Federal Register / Vol. 87, No. 74 / Monday, April 18, 2022 / Notices 22995 

32See Notice, supra note 3, 87 FR 11103; Pilot 

Approval Order, supra note 5, 75 FR 57540; and 

Amendment No. 1, supra note 4. See also supra 

notes 18 and 20. 

33See Amendment No. 1, supra note 4. 

34 15 U.S.C. 78s(b)(2). 

35 15 U.S.C. 78s(b)(2). 

36 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

The Exchange’s proposal to add 

Tuesday and Thursday SPXW 

Expirations to the existing Pilot would 

offer additional investment options to 

investors and may be useful for their 

investment or hedging objectives while 

providing the Commission with data to 

monitor the effects of Tuesday and 

Thursday SPXW Expirations and the 

impact of P.M. settlement on the 

markets. To assist the Commission in 

assessing any potential impact of 

Tuesday and Thursday SPXW options 

on the options markets as well as the 

underlying cash equities markets, the 

Exchange will be required to submit 

data to the Commission in connection 

with the Pilot.32 Further, including the 

proposed Tuesday and Thursday SPXW 

Expirations in the Pilot, together with 

the data and analysis that the Exchange 

will provide to the Commission, will 

allow Cboe Options and the 

Commission to monitor for and assess 

any potential for adverse market effects 

of allowing Tuesday and Thursday 

SPXW Expirations, including on the 

underlying component stocks. In 

particular, the data collected from the 

Pilot will help inform the Commission’s 

consideration of whether the Pilot, as 

amended to include Tuesday and 

Thursday SPXW Expirations, should be 

modified, discontinued, extended, or 

permanently approved. Furthermore, 

the Exchange’s ongoing analysis of the 

Pilot should help it monitor any 

potential risks from large P.M.-settled 

positions and take appropriate action if 

warranted. 

IV. Solicitation of Comments on 

Amendment No. 1 to the Proposed Rule 

Change 

Interested persons are invited to 

submit written data, views, and 

arguments concerning whether 

Amendment No. 1 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– 

CBOE–2022–005 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–CBOE–2022–005. 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–CBOE–2022–005, and 

should be submitted on or before May 

9, 2022. 

V. Accelerated Approval of the 

Proposed Rule Change, as Modified by 

Amendment No. 1 

The Commission finds good cause to 

approve the proposed rule change, as 

modified by Amendment No. 1, prior to 

the thirtieth day after the date of 

publication of notice of the filing of 

Amendment No. 1 in the Federal 

Register. In Amendment No. 1, the 

Exchange represents that it will provide 

certain additional data in the Pilot 

Program annual reports regarding SPXW 

options.33 The Exchange states that such 

data will assist in monitoring for any 

adverse market effects or regulatory 

concerns. Amendment No. 1 raises no 

novel regulatory issues and will provide 

additional data that will assist the 

Commission in evaluating the Pilot. 

Accordingly, the Commission finds 

good cause, pursuant to Section 19(b)(2) 

of the Act,34 to approve the proposed 

rule change, as modified by Amendment 

No. 1, on an accelerated basis. 

VI. Conclusion 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act,35 that the 

proposed rule change (SR–CBOE–2022– 

005), as modified by Amendment No. 1, 

be, and hereby is, approved on an 

accelerated basis. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.36

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–08162 Filed 4–15–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94686; File No. SR–CBOE– 

2022–016] 

Self-Regulatory Organizations; Cboe 

Exchange, Inc.; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend the Fees 

Applicable to Various Market Data 

Products 

April 12, 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 Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘Cboe Options’’) 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 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 Exchange, Inc. (‘‘Cboe Options’’ 

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

Securities and Exchange Commission 

(the ‘‘Commission’’) a proposed rule 

change to amend the fees applicable to 

various market data products. 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://www.cboe.com/ 

AboutCBOE/CBOELegalRegulatory

Home.aspx), at the Exchange’s Office of 


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22996 Federal Register / Vol. 87, No. 74 / Monday, April 18, 2022 / Notices 

3For example, if a User that has elected to 

participate in the free trial program for Cboe 

Options BBO Data is approved on April 15, 2022, 

that User will not be subject to any applicable fees 

(i.e., User Fee) through May 14, 2022. 

4See The Nasdaq Stock Market LLC (‘‘Nasdaq’’) 

Equity 7 Pricing Schedule, Section 112(b)(1) and 

New York Stock Exchange LLC (‘‘NYSE’’) 

Proprietary Market Data Fees Schedule, General. 

5 15 U.S.C. 78f. 

6 15 U.S.C. 78f(b)(4). 

7 15 U.S.C. 78k–1. 

8See Nasdaq Equity 7 Pricing Schedule, Section 

112(b)(1) and NYSE Proprietary Market Data Fees 

Schedule, General. 

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 the 

Cboe Data Services, LLC (‘‘CDS’’) Fee 

Schedule. Particularly, the Exchange 

proposes to adopt a free trial program 

for Exchange market data products, 

effective April 1, 2022. 

The Exchange proposes a 30-day free 

trial for any User or Distributor that 

subscribes to or distributes, 

respectively, an Exchange real-time 

market data product (‘‘Product’’) listed 

on the Fee Schedule for the first time. 

As proposed, a first-time User would be 

any entity or individual that has not 

previously subscribed to a particular 

Product and a first-time Distributor 

would be any entity that has not 

previously distributed, internally or 

externally, a particular Product. A firsttime User or Distributor of a particular 

Exchange market data product would 

not be charged any applicable fees listed 

in the Fee Schedule for that product for 

the duration of the 30 days.3 For 

example, a firm that currently 

subscribes to Cboe Options BBO Data 

would be eligible to receive a free 30- 

day trial of Cboe Options Book Depth 

Data, whether in a display-only format 

or for non-display use. However, a firm 

that currently receives Cboe Options 

Book Depth Data for non-display use 

would not be eligible to receive a free 

30-day trial of Cboe Options Book Depth 

Data in a display-only format. The 

Exchange would provide the 30-day free 

trial for each particular product to each 

first-time User or Distributor once. 

The Exchange believes that providing 

a 30-day free trial to Exchange real-time 

market data products listed on the 

Exchange’s Fee Schedule would enable 

potential Users and Distributors to 

determine whether a particular 

Exchange market data product provides 

value to their business models or 

investment strategies, as applicable, 

before fully committing to expend 

development and implementation costs 

related to the receipt or distribution of 

that product, and is intended to 

encourage increased use of the 

Exchange’s market data products by 

defraying some of the development and 

implementation costs Users or 

Distributors would ordinarily have to 

expend before using a product. The 

Exchange notes that other exchanges 

have similar free trial programs.4

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

the objectives of Section 6 of the Act,5

in general, and furthers the objectives of 

Section 6(b)(4),6 in particular, as it is 

designed to provide for the equitable 

allocation of reasonable dues, fees and 

other charges among its members and 

other recipients of Exchange data. In 

addition, the Exchange believes that the 

proposed rule change is consistent with 

Section 11(A) of the Act as it supports 

(i) fair competition among brokers and 

dealers, among exchange markets, and 

between exchange markets and markets 

other than exchange markets, and (ii) 

the availability to brokers, dealers, and 

investors of information with respect to 

quotations for and transactions in 

securities.7

The Exchange believes that adopting 

a free trial program for real-time market 

data products listed in its Fees Schedule 

is equitable and reasonable. Particularly, 

providing Exchange real-time market 

data products to new Users and 

Distributors free-of-charge for the first 

30 days is reasonable because it would 

allow vendors and subscribers to 

become familiar with the feeds and 

determine whether they suit their needs 

without incurring fees. It is also 

intended to incentivize Distributors to 

enlist more Users to subscribe to 

Exchange market data products in an 

effort to broaden the products’ 

distribution. Making a new market data 

product available for free for a trial 

period is also consistent with offerings 

of other exchanges. For example, NYSE 

and Nasdaq offer similar free trial 

programs.8

The Exchange believes the proposal to 

provide the Exchange market data 

products to new Users or Distributors 

free-of-charge for their first 30 days 

subscribing or distributing the data, as 

applicable, is equitable and not unfairly 

discriminatory because it applies to any 

first-time User or Distributor, regardless 

of the use they plan to make of the feed. 

As proposed, any first-time User or 

Distributor would not be charged any 

applicable fee listed in the Fee Schedule 

for any of the Exchange’s real-time 

market data products listed in the Fee 

Schedule for 30 days. The Exchange 

believes it is equitable to restrict the 

availability of this free trial to Users or 

Distributors that have not previously 

subscribed to, or distributed, 

respectively the particular market data 

product, since Users or Distributors who 

are current or previous subscribers or 

Distributors, respectively of that product 

are already familiar with the product 

and whether it would suit their needs. 

The Exchange believes that the 

proposed rule change providing for a 

free trial period to test is not unfairly 

discriminatory because the financial 

benefit of the fee waiver would be 

available to all Users subscribing to, and 

all Distributors distributing, an 

Exchange Product for the first time on 

a free-trial basis. The Exchange believes 

there is a meaningful distinction 

between Users and Distributors that are 

subscribing to or distributing a market 

data product for the first time, who may 

benefit from a period within which to 

set up and test use of the product before 

it becomes fee liable, and Users and 

Distributors that are already receiving or 

distributing the Exchange’s market data 

products and are deriving value from 

such use. The Exchange believes that 

the limited period of the free trial would 

not be unfairly discriminatory to other 

users of the Exchange’s market data 

products because it is designed to 

provide a reasonable period of time to 

set up and test a new market data 

product. The Exchange further believes 

that providing a free trial for 30 days 

would ease administrative burdens for 

data recipients to subscribe to or 

distribute a new data product and 

eliminate fees for a period before such 

users are able to derive any benefit from 

the data. 


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Federal Register / Vol. 87, No. 74 / Monday, April 18, 2022 / Notices 22997 

9See Nasdaq Equity 7 Pricing Schedule, Section 

112(b)(1) and NYSE Proprietary Market Data Fees 

Schedule, General. 

10 15 U.S.C. 78s(b)(3)(A). 

11 17 CFR 240.19b–4(f). 

12 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). A proposed rule change 

may take effect upon filing with the Commission if 

it is designated by the exchange as ‘‘establishing or 

changing a due, fee, or other charge imposed by the 

self-regulatory organization on any person, whether 

or not the person is a member of the self-regulatory 

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

4 15 U.S.C. 78s(b)(3)(C). 

5 15 U.S.C. 78s(b)(2)(B). 

6See Securities Exchange Act Release No. 94259 

(February 15, 2022), 87 FR 9747. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change would result 

in any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

Exchange operates in a highly 

competitive environment, and its ability 

to price these data products is 

constrained by competition among 

exchanges that offer similar data 

products to their customers. The 

Exchange believes that the proposed 

free trial program does not put any 

market participants at a relative 

disadvantage compared to other market 

participants. As discussed, the proposed 

trial would apply to first time Users and 

Distributors on an equal and nondiscriminatory basis. Further, the 

Exchange believes that the proposed 

program does not impose a burden on 

competition or on other SROs that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

Exchange does not believe that the 

proposal would cause any unnecessary 

or inappropriate burden on intermarket 

competition as other exchanges are free 

to lower their prices or provide a free 

trial to better compete with the 

Exchange’s offering. Indeed, other 

national securities exchanges already 

offer similar free trial programs today.9

The proposed amendments are also 

designed to enhance competition by 

providing an incentive to Distributors to 

enlist new subscribers and Users to 

subscribe to Exchange real-time market 

data products. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

The Exchange neither solicited nor 

received comments on the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing rule change has become 

effective pursuant to Section 19(b)(3)(A) 

of the Act 10 and paragraph (f) of Rule 

19b–4 11 thereunder. At any time within 

60 days of the filing of the proposed rule 

change, the Commission summarily may 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is necessary or appropriate in the 

public interest, for the protection of 

investors, or otherwise in furtherance of 

the purposes of the Act. If the 

Commission takes such action, the 

Commission will institute proceedings 

to determine whether the proposed rule 

change should be approved or 

disapproved. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s internet 

comment form (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

CBOE–2022–016 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 

Number SR–CBOE–2022–016. 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 

Number SR–CBOE–2022–016 and 

should be submitted on or before May 

9, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–08165 Filed 4–15–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94683; File No. SR–MIAX– 

2022–08] 

Self-Regulatory Organizations; Miami 

International Securities Exchange, 

LLC; Notice of Withdrawal of Proposed 

Rule Change To Amend the MIAX Fee 

Schedule To Adopt a Tiered-Pricing 

Structure for Additional Limited 

Service MIAX Express Interface Ports 

April 12, 2022. 

On February 1, 2022, Miami 

International Securities Exchange, LLC 

(‘‘MIAX’’ or ‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’), pursuant to Section 

19(b)(1) of the Securities Exchange Act 

of 1934 (‘‘Act’’),1 and Rule 19b–4 

thereunder,2 a proposed rule change to 

amend the Exchange’s Fee Schedule to 

adopt a tiered-pricing structure for 

additional limited service express 

interface ports. 

The proposed rule change was 

immediately effective upon filing with 

the Commission pursuant to Section 

19(b)(3)(A) of the Act.3 On February 22, 

2022, the proposed rule change was 

published for comment in the Federal 

Register and, pursuant to Section 

19(b)(3)(C) of the Act,4 the Commission: 

(1) Temporarily suspended the 

proposed rule change; and (2) instituted 

proceedings under Section 19(b)(2)(B) of 

the Act 5 to determine whether to 

approve or disapprove the proposed 

rule change.6 On March 30, 2022, the 

Exchange withdrew the proposed rule 

change (SR–MIAX–2022–08). 


khammond on DSKJM1Z7X2PROD with NOTICES