[Federal Register Volume 83, Number 210 (Tuesday, October 30, 2018)]
[Proposed Rules]
[Page 54526]
[FR Doc No: 2018-23672]

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Proposed Rules
                                                Federal Register
________________________________________________________________________

This section of the FEDERAL REGISTER contains notices to the public of
the proposed issuance of rules and regulations. The purpose of these
notices is to give interested persons an opportunity to participate in
the rule making prior to the adoption of the final rules.

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Federal Register / Vol. 83, No. 210 / Tuesday, October 30, 2018 /
Proposed Rules

DEPARTMENT OF HEALTH AND HUMAN SERVICES

Food and Drug Administration

21 CFR Part 573

[Docket No. FDA-2014-F-1184]

Zinpro Corp.; Filing of Food Additive Petition (Animal Use)

AGENCY: Food and Drug Administration, HHS.

ACTION: Notification; petition for rulemaking.

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SUMMARY: The Food and Drug Administration (FDA or we) is announcing
that Zinpro Corp. has filed a petition proposing that the food additive
regulations be amended to provide for the safe use of silicon dioxide
as an anticaking agent for the use with zinc-L-selenomethionine as a
feed component.

DATES: The food additive petition was filed on July 29, 2014.

ADDRESSES: For access to the docket, go to https://www.regulations.gov
and insert the docket number, found in brackets in the heading of this
document, into the ``Search'' box and follow the prompts; and/or go to
the Dockets Management Staff, 5630 Fishers Lane, Rm. 1061, Rockville,
MD 20852.

FOR FURTHER INFORMATION CONTACT: Carissa Doody, Center for Veterinary
Medicine, Food and Drug Administration, 7519 Standish Pl., Rockville,
MD 20855,<PHONE_NUMBER>, [email protected].

SUPPLEMENTARY INFORMATION: Under the Federal Food, Drug, and Cosmetic
Act (section 409(b)(5) (21 U.S.C. 348(b)(5))), notice is given that a
food additive petition (FAP 2285) has been filed by Zinpro Corp., 10400
Viking Dr., Suite 240, Eden Prairie, MN 55344. The petition proposes to
amend Title 21 of the Code of Federal Regulations (CFR) in part 573 (21
CFR part 573) Food Additives Permitted in Feed and Drinking Water of
Animals to provide for the safe use of silicon dioxide as an anticaking
agent for the use with zinc-L-selenomethionine as a feed component. In
an earlier notice of petition (79 FR 49465, August 21, 2014), the use
of silicon dioxide was omitted.
    The petitioner has claimed that this action is categorically
excluded under 21 CFR 25.32(r) because it is of a type that does not
individually or cumulatively have a significant effect on the human
environment. In addition, the petitioner has stated that, to their
knowledge, no extraordinary circumstances exist. If FDA determines a
categorical exclusion applies, neither an environmental assessment nor
an environmental impact statement is required. If FDA determines a
categorical exclusion does not apply, we will request an environmental
assessment and make it available for public inspection.

    Dated: October 25, 2018.
Leslie Kux,
Associate Commissioner for Policy.
[FR Doc. 2018-23672 Filed 10-29-18; 8:45 am]
 BILLING CODE 4164-01-P


[Federal Register Volume 88, Number 127 (Wednesday, July 5, 2023)]
[Notices]
[Pages 42972-42976]
[FR Doc No: 2023-14111]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-97817; File No. SR-CboeEDGX-2023-042]

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

June 28, 2023.
    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 June 16, 2023, Cboe EDGX Exchange, Inc. (``Exchange'' or ``EDGX'')
filed with the Securities and Exchange Commission (``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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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 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/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 amend its Fee Schedule applicable to its
equities trading platform (``EDGX Equities'') as follows: (1) by
introducing a new Add Volume Tier 6; (2) by eliminating Growth Tier 4;
(3) by modifying the criteria of Remove Volume Tiers 1 and 2 and
introducing Remove Volume Tier 3; and (4) modifying the rates
associated with certain fee codes. The Exchange proposes to implement
these changes effective June 1, 2023.\3\
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    \3\ The Exchange initially filed the proposed fee changes on
June 1, 2023 (SR-CboeEDGX-2023-039). On June 12, 2023, the Exchange
withdrew that filing and submitted SR-CboeEDGX-2023-040. On June 16,
2023, the Exchange withdrew that filing and submitted this proposal.
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    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
Securities Exchange Act of 1934 (the ``Act''), to which market
participants may direct their order flow. Based on publicly available
information,\4\ no single registered equities exchange has more than
15% 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 in
particular operates a ``Maker-Taker'' model whereby it pays rebates to
members that add liquidity and assesses fees to those that remove
liquidity. The Exchange's Fee Schedule sets forth the standard rebates
and rates applied per share for orders that provide and remove
liquidity, respectively. Currently, for orders in securities priced at
or above $1.00, the Exchange provides a standard rebate of $0.00160 per
share for orders that add liquidity and assesses a fee of $0.0030 per
share for orders that remove liquidity.\5\ For orders in securities
priced below $1.00, the Exchange provides a standard rebate of $0.00009
per share for orders that add liquidity and assesses a fee of 0.30% of
the total dollar value for orders that remove liquidity.\6\
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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    \4\ See Cboe Global Markets, U.S. Equities Market Volume
Summary, Month-to-Date (May 19, 2023), available at https://www.cboe.com/us/equities/market_statistics/.
    \5\ See EDGX Equities Fee Schedule, Standard Rates.
    \6\ Id.
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Add Volume Tiers
    Under footnote 1 of the Fee Schedule, the Exchange currently offers
various Add/Remove Volume Tiers. In particular, the Exchange offers
five Add Volume Tiers that each provide an enhanced rebate for Members'
qualifying orders yielding fee codes B,\7\ V,\8\ Y,\9\ 3,\10\ and
4,\11\ where a Member reaches certain add volume-based criteria. First,
the Exchange is proposing to introduce a new Add Volume Tier 6 to
provide Members an additional manner in which they could receive an
enhanced rebate if certain criteria is met. The proposed criteria for
proposed Add Volume Tier 6 is as follows:
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    \7\ Fee code B is appended to orders adding liquidity to EDGX in
Tape B securities.
    \8\ Fee code V is appended to orders adding liquidity to EDGX in
Tape A securities.
    \9\ Fee code Y is appended to orders adding liquidity to EDGX in
Tape C securities.
    \10\ Fee code 3 is appended to orders adding liquidity to EDGX
in the pre and post market in Tapes A or C securities.
    \11\ Fee code 4 is appended to orders adding liquidity to EDGX
in the pre and post market in Tape B securities.
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     Add Volume Tier 6 provides a rebate of $0.0034 per share
for securities priced above $1.00 to qualifying orders (i.e., orders
yielding fee B, V, Y, 3, or 4) where (1) MPID adds an ADV \12\
(excluding fee codes ZA \13\ or ZO \14\) >=37,500,000; and (2) MPID has
a QDP ADV (i.e., yielding fee codes DQ \15\ and DX \16\) >=8,000,000.
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    \12\ ``ADV'' means average daily volume calculated as the number
of shares added to, removed from, or routed by, the Exchange, or any
combination or subset thereof, per day. ADV is calculated on a
monthly basis.
    \13\ Fee code ZA is appended to Retail Orders that add
liquidity.
    \14\ Fee code ZO is appended to Retail orders that adds
liquidity during the pre- and post-market.
    \15\ Fee code DQ is appended to orders using the QDP order type
that add liquidity to EDGX.
    \16\ Fee code DX is appended to orders using the QDP order type
that remove liquidity from EDGX.
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    The Exchange believes that by introducing proposed Add Volume Tier
6, Members are incentivized to add volume on the Exchange, thereby

contributing to a deeper and more liquid market, which benefits all
market participants and provides greater execution opportunities on the
Exchange. The Exchange further believes proposed Add Volume Tier 6
provides a rebate commensurate with the difficulty of meeting the
criteria associated with the proposed tier.
Growth Tiers
    In addition to the Add/Remove Volume Tiers offered under footnote
1, the Exchange also offers two Growth Tiers that each provide an
enhanced rebate for Members' qualifying orders yielding fee codes B, V,
Y, 3, and 4, where a Member reaches certain add volume-based criteria,
including ``growing'' its volume over a certain baseline month. The
Exchange now proposes to discontinue Growth Tier 4, as the Exchange no
longer wishes to, nor is required to, maintain such tier. More
specifically, the proposed change removes this tier as the Exchange
would rather redirect future resources and funding into other programs
and tiers intended to incentivize increased order flow.
Remove Volume Tiers
    In addition to the Add/Remove Volume Tiers and Growth Tiers offered
under footnote 1, the Exchange also offers two Remove Volume Tiers that
each assess a reduced fee for Members' qualifying orders yielding fee
codes BB,\17\ N \18\ and W,\19\ where a Member reaches certain add
volume-based criteria.\20\ The Exchange now proposes to amend the
criteria of its existing Remove Volume Tiers and introduce a new Remove
Volume Tier 3. Currently, the criteria for the Remove Volume Tiers is
as follows:
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    \17\ Fee code BB is appended to orders that remove liquidity
from EDGX in Tape B securities.
    \18\ Fee code N is appended to orders that remove liquidity from
EDGX in Tape C securities.
    \19\ Fee code W is appended to orders that remove liquidity from
EDGX in Tape A securities.
    \20\ The Exchange notes that the references to the Remove Volume
Tiers is based on the withdrawal of SR-CboeEDGX-2023-030, which
occurred on May 31, 2023, as well as the withdrawal of SR-CboeEDGX-
2023-016, which occurred on June 15, 2023. Collectively, as the
proposed changes in SR-Cboe-EDGX2-2023-016 and SR-CboeEDGX-2023-030
will no longer appear on the Exchange's fee schedule, the Exchange
is basing its proposed changes on the fee schedule as of February
28, 2023.
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     Remove Volume Tier 1 assesses a reduced fee of $0.00275
for securities priced at or above $1.00 to qualifying orders (i.e.,
orders yielding fee codes BB, N and W) where (1) Member adds a Step-Up
ADAV \21\ from June 2021 >=0.10% of the TCV \22\ or Member adds a Step-
Up ADAV from June 2021 >=8,000,000; and (2) Member has a total remove
ADV >=0.60% of the TCV or Member has a total remove ADV >=45,000,000.
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    \21\ ``Step-Up ADAV'' means ADAV in the relevant baseline month
subtracted from current ADAV. ADAV means average daily added volume
calculated as the number of shares added per day. ADAV is calculated
on a monthly basis.
    \22\ ``TCV'' means total consolidated volume calculated as the
volume reported by all exchanges and trade reporting facilities to a
consolidated transaction reporting plan for the month for which the
fees apply.
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     Remove Volume Tier 2 assesses a reduced fee of $0.00275
for securities priced at or above $1.00 to qualifying orders (i.e.,
orders yielding fee codes BB, N and W) where (1) Member has an ADAV
>=0.25% TCV with displayed orders that yield fee codes B, V or Y; or
(2) Member adds Retail Order ADV (i.e., yielding fee codes ZA or ZO)
>=0.45% of the TCV.
    Now, the Exchange proposes to revise the criteria of Remove Volume
Tiers 1 and 2. The proposed criteria for Remove Volume Tiers 1 and 2 is
as follows:
     Remove Volume Tier 1 assesses a reduced fee of $0.00285
for securities priced at or above $1.00 to qualifying orders (i.e.,
orders yielding fee codes BB, N and W) where Member has an ADAV >=0.25%
TCV with displayed orders that yield fee codes B, V or Y.
     Remove Volume Tier 2 assesses a reduced fee of $0.00275
for securities priced at or above $1.00 to qualifying orders (i.e.,
orders yielding fee codes BB, N and W) where Member adds a Retail Order
ADV (i.e., yielding fee codes ZA or ZO) >=0.45% of the TCV.
    The proposed change to Remove Volume Tier 1 will provide a slightly
lower reduced fee in exchange for less difficult criteria that
continues to encourage Members to strive to meet the criteria by
removing liquidity on the Exchange. Similarly, the proposed change to
Remove Volume Tier 2 will assess the current reduced fee while
lessening the difficulty of meeting the criteria in Remove Volume Tier
2.
    Next, the Exchange proposes to introduce Remove Volume Tier 3. The
proposed criteria for Remove Volume Tier 3 is as follows:
     Remove Volume Tier 3 assesses a reduced fee of $0.00275
for securities priced at or above $1.00, or a reduced fee of $0.28% of
total dollar value for securities priced under $1.00, to qualifying
orders (i.e., orders yielding fee codes BB, N and W) where (1) Member
has an ADAV >=0.30% of the TCV; and (2) Member has a total remove ADV
>=0.40% of the TCV; and (3) Member adds Retail Pre Market Order ADV
(i.e., yielding fee code ZO) >=3,000,000.
    The addition of proposed Remove Volume Tier 3 is designed to
provide Members an alternative opportunity to earn a reduced fee where
Members achieve certain add or remove volume-based criteria. The
Exchange believes assessing an identical fee as Remove Volume Tier 2
albeit using slightly more difficult criteria will encourage Members to
strive to meet the criteria by removing liquidity on the Exchange. The
proposed changes to the Remove Volume Tiers are designed to incentivize
Members to provide additional volume to the Exchange. An increase in
remove liquidity on the Exchange signals an overall increase in
activity from other market participants, contributes to a deeper, more
liquid market, and provides additional execution opportunities for
active market participants, which benefits the entire market system.
Fee Code Changes
    The Exchange currently offers various fee codes for orders routed
away from the Exchange.\23\ The Exchange is proposing to modify the
routing fees associated with fee codes RZ,\24\ I,\25\ BY,\26\ AA,\27\
AY,\28\ RR,\29\ and RY \30\ to match the base add or remove rate for
the associated market center to which the order is routed. The rebates
for fee codes RZ, I, AA, and RR will be revised to $0.0016 per share in
securities priced above $1.00.\31\ The rebates for fee codes BY and AY
will be revised to $0.0002 per share in securities priced above
$1.00.\32\ The fee for fee code RY will be

revised to $0.0020 per share in securities priced above $1.00.\33\
There are no changes to the fees or rebates associated with securities
priced below $1.00.
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    \23\ The Exchange notes that the references to the Remove Volume
Tiers is based on the withdrawal of SR-CboeEDGX-2023-030, which
occurred on May 31, 2023, as well as the withdrawal of SR-CboeEDGX-
2023-016, which occurred on June 15, 2023. Collectively, as the
proposed changes in SR-Cboe-EDGX2-2023-016 and SR-CboeEDGX-2023-030
will no longer appear on the Exchange's fee schedule, the Exchange
is basing its proposed changes on the fee schedule as of February
28, 2023.
    \24\ Fee code RZ is appended to orders routed to BZX that add
liquidity.
    \25\ Fee code I is appended to orders routed to EDGA using the
ROUC routing strategy.
    \26\ Fee code BY is appended to orders routed to BYX using
Destination Specific (``DIRC'') or ROUC routing strategy.
    \27\ Fee code AA is appended to orders routed to EDGA using the
ALLB routing strategy.
    \28\ Fee code AY is appended to orders routed to BYX using the
ALLB routing strategy.
    \29\ Fee code RR is appended to orders routed to EDGA using the
DIRC routing strategy.
    \30\ Fee code RY is appended to orders routed to BYX that add
liquidity.
    \31\ See BZX Equities Fee Schedule, Standard Rates; EDGA
Equities Fee Schedule, Standard Rates.
    \32\ See BYX Equities Fee Schedule, Standard Rates.
    \33\ Id.
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2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with
the Act and the rules and regulations thereunder applicable to the
Exchange and, in particular, the requirements of Section 6(b) of the
Act.\34\ Specifically, the Exchange believes the proposed rule change
is consistent with the Section 6(b)(5) \35\ 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) \36\ requirement that the rules of
an exchange not be designed to permit unfair discrimination between
customers, issuers, brokers, or dealers as well as Section 6(b)(4) \37\
as it is designed to provide for the equitable allocation of reasonable
dues, fees and other charges among its Members and other persons using
its facilities.
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    \34\ 15 U.S.C. 78f(b).
    \35\ 15 U.S.C. 78f(b)(5).
    \36\ Id.
    \37\ 15 U.S.C. 78f(b)(4).
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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 Exchange believes that
its proposal to: (1) introduce new Add Volume Tier 6; (2) discontinue
Growth Tier 4; and (3) modify Remove Volume Tiers 1 and 2 and introduce
Remove Volume Tier 3 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. Additionally, the Exchange notes that
relative volume-based incentives and discounts have been widely adopted
by exchanges,\38\ including the Exchange,\39\ 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. Competing equity
exchanges offer similar tiered pricing structures, including schedules
of rebates and fees that apply based upon members achieving certain
volume and/or growth thresholds, as well as assess similar fees or
rebates for similar types of orders, to that of the Exchange.
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    \38\ See e.g., BZX Equities Fee Schedule, Footnote 1, Add/Remove
Volume Tiers.
    \39\ See e.g., EDGX Equities Fee Schedule, Footnote 1, Add/
Remove Volume Tiers.
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    In particular, the Exchange believes its proposal to its Add/Remove
Volume Tiers are reasonable because the proposed and revised tiers will
be available to all Members and provide all Members with an additional
opportunity to receive an enhanced rebate or a reduced fee. The
Exchange further believes the proposed modifications to its Add/Remove
Volume Tiers will provide a reasonable means to encourage liquidity
adding displayed orders and liquidity adding non-displayed orders,
respectively, in Members' order flow to the Exchange and to incentivize
Members to continue to provide liquidity adding volume to the Exchange
by offering them an additional opportunity to receive an enhanced
rebate or reduced fee on qualifying orders. An overall increase in
activity would deepen the Exchange's liquidity pool, offers additional
cost savings, support the quality of price discovery, promote market
transparency and improve market quality, for all investors.
    The Exchange believes that its proposal to eliminate Growth Tier 4
is reasonable because the Exchange is not required to maintain this
tier or provide Members an opportunity to receive enhanced rebates. The
Exchange believes the proposal to eliminate this tier is also equitable
and not unfairly discriminatory because it applies to all Members
(i.e., the tier will not be available for any Member). The Exchange
also notes that the proposed rule change to remove this tier merely
results in Members not receiving an enhanced rebate, which, as noted
above, the Exchange is not required to offer or maintain. Furthermore,
the proposed rule change to eliminate Growth Tier 4 enables the
Exchange to redirect resources and funding into other programs and
tiers intended to incentivize increased order flow.
    The Exchange believes that the proposed changes to its Add/Remove
Volume Tiers are reasonable as they do not represent a significant
departure from the criteria currently offered in the Fee Schedule.
Further, the Exchange believes its proposed changes to the routing fee
codes are reasonable as these changes do not represent a significant
departure from the Exchange's general pricing structure. Specifically,
the proposed changes to fee codes RZ, I, BY, AA, AY, RR, and RY are
intended to match the base add or remove rates on the Exchange's
affiliates.\40\ The Exchange also believes that the proposal represents
an equitable allocation of fees and rebates and is not unfairly
discriminatory because all Members will be eligible for the proposed
new tiers and have the opportunity to meet the tiers' criteria and
receive the corresponding enhanced rebate if such criteria is met.
Without having a view of activity on other markets and off-exchange
venues, the Exchange has no way of knowing whether this proposed rule
change would definitely result in any Members qualifying the new
proposed tiers. While the Exchange has no way of predicting with
certainty how the proposed changes will impact Member activity, based
on the prior months volume, the Exchange anticipates that at least one
Member will be able to satisfy proposed Add Volume Tier 6, at least two
Members will be able to satisfy proposed Remove Volume Tier 1 and
Remove Volume Tier 2, and at least one Member will be able to satisfy
proposed Remove Volume Tier 3. The Exchange also notes that proposed
changes will not adversely impact any Member's ability to qualify for
enhanced rebates offered under other tiers. Should a Member not meet
the proposed new criteria, the Member will merely not receive that
corresponding enhanced rebate. Furthermore, the proposed rule change to
eliminate Growth Tier 4 enables the Exchange to redirect resources and
funding into other programs and tiers intended to incentivize increased
order flow.
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    \40\ Supra notes 31-32.
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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. Rather, as discussed above,
the Exchange believes that the proposed changes would

encourage the submission of additional order flow to a public exchange,
thereby promoting market depth, execution incentives and enhanced
execution opportunities, as well as price discovery and transparency
for all Members. As a result, the Exchange believes that the proposed
changes further 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.''
    The Exchange believes the proposed rule changes do not impose any
burden on intramarket competition that is not necessary or appropriate
in furtherance of the purposes of the Act. Particularly, the proposed
changes to the Exchange's Add/Remove Volume Tiers will apply to all
Members equally in that all Members are eligible for each of the Tiers,
have a reasonable opportunity to meet the Tiers' criteria and will
receive the enhanced rebate on their qualifying orders if such criteria
is met. In addition, the Exchange proposal to eliminate Growth Tier 4
will not impose any burden on intramarket competition because it
applies to all Members uniformly, as in, the tier will no longer be
available to any Member. The Exchange does not believe the proposed
changes burden competition, but rather, enhances competition as it is
intended to increase the competitiveness of EDGX by amending an
existing pricing incentive and adopting pricing incentives in order to
attract order flow and incentivize participants to increase their
participation on the Exchange, providing for additional execution
opportunities for market participants and improved price transparency.
Greater overall order flow, trading opportunities, and pricing
transparency benefits all market participants on the Exchange by
enhancing market quality and continuing to encourage Members to send
orders, thereby contributing towards a robust and well-balanced market
ecosystem.
    The Exchange does not believe the proposal to revise the applicable
fee or rebate associated with the Exchange's routing fee codes does not
impose a burden on intramarket competition that is not necessary or
appropriate in furtherance of the purposes of the Act. Particularly,
the fees and rebates associated with routing orders away from the
Exchange similarly apply to all Members on an equal and non-
discriminatory basis and Members can choose to use (or not use) the
Exchange's routing functionality as part of their decision to submit
order flow to the Exchange.
    Next, the Exchange believes the proposed rule changes 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 direct their order flow, including other equities exchanges, off-
exchange venues, and alternative trading systems. Additionally, the
Exchange represents a small percentage of the overall market. Based on
publicly available information, no single equities exchange has more
than 16% of the market share.\41\ Therefore, no exchange possesses
significant pricing power in the execution of 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 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.'' \42\ 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'. . . .''.\43\ 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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    \41\ Supra note 4.
    \42\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496, 37499 (June 29, 2005).
    \43\ 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 \44\ and paragraph (f) of Rule 19b-4 \45\
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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    \44\ 15 U.S.C. 78s(b)(3)(A).
    \45\ 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 (https://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include
file number SR-CboeEDGX-2023-042 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-2023-042. 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 (https://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 a.m. and 3 p.m. Copies of the
filing also will be available for inspection and copying at the
principal office of the Exchange. Do not include personal identifiable
information in submissions; you should submit only information that you
wish to make available publicly. We may redact in part or withhold
entirely from publication submitted material that is obscene or subject
to copyright protection. All submissions should refer to file number
SR-CboeEDGX-2023-042 and should be submitted on or before July 26,
2023.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\46\
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    \46\ 17 CFR 200.30-3(a)(12).
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Vanessa A. Countryman,
Secretary.
[FR Doc. 2023-14111 Filed 7-3-23; 8:45 am]
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[Federal Register Volume 77, Number 5 (Monday, January 9, 2012)]
[Notices]
[Page 1095]
[FR Doc No: 2012-282]

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SECURITIES AND EXCHANGE COMMISSION

Sunshine Act Meeting

    Notice is hereby given, pursuant to the provisions of the
Government in the Sunshine Act, Public Law 94-409, that the Securities
and Exchange Commission will hold an Open Meeting on Wednesday, January
11, 2012 at 10 a.m., in the Auditorium, Room L-002.
    The subject matter of the Open Meeting will be:
    The Commission will consider whether to approve the 2012 budget of
the Public Company Accounting Oversight Board and will consider the
related annual accounting support fee for the Board under Section 109
of the Sarbanes-Oxley Act of 2002.
    Commissioner Paredes, as duty officer, determined that no earlier
notice thereof was possible.
    At times, changes in Commission priorities require alterations in
the scheduling of meeting items.
    For further information and to ascertain what, if any, matters have
been added, deleted or postponed, please contact:
    The Office of the Secretary at<PHONE_NUMBER>.

    Dated: January 5, 2012.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2012-282 Filed 1-5-12; 4:15 pm]
BILLING CODE 8011-01-P


[Federal Register: December 28, 2009 (Volume 74, Number 247)]
[Proposed Rules]
[Page 68557]
[DOCID:fr28de09-30]

=======================================================================
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ENVIRONMENTAL PROTECTION AGENCY

40 CFR Part 52

[EPA-R05-OAR-2008-0515; FRL-8985-5]

Approval and Promulgation of Air Quality Implementation Plans;
Indiana

AGENCY: Environmental Protection Agency (EPA).

ACTION: Proposed rule.

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SUMMARY: Indiana has requested that EPA approve as revisions to its
State Implementation Plan both its continuous emission monitoring rule
and alternative monitoring requirements for Alcoa Power Generating,
Inc.--Warrick Power Plant. The alternative monitoring requirements
allow the use of a particulate matter continuous emissions monitoring
system in place of a continuous opacity monitor system.

DATES: Comments must be received on or before January 27, 2010.

ADDRESSES: Submit your comments, identified by Docket ID No. EPA-R05-
OAR-2008-0515, by one of the following methods:
    1. www.regulations.gov: Follow the on-line instructions for
submitting comments.
    2. E-mail<EMAIL_ADDRESS>    3. Fax:<PHONE_NUMBER>.
    4. Mail: John M. Mooney, Chief, Criteria Pollutant Section, Air
Programs Branch (AR-18J), U.S. Environmental Protection Agency, 77 West
Jackson Boulevard, Chicago, Illinois 60604.
    5. Hand Delivery: John M. Mooney, Chief, Criteria Pollutant
Section, Air Programs Branch (AR-18J), U.S. Environmental Protection
Agency, 77 West Jackson Boulevard, Chicago, Illinois 60604. Such
deliveries are only accepted during the Regional Office normal hours of
operation, and special arrangements should be made for deliveries of
boxed information. The Regional Office official hours of business are
Monday through Friday, 8:30 a.m. to 4:30 p.m. excluding Federal
holidays.
    Please see the direct final rule which is located in the Rules
section of this Federal Register for detailed instructions on how to
submit comments.

FOR FURTHER INFORMATION CONTACT: Matt Rau, Environmental Engineer,
Criteria Pollutant Section, Air Programs Branch (AR-18J), Environmental
Protection Agency, Region 5, 77 West Jackson Boulevard, Chicago,
Illinois 60604,<PHONE_NUMBER><EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: In the Final Rules section of this Federal
Register, EPA is approving the State's SIP submittal as a direct final
rule without prior proposal because the Agency views this as a
noncontroversial submittal and anticipates no adverse comments. A
detailed rationale for the approval is set forth in the direct final
rule. If no adverse comments are received in response to this rule, no
further activity is contemplated. If EPA receives adverse comments, the
direct final rule will be withdrawn and all public comments received
will be addressed in a subsequent final rule based on this proposed
rule. EPA will not institute a second comment period. Any parties
interested in commenting on this action should do so at this time.
Please note that if EPA receives adverse comment on an amendment,
paragraph, or section of this rule and if that provision may be severed
from the remainder of the rule, EPA may adopt as final those provisions
of the rule that are not the subject of an adverse comment. For
additional information, see the direct final rule which is located in
the Rules section of this Federal Register.

    Dated: November 13, 2009.
Walter W. Kovalick Jr.,
Acting Regional Administrator, Region 5.
[FR Doc. E9-30405 Filed 12-24-09; 8:45 am]

BILLING CODE 6560-50-P