Document ID: SEC-2021-0524-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: Cboe BZX Exchange, Inc.
Posted Date: 2021-04-16T04:00Z

[Federal Register Volume 86, Number 72 (Friday, April 16, 2021)]
[Notices]
[Pages 20218-20222]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-07787]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-91530; File No. SR-CboeBZX-2021-025]

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

April 12, 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 April 1, 2021, Cboe BZX Exchange, Inc. (the ``Exchange'' or 
``BZX'') filed with the Securities and Exchange Commission (the 
``Commission'') the proposed rule change as described in Items I, II, 
and III below, which Items have been prepared by the Exchange. The 
Commission is publishing this notice to solicit comments on the 
proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.

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[[Page 20219]]

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    Cboe BZX Exchange, Inc. (the ``Exchange'' or ``BZX'') is filing 
with the Securities and Exchange Commission (``Commission'') a proposed 
rule change to amend its Fee Schedule. The text of the proposed rule 
change is provided in Exhibit 5.
    The text of the proposed rule change is also available on the 
Exchange's website (http://markets.cboe.com/us/equities/regulation/rule_filings/bzx/), at the Exchange's Office of the Secretary, and at 
the Commission's Public Reference Room.

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, the Exchange included statements 
concerning the purpose of and basis for the proposed rule change and 
discussed any comments it received on the proposed rule change. The 
text of these statements may be examined at the places specified in 
Item IV below. The Exchange has prepared summaries, set forth in 
sections A, B, and C below, of the most significant aspects of such 
statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to amend its fee schedule for its equity 
options platform (``BZX Options'') in connection with its Market Maker 
Penny Add Volume Tiers, effective April 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 15% of the market share and 
currently the Exchange represents only approximately 8% of the market 
share.\3\ Thus, in such a low-concentrated and highly competitive 
market, no single options exchange, including the 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 to reduce 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's fee schedule sets 
forth standard rebates and rates applied per contract, which varies 
depending on the Member's Capacity (Customer, Firm, Market Maker, 
etc.), whether the order adds or removes liquidity, and whether the 
order is in Penny or Non-Penny Pilot Securities. Additionally, in 
response to the competitive environment, the Exchange also offers 
tiered pricing which provides Members opportunities to qualify for 
higher rebates or reduced fees where certain volume criteria and 
thresholds are met. Tiered pricing provides an incremental incentive 
for Members to strive for higher tier levels, which provides 
increasingly higher benefits or discounts for satisfying increasingly 
more stringent criteria.
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    \3\ See Cboe Global Markets U.S. Options Market Month-to-Date 
Volume Summary (March 25, 2021), available at https://markets.cboe.com/us/options/market_statistics/.
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    For example, the Exchange currently offers 13 Market Maker Penny 
Add Volume Tiers under footnote 6 of the Fee Schedule which provide 
additional rebates between $0.33 and $0.46 per contract for qualifying 
Market Maker orders (i.e., that yield fee code PM or XM) \4\ where a 
Member meets certain liquidity thresholds. For example, current Tier 12 
offers an enhanced rebate of $0.44 per contract for qualifying orders 
where a Member has a Step-Up ADAV \5\ in Market Maker orders from 
December 2020 greater or equal to 0.05% of OCV \6\ and is an LMM in at 
least 85 LMM Securities on BZX Equities.\7\ The Exchange now proposes 
to amend Market Maker Penny Add Volume Tiers by adding a new Tier 7 \8\ 
and by updating the current criteria in Tier 12.
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    \4\ Orders yielding fee code PM are Market Maker orders that add 
liquidity in Penny Program Securities and are offered a rebate of 
$0.29, and orders yielding fee code XM are Market Maker orders in 
XSP options that add liquidity and are offered a rebate of $0.29.
    \5\ ``ADAV'' means average daily added volume calculated as the 
number of contracts added, per day.
    \6\ ``OCC Customer Volume'' or ``OCV'' means the total equity 
and ETF options volume that clears in the Customer range at the 
Options Clearing Corporation (``OCC'') for the month for which the 
fees apply, excluding volume on any day that the Exchange 
experiences an Exchange System Disruption and on any day with a 
scheduled early market close.
    \7\ Pursuant to BZX Equities Rules, the term ``LMM'' means a 
Market Maker registered with the Exchange for a particular LMM 
Security that has committed to maintain Minimum Performance 
Standards in the LMM Security, and the term ``LMM Security'' means a 
Listed Security that has an LMM. See Cboe BZX Exchange, Inc. Rule 
11.8(e)(1)(B) and (C).
    \8\ As a result of propose new Tier 7, the proposed rule change 
also updated the subsequent tier numbering in current Tiers 8 
through 13. The proposed rule change does not alter any of the 
current criteria or rebates in the subsequent tiers.
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    The proposed rule change adopts new Tier 7, which offers an 
enhanced rebate of $0.42 per contract for qualifying Market Maker 
orders (i.e., that yield fee code PM or XM) where a Member has a Step-
Up ADAV in Market Maker orders from March 2021 greater than or equal to 
0.15% in average SPY/IWM/QQQ OCV, and is an LMM in at least 85 LMM 
Securities on BZX Equities.\9\
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    \9\ Pursuant to BZX Equities Rules, the term ``LMM'' means a 
Market Maker registered with the Exchange for a particular LMM 
Security that has committed to maintain Minimum Performance 
Standards in the LMM Security, and the term ``LMM Security'' means a 
Listed Security that has an LMM. See Cboe BZX Exchange, Inc. Rule 
11.8(e)(1)(C) and (D).
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    The proposed rule change amends the criteria in Tier 12 (Tier 13, 
as proposed) so that a Member must have a Step-Up ADAV in Market Maker 
orders from March 2021 that is greater than or equal to 0.25% of 
average SPY, IWM, and QQQ OCV in order to meet the first prong of Tier 
12 criteria. The proposed rule change does not alter the second prong 
of criteria nor the enhanced rebate offered in Tier 12 (new Tier 13). 
As amended, Tier 12 (new Tier 13) will provide an additional 
opportunity for a Member to receive the same enhanced rebate of $0.44 
per contract for qualifying orders.
    The proposed new Tier 7 and the proposed changes to the criteria in 
Tier 12 (Tier 13, as proposed) are designed to continue to provide an 
incremental incentive for Members to strive for the highest tier 
levels, which provide increasingly higher rebates for such 
transactions. Also, the Exchange notes that the proposed criteria in 
Tier 7 and Tier 12 (new Tier 13) are similar to many of the existing 
Market Maker Penny Add Volume Tiers that currently provide criteria in 
which a Member must ``step up'' a percentage of ADAV or ADV \10\ from a 
certain point in time over OCV or TCV,\11\ and criteria which

[[Page 20220]]

measures a Member's participation on the Exchange's equities platform. 
Particularly, the proposed changes are designed to incentivize Market 
Makers to ``step-up'' their order flow in SPY, IWM, and QQQ from a 
recent point in time (March 2021). The Exchange believes that 
attracting increased Market Maker (including LMMs) order flow to 
multiply-listed options on the Exchange will facilitate tighter 
spreads, signaling increased activity from other market participants, 
and thus ultimately contributing to deeper and more liquid markets and 
providing greater execution opportunities in these classes on the 
Exchange to the benefit of all market participants. Additionally, the 
proposed criteria regarding LMMs on the Exchange's equities platform 
(the same prong of criteria currently in Tier 12) encourages Members to 
enroll as LMMs in LMM Securities on the Exchange's equities platform, 
which enhances market quality in securities listed on the Exchange's 
equity platform. The Exchange notes that LMMs serve a crucial role in 
providing quotes and trading opportunities for all market participants, 
which can lead to increased volume, enhanced price discovery and 
transparency, and more robust markets overall.
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    \10\ ``ADV'' means average daily volume calculated as the number 
of contracts added or removed, combined, per day.
    \11\ ``TCV'' means total consolidated volume calculated as the 
volume reported by all exchanges to the consolidated transaction 
reporting plan for the month for which the fees apply, excluding 
volume on any day that the Exchange experiences an Exchange System 
Disruption and on any day with a scheduled early market close.
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2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with the objectives of Section 6 of the Act,\12\ in general, and 
furthers the objectives of Section 6(b)(4),\13\ in particular, as it is 
designed to provide for the equitable allocation of reasonable dues, 
fees and other charges among its Members and issuers and other persons 
using its facilities. The Exchange also believes that the proposed rule 
change is consistent with the objectives of Section 6(b)(5) \14\ 
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, and, particularly, is not 
designed to permit unfair discrimination between customers, issuers, 
brokers, or dealers.
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    \12\ 15 U.S.C. 78f.
    \13\ 15 U.S.C. 78f(b)(4).
    \14\ 15 U.S.C. 78f.(b)(5).
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    As described above, the Exchange 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. The proposed rule change 
reflects a competitive pricing structure designed to incentivize market 
participants to direct their order flow to the Exchange, which the 
Exchange believes would enhance market quality to the benefit of all 
Members. In particular, the proposed changes to the Market Maker Penny 
Volume Tiers are intended to attract order flow in multiply-listed 
options to the Exchange, as well as order flow to its equities 
platform, by continuing to offer competitive pricing while creating 
additional incentives for Market Makers to provide increased liquidity 
in such options and to BZX Equities, which the Exchange believes would 
enhance market quality across both its options and equities markets to 
the benefit of all market participants.
    In particular, the Exchange believes the proposed tiers are 
reasonable because they provides an additional opportunity and amends 
an existing opportunity for Members to receive an enhanced rebate on 
qualifying orders in a manner that incentivizes increased Market Maker 
order flow in certain multiply-listed options on the Exchange and 
increased LMM participation on the Exchange's equities platform. The 
Exchange notes that volume-based incentives and discounts have been 
widely adopted by exchanges,\15\ including the Exchange,\16\ and are 
reasonable, equitable and non-discriminatory because they are open to 
all Members on an equal basis and provide additional benefits or 
discounts that are reasonably related to (i) the value to an exchange's 
market quality and (ii) associated higher levels of market activity, 
such as higher levels of liquidity provision and/or growth patterns.
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    \15\ See e.g., NYSE Arca Options Fee Schedule, Market Maker 
Penny and SPY Posting Credit Tiers. NYSE Arca also provides various 
discounts for its LMMs throughout its fee schedule; see also Nasdaq 
ISE Pricing Schedule, Section 3, Footnote 5, which provides for 
tiered rebates for market-maker SPY orders that add liquidity 
between $0.05-$0.26 per contract, tiered rebates for market maker 
IWM and QCC orders that add liquidity between $0.05 and $0.26 per 
contract, and tiered rebates for market maker orders in similar, 
single-name options (AMZN, FB, and NVDA) between $0.15 and $0.22.
    \16\ See e.g., BZX Options Fee Schedule, Footnote 6, Market 
Maker Penny Add Volume Tiers.
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    The Exchange believes the proposed additional Market Maker Penny 
Add Volume Tier 7 and amendment to criteria in current Tier 12 (new 
Tier 13) are reasonable means to encourage Market Makers to increase 
their order flow to specific multiply-listed options on the Exchange, 
as well as their participation in securities on the Exchange's equities 
platform. More specifically, the Exchange believes that adopting a new 
tier and amending an existing tier offers alternative criteria to the 
existing Market Maker Penny Add Volume Tiers that may encourage those 
Members who could not previously achieve the criteria under existing 
Market Maker Volume Tiers 7 and 8 (which offer the same enhanced rebate 
of $0.42 per contract as proposed Tier 7) or the existing criteria 
under current Tier 10, 11, or 12 (all of which continue to offer the 
same enhanced rebate of $0.44 per contract) to increase their order 
flow to multiply-listed options on the Exchange and to BZX Equities. 
For example, the proposed criteria in new Tier 7 and Tier 12 (new Tier 
13) provide additional rebate opportunities for Market Makers who 
increase their ADAV in Market Makers orders in certain products (SPY, 
IWM, and QQQ) over OCV by at least 0.15% or 0.25%, respectively, from 
March 2021 and participate as an LMM in at least 85 LMM Securities on 
BZX Equities (as proposed in new Tier 7 and as is currently the case in 
Tier 12), but do not meet any of the different, yet comparable, prongs 
of criteria under current Tier 7 or 8, or under current Tier 10, 11, or 
12. Overall, the proposed tiers provide alternative opportunities for 
Members to receive enhanced rebates, as are thereby reasonably designed 
to incentivize Market Makers to grow their volume in specific multiply-
listed options while also increasing their participation on BZX 
Equities. The Exchange notes that increased Market Maker activity 
(including LMMs), particularly, facilitates tighter spreads and an 
increase in overall liquidity provider activity, both of which signal 
additional corresponding increase in order flow from other market 
participants, contributing towards a robust, well-balanced market 
ecosystem, particularly in multiply-listed options on the Exchange and 
on the Exchange's equities platform. Indeed, increased overall order 
flow benefits investors across both the Exchange's options and equities 
platforms by continuing to deepen the Exchange's liquidity pool, 
potentially providing even greater execution incentives and 
opportunities, offering additional flexibility for all investors to 
enjoy cost savings, supporting the quality of price

[[Page 20221]]

discovery, promoting market transparency and improving investor 
protection.
    The Exchange also believes that proposed enhanced rebate offered 
under new Tier 7 is reasonably based on the difficulty of satisfying 
the proposed tier's criteria and ensures the proposed rebate and 
thresholds appropriately reflect the incremental difficulty in 
achieving the existing Market Maker Penny Add Volume Tiers. The 
Exchange believes that the proposed enhanced rebate is in line with the 
enhanced rebates currently offered under the Exchange's existing Market 
Maker Penny Add Volume Tiers. Indeed, the proposed enhanced rebate 
amount offered under new Tier 7 ($0.42) is the same amount offered by 
surrounding Tier 7 (new Tier 8) and Tier 8 (new Tier 9), which offer 
different criteria that the Exchange believes in comparable in 
difficulty, and is incrementally higher than Tier 6 ($0.41), which 
offers slightly less stringent criteria than proposed Tier 7. The 
Exchange again notes that the proposed changes to Tier 12 (new Tier 13) 
do not alter the current enhanced rebate amount offered under the tier.
    The Exchange also believes it is reasonable, equitable and not 
unfairly discriminatory to adopt pricing specific to certain orders in 
SPY, IWM and QQQ as the Exchange already offers product-specific 
pricing for certain orders in other products, such as RUT and XSP.\17\ 
Additionally, and as noted above, other exchanges similarly provide for 
product-specific tiered pricing.\18\
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    \17\ See Cboe BZX Options Exchange Fees Schedule, Fee Codes and 
Associated Fees.
    \18\ See supra note 15.
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    The Exchange believes that the proposal represents an equitable 
allocation of fees and is not unfairly discriminatory because it 
applies uniformly to all Market Makers, in that all Market Makers have 
the opportunity to compete for and achieve the proposed tiers. The 
enhanced rebates (proposed and existing) will apply automatically and 
uniformly to all Market Makers that achieve the proposed corresponding 
criteria. While the Exchange has no way of knowing whether this 
proposed rule change would definitively result in any particular Market 
Maker qualifying for the proposed tiers, the Exchange believes that at 
least two Market Makers will reasonably be able to compete for and 
achieve the proposed criteria in each of proposed Tier 7 and Tier 12. 
The Exchange notes, however, that the proposed tiers are open to any 
Market-Maker that satisfies the tiers' criteria. As stated, proposed 
Tier 7 and amended Tier 12 are designed to provide an incentive for 
Members to submit additional liquidity on both BZX Options and Equities 
to qualify for the corresponding additional enhanced rebate. To the 
extent a Member participates on the Exchange but not on BZX Equities, 
the Exchange believes that the proposal is still reasonable, equitably 
allocated and non-discriminatory with respect to such Member based on 
the overall benefit to the Exchange resulting from the success of BZX 
Equities. Particularly, the Exchange believes such success allows the 
Exchange to continue to provide and potentially expand its existing 
incentive programs to the benefit of all participants on the Exchange, 
whether they participate on BZX Equities or not. The proposed pricing 
program is also fair and equitable in that membership in BZX Equities 
and enrollment as an LMM is available to all market participants, which 
would provide them with access to the benefits on BZX Equities provided 
by the proposed change, even where a member of BZX Equities is not 
necessarily eligible for the proposed enhanced rebates on the Exchange.
    The Exchange lastly notes that it does not believe the proposed 
tiers will adversely impact any Member's pricing or ability to qualify 
for other tiers. Rather, should a Member not meet the proposed 
criteria, the Member will merely not receive the enhanced rebate 
corresponding to Tier 7 or Tier 12 (new Tier 13), as applicable. A 
Member has 12 alternative choices to aim to achieve under the Market 
Maker Penny Add Volume Tiers.

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. 
Rather, as discussed above, the Exchange believes that the proposed 
change would encourage the submission of additional liquidity to a 
public exchange, thereby promoting market depth, price discovery and 
transparency and enhancing order execution opportunities for all 
Members. 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.'' \19\
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    \19\ 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 believes the proposed rule change does not impose any 
burden on intramarket competition that is not necessary or appropriate 
in furtherance of the purposes of the Act. Particularly, the proposed 
change applies uniformly to all Market Makers (including LMMs on BZX 
Equities). As described above, the Exchange believes that Market Makers 
(including LMMs) provide key liquidity to certain multiply-listed 
options on the Exchange and to the Exchange's equities platforms, 
facilitating tighter spreads, signaling additional corresponding 
increase in order flow from other market participants, and ultimately 
contributing towards a robust, well-balanced market ecosystem across 
the Exchange's options and equities platforms. To the extent a Member 
participates on the Exchange but not on BZX Equities, the Exchange 
notes that the proposed change can provide an overall benefit to the 
Exchange resulting from the success of BZX Equities. Such success 
enables the Exchange to continue to provide and potentially expand its 
existing incentive programs to the benefit of all participants on the 
Exchange, whether they participate on BZX Equities or not. The proposed 
pricing program is also fair and equitable in that membership in BZX 
Equities is available to all market participants and registration as an 
LMM is available equally to all BZX Equities members.
    Next, the Exchange believes the proposed rule change does not 
impose any burden on intermarket competition that is not necessary or 
appropriate in furtherance of the purposes of the Act. As previously 
discussed, the Exchange operates in a highly competitive market. 
Members have numerous alternative venues that they may participate on 
and director their order flow, including 15 other options exchanges and 
off-exchange venues. Additionally, the Exchange represents a small 
percentage of the overall market. Based on publicly available 
information, no single options exchange has more than 15% of the market 
share.\20\ 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 off-exchange venues 
if they deem fee levels at those other venues to be more favorable. 
Moreover, the

[[Page 20222]]

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.'' \21\ 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' . . . .''.\22\ 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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    \20\ See supra note 3.
    \21\ See Securities Exchange Act Release No. 51808 (June 9, 
2005), 70 FR 37496, 37499 (June 29, 2005).
    \22\ 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 \23\ and paragraph (f) of Rule 19b-4 \24\ 
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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    \23\ 15 U.S.C. 78s(b)(3)(A).
    \24\ 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 rule-comments@sec.gov. Please include 
File Number SR-CboeBZX-2021-025 on the subject line.

Paper Comments

     Send paper comments in triplicate to Secretary, Securities 
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.

All submissions should refer to File Number SR-CboeBZX-2021-025. This 
file number should be included on the subject line if email is used. To 
help the Commission process and review your comments more efficiently, 
please use only one method. The Commission will post all comments on 
the Commission's internet website (http://www.sec.gov/rules/sro.shtml). 
Copies of the submission, all subsequent amendments, all written 
statements with respect to the proposed rule change that are filed with 
the Commission, and all written communications relating to the proposed 
rule change between the Commission and any person, other than those 
that may be withheld from the public in accordance with the provisions 
of 5 U.S.C. 552, will be available for website viewing and printing in 
the Commission's Public Reference Room, 100 F Street NE, Washington, DC 
20549, on official business days between the hours of 10:00 a.m. and 
3:00 p.m. Copies of the filing also will be available for inspection 
and copying at the principal office of the Exchange. All comments 
received will be posted without change. Persons submitting comments are 
cautioned that we do not redact or edit personal identifying 
information from comment submissions. You should submit only 
information that you wish to make available publicly. All submissions 
should refer to File Number SR-CboeBZX-2021-025 and should be submitted 
on or before May 7, 2021.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\25\
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    \25\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-07787 Filed 4-15-21; 8:45 am]
BILLING CODE 8011-01-P