35852 Federal Register / Vol. 86, No. 127 / Wednesday, July 7, 2021 / Notices 

20 17 CFR 200.30–3(a)(12). 

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). 

5EDGA’s affiliated exchanges are the Cboe BZX 

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

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

and together with BZX, EDGA, and BYX, the ‘‘Cboe 

Equity Exchanges’’). See Securities Exchange Act 

Release No. 73918 (December 23, 2014), 79 FR 

78920 (December 31, 2014) (File Nos. SR–EDGX–

2014–25; SR–EDGA–2014–25; SR–BATS–2014–055; 

SR–BYX–2014–030) (Notice of Amendments No. 2 

and Order Granting Accelerated Approval to 

Proposed Rule Changes, as Modified by 

Amendments Nos. 1 and 2, to Establish a New 

Market Data Product called the Cboe (formerly Bats) 

One Feed) (‘‘Cboe One Approval Order’’). 

6For securities listed on Cboe BZX Exchange, Inc. 

(‘‘BZX’’), the Cboe One Opening Price shall be the 

BZX Official Opening Price as defined in BZX Rule 

11.23(a)(5) and the Cboe One Closing Price shall be 

the BZX Official Closing Price as defined in BZX 

Rule 11.23(a)(3). For securities not listed on BZX, 

the Cboe One Opening Price shall be the first last 

sale eligible trade that occurred on the Exchange or 

any of its affiliates after 9:30 a.m. Eastern Time, and 

the Cboe One Closing Price shall be the final last 

sale eligible trade to occur on the Exchange or any 

of its affiliates prior to 4:00 p.m. Eastern Time. See 

Exchange Rule 13.8(b). 

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 No. SR– 

CboeEDGX–2021–029 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 No. 

SR–CboeEDGX–2021–029. 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 No. 

SR–CboeEDGX–2021–029, and should 

be submitted on or before July 28, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.20

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–14386 Filed 7–6–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92296; File No. SR–

CboeEDGA–2021–016] 

Self-Regulatory Organizations; Cboe 

EDGA Exchange, Inc.; Notice of Filing 

and Immediate Effectiveness of a 

Proposed Rule Change To Amend the 

Content of the Cboe One Feed Under 

Rule 13.8(b) To Identify the Current 

Day Consolidated High and Low Prices 

June 30, 2021. 

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 June 17, 

2021, Cboe EDGA Exchange, Inc. (the 

‘‘Exchange’’) filed with the 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. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

Cboe EDGA Exchange, Inc. (‘‘EDGA’’ 

or the ‘‘Exchange’’) is filing with the 

Securities and Exchange Commission 

(the ‘‘Commission’’) a proposed rule 

change to amend the content of the Cboe 

One Feed under Rule 13.8(b) to identify 

the current day consolidated high and 

low prices. 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/edga/), 

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 enhance 

the content of the Cboe One Feed under 

Rule 13.8(b) to identify the current day 

consolidated high and low price for all 

listed equity securities. 

The Cboe One Feed 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 EDGA and its affiliated exchanges.5

Among other things, the Cboe One Feed 

also includes consolidated volume for 

all listed equity securities regardless of 

where the transaction was executed, the 

Cboe One Opening Price and the Cboe 

One Closing Price,6 and the primary 

listing market’s official opening and 

closing price. 

Now, in addition to the information 

currently provided in the Cboe One 

Feed, the Exchange is proposing to 

include the current day consolidated 

high and low price for all listed equity 


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Federal Register / Vol. 86, No. 127 / Wednesday, July 7, 2021 / Notices 35853 

7See e.g., Securities Exchange Act No. 91241 

(March 2, 2021) 86 FR 13427 (March 8, 2021) (SR– 

NASDAQ–2021–010) (amending the content of the 

Nasdaq Last Sale (‘‘NLS’’) Plus to identify the high, 

low and closing price published by the SIPs). 

8 15 U.S.C. 78f(b). 

9 15 U.S.C. 78f(b)(5). 

10 15 U.S.C. 78k–1. 

11See 17 CFR 242.603. 

12Supra note 7. 

13 Id. 

14See CTA Consolidated Volume Display Policy 

with FAQ at https://www.ctaplan.com/publicdocs/ 

ctaplan/notifications/trader-update/CTA%20

Consolidated%20Volume%20Policy%20FAQ.pdf. 

securities as obtained directly from the 

securities information processors 

(‘‘SIPs’’). The consolidated high and low 

price for all listed equity securities 

would be disseminated via the Cboe 

One Feed after the Consolidated Tape 

Association (‘‘CTA’’) and Unlisted 

Trading Privileges (‘‘UTP’’) Plan SIP 

delay period, which is currently 15 

minutes. 

Such information would provide Cboe 

One Feed users with a static benchmark 

against which to compare price 

movements shown on Cboe One using 

high and low prices in the consolidated 

market. The Exchange’s proposal is in 

response to requests by Members using 

the Cboe One Feed, and also partly in 

response to recent changes by a 

competitor exchange to their end of day 

messages.7

The Exchange proposes that this 

change become operative on July 16, 

2021. To ensure consistency across the 

Cboe Equity Exchanges, BZX, BYX, and 

EDGX will be filing companion 

proposals to reflect these changes in 

their respective rulebooks. The 

Exchange is not proposing any change 

to the Cboe One Feed fee as a result of 

this modification. 

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.8 Specifically, 

the Exchange believes the proposed rule 

changes are consistent with the Section 

6(b)(5) 9 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. The 

Exchange also believes that the 

proposed rule changes are consistent 

with Section 11(A) of the Act 10 in that 

it supports (1) fair competition among 

brokers and dealers, among exchange 

markets, and between exchange markets 

and markets other than exchange 

markets and (2) the availability to 

brokers, dealers, and investors of 

information with respect to quotations 

for and transactions in securities. 

Furthermore, the proposed rule changes 

are consistent with Rule 603 of 

Regulation NMS,11 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. In 

adopting Regulation NMS, the 

Commission granted self-regulatory 

organizations and broker-dealers 

increased authority and flexibility to 

offer new and unique market data 

products to the public. It was believed 

that this authority would expand the 

amount of data available to consumers, 

and also spur innovation and 

competition for the provision of market 

data. 

The proposed change to Exchange 

Rule 13.8(b) is designed to promote just 

and equitable principles of trade and 

remove impediments to and perfect the 

mechanism of a free and open market 

and a national market system by 

identifying the consolidated high and 

low price for all listed equity securities 

as obtained directly from the SIPs. Such 

information would provide Cboe One 

Feed users with a static benchmark 

against which to compare price 

movements shown on the Cboe One 

Feed using high and low prices in the 

consolidated market. Therefore, the 

consolidated high and low price for 

listed equity securities would provide 

meaningful information to investors. 

The Exchange also believes this 

proposal is consistent with Section 

6(b)(5) of the Act because it protects 

investors and the public interest and 

promotes just and equitable principles 

of trade by providing investors with 

new options for receiving such 

information. As noted above, another 

exchange currently provides 

consolidated high and low price 

information in their competing market 

data products.12 Therefore, the 

Exchange believes the proposed rule 

change removes impediments to and 

perfects the mechanism of a free and 

open market and a national market 

system, and, in general, protects 

investors and the public interest as it 

would provide an additional avenue for 

investors to receive this information 

from a competing product. The proposal 

would not permit unfair discrimination 

because the consolidated high and low 

price will be available to all of the 

Exchange’s customers and market data 

vendors on an equivalent basis. In 

addition, any customer that wishes to 

receive this information via a different 

source will be able to do so. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed change to Rule 13.8(b) will 

impose any burden on competition that 

is not necessary or appropriate in 

furtherance of the purposes of the Act. 

Rather, the Exchange believes that the 

proposed rule change will enhance 

competition because it would enable the 

Exchange to include the consolidated 

high and low price as part of the Cboe 

One Feed, thereby enabling it to better 

compete with similar market data 

products currently offered by another 

exchange that includes such 

information.13 The Exchange is not the 

exclusive distributor of the consolidated 

high and low price for all listed equity 

securities, and a vendor seeking to offer 

a similar product that includes this 

information would be able to do so on 

the same terms as the Exchange. 

Specifically, a competing vendor could 

receive the consolidated high and low 

price from the SIPs and include that 

information as part of their market data 

products to be disseminated to 

customers pursuant to the same terms 

and policies as the Exchange.14

The Exchange believes the proposal 

will have no impact on intramarket 

competition as the proposal is not 

targeted at, or expected to be limited in 

its applicability to, any particular 

segment of market participants and no 

segment of retail investors, the general 

investing public, or any other market 

participant is expected to benefit more 

than any other. Therefore, the Exchange 

believes the inclusion of the 

consolidated high and low price in the 

Cboe One Feed would not impose any 

burden on competition 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. 


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35854 Federal Register / Vol. 86, No. 127 / Wednesday, July 7, 2021 / Notices 

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

16 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6)(iii) requires a self-regulatory organization 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. 

17 17 CFR 240.19b–4(f)(6). 

18 17 CFR 240.19b–4(f)(6)(iii). 

19For purposes only of waiving the 30-day 

operative delay, the Commission has also 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

15 U.S.C. 78c(f). 

20 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3Securities Exchange Act Release No. 90568 

(December 4, 2020), 85 FR 79541 (December 10, 

2020) (SR–FICC–2020–017) (‘‘Notice’’). FICC also 

filed the proposal contained in the Proposed Rule 

Change as advance notice SR–FICC–2020–804 

(‘‘Advance Notice’’) with the Commission pursuant 

to Section 806(e)(1) of the Dodd-Frank Wall Street 

Reform and Consumer Protection Act entitled the 

Payment, Clearing, and Settlement Supervision Act 

of 2010 (‘‘Clearing Supervision Act’’). 12 U.S.C. 

5465(e)(1); 17 CFR 240.19b–4(n)(1)(i). Notice of 

filing of the Advance Notice was published for 

comment in the Federal Register on January 6, 

2021. Securities Exchange Act Release No. 90834 

(December 31, 2020), 86 FR 584 (January 6, 2021) 

(File No. SR–FICC–2020–804) (‘‘Notice of Filing’’). 

Upon publication of the Notice of Filing, the 

Commission extended the review period of the 

Advance Notice for an additional 60 days because 

the Commission determined that the Advance 

Notice raised novel and complex issues. On March 

12, 2021, the Commission issued a request for 

information regarding the Advance Notice. See 

Commission’s Request for Additional Information, 

available at https://www.sec.gov/comments/sr-ficc2020-804/srficc2020804-8490035-229981.pdf. On 

April 16, 2021, FICC submitted its response thereto. 

See Response to Commission’s Request for 

Additional Information, available at https://

www.sec.gov/comments/sr-ficc-2020-804/ 

srficc2020804-8685526-235624.pdf; Letter from 

James Nygard, Director and Assistant General 

Counsel, FICC (April 16, 2021), available at https:// 

www.sec.gov/comments/sr-ficc-2020-804/ 

srficc2020804-8679555-235605.pdf. The proposal 

contained in the Proposed Rule Change and the 

Advance Notice shall not take effect until all 

regulatory actions required with respect to the 

proposal are completed. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

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; and (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 15 and Rule 19b– 

4(f)(6) thereunder.16

A proposed rule change filed under 

Rule 19b–4(f)(6) 17 normally does not 

become operative prior to 30 days after 

the date of the filing. However, Rule 

19b–4(f)(6)(iii) 18 permits the 

Commission to designate a shorter time 

if such action is consistent with the 

protection of investors and the public 

interest. The Exchange has proposed to 

implement this proposed rule change on 

July 16, 2021 and has asked the 

Commission to waive the 30-day 

operative delay for this filing. The 

Commission believes that waiving the 

30-day operative delay is consistent 

with the protection of investors and the 

public interest, as it will provide an 

additional option for investors to 

receive consolidated high and low price 

information, which the Exchange states 

is meaningful information for investors, 

on the proposed implementation date of 

July 16, 2021. Accordingly, the 

Commission hereby waives the 30-day 

operative delay and designates the 

proposed rule change as operative upon 

filing.19

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 shall 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 (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File No. SR–

CboeEDGA–2021–016 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 No. 

SR–CboeEDGA–2021–016. 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 No. 

SR–CboeEDGA–2021–016, and should 

be submitted on or before July 28, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.20

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–14387 Filed 7–6–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92303; File No. SR–FICC– 

2020–017] 

Self-Regulatory Organizations; Fixed 

Income Clearing Corporation; Order 

Approving a Proposed Rule Change To 

Modify the Calculation of the MBSD 

VaR Floor To Incorporate a Minimum 

Margin Amount 

June 30, 2021. 

On November 20, 2020, Fixed Income 

Clearing Corporation (‘‘FICC’’) filed 

with the Securities and Exchange 

Commission (‘‘Commission’’) proposed 

rule change SR–FICC–2020–017 

(‘‘Proposed Rule Change’’) pursuant to 

Section 19(b)(1) of the Securities 

Exchange Act of 1934 (‘‘Act’’) 1 and Rule 

19b–4 thereunder.2 The Proposed Rule 

Change was published for comment in 

the Federal Register on December 10, 

2020.3 On December 30, 2020, pursuant 


khammond on DSKJM1Z7X2PROD with NOTICES