99944 Federal Register / Vol. 89, No. 238 / Wednesday, December 11, 2024 / Notices 

20See Securities Exchange Act Release No. 51808 

(June 9, 2005), 70 FR 37496, 37499 (June 29, 2005). 

21NetCoalition 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)). 

22 15 U.S.C. 78s(b)(3)(A). 

23 17 CFR 240.19b–4(f). 24 17 CFR 200.30–3(a)(12). 

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.’’ 20 The 

fact that this market is competitive has 

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 brokerdealers 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’ . . . .’’.21 Accordingly, the 

Exchange does not believe its proposed 

change imposes any burden on 

competition that is not necessary or 

appropriate in furtherance of the 

purposes of the Act. 

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 22 and paragraph (f) of Rule 

19b–4 23 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. 

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 rule-comments@

sec.gov. Please include file number SR– 

CboeEDGA–2024–048 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–CboeEDGA–2024–048. 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–CboeEDGA–2024–048 and should 

be submitted on or before December 31, 

2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.24

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–29041 Filed 12–10–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–659, OMB Control No. 

3235–0723] 

Submission for OMB Review; 

Comment Request; Extension: Form 

1–Z 

Upon Written Request Copies Available 

From: Securities and Exchange 

Commission, Office of FOIA Services, 

100 F Street NE, Washington, DC 

20549–2736. 

Notice is hereby given that, pursuant 

to the Paperwork Reduction Act of 1995 

(44 U.S.C. 3501 et seq.), the Securities 

and Exchange Commission 

(‘‘Commission’’) has submitted to the 

Office of Management and Budget this 

request for extension of the previously 

approved collection of information 

discussed below. 

Form 1–Z (17 CFR 239.94) is used to 

report terminated or completed offerings 

or to suspend the duty to file ongoing 

reports under Regulation A, an 

exemption from registration under the 

Securities Act of 1933 (15 U.S.C 77a et 

seq.). The purpose of the Form 1–Z is 

to collect empirical data for the 

Commission on offerings conducted 

under Regulation A that have 

terminated or completed, to indicate to 

the Commission that issuers that have 

conducted Tier 2 offering are 

suspending their duty to file reports 

under Regulation A and to provide such 

information to the investing public. We 

estimate that approximately 51 issuers 

file Form 1–Z annually. We estimate 

that Form 1–Z takes approximately 1.5 

hours to prepare. We estimate that 

100% of the 1.5 hours per response is 

prepared by the company for a total 

annual burden of 77 hours (1.5 hours 

per response × 51 responses). 

An agency may not conduct or 

sponsor, and a person is not required to 

respond to, a collection of information 

unless it displays a currently valid 

control number. 

Public Comment Instructions: The 30- 

day public comment period for this 

information collection request opens on 

December 12, 2024 and closes at the end 

of the day on January 13, 2025. The 

public may view the full information 


lotter on DSK11XQN23PROD with NOTICES1
Federal Register / Vol. 89, No. 238 / Wednesday, December 11, 2024 / Notices 99945 

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

2 17 CFR 240.19b–4. 

3The Exchange initially adopted pricing for 

Dedicated Cores on May 6, 2024 (SR–CboeBYX– 

2024–014). On July 1, 2024, the Exchange withdrew 

that filing and submitted SR–CboeBYX–2024–024. 

On August 1, 2024, the Exchange withdrew that 

filing and submitted SR–CboeBYX–2024–028. On 

business date September 30, 2024, the Exchange 

withdrew that filing and submitted SR–CboeBYX– 

2024–036. On November 26, 2024, the Exchange 

withdrew that filing and submitted SR–CboeBYX– 

2024–043 and subsequently withdrew that filing 

and submitted SR–CboeBYX–2024–044. On 

November 27, 2024, the Exchange withdraw that 

filing and submitted SR–CboeBYX–2024–045. On 

December 4, 2024, the Exchange withdrew that 

filing and submitted this filing. 

4A User may be either a Member or Sponsored 

Participant. The term ‘‘Member’’ shall mean any 

registered broker or dealer that has been admitted 

to membership in the Exchange, limited liability 

company or other organization which is a registered 

broker or dealer pursuant to Section 15 of the Act, 

and which has been approved by the Exchange. A 

Sponsored Participant may be a Member or nonMember of the Exchange whose direct electronic 

access to the Exchange is authorized by a 

Sponsoring Member subject to certain conditions. 

See Exchange Rule 11.3. 

5Users may currently connect to the Exchange 

using a logical port available through an application 

programming interface (‘‘API’’), such as the Binary 

Order Entry (‘‘BOE’’) protocol. A BOE logical order 

entry port is used for order entry. 

6The Exchange currently assesses $550 per port 

per month. Port fees will also continue to be 

assessed on the first two Dedicated Cores that Users 

receive at no additional cost. See Cboe BYX 

Equities Fee Schedule. 

7See Securities Exchange Act Release No. 100476 

(July 9, 2024), 89 FR 57482 (July 15, 2024) (SR– 

CboeBYX–2024–024). 

request and submit comments at https:// 

www.reginfo.gov/public/do/ 

PRAViewICR?ref_nbr=202412-3235-006 

or email comments to 

MBX.OMB.OIRA.SEC_desk_officer@

omb.eop.gov. 

Dated: December 5, 2024. 

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–29025 Filed 12–10–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101827; File No. SR– 

CboeBYX–2024–047] 

Self-Regulatory Organizations; Cboe 

BYX Exchange, Inc.; Notice of Filing 

and Immediate Effectiveness of a 

Proposed Rule Change To Amend Its 

Fee Schedule Regarding Dedicated 

Cores 

December 5, 2024. 

Pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 

(‘‘Act’’),1 and Rule 19b–4 thereunder,2

notice is hereby given that on December 

4, 2024, Cboe BYX Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘BYX’’) 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. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

Cboe BYX Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘BYX Equities’’) 

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/BYX/), 

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 its 

fee schedule to adopt fees for Dedicated 

Cores.3

By way of background, the Exchange 

recently began to allow Users 4 to assign 

a Single Binary Order Entry (‘‘BOE’’) 

logical order entry port 5 to a single 

dedicated Central Processing Unit (CPU 

Core) (‘‘Dedicated Core’’). Historically, 

CPU Cores had been shared by logical 

order entry ports (i.e., multiple logical 

ports from multiple firms may connect 

to a single CPU Core). Use of Dedicated 

Cores however, can provide reduced 

latency, enhanced throughput, and 

improved performance since a firm 

using a Dedicated Core is utilizing the 

full processing power of a CPU Core 

instead of sharing that power with other 

firms. This offering is completely 

voluntary and is available to all Users 

that wish to purchase Dedicated Cores. 

Users may utilize BOE logical order 

entry ports on shared CPU Cores, either 

in lieu of, or in addition to, their use of 

Dedicated Core(s). As such, Users are 

able to operate across a mix of shared 

and dedicated CPU Cores which the 

Exchange believes provides additional 

risk and capacity management. Further, 

Dedicated Cores are not required nor 

necessary to participate on the Exchange 

and as such Users may opt not to use 

Dedicated Cores at all. 

The Exchange proposes to assess the 

following monthly fees for Users that 

wish to use Dedicated Cores and adopt 

a maximum limit. First, the Exchange 

proposes to provide up to two Dedicated 

Cores to all Users who wish to use 

Dedicated Cores, at no additional cost. 

For the use of more than two Dedicated 

Cores, the Exchange proposes to assess 

the following fees: $650 per Dedicated 

Core for 3–10 Dedicated Cores; $850 per 

Dedicated Core for 11—15 Dedicated 

Cores; and $1,050 per Dedicated Core 

for 16 or more Dedicated Cores. The 

proposed fees are progressive and the 

Exchange proposes to include the 

following example in the Fees Schedule 

to provide clarity as to how the fees will 

be applied. Particularly, the Exchange 

will provide the following example: if a 

User were to purchase 11 Dedicated 

Cores, it will be charged a total of 

$6,050 per month ($0 * 2 + $650 * 8 + 

$850 * 1). The Exchange also proposes 

to make clear in the Fees Schedule that 

the monthly fees are assessed and 

applied in their entirety and are not 

prorated. The Exchange notes the 

current standard fees assessed for BOE 

Logical Ports, whether used with 

Dedicated or shared CPU cores, will 

remain applicable and unchanged.6

Since the Exchange currently has a 

finite amount of physical space in its 

data centers in which its servers (and 

therefore corresponding CPU Cores) are 

located, the Exchange also proposes to 

prescribe a maximum limit on the 

number of Dedicated Cores that Users 

may purchase each month. The purpose 

of establishing these limits is to manage 

the allotment of Dedicated Cores in a 

fair manner and to prevent the Exchange 

from being required to expend large 

amounts of resources in order to provide 

an unlimited number of Dedicated 

Cores. The Exchange previously 

established a limit for Members of a 

maximum number of 60 Dedicated 

Cores and Sponsoring Members a limit 

of a maximum number of 25 Dedicated 

Cores for each of their Sponsored 

Access relationships.7 The Exchange 

has since been able to procure 

additional servers with CPU Cores and 


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