Document ID: SEC-2023-0419-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: Cboe Exchange, Inc.
Posted Date: 2023-04-18T04:00Z

[Federal Register Volume 88, Number 74 (Tuesday, April 18, 2023)]
[Notices]
[Pages 23713-23717]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-08142]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-97288; File No. SR-CBOE-2023-017]

Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of 
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend 
Its Fees Schedule

April 12, 2023.
    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 April 3, 2023, 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.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    Cboe Exchange, Inc. (the ``Exchange'' or ``Cboe Options'') proposes 
to amend its Fees Schedule. The text of the proposed rule change is 
provided in Exhibit 5.
    The text of the proposed rule change is also available on the 
Exchange's website (http://www.cboe.com/AboutCBOE/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 in connection with 
certain Lead Market-Maker (``LMM'') Incentive Programs, effective April 
3, 2023. Specifically, the Exchange proposes to amend its NANOS LLM 
Incentive Program and Global Trading Hours (``GTH'') XSP LMM Incentive 
Programs.
    All three LMM Incentive Programs provide a rebate to Trading Permit 
Holders (``TPHs'') with LMM appointments to the respective incentive 
program that meet certain quoting standards in the applicable series in 
a month. The Exchange notes that meeting or exceeding the quoting 
standards (both current and as proposed; described in further detail 
below) in each of the LMM Incentive Program products to receive the 
applicable rebate (both currently offered and as proposed; described in 
further detail below) is optional for an LMM appointed to a program. 
Particularly, an LMM appointed to an incentive program is eligible to 
receive the corresponding rebate if it satisfies the applicable quoting 
standards, which the Exchange believes encourages appointed LMMs to 
provide liquidity in the applicable class and trading session (i.e., 
Regular Trading Hours (``RTH'') or GTH). The Exchange may consider 
other exceptions to the programs' quoting standards based on 
demonstrated legal or regulatory requirements or other mitigating 
circumstances. In calculating whether an LMM appointed to an incentive 
program meets the applicable program's quoting standards each month, 
the Exchange excludes from the calculation in that month the business 
day in which the LMM missed meeting or exceeding the quoting standards 
in the highest number of the applicable series.
NANOS LLM Incentive Program
    The Exchange first proposes to amend the current NANOS LMM 
Incentive Program. Currently, the NANOS LLM Incentive Program provides 
that, for NANOS, if the appointed LMM provides continuous electronic 
quotes during RTH that meet or exceed the heightened quoting standards 
in at least 99% of the NANOS series 90% of the time in a given month, 
the LMM will receive a rebate for that month in the amount of $17,500 
(or pro-rated amount if an appointment begins after the first trading 
day of the month or ends prior to the last trading day of the month). 
The Exchange now proposes to amend the series qualification requirement 
for the NANOS LMM Incentive Program. Specifically, the Exchange 
proposes to update the series qualification requirement to require the 
appointed LMM to provide continuous electronic quotes during RTH that 
meet or exceed the heightened quoting standards in at least 98% the 
NANOS series 90% of the time in a given month in order to receive the 
rebate, thereby decreasing the series qualification requirement by 1%. 
In changing this requirement, the Exchange wishes to encourage LMMs 
appointed to the NANOS LMM Incentive Program to provide significant 
liquidity in NANOS options by meeting the series qualification 
requirements (and relevant quoting standards) under the Program in 
order to receive the rebate.
GTH1 and GTH2 XSP LLM Incentive Programs
    The Exchange proposes to amend the GTH XSP LMM Incentive Programs. 
The GTH1 XSP LMM Incentive Program

[[Page 23714]]

provides that if the appointed LMM provides continuous electronic 
quotes during GTH from 7:15PM CST to 2:00AM CST (``GTH1'') that meet or 
exceed the proposed heightened quoting standards (below) in at least 
85% of the series 90% of the time in a given month, the LMM will 
receive (i) a payment for that month in the amount of $10,000 and (ii) 
a credit of $0.03 per contract applied to all XSP contracts executed in 
a Market-Maker capacity which provide liquidity in the Simple Book 
during RTH (or pro-rated amounts if an appointment begins after the 
first trading day of the month or ends prior to the last trading day of 
the month).

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                     Expiring, 7 days or less      Near term, 8 days to 60 days    Mid term, 61 days to 270 days    Long term, 271 days to 500
                                                                 ------------------------------------------------------------------------------------------------              days
                          Premium level                                                                                                                          -------------------------------
                                                                       Width           Size            Width           Size            Width           Size            Width           Size
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                  VIX Value at Prior Close <20
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
$0.01-$1.00.....................................................           $0.04              10           $0.05              10           $0.07               5           $0.15               5
1.01-5.00.......................................................            0.06              10            0.09              10            0.12               5            0.20               5
5.01-8.00.......................................................            0.10              10            0.16              10            0.25               5            0.40               5
8.01-12.00......................................................            0.40               5            0.70               5            1.00               5            1.25               5
12.01-20.00.....................................................            0.80               5            1.20               5            1.60               5            2.00               5
>20.00..........................................................            1.60               5            2.00               5            2.40               5            3.20               5
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                               VIX Value at Prior Close From 20-30
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
0.01-1.00.......................................................            0.06              10            0.07              10            0.09               5            0.17               5
1.01-5.00.......................................................            0.09              10            0.11              10            0.14               5            0.22               5
5.01-8.00.......................................................            0.14              10            0.18              10            0.30               5            0.45               5
8.01-12.00......................................................            0.60               5            0.80               5            1.10               5            1.35               5
12.01-20.00.....................................................            1.00               5            1.30               5            1.80               5            2.20               5
>20.00..........................................................            2.00               5            2.40               5            2.80               5            3.60               5
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                             VIX Value at Prior Close 30
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
0.01-1.00.......................................................            0.07              10            0.09              10            0.11               5            0.20               5
1.01-5.00.......................................................            0.10              10            0.14              10            0.18               5            0.27               5
5.01-8.00.......................................................            0.14              10            0.20              10            0.35               5            0.50               5
8.01-12.00......................................................            0.60               5            0.90               5            1.20               5            1.50               5
12.01-20.00.....................................................            1.20               5            1.50               5            2.00               5            2.40               5
>20.00..........................................................            2.40               5            2.80               5            3.20               5            4.00               5
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    The GTH2 XSP LMM Incentive Program provides that if an LMM 
appointed to the Program provides continuous electronic quotes during 
GTH from 2:00AM CST to 9:15AM CST (``GTH2'') that meet or exceed the 
proposed heightened quoting standards set forth above (the same as 
GTH1, above) in at least 85% of the series 90% of the time in a given 
month, the LMM will receive a payment for that month in the amount of 
$20,000 (or pro-rated amount if an appointment begins after the first 
trading day of the month or ends prior to the last trading day of the 
month).
    The Exchange proposes to adopt a new set of heightened quoting 
standards (below) under the GTH1 and GTH2 XSP LMM Incentive Programs 
(proposed width and sizes are denoted with an asterisk).

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                                                                     Expiring, 7 days or less      Near term, 8 days to 60 days    Mid term, 61 days to 270 days    Long term, 271 days to 500
                                                                 ------------------------------------------------------------------------------------------------              days
                          Premium level                                                                                                                          -------------------------------
                                                                       Width           Size            Width           Size            Width           Size            Width           Size
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                  VIX Value at Prior Close <20
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$0.01-$1.00.....................................................         * $0.08             * 5         * $0.07             * 5         * $0.10               5         * $0.20               5
1.01-5.00.......................................................          * 0.10             * 5          * 0.15             * 5          * 0.16               5          * 0.30               5
5.01-8.00.......................................................          * 0.16             * 5          * 0.25             * 5          * 0.35               5          * 0.60               5
8.01-12.00......................................................            0.40               5            0.70               5            1.00               5            1.25               5
12.01-20.00.....................................................            0.80               5            1.20               5            1.60               5            2.00               5
>20.00..........................................................            1.60               5            2.00               5            2.40               5            3.20               5
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                               VIX Value at Prior Close From 20-30
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
0.01-1.00.......................................................          * 0.09             * 5          * 0.10             * 5          * 0.14               5          * 0.25               5
1.01-5.00.......................................................          * 0.15             * 5          * 0.15             * 5          * 0.20               5          * 0.30               5
5.01-8.00.......................................................          * 0.20             * 5          * 0.25             * 5          * 0.40               5          * 0.60               5
8.01-12.00......................................................            0.60               5            0.80               5            1.10               5            1.35               5
12.01-20.00.....................................................            1.00               5            1.30               5            1.80               5            2.20               5
>20.00..........................................................            2.00               5            2.40               5            2.80               5            3.60               5
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                             VIX Value at Prior Close 30
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
0.01-1.00.......................................................          * 0.14             * 5          * 0.15             * 5          * 0.15               5          * 0.30               5
1.01-5.00.......................................................          * 0.18             * 5          * 0.20             * 5          * 0.25               5          * 0.40               5
5.01-8.00.......................................................          * 0.22             * 5          * 0.30             * 5          * 0.45               5          * 0.70               5
8.01-12.00......................................................            0.60               5            0.90               5            1.20               5            1.50               5
12.01-20.00.....................................................            1.20               5            1.50               5            2.00               5            2.40               5
>20.00..........................................................            2.40               5            2.80               5            3.20               5            4.00               5
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[[Page 23715]]

    The proposed heightened quoting standards for XSP options under the 
GTH1 and GTH2 XSP LMM Incentive Programs are designed to continue to 
encourage LMMs appointed to the program to provide significant 
liquidity in XSP options during GTH. Specifically, the proposed rule 
change eases the heightened quoting standards in a manner that makes it 
easier for appointed LMMs to achieve such requirements. By increasing 
certain quote widths and decreasing certain quote sizes, the changes 
are designed to incentivize LMMs appointed to the GTH1 and GTH2 LMM 
Incentive Programs to quote aggressively in XSP options during GTH to 
receive the rebate offered under the program, resulting in tighter 
spreads and increased liquidity during GTH to the benefit of investors.
    The Exchange also proposes to increase the rebates offered by the 
GTH1 and GTH2 XSP LMM Incentive Programs to an LMM appointed to the 
program for meeting the heightened quoting standards in a given month. 
The Exchange proposes to increase such rebates from $10,000 to $20,000 
for the GTH1 XSP LLM Incentive Program, and from $20,000 to $25,000 for 
the GTH2 XSP LLM Incentive Program. For the GTH1 XSP LMM Incentive 
Program, an LMM appointed to the program that meets the heightened 
quoting standard in a month will still receive the additional credit of 
$0.03 per contract applied to all XSP contracts executed in a Market-
Maker capacity which provide liquidity in the Simple Book during RTH 
(or pro-rated amounts if an appointment begins after the first trading 
day of the month or ends prior to the last trading day of the month). 
The Exchange wishes to further incentivize the LMMs appointed to the 
GTH1 and GTH2 LMM Incentive Programs to provide significant liquidity 
in XSP options during GTH by meeting the applicable quoting standards 
under each program to receive the proposed increased rebates.
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.\3\ Specifically, the 
Exchange believes the proposed rule change is consistent with the 
Section 6(b)(5) \4\ 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) \5\ requirement that the rules of an exchange not be 
designed to permit unfair discrimination between customers, issuers, 
brokers, or dealers. The Exchange also believes the proposed rule 
change is consistent with Section 6(b)(4) of the Act,\6\ which requires 
that Exchange rules provide for the equitable allocation of reasonable 
dues, fees, and other charges among its Trading Permit Holders and 
other persons using its facilities.
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    \3\ 15 U.S.C. 78f(b).
    \4\ 15 U.S.C. 78f(b)(5).
    \5\ Id.
    \6\ 15 U.S.C. 78f(b)(4).
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    The Exchange believes it is reasonable to decrease the series 
requirement for the NANOS LLM Incentive Program to 98% (from 99%), and 
to update the heightened quoting standards for the GTH1 and GTH2 XSP 
LLM Incentive Programs by decreasing certain quote size requirements 
and increasing certain quote width requirements, as such changes are 
reasonably designed to slightly ease the difficulty in meeting the 
heightened quoting standards offered under these programs (for which an 
appointed LMM receives the respective rebates), which, in turn, 
provides increased incentive for LMMs appointed to these programs to 
provide significant liquidity in NANOS options and XSP options. Such 
liquidity benefits all market participants by providing more trading 
opportunities, tighter spreads, and added market transparency and price 
discovery, and signals to other market participants to direct their 
order flow to those markets, thereby contributing to robust levels of 
liquidity.
    Further, the Exchange believes that it is reasonable to update 
certain quote size and width requirements under the GTH XSP LMM 
Incentive Programs, as the proposed rule change is generally designed 
to further align the lesser premium quote widths and size standards for 
XSP options with the more expensive premium quote width and size 
standards, in order to incentivize an increase in quoting activity and 
the provision of tighter markets.
    The Exchange also believes the proposed increase to the rebates 
under the GTH1 and GTH2 XSP LLM Incentive Programs are reasonably 
designed to further incentivize an appointed LMM to meet the applicable 
quoting standards for XSP options, thereby providing liquid and active 
markets, which facilitates tighter spreads, increased trading 
opportunities, and overall enhanced market quality to the benefit of 
all market participants. The Exchange further believes that the 
proposed rule change is reasonable because it is comparable to and 
within the range of the rebates offered by other LMM Incentive 
Programs. For example, the GTH2 VIX LMM Programs currently offers a 
rebate of $20,000 if the quoting standards are met in a given month.\7\ 
The Exchange believes the proposed rebates applicable to the GTH1 and 
GTH2 XSP LMM Incentive Programs are equitable and not unfairly 
discriminatory because they will continue to apply equally to any TPH 
that is appointed as an LMM to the Programs.
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    \7\ See Cboe Options Fees Schedule, GTH2 VIX/VIXW LMM Incentive 
Program.
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    The Exchange believes that the proposed changes to the LMM 
Incentive Programs are equitable and not unfairly discriminatory. The 
Exchange believes that it is equitable and not unfairly discriminatory 
to amend the series qualification requirement for the NANOS LLM 
Incentive Program, amend certain quote widths and quote sizes in the 
heightened quoting standards for GTH1 and GTH2 XSP LLM Incentive 
Programs, and amend the monthly rebates offered under the GTH1 and GTH2 
XSP LLM Incentive Programs because such series qualification 
requirement, heightened quoting standards, and rebates will equally 
apply to any and all TPHs with LMM appointments to the NANOS, GTH1 XSP, 
and GTH2 XSP LLM Incentive Programs, as applicable, that seek to meet 
the programs' heightened quoting standards in order to receive the 
rebates (as proposed) offered under each respective program. The 
Exchange additionally notes that, if an LMM appointed to any of the LMM 
Incentive Programs does not satisfy the corresponding heightened 
quoting standard for any given month, then it simply will not receive 
the rebate offered by the respective program for that month.
    Regarding the NANOS, GTH1 XSP and GTH2 XSP LMM Incentive Programs 
generally, the Exchange believes it is reasonable, equitable and not 
unfairly discriminatory to continue

[[Page 23716]]

to offer these financial incentives, including as amended, to LMMs 
appointed to the programs, because it benefits all market participants 
trading in the corresponding products during RTH (for NANOS) and GTH 
(for XSP). These incentive programs encourage the LMMs appointed to 
such programs to satisfy the heightened quoting standards, which may 
increase liquidity and provide more trading opportunities and tighter 
spreads. Indeed, the Exchange notes that these LMMs serve a crucial 
role in providing quotes and the opportunity for market participants to 
trade NANOS and XSP options, as applicable, which can lead to increased 
volume, providing for robust markets. The Exchange ultimately offers 
the LMM Incentive Programs, as amended, to sufficiently incentivize 
LMMs appointed to each incentive program to provide key liquidity and 
active markets in the corresponding program products during the 
corresponding trading sessions, and believes that these incentive 
programs, as amended, will continue to encourage increased quoting to 
add liquidity in each of the corresponding program products, thereby 
protecting investors and the public interest. The Exchange also notes 
that an LMM appointed to an incentive program may undertake added costs 
each month to satisfy that heightened quoting standards (e.g., having 
to purchase additional logical connectivity).

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 that the proposed rule change will impose any burden on 
intramarket competition that is not necessary or appropriate in 
furtherance of the purposes of the Act because the amendments to the 
series qualification requirement for the NANOS LLM Incentive Program, 
certain quote widths and quote sizes in the heightened quoting 
standards for the GTH1 and GTH2 XSP LLM Incentive Programs, and the 
monthly rebates offered under the GTH1 and GTH2 XSP LLM Incentive 
Programs will apply uniformly to any LMM appointment to the programs. 
To the extent LMMs appointed to these LMM Incentive Programs receive a 
benefit that other market participants do not, as stated, these LMMs in 
their role as Market-Makers on the Exchange have different obligations 
and are held to different standards. An LMM appointed to an incentive 
program may also undertake added costs each month to satisfy that 
heightened quoting standards (e.g., having to purchase additional 
logical connectivity).
    The Exchange also notes that the proposed changes are designed to 
attract additional order flow to the Exchange, wherein greater 
liquidity benefits all market participants by providing more trading 
opportunities, tighter spreads, and added market transparency and price 
discovery, and signals to other market participants to direct their 
order flow to those markets, thereby contributing to robust levels of 
liquidity. As a result, the Exchange believes that the proposed change 
furthers the Commission's goal in adopting Regulation NMS of fostering 
competition among orders, which promotes ``more efficient pricing of 
individual stocks for all types of orders, large and small.'' \8\
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    \8\ Securities Exchange Act Release No. 51808, 70 FR 37495, 
37498-99 (June 29, 2005) (S7-10-04) (Final Rule).
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    The Exchange does not believe that the proposed rule change will 
impose any burden on intermarket competition that is not necessary or 
appropriate in furtherance of the purposes of the Act because the 
proposed programs are applicable to transactions in a product 
exclusively listed on the Exchange. Additionally, the Exchange notes 
that it operates in a highly competitive market. TPHs have numerous 
alternative venues that they may participate on and direct their order 
flow, including 15 other options exchanges, as well as off-exchange 
venues, where competitive products are available for trading. Based on 
publicly available information, no single options exchange has more 
than 16% of the market share.\9\ Therefore, no exchange possesses 
significant pricing power in the execution of option order flow. 
Indeed, participants can readily choose to send their orders to other 
exchange, and, additionally off-exchange venues, if they deem fee 
levels at those other venues to be more favorable. Moreover, the 
Commission has repeatedly expressed its preference for competition over 
regulatory intervention in determining prices, products, and services 
in the securities markets. Specifically, in Regulation NMS, the 
Commission highlighted the importance of market forces in determining 
prices and SRO revenues and, also, recognized that current regulation 
of the market system ``has been remarkably successful in promoting 
market competition in its broader forms that are most important to 
investors and listed companies.'' \10\ 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 broker-dealers 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' . . . .''.\11\ Accordingly, the 
Exchange does not believe its proposed fee change imposes any burden on 
competition that is not necessary or appropriate in furtherance of the 
purposes of the Act.
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    \9\ See Cboe Global Markets U.S. Options Market Volume Summary, 
Month-to-Date (March 29, 2023), available at https://markets.cboe.com/us/options/market_statistics/.
    \10\ See Securities Exchange Act Release No. 51808 (June 9, 
2005), 70 FR 37496, 37499 (June 29, 2005).
    \11\ NetCoalition v. SEC, 615 F.3d 525, 539 (D.C. Cir. 2010) 
(quoting Securities Exchange Act Release No. 59039 (December 2, 
2008), 73 FR 74770, 74782-83 (December 9, 2008) (SR-NYSEArca-2006-
21)).
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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.
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    \12\ 15 U.S.C. 78s(b)(3)(A).
    \13\ 17 CFR 240.19b-4(f).
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IV. Solicitation of Comments

    Interested persons are invited to submit written data, views and 
arguments concerning the foregoing, including whether the proposed rule

[[Page 23717]]

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 [email protected]. Please include 
File Number SR-CBOE-2023-017 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-2023-017. 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-2023-017 
and should be submitted on or before May 9, 2023.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\14\
---------------------------------------------------------------------------

    \14\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-08142 Filed 4-17-23; 8:45 am]
BILLING CODE 8011-01-P