16808 Federal Register / Vol. 87, No. 57 / Thursday, March 24, 2022 / Notices 

24 For purposes only of waiving the 30-day 

operative delay, the Commission has also 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

15 U.S.C. 78c(f). 

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. 93171 

(Sept. 29, 2021), 86 FR 55073. Comments on the 

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

www.sec.gov/comments/sr-nysearca-2021-67/ 

srnysearca202167.htm. 

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

5See Securities Exchange Act Release No. 93553, 

86 FR 64276 (Nov. 17, 2021). 

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

7See Securities Exchange Act Release No. 93840, 

86 FR 73826 (Dec. 28, 2021). 

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

9See supra note 3. 

10 15 U.S.C. 78s(b)(2). 

Extending the Pilot Rules’ effectiveness 

to the close of business on April 18, 

2022 will extend the protections 

provided by the Pilot Rules, which 

would otherwise expire in less than 30 

days. Waiver of the operative delay 

would therefore permit uninterrupted 

continuation of the MWCB pilot while 

the Commission reviews the NYSE’s 

proposed rule change to make the Pilot 

Rules permanent. Therefore, the 

Commission hereby waives the 30-day 

operative delay and designates the 

proposed rule change as operative upon 

filing.24

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–2022–019 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–2022–019. 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– 

019 and should be submitted on or 

before April 14, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.25

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–06183 Filed 3–23–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94475; File No. SR– 

NYSEArca–2021–67] 

Self-Regulatory Organizations; NYSE 

Arca, 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 One River Carbon Neutral 

Bitcoin Trust Under NYSE Arca Rule 

8.201–E 

March 18, 2022. 

On September 20, 2021, NYSE Arca, 

Inc. (‘‘NYSE Arca’’) 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 One River 

Carbon Neutral Bitcoin Trust under 

NYSE Arca Rule 8.201–E (CommodityBased Trust Shares). The proposed rule 

change was published for comment in 

the Federal Register on October 5, 

2021.3

On November 10, 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 December 

21, 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 October 5, 

2021.9 The 180th day after publication 

of the proposed rule change is April 3, 

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 June 2, 

2022, as the date by which the 

Commission shall either approve or 

disapprove the proposed rule change 

(File No. SR–NYSEArca–2021–67). 


khammond on DSKJM1Z7X2PROD with NOTICES
Federal Register / Vol. 87, No. 57 / Thursday, March 24, 2022 / Notices 16809 

11 17 CFR 200.30–3(a)(57). 

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

2 17 CFR 240.19b–4. 

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

4 17 CFR 240.19b–4(f)(6). 

5 See Securities Exchange Act Release No. 67091 

(May 31, 2012), 77 FR 33498 (June 6, 2012). The 

LULD Plan provides a mechanism to address 

extraordinary market volatility in individual 

securities. 

6 See Securities Exchange Act Release No. 85623 

(April 11, 2019), 84 FR 16086 (April 17, 2019). 

7 See Securities Exchange Act Release No. 85689 

(April 18, 2019), 84 FR 17217 (April 24, 2019) (SR– 

CboeBZX–2019–028). 

8 See Securities Exchange Act Release No. 87336 

(October 17, 2019), 84 FR 56868 (October 23, 2019) 

(SR–CboeBZX–2019–088). 

9 See Securities Exchange Act Release No. 90126 

(October 8, 2020), 85 FR 65119 (October 14, 2020) 

(SR–CboeBZX–2020–074). 

10 See Securities Exchange Act Release No. 93365 

(October 15, 2021) 86 FR 58342 (October 21, 2022) 

(SR–CboeBZX–2021–071). 

11 See Securities Exchange Act Release No. 67090 

(May 31, 2012), 77 FR 33531 (June 6, 2012) (SR– 

BATS–2011–038; SR–BYX–2011–025; SR–BX– 

2011–068; SR–CBOE–2011–087; SR–C2–2011–024; 

SR–CHX–2011–30; SR–EDGA–2011–31; SR–EDGX– 

2011–30; SR–FINRA–2011–054; SR–ISE–2011–61; 

SR–NASDAQ–2011–131; SR–NSX–2011–11; SR– 

NYSE–2011–48; SR–NYSEAmex–2011–73; SR– 

NYSEArca–2011–68; SR–Phlx–2011–129) (‘‘MWCB 

Approval Order’’). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.11

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–06194 Filed 3–23–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94464; File No. SR– 

CboeBZX–2022–023] 

Self-Regulatory Organizations; Cboe 

BZX Exchange, Inc.; Notice of Filing 

and Immediate Effectiveness of a 

Proposed Rule Change To Extend the 

Pilot Related to the Market-Wide 

Circuit Breaker in Rule 11.18 to April 

18, 2022 

March 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 March 17, 

2022, Cboe BZX Exchange, Inc. (the 

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

Securities and Exchange Commission 

(the ‘‘Commission’’) the proposed rule 

change as described in Items I and II 

below, which Items have been prepared 

by the Exchange. The Exchange filed the 

proposal as a ‘‘non-controversial’’ 

proposed rule change pursuant to 

Section 19(b)(3)(A)(iii) of the Act 3 and 

Rule 19b–4(f)(6) thereunder.4 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 proposal to 

extend the pilot related to the marketwide circuit breaker in Rule 11.18 to 

April 18, 2022. 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 

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 

BZX Rules 11.18(a) through (d), (f) 

and (g) describe the methodology for 

determining when to halt trading in all 

stocks due to extraordinary market 

volatility, i.e., market-wide circuit 

breakers. The market-wide circuit 

breaker (‘‘MWCB’’) mechanism was 

approved by the Commission to operate 

on a pilot basis, the term of which was 

to coincide with the pilot period for the 

Plan to Address Extraordinary Market 

Volatility Pursuant to Rule 608 of 

Regulation NMS (the ‘‘LULD Plan’’),5

including any extensions to the pilot 

period for the LULD Plan. In April 2019, 

the Commission approved an 

amendment to the LULD Plan for it to 

operate on a permanent, rather than 

pilot, basis.6 In light of the proposal to 

make the LULD Plan permanent, the 

Exchange amended Rule 11.18 to untie 

the pilot’s effectiveness from that of the 

LULD Plan and to extend the pilot’s 

effectiveness to the close of business on 

October 18, 2019.7 The Exchange 

subsequently amended Rule 11.18 to 

extend the pilot’s effectiveness to 

October 18, 2020,8 October 18, 2021,9

and March 18, 2022.10 The Exchange 

now proposes to amend Rule 11.18 to 

extend the pilot to the close of business 

on April 18, 2022. This filing does not 

propose any substantive or additional 

changes to Rule 11.18. 

The market-wide circuit breaker 

under Rule 11.18 provides an important, 

automatic mechanism that is invoked to 

promote stability and investor 

confidence during a period of 

significant stress when securities 

markets experience extreme broad-based 

declines. All U.S. equity exchanges and 

FINRA adopted uniform rules on a pilot 

basis relating to market-wide circuit 

breakers in 2012 (‘‘MWCB Rules’’), 

which are designed to slow the effects 

of extreme price movement through 

coordinated trading halts across 

securities markets when severe price 

declines reach levels that may exhaust 

market liquidity.11 Market-wide circuit 

breakers provide for trading halts in all 

equities and options markets during a 

severe market decline as measured by a 

single-day decline in the S&P 500 Index. 

Pursuant to Rule 11.18, a market-wide 

trading halt will be triggered if the S&P 

500 Index declines in price by specified 

percentages from the prior day’s closing 

price of that index. Currently, the 

triggers are set at three circuit breaker 

thresholds: 7% (Level 1), 13% (Level 2), 

and 20% (Level 3). A market decline 

that triggers a Level 1 or Level 2 halt 

after 9:30 a.m. ET and before 3:25 p.m. 

ET would halt market-wide trading for 

15 minutes, while a similar market 

decline at or after 3:25 p.m. ET would 

not halt market-wide trading. A market 

decline that triggers a Level 3 halt, at 

any time during the trading day, would 

halt market-wide trading for the 

remainder of the trading day. 

In the Spring of 2020, at the outset of 

the worldwide COVID–19 pandemic, 

U.S. equities markets experienced four 

MWCB Level 1 halts, on March 9, 12, 

16, and 18, 2020. In each instance, the 

markets halted as intended upon a 7% 

drop in the S&P 500 Index, and resumed 

as intended 15 minutes later. 

In response to these events, the 

previously-convened MWCB Taskforce 

(‘‘Taskforce’’) reviewed the March 2020 

halts and considered whether any 

immediate changes to the MWCB 

mechanism should be made. The 

Taskforce, consisting of representatives 

from equities exchanges, futures 


khammond on DSKJM1Z7X2PROD with NOTICES