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Federal Register / Vol. 86, No. 1 / Monday, January 4, 2021 / Notices developed based on discussions with Participants to enable them to bilaterally match and settle cash claim transactions at DTC.14 Pursuant to this proposed rule change, DTC is establishing an aggregate fee of $3.50 per-matched claim. DTC
believes the fee is equitably allocated because, as described above, the fee will be divided evenly between the two counterparties to a claim, such that each side of the claim will be charge $1.75
per-matched claim, which reflects the counterparties shared usage of the service in settling a claim.
DTC believes the fee is reasonable because, as described above, i it is consistent with DTCs cost plus lowmargin markup pricing policy; ii it is expected to produce a four-year return on DTCs investment in developing ClaimConnect, compared to a higher fee that would produce a quicker return, while helping cover continued operating expenses for the service; iii it is structured so that both parties to a claim pay the same amount; iv it is structured to align charges for the service with actual usage of the service;
and v it was set in consideration of a similar, existing fee i.e., the Adjustment Service Fee but knowing that parties to a claim will not need to submit additional claims and pay additional ClaimConnect fees to reach agreement on a claim, given the services validation and matching process.
B Clearing Agencys Statement on Burden on Competition DTC does not believe that the ClaimConnect fee will have any impact on competition.
As described above, DTC believes that the proposed fee is equitable, reasonable, and on par with fees for other DTC services e.g., the Adjustment Service Fee already used by Participants. As such, there is no expectation that this particular fee would cause any competitive advantages or disadvantages among Participants. Moreover, although there is no service in direct competition with ClaimConnect, Participants are able to settle their cash claims without using ClaimConnect, as they did prior to DTC
establishing the service. As such, it will be up to Participants to decide whether settling claims via the ClaimConnect service is worth the cost. If a Participant concludes that the manner in which it was settling claims prior to ClaimConnect e.g., using internal/
proprietary systems, a third-party software, or some combination thereof is preferable whether due to cost, functionality, or some other factor, then
the Participant can simply choose not to use ClaimConnect and continue to settle claims away from DTC. Given this optionality, DTC believes that the proposed fee should not place any Participants at a relative disadvantage compared to other Participants.
C Clearing Agencys Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others Written comments relating to this proposed rule change have not been solicited or received. DTC will notify the Commission of any written comments received by DTC.
III. Date of Effectiveness of the Proposed Rule Change, and Timing for Commission Action The foregoing rule change has become effective pursuant to Section 19b3A 15 of the Act and paragraph f 16 of Rule 19b4 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.
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 Commissions internet comment form http www.sec.gov/
rules/sro.shtml; or Send an email to rule-comments@
sec.gov. Please include File Number SR
DTC2020020 on the subject line.
Paper Comments Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549.
All submissions should refer to File Number SRDTC2020020. 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/

14 See
Approval Order, supra note 7.

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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 the filing also will be available for inspection and copying at the principal office of DTC and on DTCCs website http dtcc.com/legal/sec-rulefilings.aspx. 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 SRDTC
2020020 and should be submitted on or before January 25, 2021.
For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.17
J. Matthew DeLesDernier, Assistant Secretary.
FR Doc. 202029022 Filed 123120; 8:45 am BILLING CODE 801101P

SECURITIES AND EXCHANGE
COMMISSION
Release No. 3490802; File No. SR
CboeBZX2020042

Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Withdrawal of a Proposed Rule Change To Accommodate Exchange Listing and Trading of Options-Linked Securities December 28, 2020.

On May 15, 2020, Cboe BZX
Exchange, Inc. Exchange filed with the Securities and Exchange Commission Commission, pursuant to Section 19b1 of the Securities Exchange Act of 1934 Act 1 and Rule 19b4 thereunder,2 a proposed rule change to permit Exchange listing and trading of Options-Linked Securities.
The proposed rule change was 17 17

CFR 200.303a12.
U.S.C. 78sb1.
2 17 CFR 240.19b4.

15 15

U.S.C. 78sb3A.
16 17 CFR 240.19b4f.

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