the 

Commission, on an annual basis, 

financial reports containing specified 

financial statements, certain financial 

condition reports, and a report on the 

internal control structure. NRSROs are 

also required to furnish a report of the 

number of credit rating actions taken 

during the most recently completed 

fiscal year. Currently, there are 10 credit 

rating agencies registered as NRSROs 

with the Commission. Based on staff 

experience, the Commission estimates 

that the total burden for respondents to 

comply with Rule 17g–3 is 3,650 hours. 

In addition, the Commission estimates 

an industry-wide annual external cost to 

NRSROs of $350,000 to comply with 

Rule 17g–3, reflecting costs to engage 

the services of independent public 

accountants and outside counsel. 

Written comments are invited on: (a) 

whether the proposed collection of 

information is necessary for the proper 

performance of the functions of the 

Commission, including whether the 

information shall have practical utility; 

(b) the accuracy of the Commission’s 

estimates of the burden of the proposed 

collection of information; (c) ways to 

enhance the quality, utility, and clarity 

of the information on respondents; and 

(d) ways to minimize the burden of the 

collection of information on 

respondents, including through the use 

of automated collection techniques or 

other forms of information technology. 

Consideration will be given to 

comments and suggestions submitted by 

April 8, 2024. 

An agency may not conduct or 

sponsor, and a person is not required to 

respond to, a collection of information 

unless it displays a currently valid OMB 

control number. Please direct your 

written comments to: Dave Bottom, 

Director/Chief Information Officer, 

Securities and Exchange Commission, c/ 

o John Pezzullo, 100 F St NE, 

Washington, DC 20549 or send an email 

to: PRA_Mailbox@sec.gov. 

Dated: February 2, 2024. 

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–02489 Filed 2–6–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–99456; File No. SR–DTC– 

2023–013] 

Self-Regulatory Organizations; The 

Depository Trust Company; Order 

Approving of Proposed Rule Change 

To Modify the DTC Settlement Service 

Guide 

February 1, 2024. 

I. Introduction 

On December 20, 2023, The 

Depository Trust Company (‘‘DTC’’) 

filed with the Securities and Exchange 

Commission (‘‘Commission’’) proposed 

rule change SR–DTC–2023–013 

(‘‘Proposed Rule Change’’) pursuant to 

Section 19(b)(1) of the Securities 

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

19b–4 thereunder.2 The Proposed Rule 

Change was published for comment in 

the Federal Register on December 28, 

2023.3 The Commission has received no 

comments on the Proposed Rule 

Change. For the reasons discussed 

below, the Commission is approving the 

Proposed Rule Change.4


khammond on DSKJM1Z7X2PROD with NOTICES