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[Federal Register Volume 89, Number 232 (Tuesday, December 3, 2024)]
[Notices]
[Pages 95846-95851]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-28342]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-101774; File No. SR-C2-2024-021]

Self-Regulatory Organizations; Cboe C2 Exchange, Inc.; Notice of 
Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt 
New Functionality Relating to the Processing of Auction Responses

November 27, 2024.
    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 November 18, 2024, Cboe C2 Exchange, Inc. (the ``Exchange'' or 
``C2'') filed with the

[[Page 95847]]

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.
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    \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).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    Cboe C2 Exchange, Inc. (the ``Exchange'' or ``C2'') proposes to 
adopt new functionality relating to the processing of auction 
responses. 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 (https://markets.cboe.com/us/options/regulation/rule_filings/ctwo/), 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 currently offers an auction mechanism which provides 
price improvement opportunities for eligible orders. Particularly, the 
Exchange offers the Complex Order Auction (``COA'').\5\ The Exchange 
notes that eligible orders (``auctioned order'') are electronically 
exposed for an Exchange-determined period (referred to herein as 
``auction response period'') in accordance with the applicable Exchange 
Rule, during which time Users may submit responses (referred to herein 
as ``auction responses'' or ``auction response messages'') to an 
auction message. An auction response may only execute in the auction 
and is cancelled if it does not execute during an auction. If an 
auction response is unable to be processed by the System during the 
auction response period, that auction response is unable to receive any 
execution opportunity or provide liquidity (and possible price 
improvement) on the Exchange.\6\
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    \5\ See Rule 5.33(d).
    \6\ The Exchange notes that its review of auction responses 
during August 2024 indicated that approximately 0.19% of auction 
responses had no opportunity to execute in their respective 
auctions, notwithstanding being submitted within the auction 
response period.
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    By way of further background, Trading Permit Holders (``TPHs'') may 
submit auction responses via logical port connectivity.\7\ Each logical 
port corresponds to a single running order handler application.\8\ Each 
order handler application processes the messages it receives from the 
connected TPH. This processing includes determining whether the message 
contains the required information to enter the System and where to send 
that message within the System (i.e., to which matching engine). 
Messages are sent from an order handler application to a matching 
engine via User Datagram Protocol (``UDP''). The Exchange has multiple 
matching engines, each of which controls the book for one or more 
classes of options listed for trading on the Exchange. The Exchange may 
run multiple matching engine applications on a single server. Once at a 
matching engine, the message is received at a server Network Interface 
Card (``NIC''), which timestamps each message upon arrival and places 
it in a queue. Currently, each matching engine processes all messages 
it receives from a single queue from the NIC and prioritizes the 
processing of all message traffic, including auction responses, in the 
order in which the NIC received each message (i.e., in time priority).
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    \7\ A User connects to the Exchange using a logical port 
available through an API, such as the industry-standard FIX or BOE 
protocol. Logical ports represent a technical port established by 
the Exchange within the Exchange's trading system for the delivery 
and/or receipt of trading messages, including orders, cancels, and 
auction responses.
    \8\ The Exchange has numerous order handlers and uses an 
algorithm to determine at random which ports connect to which order 
handlers This algorithm attempts to spread out a single TPH's ports 
across order handlers as well as balance the number of ports that 
connect to a single order handler.
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    Auction response messages historically have waited in the same 
queue as all other order and quote message traffic. As such, if an 
auction response is submitted at a time where there is a deep queue of 
other message traffic such as mass cancellation messages or other 
orders and quotes, it is possible that the auction response may not be 
``processed'' by the System in sufficient time (i.e., prior to the end 
of the auction response period).\9\ Particularly, the queued auction 
response may not be able to participate in the applicable auction 
mechanism because the System had unprocessed (queued) messages at the 
time of the auction execution despite the fact that the User submitted 
the auction response prior to the end of the auction response period. 
Auctioned orders may therefore be missing out on potential price 
improvement that may have otherwise resulted if queued timely auction 
response(s) were able to participate in the auction.
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    \9\ For example, it currently takes the Exchange's system an 
approximate average of 13 microseconds to process a single order/
quote or auction response message and, on average, approximately 35 
microseconds to process a mass cancel message. As such, under the 
current system, an auction response that is entered after a mass 
cancel message is more likely to be detrimentally delayed as 
compared to a mass cancel message that is entered after an auction 
response (i.e., a 35 microsecond ``wait time'' versus a 13 
microsecond ``wait time'').
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    The Exchange proposes to adopt new functionality under Rule 5.25, 
new subparagraph (c), which would apply to the Exchange's auction 
mechanism (i.e., COA) to increase the likelihood that timely submitted 
auction responses may participate in the auction, even during periods 
of high message traffic. Under the proposed functionality, at the time 
an auction response period ends, the System will continue to process 
its inbound queue for any messages that were received by the System 
before the end of the auction period (including auction messages) for 
up to an Exchange-determined period of time, not to exceed 100 
milliseconds (which the Exchange may determine on a class-by-class 
basis which would apply to all auction mechanisms and which would be 
announced with reasonable advanced notice via Exchange Notice). That 
is, any auction responses that were in the queue before the conclusion 
of the auction (as identified by the NIC timestamp on the message) 
would be processed as long as the Exchange-determined time on a class-
by-class basis (not to exceed 100 milliseconds) is not exceeded. Only 
auction messages received prior to the execution of the applicable 
auction are eligible to be processed for that auction. The applicable 
auction will execute once all messages, including auction responses, 
received before the end time of the auction response period have been 
processed or the Exchange-determined

[[Page 95848]]

maximum time limit of up to 100 milliseconds has elapsed, whichever 
occurs first. This continuation of processing the queue for an 
additional amount of time for messages that were received before the 
end of the auction allows for auction responses that would otherwise 
have been canceled due to the conclusion of the auction response period 
to still have an opportunity to participate in the auction. This 
provides such responses with increased opportunities to participate in 
the auction, even during periods of high message traffic, thereby 
potentially providing customers with additional opportunities for price 
improvement, while still providing a processing cut off time to ensure 
auction executions aren't unduly delayed.
    By way of an example, if an auction with an auction response period 
set to 100 milliseconds were to start at 9:00:00 a.m., only auction 
responses that were able to be processed by the System by the 
conclusion of the auction at 9:00:100 would participate in the auction. 
Accordingly, if, for example, an auction response that was submitted at 
9:00:090 (within the auction time response period), is still in the 
message queue at 9:00:100, that response under the current System 
functionality would be canceled and not eligible to participate in the 
auction. Under the proposal, at 9:00:100, because the System continues 
to process all messages timestamped before 9:00:100, that same auction 
response submitted at 9:00:090 would not automatically be canceled but 
rather included in the auction as long as it was able to be processed 
within an additional 50 milliseconds, which is the additional 
processing time set by the Exchange and announced to market 
participants with reasonable advance notice via Exchange Notice for 
that class in this example. Once that auction response is up for 
processing (because the System processes messages sequentially in time 
order sequence), the response will be able to participate in the 
auction so long as it's processed by 9:00:150, notwithstanding such 
processing would occur after the 100-millisecond auction response 
period has concluded. Any auction responses for the pending auction 
that are still pending after the execution of the auction would be 
canceled.\10\ The Exchange notes that using the same example, if an 
auction response was submitted at 9:00:120, it would not be eligible 
for processing because the timestamp would identify it as being 
submitted outside the auction response period which was otherwise set 
to conclude at 9:00:100.
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    \10\ If, for example, the System processed all messages received 
before 9:00:100 by 9:00:110, then the auction would execute at 
9:00:110 (i.e., the System does not need to wait until 9:00:150 to 
execute an auction if all messages submitted prior to the end time 
of the auction have been processed).
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    The Exchange believes the proposed rule change will result in 
increased execution opportunities for liquidity providers that submit 
auction responses and enhance the potential for price improvement for 
orders submitted to COA to the benefit of investors and public 
interest. Indeed, the Exchange believes the proposed functionality will 
increase the possibility that timely submitted auction responses are 
processed by the Exchange and have an opportunity for execution in the 
Exchange's auction mechanism, even if there is a deep pending message 
queue. The Exchange believes the proposed maximum amount of additional 
time for processing (i.e., 100 milliseconds) is both an adequate amount 
of time to provide pending auction responses with such execution 
opportunity, but also an amount minimal enough that impact to other 
message traffic, if any, would be de minimis. The Exchange also notes 
that it previously discussed the proposed maximum amount with market 
participants who indicated that 100 milliseconds was acceptable to 
them. The Exchange anticipates that in the vast majority of cases, the 
additional time needed after the conclusion of auction response period, 
if any, to process all pending auction responses will be shorter than 
the maximum 100 milliseconds. To the extent the Exchange determines a 
lesser amount of time would be sufficient, the Exchange could implement 
an additional amount of time for processing auction responses that is 
less than 100 milliseconds, which time would be announced with 
reasonable advance notice to market participants via Exchange Notice. 
Additionally, all message traffic (including auction responses) will 
continue to be processed in time-priority.
    The Exchange also believes the proposal will continue to allow the 
Exchange to set the auction response period to an amount of time that 
provides TPHs submitting responses with sufficient time to respond to, 
compete for, and provide price improvement for orders, but also 
continues to provide auctioned orders with quick executions that may 
reduce market and execution risk. Further, the Exchange believes some 
market participants choose to submit auction responses towards the end 
of an auction response period to better ensure the response is at a 
price that the market participant is willing to trade given the market 
at the time the auction response period concludes. As such, merely 
extending the auction response period in each auction would not itself 
prevent auction responses from continuing to miss the auction 
notwithstanding being timely submitted.
    Moreover, the Exchange notes that it recently adopted the same 
functionality on its affiliated exchanges, Cboe Exchange, Inc (``Cboe 
Options'') and Cboe EDGX Exchange, Inc. (``EDGX Options'').\11\
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    \11\ See Securities Exchange Act Release No. 97738 (June 15, 
2023) 88 FR 40878 (June 22, 2023) (SR-CBOE-2022-051) (Order Granting 
Accelerated Approval of Proposed Rule Change as Modified by 
Amendment Nos. 1 and 2 Relating to the Processing of Auction 
Responses). See also Securities Exchange Act Release No. 101434 
(October 25, 2024) 89 FR 86856 (October 31, 2024) (SR-CboeEDGX-2024-
067).
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Implementation
    The Exchange will announce via Exchange Notice the implementation 
date of implement the proposed rule change, which shall be no later 
than 60 days after the operative date of this rule filing.
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.\12\ Specifically, the 
Exchange believes the proposed rule change is consistent with the 
Section 6(b)(5) \13\ requirements that the rules of an exchange be 
designed to prevent fraudulent and manipulative acts and practices, to 
promote just and equitable principles of trade, to foster cooperation 
and coordination with persons engaged in regulating, clearing, 
settling, processing information with respect to, and facilitating 
transactions in securities, 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. Additionally, 
the Exchange believes the proposed rule change is consistent with the 
Section 6(b)(5) \14\ requirement that the rules of an exchange not be 
designed to permit unfair discrimination between customers, issuers, 
brokers, or dealers.
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    \12\ 15 U.S.C. 78f(b).
    \13\ 15 U.S.C. 78f(b)(5).
    \14\ Id.
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    In particular, the Exchange believes modifying its System to allow 
it to potentially process more, if not all, timely submitted auction 
responses may provide further opportunities for auctioned orders to 
receive price

[[Page 95849]]

improvement, which removes impediments to a free and open market and 
ultimately protects and benefits investors. In particular, the proposed 
rule change will continue to provide investors with timely processing 
of their options quote and order messages, while providing investors 
who submit auction orders with additional auction liquidity. Indeed, 
the proposed rule change may allow more investors additional 
opportunities to receive price improvement through an auction 
mechanism. Additionally, because the proposed functionality may provide 
liquidity providers that submit auction responses with additional 
execution opportunities in auctions, the Exchange believes they may be 
further encouraged to submit more auction responses, which may 
contribute to a deeper, more liquid auction process that provides 
investors with additional price improvement opportunities.
    The Exchange believes the proposed rule change will result in 
increased execution opportunities for liquidity providers that submit 
auction responses and enhance the potential for price improvement for 
orders submitted to each mechanism to the benefit of investors and 
public interest. As described above, the Exchange believes the proposed 
functionality will increase the possibility that timely submitted 
auction responses are processed by the Exchange and have an opportunity 
for execution in the Exchange's auction mechanism, even if there is a 
deep pending message queue. The Exchange believes the proposed maximum 
amount of additional time for processing (i.e., 100 milliseconds) is 
both an adequate amount of time to provide pending auction responses 
with such execution opportunity, but also an amount minimal enough that 
impact to other message traffic, if any, would be de minimis. The 
Exchange also discussed the proposed maximum amount of time with market 
participants who indicated that 100 milliseconds was acceptable to 
them. As represented above, the Exchange anticipates that in the vast 
majority of cases, the additional time needed after the conclusion of 
auction response period, if any, to process all pending auction 
responses will be shorter than the maximum 100 milliseconds. To the 
extent the Exchange determines a lesser amount of time would be 
sufficient, the Exchange could implement an additional amount of time 
for processing auction responses that is less than 100 milliseconds, 
which time would be announced with reasonable advance notice to market 
participants via Exchange Notice. Additionally, all message traffic 
(including auction responses) will continue to be processed in time-
priority.
    While the Exchange may increase the length of the auction response 
period to accommodate more auction responses, the Exchange believes the 
proposed functionality better addresses the issue of missed auction 
responses. Particularly, the Exchange believes the proposed rule change 
will accommodate more auction responses while also mitigating market 
risk that may accompany a longer auction period by setting the length 
of an auction response period to a timeframe that allows an adequate 
amount of time for TPHs to respond to an auction message and provides 
the auctioned order with fast executions. Additionally, the Exchange 
believes TPHs may wait until the end of an auction response period 
regardless of how long the Exchange sets it to in order to ensure they 
are comfortable with the price the response may execute at the 
conclusion of such auction. As such, extending the auction response 
period in each auction would not itself prevent auction responses from 
continuing to miss the auction notwithstanding being timely submitted.
    The Exchange believes adopting the proposed functionality for 
auction responses would also better provide customers with additional 
opportunities for price improvements with little to no impact to non-
auction response message traffic. Currently, auction responses account 
for an incredibly small fraction of message traffic submitted to the 
Exchange. Indeed, based on the Exchange's analysis in August 2024, 
auction response messages accounted for a mere 0.07% of all message 
traffic submitted to the Exchange. The Exchange believe the processing 
of such a small amount of message traffic, even after the conclusion of 
an auction response period, would therefore have de minimis, if any, 
impact on the processing of non-auction response messages waiting in 
the queue. The Exchange also notes that all messages are currently 
processed one at a time by the System. Therefore, the System still 
needs to ``process'' all pending auction responses, regardless of 
whether that processing involves canceling the pending auction response 
because it wasn't processed in time to participate in the auction or 
actually processing the response to participate in the auction. Either 
way, the non-auction response messages will still have to wait for 
processing of any pending responses ahead of it. Conversely, the 
current system may cause investors to miss out on opportunities to 
receive price improvement through the Exchange's auction mechanism as 
the System is configured to cancel pending auction responses that 
``miss'' the auction execution, even if such responses were timely 
submitted but not processed due to the System being otherwise occupied 
processing messages in queue ahead of it. The Exchange therefore 
believes its proposal will make it more likely that the System 
processes timely submitted auction responses and includes them in its 
auction mechanism, thus providing them with more opportunities to 
execute against auctioned orders, even during periods of high message 
traffic.
    The Exchange believes the proposed rule change is not designed to 
permit unfair discrimination between market participants as all market 
participants are allowed to submit auction responses. Additionally, the 
Exchange believes it's reasonable to adopt the proposed functionality 
for auction responses as compared to other messages because auction 
responses are submitted only for the purpose of executing (and possibly 
providing price improvement) in auctions with short durations, whereas 
other messages are generally submitted to rest in or execute against 
the book (and generally not used to submit liquidity into auctions). As 
discussed above, the Exchange believes the benefits that result from 
the adoption of the proposed functionality for auction responses would 
outweigh any potential negative impact to other message traffic, 
including customer orders, which have an incredibly low chance of being 
affected by the proposed change as discussed above and which continue 
to receive priority allocation in any event.

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 that is not necessary or appropriate 
in furtherance of the purposes of the Act. The Exchange does not 
believe that the proposed changes will impose any burden on intra-
market competition that is not necessary or appropriate in furtherance 
of the purposes of the Act, as the proposed rule change would apply 
equally to all TPHs that submit auction responses. As noted above, all 
market participants are able to submit auction responses. Additionally, 
the Exchange believes the adoption of the proposed functionality for 
auction responses would have little to no impact on non-auction 
response message traffic. As discussed, auction response messages 
account for an incredibly

[[Page 95850]]

small fraction of message traffic submitted to the Exchange. The 
Exchange therefore believes the processing of such a small amount of 
message traffic by using the functionality would have a de minimis, if 
any, impact on the processing of non-auction response messages. 
Moreover, the Exchange believes it's reasonable to adopt the proposed 
functionality for auction responses as compared to other messages 
because auction responses are submitted only for the purpose of 
executing (and possibly providing price improvement) in auctions with 
short durations, whereas other messages are generally submitted to rest 
in or execute against the book (and generally not used to submit 
liquidity into auctions). Lastly, the Exchange does not believe the 
proposed rule change will impose any burden on inter-market competition 
that is not necessary or appropriate in furtherance of the purposes of 
the Act, as the proposed change affects how the System processes 
auction responses that may only participate in auctions that occur on 
the Exchange.

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 Exchange designates that the proposed rule change effects a 
change that (i) does not significantly affect the protection of 
investors or the public interest; (ii) does not impose any significant 
burden on competition; and (iii) by its terms, does not become 
operative for 30 days after the date of the filing, or such shorter 
time as the Commission may designate if consistent with the protection 
of investors and the public interest. Additionally, the Exchange has 
given the Commission written notice of its intent to file the proposed 
rule change, along with a brief description and text of the proposed 
rule change, at least five business days prior to the date of filing of 
the proposed rule change, or such shorter time as designated by the 
Commission.
    As described above, the Exchange has observed a number of auction 
responses missing opportunities to execute auctions, notwithstanding 
being timely submitted within the auction response period. The Exchange 
believes adopting the proposed functionality for auction responses 
would better provide market participants with additional opportunities 
for price improvements with very little, if any, impact to non-auction 
response message traffic, thereby removing impediments to a free and 
open market and ultimately protecting and benefiting investors. 
Additionally, because the proposed functionality may provide liquidity 
providers that submit auction responses with additional execution 
opportunities in auctions, the Exchange believes they may be further 
encouraged to submit more auction responses, which may contribute to a 
deeper, more liquid auction process that provides investors with 
additional price improvement opportunities.
    The Exchange also believes the proposed rule change does not impose 
any significant burden on competition, as the proposed functionality 
would apply equally to all TPHs that submit auction responses and as 
the proposed change only affects how the Exchange's System processes 
auction responses that participate in auctions that occur only on the 
Exchange.
    Finally, the Exchange does not believe the proposed functionality 
raises any novel legal or regulatory issues as the Exchange's affiliate 
Cboe Options currently maintains the same timestamping functionality, 
which was reviewed and approved by the Commission prior to its 
implementation and the same functionality was recently adopted on the 
Exchange's affiliate and EDGX Options, which was also reviewed by the 
Commission.\15\
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    \15\ Supra note 11.
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    For the foregoing reasons, this rule filing qualifies as a ``non-
controversial'' rule change under Rule 19b-4(f)(6), which renders the 
proposed rule change effective upon filing with the Commission. At any 
time within 60 days of the filing of this 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. The 
Exchange respectfully requests that the Commission waive the 30-day 
operative delay period after which a proposed rule change under Rule 
19b-4(f)(6) becomes effective. The Exchange believes waiver of the 
operative delay will benefit investors because it will permit the 
proposed rule change to be operative as soon as practicable. As 
previously noted, the Exchange's affiliate, Cboe Options recently 
received Commission approval of a substantively identical functionality 
and the Exchange's affiliate EDGX Options also recently adopted the 
same functionality.\16\ Moreover, no comments to either of those 
filings were submitted during the respective public comment periods. 
Therefore, given that the Commission has noticed for public comment 
substantively identical filings and received no comments to such 
filings, the Exchange believes an operative delay is not necessary for 
this filing. Additionally, waiver of the operative delay will permit 
the Exchange to implement the proposed functionality as soon as 
possible, which will benefit investors as the System will potentially 
process more, if not all, timely submitted auction responses, thereby 
provide further opportunities for auctioned orders to receive price 
improvement, which removes impediments to a free and open market and 
ultimately protects and benefits investors.
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    \16\ Supra note 11.
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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 [email protected]. Please include 
file number SR-C2-2024-021 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-C2-2024-021. 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

[[Page 95851]]

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 a.m. and 3 p.m. Copies of the 
filing also will be available for inspection and copying at the 
principal office of the Exchange. Do not include personal identifiable 
information in submissions; you should submit only information that you 
wish to make available publicly. We may redact in part or withhold 
entirely from publication submitted material that is obscene or subject 
to copyright protection. All submissions should refer to file number 
SR-C2-2024-021 and should be submitted on or before December 24, 2024.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\17\
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    \17\ 17 CFR 200.30-3(a)(12).
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Stephanie J. Fouse,
Assistant Secretary.
[FR Doc. 2024-28342 Filed 12-2-24; 8:45 am]
BILLING CODE 8011-01-P
```