Federal Register / Vol. 89, No. 26 / Wednesday, February 7, 2024 / Notices 8469 

35 Id. 

36 15 U.S.C. 78q–1. 

37 15 U.S.C. 78s(b)(2). 

38 In approving the Proposed Rule Change, the 

Commission considered its impact on efficiency, 

competition, and capital formation. 15 U.S.C. 78c(f). 

39 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

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

4 17 CFR 240.19b–4(f)(6). 

5See Rule 21.20(d). 

6See Rule 21.22. 

7See Rule 21.23. 

8See Rules 21.20(d)(3), 21.22(d)(1), and 

21.23(d)(1). 

9See Rule 21.20(b) (definition of COA-eligible 

order). 

10A ‘‘Priority Customer’’ means a person or entity 

that is not: (a) a broker or dealer in securities or (b) 

a Professional. A ‘‘Public Customer’’ means a 

Continued 

to protect itself and Participants against 

liquidity exposure under normal and 

stressed market conditions. Specifically, 

the Net Debit Cap limits a Participant’s 

net debit settlement obligation to an 

amount that can be satisfied with DTC 

liquidity resources at any point during 

DTC’s processing day. As discussed in 

Part III, the proposed increase in Net 

Debit Cap from $1.80 billion to $2.15 

billion would continue to be below 

DTC’s available qualifying liquid 

resources when considering the Core 

Fund and LOC collectively, and it 

would not otherwise alter the way DTC 

monitors settlement flows and net debit 

obligations. Additionally, as discussed 

in Part III, the proposed increase 

continues to provide a buffer between 

the liquidity resources and the proposed 

$2.15 billion Net Debit Cap that 

accounts for the possibility that a 

defaulting Participant may also be a 

lender to the LOC. This should allow 

DTC to continue to have sufficient 

liquid resources even when the 

defaulting Participant is a lender to the 

LOC. 

For the reasons above, the 

Commission finds that the Proposed 

Rule Change is consistent with Rule 

17Ad–22(e)(7)(i) under the Act 35

because the proposed Net Debit Cap 

increase would allow DTC to continue 

to manage liquidity risks by maintaining 

sufficient liquid resources to settle its 

payment obligations under a wide range 

of foreseeable stress scenarios, including 

the default of the participant family that 

would generate the largest aggregate 

payment obligation for DTC in extreme 

but plausible market conditions. 

V. Conclusion 

On the basis of the foregoing, the 

Commission finds that the Proposed 

Rule Change is consistent with the 

requirements of the Act, and in 

particular, with the requirements of 

Section 17A of the Act 36 and the rules 

and regulations promulgated 

thereunder. 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act 37 that 

proposed rule change SR–DTC–2023– 

013, be, and hereby is, APPROVED.38

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.39

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–02420 Filed 2–6–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–99457; File No. SR– 

CboeEDGX–2024–010] 

Self-Regulatory Organizations; Cboe 

EDGX Exchange, Inc.; Notice of Filing 

and Immediate Effectiveness of a 

Proposed Rule Change To Amend Its 

Rules Regarding Early Termination of 

Complex Order Auctions 

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 

25, 2024, Cboe EDGX Exchange, Inc. 

(the ‘‘Exchange’’ or ‘‘EDGX’’) filed with 

the Securities and Exchange 

Commission (the ‘‘Commission’’) the 

proposed rule change as described in 

Items I and II below, which Items have 

been prepared by the Exchange. The 

Exchange filed the proposal pursuant to 

Section 19(b)(3)(A)(iii) of the Act 3 and 

Rule 19b–4(f)(6) thereunder.4 The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

Cboe EDGX Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘EDGX Options’’) 

proposes to amend its rules regarding 

early termination of complex order 

auctions. The text of the proposed rule 

change is provided in Exhibit 5. 

The text of the proposed rule change 

is also available on the Exchange’s 

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

options/regulation/rule_filings/edgx/), 

at the Exchange’s Office of the 

Secretary, and at the Commission’s 

Public Reference Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

Exchange included statements 

concerning the purpose of and basis for 

the proposed rule change and discussed 

any comments it received on the 

proposed rule change. The text of these 

statements may be examined at the 

places specified in Item IV below. The 

Exchange has prepared summaries, set 

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

the most significant aspects of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to amend 

certain of its rules regarding the early 

termination of complex order auctions. 

The Exchange offers several auction 

mechanisms for complex orders, 

including the Complex Order Auction 

(‘‘COA’’),5 the Complex Automated 

Improvement Mechanism (‘‘C–AIM’’),6

and the Complex Solicitation Auction 

Mechanism (‘‘C–SAM’’).7 The Rules 

regarding each of these complex order 

auction mechanisms contain provisions 

that describe what events may cause the 

applicable auction to terminate prior to 

the end of the auction timer.8 These 

provisions generally correspond to the 

pricing requirements to begin an 

auction. Terminating the auction if one 

of these events occurs ensures that the 

auction will not continue if the market 

changes in a manner that would create 

a situation in which the auction would 

not have been permitted to begin. 

COA 

COA is a single-sided auction in 

which an eligible order will be exposed 

for price improvement. Specifically, 

upon receipt of a COA-eligible order,9

the System sends a COA auction 

message to subscribers of data feeds that 

deliver COA auction messages, which 

message identifies certain terms of the 

COA-eligible order. To be COA-eligible, 

a buy (sell) order must, among other 

things, have a price equal to or higher 

(lower) than the synthetic best offer 

(bid) (‘‘SBO (SBB)’’), provided that if 

any of the bids or offers on the simple 

book that comprise the SBB (SBO) is 

represented by a Priority Customer 

order,10 the price must be at least $0.01 


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8470 Federal Register / Vol. 89, No. 26 / Wednesday, February 7, 2024 / Notices 

person that is not a broker or dealer in securities, 

and a ‘‘Professional’’ means any person or entity 

that (a) is not a broker or dealer in securities and 

(b) places more than 390 orders in listed options per 

day on average during a calendar month for its own 

beneficial account(s). See Rule 16.1 (definitions of 

Priority Customer, Public Customer, and 

Professional). 

11See Rule 21.20(b) (definition of COA-eligible 

order). 

12See generally Rule 21.22; see also Rule 21.22(a) 

(C–AIM auction eligibility requirements) and (b) 

(C–AIM stop price requirements). 13See generally Rule 21.23; see also Rule 21.23(a) 

(C–SAM auction eligibility requirements) and (b) 

(C–SAM stop price requirements). The primary 

differences between C–AIM and C–SAM are that (a) 

the minimum size (as determined by the Exchange) 

of an order submitted into C–SAM cannot be 

smaller than 500 option contracts on the smallest 

leg, while the minimum size of a C–AIM order may 

not be smaller than one contract (compare Rules 

21.22(a)(3) and 21.23(a)(3)) and (b) and that 

execution of orders submitted into C–SAM are 

handled as all-or-none orders. 

14See Rules 21.22(b)(1) and (3) and 21.23(b)(1) 

and (3). 

15The proposed rule change capitalizes the 

lettering of the subparagraphs in Rules 21.22(d)(1) 

and 21.23(d)(1) to conform to the lettering used 

throughout the Rulebook. 

higher (lower) than the SBB (SBO).11

Corresponding to this requirement, 

current Rule 21.20(d)(3)(B) and (C) 

provide, respectively, that a COA will 

terminate prior to the end of the COA 

auction timer: 

• when the System receives an order 

in a leg of the complex order that would 

improve the SBBO on the same side as 

the COA-eligible order that initiated the 

COA to a price equal to or better than 

the COA price, in which case the 

System terminates the COA and 

processes the COA-eligible order 

pursuant to subparagraph (5) below, 

posts the new order in the simple book, 

and updates the SBBO; or 

• if the System receives a Priority 

Customer Order that would join or 

improve the SBBO on the same side as 

the COA in progress to a price equal to 

or better than the COA price, in which 

case the System terminates the COA and 

processes the COA-eligible order 

pursuant to subparagraph (5) below, 

posts the new order in the simple book, 

and updates the SBBO. 

The Exchange proposes to amend 

Rule 21.20(d)(3)(B) and (C) to provide 

that any incoming order may cause the 

SBBO to change in a manner that causes 

a COA auction to terminate early. 

Specifically, the proposed rule change 

amends these subparagraphs (B) and (C) 

to provide as follows: 

• when the System receives an order 

in a leg of the complex order that would 

improve the SBBO on the same side as 

the COA-eligible order that initiated the 

COA to a price better than the COA 

price, in which case the System 

terminates the COA and processes the 

COA-eligible order pursuant to Rule 

21.20(d)(5), posts the new order to the 

Simple Book, and updates the SBBO; or 

• if the System receives an order in a 

leg of the complex order that would join 

or improve the SBBO on the same side 

as the COA-eligible order that initiated 

the COA to a price equal to the COA 

price and cause any component of the 

SBBO to be represented by a Priority 

Customer, in which case the System 

terminates the COA and processes the 

COA-eligible order pursuant to Rule 

21.20(d)(5), posts the new order to the 

Simple Book, and updates the SBBO. 

Pursuant to the proposed change to 

subparagraph (B), a COA will continue 

to terminate early if the Exchange 

receives any simple order (Priority or 

non-Priority Customer) that would 

cause the SBBO to be better than the 

auction price (as covered by current 

subparagraphs (B) and (C)). Pursuant to 

the proposed change to subparagraph 

(C), a COA will terminate early if the 

Exchange receives any simple order (not 

just a Priority Customer order as set 

forth in current subparagraph (C)) that 

would cause the SBBO to be equal to the 

auction price and have the best bid or 

offer (‘‘BBO’’) of a leg represented by a 

Priority Customer order. 

C–AIM and C–SAM 

C–AIM permits a Member to submit 

for execution a complex order it 

represents as agent (‘‘Agency Order’’) 

against principal or solicited interest (an 

‘‘Initiating Order’’) that stops the entire 

Agency Order at a price that satisfies 

specified criteria.12 Similarly, C–SAM 

permits a Member to submit for 

execution an Agency Order against an 

Initiating Order (that, unlike for C–AIM, 

may only be solicited) that stops the 

entire Agency Order at a price that 

satisfies specified criteria.13 With 

respect to both C–AIM and C–SAM, the 

stop price (also referred to in this rule 

filing as the auction price) for the buy 

(sell) Agency Order must, among other 

things: 

• with respect to same-side simple 

orders, be (a) at least one minimum 

increment better than the SBB (SBO) if 

the applicable side of the BBO on any 

component of the complex strategy is 

represented by a Priority Customer 

order on the simple book; or (b) at or 

better than the SBB (SBO) if the 

applicable side of the BBO of each 

component of the complex strategy is 

represented by a non-Priority Customer 

order or quote on the simple book; and 

• with respect to opposite-side simple 

orders, be (a) at least one minimum 

increment better than the SBO (SBB) if 

the BBO of any component of the 

complex strategy is represented by a 

Priority Customer order on the simple 

book; or (b) at or better than the SBO 

(SBB) if the BBO of each component of 

the complex strategy represents a nonPriority Customer quote or order on the 

simple book.14

Corresponding to these requirements, 

current Rules 21.22(d)(1)(d), (e), and (f) 

and 21.23(d)(1)(d), (e), and (f) 15 provide 

that a C–AIM or C–SAM auction, 

respectively, will terminate prior to the 

end of the C–AIM or C–SAM, as 

applicable, auction timer: 

• upon receipt by the System of an 

unrelated non-Priority Customer order 

or quote that would post to the simple 

book and cause the SBBO on the same 

side as the Agency Order to be better 

than the stop price; 

• upon receipt by the System of an 

unrelated Priority Customer order in 

any component of the complex strategy 

that would post to the simple book and 

cause the SBBO on the same side as the 

Agency Order to be equal to or better 

than the stop price; or 

• upon receipt by the System of a 

simple non-Priority Customer order that 

would cause the SBBO on the opposite 

side of the Agency Order to be better 

than the stop price, or a Priority 

Customer order that would cause the 

SBBO on the opposite side of the 

Agency Order to be equal to or better 

than the stop price. 

The Exchange proposes to amend 

Rules 21.22(d)(1)(d), (e), and (f) ((D) and 

(E) as proposed) and 21.23(d)(1)(d), (e), 

and (f) ((D) and (E) as proposed) to 

provide that any incoming order may 

cause the SBBO to change in a manner 

that causes a C–AIM or C–SAM auction, 

respectively, to terminate early. 

Specifically, the proposed rule change 

amends these Rule provisions to state 

the following: 

(D) upon receipt by the System of an 

unrelated order or quote that would post to 

the Simple Book and cause the SBBO on the 

same side as the Agency Order to be (i) better 

than the stop price, or (ii) equal to the stop 

price if any component of the SBBO is then 

represented by a Priority Customer; 

(E) upon receipt by the System of an 

unrelated order that would post to the 

Simple Book and cause the SBBO on the 

opposite side of the Agency Order to be (i) 

better than the stop price, or (ii) equal to the 

stop price if any component of the SBBO is 

then represented by a Priority Customer; 

Pursuant to the proposed 

subparagraph (D)(i) of each of Rules 

21.22(d)(1) and 21.23(d)(1), a C–AIM or 

C–SAM will continue to terminate early 

if the Exchange receives any simple 

order (Priority or non-Priority Customer) 

that would cause the SBBO on the same 


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Federal Register / Vol. 89, No. 26 / Wednesday, February 7, 2024 / Notices 8471 

16See current Rule 21.20(d)(3)(B) and (C). 

17 15 U.S.C. 78f(b). 

18 15 U.S.C. 78f(b)(5). 

19 Id. 

side as the Agency Order to be better 

than the auction price (as covered by 

current subparagraphs (d) and (e)). 

Additionally, pursuant to the proposed 

subparagraph (D)(ii) of each of Rules 

21.22(d)(1) and 21.23(d)(1), a C–AIM or 

C–SAM will terminate early if the 

Exchange receives any simple order (not 

just a Priority Customer order as set 

forth in current subparagraph (e)) that 

would cause the SBBO on the same side 

as the Agency Order to be equal to the 

auction price if any component of the 

SBBO is then represented by a Priority 

Customer order. Similarly, pursuant to 

proposed subparagraph (E)(i) of each of 

Rules 21.22(d)(1) and 21.23(d)(1), a C– 

AIM or C–SAM will continue to 

terminate early if the Exchange receives 

any simple order (Priority or nonPriority Customer) that would cause the 

SBBO on the opposite side of the 

Agency Order to be better than the 

auction price (as covered by current 

subparagraph (f)). Additionally, 

pursuant to proposed subparagraph 

(E)(ii) of each of Rules 21.22(d)(1) and 

21.23(d)(1), a C–AIM or C–SAM will 

terminate early if the Exchange receives 

any simple order (not just a Priority 

Customer order as set forth in current 

subparagraph (f)) that would cause the 

SBBO on the opposite side of the 

Agency Order to be equal to the auction 

price if any component of the SBBO is 

then represented by a Priority Customer 

order. 

Purpose of Proposed Rule Changes 

One purpose of the COA, C–AIM, and 

C–SAM auction price requirements is to 

protect interest on the simple book, 

including Priority Customer interest, as 

execution of the auction or Agency 

order, as applicable, could not occur at 

a price outside the SBBO or at the same 

price as the SBBO if it includes simple 

Priority Customer interest on any leg. 

The purpose of early termination 

provisions corresponding to those 

auction price requirements is to 

terminate an auction if the market 

changes in a manner that would create 

a situation in which the auction would 

not have been permitted to begin. The 

current early termination provisions for 

COA provide that a COA will terminate 

early if the Exchange system receives (1) 

a simple order that would cause the 

SBBO on the same side as the auctioned 

order to be equal to or better than the 

auction price or (2) a simple Priority 

Customer order on the same side that 

would cause the SBBO on the same side 

as the auctioned order to be equal to or 

better than the auction price.16

Similarly, the current early termination 

provisions for C–AIM and C–SAM 

provide that a C–AIM or C–SAM 

auction will terminate early if the 

Exchange system receives (1) a simple 

non-Priority Customer order that would 

cause the SBBO on the same side as the 

auctioned order to be better than the 

auction price, (2) a simple Priority 

Customer order that would cause the 

SBBO on the same side as the auctioned 

order to be equal to or better than the 

auction price, or (3) a simple nonPriority Customer order that would 

cause the SBBO on the opposite side of 

the auctioned order to be better than the 

auction price, or a simple Priority 

Customer Order that would cause the 

SBBO on the opposite side of the 

auctioned order to be equal to or better 

than the auction price. Ultimately, all of 

these provisions cover the scenarios in 

which the applicable auction would 

terminate early if the System receives 

any simple order that would cause the 

SBBO to be better than the auction price 

or a simple Priority Customer order that 

would cause the SBBO to equal the 

auction price. However, they do not 

cover the scenario in which the 

applicable auction would terminate 

early if the System receives a simple 

non-Priority Customer order that would 

cause the SBBO to equal the auction 

price and any component of the SBBO 

includes Priority Customer interest. The 

proposed changes to each of the COA, 

C–AIM, and C–SAM early termination 

provisions add this scenario. This 

situation addressed by the proposed 

changes could occur, for example, if 

there was a Priority Customer order 

representing the BBO of one leg of the 

component strategy at the beginning of 

the auction but the auction price was 

better than the SBBO (and thus the 

auction was able to begin), and an 

incoming order (Priority or non-Priority 

Customer) that arrives during the 

auction causes the SBBO to change such 

that the SBBO equals the auction price. 

The Exchange believes these proposed 

changes will further protect Priority 

Customer orders on the simple book by 

ensuring that no execution within COA, 

C–AIM, or C–SAM will occur at a price 

that equals the SBBO (on the applicable 

side) if the SBBO includes Priority 

Customer interest, regardless of what 

type of incoming order (Priority 

Customer or non-Priority Customer) 

updates the SBBO to equal the auction 

price. 

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.17 Specifically, 

the Exchange believes the proposed rule 

change is consistent with the Section 

6(b)(5) 18 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) 19 requirement that 

the rules of an exchange not be designed 

to permit unfair discrimination between 

customers, issuers, brokers, or dealers. 

In particular, the Exchange believes 

the proposed rule change will remove 

impediments to and perfect the 

mechanism of a free and open market 

and protect investors, because it will 

update scenarios that will cause 

complex auctions to terminate early in 

a manner that protects interest resting 

on the simple book, including Priority 

Customer interest. The proposed 

changes to each of the COA, C–AIM, 

and C–SAM early termination 

provisions add the scenario in which 

the applicable auction will terminate 

early if the Exchange receives a nonPriority Customer order that would 

cause the SBBO to be equal to the 

auction price and any component of the 

SBBO is represented by a Priority 

Customer order. These proposed 

changes will eliminate a current gap in 

current Rules, which contemplate only 

that an incoming Priority Customer 

order could cause the SBBO to improve 

to a price equal to the auction price. 

These proposed rule changes increase 

consistency among the auction price 

requirement and early termination 

provisions, thus removing impediments 

to a free and open market. As a result, 

the Exchange believes the proposed rule 

change will further protect Priority 

Customer orders on the simple book by 

ensuring that no execution within a 

COA, C–AIM, or C–SAM auction will 

occur at a price that equals the SBBO 

(on the applicable side) if any 

component of the SBBO is represented 

by a Priority Customer, regardless of 

what type of incoming order (Priority 

Customer or non-Priority Customer) 


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20 15 U.S.C. 78s(b)(3)(A). 

21 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6) requires a self-regulatory organization to give 

the Commission written notice of its intent to file 

the proposed rule change at least five business days 

prior to the date of filing of the proposed rule 

change, or such shorter time as designated by the 

Commission. The Exchange has satisfied this 

requirement. 

22 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. 99197 

(Dec. 18, 2023), 88 FR 88668. Comments on the 

proposed rule change are available at https://

www.sec.gov/comments/sr-cboebzx-2023-101/

srcboebzx2023101.htm. 

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

updates the SBBO, which ultimately 

protects investors and the public 

interest. 

The Exchange believes the proposed 

nonsubstantive changes to capitalize the 

lettering of the subparagraphs in Rules 

21.22(d)(1) and 21.23(d)(1) will benefit 

investors, as it will conform to the 

lettering used throughout the Rulebook 

and thus eliminate potential investor 

confusion. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will impose 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

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, 

as the proposed changes will apply to 

all Members in the same manner. The 

Exchange 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, 

as it relates solely to provisions 

regarding when complex auctions 

occurring on the Exchange may 

terminate early. The proposed rule 

changes are not intended to be 

competitive. 

Additionally, the proposed 

nonsubstantive changes are not 

competitive and merely conform 

subparagraph lettering to the lettering 

used throughout the Rulebook. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

The Exchange neither solicited nor 

received comments on the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Because the foregoing proposed rule 

change does not: (i) significantly affect 

the protection of investors or the public 

interest; (ii) impose any significant 

burden on competition; and (iii) become 

operative for 30 days from the date on 

which it was filed, or such shorter time 

as the Commission may designate, it has 

become effective pursuant to Section 

19(b)(3)(A)(iii) of the Act 20 and Rule 

19b–4(f)(6) thereunder.21 At any time 

within 60 days of the filing of the 

proposed rule change, the Commission 

summarily may temporarily suspend 

such rule change if it appears to the 

Commission that such action is 

necessary or appropriate in the public 

interest, for the protection of investors, 

or otherwise in furtherance of the 

purposes of the Act. If the Commission 

takes such action, the Commission will 

institute proceedings to determine 

whether the proposed rule change 

should be approved or disapproved. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s internet 

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

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

CboeEDGX–2024–010 on the subject 

line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street NE, 

Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–CboeEDGX–2024–010. This 

file number should be included on the 

subject line if email is used. To help the 

Commission process and review your 

comments more efficiently, please use 

only one method. The Commission will 

post all comments on the Commission’s 

internet website (https://www.sec.gov/ 

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

provisions of 5 U.S.C. 552, will be 

available for website viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street NE, 

Washington, DC 20549, on official 

business days between the hours of 10 

a.m. and 3 p.m. Copies of the filing also 

will be available for inspection and 

copying at the principal office of the 

Exchange. Do not include personal 

identifiable information in submissions; 

you should submit only information 

that you wish to make available 

publicly. We may redact in part or 

withhold entirely from publication 

submitted material that is obscene or 

subject to copyright protection. All 

submissions should refer to file number 

SR–CboeEDGX–2024–010 and should be 

submitted on or before February 28, 

2024. 

For the Commission, by the Division 

of Trading and Markets, pursuant to 

delegated authority.22

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–02415 Filed 2–6–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–99460; File No. SR– 

CboeBZX–2023–101] 

Self-Regulatory Organizations; Cboe 

BZX Exchange, Inc.; Notice of 

Designation of a Longer Period for 

Commission Action on a Proposed 

Rule Change To List and Trade Shares 

of the Pando Asset Spot Bitcoin Trust 

Under BZX Rule 14.11(e)(4), 

Commodity-Based Trust Shares 

February 1, 2024. 

On December 5, 2023, Cboe BZX 

Exchange, Inc. (‘‘BZX’’ or ‘‘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 list and trade shares of the 

Pando Asset Spot Bitcoin Trust under 

BZX Rule 14.11(e)(4), Commodity-Based 

Trust Shares. The proposed rule change 

was published for comment in the 

Federal Register on December 22, 

2023.3

Section 19(b)(2) of the Act 4 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 


khammond on DSKJM1Z7X2PROD with NOTICES