Federal Register / Vol. 87, No. 31 / Tuesday, February 15, 2022 / Notices 8625 

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

2 17 CFR 240.19b–4. 

3The term ‘‘complex order’’ means an order 

involving the concurrent execution of two or more 

different series in the same underlying security or 

index (the ‘‘legs’’ or ‘‘components’’ of the complex 

order), for the same account, occurring at or near 

the same time and for the purpose of executing a 

particular investment strategy with no more than 

the applicable number of legs (which number the 

Exchange determines on a class-by-class basis). The 

Exchange determines in which classes complex 

orders are eligible for processing. Unless the context 

otherwise requires, the term complex order 

includes stock-option orders and security futureoption orders. For purposes of Exchange Rules 5.33 

and 5.85(b)(1), the term ‘‘complex order’’ means a 

complex order with any ratio equal to or greater 

than one-to-three (.333) and less than or equal to 

three-to-one (3.00), an Index Combo order, a stockoption order, or a security future-option order. For 

the purpose of applying these ratios to complex 

orders comprised of legs for both mini-options and 

standard options, ten mini-option contracts 

represent one standard option contract. For the 

purpose of applying these ratios to complex orders 

comprised of legs for both micro-options and 

standard options, 100 micro-option contracts 

represent one standard option contract. See 

Exchange Rule 1.1. 

4See Securities Exchange Act Release No. 92709 

(August 19, 2021), 86 FR 47529 (‘‘Notice’’). 

5See letter to Vanessa Countryman, Secretary, 

Commission, from Alanna Barton, General Counsel, 

BOX Exchange LLC, dated September 14, 2021 

(‘‘BOX Letter’’); and letter from Mary Smith, dated 

August 19, 2021 (‘‘Smith Letter’’). Comments 

received regarding the proposal are available on the 

Commission’s website at: https://www.sec.gov/ 

comments/sr-cboe-2021-046/srcboe2021046.htm. 

6See letter to Vanessa Countryman, Secretary, 

Commission, from Laura G. Dickman, Vice 

President and Associate General Counsel, Cboe 

Options, dated September 23, 2021 (‘‘Exchange 

Response’’). The Exchange Response is available on 

the Commission’s website at: https://www.sec.gov/ 

comments/sr-cboe-2021-046/srcboe2021046.htm. 

7 15 U.S.C. 78s(b)(2). 

8See Securities Exchange Act Release No. 93159 

(September 28, 2021), 86 FR 54780 (October 4, 

2021). The Commission designated November 23, 

2021, as the date by which the Commission shall 

approve or disapprove, or institute proceedings to 

determine whether to approve or disapprove, the 

proposed rule change. 

9Amendment No. 1 revises the proposal to 

provide rationale for allowing complex orders with 

any ratio equal to or greater than one-to-three and 

less than or equal to three-to-one to trade 

electronically; provide data indicating that in 

August 2021, fewer than one third of the complex 

orders executed on the Exchange’s trading floor had 

ratios of greater than three-to-one, so the significant 

majority of the approximately 25% of total executed 

non-SPX contracts (approximately 27% of total 

executed contracts) traded during that time would 

have been eligible to execute in $0.01 increments; 

and express the view that the rules of another 

options exchange do not clearly specify the 

minimum trading increment applicable to complex 

orders traded on that exchange’s trading floor. 

Amendment No. 1 is available on the Commission’s 

website at https://www.sec.gov/comments/sr-cboe2021-046/srcboe2021046.htm. 

10The minimum increment for bids and offers on 

complex orders in options on the S&P 500 Index 

(SPX) or on the S&P 100 Index (OEX and XEO), 

except for box/roll spreads, is $0.05 or greater, or 

any increment, which the Exchange may be 

determine on a class-by-class basis. See Exchange 

Rule 5.4(a). 

11See Notice, 86 FR at 47530. 

12See Exchange Response at 4. 

13See Notice, 86 FR at 47530. 

14See id. at 47530–1. 

15See Notice, 86 FR at 47530. Exchange Rule 

5.33(f)(2)(A)(v) currently provides that the 

Exchange’s system does not execute a complex 

order (i.e., a complex order with any ratio equal to 

or greater than one-to-three (.333) and less than or 

equal to three-to-one (3.00)) pursuant to Exchange 

Rule 5.33 at a net price that would cause any 

component of the complex strategy to be executed 

at a price ahead of a Priority Customer Order resting 

in the Simple Book without improving the BBO of 

at least one component of the complex strategy by 

at least one minimum increment. Exchange Rule 

Continued 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94204; File No. SR–CBOE– 

2021–046] 

Self-Regulatory Organizations; Cboe 

Exchange, Inc.; Notice of Filing of 

Amendment No. 1 and Order Granting 

Accelerated Approval of a Proposed 

Rule Change, as Modified by 

Amendment No. 1, To Amend Cboe 

Rule 5.4 and Make Corresponding 

Changes to Other Rules 

February 9, 2022. 

I. Introduction 

On August 6, 2021, Cboe Exchange, 

Inc. (the ‘‘Exchange’’ or ‘‘Cboe 

Options’’) 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 allow all 

complex orders to be quoted and 

executed in $0.01 increments and to 

allow complex orders with any ratio 

equal to or greater than one-to-three and 

less than or equal to three-to-one to 

trade electronically.3 The proposed rule 

change was published for comment in 

the Federal Register on August 25, 

2021.4 The Commission received two 

comment letters regarding the 

proposal.5 Cboe responded to the 

comments on September 23, 2021.6 On 

September 28, 2021, pursuant to Section 

19(b)(2) of the Act,7 the Commission 

designated a longer period within which 

to approve the proposed rule change, 

disapprove the proposed rule change, or 

institute proceedings to determine 

whether to approve or disapprove the 

proposed rule change.8 On November 1, 

2021, the Exchange filed Amendment 

No. 1 to the proposed rule change.9 The 

Commission is publishing this notice to 

solicit comment on Amendment No. 1 

and is approving the proposed rule 

change, as modified by Amendment No. 

1, on an accelerated basis. 

II. Description of the Proposed Rule 

Change, as Modified by Amendment 

No. 1 

Currently, Exchange Rule 5.4 provides 

that, except as provided in Exchange 

Rule 5.33, the minimum increment for 

bids and offers on complex orders with 

any ratio equal to or greater than oneto-three and less than or equal to threeto-one for equity and index options, and 

Index Combo orders, is $0.01 or greater, 

which the Exchange may determine on 

a class-by-class basis, and the legs may 

be executed in $0.01 increments. The 

rule further provides that the minimum 

increment for bids and offers on 

complex orders with any ratio less than 

one-to-three or greater than three-to-one 

for equity and index options (except for 

Index Combo orders) is the standard 

increment for the class pursuant to 

Exchange Rule 5.4(a), and the legs may 

be executed in the minimum increment 

applicable to the class pursuant to 

Exchange Rule 5.4(a).10 The Exchange 

proposes to amend Exchange Rule 5.4(a) 

to allow complex orders with any ratio 

to be quoted in increments of $0.01 or 

greater, as determined by the Exchange 

on a class-by-class basis, and executed 

in $0.01 increments. 

The Exchange states that if complex 

orders cannot be expressed in 

increments smaller than the increment 

for the class (such as $0.05), it may be 

difficult for brokers to obtain the desired 

prices for their customers’ complex 

orders because the parties to a trade 

must perform complicated and timeconsuming calculations to break down 

the orders into the required contract 

quantities and prices to fit within the 

constraint of executing the orders at a 

minimum increment other than $0.01.11

In addition, the Exchange notes that the 

calculation process for larger-ratio 

complex orders is time-consuming 

because these orders generally are 

entered in large quantities with a large 

number of legs.12 As a result, brokers 

executing larger-ratio complex orders on 

active trading days cannot be as efficient 

in representing other customer orders 

they are holding.13 The Exchange states 

that the proposal to allow larger-ratio 

complex orders to be quoted and 

executed in $0.01 increments will 

provide market participants with 

flexibility in pricing their investment 

strategies and allow Trading Permit 

Holders (‘‘TPHs’’) to execute these 

orders more efficiently and at better 

prices for their customers.14

The proposal does not extend the 

complex order priority provisions 

applicable to complex orders with any 

ratio equal to or greater than one-tothree and less than or equal to three-toone to complex orders with any ratio 

less than one-to-three or greater than 

three-to-one.15 To apply to electronic 


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8626 Federal Register / Vol. 87, No. 31 / Tuesday, February 15, 2022 / Notices 

5.85(b)(1) states that a complex order (A) with any 

ratio equal to or greater than one-to-three (.333) and 

less than or equal to three-to-one (3.00) or (B) that 

is an Index Combo order may be executed at a net 

debit or credit price without giving priority to 

equivalent bids (offers) in the individual series legs 

that are represented in the trading crowd or in the 

Book if the price of at least one leg of the order 

improves the corresponding bid (offer) of a Priority 

Customer order(s) in the Book by at least one 

minimum trading increment as set forth in Rule 

5.4(b). Exchange Rule 5.85(b)(2). 

16See Exchange Rule 5.85(b)(2) (stating that a 

complex order with any ratio less than one-to-three 

(.333) and greater than three-to-one (3.00) (except 

for an Index Combo order) may be executed in open 

outcry on the trading floor at a net debit or credit 

price without giving priority to equivalent bids 

(offers) in the individual series legs that are 

represented in the trading crowd or in the Book if 

each leg of the order betters the corresponding bid 

(offer) of a Priority Customer order(s) in the Book 

on each leg by at least one minimum trading 

increment as set forth in Rule 5.4(b)). 

17The Simple Book is the electronic book of 

simple orders and quotes maintained by the 

System, which single book is used during both the 

Regular Trading Hours and Global Trading Hours 

trading sessions. See Exchange Rule 1.1. 

18The BBO is the best bid or offer disseminated 

on the Exchange. 

19Exchange Rule 5.33(f)(2)(A)(v) will continue to 

provide that a complex order that has any ratio 

equal to or greater than one-to-three and less than 

or equal to three-to-one, or an Index Combo order, 

will not execute at a net price that would cause any 

component of the complex strategy to be executed 

at a price ahead of a Priority Customer Order on the 

Simple Book without improving the BBO of at least 

one component of the complex strategy. 

20See Notice, 86 FR at 47530. 

21See Notice, 86 FR at 47531. 

22See id. 

23See id. 

24See id. 

25See Notice, 86 FR at 47529. 

26See id. at n. 6. 

27See Amendment No. 1 at 5. 

28See supra note 5. 

29See Smith Letter. 

30See Exchange Response at 1–2. 

31See id. at 2. 

32 Id. at 3–4. 

33See id. at 2. 

34See BOX Letter at 1. 

35See id. 

36See Exchange Response at 4. 

37See id. at 4–5. See also Amendment No. 1 at 

6–7. 

38 15 U.S.C. 78f(b). In approving this proposed 

rule change, the Commission has considered the 

proposed rule’s impact on efficiency, competition, 

and capital formation. See 15 U.S.C. 78c(f). 

39 15 U.S.C. 78f(b)(5). 

trading the priority provisions that 

currently apply to floor-traded complex 

orders with any ratio less than one-tothree or greater than three-to-one,16 the 

proposal amends Exchange Rule 

5.33(f)(2)(A)(v) to provide that a 

complex order that has any ratio less 

than one-to-three or greater than threeto-one will not execute at a net price 

that would cause any component of the 

complex strategy to be executed at a 

price ahead of a Priority Customer order 

on the Simple Book 17 without 

improving the BBO 18 of each 

component of the complex strategy with 

a Priority Customer order at the BBO.19

As a result, the proposal will allow a 

complex order with any ratio less than 

one-to-three or greater than three-to-one 

to be executed at a net debit or credit 

price only if each leg of the order betters 

the corresponding bid (offer) of a 

Priority Customer order(s) in the Simple 

Book.20

The Exchange asserts that it is 

unlikely that market participants would 

submit orders with any ratio equal to or 

greater than one-to-three and less than 

or equal to three-to-one that is not a 

bona fide trading strategy solely for the 

purpose of trading in $0.01 

increments.21 First, the Exchange states 

that adding an extra leg to a large order 

to be able to improve the book by $0.01 

would be unnecessary because the order 

could be executed in an AIM Auction in 

$0.01 increments.22 Second, the 

Exchange states that it is unlikely that 

other market participants would be 

willing to execute against an order that 

is not a bona fide trading strategy, 

thereby reducing the likelihood that a 

market participant would be able to 

execute such a strategy.23 Third, the 

Exchange notes that these orders would 

be subject to review by the Exchange’s 

regulatory division, which could 

determine that the submission of such 

orders was in violation of the 

Exchange’s rules, including Exchange 

Rule 8.1, which prohibits TPHs from 

engaging in acts or practices 

inconsistent with just and equitable 

principles of trade.24

Currently, the Exchange permits 

complex orders with any ratio less than 

one-to-three or greater than three-to-one 

to trade only on the Exchange’s trading 

floor.25 The Exchange proposes to allow 

these orders to be traded electronically, 

as well as in open outcry.26 The 

Exchange states that electronic trading 

of these larger-ratio complex orders will 

provide investors with additional 

flexibility in executing these orders and 

will increase the investment strategies 

available to investors who prefer to or 

solely trade electronically.27

III. Summary of Comments and 

Exchange’s Response 

The Commission received two 

comment letters regarding the 

proposal.28 One commenter stated that 

the proposal would solely benefit highspeed traders and result in worse prices 

for retail traders due to decreased 

quotes.29

The Exchange stated that the proposal 

is designed to increase the efficiency of 

trading larger-ratio, highly complex 

orders and is not intended to benefit 

high-speed traders.30 The Exchange 

further stated that the proposal has 

minimal relevance to high-speed 

traders, who generally participate in 

listed options trading as market makers 

rather than as brokers conducting 

agency businesses.31 The Exchange 

concluded that the proposal ‘‘will have 

minimal impact on either high-speed 

traders or retail traders (or on the simple 

market), as it is intended to increase the 

efficiency and precision available to 

brokers attempting to execute highly 

complicated yet bona-fide multi-leg 

option strategies on the Exchange, 

which strategies are not common among 

high-speed traders or retail traders.’’ 32

In addition, the Exchange noted that the 

proposal is unrelated to quoting and 

that the increased number of complex 

orders that would be eligible for more 

flexible pricing under the proposal 

could increase the number of complex 

orders entered on the Exchange that 

may leg into the Simple Book, thereby 

increasing execution opportunities for 

resting customer orders.33

Another commenter stated that, 

contrary to statements made in the 

proposal, each component leg of s of a 

multi-leg Qualified Open Outcry Order 

(‘‘QOO’’) on the BOX Exchange LLC’s 

(‘‘BOX’’) trading floor respects the 

minimum trading increment for the 

series (e.g., $0.01, $0.05, $0.10).34 The 

commenter further stated that multi-leg 

QOO Orders do not meet the definition 

of Complex QOO Order and are treated 

like single-leg QOO Orders for purposes 

of execution and priority.35

In its response, the Exchange stated 

that multiple TPHs who are also 

members of BOX informed the Exchange 

that multi-legged orders with ratios 

greater than three-to-one or less than 

one-to-three are executed regularly on 

BOX’s trading floor in penny 

increments.36 The Exchange also 

expressed the view that BOX’s rules 

lack clarity regarding the increments 

applicable to QOO Orders that do not 

satisfy the definition of a complex order 

in BOX Rule 7240(a)(7).37

IV. Discussion and Commission 

Findings 

After careful review, the Commission 

finds that the proposed rule change, as 

modified by Amendment No. 1, is 

consistent with the requirements of the 

Act and the rules and regulations 

thereunder applicable to a national 

securities exchange.38 In particular, the 

Commission finds that the proposed 

rule change is consistent with Section 

6(b)(5) of the Act,39 which requires, 

among other things, that the rules of a 


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Federal Register / Vol. 87, No. 31 / Tuesday, February 15, 2022 / Notices 8627 

40See proposed Exchange Rule 5.33(f)(2)(A)(v). 

This requirement is consistent with Exchange Rule 

5.85(b)(2), which provides that a complex order 

with any ratio less than one-to-three (.333) and 

greater than three-to-one (3.00) (except for an Index 

Combo order) may be executed in open outcry on 

the trading floor at a net debit or credit price 

without giving priority to equivalent bids (offers) in 

the individual series legs that are represented in the 

trading crowd or in the Book if each leg of the order 

betters the corresponding bid (offer) of a Priority 

Customer order(s) in the Book on each leg by at 

least one minimum trading increment as set forth 

in Exchange Rule 5.4(b). 

41See e.g., BOX Rule 7240(c); ISE Rule Options 

3, Section 7(k); and MIAX Rule 518(a)(9). 

42For example, if such an exchange received a 

complex order to buy series A and Series B at a net 

price of $2.13, and there was an order on the 

exchange’s single-leg book to sell series B for $1.05, 

the exchange’s system could generate a legging 

order to sell series A for $1.08. If the quoting and 

trading increment for the class is $0.05, then a 

market participant that entered a single-leg order to 

sell series A would be required to enter its order 

in a pricing increment of $0.05 and would not be 

able to match, or better, the legging order’s price by 

entering its order in a $0.01 increment. 

national securities exchange be 

designed to prevent fraudulent and 

manipulative acts and practices, to 

promote just and equitable principles of 

trade, 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 

not be designed to permit unfair 

discrimination between customers, 

issuers, brokers or dealers. The proposal 

to allow complex orders with a with any 

ratio less than one-to-three or greater 

than three-to-one to be quoted and 

executed in $0.01 increments could 

provide market participants with 

flexibility in pricing these orders and 

allow TPHs to execute their customers’ 

orders in these larger-ratio strategies at 

better prices. The proposal to allow 

complex orders with any ratio less than 

one-to-three or greater than three-to-one 

to trade electronically could provide 

market participants with flexibility in 

executing these orders by providing an 

additional means for trading them. The 

proposal will protect the priority of 

Priority Customer orders resting on the 

Simple Book by requiring each 

component of a complex order with a 

ratio less than one-to-three or greater 

than three-to-one to execute at a price 

that improves the BBO of each 

component of the order with a Priority 

Customer order at the BBO.40

The Commission does not believe that 

the proposal will solely benefit highspeed traders and result in worse prices 

for retail traders due to decreased 

quotes. As noted above, the proposal 

will provide all market participants, 

including retail customers, with greater 

flexibility both in pricing complex 

orders with any ratio less than one-tothree or greater than three-to-one, and in 

executing these orders, which will be 

allowed to trade electronically as well 

as on the Exchange’s floor. With respect 

to the second comment letter, the 

Commission notes that in approving this 

proposal it is not relying on statements 

made in the proposal or in any comment 

letters regarding BOX’s trading floor. 

Finally, unlike the trading systems of 

some options exchanges, Cboe’s trading 

system does not generate legging orders 

on behalf of complex orders. A legging 

order (sometimes called a derived order) 

is an exchange-generated single-leg limit 

order on the exchange’s limit order book 

that represents either the bid or the offer 

of one component of a complex order 

resting on the exchange’s complex order 

book. In general, a legging order is 

generated at a price: (i) That matches or 

improves upon the best displayed bid or 

offer on the exchange’s single-leg limit 

order book; and (ii) at which the net 

price of the complex order can be 

achieved when the other leg is executed 

against the best displayed bid or offer on 

the exchange’s single-leg limit order 

book.41 If an exchange generated legging 

orders in $0.01 increments on behalf of 

complex orders with any ratio less than 

one-to-three or greater than three-to-one 

in a class with a standard trading 

increment of $0.05, a complex order 

priced in a $0.01 increment could 

generate a legging order at a price that 

would not be available to market 

participants trading single-leg orders.42

If an options market that generates 

legging orders in $0.01 increments 

regardless of the trading increment for 

the class wished to allow complex 

orders with a ratio less than one-to-three 

or greater than three-to-one to trade in 

$0.01 increments, the inability of singleleg orders to compete on a level playing 

field with the legging orders generated 

on behalf of these complex orders could 

raise regulatory concerns. 

V. Solicitation of Comments on 

Amendment No. 1 to the Proposed Rule 

Change 

Interested persons are invited to 

submit written data, views, and 

arguments concerning whether 

Amendment No. 1 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– 

CBOE–2021–046 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–CBOE–2021–046. 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–CBOE–2021–046, and 

should be submitted on or before March 

8, 2022. 

VI. Accelerated Approval of Proposed 

Rule Change, as Modified by 

Amendment No. 1 

The Commission finds good cause to 

approve the proposed rule change, as 

modified by Amendment No. 1, prior to 

the thirtieth day after the date of 

publication of notice of the filing of 

Amendment No. 1 in the Federal 

Register. Amendment No. 1 provides 

rationale for allowing complex orders 

with any ratio equal to or greater than 

one-to-three and less than or equal to 

three-to-one to trade electronically. In 

addition, Amendment No. 1 provides 

data indicating that in August 2021, 

fewer than one third of the complex 

orders executed on the Exchange’s 

trading floor had ratios of greater than 

three-to-one, so the significant majority 

of the approximately 25% of total 


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8628 Federal Register / Vol. 87, No. 31 / Tuesday, February 15, 2022 / Notices 

43 15 U.S.C. 78s(b)(2). 

44 15 U.S.C. 78s(b)(2). 

45 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. 92689 

(Aug. 17, 2021), 86 FR 47176. Comments on the 

proposed rule change can be found at: https://

www.sec.gov/comments/sr-cboebzx-2021-052/ 

srcboebzx2021052.htm. 

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

5See Securities Exchange Act Release No. 93174, 

86 FR 55043 (Oct. 5, 2021). The Commission 

designated November 21, 2021, as the date by 

which it should approve, disapprove, or institute 

proceedings to determine whether to disapprove the 

proposed rule change. 

6 15 U.S.C. 78s(b)(2)(B). 

7See Securities Exchange Act Release No. 93608, 

86 FR 67094 (Nov. 24, 2021). 

8 15 U.S.C. 78s(b)(2). 

9See supra note 3 and accompanying text. 

10 15 U.S.C. 78s(b)(2). 11 17 CFR 200.30–3(a)(57). 

executed non-SPX contracts 

(approximately 27% of total executed 

contracts) traded during that time would 

have been eligible to execute in $0.01 

increments. Amendment No. 1 raises no 

novel regulatory issues and provides 

additional analysis that assists the 

Commission in evaluating the 

Exchange’s proposal and determining 

that it is consistent with the Act. 

Accordingly, the Commission finds 

good cause, pursuant to Section 19(b)(2) 

of the Act,43 to approve the proposed 

rule change, as modified by Amendment 

No. 1, on an accelerated basis. 

VII. Conclusion 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act,44 that the 

proposed rule change (SR–CBOE–2021– 

046), as modified by Amendment No. 1, 

is approved on an accelerated basis. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.45

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–03142 Filed 2–14–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94202; File No. SR– 

CboeBZX–2021–052] 

Self-Regulatory Organizations; Cboe 

BZX Exchange, Inc.; Notice of 

Designation of a Longer Period for 

Commission Action on Proceedings To 

Determine Whether To Approve or 

Disapprove a Proposed Rule Change 

To List and Trade Shares of the Global 

X Bitcoin Trust Under BZX Rule 

14.11(e)(4), Commodity-Based Trust 

Shares 

February 9, 2022. 

On August 3, 2021, Cboe BZX 

Exchange, Inc. (‘‘BZX’’ or ‘‘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 list and trade shares of the 

Global X Bitcoin Trust under BZX Rule 

14.11(e)(4), Commodity-Based Trust 

Shares. The proposed rule change was 

published for comment in the Federal 

Register on August 23, 2021.3

On September 29, 2021, pursuant to 

Section 19(b)(2) of the Act,4 the 

Commission designated a longer period 

within which to approve the proposed 

rule change, disapprove the proposed 

rule change, or institute proceedings to 

determine whether to disapprove the 

proposed rule change.5 On November 

18, 2021, the Commission instituted 

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

the Act 6 to determine whether to 

approve or disapprove the proposed 

rule change.7

Section 19(b)(2) of the Act 8 provides 

that, after initiating proceedings, the 

Commission shall issue an order 

approving or disapproving the proposed 

rule change not later than 180 days after 

the date of publication of notice of filing 

of the proposed rule change. The 

Commission may extend the period for 

issuing an order approving or 

disapproving the proposed rule change, 

however, by not more than 60 days if 

the Commission determines that a 

longer period is appropriate and 

publishes the reasons for such 

determination. The proposed rule 

change was published for comment in 

the Federal Register on August 23, 

2021.9 The 180th day after publication 

of the proposed rule change is February 

19, 2022. The Commission is extending 

the time period for approving or 

disapproving the proposed rule change 

for an additional 60 days. 

The Commission finds that it is 

appropriate to designate a longer period 

within which to issue an order 

approving or disapproving the proposed 

rule change so that it has sufficient time 

to consider the proposed rule change 

and the issues raised in the comments 

that have been submitted in connection 

therewith. Accordingly, the 

Commission, pursuant to Section 

19(b)(2) of the Act,10 designates April 

20, 2022, as the date by which the 

Commission shall either approve or 

disapprove the proposed rule change 

(File No. SR–CboeBZX–2021–052). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.11

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–03139 Filed 2–14–22; 8:45 am] 

BILLING CODE 8011–01–P 

SMALL BUSINESS ADMINISTRATION 

[Docket No.: SBA–2021–0012] 

Small Business Size Standards: 

Termination of Nonmanufacturer Rule 

Class Waiver 

AGENCY: U.S. Small Business 

Administration. 

ACTION: Notice of intent to terminate the 

class waiver to the Nonmanufacturer 

Rule. 

SUMMARY: The U.S. Small Business 

Administration (SBA) is considering 

terminating a class waiver of the 

Nonmanufacturer Rule (NMR) for 

Furniture Frames and Parts, Metal, 

Manufacturing under NAICS code 

337215 and PSC 7195; Furniture 

Frames, Wood, Manufacturing under 

NAICS code 337215 and PSC 7195; 

Furniture Parts, Finished Plastics, 

Manufacturing under NAICS code 

33725 and PSC 7195; Furniture, 

Factory-type (e.g., cabinets, stools, tool 

stands, work benches), Manufacturing 

under NAICS code 337127 and PSC 

7110; Furniture, Hospital (e.g., hospital 

beds, operating room furniture) 

Manufacturing under NAICS code 

339113 and PSC 7195; and Furniture, 

Laboratory-type (e.g., benches, cabinets, 

stools, tables) Manufacturing under 

NAICS code 339113 and PSC 7195. 

DATES: Comments and source 

information must be submitted on or 

before 03/09/2022. 

ADDRESSES: You may submit comments 

and source information via the Federal 

Rulemaking Portal at https://

www.regulations.gov under Docket ID 

SBA–2021–0012. If you wish to submit 

confidential business information (CBI) 

as defined in the User Notice at https:// 

www.regulations.gov, please submit the 

information to Carol Hulme, Attorney 

Advisor, Office of Government 

Contracting, U.S. Small Business 

Administration, 409 Third Street SW, 

8th Floor, Washington, DC 20416. 

Highlight the information that you 

consider to be CBI and explain why you 

believe this information should be held 

confidential. SBA will review the 

information and make a final 

determination as to whether the 

information will be published. 


lotter on DSK11XQN23PROD with NOTICES1