Federal Register / Vol. 86, No. 179 / Monday, September 20, 2021 / Notices 52261 

40For purposed only of waiving the 30-day 

operative delay, the Commission has considered the 

proposed rule’s impact on efficiency, competition, 

and capital formation. See 15 U.S.C. 78c(f). 41 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). 

of investors and the public interest for 

the Exchange to delete its OATS 

reporting because FINRA has retired 

OATS. Accordingly, the Commission 

hereby waives the 30-day operative 

delay and designates the proposal 

operative upon filing.40

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 

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 Number SR– 

NYSECHX–2021–12 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–NYSECHX–2021–12. 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 

Number SR–NYSECHX–2021–12, and 

should be submitted on or before 

October 12, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.41

Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–20218 Filed 9–17–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Sunshine Act Meetings 

TIME AND DATE: 2:00 p.m. on Thursday, 

September 23, 2021. 

PLACE: The meeting will be held via 

remote means and/or at the 

Commission’s headquarters, 100 F 

Street NE, Washington, DC 20549. 

STATUS: This meeting will be closed to 

the public. 

MATTERS TO BE CONSIDERED: 

Commissioners, Counsel to the 

Commissioners, the Secretary to the 

Commission, and recording secretaries 

will attend the closed meeting. Certain 

staff members who have an interest in 

the matters also may be present. 

In the event that the time, date, or 

location of this meeting changes, an 

announcement of the change, along with 

the new time, date, and/or place of the 

meeting will be posted on the 

Commission’s website at https://

www.sec.gov. 

The General Counsel of the 

Commission, or his designee, has 

certified that, in his opinion, one or 

more of the exemptions set forth in 5 

U.S.C. 552b(c)(3), (5), (6), (7), (8), 9(B) 

and (10) and 17 CFR 200.402(a)(3), 

(a)(5), (a)(6), (a)(7), (a)(8), (a)(9)(ii) and 

(a)(10), permit consideration of the 

scheduled matters at the closed meeting. 

The subject matter of the closed 

meeting will consist of the following 

topics: 

Institution and settlement of 

injunctive actions; 

Institution and settlement of 

administrative proceedings; 

Resolution of litigation claims; and 

Other matters relating to examinations 

and enforcement proceedings. 

At times, changes in Commission 

priorities require alterations in the 

scheduling of meeting agenda items that 

may consist of adjudicatory, 

examination, litigation, or regulatory 

matters. 

CONTACT PERSON FOR MORE INFORMATION: 

For further information; please contact 

Vanessa A. Countryman from the Office 

of the Secretary at (202) 551–5400. 

Dated: September 16, 2021. 

Jill M. Peterson, 

Assistant Secretary. 

[FR Doc. 2021–20402 Filed 9–16–21; 4:15 pm] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92970; File No. SR– 

CboeBZX–2021–047] 

Self-Regulatory Organizations; Cboe 

BZX Exchange, Inc.; Notice of Filing 

and Immediate Effectiveness of a 

Proposed Rule Change To Amend Rule 

11.22 To Introduce a Product To Be 

Known as ‘‘Cboe Premium Exchange 

Tools’’ and To Amend Its Fee Schedule 

To Establish a Fee for a User Login 

That Elects To Subscribe to the Cboe 

Premium Exchange Tools 

September 14, 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 August 

31, 2021, Cboe BZX Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘BZX’’) 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. 

52262 Federal Register / Vol. 86, No. 179 / Monday, September 20, 2021 / Notices 

5See Exchange Rule 1.5(n). 

6See Exchange Rule 1.5(x). 

7All information available to Members as 

described herein is historical information. 

8Trade Data Reports may be obtained by a 

Member, or if authorized to do so a Sponsored 

Participant. 

9Latency Statistics Reports may be obtained by a 

Member, Sponsored Participant or service bureaus 

as it relates to their respective logical order entry 

ports. 

10 Volume History Reports may be obtained by a 

Member. 

11Sponsored Participants may also subscribe to 

the Trade Data Report, provided that its Sponsoring 

Member provides the Exchange authorization to do 

so. Trade Data Reports provided to Sponsored 

Participants only include execution detail related to 

the Sponsored Participant. 

12See Exchange Rule 11.9. 

13Hidden orders that neither set or join the NBBO 

are identified as such within the report. 

14TCP is a communications standard that enables 

application programs and computing devises to 

exchange messages over a network. 

15 Information included in the Volume History 

Report includes all activity, including that executed 

on behalf of Sponsored Participants. Execution 

volume made on behalf of a Sponsored Participant 

is not delineated within the Volume History Report. 

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 Rule 11.22 to introduce a new 

product to be known as ‘‘Cboe Premium 

Exchange Tools’’ and to amend its Fee 

Schedule to establish a fee for a user 

login that elects to subscribe to the Cboe 

Premium Exchange Tools. 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 

The Exchange proposes to amend 

Rule 11.22(b) to introduce a new 

product to be known as Cboe Premium 

Exchange Tools, as further described 

below, and to amend its Fee Schedule 

to adopt a monthly fee assessed to users 

that elect to subscribe to such Cboe 

Premium Exchange Tools, effective 

August 31, 2021. 

Cboe Premium Exchange Tools 

Currently, Members,5 Sponsored 

Participants,6 and service bureaus are 

leveraging certain value-added tools 

(i.e., Cboe Premium Exchange Tools) on 

the Exchange to obtain certain 

information free of charge. Particularly, 

Cboe Premium Exchange Tools offers an 

easily accessible internet-based tool that 

allows users access to certain execution 

information for their firm through a 

single interface. Now, the Exchange 

proposes to amend Rule 11.22(b) to 

describe the Cboe Premium Exchange 

Tools in its Rules. Specifically, 

proposed Rule 11.22(b) provides that 

the Cboe Premium Exchange Tools is a 

web-based tool designed to give a 

subscribing user the ability to track 

latency statics of the user’s logical order 

entry ports or execution information of 

the Member or a Sponsored Participant 

of the Member. The proposed rule also 

provides that a user may obtain 

historical reports of such execution 

information, as further described 

below.7 Cboe Premium Exchange Tools 

is currently comprised of the following 

three reports: (i) Trade data report,8 (ii) 

latency statistics report,9 and (iii) 

volume history report.10

Trade Data Report 

The trade data report offers the ability 

for a user to view and/or export its 

Member’s and, if applicable, a 

Sponsored Participant of the Member, 

granular execution detail.11 Specifically, 

the report currently includes the 

following information: Date, time, 

Member identifier, clearing member 

identifier, session, order identification, 

symbol, side (i.e., buy, sell, sell short), 

price, quantity, capacity (e.g., agent, 

principal), liquidity indicator (i.e., 

adder or remover of liquidity), order 

type,12 indicator as to whether order set 

or joined the national best bid or offer 

(‘‘NBBO’’),13 and associated fee code(s). 

The information is provided in order to 

aid Members in conducting their own 

reconciliations and assist in report 

generation, and, unlike the Volume 

History Report, is available on an 

execution-by-execution basis. 

Latency Statistics Report 

The latency statistics report offers 

functionality to view latency statistics 

relating to logical order entry ports, 

including a Member’s orders, 

acknowledgements, and cancels, 

including roundtrip data from into the 

edge network device and back, which 

accounts for latency within the 

Exchange order gateways and matching 

engines. Specifically, the latency 

statistics report includes the following 

information: (i) The roundtrip time 

between the order entering the 

Exchange’s network and the time the 

order acknowledgement leaves the 

Exchange’s network, (ii) the roundtrip 

time between an order cancellation 

request and the time the order 

cancellation request acknowledgement 

leaves the Exchange’s network, (iii) the 

roundtrip time between an order 

entering the Exchange’s network and the 

time that the order appears on the 

Multicast PITCH feed, (iv) the roundtrip 

time for a Transmission Control 

Protocol (‘‘TCP’’) 14 message sent by the 

Exchange to be acknowledged by the 

Member, and (v) averages a Member can 

expect for items (i) through (iii) across 

their own ports and across the entire 

system (i.e., across all Members). A 

Member, service bureau, or Sponsored 

Participant may view the latency 

statistics for orders that they send to the 

Exchange through their own respective 

logical order entry ports. The 

information included in the latency 

statistics report is designed to give users 

insight into the performance 

characteristics of their logical order 

entry ports. 

Volume History Report 

The volume history report provides 

users the functionality to view the 

Member’s, high level volume history on 

the Exchange, as well as more granular 

added, removed, and routed orders at a 

per Tape and MPID level or a per 

security level for the purpose of tracking 

and measuring outcomes.15 The tools 

offer functionality to allow a user to 

view aggregated volume history reports 

on behalf of the Member or a Sponsored 

Participant of the Member for the 

purpose of firm or client-level reporting, 

administration, and risk management. 

Cboe Premium Exchange Tools Fee 

The Exchange also proposes to adopt 

a fee applicable to users that subscribe 

to the proposed Cboe Premium 

Exchange Tools. Specifically, as 

proposed, the Exchange would assess a 

monthly fee of $65 for each user login 

that subscribes to any of the reports and 

services that comprise the Cboe 

Federal Register / Vol. 86, No. 179 / Monday, September 20, 2021 / Notices 52263 

16See the ‘‘TradeInfo Fees’’ offered on the Nasdaq 

Stock Exchange (‘‘Nasdaq’’), Nasdaq BX, Inc. 

(‘‘Nasdaq BX’’), and the Nasdaq PHLX LLC 

(‘‘Phlx’’), each of which assess a fee of $95 per user 

per month. 

17 15 U.S.C. 78f(b). 

18 15 U.S.C. 78f(b)(4). 

19 15 U.S.C. 78f(b)(5). 

20 Id. 

21See Securities and Exchange Act No. 90772 

(December 22, 2020) 85 FR 86632 (December 30, 

2020) (SR–NASDAQ–2020–088) (Proposed rule 

change describing the withdrawal of Nasdaq’s 

QView product from sale and that the information 

included therein will continue to be available via 

TradeInfo). 

22See Securities Exchange Act Release No. 68617 

(January 10, 2013), 78 FR 3480 (January 16, 2013) 

(SR–Nasdaq–2013–005) (introducing the Latency 

Optics add-on). See also Securities Exchange Act 

Release No. 82003 (November 2, 2017), 82 FR 51894 

(November 8, 2017) (SR–Nasdaq–2017–113) 

(proposed rule change that also describes the 

Latency Optics add-on service, which provided, 

among other things, subscribing members the 

ability to compare their latency to the average of the 

Nasdaq system). 

23 Id. 

Premium Exchange Tools. As discussed 

above, Premium Exchange Tools 

provides users with an easily accessible 

tool that allows them to access certain 

execution and latency information from 

a single interface and provides such 

information in a convenient, userfriendly format. Further, a number of 

enhancements have recently been made 

to the various reports and services 

included in the Cboe Premium 

Exchange Tools. For example, the trade 

data report has recently been enhanced 

to provide timestamps with 

microsecond granularity for added 

detail on a per trade basis. Therefore, 

the Exchange believes the assessment of 

such a fee aligns with the additional 

value and benefits provided to users 

that choose to subscribe to the Cboe 

Premium Exchange Tools. The 

Exchange also believes that the proposal 

is appropriate to balance the Exchange 

resource requirements in creating, 

managing, and supporting the services 

and reports provided by the Cboe 

Premium Exchange Tools. 

The Cboe Premium Exchange Tools 

fee will be assessed to a user for the 

entire month regardless of when the 

user receives access to the Premium 

Exchange Tools. If a user obtains or 

cancels a subscription to the Cboe 

Premium Exchange Tools on or after the 

first business day of the month, the user 

will be required to pay the entire Cboe 

Premium Exchange Tools fee for that 

month. 

The Exchange anticipates a number of 

users will subscribe to the Cboe 

Premium Exchange Tools. It is a 

completely voluntary product, in that 

the Exchange is not required by any rule 

or regulation to make the reports or 

services available and that potential 

subscribers may purchase it only if they 

voluntarily choose to do so. Further, the 

Exchange notes that other exchanges 

offer similar products.16

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.17 Specifically, 

the Exchange believes the proposed rule 

change is consistent with Section 6(b)(4) 

of the Act,18 which requires that 

Exchange rules provide for the equitable 

allocation of reasonable dues, fees, and 

other charges among its Members and 

other persons using its facilities. The 

Exchange also believes the proposed 

rule change is consistent with the 

Section 6(b)(5) 19 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) 20 requirement that 

the rules of an exchange not be designed 

to permit unfair discrimination between 

customers, issuers, brokers, or dealers. 

The Exchange believes the proposal to 

amend Rule 11.22(b) to provide for the 

Cboe Premium Exchange Tools is 

reasonable for several reasons. First, 

certain of the underlying information 

available via the Cboe Premium 

Exchange Tools is otherwise generally 

available to users. While the proposal 

provides a value-added service by 

setting forth such information in a userfriendly format, the underlying data 

included in the trade data report and 

volume history report contains general 

Member-specific execution information 

to which a Member would have access 

to without subscribing to Premium 

Exchange Tools, (e.g., via their own 

order entry ports which include 

Member-provided order instructions, 

exchange-sent acknowledgement 

messages, and drop copies). Moreover, 

the data included in the trade data 

report and volume history report is 

substantially similar to data offered in 

the Nasdaq TradeInfo tool, which 

provides detailed data on the status of 

orders executions, cancels and breaks, 

and generates reports for download, and 

allows the member to cancel or correct 

open orders.21

While certain underlying data 

included in the latency statistics report 

such as latency averages across the 

System is not otherwise available to 

Members, or where applicable, 

Sponsored Participants, or service 

bureaus, the Exchange notes such users 

can obtain similar information on their 

own latency statistics relating to their 

orders, acknowledgements, TCP 

messages, and cancels, including 

roundtrip data from out of their edge 

network device and back without 

subscribing to Premium Exchange 

Tools. Particularly, users are able to 

calculate these latencies on their own 

servers as the underlying transaction 

information is timestamped, which 

would similarly account for the latency 

throughout the Exchange side of the 

network (i.e., the Exchange does not 

believe latency statistics calculated by 

users themselves would be materially 

different from the Exchange’s 

calculations). The Exchange notes that 

although latency information related to 

averages across the system would not 

otherwise be available to Members, 

Sponsored Participants or service 

bureaus absent subscribing to Premium 

Exchange Tools, providing users such 

information is not novel as similar 

information was historically made 

available in an offering by Nasdaq. 

Specifically, prior to its decommission 

in December of 2020, Nasdaq provided 

summary latency statistics via its QView 

tool which provided members that 

subscribed to QView Latency Optics 

add-on service the ability to monitor 

three types of latency for order messages 

and compare that latency to the average 

on the Nasdaq System.22 The specific 

latency statistics included: (i) The 

roundtrip time between order entry and 

receipt of acknowledgement; (ii) 

roundtrip time between order entry and 

the time that the order appears on the 

TotalView ITCH multicast feed; and (iii) 

the roundtrip time between the entry of 

an order cancellation request and the 

time that the message in reply is 

received by the client device.23

Similarly as noted above, the 

Exchange’s proposed latency statistics 

report provides users averages across 

the entire System for three types of 

latency: (i) The roundtrip time between 

the order entering the Exchange’s 

network and the time the order 

acknowledgement leaves the Exchange’s 

network, (ii) the roundtrip time between 

an order cancellation request and the 

52264 Federal Register / Vol. 86, No. 179 / Monday, September 20, 2021 / Notices 

24Nasdaq similarly noted that users of TradeInfo 

are able to calculate latencies included in the 

Latency Optics add-on service as the underlying 

transaction information is timestamped. See 

Securities and Exchange Act No. 90772 (December 

22, 2020) 85 FR 86632 (December 30, 2020) (SR– 

NASDAQ–2020–088). 

25See https://www.nasdaqtrader.com/ 

Trader.aspx?id=tradeinfo. 

time the order cancellation request 

acknowledgement leaves the Exchange’s 

network, (iii) the roundtrip time 

between an order entering the 

Exchange’s network and the time that 

the order appears on the Multicast 

PITCH feed. Even after QView was 

decommissioned, the underlying data 

needed to generate the latency statistics 

(other than for averages across the 

Nasdaq system) for each member was 

and continues to be available via the 

Nasdaq TradeInfo tool.24

The Exchange believes that the 

proposed fee for the Cboe Premium 

Exchange Tools is consistent with the 

Act in that it is reasonable, equitable, 

and not unfairly discriminatory. In 

particular, the Exchange believes that 

the proposed fee is reasonable because 

it is reasonably aligned with the value 

and benefits provided to users that 

choose to subscribe to the Cboe 

Premium Exchange Tools on the 

Exchange. As discussed above, Premium 

Exchange Tools provides users with an 

easily accessible tool that allows them 

to access certain execution and latency 

information from a single interface and 

provides such information in a 

convenient, user-friendly format. Also 

as described above, information 

provided by Premium Exchange Tools 

relates to the subscribing user’s activity 

on the Exchange, and users may 

generally access and aggregate this 

information by other means, including 

its own internal systems, without a 

subscription to Premium Exchange 

Tools. As such, the Exchange believes 

that if a user determines that the fee is 

not cost-efficient for its needs, it may 

decline to subscribe to Premium 

Exchange Tools and access such 

information from other sources. Indeed, 

the Cboe Premium Tools is a completely 

voluntary product, and the Exchange is 

not required by any rule or regulation to 

offer the reports or services provided 

under the Cboe Premium Exchange 

Tools. Nonetheless, such tools may be 

beneficial to Members and nonMembers as they provide various valueadded Exchange reports and services. 

Providing the Cboe Premium Exchange 

Tools to users requires the Exchange to 

allocate additional resources to create, 

manage, and support the services and 

reports. Therefore, the Exchange 

believes that it is reasonable to assess a 

modest fee to users that subscribe to the 

Cboe Premium Exchange Tools. 

The Exchange further believes the 

proposed fee is reasonable because the 

amount assessed is less than the 

analogous fees charged by Nasdaq, 

Nasdaq BX, and PHLX. The TradeInfo 

product offered by the aforementioned 

exchanges provides users the status of 

orders, executions, cancels and breaks, 

and provides the ability to cancel 

orders. Further, to view a variety of 

trading data, users can generate several 

different types of reports such as 

execution reports.25 As described above, 

the Cboe Premium Exchange Tools will 

offer similar data to that provided by 

Nasdaq, Nasdaq BX, and PHLX while, 

the Exchange’s proposed fee for the 

Cboe Premium Tools at $65 per month 

per user, is lower than each of the 

Nasdaq, Nasdaq BX, and PHLX fees for 

similar information which charge $95 

per user. 

The Exchange believes that the 

proposed fee is equitable and not 

unfairly discriminatory because it will 

apply to all Members and non-Members 

that choose to subscribe to the Cboe 

Premium Exchange Tools equally. As 

stated, the services and reports provided 

by the Cboe Premium Exchange Tools 

are completely optional and not 

necessary for trading. Rather, the 

Exchange voluntarily makes the Cboe 

Premium Exchange Tools available and 

users may choose to subscribe (and pay 

for) the Cboe Premium Exchange Tools 

based on their own individual business 

needs. Potential subscribers may 

subscribe to Cboe Premium Exchange 

Tools at any time if they believe it to be 

valuable or may decline to purchase 

such services and reports. 

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 because the 

proposed Cboe Premium Exchange 

Tools will be available equally to all 

Members and non-Members that choose 

to subscribe to such tools. As stated, the 

Cboe Premium Exchange Tools are 

optional and Members and nonMembers may choose to subscribe to 

such tools, or not, based on their view 

of the additional benefits and added 

value provided by utilizing the reports 

or services offered by the Cboe Premium 

Exchange Tools. 

Next, the Exchange believes the 

proposed rule change does not impose 

any burden on intermarket competition 

that is not necessary or appropriate in 

furtherance of the purposes of the Act. 

As previously discussed, Nasdaq 

currently offers products that include 

similar information to that proposed 

under the Cboe Premium Exchange 

Tools. 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.’’ 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 

broker-dealers that act as their orderrouting 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’ 

. . . .’’. Accordingly, the Exchange does 

not believe its proposal 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 

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 

Federal Register / Vol. 86, No. 179 / Monday, September 20, 2021 / Notices 52265 

26 15 U.S.C. 78s(b)(3)(A). 

27 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 Commission 

has waived that requirement in this case. 

28 17 CFR 240.19b–4(f)(6). 

29 17 CFR 240.19b–4(f)(6)(iii). 

30See supra notes 21–24. 

31For 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). 32 17 CFR 200.30–3(a)(12). 

19(b)(3)(A) of the Act 26 and Rule 19b– 

4(f)(6) thereunder.27

A proposed rule change filed under 

Rule 19b–4(f)(6) 28 normally does not 

become operative prior to 30 days after 

the date of the filing. However, Rule 

19b–4(f)(6)(iii) 29 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 

August 31, 2021 and has asked the 

Commission to waive the 30-day 

operative delay for this filing. The 

Exchange states that the proposed data 

to be included in the proposed Cboe 

Premium Exchange Tools is already 

generally available to all users without 

a subscription to Cboe Premium 

Exchange Tools and/or is substantially 

similar to information that was 

historically, or currently is, included in 

similar products offered on Nasdaq.30

The Commission believes waiver of the 

operative delay will allow a description 

of Cboe Premium Exchange Tools 

product to be immediately reflected in 

the Exchange’s rules and is consistent 

with the protection of investors and the 

public interest because the proposed 

rule change does not raise any new or 

novel issues. Accordingly, the 

Commission hereby waives the 30-day 

operative delay and designates the 

proposed rule change as operative upon 

filing.31

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– 

CboeBZX–2021–047 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-CboeBZX–2021–047. 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–CboeBZX–2021–047, and should be 

submitted on or before October 12, 

2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.32

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–20210 Filed 9–17–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Investment Company Act Release No. 

34374; File No. 812–15218] 

Pomona Investment Fund, et al. 

September 14, 2021. 

AGENCY: Securities and Exchange 

Commission (‘‘Commission’’). 

ACTION: Notice. 

Notice of application for an order 

under section 17(d) of the Investment 

Company Act of 1940 (the ‘‘Act’’) and 

rule 17d–1 under the Act to permit 

certain joint transactions otherwise 

prohibited by section 17(d) of the Act 

and rule 17d–1 under the Act. 

SUMMARY OF APPLICATION: Applicants 

request an order to permit certain 

closed-end management investment 

companies to co-invest in portfolio 

companies with each other and with 

certain affiliated investment funds and 

accounts. 

APPLICANTS: Pomona Investment Fund 

(the ‘‘Fund’’); Pomona Management LLC 

(‘‘Pomona’’); Pomona Capital X, L.P., 

Pomona Capital IX L.P. and Pomona 

Partnership Holdings VIII, L.P., 

(collectively, the ‘‘Existing Affiliated 

Funds’’). 

FILING DATES: The application was filed 

on April 19, 2021, and amended on July 

13, 2021. 

HEARING OR NOTIFICATION OF HEARING: An 

order granting the requested relief will 

be issued unless the Commission orders 

a hearing. Interested persons may 

request a hearing by emailing the 

Commission’s Secretary at SecretarysOffice@sec.gov and serving Applicants 

with a copy of the request by email. 

Hearing requests should be received by 

the Commission by 5:30 p.m. on 

October 12, 2021 and should be 

accompanied by proof of service on the 

Applicants, in the form of an affidavit 

or, for lawyers, a certificate of service. 

Pursuant to rule 0–5 under the Act, 

hearing requests should state the nature 

of the writer’s interest, any facts bearing 

upon the desirability of a hearing on the 

matter, the reason for the request, and 

the issues contested. Persons who wish 

to be notified of a hearing may request 

notification by emailing the