21684 Federal Register / Vol. 87, No. 70 / Tuesday, April 12, 2022 / Notices 

124See id. at 44075–76 and Amendment No. 2. 

125 17 CFR 240.10A–3. 

126The Commission notes that certain other 

proposals for the listing and trading of exchangetraded products include a representation that the 

exchange will ‘‘surveil’’ for compliance with the 

continued listing requirements. See, e.g., Securities 

Exchange Act Release No. 77499 (Apr. 1, 2016), 81 

FR 20428 (Apr. 7, 2016) (Notice of Filing of 

Amendment No. 2 and Order Granting Accelerated 

Approval of a Proposed Rule Change, as Modified 

by Amendment No. 2, to List and Trade Shares of 

the SPDR DoubleLine Short Duration Total Return 

Tactical ETF of the SSgA Active Trust). In the 

context of this representation, it is the 

Commission’s view that ‘‘monitor’’ and ‘‘surveil’’ 

both mean ongoing oversight of the Fund’s 

compliance with the continued listing 

requirements. Therefore, the Commission does not 

view ‘‘monitor’’ as a more or less stringent 

obligation than ‘‘surveil’’ with respect to the 

continued listing requirements. 

127 15 U.S.C. 78f(b)(2). 

128 15 U.S.C. 78f(b)(5); 15 U.S.C. 78k– 

1(a)(1)(C)(iii). 

129 15 U.S.C. 78f(b)(2). 

130 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

proposal, the Exchange represented 

that:124

(1) The Shares will conform to the 

initial and continued listing criteria 

under NYSE Arca Rule 8.200–E. 

(2) The Exchange has appropriate 

rules to facilitate transactions in the 

Shares during all trading sessions. 

(3) Trading in the Shares will be 

subject to the existing trading 

surveillances administered by the 

Exchange, as well as cross-market 

surveillances administered by FINRA on 

behalf of the Exchange, which are 

designed to detect violations of 

Exchange rules and applicable federal 

securities laws, and these procedures 

are adequate to properly monitor 

Exchange trading of the Shares in all 

trading sessions and to deter and detect 

violations of Exchange rules and federal 

securities laws applicable to the 

Exchange. 

(4) Prior to the commencement of 

trading, the Exchange will inform its 

ETP Holders in an information bulletin 

(‘‘Information Bulletin’’) of the special 

characteristics and risks associated with 

trading in the Shares. Specifically, the 

Information Bulletin will discuss the 

following: (a) The risks involved in 

trading the Shares during the Early and 

Late Trading Sessions when an updated 

IFV will not be calculated or publicly 

disseminated; (b) the procedures for 

purchases and redemptions of Shares in 

Creation Baskets and Redemption 

Baskets (and that Shares are not 

individually redeemable); (c) NYSE 

Arca Rule 9.2–E(a), which imposes a 

duty of due diligence on its ETP Holders 

to learn the essential facts relating to 

every customer prior to trading the 

Shares; (d) how information regarding 

the IFV is disseminated; (e) how 

information regarding portfolio holdings 

is disseminated; (f) the requirement that 

ETP Holders deliver a prospectus to 

investors purchasing newly issued 

Shares prior to or concurrently with the 

confirmation of a transaction; and (g) 

trading information. 

(5) For initial and continued listing, 

the Fund will be in compliance with 

Rule 10A–3 under the Exchange Act,125

and the Trust will rely on the exception 

contained in Rule 10A–3(c)(7). 

(6) Under no circumstances will the 

Fund hold and/or invest in any assets 

other than BTC Contracts and MBT 

Contracts, cash and cash equivalents. 

The Fund will not invest in or hold spot 

bitcoin. Cash equivalents only include 

short-term Treasury bills, money market 

funds, demand deposit accounts and 

commercial paper. 

(7) The Fund’s investments will be 

consistent with the Fund’s investment 

objective and will not be used to 

enhance leverage, and therefore the 

Fund’s investments will not be used to 

seek performance that is the multiple or 

inverse multiple (e.g., 2Xs, 3Xs, –2Xs, 

and –3Xs) of the Fund’s Benchmark. 

(8) The Fund will only hold Bitcoin 

Futures Contracts that are listed on an 

exchange that is a member of the ISG or 

is a market with which the Exchange 

has a CSSA. 

(9) A minimum of 50,000 Shares of 

the Fund will be outstanding at the 

commencement of trading on the 

Exchange. 

(10) The Exchange represents that all 

statements and representations made in 

the filing regarding (a) the description of 

the Benchmark, portfolio, or reference 

asset; (b) limitations on Benchmark or 

portfolio holdings or reference assets; or 

(c) applicablilty of Exchange listing 

rules specified in the filing will 

constitute continued listing 

requirements for the Shares. The issuer 

has represented to the Exchange that it 

will advise the Exchange of any failure 

by the Fund to comply with the 

continued listing requirements, and, 

pursuant to its obligations under 

Section 19(g)(1) of the Exchange Act, the 

Exchange will monitor for compliance 

with the continued listing 

requirements.126 If the Fund is not in 

compliance with the applicable listing 

requirements, the Exchange will 

commence delisting procedures under 

NYSE Arca Rule 5.5–E(m). 

IV. Conclusion 

This approval order is based on all of 

the Exchange’s representations and 

description of the Fund, including those 

set forth above and in Amendment No. 

2. The Commission notes that the 

Shares must comply with the 

requirements of NYSE Arca Rule 8.200– 

E and Commentary .02 thereto to be 

listed and traded on the Exchange on an 

initial and continuing basis. 

For the reasons set forth above, the 

Commission finds, pursuant to Section 

19(b)(2) of the Exchange Act,127 that the 

proposed rule change, as modified by 

Amendment No. 2, is consistent with 

the requirements of the Exchange Act 

and the rules and regulations 

thereunder applicable to a national 

securities exchange, and in particular, 

with Section 6(b)(5) and Section 

11A(a)(1)(C)(iii) of the Exchange Act.128

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Exchange Act,129

that proposed rule change SR– 

NYSEArca–2021–53, as modified by 

Amendment No. 2, be, and hereby is, 

approved. 

For the Commission, by the Division 

of Trading and Markets, pursuant to 

delegated authority.130

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–07748 Filed 4–11–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94617; File No. SR– 

CboeEDGX–2022–022] 

Self-Regulatory Organizations; Cboe 

EDGX Exchange, Inc.; Notice of Filing 

and Immediate Effectiveness of a 

Proposed Rule Change To Amend Its 

Fee Schedule 

April 6, 2022. 

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 April 1, 

2022, Cboe EDGX Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘EDGX’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I and II 

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 EDGX Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘EDGX’’) proposes to 

amend its Fee Schedule. The text of the 

proposed rule change is provided in 

Exhibit 5. 


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Federal Register / Vol. 87, No. 70 / Tuesday, April 12, 2022 / Notices 21685 

3See Cboe Global Markets, U.S. Equities Market 

Volume Summary, Month-to-Date (March 25, 2022), 

available at https://www.cboe.com/us/equities/ 

market_statistics/. 

4Orders yielding Fee Code ‘‘B’’ are orders adding 

liquidity to EDGX (Tape B). 

5Orders yielding Fee Code ‘‘V’’ are orders adding 

liquidity to EDGX (Tape A). 

6Orders yielding Fee Code ‘‘Y’’ are orders adding 

liquidity to EDGX (Tape C). 

7Orders yielding Fee Code ‘‘3’’ are orders adding 

liquidity to EXGX in the pre and post market (Tapes 

A or C). 

8Orders yielding Fee Code ‘‘4’’ are orders adding 

liquidity to EDGX in the pre and post market (Tape 

B). 

9 ‘‘Step-Up ADAV’’ means ADAV in the relevant 

baseline month subtracted from current ADAV. 

‘‘ADAV’’ means average daily volume calculated as 

the number of shares added per day. ADAV is 

calculated on a monthly basis. 

10 ‘‘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 

the fees apply. 

11 ‘‘ADV’’ means average daily volume calculated 

as the number of shares added to, removed from, 

or routed by, the Exchange, or any combination or 

subset thereof, per day. ADV is calculated on a 

monthly basis. 12 15 U.S.C. 78f. 13 15 U.S.C. 78f(b)(4). 14 15 U.S.C. 78f(b)(5). 

The text of the proposed rule change 

is also available on the Exchange’s 

website (http://markets.cboe.com/us/ 

options/regulation/rule_filings/edgx/), 

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 applicable to its equities 

trading platform (‘‘EDGX Equity’’) to 

modify the criteria of Growth Tier 4. 

The Exchange proposes to implement 

this change effective April 1, 2022. 

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 Exchange Act, 

to which market participants may direct 

their order flow. Based on publicly 

available information,3 no single 

registered equities exchange has more 

than 17% 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. For 

orders in securities priced below $1.00, 

the Exchange provides a standard rebate 

of $0.00009 per share for orders that add 

liquidity and assesses a fee of 0.30% of 

the total dollar value for orders that 

remove liquidity. 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. 

Modification to Growth Volume Tier 4 

Under footnote 1 of the Fee Schedule, 

the Exchange currently offers various 

Add/Remove Volume Tiers. In 

particular, the Exchange offers four 

Growth Tiers that each provide an 

enhanced rebate for Members’ 

qualifying orders yielding fee codes B,4

V,5 Y,6 3 7 or 4,8 where a Member 

reaches certain add volume-based 

criteria, including ‘‘growing’’ its volume 

over a certain baseline month. 

Currently, Growth Tier 4 provides an 

enhanced rebate of $0.0034 per share to 

MPIDs that (1) add a Step-Up ADAV 9

from October 2021 equal to or greater 

than 0.10% of the TCV 10 or MPIDs that 

add a Step-Up ADAV from October 2021 

equal to or greater than 15 million 

shares; and (2) MPIDs that add an 

ADV 11 equal to or greater than 0.30% of 

TCV or MPIDs that add an ADV equal 

to or greater than 30 million shares. The 

Exchange now proposes to amend the 

criteria of Growth Tier 4 to provide the 

rebate to MPIDs that (1) add a Step-Up 

ADAV from October 2021 equal to or 

greater than 0.10% of the TCV or MPIDs 

that add a Step-Up ADAV from October 

2021 equal to or greater than 16 million 

shares (instead of 15 million shares); 

and (2) and MPID that adds an ADV 

equal to or greater than 0.30% of TCV 

or MPIDs that add an ADV equal to 

order great than 30 million shares. 

2. Statutory Basis 

The Exchange believes the proposed 

rule change is consistent with the 

objectives of Section 6 of the Securities 

and Exchange Act of 1933 [sic] (the 

‘‘Act’’),12 in general, and furthers the 

objectives of Section 6(b)(4),13 in 

particular, as it is designed to provide 

for the equitable allocation of reasonable 

dues, fees and other charges among its 

Members and issuers and other persons 

using its facilities. The Exchange also 

believes that the proposed rule change 

is consistent with the objectives of 

Section 6(b)(5) 14 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, and, 

particularly, is not designed to permit 

unfair discrimination between 

customers, issuers, brokers, or dealers. 

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 

proposed rule change reflects a 

competitive pricing structure designed 

to incentivize market participants to 

direct their order flow to the Exchange, 

which the Exchange believes would 

enhance market quality to the benefit of 

all Members. 

The Exchange believes that its 

proposed change to Growth Tier 4 is 

reasonable, equitable and not unfairly 


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21686 Federal Register / Vol. 87, No. 70 / Tuesday, April 12, 2022 / Notices 

15See BZX Equities Fee Schedule, Footnote 1, 

Add/Remove Volume Tiers. 

16See EDGX Equities Fee Schedule, Footnote 1, 

Add/Remove Volume Tiers. 

17Supra note 3. 

18See Securities Exchange Act Release No. 51808 

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

discriminatory. The Exchange’s 

proposal to amend Growth Tier 4 is 

reasonable because the tier will 

continue to be available to all MPIDs 

and will continue to provide MPIDs an 

opportunity to receive an enhanced 

rebate. The Exchange notes that relative 

volume-based incentives and discounts 

have been widely adopted by 

exchanges,15 including the Exchange,16

and are reasonable, equitable and nondiscriminatory 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 or 

liquidity provision and/or growth 

thresholds, as well as assess similar fees 

or rebates for similar types of orders, to 

that of the Exchange. The Exchange also 

believes that the existing rebate under 

Growth Tier 4 continues to be 

commensurate with the existing and 

proposed criteria. That is, the rebate 

reasonably reflects the difficulty in 

achieving the corresponding criteria as 

amended. 

The Exchange believes that the 

change to Growth Tier 4 will benefit all 

market participants by incentivizing 

continuous liquidity and, thus, deeper 

more liquid markets as well as increased 

execution opportunities. Particularly, 

the proposal is designed to incentivize 

liquidity, which further contributes to a 

deeper, more liquid market and provide 

even more execution opportunities for 

active market participants at improved 

prices. This overall increase in activity 

deepens the Exchange’s liquidity pool, 

offers additional cost savings, supports 

the quality of price discovery, promotes 

market transparency and improves 

market quality, for all investors. 

The Exchange also believes that the 

proposed amendment to Growth Tier 4 

represents an equitable allocation of 

rebates and is not unfairly 

discriminatory because all MPIDs are 

eligible for the tier and would have the 

opportunity to meet the tier’s criteria 

and would receive the proposed 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 definitely 

result in any MPIDs qualifying for the 

proposed tiers. While the Exchange has 

no way of predicting with certainty how 

the proposed tier will impact MPID 

activity, the Exchange anticipates that at 

least one MPID will be able to compete 

for and reach the proposed criteria in 

Growth Tier 4. The Exchange also notes 

all MPIDs are eligible to satisfy the 

revised criteria of Growth Tier 4 and 

further believes the proposed change 

will provide a reasonable means to 

encourage future overall growth in 

Members’ order flow to the Exchange by 

offering an enhanced rebate on 

qualifying orders. Moreover the 

proposed criteria will not adversely 

impact any MPID or Member’s ability to 

qualify for other reduced fee or 

enhanced rebate tiers. Should any MPID 

not meet the proposed criteria under 

Growth Tier 4, the MPID will merely not 

receive the corresponding enhanced 

rebate. 

As noted above, the Exchange 

operates in a highly competitive market. 

The Exchange in only one of 16 equity 

venues to which market participants 

may direct their order flow, and it 

represents a small percentage of the 

overall market. It is also only one of 

several maker-taker exchanges. 

Competing equity exchanges offer 

similar rates and tiered pricing 

structures to that of the Exchange, 

including schedules of rebates and fees 

that apply based upon members 

achieving certain volume thresholds. 

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. Rather, as 

discussed above, the Exchange believes 

that the proposed change 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. As a 

result, the Exchange believes that the 

proposed changes further the 

Commission’s goal in adopting 

Regulation NMS of fostering 

competition among orders, which 

promotes ‘‘more efficient pricing of 

individual stocks for all types of orders, 

large and small.’’ 

The Exchange believes the proposed 

rule change does not impose any burden 

on intramarket competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. Particularly, 

the proposed change to Growth Tier 4 

will apply to all Members equally in 

that all Members are eligible for the tier, 

have a reasonable opportunity to meet 

the tier’s criteria and will receive the 

enhanced rebate on their qualifying 

orders if such criteria is met. The 

Exchange does not believe the proposed 

changes burdens competition, but 

rather, enhances competition as it is 

intended to increase the 

competitiveness of EDGX by amending 

an existing pricing incentive 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. 

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, 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 17% of the market share.17

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 offexchange 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.’’ 18 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 


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Federal Register / Vol. 87, No. 70 / Tuesday, April 12, 2022 / Notices 21687 

19NetCoalition 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)). 

20 15 U.S.C. 78s(b)(3)(A)(ii). 

21 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

‘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’ . . .’’.19

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)(ii) of the Act.20

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: (i) Necessary or appropriate in 

the public interest; (ii) for the protection 

of investors; or (iii) 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– 

CboeEDGX–2022–022 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–CboeEDGX–2022–022. 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–CboeEDGX–2022–022, and 

should be submitted on or before May 

3, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.21

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–07746 Filed 4–11–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94616; File No. SR–ICC– 

2022–003] 

Self-Regulatory Organizations; ICE 

Clear Credit LLC; Notice of Filing of 

Proposed Rule Change Relating to the 

ICC Governance Playbook 

April 6, 2022. 

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 April 4, 

2022, ICE Clear Credit LLC (‘‘ICC’’) filed 

with the Securities and Exchange 

Commission (the ‘‘Commission’’) the 

proposed rule change as described in 

Items I, II, and III below, which Items 

have been prepared primarily by ICC. 

The Commission is publishing this 

notice to solicit comments on the 

proposed rule change from interested 

persons. 

I. Clearing Agency’s Statement of the 

Terms of Substance of the Proposed 

Rule Change 

The principal purpose of the 

proposed rule change is to revise the 

ICC Governance Playbook. These 

revisions do not require any changes to 

the ICC Clearing Rules (the ‘‘Rules’’). 

II. Clearing Agency’s Statement of the 

Purpose of, and Statutory Basis for, the 

Proposed Rule Change 

In its filing with the Commission, ICC 

included statements concerning the 

purpose of and basis for the proposed 

rule change, security-based swap 

submission, or advance notice and 

discussed any comments it received on 

the proposed rule change, securitybased swap submission, or advance 

notice. The text of these statements may 

be examined at the places specified in 

Item IV below. ICC has prepared 

summaries, set forth in sections (A), (B), 

and (C) below, of the most significant 

aspects of these statements. 

(A) Clearing Agency’s Statement of the 

Purpose of, and Statutory Basis for, the 

Proposed Rule Change 

(a) Purpose 

ICC proposes revisions to the 

Governance Playbook, which 

consolidates governance arrangements 

set forth in ICC’s Rules, operating 

agreement, and other ICC policies and 

procedures. The Governance Playbook 

contains information regarding the 

governance structure at ICC, which 

includes the Board, committees, and 

management. ICC believes the proposed 

changes will facilitate the prompt and 

accurate clearance and settlement of 

securities transactions and derivative 

agreements, contracts, and transactions 

for which it is responsible. ICC proposes 

to make such changes following 

Commission approval of the proposed 

rule change. The proposed rule change 

is described in detail as follows. 

The proposed changes consist of 

clarifications and updates regarding the 

roles and responsibilities of the ICC 

Legal Department (‘‘Legal’’) and internal 

committees involved in the governance 

process. ICC proposes to amend Section 

I, which describes the purpose of the 


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