Federal Register / Vol. 86, No. 111 / Friday, June 11, 2021 / Notices 31355 

Financial Risk Management, (March 5, 2021) (‘‘FICC 

Letter’’). 

9 15 U.S.C. 78s(b)(2). 

10 15 U.S.C. 78s(b)(2)(B)(ii)(II). 

11 Id. 

12 17 CFR 200.30–3(a)(57). 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 90571 

(December 4, 2020), 85 FR 79556. Comments 

received on the proposed rule change are available 

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

www.sec.gov/comments/sr-nasdaq-2020-082/ 

srnasdaq2020082.htm. 

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

5See Securities Exchange Act Release No. 90952, 

86 FR 7148 (January 26, 2021). The Commission 

designated March 10, 2021 as the date by which the 

Commission shall approve or disapprove, or 

institute proceedings to determine whether to 

disapprove, the proposed rule change. 

6 15 U.S.C. 78s(b)(2)(B). 

7See Securities Exchange Act Release No. 91286, 

86 FR 14484 (March 16, 2021). 

8 15 U.S.C. 78s(b)(2). 

9 Id. 

10 17 CFR 200.30–3(a)(57). 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 90574 

(December 4, 2020), 85 FR 80472. Comments 

received on the proposed rule change are available 

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

www.sec.gov/comments/sr-nasdaq-2020-081/ 

srnasdaq2020081.htm. 

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

5See Securities Exchange Act Release No. 90951, 

86 FR 7135 (January 26, 2021). The Commission 

Continued 

Section 19(b)(2) of the Act 9 provides 

that proceedings to determine whether 

to approve or disapprove a proposed 

rule change must be concluded within 

180 days of the date of publication of 

notice of filing of the proposed rule 

change. The time for conclusion of the 

proceedings may be extended for up to 

60 days if the Commission determines 

that a longer period is appropriate and 

publishes the reasons for such 

determination.10 The 180th day after 

publication of the Notice in the Federal 

Register is June 8, 2021. 

The Commission is extending the 

period for Commission action on the 

Proposed Rule Change. The Commission 

finds that it is appropriate to designate 

a longer period within which to take 

action on the Proposed Rule Change so 

that the Commission has sufficient time 

to consider the issues raised by the 

Proposed Rule Change and to take 

action on the Proposed Rule Change. 

Accordingly, pursuant to Section 

19(b)(2)(B)(ii)(II) of the Act,11 the 

Commission designates August 7, 2021, 

as the date by which the Commission 

should either approve or disapprove the 

Proposed Rule Change SR–FICC–2020– 

017. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–12244 Filed 6–10–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92119; File No. SR– 

NASDAQ–2020–082] 

Self-Regulatory Organizations; The 

Nasdaq Stock Market LLC; Notice of 

Designation of a Longer Period for 

Commission Action on Proceedings To 

Determine Whether To Approve or 

Disapprove a Proposed Rule Change, 

as Modified by Amendment No. 1, To 

Offer Certain Listed Companies 

Access to a Complimentary Board 

Recruiting Solution To Help Advance 

Diversity on Company Boards 

June 7, 2021. 

On December 1, 2020, The Nasdaq 

Stock Market LLC (‘‘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 offer certain listed companies 

access to a complimentary board 

recruiting solution to help advance 

diversity on company boards. The 

proposed rule change was published for 

comment in the Federal Register on 

December 10, 2020.3 On January 19, 

2021, pursuant to Section 19(b)(2) of the 

Act,4 the Commission designated a 

longer period within which to approve 

the proposed rule change, disapprove 

the proposed rule change, or institute 

proceedings to determine whether to 

disapprove the proposed rule change.5

On February 26, 2021, the Exchange 

filed Amendment No. 1 to the proposed 

rule change, which replaced and 

superseded the proposed rule change as 

originally filed. On March 10, 2021, the 

Commission published notice of 

Amendment No. 1 and instituted 

proceedings pursuant to Section 

19(b)(2)(B) of the Act 6 to determine 

whether to approve or disapprove the 

proposed rule change, as modified by 

Amendment No. 1.7

Section 19(b)(2) of the Act 8 provides 

that, after initiating disapproval 

proceedings, the Commission shall issue 

an order approving or disapproving the 

proposed rule change not later than 180 

days after the date of publication of 

notice of filing of the proposed rule 

change. The Commission may extend 

the period for issuing an order 

approving or disapproving the proposed 

rule change, however, by not more than 

60 days if the Commission determines 

that a longer period is appropriate and 

publishes the reasons for such 

determination. The proposed rule 

change was published for notice and 

comment in the Federal Register on 

December 10, 2020. June 8, 2021 is 180 

days from that date, and August 7, 2021 

is 240 days from that date. 

The Commission finds it appropriate 

to designate a longer period within 

which to issue an order approving or 

disapproving the proposed rule change 

so that it has sufficient time to consider 

the proposed rule change and the 

comment letters. Accordingly, the 

Commission, pursuant to Section 

19(b)(2) of the Act,9 designates August 

7, 2021 as the date by which the 

Commission shall either approve or 

disapprove the proposed rule change 

(File No. SR–NASDAQ–2020–082), as 

modified by Amendment No. 1. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.10

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–12246 Filed 6–10–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92118; File No. SR– 

NASDAQ–2020–081] 

Self-Regulatory Organizations; The 

Nasdaq Stock Market LLC; Notice of 

Designation of a Longer Period for 

Commission Action on Proceedings To 

Determine Whether To Approve or 

Disapprove a Proposed Rule Change, 

as Modified by Amendment No. 1, To 

Adopt Listing Rules Related to Board 

Diversity 

June 7, 2021. 

On December 1, 2020, The Nasdaq 

Stock Market LLC (‘‘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 adopt listing rules related to 

board diversity. The proposed rule 

change was published for comment in 

the Federal Register on December 11, 

2020.3 On January 19, 2021, pursuant to 

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

Commission designated a longer period 

within which to approve the proposed 

rule change, disapprove the proposed 

rule change, or institute proceedings to 

determine whether to disapprove the 

proposed rule change.5 On February 26, 


jbell on DSKJLSW7X2PROD with NOTICES
31356 Federal Register / Vol. 86, No. 111 / Friday, June 11, 2021 / Notices 

designated March 11, 2021 as the date by which the 

Commission shall approve or disapprove, or 

institute proceedings to determine whether to 

disapprove, the proposed rule change. 

6 15 U.S.C. 78s(b)(2)(B). 

7See Securities Exchange Act Release No. 91286, 

86 FR 14484 (March 16, 2021). 

8 15 U.S.C. 78s(b)(2). 

9 Id. 

10 17 CFR 200.30–3(a)(57). 

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

2 17 CFR 240.19b–4. 

3See Cboe Global Markets U.S. Options Market 

Volume Summary, Month-to-Date (May 24, 2021), 

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

market_statistics/. 

2021, the Exchange filed Amendment 

No. 1 to the proposed rule change, 

which replaced and superseded the 

proposed rule change as originally filed. 

On March 10, 2021, the Commission 

published notice of Amendment No. 1 

and instituted proceedings pursuant to 

Section 19(b)(2)(B) of the Act 6 to 

determine whether to approve or 

disapprove the proposed rule change, as 

modified by Amendment No. 1.7

Section 19(b)(2) of the Act 8 provides 

that, after initiating disapproval 

proceedings, the Commission shall issue 

an order approving or disapproving the 

proposed rule change not later than 180 

days after the date of publication of 

notice of filing of the proposed rule 

change. The Commission may extend 

the period for issuing an order 

approving or disapproving the proposed 

rule change, however, by not more than 

60 days if the Commission determines 

that a longer period is appropriate and 

publishes the reasons for such 

determination. The proposed rule 

change was published for notice and 

comment in the Federal Register on 

December 11, 2020. June 9, 2021 is 180 

days from that date, and August 8, 2021 

is 240 days from that date. 

The Commission finds it appropriate 

to designate a longer period within 

which to issue an order approving or 

disapproving the proposed rule change 

so that it has sufficient time to consider 

the proposed rule change and the 

comment letters. Accordingly, the 

Commission, pursuant to Section 

19(b)(2) of the Act,9 designates August 

8, 2021 as the date by which the 

Commission shall either approve or 

disapprove the proposed rule change 

(File No. SR–NASDAQ–2020–081), as 

modified by Amendment No. 1. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.10

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–12245 Filed 6–10–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92121; File No. SR–CBOE– 

2021–037] 

Self-Regulatory Organizations; Cboe 

Exchange, Inc.; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend Its Fees 

Schedule To Adopt a New Floor Broker 

Incentive Program and To Make a 

Clarifying Change to the Definition of 

Facilitation Orders 

June 7, 2021. 

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, 

2021, 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 to adopt a new Floor 

Broker incentive program and to make 

a clarifying change to the definition of 

facilitation orders. 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/ 

CBOELegalRegulatoryHome.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 to adopt a new Floor 

Broker incentive program and to make 

a clarifying change to the definition of 

facilitation orders in footnote 11 of the 

Fees Schedule, effective June 1, 2021. 

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 options venues to which market 

participants may direct their order flow. 

Based on publicly available information, 

no single options exchange has more 

than 16% of the market share.3 Thus, in 

such a low-concentrated and highly 

competitive market, no single options 

exchange possesses significant pricing 

power in the execution of option order 

flow. The Exchange believes that the 

ever-shifting market share among the 

exchanges from month to month 

demonstrates that market participants 

can shift order flow, or discontinue use 

of certain categories of products, in 

response to fee changes. Accordingly, 

competitive forces constrain the 

Exchange’s transaction fees, and market 

participants can readily trade on 

competing venues if they deem pricing 

levels at those other venues to be more 

favorable. The Exchange offers specific 

rates and rebates in its Fees Schedule, 

like that of other options exchanges’ fees 

schedules, which the Exchange believes 

provide incentive to Trading Permit 

Holders (‘‘TPHs’’) to increase order flow 

of certain qualifying orders. 

Also, in response to the competitive 

environment, the Exchange offers 

various tiered incentive programs which 

provide TPHs opportunities to qualify 

for higher rebates or reduced rates 

where certain volume criteria and 

thresholds are met. Tiered pricing 

provides an incremental incentive for 

TPHs to strive for higher tier levels, 

which provides increasingly higher 

benefits or discounts for satisfying 

increasingly more stringent criteria. For 

example, the Exchange currently offers, 

among other tiered volume programs, a 


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