Federal Register / Vol. 89, No. 29 / Monday, February 12, 2024 / Notices 9883 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 98106 

(Aug. 10, 2023), 88 FR 55796 (Aug. 16, 2023) 

(‘‘Notice’’). 

4 15 U.S.C. 78s(b)(3)(A). A proposed rule change 

may take effect upon filing with the Commission if 

it is designated by the exchange as ‘‘establishing or 

changing a due, fee, or other charge imposed by the 

self-regulatory organization on any person, whether 

or not the person is a member of the self-regulatory 

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

5See Notice, supra note 3. 

6See Securities Exchange Act Release No. 98596 

(Sept. 28, 2023), 88 FR 68793 (Oct. 4, 2023). 

7 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. 98859 

(November 3, 2023), 88 FR 77388 (November 9, 

2023) (‘‘Notice’’). 

4Comments received on the proposed rule change 

are available at: https://www.sec.gov/comments/srfinra-2023-015/srfinra2023015.htm. One comment 

did not address the substance of FINRA’s proposal. 

See Letter to Vanessa Countryman, Secretary, 

Commission, from Adam Deyo (November 18, 2023) 

(‘‘Deyo Letter’’). 

5Letter to Vanessa Countryman, Secretary, 

Commission, from Racquel Russell, Senior Vice 

President, Director of Capital Markets Policy, 

FINRA (December 14, 2023) (‘‘FINRA Response 

Letter’’). 

6See Securities Exchange Act Release No. 99204 

(December 19, 2023), 88 FR 88997 (December 26, 

2023). 

7 ‘‘U.S. Treasury Security’’ means a security, other 

than a savings bond, issued by the Treasury 

Department to fund the operations of the federal 

government or to retire such outstanding securities. 

The term ‘‘U.S. Treasury Security’’ also includes 

separate principal and interest components of a 

U.S. Treasury Security that have been separated 

pursuant to the Separate Trading of Registered 

Interest and Principal of Securities (‘‘STRIPS’’) 

program operated by the Treasury Department. See 

FINRA Rule 6710(p). 

8See FINRA Regulatory Notice 16–39 (October 

2016); see also Securities Exchange Act Release No. 

79116 (October 18, 2016), 81 FR 73167 (October 24, 

2016) (Order Granting Accelerated Approval of File 

No. SR–FINRA–2016–027). 

9See FINRA Press Release, FINRA Launches New 

Data on Treasury Securities Trading Volume, 

https://www.finra.org/media-center/newsreleases/ 

2020/finra-launches-new-data-treasury-securitiestrading-volume; see also Securities Exchange Act 

Release No. 87837 (December 20, 2019), 84 FR 

71986 (December 30, 2019) (Order Approving File 

No. SR–FINRA–2019–028). FINRA also made 

historical weekly aggregate data for transactions in 

U.S. Treasury Securities reported since January 

2019 available for download on its website. 

10See Technical Notice, Enhancements to 

Aggregated Reports and Statistics for U.S. Treasury 

Securities, https://www.finra.org/filing-reporting/ 

trace/enhancements-weekly-aggregated-reportsstatistics-jan2023. 

11FINRA makes data regarding individual 

transactions in U.S. Treasury Securities available to 

the official sector to assist in monitoring and 

analysis of the U.S. Treasury Securities market. The 

Treasury Department, the Board of Governors of the 

Federal Reserve, the Federal Reserve Bank of New 

York, the Commission, and the Commodity Futures 

Trading Commission comprise the Inter-Agency 

Working Group for Treasury Market Surveillance 

(‘‘IAWG’’ or ‘‘official sector’’). 

12See infra text accompanying notes 14–15 for a 

definition of On-the-Run Nominal Coupon. 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–99481; File No. SR–CBOE– 

2023–038] 

Self-Regulatory Organizations; Cboe 

Exchange, Inc.; Notice of Withdrawal 

of a Proposed Rule Change To Amend 

its Fee Schedule Relating to the 

Options Regulatory Fee 

February 6, 2024. 

On August 1, 2023, Cboe Exchange, 

Inc. (‘‘Cboe’’ or ‘‘Exchange’’) filed with 

the Securities and Exchange 

Commission (the ‘‘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 (File No. SR– 

CBOE–2023–038) to increase the 

amount of its Options Regulatory Fee.3

The proposed rule change was 

immediately effective upon filing with 

the Commission pursuant to Section 

19(b)(3)(A) of the Act.4 The proposed 

rule change was published for comment 

in the Federal Register on August 16, 

2023.5 On September 28, 2023, pursuant 

to Section 19(b)(3)(C) of the Act, the 

Commission temporarily suspended the 

proposed rule change and instituted 

proceedings under Section 19(b)(2)(B) of 

the Act to determine whether to approve 

or disapprove the proposed rule 

change.6 On February 1, 2024, the 

Exchange withdrew the proposed rule 

change (SR–CBOE–2023–038). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.7

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–02754 Filed 2–9–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–99487; File No. SR–FINRA– 

2023–015] 

Self-Regulatory Organizations; 

Financial Industry Regulatory 

Authority, Inc.; Order Approving 

Proposed Rule Change Relating to 

Dissemination of Information on 

Individual Transactions in U.S. 

Treasury Securities and Related Fees 

February 7, 2024. 

I. Introduction 

On November 2, 2023, the Financial 

Industry Regulatory Authority, Inc. 

(‘‘FINRA’’) 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 (1) amend 

FINRA Rules 6710 and 6750 to provide 

for end-of-day dissemination of data for 

individual transactions in U.S. Treasury 

Securities that are On-the-Run Nominal 

Coupons reported to FINRA’s Trade 

Reporting and Compliance Engine 

(‘‘TRACE’’) with specified 

dissemination caps for large trades, and 

(2) amend FINRA Rule 7730 to include 

U.S. Treasury Securities within the 

existing fee structure for end-of-day and 

historic TRACE data. The proposed rule 

change was published for comment in 

the Federal Register on November 9, 

2023.3 The Commission received 

comments in response to the proposal.4

FINRA responded to the comments on 

December 14, 2023.5 On December 19, 

2023, the Commission extended until 

February 7, 2024, the time 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.6 This order 

approves the proposed rule change. 

II. Description of the Proposed Rule 

Change 

Since 2016, FINRA has undertaken a 

series of initiatives in consultation with 

the U.S. Department of the Treasury 

(‘‘Treasury Department’’) to increase 

transaction reporting and transparency 

in the market for U.S. Treasury 

Securities.7 On July 10, 2017, FINRA 

members began reporting information 

on transactions in U.S. Treasury 

Securities to TRACE.8 On March 10, 

2020, FINRA began to publicly 

disseminate aggregate data on U.S. 

Treasury Securities trading volume on a 

weekly basis.9 In February 2023, FINRA 

increased the cadence of the aggregated 

volume data it publishes for U.S. 

Treasury Securities to daily, and 

enhanced the content of the aggregate 

data.10 Information reported to TRACE 

regarding individual transactions in 

U.S. Treasury Securities is currently 

used for regulatory and other official 

sector purposes, but not disseminated 

publicly.11 In November 2022, the 

Treasury Department proposed a policy 

of publicly releasing secondary market 

transaction data for On-the-Run 

Nominal coupons,12 with end-of-day 


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