Federal Register / Vol. 87, No. 116 / Thursday, June 16, 2022 / Notices 36351 

proposed rule’s impact on efficiency, competition, 

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

18 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3 In light of the proposed change, the Exchange 

proposes to eliminate the reference to Fee Code CP 

in the Rate Table—Underlying Symbol List A table 

in the Fee Schedule. Fee Code CP will continue to 

apply to Sector Indexes, which will continue to be 

reflected in the Rate Table—All Products Excluding 

Underlying Symbol List A. 

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

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

At any time within 60 days of the 

filing of such 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. 

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– 

NASDAQ–2022–035 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–NASDAQ–2022–035. 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–NASDAQ–2022–035 and 

should be submitted on or before July 7, 

2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.18

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–12943 Filed 6–15–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–95084; File No. SR–CBOE– 

2022–025] 

Self-Regulatory Organizations; Cboe 

Exchange, Inc.; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend Its Fees 

Schedule 

June 10, 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 June 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. (the ‘‘Exchange’’ 

or ‘‘Cboe Options’’) proposes to amend 

its Fees Schedule. 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 

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 

Fees Schedule, effective June 1, 2022. 

Particularly, the Exchange proposes to 

amend fees relating to Customer orders 

in OEX, OEX Weekly, XEO and XEO 

Weekly. Currently, Customer orders in 

OEX and XEO yield fee code CO and are 

assessed a fee of $0.40 per contract. 

Customer orders in OEX Weekly and 

XEO Weekly yield fee code CP and are 

assessed a fee of $0.30 per contract. The 

Exchange proposes now to apply a 

single rate for both monthly and weekly 

OEX and XEO Customer orders. 

Specifically, the Exchange proposes to 

assess $0.35 per contract for all OEX 

and XEO Customers orders, which will 

each yield Fee Code CO going forward.3

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.4 Specifically, 

the Exchange believes the proposed rule 

change is consistent with the Section 

6(b)(5) 5 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, 


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36352 Federal Register / Vol. 87, No. 116 / Thursday, June 16, 2022 / Notices 

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

7See Cboe Options Fees Schedule, Rate Table— 

Underlying Symbol List A. 

8See Cboe Global Markets U.S. Options Market 

Volume Summary, Month-to-Date (May 31, 2022), 

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

market_statistics/. 

9See Securities Exchange Act Release No. 51808 

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

10NetCoalition v. SEC, 615 F.3d 525, 539 (DC Cir. 

2010) (quoting Securities Exchange Act Release No. 

59039 (December 2, 2008), 73 FR 74770, 74782–83 

(December 9, 2008) (SR–NYSEArca–2006–21)). 

11 15 U.S.C. 78s(b)(3)(A). 

12 17 CFR 240.19b–4(f). 

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 

Section 6(b)(4) of the Act,6 which 

requires that Exchange rules provide for 

the equitable allocation of reasonable 

dues, fees, and other charges among its 

Trading Permit Holders and other 

persons using its facilities. 

The Exchange believes that the 

proposed change is reasonable as the 

proposed rate does not significantly 

deviate from the current rates applicable 

to Customer orders in OEX, XEO, OEX 

Weekly or XEO Weekly. The Exchange 

believes the proposed change is 

reasonable, equitable and not unfairly 

discriminatory because the proposed 

rate will apply to all Trading Permit 

Holders uniformly. Additionally, the 

proposed rate will apply equally to all 

customer orders in OEX and XEO, 

regardless of whether the orders are for 

monthly (OEX and XEO) or weekly 

(OEX Weekly and XEO Weekly) 

expirations, which the Exchange 

believes will simplify and streamline 

transaction fees for the underlying 

product. The Exchange notes it assesses 

a single rate for both monthly and 

weekly OEX and XEO orders for all 

other order capacities.7

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 intramarket or 

intermarket competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

Exchange does not believe that the 

proposed rule change will impose any 

burden on intramarket competition 

because the proposed change applies 

uniformly to all Trading Permit Holders. 

The Exchange does not believe that the 

proposed rule changes will impose any 

burden on intermarket competition that 

is not necessary or appropriate in 

furtherance of the purposes of the Act 

because the proposed changes apply 

only to products traded exclusively on 

Cboe Options. Additionally, the 

Exchange notes that it operates in a 

highly competitive market. TPHs have 

numerous alternative venues that they 

may participate on and direct their 

order flow, including 15 other options 

exchanges, as well as off-exchange 

venues, where competitive products are 

available for trading. Based on publicly 

available information, no single options 

exchange has more than 16% of the 

market share.8 Therefore, no exchange 

possesses significant pricing power in 

the execution of option order flow. 

Indeed, participants can readily choose 

to send their orders to other exchange, 

and, additionally off-exchange 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.’’ 9 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 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’. . . .’’.10 Accordingly, the 

Exchange does not believe its proposed 

fee change 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 

The foregoing rule change has become 

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

of the Act 11 and paragraph (f) of Rule 

19b–4 12 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–2022–025 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–2022–025. 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 


khammond on DSKJM1Z7X2PROD with NOTICES
Federal Register / Vol. 87, No. 116 / Thursday, June 16, 2022 / Notices 36353 

13 17 CFR 200.30–3(a)(12). 1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 94773 

(April 11, 2022), 87 FR 25065 (‘‘Notice’’). The 

Commission received comment letters that are not 

germane to the proposed rule change and are 

available on the Commission’s website at: https:// 

www.sec.gov/comments/sr-ise-2022-10/ 

srise202210.htm. 

4 In Amendment No. 1, the Exchange revised the 

three examples provided in the proposal for greater 

clarity. Because the changes in Amendment No. 1 

do not materially alter the substance of the 

proposed rule change or raise unique or novel 

regulatory issues, Amendment No. 1 is not subject 

to notice and comment. Amendment No. 1 is 

available on the Commission’s website at: https:// 

www.sec.gov/comments/sr-ise-2022-10/ 

srise202210.htm. 

5Supplementary Material .03(e) of Options 4, 

Section 5 states, ‘‘Strike Interval. During the month 

prior to expiration of an option class that is selected 

for the Short Term Option Series Program pursuant 

to this Rule (‘‘Short Term Option’’), the strike price 

intervals for the related non-Short Term Option 

(‘‘Related non-Short Term Option’’) shall be the 

same as the strike price intervals for the Short Term 

Option. The Exchange may open for trading Short 

Term Option Series on the Short Term Option 

Opening Date that expire on the Short Term Option 

Expiration Date at strike price intervals of (i) $0.50 

or greater where the strike price is less than $100, 

and $1 or greater where the strike price is between 

$100 and $150 for all option classes that participate 

in the Short Term Options Series Program; (ii) $0.50 

for option classes that trade in one dollar 

increments and are in the Short Term Option Series 

Program; or (iii) $2.50 or greater where the strike 

price is above $150.’’ 

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–2022–025 and 

should be submitted on or before July 7, 

2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.13

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–12939 Filed 6–15–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–127, OMB Control No. 

3235–0108] 

Proposed Collection; Comment 

Request: Extension; Rule 14f–1 

Upon Written Request Copies Available 

From: Securities and Exchange 

Commission, Office of FOIA Services, 

100 F Street NE, Washington, DC 

20549–2736 

Notice is hereby given that, pursuant 

to the Paperwork Reduction Act of 1995 

(44 U.S.C. 3501 et seq.), the Securities 

and Exchange Commission 

(‘‘Commission’’) is soliciting comments 

on the collection of information 

summarized below. The Commission 

plans to submit this existing collection 

of information to the Office of 

Management and Budget for extension 

and approval. 

Under Exchange Act Rule 14f–1 (17 

CFR 240.14f–1), if a person or persons 

have acquired securities of an issuer in 

a transaction subject to Sections 13(d) or 

14(d) of the Exchange Act, and changes 

a majority of the directors of the issuer 

otherwise than at a meeting of security 

holders, then the issuer must file with 

the Commission and transmit to security 

holders information related to the 

change in directors within 10 days prior 

to the date the new majority takes office 

as directors. The information filed 

under Rule 14f–1 must be filed with the 

Commission and is publicly available. 

We estimate that it takes approximately 

18 burden hours to provide the 

information required under Rule 14f–1 

and that the information is filed by 

approximately 30 respondents for a total 

annual reporting burden of 540 hours 

(18 hours per response × 30 responses). 

Written comments are invited on: (a) 

whether this proposed collection of 

information is necessary for the proper 

performance of the functions of the 

agency, including whether the 

information will have practical utility; 

(b) the accuracy of the agency’s estimate 

of the burden imposed by the collection 

of information; (c) ways to enhance the 

quality, utility, and clarity of the 

information collected; and (d) ways to 

minimize the burden of the collection of 

information on respondents, including 

through the use of automated collection 

techniques or other forms of information 

technology. Consideration will be given 

to comments and suggestions submitted 

in writing within 60 days of this 

publication by August 15, 2022. 

An agency may not conduct or 

sponsor, and a person is not required to 

respond to, a collection of information 

unless it displays a currently valid 

control number. 

Please direct your written comment to 

David Bottom, Director/Chief 

Information Officer, Securities and 

Exchange Commission, c/o John 

Pezzullo, 100 F Street NE, Washington, 

DC 20549 or send an email to: PRA_

Mailbox@sec.gov. 

Dated: June 10, 2022. 

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–12946 Filed 6–15–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–95085; File No. SR–ISE– 

2022–10] 

Self-Regulatory Organizations; Nasdaq 

ISE, LLC; Order Approving a Proposed 

Rule Change, as Modified by 

Amendment No. 1, To Amend ISE 

Options 4, Section 5, Series of Options 

Contracts Open for Trading 

June 10, 2022. 

I. Introduction 

On April 11, 2022, Nasdaq ISE, LLC 

(‘‘ISE’’ 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 Supplementary Material .07 to 

Options 4, Section 5 to limit the strike 

price intervals for certain Short Term 

Options Series with an expiration date 

more than twenty-one days from the 

listing date. The proposed rule change 

was published for comment in the 

Federal Register on April 27, 2022.3 On 

June 1, 2022, the Exchange filed 

Amendment No. 1, which replaced and 

superseded the proposed rule change in 

its entirety.4 This order approves the 

proposed rule change, as modified by 

Amendment No. 1. 

II. Description of Proposed Rule 

Change, as Modified by Amendment 

No. 1 

Background 

Pursuant to Supplementary Material 

.03 to Options 4, Section 5, the 

Exchange may open for trading certain 

option series that expire at the close of 

business on each of the next five Fridays 

that are business days and are not 

Fridays in which monthly options series 

or quarterly option series expire (‘‘Short 

Term Option Series Program’’). 

Supplementary Material .03(e) 5

specifies the strike intervals for the 

Short Term Option Series Program. 

To reduce the density of strike 

intervals that would be listed in later 

weeks, ISE amended Options 4, Section 

5 to limit the intervals between strikes 


khammond on DSKJM1Z7X2PROD with NOTICES