3610 Federal Register / Vol. 87, No. 15 / Monday, January 24, 2022 / Notices 

48 15 U.S.C. 78s(b)(3)(A). 

49 17 CFR 240.19b–4(f). 

50 17 CFR 200.30–3(a)(12). 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

other market participants. As discussed, 

the proposed fees, credit, and 

eliminated waiver would apply to all 

External Distributors of EDGX Top, 

Cboe One Premium, and EDGX Depth, 

respectively, on an equal and nondiscriminatory basis. The continued 

difference in fees for internal and 

external distribution of EDGX Top are 

appropriate given the ability for 

External Distributors to redistribute data 

externally to their clients. Similarly, the 

credit applicable to only External 

Distributors is appropriate as it 

incentivizes such External Distributors 

to enlist subscribers, whereas Internal 

Distributors have no subscribers outside 

their firm. The Exchange therefore 

believes that the proposed fees neither 

favor nor penalize one or more 

categories of market participants in a 

manner that would impose an undue 

burden on competition. 

Intermarket Competition. The 

Exchange believes that the proposed 

fees do not impose a burden on 

competition or on other SROs that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. In setting the 

proposed fees, the Exchange is 

constrained by the availability of 

numerous substitute products offered by 

other national securities exchanges. 

Because market data customers can find 

suitable substitute feeds, an exchange 

that overprices its market data products 

stands a high risk that users may 

substitute another product. These 

competitive pressures ensure that no 

one exchange’s market data fees can 

impose an undue burden on 

competition, and the Exchange’s 

proposed fees do not do so here. 

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 48 and paragraph (f) of Rule 

19b–4 49 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–2022–002 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–2022–002. 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–2022–002 and 

should be submitted on or before 

February 14, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.50

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–01228 Filed 1–21–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–93987; File No. SR– 

NASDAQ–2022–001] 

Self-Regulatory Organizations; The 

Nasdaq Stock Market LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Amend the 

NOM Pricing Schedule at Options 7, 

Section 2 

January 18, 2022. 

Pursuant to Section 19(b)(1) 1 of the 

Securities Exchange Act of 1934 (the 

‘‘Act’’) 2 and Rule 19b–4 thereunder,3

notice is hereby given that, on January 

3, 2022, The Nasdaq Stock Market LLC 

(‘‘Nasdaq’’ or ‘‘Exchange’’) 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 

The Exchange proposes to amend the 

Nasdaq Options Market (‘‘NOM’’) 

Pricing Schedule at Options 7, Section 

2. 

The text of the proposed rule change 

is available on the Exchange’s website at 

https://listingcenter.nasdaq.com/ 

rulebook/nasdaq/rules, at the principal 

office of the Exchange, 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 


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Federal Register / Vol. 87, No. 15 / Monday, January 24, 2022 / Notices 3611 

4The term ‘‘Customer’’ or (‘‘C’’) applies to any 

transaction that is identified by a Participant for 

clearing in the Customer range at The Options 

Clearing Corporation (‘‘OCC’’) which is not for the 

account of broker or dealer or for the account of a 

‘‘Professional’’ (as that term is defined in Options 

1, Section 1(a)(47)). 

5The term ‘‘Professional’’ or (‘‘P’’) means any 

person or entity that (i) is not a broker or dealer in 

securities, and (ii) places more than 390 orders in 

listed options per day on average during a calendar 

month for its own beneficial account(s) pursuant to 

Options 1, Section 1(a)(47). All Professional orders 

shall be appropriately marked by Participants. 

6The term ‘‘NOM Market Maker’’ or (‘‘M’’) is a 

Participant that has registered as a Market Maker on 

NOM pursuant to Options 2, Section 1, and must 

also remain in good standing pursuant to Options 

2, Section 9. In order to receive NOM Market Maker 

pricing in all securities, the Participant must be 

registered as a NOM Market Maker in at least one 

security. 

7This rebate is $0.40 per contract in the following 

symbols: AAPL, SPY, QQQ, IWM, and VXX. See 

Options 7, Section 2(1), note 4. 

8 Id. 

9 All NOM Participants are required to be 

members of The Nasdaq Stock Market pursuant to 

General 3 (Membership and Access). 

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 purpose of the proposed rule 

change is to amend NOM’s Pricing 

Schedule at Options 7, Section 2 to: (1) 

Increase the Fee to Remove Liquidity in 

Penny Symbols for Customers 4 and 

Professionals,5 and (2) amend the 

qualifications for the Tier 3 NOM 

Market Maker 6 Rebate to Add Liquidity 

in Penny Symbols to allow an 

alternative way to qualify for the rebate. 

Each change is further discussed below. 

Customer and Professional Fee To 

Remove Liquidity 

Today, the Exchange charges 

Customers and Professionals a $0.48 per 

contract Fee to Remove Liquidity in 

Penny Symbols. The Exchange proposes 

to increase this fee to $0.49 per contract 

for Customers and Professionals. 

NOM Market Maker Rebate To Add 

Liquidity 

Today, the Exchange offers tiered 

NOM Market Maker Rebates to Add 

Liquidity in Penny Symbols that are 

$0.20 (Tier 1), $0.25 (Tier 2), $0.30 (Tier 

3),7 $0.32 (Tier 4),8 $0.44 (Tier 5), and 

$0.48 (Tier 6). These rebates are paid 

per the highest tier achieved below. 

Monthly volume 

Tier 1 ...................... Participant adds NOM Market Maker liquidity in Penny Symbols and/or Non-Penny Symbols of up to 0.10% of total industry customer equity and ETF option average daily volume (‘‘ADV’’) contracts per day in a month. 

Tier 2 ...................... Participant adds NOM Market Maker liquidity in Penny Symbols and/or Non-Penny Symbols above 0.10% to 0.20% of 

total industry customer equity and ETF option ADV contracts per day in a month. 

Tier 3 ...................... Participant: (a) Adds NOM Market Maker liquidity in Penny Symbols and/or Non-Penny Symbols above 0.20% to 0.60% of 

total industry customer equity and ETF option ADV contracts per day in a month; or (b)(1) adds NOM Market Maker liquidity in Penny Symbols and/or Non-Penny Symbols above 0.07% to 0.20% of total industry customer equity and ETF 

option ADV contracts per day in a month, (2) transacts in all securities through one or more of its Nasdaq Market Center MPIDs that represent 0.70% or more of Consolidated Volume (‘‘CV’’) which adds liquidity in the same month on The 

Nasdaq Stock Market, (3) transacts in Tape B securities through one or more of its Nasdaq Market Center MPIDs that 

represent 0.10% or more of CV which adds liquidity in the same month on The Nasdaq Stock Market, and (4) executes 

greater than 0.01% of CV via Market-on- Close/Limit-on-Close (‘‘MOC/LOC’’) volume within The Nasdaq Stock Market 

Closing Cross in the same month. 

Tier 4 ...................... Participant adds NOM Market Maker liquidity in Penny Symbols and/or Non-Penny Symbols of above 0.60% of total industry customer equity and ETF option ADV contracts per day in a month. 

Tier 5 ...................... Participant adds NOM Market Maker liquidity in Penny Symbols and/or Non-Penny Symbols of above 0.40% of total industry customer equity and ETF option ADV contracts per day in a month and transacts in all securities through one or 

more of its Nasdaq Market Center MPIDs that represent 0.40% or more of Consolidated Volume (‘‘CV’’) which adds liquidity in the same month on The Nasdaq Stock Market. 

Tier 6 ...................... Participant: (a)(1) Adds NOM Market Maker liquidity in Penny Symbols and/or Non-Penny Symbols above 0.95% of total 

industry customer equity and ETF option ADV contracts per day in a month, (2) executes Total Volume of 250,000 or 

more contracts per day in a month, of which 30,000 or more contracts per day in a month must be removing liquidity, 

and (3) adds Firm, Broker-Dealer and Non-NOM Market Maker liquidity in Non-Penny Symbols of 10,000 or more contracts per day in a month; or (b)(1) adds NOM Market Maker liquidity in Penny Symbols and/or Non-Penny Symbols 

above 1.50% of total industry customer equity and ETF option ADV contracts per day in a month, and (2) executes 

Total Volume of 250,000 or more contracts per day in a month, of which 15,000 or more contracts per day in a month 

must be removing liquidity. 

As set forth above, the Exchange 

currently offers two different paths in 

(a) and (b) for Participants to achieve the 

Tier 3 Market Maker rebate. The 

Exchange now proposes to amend the 

Tier 3 qualifications in (b) as follows: 

Participant . . . (b)(1) adds NOM Market 

Maker liquidity in Penny Symbols and/or 

Non-Penny Symbols above 0.07% to 0.20% 

of total industry customer equity and ETF 

option ADV contracts per day in a month, (2) 

transacts in all securities through one or 

more of its Nasdaq Market Center MPIDs that 

represent (i) 0.70% or more of Consolidated 

Volume (‘‘CV’’) which adds liquidity in the 

same month on The Nasdaq Stock Market or 

(ii) 70 million shares or more ADV which 

adds liquidity in the same month on The 

Nasdaq Stock Market, (3) transacts in Tape B 

securities through one or more of its Nasdaq 

Market Center MPIDs that represent 0.10% or 

more of CV which adds liquidity in the same 

month on The Nasdaq Stock Market, and (4) 

executes greater than 0.01% of CV via 

Market-on- Close/Limit-on-Close (‘‘MOC/ 

LOC’’) volume within The Nasdaq Stock 

Market Closing Cross in the same month 

The proposal adds an alternative 

route to achieve the equity component 

in (b)(2), namely by introducing an 

alternative volume-based requirement in 

new (b)(2)(ii) that requires Market 

Makers to transact in all securities 

through one or more of its Nasdaq 

Market Center MPIDs that represent 70 

million shares or more ADV which adds 

liquidity in the same month on The 

Nasdaq Stock Market.9 The options 

component in (b)(1) and the other equity 

components in (b)(3) and (b)(4) to 

qualify for the Tier 3 rebate will remain 

unchanged. The Exchange will also 

make a related change to renumber the 

existing volume requirement in (b)(2) as 

(b)(2)(i). 


jspears on DSK121TN23PROD with NOTICES1
3612 Federal Register / Vol. 87, No. 15 / Monday, January 24, 2022 / Notices 

10 15 U.S.C. 78f(b). 

11 15 U.S.C. 78f(b)(4) and (5). 

12NetCoalition 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)). 

13Securities Exchange Act Release No. 51808 

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

(‘‘Regulation NMS Adopting Release’’). 

14 The Exchange currently charges all other 

market participants (i.e., Broker-Dealers, Firms, 

Non-NOM Market Makers, and NOM Market 

Makers) a $0.50 per contract Fee to Remove 

Liquidity in Penny Symbols. 15See Options 2, Sections 4 and 5. 

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with Section 6(b) 

of the Act,10 in general, and furthers the 

objectives of Sections 6(b)(4) and 6(b)(5) 

of the Act,11 in particular, in that it 

provides for the equitable allocation of 

reasonable dues, fees and other charges 

among members and issuers and other 

persons using any facility, and is not 

designed to permit unfair 

discrimination between customers, 

issuers, brokers, or dealers. 

The Exchange’s proposed changes to 

its Pricing Schedule are reasonable in 

several respects. As a threshold matter, 

the Exchange is subject to significant 

competitive forces in the market for 

options securities transaction services 

that constrain its pricing determinations 

in that market. The fact that this market 

is competitive has 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 broker-dealers 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’ 

. . . .’’ 12

The Commission and the courts have 

repeatedly expressed their preference 

for competition over regulatory 

intervention in determining prices, 

products, and services in the securities 

markets. In Regulation NMS, while 

adopting a series of steps to improve the 

current market model, 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.’’ 13

Numerous indicia demonstrate the 

competitive nature of this market. For 

example, clear substitutes to the 

Exchange exist in the market for options 

security transaction services. The 

Exchange is only one of sixteen options 

exchanges to which market participants 

may direct their order flow. Within this 

environment, market participants can 

freely and often do shift their order flow 

among the Exchange and competing 

venues in response to changes in their 

respective pricing schedules. As such, 

the proposal represents a reasonable 

attempt by the Exchange to increase its 

liquidity and market share relative to its 

competitors. 

Customer and Professional Fee To 

Remove Liquidity 

The Exchange believes that its 

proposal to increase the Fee to Remove 

Liquidity in Penny Symbols for 

Customers and Professionals from $0.48 

to $0.49 per contract is reasonable. 

While this fee is increasing, Customers 

and Professionals will continue to be 

assessed the lowest Fee to Remove 

Liquidity in Penny Symbols compared 

to all other market participants.14

Accordingly, the Exchange believes that 

the proposed fee will continue to attract 

Customer and Professional order flow to 

NOM to the benefit of all market 

participants. 

The Exchange further believes that its 

proposal is equitable and not unfairly 

discriminatory because it will apply 

uniformly to all similarly situated 

Participants. With the proposed 

changes, Customers and Professionals 

will continue to be assessed a lower Fee 

to Remove Liquidity in Penny Symbols 

compared to all other market 

participants. The Exchange does not 

believe it is inequitable or unfairly 

discriminatory to assess a lower fee to 

Customers and Professionals, and not to 

other market participants. Customer 

order flow offers unique benefits to the 

market by providing more trading 

opportunities, which attracts specialists 

and market makers. An increase in the 

activity of these market participants in 

turn facilitates tighter spreads, which 

may cause a corresponding increase in 

order flow from other market 

participants. The Exchange believes that 

encouraging Professional order flow is 

similarly beneficial, as the lower fee 

may cause market participants to select 

NOM as a venue to send Professional 

order flow, which benefits all market 

participants by attracting valuable 

liquidity to the market and thereby 

enhancing the trading quality and 

efficiency for all. 

NOM Market Maker Rebate To Add 

Liquidity 

The Exchange believes that its 

proposal to amend the qualifications for 

the Tier 3 NOM Market Maker Rebate to 

Add Liquidity in Penny Symbols 

represents a reasonable attempt to 

incentivize market participants to 

increase the number and variety of 

orders sent to the Exchange for 

execution. Specifically, the Exchange 

proposes to introduce an alternative 

volume-based requirement in new 

subsection (b)(2)(ii) that requires Market 

Makers to transact in all securities 

through one or more of its Nasdaq 

Market Center MPIDs that represent 70 

million shares or more ADV which adds 

liquidity in the same month on The 

Nasdaq Stock Market. By introducing an 

alternative method to qualify for the 

Tier 3 rebate, the Exchange will create 

an additional opportunity for Market 

Makers to increase their liquidity 

adding activity on the Exchange’s equity 

market. Taken together with existing 

options and equity components that 

comprise the Tier 3 rebate qualifications 

in (b), the Exchange believes that the 

amended qualifying criteria will 

continue to incentivize participation in 

greater volume from cross asset activity, 

which would improve the overall 

quality of the Exchange’s marketplace to 

the benefit of all market participants, 

both on NOM and The Nasdaq Stock 

Market. 

The Exchange also believes that the 

proposed changes to the qualifications 

for the Tier 3 Market Maker Rebate to 

Add Liquidity in Penny Symbols is 

equitable and not unfairly 

discriminatory because the Exchange 

will pay the Tier 3 rebate uniformly to 

any qualifying Market Makers. Market 

Makers add value through continuous 

quoting and the commitment of 

capital.15 Because Market Makers have 

these obligations to the market and 

regulatory requirements that normally 

do not apply to other market 

participants, the Exchange believes that 

offering the rebate to only Market 

Makers is equitable and not unfairly 

discriminatory in light of their 

obligations. Finally, encouraging Market 

Makers to add greater liquidity benefits 

all market participants, both on NOM 

and The Nasdaq Stock Market, in the 

quality of order interaction. 

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 not 


jspears on DSK121TN23PROD with NOTICES1
Federal Register / Vol. 87, No. 15 / Monday, January 24, 2022 / Notices 3613 

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

17 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

necessary or appropriate in furtherance 

of the purposes of the Act. 

In terms of intra-market competition, 

the Exchange does not that its proposals 

will place any category of market 

participant at a competitive 

disadvantage. As discussed above, while 

the Exchange’s proposals target certain 

order flow and activity on the Exchange 

(i.e., Customer, Professional, and Market 

Maker activity), the proposed changes 

are ultimately aimed at attracting greater 

order flow to the Exchange, which 

benefits all market participants by 

providing more trading opportunities. 

In terms of inter-market competition, 

the Exchange notes that it 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, or rebate opportunities 

available at other venues to be more 

favorable. In such an environment, the 

Exchange must continually adjust its 

fees to remain competitive with other 

exchanges. Because competitors are free 

to modify their own fees in response, 

and because market participants may 

readily adjust their order routing 

practices, the Exchange believes that the 

degree to which fee changes in this 

market may impose any burden on 

competition is extremely limited. In 

sum, if the changes proposed herein are 

unattractive to market participants, it is 

likely that the Exchange will lose 

market share as a result. Accordingly, 

the Exchange does not believe that the 

proposed changes will impair the ability 

of Participants or competing exchanges 

to maintain their competitive standing 

in the financial markets. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were either 

solicited or 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.16

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: (i) Necessary or appropriate in 

the public interest; (ii) for the protection 

of investors; or (iii) 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– 

NASDAQ–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–NASDAQ–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–NASDAQ–2022–001, and 

should be submitted on or before 

February 14, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.17

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–01219 Filed 1–21–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–93994; File No. SR– 

CboeBZX–2022–001] 

Self-Regulatory Organizations; Cboe 

BZX Exchange, Inc.; Notice of Filing 

and Immediate Effectiveness of a 

Proposed Rule Change To Amend the 

Fees Applicable to Various Market 

Data Products 

January 18, 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 BZX Exchange, Inc. 

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

Securities and Exchange Commission 

(‘‘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 BZX Exchange, Inc. (‘‘BZX’’ or 

the ‘‘Exchange’’) is filing with the 

Securities and Exchange Commission 

(the ‘‘Commission’’) a proposed rule 

change to amend the fees applicable to 

various market data products. The text 

of the proposed rule change is provided 

in Exhibit 5. 

The text of the proposed rule change 

is also available on the Exchange’s 

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

equities/regulation/rule_filings/bzx/), 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 


jspears on DSK121TN23PROD with NOTICES1