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[Federal Register Volume 89, Number 236 (Monday, December 9, 2024)]
[Notices]
[Pages 97673-97677]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-28768]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-101802; File No. SR-CboeBZX-2024-115]

Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of 
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend 
its Fee Schedule Relating to Fee Codes and Volume Tiers

December 3, 2024.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ and Rule 19b-4 thereunder,\2\

[[Page 97674]]

notice is hereby given that on November 20, 2024, Cboe BZX Exchange, 
Inc. (``Exchange'' or ``BZX'') filed with the Securities and Exchange 
Commission (``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.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    Cboe BZX Exchange, Inc. (the ``Exchange'' or ``BZX'') proposes to 
amend its Fee Schedule. 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
    Effective November 1, 2024, the Exchange proposes to amend its Fee 
Schedule applicable to its equities trading platform by: (i) updating 
the criteria for BZX Add Volume Tier 3 and Add Volume Tier 5; (ii) 
removing the rebate and implementing a fee for fee code, AA; and (iii) 
removing fee code, BJ.\3\
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    \3\ The Exchange initially filed the proposed fee change on 
November 1, 2024 (SR-CboeBZX-2024-110). On November 14, 2024, the 
Exchange withdrew SR-CboeBZX-2024-110 and submitted SR-CboeBZX-2024-
114. On November 20, 2024, the Exchange withdrew SR-CboeBZX-2024-
114, and submitted this filing.
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    The Exchange first notes that it operates in a highly competitive 
market in which market participants can readily direct order flow to 
competing venues if they deem fee levels at a particular venue to be 
excessive or incentives to be insufficient. More specifically, the 
Exchange is only one of 16 registered equities exchanges, as well as a 
number of alternative trading systems and other off-exchange venues 
that do not have similar self-regulatory responsibilities under the 
Securities Exchange Act of 1934 (the ``Act''), to which market 
participants may direct their order flow. Based on publicly available 
information,\4\ no single registered equities exchange has more than 
16% of the market share. Thus, in such a low-concentrated and highly 
competitive market, no single equities exchange possesses significant 
pricing power in the execution of order flow. The Exchange in 
particular operates a ``Maker-Taker'' model whereby it pays rebates to 
members that add liquidity and assesses fees to those that remove 
liquidity. The Exchange's Fee Schedule sets forth the standard rebates 
and rates applied per share for orders that provide and remove 
liquidity, respectively. Currently, for orders in securities priced at 
or above $1.00, the Exchange provides a standard rebate of $0.00160 per 
share for orders that add liquidity and assesses a fee of $0.0030 per 
share for orders that remove liquidity.\5\ For orders in securities 
priced below $1.00, the Exchange does not provide a rebate for orders 
that add liquidity and assesses a fee of 0.30% of the total dollar 
value for orders that remove liquidity.\6\ Additionally, in response to 
the competitive environment, the Exchange also offers tiered pricing 
which provides Members opportunities to qualify for higher rebates or 
reduced fees where certain volume criteria and thresholds are met. 
Tiered pricing provides an incremental incentive for Members to strive 
for higher tier levels, which provides increasingly higher benefits or 
discounts for satisfying increasingly more stringent criteria.
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    \4\ See Cboe Global Markets, U.S. Equities Market Volume 
Summary, Month-to-Date (June 21, 2024), available at https://www.cboe.com/us/equities/market_statistics/.
    \5\ See BZX Equities Fee Schedule, Standard Rates, available at: 
.
    \6\ Id.
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Add/Remove Volume Tiers
    Under footnote 1 of the Fee Schedule, the Exchange offers various 
Add/Remove Volume Tiers. In particular, the Exchange offers nine Add/
Remove Volume Tiers that each provide an enhanced rebate for Members' 
qualifying orders yielding fee codes B,\7\ V,\8\ and Y,\9\ where a 
Member reaches a certain volume-based criteria offered in each tier.
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    \7\ Fee code B is appended to displayed orders that add 
liquidity to BZX (Tape B). Orders appended with fee code, B, for 
securities priced below $1.00 neither pay a fee nor receive a 
rebate.
    \8\ Fee code V is appended to displayed orders that add 
liquidity to BZX (Tape A). Orders appended with fee code, B, for 
securities priced below $1.00 neither pay a fee nor receive a rebate
    \9\ Fee code Y is appended to displayed orders that add 
liquidity to BZX (Tape C). Orders appended with fee code, B, for 
securities priced below $1.00 neither pay a fee nor receive a rebate
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    The Exchange now proposes to update the criteria for Add Volume 
Tier 3, as follows:
     The current Add Volume Tier 3 provides an enhanced rebate 
of $0.0027 per share in securities priced at or above $1.00 to 
qualifying orders (i.e., orders yielding fee codes B, V, or Y), where a 
Member has an ADAV \10\ as a percentage of TCV \11\ >= 0.30% or a 
Member has an ADAV >= 35,000,000.
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    \10\ ADAV means average daily added volume calculated as the 
number of shares added per day, calculated on a monthly basis.
    \11\ TCV means total consolidated volume calculated as the 
volume reported by all exchanges and trade reporting facilities to a 
consolidated transaction reporting plan for the month for which fees 
apply.
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    Now, the Exchange proposes to amend the second prong of criteria in 
proposed Add Volume tier 3 by reducing the ADAV requirement. The 
proposed criteria are as follows:
     Proposed Add Volume Tier 3 provides an enhanced rebate of 
$0.0027 per share in securities price at or above $1.00 to qualifying 
orders (i.e., orders yielding fee codes B, V, or Y), where a Member has 
an ADAV as percentage of TCV >= 0.30% or a Member has an ADAV >= 
30,000,000 (as compared to 35,000,000).
    In addition, the Exchange also proposes to update the criteria for 
Add Volume Tier 5, as follows:
     The current Add Volume Tier 5 provides an enhanced rebate 
of $0.0029 per share in securities priced at or above $1.00 to 
qualifying orders (i.e., orders yielding fee codes B, V, or Y), where a 
Member has an ADAV as a percentage of TCV >= 0.35% or a Member has an 
ADAV >= 40,000,000.
    Now, the Exchange proposes to amend the second prong of criteria in 
proposed Add Volume Tier 5 by reducing the ADAV requirement. The 
proposed criteria are as follows:
     Proposed Add Volume Tier 5 provides an enhanced rebate of 
$0.0029 per share in securities priced at or above $1.00 to qualifying 
orders (i.e., orders yielding fee codes B, V, or Y), where a Member has 
an ADAV as a percentage of TCV >= 0.35% or a Member has an ADAV >= 
35,000,000 (as compared to 40,000,000).

[[Page 97675]]

    The proposed amended ADAV requirements for Add Volume Tier 3 and 
Add Volume Tier 5 are intended to incentivize Members to earn an 
enhanced rebate by increasing their order flow to the Exchange, which 
further contributes to a deeper, more liquid market and provides even 
more execution opportunities for active market participants. 
Incentivizing an increase in liquidity adding volume through enhanced 
rebate opportunities encourages liquidity-adding Members to increase 
transactions and take execution opportunities provided by such 
increased liquidity, together providing for overall enhanced price 
discovery and price improvement opportunities on the Exchange. As such, 
increased overall order flow benefits all Members by contributing 
towards a robust and well-balanced market ecosystem. While the proposed 
criteria in Add Volume Tier 3 and Add Volume Tier 5 is less difficult 
to achieve than the current criteria, the revised criteria continue to 
remain commensurate with rebates (which remain unchanged) that will be 
paid to a Member satisfying the proposed criteria.
Fee Codes
    The Exchange also proposes to modify the rebate for fee code, AA. 
The proposed changes are as follows:
     For securities priced above $1.00,\12\ fee code AA is 
appended to orders that are routed to EDGA using the ALLB \13\ routing 
strategy. Currently, orders appended with fee code AA receive a rebate 
of $0.0016.
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    \12\ The Exchange notes for securities priced below $1.00, there 
is no fee or rebate for removing liquidity from EDGA using the ALLB 
routing strategy.
    \13\ ALLB is a routing option under which an order checks the 
System for available shares and is then sent to Cboe BZX Exchange, 
Inc., Cboe EDGA Exchange, Inc., and/or Cboe EDGX Exchange, Inc., in 
accordance with the System routing table. If shares remain 
unexecuted after routing, they are posted on the BZX Book, unless 
otherwise instructed by the User. See Rule 11.13(b)(3)(O).
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    The Exchange now proposes to amend fee code, AA, as follows:
     For securities priced above $1.00, fee code AA will 
continue to be appended to orders that are routed to EDGA using the 
ALLB routing strategy. However, orders appended with fee code AA will 
now pay a fee of $0.0030. The Exchange does not propose to add a fee or 
rebate for removing liquidity for securities priced below $1.00.
    The Exchange also proposes to remove fee code, BJ. For securities 
priced above $1.00,\14\ fee code BJ is currently appended to orders 
that are routed to EDGA using the TRIM \15\ or SLIM \16\ routing 
strategies. Currently, orders appended with fee code, BJ, receive a 
rebate of $0.0016. However, effective November 1, 2024,\17\ EDGA will 
be transitioning from an inverted fee model \18\ to a maker taker fee 
model.\19\ As such, orders that remove liquidity from EDGA will pay a 
remove fee, rather than receive a rebate. Because Members typically 
utilize routing options TRIM and SLIM, and fee code BJ, to seek low-
cost executions, it does not make sense to maintain fee code, BJ, as 
Members would not expect to pay a fee for removing liquidity from EDGA. 
Therefore, the Exchange proposes to discontinue this fee code, as it is 
no longer necessary, and BZX does not desire to charge such orders a 
fee for removing liquidity from EDGA.
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    \14\ For securities priced below $1.00, there is no fee or 
rebate.
    \15\ TRIM is a routing strategy under which an order checks EDGA 
for available shares if so instructed by the entering User, and then 
is sent to destinations on the applicable System routing table. See 
generally Rule 11.13(b)(3)(G).
    \16\ SLIM is a routing strategy under which an order checks EDGA 
for available shares if so instructed by the entering User, and then 
is sent to destinations on the applicable System routing table. See 
generally Rule 11.13(b)(3)(G).
    \17\ See SR-CboeEDGA-2024-042; see also, SR-CboeEDGA-2024-045.
    \18\ The inverted fee model is a pricing structure in which a 
market, such as an exchange, charges its participants a fee to 
provide liquidity in securities, and provides a rebate to 
participants that remove liquidity in securities. See SEC Market 
Structure Advisory Committee, Memorandum on ``Maker-Taker Fees on 
Equities Exchanges,'' October 20, 2015, available at: https://www.sec.gov/spotlight/emsac/memo-maker-taker-fees-on-equities-exchanges.pdf.
    \19\ The maker-taker fee model is a pricing structure in which a 
market, such as an exchange, generally pays its members a per share 
rebate to provide (i.e., ``make'') liquidity in securities and 
assesses on them a fee to remove (i.e., ``take'') liquidity. Id.
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2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with 
the Act and the rules and regulations thereunder applicable to the 
Exchange and, in particular, the requirements of Section 6(b) of the 
Act.\20\ Specifically, the Exchange believes the proposed rule change 
is consistent with the Section 6(b)(5) \21\ 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) \22\ requirement that the rules of 
an exchange not be designed to permit unfair discrimination between 
customers, issuers, brokers, or dealers as well as Section 6(b)(4) \23\ 
as it is designed to provide for the equitable allocation of reasonable 
dues, fees and other charges among its Members and other persons using 
its facilities.
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    \20\ 15 U.S.C. 78f(b).
    \21\ 15 U.S.C. 78f(b)(5).
    \22\ Id.
    \23\ 15 U.S.C. 78f(b)(4).
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    As described above, the Exchange operates in a highly competitive 
market in which market participants can readily direct order flow to 
competing venues if they deem fee levels at a particular venue to be 
excessive or incentives to be insufficient. The Exchange believes that 
its proposal to adjust the criteria to Add Volume Tier 3 and Add Volume 
Tier 5 reflects a competitive pricing structure designed to incentivize 
current levels of liquidity provision, as well as encourage Members to 
add even more volume on the Exchange, by offering Members an enhanced 
rebated for reaching a reduced ADAV volume threshold Tier 3, 30,000,000 
compared to 35,000,000; Tier 5: 40,000,000 compared to 45,000,000). In 
turn, such liquidity provision will help contribute to a deeper and 
more liquid market, which benefits all market participants and provides 
greater execution opportunities on the Exchange.
    Additionally, the Exchange notes that relative volume-based 
incentives and discounts have been widely adopted by exchanges,\24\ 
including the Exchange,\25\ and are reasonable, equitable and non-
discriminatory because they are open to all Members on an equal basis 
and provide additional benefits or discounts that are reasonably 
related to (i) the value to an exchange's market quality and (ii) 
associated higher levels of market activity, such as higher levels of 
liquidity provision and/or growth patterns. Competing equity exchanges 
offer similar tiered pricing structures, including schedules of rebates 
and fees that apply based upon members achieving certain volume and/or 
growth thresholds, as well as assess similar fees or rebates for 
similar types of orders, to that of the Exchange.
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    \24\ See e.g., EDGX Equities Fee Schedule, Footnote 1, Add/
Remove Volume Tiers.
    \25\ See e.g., BZX Equities Fee Schedule, Footnote 1, Add/Remove 
Volume Tiers.
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    The Exchange believes that its proposal to update the criteria for 
Add Volume Tier 3 and Add Volume Tier 5

[[Page 97676]]

is reasonable as the proposed criteria does not represent a significant 
departure from the criteria currently offered in the Fee Schedule. The 
Exchange also believes that the proposal represents an equitable 
allocation of fees and rebates and is not unfairly discriminatory 
because all Members will be eligible for the proposed Add Volume Tier 3 
and Add Volume Tier 5 and have the opportunity to meet the tiers' 
criteria and receive the corresponding enhanced rebate if such criteria 
is met. Without having a view of activity on other markets and off-
exchange venues, the Exchange has no way of knowing whether this 
proposed rule change would definitively result in any Members 
qualifying for proposed Add Volume Tier 3 and Add Volume Tier 5. While 
the Exchange has no way of predicting with certainty how the proposed 
changes will impact Member activity, based on the prior month's volume, 
the Exchange anticipates that at least one Member will be able to 
satisfy the proposed Add Volume Tier 3 and Add Volume Tier 5. The 
Exchange also notes that proposed changes will not adversely impact any 
Member's ability to qualify for enhanced rebates offered under other 
tiers. Should a Member not meet the proposed new criteria, the Member 
will merely not receive that corresponding enhanced rebate.
    Adjusting fee code AA and removing fee code, BJ, is necessary to 
reflect the transition of EDGA to a maker-taker fee model, effective 
November 1, 2024. Prior to the November 1, 2024, orders entered onto 
BZX, that were appended with fee code, AA, and were routed to EDGA 
using routing option ALLB, received a rebate of $0.0016 for removing 
liquidity from the EDGA Book for securities priced at or above $1.00. 
However, given EDGA's transition to a maker-taker fee model, orders 
that remove liquidity will now need to pay a liquidity removal fee, 
rather than receive a rebate. Accordingly, removal of the current 
$0.0016 rebate associated with fee code, AA, and implementation of a 
$0.0030 remove fee is appropriate and consistent with the economics of 
a maker-taker model, as well as the expectations of Members that remove 
liquidity from EDGA (i.e., Members would expect to pay a fee to remove 
liquidity). Moreover, the proposed fee is not unfairly discriminatory 
because it applies to all Members equally, in that all Members will pay 
the same fee for orders routed to EDGA using the ALLB routing strategy, 
and appended with fee code, AA.
    The Exchange also believes that its removal of fee code, BJ, is 
reasonable, equitable, and not unfairly discriminatory as it does not 
change the fees or rebates assessed by the Exchange, but rather updates 
the BZX Fee Schedule to remove a fee code that the Exchange no longer 
desires to, nor is required to, offer to its Members. Therefore, the 
proposed rule change is reasonably designed to update the Fee Schedule 
to accurately reflect the Exchange's current product offerings and is 
designed to reduce any potential confusion regarding the routing of 
orders with fee code, BJ, from BZX to EDGA. Furthermore, as noted 
above, orders appended with fee code, BJ, entered onto BZX and routed 
to EDGA using the routing option TRIM or SLIM, previously received a 
rebate of $0.0016 for removing liquidity from the EDGA Book. However, 
effective November 1, 2024, EDGA transitioned from an inverted fee 
model to a maker taker fee model. As such, orders that remove liquidity 
from EDGA will pay a remove fee, rather than receive a rebate. Because 
Members typically utilize routing options TRIM and SLIM, and fee code 
BJ, to seek low-cost executions, it does not make sense to maintain the 
BJ fee code, as Members utilizing this fee code would not expect to pay 
a fee for removing liquidity from EDGA. Therefore, the Exchange 
proposes to discontinue this fee code, as it is no longer necessary, 
and BZX does not desire to charge such orders a fee for removing 
liquidity from EDGA.

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed changes will impose 
any burden on competition that is not necessary or appropriate in 
furtherance of the purposes of the Act. Rather, as discussed above, the 
Exchange believes that the proposed modifications to Add Volume Tier 3 
and Add Volume Tier 5 would encourage the submission of additional 
order flow to a public exchange, thereby promoting market depth, 
execution incentives and enhanced execution opportunities, as well as 
price discovery and transparency for all Members. Additionally, the 
proposed changes to Add Volume Tier 3 and Add Volume Tier 5 do not 
impose any burden on intramarket competition that is not necessary or 
appropriate in furtherance of the purposes of the Act. Particularly, 
the Exchange's proposal to modify the criteria for Add Volume Tier 3 
and Add Volume Tier applies to all Members equally. All Members will be 
eligible for the modified tier and have a reasonable opportunity to 
meet the proposed tier's reduced criteria and receive the enhanced 
rebate on their qualifying orders if such criteria is met. In addition, 
the Exchange does not believe the proposed changes to Add Volume Tier 3 
and Add Volume Tier 5 burden competition, but rather, enhance 
competition as these changes are intended to increase the 
competitiveness of BZX by amending existing pricing incentives in order 
to attract order flow and incentivize participants to increase their 
participation on the Exchange, providing for additional execution 
opportunities for market participants and improved price transparency. 
Greater overall order flow, trading opportunities, and pricing 
transparency benefits all market participants on the Exchange by 
enhancing market quality and continuing to encourage Members to send 
orders, thereby contributing towards a robust and well-balanced market 
ecosystem.
    Furthermore, the Exchange believes the proposed changes to Add 
Volume Tier 3 and Add Volume Tier 5 do not impose any burden on 
intermarket competition that is not necessary or appropriate in 
furtherance of the purposes of the Act. As previously discussed, the 
Exchange operates in a highly competitive market. Members have numerous 
alternative venues that they may participate on and direct their order 
flow, including other equities exchanges, off-exchange venues, and 
alternative trading systems. Additionally, the Exchange represents a 
small percentage of the overall market. Based on publicly available 
information, no single equities exchange has more than 16% of the 
market share.\26\ Therefore, no exchange possesses significant pricing 
power in the execution of order flow. Indeed, participants can readily 
choose to send their orders to other exchange and off-exchange venues 
if they deem fee levels at those other venues to be more favorable. 
Moreover, the Commission has repeatedly expressed its preference for 
competition over regulatory intervention in determining prices, 
products, and services in the securities markets. Specifically, in 
Regulation NMS, the Commission highlighted the importance of market 
forces in determining prices and SRO revenues and, also, recognized 
that current regulation of the market system ``has been remarkably 
successful in promoting market competition in its broader forms that 
are most important to investors and listed companies.'' \27\ The fact 
that this market is competitive has

[[Page 97677]]

also long been recognized by the courts. In NetCoalition v. Securities 
and Exchange Commission, the D.C. Circuit stated as follows: ``[n]o one 
disputes that competition for order flow is `fierce.' . . . As the SEC 
explained, `[i]n the U.S. national market system, buyers and sellers of 
securities, and the broker-dealers that act as their order-routing 
agents, have a wide range of choices of where to route orders for 
execution'; [and] `no exchange can afford to take its market share 
percentages for granted' because `no exchange possesses a monopoly, 
regulatory or otherwise, in the execution of order flow from broker 
dealers'. . . .''.\28\ Accordingly, the Exchange does not believe its 
proposed fee changes impose any burden on competition that is not 
necessary or appropriate in furtherance of the purposes of the Act.
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    \26\ Supra note 3.
    \27\ See Securities Exchange Act Release No. 51808 (June 9, 
2005), 70 FR 37496, 37499 (June 29, 2005).
    \28\ NetCoalition v. SEC, 615 F.3d 525, 539 (D.C. Cir. 2010) 
(quoting Securities Exchange Act Release No. 59039 (December 2, 
2008), 73 FR 74770, 74782-83 (December 9, 2008) (SR-NYSEArca-2006-
21)).
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    The Exchange does not believe that the proposed adjustment to the 
AA fee will impose any burden on competition that is not necessary or 
appropriate in furtherance of the purposes of the Act. Given EDGA's 
transition to a maker-taker fee model, orders that remove liquidity 
will now need to pay a liquidity removal fee, rather than receive a 
rebate. Accordingly, removing the current $0.0016 rebate associated 
with fee code, AA, and implementing a $0.0030 remove fee is appropriate 
and consistent with the economics of a maker-taker model, as well as 
the expectations of Members that remove liquidity from EDGA (i.e., 
Members would expect to pay a fee to remove liquidity). Moreover, the 
proposed fee is not unfairly discriminatory because it applies to all 
Members equally, in that all Members will pay the same fee for orders 
routed to EDGA using the ALLB routing strategy, and appended with fee 
code, AA.
    The Exchange also believes that its removal of fee code, BJ, is 
reasonable, equitable, and not unfairly discriminatory as it does not 
change the fees or rebates assessed by the Exchange, but rather updates 
the BZX Fee Schedule to remove a fee code that the Exchange no longer 
desires to, nor is required to, offer to its Members. Therefore, the 
proposed rule change is reasonably designed to update the Fee Schedule 
to accurately reflect the Exchange's current product offerings and is 
designed to reduce any potential confusion regarding the routing of 
orders with fee code, BJ, from BZX to EDGA. Furthermore, as noted 
above, orders appended with fee code, BJ, entered onto BZX and routed 
to EDGA using the routing option TRIM or SLIM, previously received a 
rebate of $0.0016 for removing liquidity from the EDGA Book. However, 
effective November 1, 2024, EDGA transitioned from an inverted fee 
model to a maker taker fee model. As such, orders that remove liquidity 
from EDGA will pay a remove fee, rather than receive a rebate. Because 
Members typically utilize routing options TRIM and SLIM, and fee code 
BJ, to seek low-cost executions, it does not make sense to maintain the 
BJ fee code, as Members utilizing this fee code would not expect to pay 
a fee for removing liquidity from EDGA. Therefore, the Exchange 
proposes to discontinue this fee code, as it is no longer necessary, 
and BZX does not desire to charge such orders a fee for removing 
liquidity from EDGA.

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 \29\ and paragraph (f) of Rule 19b-4 \30\ 
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 change should be approved or 
disapproved.
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    \29\ 15 U.S.C. 78s(b)(3)(A).
    \30\ 17 CFR 240.19b-4(f).
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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 (https://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include 
file number SR-CboeBZX-2024-115 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-2024-115. 
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 (https://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 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-CboeBZX-2024-115 and 
should be submitted on or before December 30, 2024.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\31\
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    \31\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-28768 Filed 12-6-24; 8:45 am]
BILLING CODE 8011-01-P
```