2968 Federal Register / Vol. 87, No. 12 / Wednesday, January 19, 2022 / Notices 

18 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3The term ‘‘Market Maker’’ refers to ‘‘Lead 

Market Maker’’ (‘‘LMM’’), ‘‘Primary Lead Market 

Maker’’ (‘‘PLMM’’) and ‘‘Registered Market Maker’’ 

(‘‘RMM’’), collectively. See the Definitions Section 

of the Fee Schedule and Exchange Rule 100. 

4 ‘‘Member’’ means an individual or organization 

approved to exercise the trading rights associated 

with a Trading Permit. Members are deemed 

‘‘members’’ under the Exchange Act. See the 

Definitions Section of the Fee Schedule and 

Exchange Rule 100. 

5 ‘‘Priority Customer’’ means a person or entity 

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

(ii) does not place more than 390 orders in listed 

options per day on average during a calendar month 

for its own beneficial account(s). See Exchange Rule 

100, including Interpretation and Policy .01. 

6 ‘‘Excluded Contracts’’ means any contracts 

routed to an away market for execution. See the 

Definitions Section of the Fee Schedule. 

7The term ‘‘Exchange System Disruption’’ means 

an outage of a Matching Engine or collective 

Matching Engines for a period of two consecutive 

hour or more, during trading hours. See the 

Definitions Section of the Fee Schedule. 

8A ‘‘Matching Engine’’ is a part of the MIAX 

Emerald electronic system that processes options 

orders and trades on a symbol-by-symbol basis. See 

the Definitions Section of the Fee Schedule. 

9For a Priority Customer complex order taking 

liquidity in both a Penny class and non-Penny class 

against Origins other than Priority Customer, the 

Priority Customer order will receive a rebate based 

on the Tier achieved. 

10See Securities Exchange Act Release No. 88993 

(June 2, 2020), 85 FR 35145 (June 8, 2020) (SR– 

EMERALD–2020–05) (Notice of Filing and 

Immediate Effectiveness of a Proposed Rule Change 

To Amend Exchange Rule 510, Minimum Price 

Variations and Minimum Trading Increments, To 

Conform the Rule to Section 3.1 of the Plan for the 

Purpose of Developing and Implementing 

Procedures Designed To Facilitate the Listing and 

Trading of Standardized Options) (the ‘‘Penny 

Program’’). 

11 ‘‘Affiliate’’ means (i) an affiliate of a Member 

of at least 75% common ownership between the 

firms as reflected on each firm’s Form BD, Schedule 

A, or (ii) the Appointed Market Maker of an 

Appointed EEM (or, conversely, the Appointed 

EEM of an Appointed Market Maker). An 

‘‘Appointed Market Maker’’ is a MIAX Emerald 

Market Maker (who does not otherwise have a 

corporate affiliation based upon common 

ownership with an EEM) that has been appointed 

by an EEM and an ‘‘Appointed EEM’’ is an EEM 

(who does not otherwise have a corporate affiliation 

based upon common ownership with a MIAX 

Emerald Market Maker) that has been appointed by 

a MIAX Emerald Market Maker, pursuant to the 

following process. A MIAX Emerald Market Maker 

appoints an EEM and an EEM appoints a MIAX 

Emerald Market Maker, for the purposes of the Fee 

Schedule, by each completing and sending an 

submissions should refer to File 

Number SR–NYSEArca–2021–109, 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. 2022–00873 Filed 1–18–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–93967; File No. SR– 

EMERALD–2021–45] 

Self-Regulatory Organizations; MIAX 

Emerald, LLC; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend Its Fee 

Schedule 

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 December 30, 2021, 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 is filing a proposal to 

amend the MIAX Emerald Fee Schedule 

(the ‘‘Fee Schedule’’). 

The text of the proposed rule change 

is available on the Exchange’s website at 

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

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 

Section 1(a)(i) of the Fee Schedule to: (i) 

Decrease Simple Maker (as defined 

below) rebates in certain Tiers for 

options transactions in Penny classes (as 

defined below) for the Market Maker 

Origin 3; and (ii) make several nonsubstantive formatting changes to the 

Exchange Rebates/Fees tables in Section 

1(a)(i) of the Fee Schedule. 

Background 

The Exchange currently assesses 

transaction rebates and fees to all 

market participants, which are based 

upon a threshold tier structure (‘‘Tier’’). 

Tiers are determined on a monthly basis 

and are based on three alternative 

calculation methods, as defined in 

Section 1(a)(ii) of the Fee Schedule. The 

calculation method that results in the 

highest Tier achieved by the Member 4

shall apply to all Origin types by the 

Member, except the Priority Customer 5

Origin type (calculation of Tiers 

discussed below). The monthly volume 

thresholds for each method, associated 

with each Tier, are calculated as the 

total monthly volume executed by the 

Member in all options classes on MIAX 

Emerald in the relevant Origins and/or 

applicable liquidity, not including 

Excluded Contracts, 6 (as the numerator) 

expressed as a percentage of (divided 

by) Customer Total Consolidated 

Volume (‘‘CTCV’’) (as the denominator). 

CTCV is calculated as the total national 

volume cleared at The Options Clearing 

Corporation (‘‘OCC’’) in the Customer 

range in those classes listed on MIAX 

Emerald for the month for which fees 

apply, excluding volume cleared at the 

OCC in the Customer range executed 

during the period of time in which the 

Exchange experiences an ‘‘Exchange 

System Disruption’’ 7 (solely in the 

option classes of the affected Matching 

Engine).8 In addition, the per contract 

transaction rebates and fees shall be 

applied retroactively to all eligible 

volume once the Tier has been reached 

by the Member. Members that place 

resting liquidity, i.e., orders on the 

MIAX Emerald System, will be assessed 

the specified ‘‘maker’’ rebate or fee 

(each a ‘‘Maker’’) and Members that 

execute against resting liquidity will be 

assessed the specified ‘‘taker’’ fee or 

rebate (each a ‘‘Taker’’).9 Members are 

also assessed lower transaction fees and 

smaller rebates for order executions in 

standard option classes in the Penny 

Interval Program 10 (‘‘Penny classes’’) 

than for order executions in standard 

option classes which are not in the 

Penny Program (‘‘non-Penny classes’’), 

for which Members will be assessed a 

higher transaction fees and larger 

rebates. 

For the Priority Customer Origin type, 

the Tier applied for a Member and its 

Affiliates’ 11 is solely determined by 


jspears on DSK121TN23PROD with NOTICES1
Federal Register / Vol. 87, No. 12 / Wednesday, January 19, 2022 / Notices 2969 

executed Volume Aggregation Request Form by 

email to membership@miaxoptions.com no later 

than 2 business days prior to the first business day 

of the month in which the designation is to become 

effective. Transmittal of a validly completed and 

executed form to the Exchange along with the 

Exchange’s acknowledgement of the effective 

designation to each of the Market Maker and EEM 

will be viewed as acceptance of the appointment. 

The Exchange will only recognize one designation 

per Member. A Member may make a designation 

not more than once every 12 months (from the date 

of its most recent designation), which designation 

shall remain in effect unless or until the Exchange 

receives written notice submitted 2 business days 

prior to the first business day of the month from 

either Member indicating that the appointment has 

been terminated. Designations will become 

operative on the first business day of the effective 

month and may not be terminated prior to the end 

of the month. Execution data and reports will be 

provided to both parties. See the Definitions 

Section of the MIAX Emerald Fee Schedule. 

12See Securities Exchange Act Release No. 85393 

(March 21, 2019), 84 FR 11599 (March 27, 2019) 

(SR–EMERALD–2019–15). 

13See NYSE Arca Options Fees and Charges, 

Market Maker Penny and SPY Posting Credit Tiers, 

page 10 (‘‘Base’’ tier rebate of ($0.28) and ‘‘Select 

Tier’’ rebate of ($0.32)); Cboe BZX Options 

Exchange Fee Schedule, Transaction Fees, Market 

Maker (base tier rebate of ($0.29) and tier rebate of 

($0.33)). 

14See Exchange Rule 518(a)(5) for the definition 

of a Complex Order. 

15See supra note 12. 

16 15 U.S.C. 78f(b). 

17 15 U.S.C. 78f(b)(4). 

18 15 U.S.C. 78f(b)(1) and (b)(5). 

19See Securities Exchange Act Release No. 51808 

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

20See ‘‘The Market at a Glance,’’ (last visited 

December 13, 2021), available at https://

www.miaxoptions.com/. 

21See id. 

22See Securities Exchange Act Release No. 85304 

(March 13, 2019), 84 FR 10144 (March 19, 2019) 

(SR–PEARL–2019–07). 

calculation Method 3, as defined in 

Section 1(a)(ii) of the Fee Schedule, 

titled ‘‘Total Priority Customer, Maker 

sides volume, based on % of CTCV 

(‘Method 3’).’’ 

Decrease to Simple Maker Rebates in 

Certain Tiers for Options in Penny 

Classes for the Market Maker Origin 

The Exchange proposes to amend 

Section 1(a)(i) of the Fee Schedule to 

decrease certain Simple Maker rebates 

in Tiers 1 and 2 for options in Penny 

Classes for the Market Maker Origin. 

Currently, the Exchange provides a 

Simple Maker rebate of ($0.35) for 

Members that achieve Tiers 1 and 2 for 

options transactions in Penny Classes 

for the Market Maker Origin. The 

Exchange now proposes to decrease 

these rebates. In particular, the 

Exchange proposes to provide Simple 

Maker rebates of ($0.30) and ($0.33) for 

Members that achieve Tiers 1 and 2, 

respectively, for options transactions in 

Penny Classes for the Market Maker 

Origin. 

The purpose of adjusting the specified 

Simple Maker rebates is for business 

and competitive reasons. In order to 

attract order flow, the Exchange initially 

set its Maker rebates so that they were 

meaningfully higher than other options 

exchanges that operate comparable 

maker/taker pricing models.12 The 

Exchange now believes that it is 

appropriate to adjust these specified 

Maker rebates so that they are more in 

line with other exchanges, but will still 

remain highly competitive such that 

they should enable the Exchange to 

continue to attract order flow and 

maintain market share.13

Formatting Changes to Tables of 

Exchange Rebates/Fees 

Next, the Exchange proposes to 

amend tables in Section 1(a)(i) of the 

Fee Schedule for the Exchange’s rebates 

and fees for Penny Classes and nonPenny Classes to make non-substantive 

formatting changes to several Tiers for 

the Priority Customer Origin. The 

Exchange proposes to amend the 

Complex 14 Maker rebates in Tiers 1–4 

for the Priority Customer Origin when 

contra to Priority Customer Origin for 

Penny and non-Penny Classes to align 

the rebates with footnote ‘‘*’’. When the 

Exchange established the initial Fee 

Schedule, it adopted footnote ‘‘*’’, 

which provides as follows: ‘‘Priority 

Customer Complex Orders contra to 

Priority Customer Complex Orders are 

neither charged nor rebated. Priority 

Customer Complex Orders that leg into 

the Simple book are neither charged nor 

rebated.’’ 15 Accordingly, the Exchange 

proposes to amend the Complex Maker 

rebates in Tiers 1–4 for the Priority 

Customer Origin when contra to Priority 

Customer Origin for Penny and nonPenny Classes so that all these rebates 

will be listed in the tables as ‘‘($0.00)’’ 

to align with footnote ‘‘*’’. The purpose 

of these proposed changes is to 

reconcile Complex Maker rebates for the 

Priority Customer Origin in Tiers 1–4 

when contra to Priority Customer Origin 

with footnote ‘‘*’’ to eliminate potential 

confusion between the tables and the 

footnotes below the tables. The 

Exchange notes that these proposed 

changes will have no impact on the 

application of the tiers to the Priority 

Customer Origin or the footnote ‘‘*’’. 

Implementation 

The proposed changes are scheduled 

to become operative January 1, 2022. 

2. Statutory Basis 

The Exchange believes that its 

proposal to amend its Fee Schedule is 

consistent with Section 6(b) of the Act 16

in general, and furthers the objectives of 

Section 6(b)(4) of the Act,17 in that it is 

an equitable allocation of reasonable 

dues, fees and other charges among 

Exchange members and issuers and 

other persons using its facilities, and 

6(b)(5) of the Act,18 in that it is 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 facilitating 

transactions in securities, to remove 

impediments to and perfect the 

mechanisms of a free and open market 

and a national market system and, in 

general, to protect investors and the 

public interest. 

The Commission has repeatedly 

expressed its preference for competition 

over regulatory intervention in 

determining prices, products, and 

services in the securities markets. 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.’’ 19

There are currently 16 registered 

options exchanges competing for order 

flow. Based on publicly-available 

information, and excluding index-based 

options, no single exchange has more 

than approximately 15% market 

share.20 Therefore, no exchange 

possesses significant pricing power. 

More specifically, as of December 13, 

2021, the Exchange had a market share 

of approximately 5.03% of executed 

volume of multiply-listed equity and 

exchange traded fund (‘‘ETF’’) options 

for the month of December 2021.21

The Exchange believes that the evershifting market share among the 

exchanges from month to month 

demonstrates that market participants 

can discontinue or reduce use of certain 

categories of products and services, 

terminate an existing membership or 

determine to not become a new member, 

and/or shift order flow, in response to 

transaction fee changes. For example, on 

February 28, 2019, the Exchange’s 

affiliate, MIAX PEARL, LLC (‘‘MIAX 

Pearl’’) filed with the Commission a 

proposal to increase Taker fees in 

certain Tiers for options transactions in 

certain Penny classes for Priority 

Customers and decrease Maker rebates 

in certain Tiers for options transactions 

in Penny classes for Priority Customers 

(which fee was to be effective March 1, 

2019).22 MIAX Pearl experienced a 

decrease in total market share for the 

month of March 2019, after the proposal 


jspears on DSK121TN23PROD with NOTICES1
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23See supra note 13. 24See supra note 20. 

25See id. 

26 15 U.S.C. 78s(b)(3)(A)(ii). 

27 17 CFR 240.19b–4(f)(2). 

went into effect. Accordingly, the 

Exchange believes that the MIAX Pearl 

March 1, 2019 fee change, to increase 

certain transaction fees and decrease 

certain transaction rebates, may have 

contributed to the decrease in MIAX 

Pearl’s market share and, as such, the 

Exchange believes competitive forces 

constrain the Exchange’s, and other 

options exchanges, ability to set 

transaction fees and market participants 

can shift order flow based on fee 

changes instituted by the exchanges. 

The Exchange believes its proposal to 

decrease Simple Maker rebates in 

certain Tiers for options transactions in 

Penny Classes for Market Makers is 

reasonable, equitable and not unfairly 

discriminatory because all similarly 

situated market participants in the same 

Origin type are subject to the same 

tiered Maker rebates and access to the 

Exchange is offered on terms that are 

not unfairly discriminatory. The 

Exchange believes it is equitable and not 

unfairly discriminatory to reduce the 

Simple Maker rebates for Market Maker 

quotes or orders in Penny Classes for 

business and competitive business 

reasons. The Exchange initially set its 

Simple Maker rebates for such orders 

higher than certain other options 

exchanges that operate comparable 

maker/taker pricing models. The 

Exchange now believes that it is 

appropriate to further decrease those 

specified Simple Maker rebates so that 

they are more in line with other 

exchanges, and will still remain highly 

competitive such that they should 

enable the Exchange to continue to 

attract order flow and maintain market 

share.23 The Exchange believes that the 

amount of such rebates, as proposed, 

will continue to encourage those market 

participants to send quotes or orders to 

the Exchange. 

The Exchange believes the proposed 

formatting changes are consistent with 

Section 6(b)(4) of the Act in that they 

are reasonable, equitable, and not 

unfairly discriminatory because they are 

non-substantive, clarifying changes 

regarding the Exchange’s Complex 

Maker rebates in Tiers 1–4 for the 

Priority Customer Origin when contra to 

Priority Customer Origin for Penny and 

non-Penny Classes. The Exchange 

believes that the proposed formatting 

changes will reduce the risk of 

confusion to market participants. The 

proposed changes promote just and 

equitable principles of trade, remove 

impediments to and perfect the 

mechanism of a free and open market 

and a national market system, and, in 

general protect investors and the public 

interest by reconciling the Complex 

Maker rebates listed in Tiers 1–4 for the 

Priority Customer Origin when contra to 

Priority Customer Origin for Penny and 

non-Penny Classes and the description 

of the rebates for that type of transaction 

in footnote ‘‘*’’, below the tables. The 

Exchange believes that these proposed 

changes will provide greater clarity to 

Members and the public regarding the 

Exchange’s Fee Schedule and that it is 

in the public interest for the Fee 

Schedule to be accurate and concise so 

as to eliminate the potential for 

confusion. 

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. 

Intra-Market Competition 

The Exchange believes that the 

proposed changes in the specified 

Simple Maker rebates for the applicable 

market participants should continue to 

encourage the provision of liquidity that 

enhances the quality of the Exchange’s 

market and increases the number of 

trading opportunities on the Exchange 

for all participants who will be able to 

compete for such opportunities. The 

proposed rule changes should enable 

the Exchange to continue to attract and 

compete for order flow with other 

exchanges. However, this competition 

does not create an undue burden on 

competition but rather offers all market 

participants the opportunity to receive 

the benefit of competitive pricing. 

Inter-Market Competition 

The Exchange operates in a highly 

competitive market in which market 

participants can readily favor competing 

venues if they deem fee levels at a 

particular venue to be excessive. There 

are currently 16 registered options 

exchanges competing for order flow. 

Based on publicly-available 

information, and excluding index-based 

options, no single exchange has 

exceeded approximately 15% of the 

market share of executed volume of 

multiply-listed equity and ETF options 

trades as of December 13, 2021, for the 

month of December 2021.24 Therefore, 

no exchange possesses significant 

pricing power in the execution of 

multiply-listed equity and ETF options 

order flow. More specifically, as of 

December 13, 2021, the Exchange had a 

market share of approximately 5.03% of 

executed volume of multiply-listed 

equity and ETF options for the month of 

December 2021.25 In such an 

environment, the Exchange must 

continually adjust its transaction and 

non-transaction fees to remain 

competitive with other exchanges and to 

attract order flow. The Exchange 

believes that the proposed rule changes 

reflect this competitive environment 

because they modify the Exchange’s 

rebates in a manner that will allow the 

Exchange to remain competition for 

Market Maker volume. To the extent 

this is achieved, all the Exchange’s 

market participants should benefit from 

the improved market quality. 

Formatting Changes 

The Exchange believes the proposed 

formatting changes will not impose any 

burden on intra-market competition as 

the proposed rule change will have no 

impact on competition as it is not 

designed to address any competitive 

issue but rather is designed to remedy 

minor non-substantive issues and 

provide added clarity to the Fee 

Schedule. In addition, the Exchange 

does not believe the proposal will 

impose any burden on inter-market 

competition as the proposal does not 

address any competitive issues and is 

intended to protect investors by 

providing further transparency 

regarding the Exchange’s Fee Schedule. 

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 

The foregoing rule change has become 

effective pursuant to Section 

19(b)(3)(A)(ii) of the Act,26 and Rule 

19b–4(f)(2) 27 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. 


jspears on DSK121TN23PROD with NOTICES1
Federal Register / Vol. 87, No. 12 / Wednesday, January 19, 2022 / Notices 2971 

28 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3 See Securities Exchange Act Release No. 93677 

(November 29, 2021), 86 FR 68703. 

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

5 Id. 

6 17 CFR 200.30–3(a)(31). 

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

2 17 CFR 240.19b–4. 

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– 

EMERALD–2021–45 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–EMERALD–2021–45. 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–EMERALD–2021–45, and 

should be submitted on or before 

February 9, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.28

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–00880 Filed 1–18–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–93958; File No. SR–CBOE– 

2021–068] 

Self-Regulatory Organizations; Cboe 

Exchange, Inc.; Notice of Designation 

of Longer Period for Commission 

Action on a Proposed Rule Change To 

Adopt a Modified Trading Schedule for 

Holidays 

January 12, 2022. 

On November 15, 2021, Cboe 

Exchange, Inc. filed with the Securities 

and Exchange Commission 

(‘‘Commission’’), pursuant to Section 

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

of 1934 (‘‘Act’’) 1 and Rule 19b–4 

thereunder,2 a proposed rule change to 

adopt a modified trading schedule for 

holidays. The proposed rule change was 

published for comment in the Federal 

Register on December 3, 2021.3 The 

Commission has received no comment 

letters on the proposed rule change. 

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 

to be appropriate and publishes its 

reasons for so finding or as to which the 

self-regulatory organization consents, 

the Commission shall either approve the 

proposed rule change, disapprove the 

proposed rule change, or institute 

proceedings to determine whether the 

proposed rule change should be 

disapproved. The 45th day after 

publication of the notice for this 

proposed rule change is January 17, 

2022. 

The Commission hereby is extending 

the 45-day time period for Commission 

action on the proposed rule change. The 

Commission finds that it is appropriate 

to designate a longer period within 

which to take action on the proposed 

rule change so that it has sufficient time 

to consider the proposed rule change. 

Accordingly, pursuant to Section 

19(b)(2) of the Act,5 the Commission 

designates March 3, 2022, as the date by 

which the Commission shall either 

approve or disapprove, or institute 

proceedings to determine whether to 

disapprove, the proposed rule change 

(File No. SR–CBOE–2021–068). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.6

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–00872 Filed 1–18–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–93955; File No. SR–CBOE– 

2021–076] 

Self-Regulatory Organizations; Cboe 

Exchange, Inc.; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend Its Fees 

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 December 

30, 2021, Cboe Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘Cboe Options’’) 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 Exchange, Inc. (the ‘‘Exchange’’ 

or ‘‘Cboe Options’’) proposes to amend 

its Fees 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://www.cboe.com/ 

AboutCBOE/CBOELegal

RegulatoryHome.aspx), at the 

Exchange’s Office of the Secretary, and 

at the Commission’s Public Reference 

Room. 


jspears on DSK121TN23PROD with NOTICES1