Federal Register / Vol. 87, No. 21 / Tuesday, February 1, 2022 / Notices 5541 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 92600 

(August 6, 2021), 86 FR 44455 (August 12, 2021) 

(SR–NASDAQ–2021–057) (Notice of Filing and 

Immediate Effectiveness of Proposed Rule Change 

to Amend NOM’s Options Regulatory Fee) (‘‘Waiver 

Filing’’). 

4 Id at 44456. 

5Prior to the Waiver Filing, the Exchange 

similarly collected ORF as described herein. 

6Participants must record the appropriate 

account origin code on all orders at the time of 

entry of the order. The Exchange represents that it 

has surveillances in place to verify that Participants 

mark orders with the correct account origin code. 

7The Exchange uses reports from OCC when 

assessing and collecting the ORF. 

8CMTA or Clearing Member Trade Assignment is 

a form of ‘‘give-up’’ whereby the position will be 

assigned to a specific clearing firm at OCC. 

9By way of example, if Broker A, a NOM 

Participant, routes a customer order to CBOE and 

the transaction executes on CBOE and clears in 

Broker A’s OCC Clearing account, ORF will be 

collected by NOM from Broker A’s clearing account 

at OCC via direct debit. While this transaction was 

executed on a market other than NOM, it was 

cleared by a NOM Participant in the member’s OCC 

clearing account in the customer range, therefore 

there is a regulatory nexus between NOM and the 

transaction. If Broker A was not a NOM Participant, 

then no ORF should be assessed and collected 

because there is no nexus; the transaction did not 

execute on NOM nor was it cleared by a NOM 

Participant. 

Accordingly, even if the Exchange’s 

Amendment No. 1 had been timely 

filed, there is no additional information 

in such amendment that would enable 

the Commission to approve the 

proposed rule change as amended. 

IV. Conclusion 

For the reasons set forth above, the 

Commission does not find, pursuant to 

Section 19(b)(2) of the Exchange Act, 

that the proposed rule change is 

consistent with the requirements of the 

Exchange Act and the rules and 

regulations thereunder applicable to a 

national securities exchange, and in 

particular, with Section 6(b)(5) of the 

Exchange Act. 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Exchange Act, 

that proposed rule change SR– 

CboeBZX–2021–039 be, and hereby is, 

disapproved. 

By the Commission. 

Vanessa A. Countryman, 

Secretary. 

[FR Doc. 2022–02001 Filed 1–31–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94064; File No. SR– 

NASDAQ–2022–007] 

Self-Regulatory Organizations; The 

Nasdaq Stock Market LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Reduce 

NOM’s Options Regulatory Fee 

January 26, 2022. 

Pursuant to 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 

20, 2022, The Nasdaq Stock Market LLC 

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

Securities and Exchange Commission 

(‘‘SEC’’ or ‘‘Commission’’) the proposed 

rule change as described in Items I and 

II, 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 LLC’s (‘‘NOM’’) 

Pricing Schedule at Options 7, Section 

5 to reduce the NOM Options 

Regulatory Fee or ‘‘ORF’’. 

While the changes proposed herein 

are effective upon filing, the Exchange 

has designated the amendments become 

operative on February 1, 2022. 

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 

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 

NOM previously filed to waive its 

ORF from October 1, 2021 through 

January 31, 2022.3 The Waiver Filing 

provided that NOM would continue 

monitoring the amount of revenue 

collected from the ORF to determine if 

regulatory revenues would exceed 

regulatory costs when it recommenced 

assessing ORF on February 1, 2022. If 

so, the Exchange committed to adjust its 

ORF.4 At this time, after a review of its 

regulatory revenues and regulatory 

costs, the Exchange proposes to reduce 

the ORF from $0.0020 (the amount of 

the ORF prior to the waiver) to $0.0016 

per contract side as of February 1, 2022, 

to ensure that revenue collected from 

the ORF, in combination with other 

regulatory fees and fines, does not 

exceed the Exchange’s total regulatory 

costs. 

The options industry continues to 

experience high options trading 

volumes and volatility. At this time, 

NOM believes that the options volume 

it experienced in the second half of 

2021 is likely to persist into 2022. The 

anticipated options volume would 

impact NOM’s ORF collection which, in 

turn, has caused NOM to propose 

reducing the ORF to ensure that revenue 

collected from the ORF, in combination 

with other regulatory fees and fines, 

would not exceed the Exchange’s total 

regulatory costs. 

Collection of ORF 

Upon recommencement of the ORF on 

February 1, 2022,5 NOM will assess its 

ORF for each customer option 

transaction that is either: (1) Executed 

by a Participant on NOM; or (2) cleared 

by a NOM Participant at The Options 

Clearing Corporation (‘‘OCC’’) in the 

customer range,6 even if the transaction 

was executed by a non-Participant of 

NOM, regardless of the exchange on 

which the transaction occurs.7 If the 

OCC clearing member is a NOM 

Participant, ORF will be assessed and 

collected on all cleared customer 

contracts (after adjustment for CMTA 8); 

and (2) if the OCC clearing member is 

not a NOM Participant, ORF will be 

collected only on the cleared customer 

contracts executed at NOM, taking into 

account any CMTA instructions which 

may result in collecting the ORF from a 

non-member.9

In the case where a Participant both 

executes a transaction and clears the 

transaction, the ORF will be assessed to 

and collected from that Participant. In 

the case where a Participant executes a 

transaction and a different member 

clears the transaction, the ORF will be 

assessed to and collected from the 

Participant who clears the transaction 

and not the Participant who executes 

the transaction. In the case where a nonmember executes a transaction at an 

away market and a Participant clears the 

transaction, the ORF will be assessed to 

and collected from the Participant who 

clears the transaction. In the case where 


tkelley on DSK125TN23PROD with NOTICE 
5542 Federal Register / Vol. 87, No. 21 / Tuesday, February 1, 2022 / Notices 

10The Exchange will set a 2022 Regulatory 

Budget in the first quarter of 2022. 

11See Options Trader Alert 2021–63. 

12The OCC data from December 2021 numbers 

reflect only 13 trading days as this information is 

through December 17, 2021. Volume data in the 

table represents numbers of contracts; each contract 

has two sides. 

13See data from OCC at: https://www.theocc.com/ 

Market-Data/Market-Data-Reports/Volume-andOpen-Interest/Volume-by-Account-Type. 

14The Exchange notes that its regulatory 

responsibilities with respect to Participants 

compliance with options sales practice rules have 

largely been allocated to FINRA under a 17d–2 

agreement. The ORF is not designed to cover the 

cost of that options sales practice regulation. 

a Participant executes a transaction on 

NOM and a non-member clears the 

transaction, the ORF will be assessed to 

the Participant that executed the 

transaction on NOM and collected from 

the non-member who cleared the 

transaction. In the case where a 

Participant executes a transaction at an 

away market and a non-member clears 

the transaction, the ORF will not be 

assessed to the Participant who 

executed the transaction or collected 

from the non-member who cleared the 

transaction because the Exchange does 

not have access to the data to make 

absolutely certain that ORF should 

apply. Further, the data does not allow 

the Exchange to identify the Participant 

executing the trade at an away market. 

ORF Revenue and Monitoring of ORF 

The Exchange monitors the amount of 

revenue collected from the ORF to 

ensure that it, in combination with other 

regulatory fees and fines, does not 

exceed regulatory costs. In determining 

whether an expense is considered a 

regulatory cost, the Exchange reviews 

all costs and makes determinations if 

there is a nexus between the expense 

and a regulatory function. The Exchange 

notes that fines collected by the 

Exchange in connection with a 

disciplinary matter offset ORF. 

Revenue generated from ORF, when 

combined with all of the Exchange’s 

other regulatory fees and fines, is 

designed to recover a material portion of 

the regulatory costs to the Exchange of 

the supervision and regulation of 

Participant customer options business 

including performing routine 

surveillances, investigations, 

examinations, financial monitoring, and 

policy, rulemaking, interpretive, and 

enforcement activities. Regulatory costs 

include direct regulatory expenses and 

certain indirect expenses in support of 

the regulatory function. The direct 

expenses include in-house and thirdparty service provider costs to support 

the day-to-day regulatory work such as 

surveillances, investigations and 

examinations. The indirect expenses 

include support from such areas as 

Office of the General Counsel, 

technology, and internal audit. Indirect 

expenses were approximately 38% of 

the total regulatory costs for 2021. Thus, 

direct expenses were approximately 

62% of total regulatory costs for 2021.10

The ORF is designed to recover a 

material portion of the costs to the 

Exchange of the supervision and 

regulation of its members, including 

performing routine surveillances, 

investigations, examinations, financial 

monitoring, and policy, rulemaking, 

interpretive, and enforcement activities. 

Proposal 

Based on the Exchange’s most recent 

review, the Exchange is proposing to 

reduce the amount of ORF that will be 

collected by the Exchange from $0.0020 

per contract side to $0.0016 per contract 

side. The Exchange issued an Options 

Trader Alert on December 31, 2021 

indicating the proposed rate change for 

February 1, 2022.11

The proposed reduction is based on a 

sustained high level of options volume 

in 2021. The below table displays 

average daily volume for 2021.12

To date, fourth quarter options 

average daily volume in 2021 has been 

higher than options average daily 

volume in any of the prior three quarters 

of 2021. With respect to customer 

options volume across the industry, 

total customer options contract average 

daily volume, to date, in 2021 is 

36,565,398 as compared to total 

customer options contract average daily 

volume in 2020 which was 

27,002,511.13

There can be no assurance that the 

Exchange’s costs for 2022 will not differ 

materially from these expectations and 

prior practice, nor can the Exchange 

predict with certainty whether options 

volume will remain at the current level 

going forward. The Exchange notes 

however, that when combined with 

regulatory fees and fines, the revenue 

that may be generated utilizing an ORF 

rate of $0.0020 per contract side may 

result in revenue which exceeds the 

Exchange’s estimated regulatory costs 

for 2022 if options volume persists. In 

2021, options volume remained high, 

due in large part to the extreme 

volatility in the marketplace as a result 

of the COVID–19 pandemic. The 

Exchange therefore proposes to reduce 

its ORF to $0.0016 per contract side to 

ensure that revenue does not exceed the 

Exchange’s estimated regulatory costs in 

2022. Particularly, the Exchange 

believes that reducing the ORF when 

combined with all of the Exchange’s 

other regulatory fees and fines, would 

allow the Exchange to continue covering 

a material portion of its regulatory costs, 

while lessening the potential for 

generating excess revenue that may 

otherwise occur using the rate of 

$0.0020 per contract side.14


tkelley on DSK125TN23PROD with NOTICE EN01FE22.002</GPH>

Date Total Contrads Customer Sides Trading Days Quarter Contrads Quarter Cust Sides Quarter ADC Quarter Cust ADS 

Jan2021 838,339,790 784,399,878 19 

Feb2021 823,413,002 782,113,450 19 

Mar2021 898,653,:188 837,247,059 23 2,500,406,lBO 2,403,700,387 41,913,872 39,48§,!JOII 

Apr2021 711,388,828 667,208,963 21 

May2021 718,368,993 659,913,862 20 

Jun2021 866,099,522 809,242,842 22 2,295,857,343 2,136,365,667 36,442,180 33,918,566 

Jul2021 790,038,364 729,239,647 21 

Aug2021 801,578,079 741,111,748 22 

sep2021 811,458,905 744,936,837 21 2,403,075,348. 2,215,288,232 37,548,0SZ 34,613,819 

Oct2021 821,102,002 760,524,395 21 

Nov2021 944,355,975 866,102,667 21 

Dec2021 561,154,417 503,350,470 13 2,326,612,394 2,129,977,532 42,.302,944 38,126,864 
Federal Register / Vol. 87, No. 21 / Tuesday, February 1, 2022 / Notices 5543 

15The Exchange will provide Participants with 

such notice at least 30 calendar days prior to the 

effective date of the change. 

16The Exchange notes that in connection with 

this proposal, it provided the Commission 

confidential details regarding the Exchange’s 

projected regulatory revenue, including projected 

revenue from ORF, along with a projected 

regulatory expenses. 

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

18 15 U.S.C. 78f(b)(4). 

19 15 U.S.C. 78f(b)(5). 

20 If the OCC clearing member is a NOM 

Participant, ORF will be assessed and collected on 

all cleared customer contracts (after adjustment for 

CMTA); and (2) if the OCC clearing member is not 

a NOM Participant, ORF will be collected only on 

the cleared customer contracts executed at NOM, 

taking into account any CMTA instructions which 

may result in collecting the ORF from a nonmember. 

21 ISG is an industry organization formed in 1983 

to coordinate intermarket surveillance among the 

SROs by cooperatively sharing regulatory 

information pursuant to a written agreement 

between the parties. The goal of the ISG’s 

information sharing is to coordinate regulatory 

efforts to address potential intermarket trading 

abuses and manipulations. 

The Exchange will continue to 

monitor the amount of revenue 

collected from the ORF to ensure that it, 

in combination with its other regulatory 

fees and fines, does not exceed 

regulatory costs. If the Exchange 

determines regulatory revenues exceed 

regulatory costs, the Exchange will 

adjust the ORF by submitting a fee 

change filing to the Commission and 

notifying 15 its Participants via an 

Options Trader Alert.16

2. Statutory Basis 

The Exchange believes the proposed 

rule change is consistent with the 

Securities Exchange Act of 1934 (the 

‘‘Act’’) and the rules and regulations 

thereunder applicable to the Exchange 

and, in particular, the requirements of 

Section 6(b) of the Act.17 Specifically, 

the Exchange believes the proposed rule 

change is consistent with Section 6(b)(4) 

of the Act,18 which provides that 

Exchange rules may provide for the 

equitable allocation of reasonable dues, 

fees, and other charges among its 

members, and other persons using its 

facilities. Additionally, the Exchange 

believes the proposed rule change is 

consistent with the Section 6(b)(5) 19

requirement that the rules of an 

exchange not be designed to permit 

unfair discrimination between 

customers, issuers, brokers, or dealers. 

The Exchange believes the proposed 

fee change is reasonable because 

customer transactions will be subject to 

a lower ORF fee than the rate that would 

otherwise be in effect on February 1, 

2022. Moreover, the proposed reduction 

is necessary for the Exchange to avoid 

collecting revenue, in combination with 

other regulatory fees and fines, that 

would be in excess of its anticipated 

regulatory costs which is consistent 

with the Exchange’s practices. 

The Exchange had designed the ORF 

to generate revenues that would be less 

than the amount of the Exchange’s 

regulatory costs to ensure that it, in 

combination with its other regulatory 

fees and fines, does not exceed 

regulatory costs, which is consistent 

with the view of the Commission that 

regulatory fees be used for regulatory 

purposes and not to support the 

Exchange’s business operations. As 

discussed above, however, after review 

of its regulatory costs and regulatory 

revenues, which includes revenues from 

ORF and other regulatory fees and fines, 

the Exchange determined that absent a 

reduction in ORF, it may collect 

revenue which would exceed its 

regulatory costs. Indeed, the Exchange 

notes that when taking into account the 

potential that recent options volume 

persists, it estimates the ORF may 

generate revenues that would cover 

more than the approximated Exchange’s 

projected regulatory costs. As such, the 

Exchange believes it’s reasonable and 

appropriate to reduce the ORF amount 

from $0.0020 to $0.0016 per contract 

side. 

The Exchange also believes the 

proposed fee change is equitable and 

not unfairly discriminatory in that it is 

charged to all Participants on all their 

transactions that clear in the customer 

range at OCC.20 The Exchange believes 

the ORF ensures fairness by assessing 

higher fees to those Participants that 

require more Exchange regulatory 

services based on the amount of 

customer options business they 

conduct. Regulating customer trading 

activity is much more labor intensive 

and requires greater expenditure of 

human and technical resources than 

regulating non-customer trading 

activity, which tends to be more 

automated and less labor-intensive. For 

example, there are costs associated with 

main office and branch office 

examinations (e.g., staff expenses), as 

well as investigations into customer 

complaints and the terminations of 

registered persons. As a result, the costs 

associated with administering the 

customer component of the Exchange’s 

overall regulatory program are 

materially higher than the costs 

associated with administering the noncustomer component (e.g., Participant 

proprietary transactions) of its 

regulatory program. Moreover, the 

Exchange notes that it has broad 

regulatory responsibilities with respect 

to activities of its Participants, 

irrespective of where their transactions 

take place. Many of the Exchange’s 

surveillance programs for customer 

trading activity may require the 

Exchange to look at activity across all 

markets, such as reviews related to 

position limit violations and 

manipulation. Indeed, the Exchange 

cannot effectively review for such 

conduct without looking at and 

evaluating activity regardless of where it 

transpires. In addition to its own 

surveillance programs, the Exchange 

also works with other SROs and 

exchanges on intermarket surveillance 

related issues. Through its participation 

in the Intermarket Surveillance Group 

(‘‘ISG’’) 21 the Exchange shares 

information and coordinates inquiries 

and investigations with other exchanges 

designed to address potential 

intermarket manipulation and trading 

abuses. Accordingly, there is a strong 

nexus between the ORF and the 

Exchange’s regulatory activities with 

respect to customer trading activity of 

its Participants. 

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 

necessary or appropriate in furtherance 

of the purposes of the Act. This 

proposal does not create an unnecessary 

or inappropriate intra-market burden on 

competition because the ORF applies to 

all customer activity, thereby raising 

regulatory revenue to offset regulatory 

expenses. It also supplements the 

regulatory revenue derived from noncustomer activity. The Exchange notes, 

however, the proposed change is not 

designed to address any competitive 

issues. Indeed, this proposal does not 

create an unnecessary or inappropriate 

inter-market burden on competition 

because it is a regulatory fee that 

supports regulation in furtherance of the 

purposes of the Act. The Exchange is 

obligated to ensure that the amount of 

regulatory revenue collected from the 

ORF, in combination with its other 

regulatory fees and fines, does not 

exceed regulatory costs. 

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 is effective 

upon filing pursuant to Section 


tkelley on DSK125TN23PROD with NOTICE 
5544 Federal Register / Vol. 87, No. 21 / Tuesday, February 1, 2022 / Notices 

22 15 U.S.C. 78s(b)(3)(A). 

23 17 CFR 240.19b–4(f)(2). 

24 15 U.S.C. 78s(b)(2)(B). 

25 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. 93856 

(December 22, 2021), 86 FR 74185 (December 29, 

2021) (File No. SR–NSCC–2021–016). 

4Comments are available at https://www.sec.gov/ 

comments/sr-nscc-2021-016/srnscc2021016.htm. 

5 15 U.S.C. 78s(b)(2). 

6 Id. 

7 17 CFR 200.30–3(a)(31). 

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

2 17 CFR 240.19b–4. 

19(b)(3)(A) 22 of the Act and 

subparagraph (f)(2) of Rule 19b–4 23

thereunder, because it establishes a due, 

fee, or other charge imposed by the 

Exchange. 

At any time within 60 days of the 

filing of such 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 

under Section 19(b)(2)(B) 24 of the Act 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 No. SR– 

NASDAQ–2022–007 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 No. 

SR–NASDAQ–2022–007. 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 No. 

SR–NASDAQ–2022–007, and should be 

submitted on or before February 22, 

2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.25

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–01972 Filed 1–31–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94068; File No. SR–NSCC– 

2021–016] 

Self-Regulatory Organizations; 

National Securities Clearing 

Corporation; Notice of Designation of 

Longer Period for Commission Action 

on a Proposed Rule Change To 

Enhance Capital Requirements and 

Make Other Changes 

January 26, 2022. 

On December 13, 2021, National 

Securities Clearing Corporation 

(‘‘NSCC’’) filed with the Securities and 

Exchange Commission (‘‘Commission’’) 

proposed rule change SR–NSCC–2021– 

016 (the ‘‘Proposed Rule Change’’) 

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

Securities Exchange Act of 1934 

(‘‘Act’’) 1 and Rule 19b–4 thereunder.2

The Proposed Rule Change was 

published for comment in the Federal 

Register on December 29, 2021,3 and the 

Commission has received comments 

regarding the changes proposed in the 

Proposed Rule Change.4

Section 19(b)(2) of the Act 5 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 the 

Proposed Rule Change is February 12, 

2022. 

The Commission is extending the 45- 

day 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 and take action on the 

Proposed Rule Change. 

Accordingly, pursuant to Section 

19(b)(2) of the Act 6 and for the reasons 

stated above, the Commission 

designates March 29, 2022 as the date 

by which the Commission shall either 

approve, disapprove, or institute 

proceedings to determine whether to 

disapprove proposed rule change SR– 

NSCC–2021–016. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.7

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–01966 Filed 1–31–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94073; File No. SR–CBOE– 

2021–075] 

Self-Regulatory Organizations; Cboe 

Exchange, Inc.; Notice of Withdrawal 

of a Proposed Rule Change To 

Increase Position Limits for Options on 

the SPDR Gold Trust and iShares 

Silver Trust 

January 26, 2022. 

On December 7, 2021, Cboe Exchange, 

Inc. (‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’), pursuant to Section 

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

of 1934 (‘‘Act’’) 1 and Rule 19b–4 

thereunder,2 a proposed rule change to 

increase position limits for options on 

the SPDR Gold Trust and iShares Silver 


tkelley on DSK125TN23PROD with NOTICE