39142 Federal Register / Vol. 87, No. 125 / Thursday, June 30, 2022 / Notices 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 94959 

(May 23, 2022), 87 FR 32203 (May 27, 2022). 

4 15 U.S.C. 78s(b)(2). 

5 Id. 

6 17 CFR 200.30–3(a)(31). 

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). 

5See Securities Exchange Act Release No. 90583 

(December 7, 2020), 85 FR 80207 (December 12, 

2020) (SR–CBOE–2020–112). 

6See id. 

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 modify Rule 6.64P–O 

regarding the automated process for 

both opening and reopening trading in 

a series on the Exchange on Pillar. The 

proposed rule change was published for 

comment in the Federal Register on 

May 27, 2022.3

Section 19(b)(2) of the Act 4 provides 

that within 45 days of the publication of 

notice of the filing of a proposed rule 

change, or within such longer period up 

to 90 days as the Commission may 

designate if it finds such longer period 

to be appropriate and publishes its 

reasons for so finding, or as to which the 

self-regulatory organization consents, 

the Commission shall either approve the 

proposed rule change, disapprove the 

proposed rule change, or institute 

proceedings to determine whether the 

proposed rule change should be 

disapproved. The 45th day after 

publication of the notice for this 

proposed rule change is July 11, 2022. 

The Commission is extending the 45- 

day time period for Commission action 

on the proposed rule change. The 

Commission finds it appropriate to 

designate a longer period within which 

to take action on the proposed rule 

change so that it has sufficient time to 

consider the proposed rule change. 

Accordingly, pursuant to Section 

19(b)(2) of the Act,5 the Commission 

designates August 25, 2022 as the date 

by which the Commission shall either 

approve or disapprove, or institute 

proceedings to determine whether to 

disapprove, the proposed rule change 

(File No. SR–NYSEArca–2022–31). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.6

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–13959 Filed 6–29–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–95151; File No. SR–CBOE– 

2022–028] 

Self-Regulatory Organizations; Cboe 

Exchange, Inc.; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Extend the Temporary 

Remote Inspection Relief for Trading 

Permit Holder’s Office Inspections for 

Calendar Years 2020 and 2021 To 

Include Calendar Year 2022 Through 

December 31, 2022 

June 24, 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 9, 

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 and II below, which Items have 

been prepared by the Exchange. The 

Exchange filed the proposal as a ‘‘noncontroversial’’ proposed rule change 

pursuant to Section 19(b)(3)(A)(iii) of 

the Act 3 and Rule 19b–4(f)(6) 

thereunder.4 The Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

Cboe Exchange, Inc. (the ‘‘Exchange’’ 

or ‘‘Cboe Options’’) proposes to extend 

the temporary remote inspection relief 

for Trading Permit Holder’s [sic] office 

inspections for calendar years 2020 and 

2021 to include calendar year 2022 

through December 31, 2022. 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/CBOELegalRegulat

oryHome.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 

Rule 9.2, Supervision of Accounts, to 

extend the temporary remote inspection 

relief for Trading Permit Holders 

(‘‘TPHs’’) to complete their branch office 

inspections for the calendar years 2020 

and 2021 to include calendar year 2022 

through December 31, 2022. 

The COVID–19 pandemic has caused 

a host of operational disruptions to the 

securities industry and impacted 

Trading Permit Holders (‘‘TPHs’’), 

regulators, investors and other 

stakeholders. In response to the 

pandemic, the Exchange began 

providing temporary relief to TPHs from 

specified Exchange Rules and 

requirements, including Rule 9.2(d) 

(Annual Branch Inspections). In 

November 2020, the Exchange adopted 

a provision in Rule 8.16(f) (Office 

Inspections), which has expired by its 

terms, that extended the time by which 

TPHs must complete their calendar year 

2020 inspection obligations under Rule 

8.16(f) to March 31, 2021, without an 

on-site visit to the office or location.5

The Exchange also adopted Rule 

9.2(d)(5) to provide firms the option of 

satisfying their inspection obligations 

under Rule [sic] 8.16(f) and 9.2(d) 

remotely for calendar years 2020 and 

2021, subject to specified conditions,6

due to the logistical challenges of going 

on-site while public health and safety 

concerns related to COVID–19 persisted. 

In December 2021, due to the ongoing 

impact of COVID 19, the Exchange 

extended the temporary remote 

inspection relief in Rule 9.2(d)(5) for 

TPH’s office inspections for calendar 

years 2020 and 2021 to include calendar 

year 2022 through June 30, 2022. The 

Exchange notes that these temporary 

rules, currently and as proposed herein, 

are substantively identical to the 

temporary inspection extension and 

remote relief rules filed by the Financial 


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Federal Register / Vol. 87, No. 125 / Thursday, June 30, 2022 / Notices 39143 

7 See Securities and Exchange Act Release Nos. 

89188 (June 30, 2020), 85 FR 40713 (July 7, 2020) 

(SR–FINRA–2020–019); 90454 (November 18, 

2020), 85 FR 75097 (November 24, 2020) (Notice of 

Filing and Immediate Effectiveness of File No. SR– 

FINRA–2020–040); 93002 (September 15, 2021), 86 

FR 52508 (September 21, 2021) (File No. SR– 

FINRA–2021–023); and 94018 (January 20, 2022), 

87 FR 4072 (January 26, 2022) (SR–FINRA–2022– 

001). 

8See The Centers for Disease Control and 

Prevention (‘‘CDC’’), What You Need to Know about 

Variants (stating, in part, that ‘‘the Delta variant 

causes more infections and spreads faster than 

earlier forms of the virus that causes COVID19.’’), 

https://www.cdc.gov/coronavirus/2019-ncov/ 

variants/variant.html (updated April 26, 2022). See 

also CDC, The Possibility of COVID–19 Illness after 

Vaccination: Breakthrough Infections (stating, in 

part, that ‘‘COVID–19 vaccines are effective at 

preventing infection, serious illness, and death. 

Most people who get COVID–19 are unvaccinated. 

However, since vaccines are not 100% effective at 

preventing infection, some people who are fully 

vaccinated will still get COVID–19 . . . People who 

get vaccine breakthrough infections can be 

contagious.’’), https://www.cdc.gov/coronavirus/ 

2019-ncov/vaccines/effectiveness/why-measureeffectiveness/breakthrough-cases.html (updated 

December 17, 2022). 

9See e.g., Press Briefing by White House COVID– 

19 Response Team and Public Health Officials (May 

18, 2022), which discusses the sustained high 

number of infections driven by ‘‘incredibly 

contagious subvariants’’ and the limited funding in 

being able to provide a new generation of vaccines 

to every American in the fall/winter of 2022; and 

see generally CDC, Unpacking Variants (updated 

April 22, 2022). 

10The Exchange notes that a majority of its TPHs 

are FINRA member firms as well, and that through 

FINRA’s ongoing monitoring the Exchange has 

learned that many of its TPHs have delayed plans 

to require a full return to the office and that most 

continue to operate in a remote or hybrid 

environment. 

11See Release No. 94018 (January 20, 2022), 87 

FR 4072 (January 26, 2022) (File No. SR–FINRA– 

2022–001). 

12See supra note 11. 

13See supra notes 5 and 7. 

14 15 U.S.C. 78f(b). 

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

16 Id. 

Industry Regulatory Authority 

(‘‘FINRA’’).7

While there are signs of improvement, 

much uncertainty remains. The 

emergence of the COVID 19 variants,8

dissimilar vaccination rates throughout 

the United States, and the uptick in 

transmissions in many locations 

indicate that COVID–19 remains an 

active and real public health concern.9

The Exchange understands that firms 

have delayed their return to office plans 

due to the continued pandemic and are 

considering implementing or have 

implemented hybrid work arrangements 

dependent on functions and regulatory 

requirements.10 To that end, in order to 

address ongoing industry-wide concerns 

regarding having to conduct in-person 

office inspections while safety concerns 

related to the pandemic persist and to 

align with pandemic-related regulatory 

relief provided by FINRA, which has 

already extended their substantively 

identical temporary remote inspection 

rules,11 the Exchange proposes to 

extend Rule 9.2(d)(5) through December 

31, 2022. The proposed extension 

would provide clarity to firms on 

regulatory requirements and account for 

the time needed for many firms to 

carefully assess when and how to have 

their employees safely return to their 

offices in light of vaccination coverage 

in the U.S. and transmission levels of 

the virus, including any emergent 

variants throughout the country. 

By extending Rule 9.2(d)(5) through 

December 31, 2022, the Exchange does 

not propose to amend the other 

conditions of the temporary rule. The 

proposed amendments to Rule 9.2(d)(5) 

simply provide that for calendar year 

2022, a TPH has the option to conduct 

those inspections remotely through 

December 31, 2022. The current 

conditions of Rule 9.2(d)(5) for firms 

that elect to conduct remote inspections 

would remain unchanged: such firms 

must amend or supplement their written 

supervisory procedures for remote 

inspections, use remote inspections as 

part of an effective supervisory system, 

and maintain the required 

documentation. The additional period 

of time would also enable the Exchange 

to further monitor the effectiveness of 

remote inspections and their impacts— 

positive or negative—on firms’ overall 

supervisory systems in the evolving 

workplace. Notwithstanding the 

proposed temporary rule change, a TPH 

remains subject to the requirements of 

Rule 8.16(f) and Rule 9.2(d). 

The Exchange continues to believe 

this temporary remote inspection option 

is a reasonable alternative to provide to 

firms to fulfill their Rule 8.16(f) and 

9.2(d) obligations during the pandemic 

and is designed to achieve the investor 

protection objectives of the inspection 

requirements under these unique 

circumstances. Firms should consider 

whether, under their particular 

operating conditions, reliance on remote 

inspections would be reasonable under 

the circumstances. For example, firms 

with offices that are open to the public 

or that are otherwise doing business as 

usual should consider whether some 

form of in-person inspections would be 

feasible and appropriately contribute to 

a supervisory system that is reasonably 

designed to achieve compliance with 

applicable securities laws and 

regulations, and with applicable 

Exchange Rules. 

The Exchange again notes that FINRA 

has already put in place the same 

extension period of their remote relief 

rule,12 which is substantively identical 

to Rule 9.2(d)(5).13

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.14 Specifically, 

the Exchange believes the proposed rule 

change is consistent with the Section 

6(b)(5) 15 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) 16 requirement that 

the rules of an exchange not be designed 

to permit unfair discrimination between 

customers, issuers, brokers, or dealers. 

In particular, the Exchange believes 

that, in recognition of the ongoing 

impact of COVID–19 on performing the 

on-site inspection component of Rules 

8.16(f) and 9.2(d), the proposed rule 

change is intended to provide firms a 

temporary regulatory option to conduct 

inspections of offices and locations 

remotely during calendar year 2022. 

This temporary remote relief rule and 

the proposed extension thereof does not 

relieve firms from meeting the core 

regulatory obligation to establish and 

maintain a system to supervise the 

activities of each associated person that 

is reasonably designed to achieve 

compliance with applicable securities 

laws and regulations, and with 

applicable Exchange Rules that directly 

serve investor protection. In a time 

when faced with ongoing challenges 

resulting from the COVID–19 pandemic, 

the Exchange believes that the proposed 

rule change provides sensibly tailored 

relief that will afford firms the ability to 

assess when and how to implement 

their work re-entry plans as measured 

against the health and safety of their 

personnel, while continuing to serve 

and promote the protection of investors 

and the public interest. 


jspears on DSK121TN23PROD with NOTICES1
39144 Federal Register / Vol. 87, No. 125 / Thursday, June 30, 2022 / Notices 

17 15 U.S.C. 78s(b)(3)(A). 

18 17 CFR 240.19b–4(f)(6). 

19See supra note 5. 

20See Securities Exchange Act Release No. 93721 

(December 6, 2021), 86 FR 70560 (December 10, 

2021) (SR–CBOE–2020–070). 

21For purposes only of waiving the 30-day 

operative delay, the Commission has considered the 

proposed rule change’s impact on efficiency, 

competition, and capital formation. See 15 U.S.C. 

78c(f). 

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. The 

Exchange does not believe the proposed 

temporary rule changes will impose any 

burden on intramarket competition that 

is not necessary or appropriate in 

furtherance of the Act, because the 

proposed extension of the temporary 

remote inspection relief rule will apply 

equally to all TPHs required to conduct 

office and location inspections in 

calendar year 2022 through December 

31, 2022. The Exchange further does not 

believe that the proposed extension to 

the temporary rule will impose any 

burden on intermarket competition 

because it relates only to the extension 

of the remote manner in which 

inspections for 2022 may be conducted. 

Additionally, and as stated above, 

FINRA has already extended its 

substantively identical temporary 

remote relief rule for its members in the 

same manner. 

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 

19(b)(3)(A) of the Act 17 and Rule 19b– 

4(f)(6) 18 thereunder. 

A proposed rule change filed under 

Rule 19b–4(f)(6) normally does not 

become operative for 30 days after the 

date of filing. However, pursuant to 

Rule 19b–4(f)(6)(iii), the Commission 

may designate a shorter time if such 

action is consistent with the protection 

of investors and the public interest. The 

Exchange has asked the Commission to 

waive the 30-day operative delay so that 

the proposed rule change may become 

operative immediately upon filing. 

The Exchange stated that despite 

signs of improvement, the emergence of 

the COVID–19 variants, dissimilar 

vaccination rates throughout the United 

States, and the uptick in transmissions 

in many locations indicate that COVID– 

19 remains an active and real public 

health concern. The Exchange also 

stated that extending the relief provided 

originally in SR–CBOE–2020–112 19 and 

SR–CBOE–2021–070 20 would continue 

to provide clarity to firms on regulatory 

requirements and account for the time 

needed for many firms to carefully 

assess when and how to have their 

employees safely return to their offices. 

The proposed rule change would 

provide firms the option of satisfying 

their inspection obligations under Rule 

8.16(f) and Rule 9.2(d) remotely for 

calendar year 2022 through December 

31, 2022, subject to specified 

conditions. These rules and the 

proposed extension thereof do not 

relieve firms from meeting their core 

regulatory obligation to establish and 

maintain a system to supervise the 

activities of each associated person that 

is reasonably designed to achieve 

compliance with applicable securities 

laws and regulations, and with 

applicable Exchange rules. Further, like 

SR–CBOE–2020–112 and SR–FINRA– 

2021–070, the proposed rule change 

provides only temporary relief during a 

period in which firms’ operations are 

impacted by COVID–19. As proposed, 

the changes would be in place through 

December 31, 2022. Importantly, 

extending the relief provided in the 

proposed rule change immediately upon 

filing and without a 30-day operative 

delay will allow firms to continue to 

complete their inspections in an orderly 

manner. For these reasons, waiver of the 

30-day operative delay for the proposed 

rule change is consistent with the 

protection of investors and the public 

interest. Accordingly, the Commission 

hereby waives the 30-day operative 

delay and designates the proposed rule 

change operative upon filing.21

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–2022–028 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–2022–028. 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–2022–028 and 

should be submitted on or before July 

21, 2022. 


jspears on DSK121TN23PROD with NOTICES1
Federal Register / Vol. 87, No. 125 / Thursday, June 30, 2022 / Notices 39145 

22 17 CFR 200.30–3(a)(12). 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4The Exchange initially filed the proposed fee 

changes on June 1, 2022 (SR–CBOE–2022–026). On 

June 10, 2022, the Exchange withdrew that filing 

and submitted this filing. 

5Pursuant to the Booth Pass-Through Fee, TPHs 

bear responsibility for all costs associated with any 

modifications and alterations to any trading floor 

Booths leased by the TPH (or TPH organization) and 

must reimburse the Exchange for all costs incurred 

in connection therewith. 

6See Securities Exchange Act Release No. 33972 

(April 28, 1994), 59 FR 23242 (May 5, 1994). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.22

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–13960 Filed 6–29–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–95155; File No. SR–CBOE– 

2022–029] 

Self-Regulatory Organizations; Cboe 

Exchange, Inc.; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend Its Facility 

Fees Section in the Fees Schedule in 

Connection With the Exchange’s New 

Trading Floor 

June 24, 2022. 

Pursuant to Section 19(b)(1) 1 of the 

Securities Exchange Act of 1934 (the 

‘‘Act’’),2 and Rule 19b–4 thereunder,3

notice is hereby given that on June 10, 

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 and II below, which Items have 

been prepared by 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 Facility Fees section in the Fees 

Schedule in connection with the 

Exchange’s new trading floor. 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/CBOELegal

RegulatoryHome.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 in connection with the 

opening of a new trading floor. 

Currently, the Exchange conducts open 

outcry trading at 400 S. LaSalle, 

Chicago, Illinois. On or about June 6, 

2022, the Exchange intends to move its 

open outcry trading operations to a new 

trading floor located at 141 W Jackson 

Blvd., Chicago, Illinois. As a result of 

this transition, certain infrastructure 

and technology on the current trading 

floor will be rendered obsolete and the 

new trading floor will have new 

infrastructure and offer new technology. 

Accordingly, the Exchange proposes to 

adopt new, and/or update current, 

facility fees with respect to the new 

trading floor, as well as eliminate 

obsolete facility fees that are only 

applicable to the Exchange’s current 

facility and trading floor which will no 

longer be in use as of June 6, 2022.4

Booth Fees 

The Exchange currently assesses 

monthly fees for ‘‘standard Booths’’, 

which refers to a portion of designated 

space on the trading floor of the 

Exchange adjacent to or in particular 

trading crowds, which may be occupied 

by a Trading Permit Holder (‘‘TPH’’), 

clerks, runners, or other support staff for 

operational and other business-related 

activities. The Exchange assesses a 

monthly fee of $195 for standard Booths 

located along the perimeter of the 

trading floor, and $550 for standard 

Booths located in the OEX, Dow Jones, 

MNX and VIX trading crowds. The 

Exchange also assesses monthly fees for 

‘‘nonstandard Booths’’, which refers to 

space on the trading floor of the 

Exchange that is set off from a trading 

crowd, which may be rented by a TPH 

for whatever support, office, back-office, 

or any other business-related activities 

for which the TPH may choose to use 

the space. A TPH that rents nonstandard booth space on the floor of the 

Exchange is subject to a base nonstandard booth rental fee of $1,250 per 

month in addition to a square footage 

fee of $1.70 per square foot per month 

based on the size of the TPH’s nonstandard booth. The Exchange proposes 

to modify and simplify its fees assessed 

for booth rentals. First, the Exchange 

proposes to eliminate the distinction 

between standard and non-standard 

Booths. The Exchange also proposes to 

adopt a tiered pricing schedule for 

Booths based on the number of Booths 

rented by a TPH. Particularly, the 

Exchange proposes to adopt the 

following fees for Booths that are set off 

from a trading crowd: 

Quantity of booths Monthly fee 

1–2 ........................................ $400 

3–6 ........................................ $300 

7–10 ...................................... $200 

11 or more ............................ $100 

The proposed tiered pricing provides 

discounted pricing for additional 

Booths. For example, if a TPH rented 4 

Booths, the TPH would be assessed 

$1,400 a month (2 Booths at $400 and 

2 Booths at $300). The Exchange also 

proposes to adopt a monthly fee of $750 

per booth for any booth located in a 

trading crowd. The Booth Pass-Through 

Fee would remain unchanged.5 The 

Exchange notes that use of Booths, 

whether or located away from or in a 

trading crowd are optional and not 

necessary in order to conduct open 

outcry trading on the trading floor. 

Booth spaces are also uniform and 

nearly identical in size. The Exchange 

also notes that at this time, the 

Exchange has ample space on its new 

trading floor for booth space. 

Policy 

The Exchange also proposes to update 

the Exchange’s policy (‘‘Policy’’) 

regarding the rental and use of booth 

space on its trading floor by TPH 

organizations. The Exchange 

memorialized the Policy and filed it 

with the Commission in 1994.6 The 

Exchange proposes to update the Policy 

in a few respects. First, the Exchange 

proposes to change references to 

‘‘Chicago Board Options Exchange, 

Incorporated’’ and ‘‘CBOE’’ to ‘‘Cboe 


jspears on DSK121TN23PROD with NOTICES1