Federal Register / Vol. 87, No. 133 / Wednesday, July 13, 2022 / Notices 41771 

80 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

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

Volume Summary, Month-to-Date (June 27, 2022), 

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

market_statistics/. 

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– 

CboeBZX–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–CboeBZX–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–CboeBZX–2022–035 and 

should be submitted on or before 

August 3, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.80

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–14884 Filed 7–12–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–95215; File No. SR– 

CboeBZX–2022–036] 

Self-Regulatory Organizations; Cboe 

BZX Exchange, Inc.; Notice of Filing 

and Immediate Effectiveness of a 

Proposed Rule Change To Amend Its 

Fee Schedule 

July 7, 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 July 1, 

2022, Cboe BZX Exchange, Inc. (the 

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

Securities and Exchange Commission 

(the ‘‘Commission’’) the proposed rule 

change as described in Items I, 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 BZX Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘BZX’’) proposes to 

amend its Fee 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://markets.cboe.com/us/ 

equities/regulation/rule_filings/bzx/), at 

the Exchange’s Office of the Secretary, 

and at the Commission’s Public 

Reference Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

Exchange included statements 

concerning the purpose of and basis for 

the proposed rule change and discussed 

any comments it received on the 

proposed rule change. The text of these 

statements may be examined at the 

places specified in Item IV below. The 

Exchange has prepared summaries, set 

forth in sections A, B, and C below, of 

the most significant aspects of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to amend its 

Fee Schedule applicable to its equities 

trading platform (‘‘BZX Equities’’) by: (i) 

introducing a new Step-Up Tier 3 and 

(ii) modifying the criteria in Single 

MPID Investor Tier 1. The Exchange 

proposes to implement these changes 

effective July 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 16% 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 does not provide a rebate 

or assess a fee for orders that add 

liquidity and assesses a fee of 0.30% of 

total dollar value for orders that remove 

liquidity. Additionally, in response to 

the competitive environment, the 

Exchange also offers tiered pricing, 

which provides Members with 

opportunities to qualify for higher 

rebates or lower fees where certain 

volume criteria and thresholds are met. 

Tiered pricing provides an incremental 


jspears on DSK121TN23PROD with NOTICES1
41772 Federal Register / Vol. 87, No. 133 / Wednesday, July 13, 2022 / Notices 

4Orders yielding Fee Code ‘‘B’’ are displayed 

orders adding liquidity to BZX (Tape B). 

5Orders yielding Fee Code ‘‘V’’ are displayed 

orders adding liquidity to BZX (Tape A). 

6Orders yielding Fee Cody ‘‘Y’’ are displayed 

orders adding liquidity to BZX (Tape C). 

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

baseline month subtracted from current ADAV. 

ADAV means average daily added volume 

calculated as the number of shares added per day 

and is calculated on a monthly basis. 

8 ‘‘Step-Up Add TCV’’ means ADAV as a 

percentage of TCV in the relevant baseline month 

subtracted from current ADAV as a percentage of 

TCV. 

9 ‘‘ADV’’ means average daily volume calculated 

as the number of shares added or removed, 

combined, per day. ADV 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. 

11An enhanced rebate of $0.0032 per share is 

paid to MPIDs who satisfy the criteria in Tier 1 in 

Tape B securities. 

12An enhanced rebate of $0.0033 per share is 

paid to MPIDs who satisfy the criteria in Tier 1 in 

Tape A or Tape C securities. 

13Supra note 4. 

14Supra note 4 [sic]. 

15Supra note 6. 

16 ‘‘Step-Up ADV’’ means ADV in the relevant 

baseline month subtracted from current day ADV. 

17 15 U.S.C. 78f(b). 18 15 U.S.C. 78f(b)(5). 19 Id. 20See EDGX Equities Fee Schedule, Footnote 1, 

Add/Remove Volume Tiers. 

21See BZX Equities Fee Schedule, Footnote 1, 

Add/Remove Volume Tiers. 

incentive for Members to strive for 

higher tier levels, which provides 

increasingly higher benefits or discounts 

for satisfying more stringent criteria. 

Step-Up Tier 3 

Pursuant to footnote 2 of the Fee 

Schedule, the Exchange currently offers 

two Step-Up Tiers that provide 

Members an opportunity to qualify for 

an enhanced rebate for liquidity adding 

orders that yield fee codes B,4 V,5 and 

Y 6 where they increase their relative 

liquidity each month over a 

predetermined baseline. The Exchange 

notes that Step-Up Tiers are designed to 

encourage Members that provide 

displayed liquidity on the Exchange to 

increase their order flow, which would 

benefit all Members by providing greater 

execution opportunities on the 

Exchange. Now the Exchange proposes 

to add an additional Step-Up Tier 3 to 

footnote 2 of the Fee Schedule. 

Proposed Step-Up Tier 3 is as follows: 

• Proposed Step-Up Tier 3 offers an 

enhanced rebate of $0.0032 per share for 

qualifying orders (i.e., orders yielding 

fee code B, V or Y) where an MPID (i) 

has a Step-Up ADAV 7 from May 2021 

greater than or equal to 30,000,000 

shares or MPID has a Step-Up Add 

TCV 8 from May 2021 greater than or 

equal to 0.30%; and (ii) MPID has an 

ADV 9 greater than or equal to 0.30% of 

the TCV 10 or MPID has an ADV greater 

than or equal to 35,000,000 shares. 

The Exchange notes that the Step-Up 

tiers, including proposed Step-Up Tier 

3, are designed to provide Members 

with additional opportunities to receive 

enhanced rebates by increasing their 

order flow to the Exchange, which 

further contributes to a deeper, more 

liquid market and provides even more 

execution opportunities for active 

market participants. The proposed 

change is designed to give Members an 

additional opportunity to receive an 

enhanced rebate for orders meeting the 

applicable threshold. Furthermore, the 

proposed Step-Up Tier 3 is designed to 

increase the Members’ provision of 

liquidity to the Exchange, which 

increases execution opportunities and 

provides for overall enhanced price 

discovery and price improvement 

opportunities on the Exchange. 

Increased overall order flow benefits all 

Members by contributing towards a 

robust and well-balanced market 

ecosystem. 

Single MPID Investor Tier 1 

The Single MPID Investor Tier set 

forth under footnote 4 of the Fee 

Schedule provides an enhanced rebate 

of $0.0032 11 or $0.0033 12 per share for 

qualifying orders which yield fee codes 

B,13 V,14 or Y.15 The Exchange proposes 

to amend the criteria necessary to 

achieve Tier 1 under footnote 4 as 

described below. Currently, under Tier 

1 a Member may receive an enhanced 

rebate where their MPID has: (i) a StepUp ADV 16 as a percentage of TCV 

greater than or equal to 0.10% from May 

2021 or the MPID has a Step-Up ADV 

greater than or equal to 8,000,000 shares 

from May 2021; and (ii) the MPID has 

an ADAV as a percentage of TCV greater 

than or equal to 0.55% or the MPID has 

an ADAV greater than or equal to 

50,000,000 shares. The Exchange is 

proposing to amend the criteria under 

Tier 1 as follows: 

• Proposed Single MPID Tier 1 offers 

an enhanced rebate of $0.0032 or 

$0.0033 per share for qualifying orders 

(i.e., those yielding fee codes B, V or Y) 

where an MPID (i) has a Step-Up ADV 

as a percentage of TCV greater than or 

equal to 0.10% from May 2021 or has 

a Step-Up ADV of 10,000,000 (as 

compared to 8,000,000) from May 2021; 

and (ii) has an ADAV as a percentage of 

TCV greater than or equal to 0.50% (as 

compared to 0.55%); or MPID has an 

ADAV greater than or equal to 

45,000,000 (as compared to 50,000,000). 

The Exchange believes that Members 

who strive to achieve the proposed 

amended Single MPID Tier 1 criteria 

continue to be incentivized to increase 

the overall amount of liquidity provided 

on the Exchange, both add and remove 

volume, thereby contributing to a 

deeper and more liquid market and 

providing more execution opportunities 

to market participants. Incentivizing an 

increase in both liquidity adding 

volume and liquidity removing volume, 

through revised criteria and enhanced 

rebate opportunities, encourages 

liquidity adding Members on the 

Exchange to contribute to a deeper, 

more liquid market and to increase 

transactions and take execution 

opportunities provided by such 

increased activity, together providing 

for overall enhanced price discovery 

and price improvement opportunities 

on the Exchange. As such, increased 

overall order flow benefits all Members 

by contributing towards a robust and 

well-balanced market ecosystem. 

2. Statutory Basis 

The Exchange believes the proposed 

rule change is consistent with the 

Securities Exchange Act of 1934 (the 

‘‘Act’’) and the rules and regulations 

thereunder applicable to the Exchange 

and, in particular, the requirements of 

Section 6(b) of the Act.17 Specifically, 

the Exchange believes the proposed rule 

change is consistent with the Section 

6(b)(5) 18 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) 19 requirement that 

the rules of an exchange not be designed 

to permit unfair discrimination between 

customers, issuers, brokers, or dealers. 

In particular, the Exchange notes that 

volume-based rebates such as those 

proposed herein have been widely 

adopted by exchanges,20 including the 

Exchange,21 and are equitable 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 


jspears on DSK121TN23PROD with NOTICES1
Federal Register / Vol. 87, No. 133 / Wednesday, July 13, 2022 / Notices 41773 

22Supra note 3. 

23See Securities Exchange Act Release No. 51808 

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

24NetCoalition v. SEC, 615 F.3d 525, 539 (D.C. 

Cir. 2010) (quoting Securities Exchange Act Release 

Continued 

levels or liquidity provision and/or 

growth patterns. The Exchange believes 

the proposed Step-Up Tier 3 is 

reasonable, fair and equitable, and not 

unfairly discriminatory because the 

proposed Tier provides an additional 

opportunity for all Members to receive 

an enhanced rebate by achieving the 

proposed threshold. Furthermore, the 

Exchange believes that the proposed 

Step-Up Tier 3 is reasonable as it serves 

to incentivize Members to increase their 

displayed liquidity adding volume on 

the Exchange. Additionally, the 

Exchange believes that the proposed 

amendments to Single MPID Tier 1 are 

a reasonable means to encourage 

Members to increase their relative add 

and remove liquidity on the Exchange 

each month over a predetermined 

baseline by offering Members an 

enhanced rebate, albeit with slightly 

modified criteria. Greater add volume 

order flow may provide for deeper, more 

liquid markets and execution 

opportunities at improved prices, and 

greater remove volume order flow may 

increase transactions on the Exchange, 

which the Exchange believes 

incentivizes liquidity providers to 

submit additional liquidity and 

execution opportunities. An 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 further believes that the 

proposed Step-Up Tier 3 and proposed 

changes to Single MPID Tier 1 represent 

an equitable allocation of reasonable 

dues, fees, and other charges because 

the threshold necessary to achieve the 

tiers encourages Members to add 

increased liquidity to the Exchange and 

the Exchange believes the proposed and 

current enhanced rebates, respectively, 

are commensurate with the proposed 

thresholds. The Exchange also believes 

that the proposal represents an equitable 

allocation of fees and rebates and is not 

unfairly discriminatory because all 

Members will be eligible for the 

proposed Step-Up Tier 3 and Single 

MPID Tier 1 enhanced rebates and will 

have the opportunity to meet the tiers’ 

criteria and receive the corresponding 

enhanced rebate for each tier if such 

criteria is met. Without having a view of 

activity on other markets and offexchange venues, the Exchange has no 

way of knowing whether these proposed 

changes would definitely result in any 

Members qualifying for the proposed 

Step-Up Tier 3 or Single MPID Tier 1. 

While the Exchange has no way of 

predicting with certainty how the 

proposed changes will impact Member 

activity, the Exchange anticipates one 

Member will be able to compete for and 

reach the criteria under proposed StepUp Tier 3 and anticipates three 

Members may be able to compete for 

and reach the proposed amended 

criteria under Single MPID Tier 1. The 

Exchange also notes that the proposed 

changes will not adversely impact any 

Member’s ability to qualify for reduced 

fees or enhanced rebates offered under 

other tiers. Should a Member not meet 

the proposed new criteria, the Member 

will merely not receive that 

corresponding enhanced rebate. 

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. 

Particularly, the proposed Step-Up 

Tier 3 and proposed amendments to 

Single MPID Tier 1 do not impose a 

burden on intramarket competition that 

is not in furtherance of the Act in that 

each tier will be eligible to all Members 

equally in that all Members have the 

opportunity to submit orders in an 

attempt to satisfy the proposed amended 

criteria and receive the enhanced 

rebates associated with each tier. 

Furthermore, the Exchange believes that 

the criteria under proposed Step-Up 

Tier 3 and the proposed amended 

criteria under Single MPID Tier 1 will 

continue to incentivize Members to 

submit additional liquidity to the 

Exchange and to increase their order 

flow on the Exchange generally, thereby 

contributing to a deeper and more liquid 

market and promoting price discovery 

and market quality on the Exchange to 

the benefit of all market participants 

and enhancing the attractiveness of the 

Exchange as a trading venue, which the 

Exchange believes, in turn, would 

continue to encourage market 

participants to direct additional order 

flow to the Exchange. Greater liquidity 

benefits all Members by providing more 

trading opportunities and encourages 

Members to send additional orders to 

the Exchange, thereby contributing to 

robust levels of liquidity, which benefits 

all market participants. 

The Exchange believes the proposed 

Step-Up Tier 3 and proposed 

amendments to Single MPID Tier 1 do 

not impose a burden on intermarket 

competition that is not necessary or 

appropriate in furtherance of the 

purposes of the Act. The Exchange does 

not believe that the proposed changes 

represent a significant departure from 

pricing currently offered by the 

Exchange or pricing offered by other 

equities exchanges. Members may opt to 

disfavor the Exchange’s pricing if they 

believe that alternatives offer them 

better value. Accordingly, the Exchange 

does not believe that the proposed 

changes will impair the ability of 

Members or competing venues to 

maintain their competitive standing in 

the financial markets. 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 16% of the market share.22

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.’’ 23 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’. . .’’.24


jspears on DSK121TN23PROD with NOTICES1
41774 Federal Register / Vol. 87, No. 133 / Wednesday, July 13, 2022 / Notices 

No. 59039 (December 2, 2008), 73 FR 74770, 74782– 

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

25 15 U.S.C. 78s(b)(3)(A). 

26 17 CFR 240.19b–4(f). 

27 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. 91744 

(May 3, 2021), 86 FR 24685 (May 7, 2021) 

(NASDAQ–2021–025) (‘‘Proposal’’). 

4See Proposal supra n. 3 at 24685. 

5See Securities Exchange Act Release No. 93125 

(September 24, 2021), 86 FR 54255 (September 30, 

2021) (SR–NASDAQ–2021–073). 

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 25 and paragraph (f) of Rule 

19b–4 26 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 SRCboeBZX–2022–036 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-CboeBZX–2022–036. 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-CboeBZX–2022–036 and 

should be submitted on or before 

August 3, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.27

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–14875 Filed 7–12–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–95216; File No. SR– 

NASDAQ–2022–038] 

Self-Regulatory Organizations; The 

Nasdaq Stock Market LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Extend the 

Implementation Date of Its Post-Trade 

Risk Management Product to Q4 2022 

July 7, 2022. 

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

Securities Exchange Act of 1934 

(‘‘Act’’),1 and Rule 19b–4 thereunder,2

notice is hereby given that on June 30, 

2022, The Nasdaq Stock Market LLC 

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

Securities and Exchange Commission 

(‘‘SEC’’ or ‘‘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 

The Exchange proposes to extend the 

implementation date of its Post-Trade 

Risk Management product to Q4 2022. 

The text of the proposed rule change 

is available on the Exchange’s website at 

https://listingcenter.nasdaq.com/ 

rulebook/nasdaq/rules, at the principal 

office of the Exchange, 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 

Nasdaq is filing this proposal to 

extend the implementation date of its 

Post-Trade Risk Management tool to Q4 

2022. 

Nasdaq proposed to enhance its 

connectivity, surveillance and risk 

management services by launching three 

re-platformed products: (i) WorkX, (ii) 

Real-Time Stats and (iii) Post-Trade Risk 

Management. These changes were filed 

by Nasdaq on April 20, 2021 and 

published in the Federal Register on 

May 7, 2021.3

Nasdaq initially proposed that WorkX 

and Real-Time Stats would launch on 

April 12, 2021 and Post-Trade Risk 

Management would launch no later than 

Q3 2021.4 Due to re-prioritization in the 

Nasdaq product pipeline, on September 

14, 2021, Nasdaq proposed to delay the 

implementation date of Post-Trade Risk 

Management until Q1 2022.5 Nasdaq 

subsequently proposed to delay the 

implementation date from Q1 2022 to 


jspears on DSK121TN23PROD with NOTICES1