Document ID: SEC-2022-0528-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: Cboe Exchange, Inc.
Posted Date: 2022-04-15T04:00Z

[Federal Register Volume 87, Number 73 (Friday, April 15, 2022)]
[Notices]
[Pages 22594-22599]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-08067]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-94670; File No. SR-CBOE-2022-017]

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

April 11, 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 April 1, 2022, Cboe Exchange, Inc. (the ``Exchange'' or ``Cboe 
Options'') filed with the Securities and Exchange Commission (the 
``Commission'') the proposed rule change as described in Items I, 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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[[Page 22595]]

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 LMM Incentive Programs, effective April 1, 2022.
    The Exchange proposes to amend its Regular Trading Hours (``RTH'') 
SPESG LMM Incentive Program, MRUT LMM Incentive Program and MSCI LMM 
Incentive Program. 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. Rather, 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., RTH). 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.
    The proposed rule change amends the RTH SPESG LMM Incentive 
Program. Currently, the RTH SPESG LMM Incentive Program provides that 
if, for SPESG, the appointed LMM provides continuous electronic quotes 
during RTH that meet or exceed the above heightened quoting standards 
in at least 60% of SPESG series 90% of the time in a given month, the 
LMM will receive a rebate 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) for 
that month. The program additionally provides that, if the appointed 
LMM meets or exceeds the heightened quoting standards in a given month, 
the LMM will receive the monthly average daily volume (``ADV'') payment 
amount that corresponds to the level of ADV provided by the LMM in 
SPESG for that month per the SPESG Volume Incentive Pool program. The 
proposed rule change reduces the monthly rebate offered under the 
program from $20,000 to $10,000. The proposed rule change also amends 
certain quote sizes in the program's heightened quoting requirements. 
Specifically, the proposed rule change marginally decreases certain 
quote sizes, thus easing the heightened quoting standards in a manner 
that makes it easier for appointed LMMs to achieve such requirements. 
The program's current heightened quoting requirements are as follows:

--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                          Expiring                  Near term                 Mid term                  Long term
                                                 -------------------------------------------------------------------------------------------------------
                  Premium level                        7 days or less           8 days to 60 days        61 days to 270 days       271 days or greater
                                                 -------------------------------------------------------------------------------------------------------
                                                     Width         Size        Width         Size        Width         Size        Width         Size
--------------------------------------------------------------------------------------------------------------------------------------------------------
$0.00-$5.00.....................................        $0.50           10        $0.40           25        $0.60           15        $1.00           10
$5.01-$15.00....................................         2.00            7         1.60           18         2.40           11         4.00            7
$15.01-$50.00...................................         5.00            5         4.00           13         6.00            8        10.00            5
$50.01-$100.00..................................        10.00            3         8.00            8        12.00            5        20.00            3
$100.01-$200.00.................................        20.00            2        16.00            5        24.00            3        40.00            2
Greater than $200.00............................        30.00            1        24.00            3        36.00            1        60.00            1
--------------------------------------------------------------------------------------------------------------------------------------------------------

    The proposed changes to the program's heightened quoting 
requirements are as follows (proposed sizes are denoted with an 
asterisk):

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                                                          Expiring                  Near term                 Mid term                  Long term
                                                 -------------------------------------------------------------------------------------------------------
                  Premium level                        7 days or less           8 days to 60 days        61 days to 270 days       271 days or greater
                                                 -------------------------------------------------------------------------------------------------------
                                                     Width         Size        Width         Size        Width         Size        Width         Size
--------------------------------------------------------------------------------------------------------------------------------------------------------
$0.00-$5.00.....................................        $0.50           10        $0.40         * 15        $0.60         * 10        $1.00          * 5
$5.01-$15.00....................................         2.00          * 5         1.60         * 10         2.40         * 10         4.00          * 5
$15.01-$50.00...................................         5.00            5         4.00         * 10         6.00          * 5        10.00            5
$50.01-$100.00..................................        10.00          * 1         8.00          * 5        12.00            5        20.00          * 1
$100.01-$200.00.................................        20.00          * 1        16.00          * 1        24.00          * 1        40.00          * 1

[[Page 22596]]

 
Greater than $200.00............................        30.00            1        24.00          * 1        36.00            1        60.00            1
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    Lastly, regarding the RTH SPESG LMM Incentive Program, the proposed 
rule change amends the payments provided under the SPESG LMM Volume 
Incentive Pool. Currently, the incentive pool offers $5,000 where an 
LMM submits an ADV in SPESG of 1,000 to 4,999 contracts in a month, 
$15,000 for an ADV of 5,000 to 10,000 contracts in a month, and $20,000 
for an ADV of greater than 10,000 contracts in a month. The proposed 
rule change increased the payments so that an LMM that submits an ADV 
in SPESG of 1,000 to 4,999 contracts in a month receives a payment of 
$10,000, an ADV of 5,000 to 10,000 contracts in a month, a payment of 
$20,000 and an ADV of greater than 10,000 contracts in a month, a 
payment of $25,000. The proposed rule change to increase the SPESG 
Volume Incentive Pool payments is designed to incentivize appointed 
LMMs to further increase the provision of liquidity in SPESG options to 
meet the same ADV thresholds in return for increased corresponding 
payments. Increased liquidity in SPESG options would, in turn, provide 
greater trading opportunities, added market transparency and enhanced 
price discovery for all market participants in SPESG.
    The proposed rule change amends the MRUT LMM Incentive Program. 
Currently, the MRUT LMM Incentive Program provides that, for MRUT, if 
the appointed LMM provides continuous electronic quotes during RTH that 
meet or exceed the heightened quoting standards in at least 99% of the 
MRUT series 90% of the time in a given month, the LMM will receive a 
rebate for that month in the amount of $25,000 (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 proposed rule change 
reduces the monthly rebate provided under the program from $25,000 to 
$15,000. Additionally, the proposed rule change also slightly increases 
the quote width requirement under the near term expiration category (15 
to 60 days) for the premium level of $1.01 to $3.00, from a quote width 
of $0.13 to $0.14. Thus, the proposed rule change makes the quote size 
requirement under this expiration and premium category slightly easier 
to achieve.
    The proposed rule change amends the MSCI LMM Incentive Program. 
Currently, the MSCI LMM Incentive Program provides that, for MXEF and 
MXEA (i.e., MSCI options), if the appointed LMM provides continuous 
electronic quotes during RTH that meet or exceed the heightened quoting 
standards in at least 90% of the MXEA and MXEF series 80% of the time 
in a given month, the LMM will receive a rebate for that month in the 
amount of $20,000 per class, per month (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 proposed rule change 
reduces the monthly rebate provided under the program from $25,000 to 
$15,000. The proposed rule change also amends a quote width and certain 
sizes in the program's heightened quoting requirements. Specifically, 
by marginally increasing a quote width and marginally decreases certain 
quote sizes, the proposed rule change eases the heightened quoting 
standards in a manner that makes it easier for appointed LMMs to 
achieve such requirements. The program's current heightened quoting 
requirements are as follows:

--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                          Expiring                  Near term                 Mid term                  Long term
                                                 -------------------------------------------------------------------------------------------------------
                  Premium level                        6 days or less           7 days to 60 days        61 days to 270 days       271 days or greater
                                                 -------------------------------------------------------------------------------------------------------
                                                     Width         Size        Width         Size        Width         Size        Width         Size
--------------------------------------------------------------------------------------------------------------------------------------------------------
$0.00-$5.00.....................................        $2.50            5        $1.05           12        $2.50           10        $5.00           10
$5.01-$15.00....................................         6.00            3         2.50            9         5.00            8        10.00            7
$15.01-$50.00...................................        15.00            2         4.50            7         9.00            7        20.00            5
$50.01-$100.00..................................        25.00            1        15.00            5        20.00            5        30.00            3
$100.01-$200.00.................................        40.00            1        25.00            2        35.00            2        48.00            2
Greater than $200.00............................        60.00            1        40.00            1        50.00            1        72.00            1
--------------------------------------------------------------------------------------------------------------------------------------------------------

    The proposed changes to the program's heightened quoting 
requirements are as follows (proposed width and sizes are denoted with 
an asterisk):

--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                          Expiring                  Near term                 Mid term                  Long term
                                                 -------------------------------------------------------------------------------------------------------
                  Premium level                        6 days or less           7 days to 60 days        61 days to 270 days       271 days or greater
                                                 -------------------------------------------------------------------------------------------------------
                                                     Width         Size        Width         Size        Width         Size        Width         Size
--------------------------------------------------------------------------------------------------------------------------------------------------------
$0.00-$5.00.....................................        $2.50            5      * $1.10         * 10        $2.50          * 5        $5.00          * 5
$5.01-$15.00....................................         6.00            3         2.50         * 10         5.00          * 5        10.00          * 5
$15.01-$50.00...................................        15.00            2         4.50          * 5         9.00          * 5        20.00            5
$50.01-$100.00..................................        25.00            1        15.00            5        20.00            5        30.00            3
$100.01-$200.00.................................        40.00            1        25.00            2        35.00            2        48.00            2
Greater than $200.00............................        60.00            1        40.00            1        50.00            1        72.00            1
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[[Page 22597]]

    The proposed rule change also adopts a performance payment under 
the MSCI LMM Incentive Program, which provides that, in addition to the 
above rebate, the LMM with the highest performance in satisfying the 
above heightened quoting standards, measured independently per class, 
in a month will receive a performance payment of $10,000 per class for 
that month. In order to be eligible to receive the performance payment 
in a month, an LMM must meet or exceed the above heightened quoting 
standards in that month. Highest performance is measured as the 
cumulative sum of series in which an LMM meets or exceeds the 
heightened quoting requirements by the total series each day (excluding 
the day in which an LMM missed meeting or exceeding the heightened 
quoting standard in the highest number of series). The proposed 
performance payment offered by the MSCI LMM Incentive Program is 
designed to incentivize LMMs appointed to the program to increase the 
provision of liquidity in MXEA and MXEF by encouraging appointed LMMs 
to compete each month to achieve the highest performance and receive 
the additional performance payment. Increased liquidity in MSCI options 
would, in turn, provide greater trading opportunities, added market 
transparency and enhanced price discovery for all market participants 
in MSCI options.
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 
Section 6(b)(4) of the Act,\5\ 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\ 15 U.S.C. 78f(b)(4).
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    Regarding the RTH SPESG, MRUT and MSCI LMM Incentive Programs 
generally, the Exchange believes it is reasonable, equitable and not 
unfairly discriminatory to continue 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. 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 SPESG, MRUT, MXEA and MXEF 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).
    The Exchange believes that the proposed changes to the LMM 
Incentive Programs are reasonable. The proposed rule change to reduce 
the monthly rebate amounts offered under each of the RTH SPESG, MRUT 
and MSCI LMM Incentive Programs is reasonable as the proposed rebates 
remain within a comparable realm of the rebates currently offered 
across the Exchange's LMM Incentive Programs applicable to other 
exclusively-listed products,\6\ and LMMs appointed to the respective 
programs will continue to receive a monthly rebate, albeit at a lower 
amount, for meeting or exceeding the applicable program's heighten 
quoting requirements, of which some standards are being eased in 
difficulty, as proposed. The Exchange believes it is reasonable to 
marginally decrease certain quote size requirements (across the three 
programs' heightened quoting requirements) and marginally increase a 
quote size requirement (in the MSCI LMM Incentive Program's heightened 
quoting requirements), as these changes are reasonably designed to 
slightly ease the difficulty in meeting the heightened quoting 
requirements offered under these programs (for which an appointed LMM 
receives the proposed respective rebates), which, in turn, provides 
increased incentive for LMMs appointed to these programs to provide 
significant liquidity in SPESG, MRUT and MSCI options during RTH. 
Further, the Exchange believes that increasing the SPESG Volume 
Incentive Pool payments is reasonably designed to incentivize LMMs 
appointed to the RTH SPESG LMM Incentive Program to provide the current 
levels of ADV in SPESG, thereby providing significant liquidity in 
SPESG options during RTH, in order to receive the proposed increased 
payments. The Exchange notes that the MRUT LMM Incentive Program also 
offers a volume incentive pool structured with comparable payments for 
corresponding ADV. Finally, the Exchange believes that the proposed 
performance payment offered under the MSCI LMM Incentive Program is 
reasonably designed to incentivize LMMs appointed to the program to 
increase the provision of liquidity in MXEA and MXEF options by 
encouraging appointed LMMs to compete each month to achieve the highest 
performance and receive the additional performance payment. Increased 
liquidity in MSCI options would, in turn, provide greater trading 
opportunities, added market transparency and enhanced price discovery 
to the benefit of all market participants in MSCI options.
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    \6\ See Cboe Options Fees Schedule, ``NANOS LMM Incentive 
Program'', ``GTH1 VIX/VIXW LMM Incentive Program'', ``GTH2 VIX/VIXW 
LMM Incentive Program'', ``GTH1 SPX/SPXW LMM Incentive Program'', 
and ``GTH2 SPX/SPXW LMM Incentive Program'', all of which range by 
$5,000 increments.
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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 month rebates offered under the RTH SPESG, MRUT and MSCI 
LMM Incentive Programs, amend certain quoting sizes and a quote width 
across the three programs, to amend the volume incentive pool payments 
for the RTH SPESG LMM Incentive Program and to adopt a performance 
payment under the

[[Page 22598]]

MSCI LMM Incentive Program, because such rebates, quote sizes and 
width, volume pool program payments and performance payment will 
equally apply to any and all TPHs with LMM appointments to the RTH 
SPESG, MRUT and MSCI LMM 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.

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 intramarket or intermarket 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 because the proposed changes to 
existing LMM Incentive Programs will apply to all LMMs appointed to the 
applicable program classes (i.e., MRUT, MXEF, MXEA and SPESG) in a 
uniform manner. To the extent these LMMs appointed to an incentive 
program receive a benefit that other market participants do not, as 
stated, these LMMs in their role as Mark-Makers on the Exchange have 
different obligations and are held to different standards. For example, 
Market-Makers play a crucial role in providing active and liquid 
markets in their appointed products, thereby providing a robust market 
which benefits all market participants. Such Market-Makers also have 
obligations and regulatory requirements that other participants do not 
have. 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). The Exchange also notes that the incentive programs 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.
    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 amendments to the LMM Incentive Programs apply only to 
products traded exclusively on Cboe Options. 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.\7\ Therefore, no exchange possesses 
significant pricing power in the execution of option order flow. deed, 
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.'' \8\ 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'. . . .''.\9\ 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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    \7\ See Cboe Global Markets U.S. Options Market Volume Summary, 
Month-to-Date (March 28, 2022), available at https://www.cboe.com/us/options/market_statistics/.
    \8\ See Securities Exchange Act Release No. 51808 (June 9, 
2005), 70 FR 37496, 37499 (June 29, 2005).
    \9\ 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 \10\ and paragraph (f) of Rule 19b-4 \11\ 
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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    \10\ 15 U.S.C. 78s(b)(3)(A).
    \11\ 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 
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-2022-017 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-2022-017. 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/

[[Page 22599]]

rules/sro.shtml). Copies of the submission, all subsequent amendments, 
all written statements with respect to the proposed rule change that 
are filed with the Commission, and all written communications relating 
to the proposed rule change between the Commission and any person, 
other than those that may be withheld from the public in accordance 
with the provisions of 5 U.S.C. 552, will be available for website 
viewing and printing in the Commission's Public Reference Room, 100 F 
Street NE, Washington, DC 20549, on official business days between the 
hours of 10:00 a.m. and 3:00 p.m. Copies of the filing also will be 
available for inspection and copying at the principal office of the 
Exchange. All comments received will be posted without change. Persons 
submitting comments are cautioned that we do not redact or edit 
personal identifying information from comment submissions. You should 
submit only information that you wish to make available publicly. All 
submissions should refer to File Number SR-CBOE-2022-017 and should be 
submitted on or before May 6, 2022.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\12\
---------------------------------------------------------------------------

    \12\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-08067 Filed 4-14-22; 8:45 am]
BILLING CODE 8011-01-P