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[Federal Register Volume 90, Number 14 (Thursday, January 23, 2025)]
[Notices]
[Pages 8064-8065]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2025-01620]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-102239; File No. SR-CboeBZX-2025-004]

Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of 
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend 
Rule 21.15(b) (Exchange Data Products) To Adopt Cboe Timestamping 
Service, Which Is a Market Data Service Comprised of Two Distinct 
Market Data Reports

January 17, 2025.
    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 January 10, 2025, Cboe BZX Exchange, Inc. (``Exchange'') filed with 
the Securities and Exchange Commission (``Commission'') the proposed 
rule change as described in Item I below, which Item has been 
substantially 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

    The Exchange proposes to amend Rule 21.15(b) (Exchange Data 
Products) to adopt the Cboe Timestamping Service, which is a market 
data service comprised of two distinct market data reports.\3\ The Cboe 
Timestamping Service will provide timestamp information for orders, 
quotes and cancels for market participants. More specifically, the Cboe 
Timestamping Service reports will provide various timestamps relating 
to the message lifecycle throughout the exchange system. The first 
report--the Missed Liquidity Report--will cover order and quote 
messages and the second report--Cancels Report--will cover cancel 
messages. The proposed reports are optional products that will be 
available to all Members and Members may opt to choose both reports, 
one report, or neither report. Corresponding fees will be assessed 
based on the number of

[[Page 8065]]

reports selected.\4\ The text of the proposed rule change is provided 
in Exhibit 5.
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    \3\ The Exchange previously submitted the proposed rule change 
on December 13, 2024 (SR-CboeBZX-2024-124). See Securities Exchange 
Act Release No. 102044 (December 27, 2024), 90 FR 342, (January 3, 
2025) (SR-CboeBZX-2024-124). The Exchange is withdrawing SR-CboeBZX-
2024-124 and submitting this filing to make clarifying, non-
substantive changes to more clearly reflect the excluded trades in 
the Missed Liquidity Report, which the Exchange believes will avoid 
potential confusion.
    \4\ The Exchange plans to submit a separate filing with the 
Commission pursuant to Section 19(b)(1) to propose fees for the 
Missed Liquidity Report and Cancels Report.
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    The proposed rule change, including the Exchange's statement of the 
purpose of, and statutory basis for, the proposed rule change, is 
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 on the Commission's website at https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking/national-securities-exchanges?file_number=SR-CboeBZX-2025-004.

II. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    The Exchange has filed the proposed rule change pursuant to Section 
19(b)(3)(A) of the Act \5\ and Rule 19b-4(f)(6) \6\ thereunder. Because 
the foregoing proposed rule change does not: (i) significantly affect 
the protection of investors or the public interest; (ii) impose any 
significant burden on competition; or (iii) become operative for 30 
days from the date on which it was filed, or such shorter time as the 
Commission may designate, it has become effective pursuant to Section 
19(b)(3)(A) of the Act \7\ and Rule 19b-4(f)(6) \8\ thereunder.
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    \5\ 15 U.S.C. 78(b)(3)(A).
    \6\ 17 CFR 240.19b-4(f)(6).
    \7\ 15 U.S.C. 78s(b)(3)(A).
    \8\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii) 
requires the Exchange to give 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. The 
Exchange has satisfied this requirement.
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    A proposed rule change filed under Rule 19b-4(f)(6) \9\ normally 
does not become operative prior to 30 days after the date of the 
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\10\ the Commission 
may designate a shorter time if such action is consistent with 
protection of investors and the public interest. The Exchange has asked 
the Commission to waive the 30-day operative delay so that the proposed 
rule change may become operative immediately upon filing. The 
Commission believes that waving the 30-day operative delay is 
consistent with the protection of investors and the public interest 
because it will allow the Exchange to launch the proposed Missed 
Liquidity Report and Cancels Report on January 27, 2025. The Commission 
recognizes that the Exchange previously submitted the proposed rule 
change on December 13, 2024 (SR-CboeBZX-2024-124), which would have 
resulted in an operative date of January 13, 2025. The Exchange 
withdrew filing SR-CboeBZX-2024-124 on January 10, 2025, and the 
Commission did not receive any comments related to that filing. The 
Exchange submitted this filing to make a clarifying, non-substantive 
change to more clearly reflect the excluded trades under the Missed 
Liquidity Report, which the Exchange believes will avoid potential 
confusion. Further, this filing does not introduce any novel regulatory 
issues. Accordingly, the Commission designates the proposed rule change 
to be operative upon filing.\11\
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    \9\ 17 CFR 240.19b-4(f)(6).
    \10\ 17 CFR 240.19b-4(f)(6)(iii).
    \11\ For purposes only of waiving the 30-day operative delay, 
the Commission also has considered the proposed rule's impact on 
efficiency, competition, and capital formation. See 15 U.S.C. 
78c(f).
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    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.

III. 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.\12\ Comments may be submitted 
electronically by using the Commission's internet comment form (https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking/national-securities-exchanges?file_number=SR-CboeBZX-2025-004) or by 
sending an email to [email protected]. Please include file number 
SR-CboeBZX-2025-004 on the subject line. Alternatively, paper comments 
may be sent to Secretary, Securities and Exchange Commission, 100 F 
Street NE, Washington, DC 20549-1090. All submissions should refer to 
file number SR-CboeBZX-2025-004. 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-regulations/self-regulatory-organization-rulemaking/national-securities-exchanges?file_number=SR-CboeBZX-2025-004). 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-2025-004 and 
should be submitted on or before February 13, 2025.
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    \12\ 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 SRO.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\13\
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    \13\ 17 CFR 200.30-3(a)(12) and (59).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-01620 Filed 1-22-25; 8:45 am]
BILLING CODE 8011-01-P
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