Federal Register / Vol. 87, No. 55 / Tuesday, March 22, 2022 / Notices 16277 

14 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3The Exchange initially filed the proposed fee 

changes on January 3, 2022 (SR-CboeBZX–2022– 

001). On March 3, 2022 the Exchange withdrew that 

filing and submitted this proposal. 4The Cboe Aggregated Market (‘‘Cboe One’’) Feed 

is a data feed that contains the aggregate best bid 

and offer of all displayed orders for securities 

traded on the Exchange and its affiliated exchanges 

(i.e., BYX, EDGX, and EDGA). See Exchange Rule 

11.22(j). The Cboe One Feed contains optional 

functionality which enables recipients to receive 

aggregated two-sided quotations from the Cboe 

Equities Exchanges for up to five (5) price levels 

(‘‘Cboe One Premium Feed’’). The Cboe One 

Premium external distribution fee is equal to the 

aggregate BZX Summary Depth, BYX Summary 

Depth, EDGX Summary Depth, and EDGA Summary 

Depth external distribution fees. 

5An External Distributor of an Exchange Market 

Data product is a Distributor that receives the 

Exchange Market Data product and then distributes 

that data to a third party or one or more Users 

outside the Distributor’s own entity. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.14

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–05977 Filed 3–21–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Sunshine Act Meetings 

TIME AND DATE: 2:00 p.m. on Thursday, 

March 24, 2022. 

PLACE: The meeting will be held via 

remote means and/or at the 

Commission’s headquarters, 100 F 

Street NE, Washington, DC 20549. 

STATUS: This meeting will be closed to 

the public. 

MATTERS TO BE CONSIDERED: 

Commissioners, Counsel to the 

Commissioners, the Secretary to the 

Commission, and recording secretaries 

will attend the closed meeting. Certain 

staff members who have an interest in 

the matters also may be present. 

In the event that the time, date, or 

location of this meeting changes, an 

announcement of the change, along with 

the new time, date, and/or place of the 

meeting will be posted on the 

Commission’s website at https://

www.sec.gov. 

The General Counsel of the 

Commission, or his designee, has 

certified that, in his opinion, one or 

more of the exemptions set forth in 5 

U.S.C. 552b(c)(3), (5), (6), (7), (8), 9(B) 

and (10) and 17 CFR 200.402(a)(3), 

(a)(5), (a)(6), (a)(7), (a)(8), (a)(9)(ii) and 

(a)(10), permit consideration of the 

scheduled matters at the closed meeting. 

The subject matter of the closed 

meeting will consist of the following 

topics: 

Institution and settlement of 

injunctive actions; 

Institution and settlement of 

administrative proceedings; 

Resolution of litigation claims; and 

Other matters relating to examinations 

and enforcement proceedings. 

At times, changes in Commission 

priorities require alterations in the 

scheduling of meeting agenda items that 

may consist of adjudicatory, 

examination, litigation, or regulatory 

matters. 

CONTACT PERSON FOR MORE INFORMATION: 

For further information; please contact 

Vanessa A. Countryman from the Office 

of the Secretary at (202) 551–5400. 

(Authority: 5 U.S.C. 552b.) 

Dated: March 17, 2022. 

Vanessa A. Countryman, 

Secretary. 

[FR Doc. 2022–06095 Filed 3–18–22; 11:15 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94432; File No. SR– 

CboeBZX–2022–015] 

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 

March 16, 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 3, 

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, 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 

proposed rule change. The text of these 

statements may be examined at the 

places specified in Item IV below. The 

Exchange has prepared summaries, set 

forth in sections A, B, and C below, of 

the most significant aspects of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to amend the 

Market Data section applicable to its 

equities trading platform (‘‘BZX 

Equities’’). Particularly, the Exchange 

proposes to (i) adopt a New External 

Distributor Credit applicable to Cboe 

One Premium, and (ii) extend the New 

External Distributor Credit applicable to 

BZX Summary Depth Feed from one (1) 

month to three (3) months.3

By way of background, Cboe One 

Premium is a data feed that 

disseminates, on a real-time basis, the 

aggregate best bid and offer (‘‘BBO’’) of 

all displayed orders for securities traded 

on BZX and its affiliated exchanges (i.e., 

Cboe BYX Exchange, Inc. (‘‘BYX’’), Cboe 

EDGX Exchange, Inc. (‘‘EDGX’’), and 

Cboe EDGA Exchange, Inc. (‘‘EDGA’’)) 

and contains optional functionality 

which enables recipients to receive 

aggregated two-sided quotations from 

BZX and its affiliated equities 

exchanges for up to five (5) price levels.4

Currently, the Exchange charges an 

external distribution fee of $12,500 per 

month to External Distributors 5 of Cboe 

One Premium. The Exchange now 

proposes to adopt a New External 

Distributor Credit which provide that 

new External Distributors of the Cboe 

One Premium Feed will not be charged 

an External Distributor Fee for their first 

three (3) months in order to allow them 

to enlist new Users to receive the Cboe 

One Premium Feed. The Exchange 

believes the proposal will incentivize 

External Distributors to enlist new users 

to receive Cboe One Premium. To 


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16278 Federal Register / Vol. 87, No. 55 / Tuesday, March 22, 2022 / Notices 

6See Exchange Rule 11.22(j). 

7The Exchange notes that when it first adopted 

the New External Distributor Credit for Cboe One 

Summary, it similarly applied for a new External 

Distributor’s first three (3) months. See Securities 

Exchange Act Release No. 74285 (February 18, 

2015), 80 FR 9828 (February 24, 2015) (SR–BATS– 

2015–11). 

8See Exchange Rule 11.22(a). 

9 15 U.S.C. 78f. 

10 15 U.S.C. 78f(b)(4). 11 15 U.S.C. 78k–1. 12See 17 CFR 242.603. 

13 15 U.S.C. 78s(b)(3)(A). 

14 17 CFR 240.19b–4(f). 

ensure consistency across the Cboe 

Equity Exchanges, EDGA, EDGX, and 

BYX will be filing companion proposals 

to reflect this proposal in their 

respective fee schedules. 

The Exchange notes that it offers 

similar credits for other market data 

products. For example, the Exchange 

currently offers a one (1) month New 

External Distributor Credit applicable to 

Cboe One Summary,6 which is a data 

feed that disseminates, on a real-time 

basis, the aggregate BBO of all displayed 

orders for securities traded on BZX and 

its affiliated equities exchanges and also 

contains individual last sale information 

for the BZX and its affiliated equities 

exchanges.7 It also offers a New External 

Distributor Credit of one (1) month for 

subscribers of BZX Summary Depth, 

which is a data feed that offers 

aggregated two-sided quotations for all 

displayed orders entered into the 

System for up to five (5) price levels. 

BZX Summary Depth also contains the 

individual last sale information, Market 

Status, Trading Status, and Trade Break 

messages.8 As noted above, the External 

Distribution fees for Cboe One Summary 

is equivalent to the aggregate BZX 

Summary Depth, BYX Summary Depth, 

EDGA Summary Depth, and EDGX 

Summary Depth External Distribution 

fees. In order to alleviate any 

competitive issues that may arise with 

a vendor seeking to offer a product 

similar to the Cboe One Premium Feed 

based on the underlying data feeds, the 

Exchange proposes to also extend the 

current New External Distributor Credit 

for BZX Summary Depth from one (1) 

month to three (3) months and the 

Exchange’s affiliates BYX, EDGA and 

EDGX are also submitting similar 

proposals to increase the length of their 

respective Summary Depth New 

External Distributor Credits from one (1) 

month to three (3) months. The 

respective proposals to extend these 

credits to three months ensures the 

proposed New External Distributor 

Credit for Cboe One Premium will 

continue to not cause the combined cost 

of subscribing to BZX, BYX, EDGA, and 

EDGX Summary Depth feeds for new 

External Distributors to be greater than 

those currently charged to subscribe to 

the Cboe One Premium feed. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

the objectives of Section 6 of the Act,9

in general, and furthers the objectives of 

Section 6(b)(4),10 in particular, as it is 

designed to provide for the equitable 

allocation of reasonable dues, fees and 

other charges among its members and 

other recipients of Exchange data. In 

addition, the Exchange believes that the 

proposed rule change is consistent with 

Section 11(A) of the Act as it supports 

(i) fair competition among brokers and 

dealers, among exchange markets, and 

between exchange markets and markets 

other than exchange markets, and (ii) 

the availability to brokers, dealers, and 

investors of information with respect to 

quotations for and transactions in 

securities.11 Finally, the proposed rule 

change is also consistent with Rule 603 

of Regulation NMS,12 which provides 

that any national securities exchange 

that distributes information with respect 

to quotations for or transactions in an 

NMS stock do so on terms that are not 

unreasonably discriminatory. 

The Exchange believes that adopting 

a New External Distributor Credit for 

Cboe One Premium is equitable and 

reasonable. As discussed above, a 

similar New External Distributor Fee 

Credit was initially adopted at the time 

the Exchange began to offer the Cboe 

One Summary to subscribers. It was 

intended to incentivize new Distributors 

to enlist Users to subscribe to Cboe One 

Summary in an effort to broaden the 

product’s distribution. Now, the 

Exchange proposes to adopt a similar 

credit for Cboe One Premium 

subscribers for their first three (3) 

months to similarly incentivize new 

Distributors to enlist Users to subscribe 

to Cboe One Premium in an effort to 

broaden the product’s distribution. 

While this incentive is not available to 

Internal Distributors of Cboe One 

Premium, the Exchange believes it is 

appropriate as Internal Distributors have 

no subscribers outside of their own firm. 

Furthermore, External Distributors are 

subject to higher risks of launch as the 

data is provided outside their own firm. 

For these reasons, the Exchange believes 

it is appropriate to provide this 

incentive so that External Distributors 

have sufficient time to test the data 

within their own systems prior to going 

live externally. The Exchange believes 

extending the New External Distributor 

Credit for BZX Summary Depth from 

one (1) month to three (3) months is also 

equitable and reasonable, as it (along 

with simultaneous corresponding 

proposals by the Exchange’s affiliates) 

ensures the proposed New External 

Distributor Credit for Cboe One 

Premium will continue to not cause the 

combined cost of subscribing to BZX, 

BYX, EDGA, and EDGX Summary Depth 

feeds for new External Distributors to be 

greater than those currently charged to 

subscribe to the Cboe One Premium 

feed. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change would result 

in any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

Exchange believes that the proposed 

fees do not put any market participants 

at a relative disadvantage compared to 

other market participants. As discussed, 

the proposed credits would apply to all 

External Distributors Cboe One 

Premium and BZX Depth on an equal 

and non-discriminatory basis. Further, 

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. Other 

exchanges are free to adopt a similar 

waiver if they choose. As discussed 

above, the proposed amendments are 

designed to enhance competition by 

providing an incentive to new 

Distributors to enlist new subscribers. 

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 13 and paragraph (f) of Rule 

19b–4 14 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 


lotter on DSK11XQN23PROD with NOTICES1
Federal Register / Vol. 87, No. 55 / Tuesday, March 22, 2022 / Notices 16279 

15 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. 94076 

(January 27, 2022), 87 FR 5926 (‘‘Notice’’). 

4See Nasdaq Equity 4, Rule (‘‘Rule’’) 4702(b)(14). 

5See id. 

6See Nasdaq Rule 4702(b)(15). 

7See id. 

8See Nasdaq Rule 4702(b)(14)(B), (b)(15). An 

order with a TIF of IOC is one that is designated 

to deactivate immediately after determining 

whether the order is marketable. See Nasdaq Rule 

4703(a)(1). 

9See proposed Nasdaq Rule 4702(b)(14)(B). 

Because Nasdaq Rule 4702(b)(15) incorporates by 

reference the M–ELO characteristics and attributes 

set forth in Nasdaq Rule 4702(b)(14), the proposed 

rule change would also allow M–ELO+CBs to be 

entered with a TIF of IOC. 

10See proposed Nasdaq Rule 4702(b)(14)(B). 

11See id. 

12See id.; Notice, supra note 3, at 5928. 

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– 

CboeBZX–2022–015 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–CboeBZX–2022–015. 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–CboeBZX–2022–015 and 

should be submitted on or before April 

12, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.15

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–05982 Filed 3–21–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94431; File No. SR– 

NASDAQ–2022–006] 

Self-Regulatory Organizations; The 

Nasdaq Stock Market LLC; Order 

Approving Proposed Rule Change To 

Enable Exchange Participants To Enter 

Midpoint Extended Life Orders and M– 

ELO Plus Continuous Book Orders 

With an Immediate-or-Cancel Time-inForce Instruction 

March 16, 2022. 

I. Introduction 

On January 19, 2022, The Nasdaq 

Stock Market LLC (‘‘Exchange’’ or 

‘‘Nasdaq’’) 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 enable 

Exchange participants to enter Midpoint 

Extended Life Orders (‘‘M–ELOs’’) and 

M–ELO Plus Continuous Book Orders 

(‘‘M–ELO+CBs’’) with an immediate-orcancel (‘‘IOC’’) Time-in-Force (‘‘TIF’’) 

instruction. The proposed rule change 

was published for comment in the 

Federal Register on February 2, 2022.3

The Commission has not received any 

comment letters on the proposed rule 

change. This order approves the 

proposed rule change. 

II. Description of the Proposal 

M–ELO is an order type with a nondisplay order attribute that is priced at 

the midpoint between the national best 

bid and national best offer (‘‘NBBO’’) 

and that will not be eligible to execute 

until a holding period of 10 

milliseconds (‘‘Holding Period’’) has 

passed after acceptance of the order by 

the Exchange system.4 Once a M–ELO 

becomes eligible to execute, the order 

may only execute against other eligible 

M–ELOs and M–ELO+CBs.5

M–ELO+CB is an order type that has 

all of the characteristics and attributes 

of a M–ELO, except that after satisfying 

its Holding Period, in addition to 

executing against other eligible M– 

ELO+CBs and M–ELOs, it may also 

execute against certain orders on the 

Exchange’s continuous book.6

Specifically, a M–ELO+CB may also 

execute against non-displayed orders 

with midpoint pegging and midpoint 

peg post-only orders (collectively, 

‘‘Midpoint Orders’’) resting on the 

Exchange’s continuous book, if: (1) The 

Midpoint Order has the midpoint trade 

now order attribute enabled; (2) the 

Midpoint Order has rested on the 

continuous book for at least 10 

milliseconds after the NBBO midpoint 

falls within the limit price set by the 

participant; (3) no other order is resting 

on the continuous book that has a more 

aggressive price than the current NBBO 

midpoint; and (4) the Midpoint Order 

satisfies any minimum quantity 

requirement of the M–ELO+CB.7

Currently, M–ELOs and M–ELO+CBs 

may not be entered with a TIF of IOC.8

The Exchange now proposes to amend 

Nasdaq Rule 4702(b)(14) to enable 

Exchange participants to enter M–ELOs 

and M–ELO+CBs with an IOC 

instruction.9 As proposed, if a M–ELO 

or M–ELO+CB is entered with a TIF of 

IOC, it would execute against eligible 

resting interest immediately upon the 

expiration of the Holding Period.10 If no 

eligible resting interest is available, or 

shares of the order remain unexecuted 

after trading against available eligible 

resting interest, then the system would 

automatically cancel the order or the 

remaining shares of the order, as 

applicable.11 If the order is ineligible to 

begin the Holding Period upon entry 

(i.e., the NBBO is crossed at the time of 

order entry, there is no NBB or NBO at 

the time of order entry, or the order is 

entered with a limit price that is not at 

or better than the NBBO midpoint), then 

the system would cancel the order 

immediately.12

As proposed, M–ELOs and M– 

ELO+CBs with a TIF of IOC would be 

subject to real-time surveillance to 

determine if they are being abused by 


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