[Federal Register Volume 85, Number 30 (Thursday, February 13, 2020)]
[Notices]
[Pages 8327-8331]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-02838]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-88154; File No. SR-CboeEDGX-2020-006]
Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice
of Filing and Immediate Effectiveness of a Proposed Rule Change To
Adopt the Dark Routing Technique Routing Option; To Eliminate
References to the ROUD, ROUE, and ROUQ Routing Options; and To Reflect
Additional Routing Strategies for Which the Exchange May Route Orders
With a Short Sale Instruction
February 7, 2020.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on February 3, 2020, Cboe EDGX Exchange, Inc. (``Exchange'') filed with
the Securities and Exchange Commission (``Commission'') the proposed
rule change as described in Items I and II below, which Items have been
prepared by the Exchange. The Exchange filed the proposal as a ``non-
controversial'' proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \3\ and Rule 19b-4(f)(6) thereunder.\4\ 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.
\3\ 15 U.S.C. 78s(b)(3)(A)(iii).
\4\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Cboe EDGX Exchange, Inc. (the ``Exchange'' or ``EDGX'') proposes:
To amend Rule 11.11(g)(2) to adopt the proposed Dark Routing Technique
(``DRT'') routing option on the Exchange; to amend Rule 11.11, as well
[[Page 8328]]
as its Fee Schedule, to eliminate references to the ROUD, ROUE, and
ROUQ routing options; and to amend Rule 11.11 to reflect additional
routing strategies for which the Exchange may route orders with a short
sale instruction when a short sale circuit breaker pursuant to Rule 201
of Regulation SHO is in effect. 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/options/regulation/rule_filings/edgx/), 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: (i) Adopt the DRT routing option under
proposed Rule 11.11(g)(2); (ii) amend Rule 11.11(g) to eliminate the
ROUD, ROUE, and ROUQ routing options and to eliminate any such
references in its Fee Schedule; and (iii) amend Rule 11.11(a) to make
clear that if a User \5\ selects the RDOT, RDOX, or INET routing
options, orders with a short sale \6\ instruction when a short sale
circuit breaker pursuant to Rule 201 of Regulation SHO \7\ is in effect
are eligible for routing by the Exchange. The Exchange intends to
implement the proposed rule changes on February 3, 2020.
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\5\ See Exchange Rule 1.5(ee).
\6\ See Exchange Rule 11.6(o). The term ``short sale'' is
defined as ``any sale of a security which the seller does not own or
any sale which is consummated by the delivery of a security borrowed
by, or for the account of, the seller.'' 17 CFR 242.200(a).
\7\ See 17 CFR 242.201; Securities Exchange Act Release No.
61595 (February 26, 2010), 75 FR 11232 (March 10, 2010).
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Adopting DRT
The Exchange proposes to adopt the DRT under subparagraph (g)(2) as
a new routing option available on the Exchange. As noted in proposed
Rule 11.11(g)(2), the DRT routing option would instruct the System \8\
to route to alternative trading systems (``ATSs'') included in the
System routing table.\9\ The proposed description of DRT is identical
to existing Cboe BZX Exchange, Inc. (``BZX'') and Cboe BYX Exchange,
Inc. (``BYX'') Rules 11.13(b)(3)(D). Thus, the proposed amendment is
intended to add certain system functionality currently offered by BZX
and BYX in order to provide a consistent technology offering for Users
across the Cboe affiliated exchanges.
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\8\ The ``System'' is the Exchange's electronic communications
and trading facility designated by the Board through which
securities orders of Users are consolidated for ranking, execution
and, when applicable, routing away. See Exchange Rule 1.5(cc).
\9\ The term ``System routing table'' refers to the proprietary
process for determining the specific trading venues to which the
System routes orders and the order in which it routes them. See
Exchange Rule 11.11(g).
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Currently, for routing mechanisms that route orders to ATSs, the
Exchange routes such orders using a preselected sequence of venues
pursuant to the applicable System routing table and every order is
routed to such venues in that sequence.\10\ Stated another way, all
orders entered with a routing strategy that is eligible for routing to
ATSs will first seek liquidity on the Exchange and any unexecuted
portion of the order will then be routed in accordance with the pre-
established sequence in the System routing table.
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\10\ The Exchange notes that the current routing mechanism is
set forth in the System routing table, and is not referenced in
Exchange Rules. Nonetheless, the Exchange proposes to adopt the DRT
under subparagraph (g)(2) of Rule 11.11 to harmonize the Exchange's
rules with BZX/BYX Rule 11.13(b)(3)(D).
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As proposed, the DRT routing mechanism would instead use a randomly
generated, weighted permutation to prioritize off-exchange venues based
on a ``score'' \11\ for each off-exchange venue, where a higher score
will result in a greater likelihood that the off-exchange venue will be
selected earlier in the permutation. The DRT routing mechanism will be
established in the System routing table and replace the existing
routing mechanism that routes orders to ATSs. The Exchange believes
that converting from this mechanical, sequential routing strategy to
the more dynamic strategy applied with DRT will allow an off-exchange
venue with a lower score to occasionally be selected before an off-
exchange venue with a higher score, and thus provides the Exchange with
the most accurate view of the quality at each market. As a result, the
Exchange believes that DRT will result in improved execution quality.
Additionally, converting to DRT will result in uniformity that will
simplify the Exchange's routing logic and management across the Cboe
equities platforms.
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\11\ ``Scores'' are assigned to each off-exchange venue by the
Exchange and are determined based on various factors, such as order
fill percentage, latency, and price improvement.
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Eliminating ROUE, ROUQ, and ROUD
In connection with the adoption of the DRT mechanism, the Exchange
proposes to amend Rule 11.11(g) and the Fee Schedule to eliminate any
references to routing options that are redundant due to such adoption.
Currently, Rule 11.11(g) provides for a variety of routing options
under which the System will consider the quotations only of accessible
Trading Centers.\12\ Rules 11.11(g)(2) and 11.11(g)(3)(D) currently
provides for the ROUD and ROUQ routing options, respectively, which are
detailed in the System routing table.\13\ For orders entered with a
ROUD or ROUQ routing options, the System is first checked for available
shares and then is sent to destinations on the System routing table. If
shares remain unexecuted after routing, they are posted on the EDGX
Book, unless otherwise instructed by the User. The ROUD and ROUQ
routing options first seek liquidity on the Exchange's book, and will
subsequently route any unfilled portion of the order pursuant to the
System routing table. Given the proposed implementation of DRT, the
ROUD and ROUQ routing option will first seek liquidity on the
Exchange's book, and will subsequently route any unfilled portion via
DRT. Such a
[[Page 8329]]
strategy is duplicative of the Exchange's ROUZ routing option.\14\
Therefore, the Exchange proposes to eliminate subparagraph (g)(2) and
(g)(3)(D) of Rule 11.11, as well as Fee Code T from the Exchange's Fee
Schedule.\15\
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\12\ Rule 600(b)(82) of Regulation NMS defines a ``Trading
Center'' as ``a national securities exchange or national securities
association that operates an SRO trading facility, an alternative
trading system, an exchange market maker, an OTC market maker, or
any other broker or dealer that executes orders internally by
trading as principal or crossing orders as agent.'' See 17 CFR
242.201(a)(9); 17 CFR 242.600(b)(82).
\13\ While the System routing table is not publicly available,
the Cboe affiliated equity markets have provided a summary document
of its available routing options, which is subject to change at any
time. Such document details the strategies of the ROUD, ROUQ, ROUE,
ROUZ, and ROUT routing options referenced herein. See https://cdn.cboe.com/resources/features/cboe_exchange_routing-strategies.pdf. See also Exchange Rule 11.11(g), which provides that
the Exchange reserves the right to route orders simultaneously or
sequentially, maintain a 124 different System routing table for
different routing options and to modify the System routing table at
any time without notice.
\14\ See Exchange Rule 11.11(g)(3)(E). See also id.
\15\ Fee Code T references both the ROUD and ROUE routing
options, both of which are proposed to be eliminated from the Fee
Schedule. As such, the Exchange proposes to eliminate Fee Code T in
its entirety.
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Similarly, the ROUE routing option provided in Rule 11.11(g)(3)(A)
first seeks liquidity on the Exchange's book, second will route any
unfilled portion of the order to ATSs pursuant to the System routing
table, and third will route any unfilled portion of the order to other
Trading Centers.\16\ Given the proposed implementation of DRT, the ROUE
routing option will first seek liquidity on the Exchange's book, second
route any unfilled portion via DRT, and third will route any unfilled
portion of the order to other Trading centers. Such a strategy is
duplicative of the Exchange's ROUT routing option.\17\ Therefore, the
Exchange proposes to eliminate subparagraph (g)(3)(A) of Rule 11.11 and
references to the ROUE routing option in subparagraphs (g)(11) and
(12). The Exchange also proposes to remove Fee Codes PR and RQ as they
both reference the ROUQ routing option which is also proposed to be
eliminated.\18\ The Exchange also proposes to remove references to the
ROUE trading strategy in Fee Codes BY, I, and K.
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\16\ See supra note 14.
\17\ See Exchange Rule 11.11(g)(3)(B). See also supra note 14.
\18\ As noted above, Fee Code T references both ROUD and ROUE
routing strategies, both of which the Exchange is proposing to
eliminate and, as such, the Exchange proposed above to eliminate Fee
Code T.
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RDOT, RDOX, and INET Routing Clarification
Under Rule 201 of Regulation SHO, a short sale order in a covered
security \19\ generally cannot be executed or displayed by a Trading
Center (such as the Exchange), at a price that is at or below the
current national best bid (``NBB'') \20\ when a short sale circuit
breaker is in effect for the covered security (the ``SSCB''). Based on
this rule, there is no reason for a Trading Center to route an order
marked short when a SSCB is in effect using a routing option that does
not provide for a routed order to post to another Trading Center's
book. Post to Away \21\ and ROOC \22\ routing options are able to post
an order to another Trading Center's book and, thus, Exchange Rule
11.11(a) explicitly provides that the Exchange will route orders marked
short using Post to Away and ROOC routing options when a SSCB is in
effect.\23\
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\19\ Rule 201(a)(1) of Regulation SHO defines the term ``covered
security'' to mean any ``NMS stock'' as defined under Rule
600(b)(48) of Regulation NMS. Rule 600(b)(48) of Regulation NMS
defines an ``NMS stock'' as ``any NMS security other than an
option.'' Rule 600(b)(47) of Regulation NMS defines an ``NMS
security'' as ``any security or class of securities for which
transaction reports are collected, processed, and made available
pursuant to an effective transaction reporting plan, or an effective
national market system plan for reporting transactions in listed
options.'' See 17 CFR 242.201(a)(1); 17 CFR 242.600(b)(47); and 17
CFR 242.600(b)(48).
\20\ See 17 CFR 242.201(a)(4); 17 CFR 242.600(b)(43).
\21\ See Exchange Rule 11.11(g)(11). Under the Post to Away
routing option, the remainder of a routed order is routed to and
posted to the order book of a destination on the ``System routing
table'', as specified by the User.
\22\ ROOC is a routing option for orders that the User wishes to
designate for participation in the opening, re-opening (following a
halt, suspension, or pause), or closing process of a primary listing
market other than the Exchange (e.g., the New York Stock Exchange,
Inc. (``NYSE''), Nasdaq Stock Market LLC (``Nasdaq''), NYSE MKT LLC,
NYSE Arca, Inc. (``NYSE Arca''), or BZX) if received before the
opening/re-opening/closing time of such market. If shares remain
unexecuted after attempting to execute in the opening, re-opening,
or closing process, they are either posted to the EDGX Book,
executed, or routed to destinations on the System routing table. See
Exchange Rule 11.11(g)(8).
\23\ The Exchange notes that orders routed pursuant to the Post
to Away, ROOC, RDOT, RDOX, and INET routing options that include a
short sale instruction are identified as ``short'' and are subject
to the receiving Trading Center's processes for handling short sale
orders in compliance with Rule 201 of Regulation SHO.
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Similarly, RDOT,\24\ RDOX,\25\ and INET \26\ routing options are
able to post an order to another Trading Center's book. Based on this
functionality, the Exchange currently allows orders marked short while
a SSCB is in effect to be routed using these routing options. As such,
the Exchange is proposing to amend Rule 11.11(a) in order to codify
that, in addition to Post to Away and ROOC routing options, short
orders using the RDOT, RDOX, and INET routing strategies are also able
to be routed when a SSCB is in effect. Given that orders routed via the
RDOT, RDOX, and INET routing options are subjected to the receiving
Trading Center's processes for handling short sale orders in compliance
with Rule 201 of Regulation SHO in substantially the same manner as the
ROOC and Post to Away routing options, the Exchange believes such
functionality is appropriate and that Exchange Rules should be amended
to codify such functionality.
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\24\ RDOT is a routing option under which an order checks the
System for available shares and then is sent to destinations on the
System routing table. If shares remain unexecuted after routing,
they are sent to the NYSE and can be re-routed by the NYSE. Any
remainder will be posted to the NYSE, unless otherwise instructed by
the User.
\25\ See Exchange Rule 11.11(g)(6). RDOX is a routing option
under which an order checks the System for available shares, is then
sent to the NYSE and can be re-routed by the NYSE. If shares remain
unexecuted after routing, they are posted on the NYSE book, unless
otherwise instructed by the User.
\26\ See Exchange Rule 11.11(g)(4). INET is a routing option
under which an order checks the System for available shares and then
is sent to Nasdaq. If shares remain unexecuted after routing, they
are posted on the Nasdaq book, unless otherwise instructed by the
User.
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Based on the above proposed changes the Exchange also proposes to
re-alphabetize paragraph (g)(3) of Rule 11.11, and make conforming
changes to various subparagraphs under paragraph (g) of Rule 11.11.
Additionally, the Exchange proposes non-substantive changes to Rule
11.11(g)(7) and (g)(13) to properly reflect the name of Cboe BZX
Exchange, Inc. and remove the Investors Exchange as a primary listing
market.
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.\27\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \28\ 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) \29\ requirement that the rules of an exchange not be
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers. The proposed rule change also is designed to
support the principles of Section 11A(a)(1) \30\ of the Act in that it
seeks to assure fair competition among brokers and dealers and among
exchange markets.
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\27\ 15 U.S.C. 78f(b).
\28\ 15 U.S.C. 78f(b)(5).
\29\ Id.
\30\ 15 U.S.C. 78k-1(a)(1).
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[[Page 8330]]
In particular, the proposed rule change to add the DRT routing
option is generally intended to provide a consistent technology
offering for the Cboe affiliated exchanges, which the Exchange believes
is designed to remove impediments to and perfect the mechanism of a
free and open market and a national market system. Further to this
point, a consistent technology offering, in turn, will simplify the
technology implementation, changes and maintenance by Users of the
Exchange that are also participants on BYX and/or BZX. The proposed
rule changes would also provide Users with access to functionality that
is intended to result in the efficient execution of such orders and
will provide additional flexibility as well as increased functionality
to the Exchange's System and its Users. As a result, the Exchange's
proposal will further remove impediments to and perfect the mechanism
of a free and open market and a national market system, and will also
introduce the DRT routing strategy on the Exchange which will provide
market participants with greater flexibility in routing orders without
developing order routing strategies on their own.
The Exchange believes the proposed rule change to remove references
to ROUD, ROUQ, and ROUE from Exchange Rules and the Fee Schedule will
remove impediments to the mechanism of a free and open market, thereby
protecting investors and the public interest. As stated above, the
Exchange is proposing that its routing functionality to ATSs will use
the DRT routing mechanism in the System routing table effective
February 3, 2020. As a result, the ROUD, ROUQ, and ROUE routing options
will function in the same manner as other existing routing options. By
removing routing options that are duplicative of other existing routing
options and amending Exchange Rules to reflect a new routing option,
the Exchange believes the proposed rule change will remove impediments
to the mechanism of a free and open market and protect investors by
providing investors with increased transparency regarding rules that
reflect routing options currently available on the Exchange. Also, as
it pertains to the proposed changes to Exchange Rule 11.11(g) and the
Fee Schedule, the Exchange does not believe the proposed amendments
will permit unfair discrimination among customers, brokers, or dealers
because the ROUD, ROUQ, and ROUE routing options will no longer be
available to all Users.
Finally, the proposed changes to Rule 11.11(a) are designed to
ensure clarity in the Exchange's rulebook with respect to the routing
of orders in compliance with Rule 201 of Regulation SHO. In addition,
providing Users the ability to send short sale orders that are routable
pursuant to RDOT, RDOX, and INET routing options provides them
additional flexibility with regard to the handling of their orders. The
Exchange notes that orders that include a short sale instruction routed
pursuant to the RDOT, RDOX, or INET routing options are identified
``short'' and, therefore, subject to the receiving Trading Center's
processes for handling short sale orders in compliance with Regulation
SHO. The Exchange also notes that the Post to Away and ROOC routing
options are similar to the RDOT, RDOX, and INET routing options in that
they route orders to other Trading Centers for posting and/or later
execution. Rule 11.11(a) currently provides that orders including a
short sale instruction routed pursuant to the Post to Away or ROOC
routing options are eligible for routing when a short sale circuit
breaker is in effect. Thus, the proposed amendments to Rule 11.11(a) is
directly targeted at removing impediments to and perfecting the
mechanism of a free and open market and national market system, as well
as to assure fair competition among brokers and dealers and among
exchange markets.
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 notes that the
proposed amendment to allow orders with a short sale instruction and a
RDOX, RDOT, or INET routing option to be eligible to route when a short
sale circuit breaker is in effect will promote consistency between
other routing strategies (i.e., Post to Away and ROOC) that are
similarly eligible to route when a short sale circuit breaker is in
effect and are designed to route orders to other Trading Centers for
posting and/or later execution. The Exchange does not believe the
proposed change will have any impact on intermarket competition as the
RDOX, RDOT, and INET routing strategies are and will continue to be
available to all Users.
The Exchange notes that the proposed amendments to add a reference
to the DRT routing option and eliminate references to the ROUD, ROUE,
and ROUQ routing options in Exchange Rules and the Fee Schedule will
eliminate any potential confusion to investors, as those routing
options will be duplicative of existing routing options after the
implementation of the DRT routing mechanism.
The Exchange does not believe that the proposed amendments will
impose any burden on intra-market competition that is not necessary or
appropriate in furtherance of the purposes of the Act. The Exchange
provides routing services in a highly competitive market in which
participants may avail themselves of a wide variety of routing options
offered by self-regulatory organizations, other broker-dealers, market
participants' own proprietary routing systems, and service bureaus. In
such an environment, system enhancements such as the changes proposed
in this rule filing do not burden competition, because they can succeed
in attracting order flow to the Exchange only if they offer investors
higher quality and better value than services offered by others. The
Exchange reiterates that the proposed rule change to adopt DRT and
eliminate the ROUE, ROUQ, and ROUD strategies is being proposed in an
effort to add a consistent technology offering across the Cboe
affiliated Exchanges.
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 Exchange has designated this rule filing as non-controversial
under Section 19(b)(3)(A) of the Act \31\ and Rule 19b-4(f)(6)
thereunder.\32\ Because the foregoing proposed rule change does not:
(i) Significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days from the date on which it was filed, or
such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b-
4(f)(6) thereunder.
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\31\ 15 U.S.C. 78s(b)(3)(A).
\32\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change, along
with a brief description and text of the proposed rule change, at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
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A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the
Act \33\ normally does not become
[[Page 8331]]
operative for 30 days after the date of its filing. However, Rule 19b-
4(f)(6)(iii) \34\ permits the Commission to designate a shorter time if
such action is consistent with the protection of investors and the
public interest. The Exchange has asked the Commission to waive the 30-
day operative delay so that the proposal may become operative
immediately upon filing. The Exchange has represented that adopting the
DRT routing functionality and eliminating references to certain
duplicative routing options will conform its routing strategies to its
affiliated exchanges and will eliminate any potential confusion for its
Members. The Commission believes that waiver of the 30-day operative
delay is consistent with the protection of investors and the public
interest and hereby waives the operative delay and designates the
proposal as operative upon filing.\35\
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\33\ 17 CFR 240.19b-4(f)(6).
\34\ 17 CFR 240.19b-4(f)(6)(iii).
\35\ For purposes only of waiving the 30-day operative delay,
the Commission also has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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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 shall institute proceedings under
Section 19(b)(2)(B) of the Act \36\ to determine whether the proposed
rule change should be approved or disapproved.
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\36\ 15 U.S.C. 78s(b)(2)(B).
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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-CboeEDGX-2020-006 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-CboeEDGX-2020-006. 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-CboeEDGX-2020-006 and should be
submitted on or before March 5, 2020.
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\37\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\37\
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-02838 Filed 2-12-20; 8:45 am]
BILLING CODE 8011-01-P