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Federal Register / Vol. 86, No. 189 / Monday, October 4, 2021 / Notices to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change.
Accordingly, pursuant to Section 19b2 of the Act,5 the Commission designates November 22, 2021, as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change File No. SRCboeBZX
2021056.
For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.6
J. Matthew DeLesDernier, Assistant Secretary.
FR Doc. 202121482 Filed 10121; 8:45 am BILLING CODE 801101P

SECURITIES AND EXCHANGE
COMMISSION
Release No. 3493149; File No. SR
CboeBZX2021064

Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to the Exchanges Fee Schedule September 28, 2021.

Pursuant to Section 19b1 of the Securities Exchange Act of 1934
Act,1 and Rule 19b4 thereunder,2
notice is hereby given that on September 21, 2021, Cboe BZX
Exchange, Inc. Exchange or BZX
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 self-regulatory organization. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons.
I. Self-Regulatory Organizations Statement of the Terms of Substance of the Proposed Rule Change Cboe BZX Exchange, Inc. the Exchange or BZX or BZX
Equities proposes 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 Exchanges website http markets.cboe.com/us/
equities/regulation/rule_filings/bzx/, at the Exchanges Office of the Secretary, and at the Commissions Public Reference Room.
5 Id.
6 17

CFR 200.303a31.
U.S.C. 78sb1.
2 17 CFR 240.19b4.
1 15

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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.
A. Self-Regulatory Organizations Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to amend its Fee Schedule applicable to its equities trading platform BZX Equities to modify the rebate associated with a certain routing fee code and eliminate certain routing fee codes.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 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 14% of the market share. Thus, in such a low-concentrated and highly competitive market, no single equities exchange possesses significant pricing power in the execution of order flow.
The Exchange believes that the evershifting market share among the exchanges from month to month demonstrates that market participants can shift order flow, discontinue, or reduce use of certain categories of products, in response to fee changes.
Accordingly, competitive forces 3 The Exchange initially filed the proposed fee changes September 1, 2021 SRCboeBZX2021
061. On September 13, 2021, the Exchange withdrew that filing and re-submitted the proposed fee changes SRCboeBZX2021062. On September 21, 2021, the Exchange withdrew that filing and re-submitted this proposal.
4 See Cboe Global Markets, U.S. Equities Market Volume Summary, Month-to-Date August 26, 2021, available at https markets.cboe.com/us/
equities/market_statistics/.

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constrain the Exchanges 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 assesses fees and provides rebates in connection with orders routed away to various exchanges. Now, the Exchange proposes to modify a particular routing fee code currently under the Fee Codes and Associated Fees section of the Fee Schedule. First, the Exchange proposes to modify fee code NX, which is appended to orders routed to NYSE
National, Inc. NYSE National using the TRIM or SLIM routing strategy, and currently provides a rebate of $0.00200
per share. The Exchange proposes to reduce the rebate to $0.00050 per share.
Additionally, as a result of minimal use in the last months, the Exchange proposes to eliminate fee codes BO and SX in their entirety. Fee code BO is appended to orders routed using a destination specific routing strategy unless otherwise specified, and currently assesses a fee of $0.00300 per share. Fee code SX is appended to orders routed using the SLIM routing strategy except to Cboe BYX Exchange, Inc. BYX Equities, Cboe EDGA
Exchange, Inc. EDGA Equities Nasdaq BX, Inc. Nasdaq BX, NYSE
American LLC NYSE American or NYSE National, and currently assesses a fee of $0.00290 per share. The Exchange believes that because so few users elect to route their orders with specifications to which fee code BO or SX is applicable, the current demand does not warrant the infrastructure and ongoing Systems maintenance required to support the separate fee codes.
Therefore, the Exchange now proposes to delete fee code BO and SX in the Fee Schedule. The Exchange notes that users will continue to be able to choose to route their orders with the same specifications to which fee codes BO
and SX currently applies such orders will simply be assessed the fees currently in place for routed orders generally.5 That is, if any of the routed orders to which fee code BO or SX
currently apply fee code X will be appended to such orders, which assesses a fee of $0.00300 per share.
2. Statutory Basis The Exchange believes that the proposed rule change is consistent with 5 The Exchange notes that there are other fee codes that apply to certain other routing specifications, however, those routed orders not otherwise specified in such other routing fee code descriptions yield the general routing fee code X.

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