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Federal Register / Vol. 86, No. 17 / Thursday, January 28, 2021 / Notices
Commission, 100 F Street NE, Washington, DC 205491090.
All submissions should refer to File Number SRBOX202102. 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 Commissions 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 Commissions 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 such filing also will be available for inspection and copying at the principal office of BOX. 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 SRBOX
202102 and should be submitted on or before February 18, 2021.
For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.28
J. Matthew DeLesDernier, Assistant Secretary.
FR Doc. 202101837 Filed 12721; 8:45 am
SECURITIES AND EXCHANGE
COMMISSION

Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Establish a Monthly Fee Assessed on Members MPIDs
II. Self-Regulatory Organizations 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.

The Exchange proposes to amend its Fee Schedule to adopt a monthly fee assessed on Members MPIDs.3
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 1 15

January 22, 2021.

Pursuant to Section 19b1 of the Securities Exchange Act of 1934 the CFR 200.303a12.

17:16 Jan 27, 2021

Cboe EDGX Exchange, Inc. the Exchange or EDGX Equities proposes to amend its fee schedule to establish a fee in connection with a Members Market Participant Identifiers MPID. The text of the proposed rule change is provided in Exhibit 5.
The text of the proposed rule change is also available on the Exchanges website http markets.cboe.com/us/
options/regulation/rule_filings/edgx/, at the Exchanges Office of the Secretary, and at the Commissions Public Reference Room.

1. Purpose
Release No. 3490970; File No. SR
CboeEDGX2021007

VerDate Sep<11>2014

I. Self-Regulatory Organizations Statement of the Terms of Substance of the Proposed Rule Change
A. Self-Regulatory Organizations Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change
BILLING CODE 801101P

28 17

Act 1 and Rule 19b4 thereunder,2
notice is hereby given that, on January 13, 2021, Cboe EDGX Exchange, Inc.
the Exchange filed with the Securities and Exchange Commission the Commission the proposed rule change as described in Items I and II
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.

Jkt 253001

U.S.C. 78sb1.
CFR 240.19b4.
3 The Exchange initially filed the proposed fee changes January 4, 2021 SRCboeEDGX2021
004. On January 13, 2021, the Exchange withdrew that filing and submitted this proposal.
2 17

PO 00000

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particular venue to be excessive or incentives to be insufficient. More specifically, the Exchange is only one of 16 registered equities exchanges, as well as a number of alternative trading systems and other off-exchange venues that do not have similar self-regulatory responsibilities under the Exchange Act, to which market participants may direct their order flow. Based on publicly available information,4 no single registered equities exchange has more than 16% of consolidated equity market share and currently the Exchange represents approximately 7% of the U.S.
equities market. Thus, in such a lowconcentrated and highly competitive market, no single equities exchange possesses significant pricing power in the execution of order flow. The Exchange further notes that brokerdealers are not compelled to be Members of the Exchange, and a significant proportion of broker-dealers that trade U.S. equity securities have, in fact, chosen not to apply for membership on the Exchange.
By way of background, an MPID is a four-character unique identifier that is approved by the Exchange and assigned to a Member for use on the Exchange to identify the Member firm on the orders sent to the Exchange and resulting executions. Members may choose to request more than one MPID as a unique identifiers for their transactions on the Exchange. The Exchange notes that a Member may have multiple MPIDs for use by separate business units and trading desks or to support Sponsored Participant 5 access. Certain members currently leverage multiple MPIDs to obtain benefits from and added value in their participation on the Exchange.
Multiple MPIDs provide unique benefits to and efficiencies for Members by allowing: 1 Members to manage their trading activity more efficiently by assigning different MPIDs to different trading desks and/or strategies within the firm; and 2 Sponsoring Members 6
4 See Cboe Global Markets, U.S. Equities Market Volume Summary, Month-to-Date December 18, 2020, available at https markets.cboe.com/us/
equities/market_statistics/.
5 A Sponsored Participant is a person which has entered into a sponsorship arrangement with a Sponsoring Member pursuant to Rule 11.3, which permits a Sponsored Participant to obtain authorized access to the System only if such access is authorized in advance by one or more Sponsoring Members. See Rules 1.5z and 11.3.
6 A Sponsoring Member is a Member that is a registered broker-dealer and that has been designated by a Sponsored Participant to execute, clear and settle transactions resulting from the System. The Sponsoring Member shall be either i a clearing firm with membership in a clearing agency registered with the Commission that maintains facilities through which transactions may be cleared or ii a correspondent firm with a
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