Federal Register / Vol. 87, No. 12 / Wednesday, January 19, 2022 / Notices 2947 

16 15 U.S.C. 78s(b)(3)(A). 

17 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. 18 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

that there would be no burden on 

intermarket competition from the 

Exchange’s proposal. Accordingly, the 

proposed change is not meant to affect 

competition among the options 

exchanges. For these reasons, the 

Exchange believes that the proposed 

rule change reflects this competitive 

environment and does not impose any 

undue burden on intermarket 

competition. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

Written comments were neither 

solicited nor received. 

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 after the date of 

the filing, or such shorter time as the 

Commission may designate, it has 

become effective pursuant to 19(b)(3)(A) 

of the Act 16 and Rule 19b–4(f)(6) 17

thereunder. 

At any time within 60 days of the 

filing of the proposed rule change, the 

Commission summarily may 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is necessary or appropriate in the 

public interest, for the protection of 

investors, or otherwise in furtherance of 

the purposes of the Act. If the 

Commission takes such action, the 

Commission shall institute proceedings 

to determine whether the proposed rule 

should be approved or disapproved. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s internet 

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

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

MIAX–2022–03 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Vanessa Countryman, Secretary, 

Securities and Exchange Commission, 

100 F Street NE, Washington, DC 

20549–1090. 

All submissions should refer to File 

Number SR–MIAX–2022–03. This file 

number should be included on the 

subject line if email is used. To help the 

Commission process and review your 

comments more efficiently, please use 

only one method. The Commission will 

post all comments on the Commission’s 

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

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

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

available for website viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street NE, 

Washington, DC 20549, on official 

business days between the hours of 

10:00 a.m. and 3:00 p.m. Copies of the 

filing also will be available for 

inspection and copying at the principal 

office of the Exchange. All comments 

received will be posted without change. 

Persons submitting comments are 

cautioned that we do not redact or edit 

personal identifying information from 

comment submissions. You should 

submit only information that you wish 

to make available publicly. All 

submissions should refer to File 

Number SR–MIAX–2022–03 and should 

be submitted on or before February 9, 

2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.18

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–00874 Filed 1–18–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–93964; File No. SR– 

CboeEDGX–2022–001] 

Self-Regulatory Organizations; Cboe 

EDGX Exchange, Inc.; Notice of Filing 

and Immediate Effectiveness of a 

Proposed Rule Change To Amend Its 

Fee Schedule 

January 12, 2022. 

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 4, 

2022, 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, 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 EDGX Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘EDGX’’ or ‘‘EDGX 

Equities’’) proposes to amend its Fee 

Schedule. 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. 


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2948 Federal Register / Vol. 87, No. 12 / Wednesday, January 19, 2022 / Notices 

3See Cboe Global Markets, U.S. Equities Market 

Volume Summary, Month-to-Date (December 20, 

2021), available at https://markets.cboe.com/us/ 

equities/market_statistics/. 

4Orders yielding Fee Code ‘‘B’’ are orders adding 

liquidity to EDGX (Tape B). 

5Orders yielding Fee Code ‘‘V’’ are orders adding 

liquidity to EDGX (Tape A). 

6Orders yielding Fee Code ‘‘Y’’ are orders adding 

liquidity to EDGX (Tape C). 

7Orders yielding Fee Code ‘‘3’’ are orders adding 

liquidity to EDGX in the pre and post market (Tapes 

A or C). 

8Orders yielding Fee Code ‘‘4’’ are orders adding 

liquidity to EDGX in the pre and post market (Tape 

B). 

9Orders yielding Fee Code ‘‘ZA’’ are retail orders 

adding liquidity to EDGX. 

10 15 U.S.C. 78f. 

11 15 U.S.C. 78f(b)(4). 

12 15 U.S.C. 78f.(b)(5). 

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 its 

Fee Schedule applicable to its equities 

trading platform (‘‘EDGX Equities’’) to 

(1) modify the criteria of Growth Tier 4, 

and (2) adopt a new Retail Growth Tier 

1, effective January 3, 2022. 

The Exchange first notes that it 

operates in a highly competitive market 

in which market participants can 

readily direct order flow to competing 

venues if they deem fee levels at a 

particular venue to be excessive or 

incentives to be insufficient. More 

specifically, the Exchange is only one of 

16 registered equities exchanges, as well 

as a number of alternative trading 

systems and other off-exchange venues 

that do not have similar self-regulatory 

responsibilities under the Exchange Act, 

to which market participants may direct 

their order flow. Based on publicly 

available information,3 no single 

registered equities exchange has more 

than 18% of the market share. Thus, in 

such a low-concentrated and highly 

competitive market, no single equities 

exchange possesses significant pricing 

power in the execution of order flow. 

The Exchange in particular operates a 

‘‘Maker-Taker’’ model whereby it pays 

rebates to members that add liquidity 

and assesses fees to those that remove 

liquidity. The Exchange’s Fee Schedule 

sets forth the standard rebates and rates 

applied per share for orders that provide 

and remove liquidity, respectively. 

Currently, for orders in securities priced 

at or above $1.00, the Exchange 

provides a standard rebate of $0.00160 

per share for orders that add liquidity 

and assesses a fee of $0.0030 per share 

for orders that remove liquidity. For 

orders in securities priced below $1.00, 

the Exchange provides a standard rebate 

of $0.00009 per share for orders that add 

liquidity and assesses a fee of 0.30% of 

total dollar value for orders that remove 

liquidity. Additionally, in response to 

the competitive environment, the 

Exchange also offers tiered pricing 

which provides Members opportunities 

to qualify for higher rebates or reduced 

fees where certain volume criteria and 

thresholds are met. Tiered pricing 

provides an incremental incentive for 

Members to strive for higher tier levels, 

which provides increasingly higher 

benefits or discounts for satisfying 

increasingly more stringent criteria. 

Under footnote 1 of the Fee Schedule, 

the Exchange currently offers various 

Add/Remove Volume Tiers. In 

particular, the Exchange offers four 

Growth Tiers that each provide an 

enhanced rebate for Members’ 

qualifying orders yielding fee codes B,4

V,5 Y,6 3 7 and 4,8 where a Member 

reaches certain add volume-based 

criteria, including ‘‘growing’’ its volume 

over a certain baseline month. 

Currently, Growth Tier 4 is as follows: 

• Growth Tier 4 provides a rebate of 

$0.0034 per share to qualifying orders 

(i.e., orders yielding fee codes B, V, Y, 

3, or 4) where (1) the Member adds a 

Step-Up ADAV from October 2021 equal 

to or greater than 0.10% of the TCV or 

the Member adds a Step-Up ADAV from 

October 2021 equal to or greater than 10 

million shares; and (2) the Member has 

a total remove ADV equal to or greater 

than 0.60% of TCV. 

Now, the Exchange proposes to 

amend the second prong of the criteria. 

Specifically, proposed Growth Tier 4 is 

as follows: 

• Proposed Growth Tier 4 provides a 

rebate of $0.0034 per share to qualifying 

orders (i.e., orders yielding fee codes B, 

V, Y, 3, or 4) where (1) the Member adds 

a Step-Up ADAV from October 2021 

equal to or greater than 0.10% of the 

TCV or the Member adds a Step-Up 

ADAV from October 2021 equal to or 

greater than 10 million shares; and (2) 

the Member has a total remove ADV 

equal to or greater than 0.60% of TCV 

or the Member has a total remove ADV 

equal to or greater than 60 million 

shares. 

The proposed modification to Growth 

Tier 4 is designed to provide Members 

an additional opportunity to meet the 

tier. 

Under footnote 2 of the Fee Schedule, 

the Exchange currently offers various 

Retail Volume Tiers, which provide an 

enhanced rebate for Members’ 

qualifying orders yielding fee code ZA.9

Now, the Exchange proposes to adopt a 

Retail Growth Tier 1, which would 

provide for the same required criteria as 

Growth Tier 4, as modified. Specifically, 

the proposed Retail Growth Tier 1 is as 

follows: 

• Proposed Growth Tier 4 [sic] 

provides a rebate of $0.0034 per share 

to qualifying orders (i.e., orders yielding 

fee code ZA) where (1) the Member adds 

a Step-Up ADAV from October 2021 

equal to or greater than 0.10% of the 

TCV or the Member adds a Step-Up 

ADAV from October 2021 equal to or 

greater than 10 million shares; and (2) 

the Member has a total remove ADV 

equal to or greater than 0.60% of TCV 

or the Member has a total remove ADV 

equal to or greater than 60 million 

shares. 

The proposed Retail Growth Tier 1 is 

designed to provide Members an 

opportunity to receive an enhanced 

rebate by meeting the Retail Growth Tier 

1 criteria. Further, overall the Growth 

Tiers are intended to provide Members 

an opportunity to receive an enhanced 

rebate by increasing their order flow to 

the Exchange, which further contributes 

to a deeper, more liquid market and 

provides even more execution 

opportunities for active market 

participants. Incentivizing an increase 

in liquidity adding or removing volume, 

through enhanced rebate opportunities, 

encourages liquidity adding Members 

on the Exchange to contribute to a 

deeper, more liquid market, and 

liquidity executing Members on the 

Exchange to increase transactions and 

take execution opportunities provided 

by such increased liquidity, together 

providing for overall enhanced price 

discovery and price improvement 

opportunities on the Exchange. As such, 

increased overall order flow benefits all 

Members by contributing towards a 

robust and well-balanced market 

ecosystem. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

the objectives of Section 6 of the Act,10

in general, and furthers the objectives of 

Section 6(b)(4),11 in particular, as it is 

designed to provide for the equitable 

allocation of reasonable dues, fees and 

other charges among its Members and 

issuers and other persons using its 

facilities. The Exchange also believes 

that the proposed rule change is 

consistent with the objectives of Section 

6(b)(5) 12 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 


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Federal Register / Vol. 87, No. 12 / Wednesday, January 19, 2022 / Notices 2949 

13See BZX Equities Fee Schedule, Footnote 1, 

Add/Remove Volume Tiers. 

14See EDGX Equities Fee Schedule, Footnote 1, 

Add/Remove Volume Tiers. 15Supra note 1. 

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, and, 

particularly, is not designed to permit 

unfair discrimination between 

customers, issuers, brokers, or dealers. 

As described above, the Exchange 

operates in a highly competitive market 

in which market participants can 

readily direct order flow to competing 

venues if they deem fee levels at a 

particular venue to be excessive or 

incentives to be insufficient. The 

proposed rule changes reflect a 

competitive pricing structure designed 

to incentivize market participants to 

direct their order flow to the Exchange, 

which the Exchange believes would 

enhance market quality to the benefit of 

all Members. Additionally, the 

Exchange notes that relative volumebased incentives and discounts have 

been widely adopted by exchanges,13

including the Exchange,14 and are 

reasonable, equitable and nondiscriminatory because they are open to 

all Members on an equal basis and 

provide additional benefits or discounts 

that are reasonably related to (i) the 

value to an exchange’s market quality 

and (ii) associated higher levels of 

market activity, such as higher levels of 

liquidity provision and/or growth 

patterns. Competing equity exchanges 

offer similar tiered pricing structures, 

including schedules of rebates and fees 

that apply based upon members 

achieving certain volume and/or growth 

thresholds, as well as assess similar fees 

or rebates for similar types of orders, to 

that of the Exchange. 

In particular, the Exchange believes 

Growth Tier 4, as modified, and the 

proposed Retail Growth Tier 1 are 

reasonable because they will be 

available to all Members and provide all 

Members with an additional 

opportunity to receive an enhanced 

rebate. The Exchange further believes 

the proposed Growth Tier 4 and Retail 

Growth Tier 1 will provide a reasonable 

means to encourage overall and retail 

growth, respectively, in Members’ order 

flow to the Exchange and to incentivize 

Members to continue to provide 

liquidity adding and removing volume 

to the Exchange by offering them an 

additional opportunity to receive an 

enhanced rebate on qualifying orders. 

An overall increase in activity would 

deepen the Exchange’s liquidity pool, 

offers additional cost savings, support 

the quality of price discovery, promote 

market transparency and improve 

market quality, for all investors. 

Further, the Exchange believes that 

the proposed changes are reasonable as 

it does not represent a significant 

departure from the criteria currently 

offered in the Fee Schedule. 

Specifically, the proposed change to 

Growth Volume Tier 4 merely adds 

additional criteria to achieve the Tier, 

and the proposed Retail Growth Tier 1 

is nearly identical to the Growth 

Volume Tier 4, as modified. 

Additionally, the Exchange believes that 

the enhanced rebates under Growth Tier 

4, which is not being changed, and the 

Proposed Retail Growth Tier 1 is 

commensurate with the criteria. 

The Exchange also believes that the 

proposal represents an equitable 

allocation of fees and rebates and is not 

unfairly discriminatory because all 

Members will be eligible for Growth 

Tier 4 and the proposed Retail Growth 

Tier 1 and have the opportunity to meet 

the Tiers’ criteria and receive the 

corresponding enhanced rebate if such 

criteria is met. Without having a view of 

activity on other markets and offexchange venues, the Exchange has no 

way of knowing whether this proposed 

rule change would definitely result in 

any Members qualifying for Growth Tier 

4, as amended, or the proposed Retail 

Growth Tier 1. While the Exchange has 

no way of predicting with certainty how 

the proposed changes will impact 

Member activity, the Exchange 

anticipates that at least one Member will 

be able to satisfy the criteria proposed 

under each tier. The Exchange also 

notes that proposed changes will not 

adversely impact any Member’s ability 

to qualify for reduced fees or enhanced 

rebates offered under other tiers. Should 

a Member not meet the proposed new 

criteria, the Member will merely not 

receive that corresponding enhanced 

rebate. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule changes will impose 

any burden on competition not 

necessary or appropriate in furtherance 

of the purposes of the Act. Rather, as 

discussed above, the Exchange believes 

that the proposed changes would 

encourage the submission of additional 

order flow to a public exchange, thereby 

promoting market depth, execution 

incentives and enhanced execution 

opportunities, as well as price discovery 

and transparency for all Members. As a 

result, the Exchange believes that the 

proposed changes further the 

Commission’s goal in adopting 

Regulation NMS of fostering 

competition among orders, which 

promotes ‘‘more efficient pricing of 

individual stocks for all types of orders, 

large and small.’’ 

The Exchange believes the proposed 

rule changes do not impose any burden 

on intramarket competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. Particularly, 

the proposed changes to Growth Tier 4 

and the proposed Retail Growth Tier 1 

will apply to all Members equally in 

that all Members are eligible for each of 

the Tiers, have a reasonable opportunity 

to meet the Tiers’ criteria and will 

receive the enhanced rebate on their 

qualifying orders if such criteria is met. 

The Exchange does not believe the 

proposed changes burdens competition, 

but rather, enhances competition as it is 

intended to increase the 

competitiveness of EDGX by amending 

an existing pricing incentive and 

adopting a pricing incentive in order to 

attract order flow and incentivize 

participants to increase their 

participation on the Exchange, 

providing for additional execution 

opportunities for market participants 

and improved price transparency. 

Greater overall order flow, trading 

opportunities, and pricing transparency 

benefits all market participants on the 

Exchange by enhancing market quality 

and continuing to encourage Members 

to send orders, thereby contributing 

towards a robust and well-balanced 

market ecosystem. 

Next, the Exchange believes the 

proposed rule change does not impose 

any burden on intermarket competition 

that is not necessary or appropriate in 

furtherance of the purposes of the Act. 

As previously discussed, the Exchange 

operates in a highly competitive market. 

Members have numerous alternative 

venues that they may participate on and 

direct their order flow, including other 

equities exchanges, off-exchange 

venues, and alternative trading systems. 

Additionally, the Exchange represents a 

small percentage of the overall market. 

Based on publicly available information, 

no single equities exchange has more 

than 18% of the market share.15

Therefore, no exchange possesses 

significant pricing power in the 

execution of order flow. Indeed, 

participants can readily choose to send 

their orders to other exchange and offexchange venues if they deem fee levels 

at those other venues to be more 

favorable. Moreover, the Commission 


jspears on DSK121TN23PROD with NOTICES1
2950 Federal Register / Vol. 87, No. 12 / Wednesday, January 19, 2022 / Notices 

16See Securities Exchange Act Release No. 51808 

(June 9, 2005), 70 FR 37496, 37499 (June 29, 2005). 

17NetCoalition v. SEC, 615 F.3d 525, 539 (D.C. 

Cir. 2010) (quoting Securities Exchange Act Release 

No. 59039 (December 2, 2008), 73 FR 74770, 74782– 

83 (December 9, 2008) (SR–NYSEArca–2006–21)). 

18 15 U.S.C. 78s(b)(3)(A). 

19 17 CFR 240.19b–4(f). 

20 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

has repeatedly expressed its preference 

for competition over regulatory 

intervention in determining prices, 

products, and services in the securities 

markets. Specifically, in Regulation 

NMS, the Commission highlighted the 

importance of market forces in 

determining prices and SRO revenues 

and, also, recognized that current 

regulation of the market system ‘‘has 

been remarkably successful in 

promoting market competition in its 

broader forms that are most important to 

investors and listed companies.’’ 16 The 

fact that this market is competitive has 

also long been recognized by the courts. 

In NetCoalition v. Securities and 

Exchange Commission, the D.C. Circuit 

stated as follows: ‘‘[n]o one disputes 

that competition for order flow is 

‘fierce.’ . . . As the SEC explained, ‘[i]n 

the U.S. national market system, buyers 

and sellers of securities, and the brokerdealers that act as their order-routing 

agents, have a wide range of choices of 

where to route orders for execution’; 

[and] ‘no exchange can afford to take its 

market share percentages for granted’ 

because ‘no exchange possesses a 

monopoly, regulatory or otherwise, in 

the execution of order flow from broker 

dealers’. . . .’’.17 Accordingly, the 

Exchange does not believe its proposed 

fee change imposes any burden on 

competition that is not necessary or 

appropriate in furtherance of the 

purposes of the Act. 

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 

The foregoing rule change has become 

effective pursuant to Section 19(b)(3)(A) 

of the Act 18 and paragraph (f) of Rule 

19b–4 19 thereunder. 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 (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

CboeEDGX–2022–001 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–2022–001. This 

file number should be included on the 

subject line if email is used. To help the 

Commission process and review your 

comments more efficiently, please use 

only one method. The Commission will 

post all comments on the Commission’s 

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

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

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

available for website viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street NE, 

Washington, DC 20549 on official 

business days between the hours of 

10:00 a.m. and 3:00 p.m. Copies of the 

filing also will be available for 

inspection and copying at the principal 

office of the Exchange. All comments 

received will be posted without change. 

Persons submitting comments are 

cautioned that we do not redact or edit 

personal identifying information from 

comment submissions. You should 

submit only information that you wish 

to make available publicly. All 

submissions should refer to File 

Number SR–CboeEDGX–2022–001, and 

should be submitted on or before 

February 9, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.20

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–00877 Filed 1–18–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–93962; SR–EMERALD– 

2022–01] 

Self-Regulatory Organizations: Notice 

of Filing and Immediate Effectiveness 

of a Proposed Rule Change by MIAX 

Emerald, LLC To Amend Exchange 

Rule 521, Nullification and Adjustment 

of Options Transactions Including 

Obvious Errors 

January 12, 2022. 

Pursuant to the provisions of Section 

19(b)(1) of the Securities Exchange Act 

of 1934 (‘‘Act’’) 1 and Rule 19b–4 

thereunder,2 notice is hereby given that 

on January 7, 2022, MIAX Emerald, LLC 

(‘‘MIAX Emerald’’ or ‘‘Exchange’’) filed 

with the Securities and Exchange 

Commission (‘‘Commission’’) a 

proposed rule change as described in 

Items I, II, and III below, which Items 

have been prepared by the Exchange. 

The Commission is publishing this 

notice to solicit comments on the 

proposed rule change from interested 

persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to make a 

technical amendment to Exchange Rule 

521, Nullification and Adjustment of 

Options Transactions Including Obvious 

Errors. 

The text of the proposed rule change 

is available on the Exchange’s website at 

http://www.miaxoptions.com/rulefilings/emerald at MIAX Emerald’s 

principal office, 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 


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