30342 Federal Register / Vol. 86, No. 107 / Monday, June 7, 2021 / Notices 

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

2 17 CFR 240.19b–4. 

3The Exchange initially filed the proposed fee 

changes [sic] May 1, 2021 (SR–CBOE–2021–032). 

On May 12, 2021, the Exchange withdrew that filing 

and SR–CBOE–2021–033. On May 21, 2021, the 

Exchange withdrew that filing and submitting [sic] 

this filing. 

4The platform also permits users to submit orders 

for commodity futures, commodity options and 

other non-security products to be sent to designated 

contract markets, futures commission merchants, 

introducing brokers or other applicable destinations 

of the users’ choice. 

SECURITIES AND EXCHANGE 

COMMISSION 

Sunshine Act Meetings 

TIME AND DATE: 2 p.m. on Thursday, June 

10, 2021. 

PLACE: The meeting will be held via 

remote means and/or at the 

Commission’s headquarters, 100 F 

Street NE, Washington, DC 20549. 

STATUS: This meeting will be closed to 

the public. 

MATTERS TO BE CONSIDERED: 

Commissioners, Counsel to the 

Commissioners, the Secretary to the 

Commission, and recording secretaries 

will attend the closed meeting. Certain 

staff members who have an interest in 

the matters also may be present. 

In the event that the time, date, or 

location of this meeting changes, an 

announcement of the change, along with 

the new time, date, and/or place of the 

meeting will be posted on the 

Commission’s website at https://

www.sec.gov. 

The General Counsel of the 

Commission, or his designee, has 

certified that, in his opinion, one or 

more of the exemptions set forth in 5 

U.S.C. 552b(c)(3), (5), (6), (7), (8), 9(B) 

and (10) and 17 CFR 200.402(a)(3), 

(a)(5), (a)(6), (a)(7), (a)(8), (a)(9)(ii) and 

(a)(10), permit consideration of the 

scheduled matters at the closed meeting. 

The subject matter of the closed 

meeting will consist of the following 

topics: 

Institution and settlement of 

injunctive actions; 

Institution and settlement of 

administrative proceedings; 

Resolution of litigation claims; and 

Other matters relating to examinations 

and enforcement proceedings. 

At times, changes in Commission 

priorities require alterations in the 

scheduling of meeting agenda items that 

may consist of adjudicatory, 

examination, litigation, or regulatory 

matters. 

CONTACT PERSON FOR MORE INFORMATION: 

For further information; please contact 

Vanessa A. Countryman from the Office 

of the Secretary at (202) 551–5400. 

Dated: June 3, 2021. 

Vanessa A. Countryman, 

Secretary. 

[FR Doc. 2021–11949 Filed 6–3–21; 11:15 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92078; File No. SR–CBOE– 

2021–035] 

Self-Regulatory Organizations; Cboe 

Exchange, Inc.; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend the Silexx 

Trading Platform Fees Schedule 

June 1, 2021. 

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 May 21, 

2021, Cboe Exchange, Inc. (‘‘Exchange’’ 

or ‘‘Cboe Options’’) filed with the 

Securities and Exchange Commission 

(‘‘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 

the Silexx trading platform (‘‘Silexx’’ or 

the ‘‘platform’’) 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 purpose of this filing is to amend 

the Silexx Fees Schedule to amend the 

‘‘CAT File’’ fee.3

By way of background, the Silexx 

platform consists of a ‘‘front-end’’ order 

entry and management trading platform 

(also referred to as the ‘‘Silexx 

terminal’’) for listed stocks and options 

that supports both simple and complex 

orders,4 and a ‘‘back-end’’ platform 

which provides a connection to the 

infrastructure network. From the Silexx 

platform (i.e., the collective front-end 

and back-end platform), a Silexx user 

has the capability to send option orders 

to U.S. options exchanges, send stock 

orders to U.S. stock exchanges (and 

other trading centers), input parameters 

to control the size, timing, and other 

variables of their trades, and also 

includes access to real-time options and 

stock market data, as well as access to 

certain historical data. The Silexx 

platform is designed so that a user may 

enter orders into the platform to send to 

an executing broker (including Trading 

Permit Holders (‘‘TPHs’’)) of its choice 

with connectivity to the platform, which 

broker will then send the orders to Cboe 

Options (if the broker is a TPH) or other 

U.S. exchanges (and trading centers) in 

accordance with the user’s instructions. 

With the exception of Silexx FLEX and 

Cboe Silexx, users cannot directly route 

orders through any of the current 

versions of Silexx to an exchange or 

trading center nor is the platform 

integrated into, or directly connected to, 

Cboe Options’ System. The Exchange 

has more recently made available 

additional versions of the Silexx 

platform, Silexx FLEX and Cboe Silexx, 

which do support the trading of FLEX 

and non-FLEX Options, respectively, 

and allows authorized Users with direct 

access to the Exchange. The Silexx 

front-end and back-end platforms are a 

software application that are installed 

locally on a user’s desktop. Silexx grants 

users licenses to use the platform, and 

a firm or individual does not need to be 


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Federal Register / Vol. 86, No. 107 / Monday, June 7, 2021 / Notices 30343 

5See Securities Exchange Release No. 89285 (July 

10, 2020) 85 FR 43284 (July 16, 2020) (SR–CBOE– 

2020–062). 

6CAT uses the IMID to determine the firm for 

which data is submitted and to facilitate event 

linkages within a firm and between venues. 

7 15 U.S.C. 78f(b). 

8 15 U.S.C. 78f(b)(5). 

9 15 U.S.C. 78f(b)(4). 

10See Securities Exchange Release No. 89285 

(July 10, 2020) 85 FR 43284 (July 16, 2020) (SR– 

CBOE–2020–062). 

11For example, if a trading firm has 2 IMIDs, that 

trading firm will only be assessed $250 per month, 

as proposed, as compared to $500 per month under 

the current methodology (2 × $250). 

12 15 U.S.C. 78s(b)(3)(A). 

13 17 CFR 240.19b–4(f). 

a TPH to license the platform. Use of 

Silexx is completely optional. 

The Exchange recently adopted a fee 

for CAT Files.5 Particularly, Silexx 

makes Consolidated Audit Trail 

(‘‘CAT’’)-formatted files available to 

Silexx users for orders processed by the 

user via Silexx applications. Users may 

also elect to have Silexx, which is a 

CAT Reporter Agent, submit these files 

to CAT on their behalf. The Exchange 

assesses a monthly fee of $250 per CAT 

Industry Member ID (‘‘IMID’’),6 payable 

by the trading firm, for CAT Files. The 

Exchange however currently waives the 

CAT Files fee for Silexx FLEX and Cboe 

Silexx. The Exchange now wishes to 

eliminate the current CAT Files fee 

waiver and assess the monthly $250 fee 

to all Silexx users, including Silexx 

FLEX and Cboe Silexx users. The 

Exchange proposes to also provide that 

the CAT Files fee will be assessed per 

trading firm, instead of per IMID. 

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.7 Specifically, 

the Exchange believes the proposed rule 

change is consistent with the Section 

6(b)(5) 8 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 

Section 6(b)(4) of the Act,9 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. 

In particular, the Exchange believes 

eliminating the current CAT File fee 

waiver for Silexx FLEX and Cboe Silexx 

users is reasonable as the Exchange 

believes the CAT File fee is 

substantially lower than the cost 

assessed by third-party vendors for 

similar CAT files and is the same rate 

for other similar reports (i.e., Equity 

Order Reports). The Exchange notes it is 

not changing the amount of the CAT 

File fee, but rather eliminating the 

current waiver for Silexx FLEX and 

Cboe Silexx users. The Exchange 

believes the elimination of the waiver is 

reasonable, equitable and not unfairly 

discriminatory because all users who 

elect to receive CAT Files will now be 

subject to the same monthly fee. 

Additionally, the Exchange originally 

adopted the CAT Files fee waiver for 

Silexx FLEX and Cboe Silexx as such 

platforms at the time were still 

relatively new and the Exchange wished 

to incentivize their use to market 

participants.10 The Exchange notes that 

both platforms have now been available 

to market participants for over a year 

and therefore the Exchange no longer 

believes it’s necessary to continue to 

provide market participants this 

particular incentive. The Exchange also 

believes it’s reasonable, equitable and 

not unfairly discriminatory to assess the 

CAT File fee per trading firm instead of 

IMID. Particularly, the Exchange notes 

it’s reasonable as trading firms with 

more than one IMID would be subject to 

less fees for CAT Files.11 Moreover, 

charging on a per trading firm basis is 

consistent with how the Exchange 

assesses fees for other similar reports 

(i.e., Equity Order Reports). 

Additionally, the proposed change 

applies to all users that elect to receive 

CAT Files. The proposal is equitable 

and not unfairly discriminatory as it 

applies to all users of Silexx FLEX and 

Cboe Silexx uniformly. Finally, the 

Exchange notes receipt of the CAT Files 

is completely voluntary and not 

compulsory. Indeed, all users of Silexx 

are able to extract the necessary data 

from Silexx to create a CAT report 

themselves to comply with their 

reporting obligations even if they choose 

not to purchase the optional CAT Files. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

Cboe Options 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 believes that the proposed 

rule change will not impose any burden 

on intramarket competition because the 

proposed rule changes apply to all 

similarly situated users of Silexx 

uniformly. The Exchange notes that 

CAT Files are available to all Silexx 

users, and users have discretion to 

determine which, if any, types of reports 

to purchase. 

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 change applies 

only to Cboe Options and to the ability 

to receive certain reports from an 

Exchange system. To the extent that the 

proposed changes make Cboe Options a 

more attractive marketplace for market 

participants at other exchanges, such 

market participants are welcome to 

become Cboe Options market 

participants. 

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 12 and paragraph (f) of Rule 

19b–4 13 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: 


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30344 Federal Register / Vol. 86, No. 107 / Monday, June 7, 2021 / Notices 

14 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. 91787 

(May 6, 2021), 85 FR 26111 (May 12, 2021) (SR– 

EMERALD–2021–09) (Order Approving Proposed 

Rule Change to Adopt Exchange Rule 531(a), 

Reports, to Provide for a New ‘‘Liquidity Taker 

Event Report’’). 

4The Exchange intends to submit a separate filing 

with the Commission pursuant to Section 19(b)(1) 

to propose fees for the Liquidity Taker Event 

Report. 

5The term ‘‘Member’’ means an individual or 

organization approved to exercise the trading rights 

associated with a Trading Permit. Members are 

deemed ‘‘members’’ under the Exchange Act. See 

Exchange Rule 100. 

6The term ‘‘Book’’ means the electronic book of 

buy and sell orders and quotes maintained by the 

System. See Exchange Rule 100. The term ‘‘System’’ 

means the automated trading system used by the 

Exchange for the trading of securities. See id. 

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–2021–035 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–CBOE–2021–035. 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–CBOE–2021–035 and 

should be submitted on or before June 

28, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.14

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–11796 Filed 6–4–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92081; File No. SR–MIAX– 

2021–21] 

Self-Regulatory Organizations; Miami 

International Securities Exchange, 

LLC; Notice of Filing and Immediate 

Effectiveness of a Proposed Rule 

Change To Amend Rule 531, Reports 

and Market Data Products, To Adopt 

the Liquidity Taker Event Report 

June 1, 2021. 

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 May 19, 

2021, Miami International Securities 

Exchange, LLC (‘‘MIAX Options’’ or 

‘‘Exchange’’) filed with the Securities 

and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I and II 

below, which Items have been prepared 

by the Exchange. The Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange is filing a proposal to 

amend Exchange Rule 531(a) to provide 

for the new ‘‘Liquidity Taker Event 

Report’’. 

The text of the proposed rule change 

is available on the Exchange’s website at 

http://www.miaxoptions.com/rulefilings/ at MIAX Options’ principal 

office, 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 

Exchange Rule 531(a) to provide for the 

new ‘‘Liquidity Taker Event Report’’ 

(the ‘‘Report’’). The proposed Report is 

identical to that previously adopted by 

the Exchange’s affiliate, MIAX Emerald, 

LLC (‘‘MIAX Emerald’’), and approved 

by the Securities and Exchange 

Commission (‘‘Commission’’).3

The Report is an optional product 4

available to Members.5 Currently, the 

Exchange provides real-time prices and 

analytics in the marketplace. The 

Exchange believes the additional data 

points from the matching engine 

outlined below may help Members gain 

a better understanding about their 

interactions with the Exchange. The 

Exchange believes the Report will 

provide Members with an opportunity 

to learn more about better opportunities 

to access liquidity and receive better 

execution rates. The proposed Report 

will increase transparency and 

democratize information so that all 

firms that subscribe to the Report have 

access to the same information on an 

equal basis, even for firms that do not 

have the appropriate resources to 

generate a similar report regarding 

interactions with the Exchange. None of 

the components of the proposed Report 

include real-time market data. 

Members generally would use a 

liquidity accessing order if there is a 

high probability that it will execute 

against an order resting on the 

Exchange’s Book.6 The proposed Report 

would identify by how much time an 

order that may have been marketable 

missed an execution. The proposed 

Report will provide greater visibility 

into the missed trading execution, 

which will allow Members to optimize 


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