[Federal Register Volume 86, Number 238 (Wednesday, December 15, 2021)]
[Notices]
[Pages 71304-71310]
[FR Doc No: 2021-27072]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-93743; File No. SR-CBOE-2021-073]

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

December 9, 2021.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on December 2, 2021, Cboe Exchange, Inc. (the ``Exchange'' or
``Cboe Options'') filed with the Securities and Exchange Commission
(the ``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 Exchange, Inc. (the ``Exchange'' or ``Cboe Options'') proposes
to amend its Fees 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://www.cboe.com/AboutCBOE/CBOELegalRegulatoryHome.aspx), 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 the
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to amend its Fees Schedule in connection with
the Exchange's planned extension of Global Trading Hours (``GTH'') and
the GTH Cboe Volatility Index (``VIX'')/VIX Weekly (``VIXW'') Lead
Market-Maker (``LMM'') Incentive Program and GTH S&P 500 Index
(``SPX'')/SPX Weekly (``SPXW'') LMM Incentive Program.\3\
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    \3\ The Exchange initially filed the proposed fee changes on
November 19, 2021 (SR-CBOE-2021-069). On December 2, 2021, the
Exchange withdrew that filing and submitted this filing.
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    Beginning Sunday, November 21, 2021, the Exchange plans to extend
the hours of its GTH session by starting the GTH trading session at
7:15 p.m. CT \4\ on the immediately preceding calendar day, rather than
at the current start time of 2:00 a.m. The GTH trading session will
continue to end at 8:15 a.m. As such, the proposed rule change updates
the Fees Schedule to reflect the extended GTH trading session.
Specifically, footnote 37 of the Fees Schedule currently provides that
GTH is a separate trading session from Regular Trading Hours (``RTH'')
for VIX, SPX and SPW.\5\ GTH commences at 2:00 A.M. CST and terminates
at 8:15 A.M. CST, and is conducted on an all-electronic trading model
with no open outcry capability. Footnote 37 is currently appended to
various transaction and surcharge fees for orders in VIX, SPX and SPXW
under the Rate Table--Underlying Symbol List A of the Fees Schedule, as
well as certain programs in the Fees Schedule.\6\ Such fees, surcharges
and programs apply \7\ during both Regular Trading Hours (``RTH'') and
GTH. In line with the newly extended GTH hours, the proposed rule
change amends footnote 37 to provide that GTH commences at 7:15 P.M.
CST and terminates at 8:15 A.M. CST. The fees, surcharges and programs
applicable during GTH will continue to apply in the same manner as they
currently do; the trading hours in which such fees, surcharges and
programs apply are merely being extended.
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    \4\ Unless otherwise specified, all times herein this proposal
are in Central Time.
    \5\ The proposed rule change makes a nonsubstantive change to
capitalize the ``W'' in SPXW to make the term consistent with the
manner in which the symbol is formatted throughout the Fees
Schedule.
    \6\ See Cboe Options, Fees Schedule, Cboe Options Clearing
Trading Permit Holder Proprietary Products Sliding Scale, Cboe
Options Clearing Trading Permit Holder VIX Sliding Scale, Customer
Large Trade Discount, Large Trade Discount, Electronic Trading
Permit Fees, Trade Processing Services, Regulatory Fees, and TPH
Transaction Fee Policies and Rebate Programs.
    \7\ The Fees Schedule also provides for the GTH Executing Agent
Subsidy Program, which applies only during GTH.
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    The proposed rule change also amends the GTH VIX/VIXW LMM Incentive
Program and GTH SPX/SPXW LMM Incentive Program. Both LMM Incentive
Programs provide a rebate to Trading Permit Holders (``TPHs'') with LMM
appointments to the respective incentive program that meet certain
quoting standards in the applicable series in a month. The Exchange
notes that meeting or exceeding the quoting standards (both current and
as proposed; described in further detail below) in each of the LMM
Incentive Program products to receive the

applicable rebate is optional for an LMM appointed to a program.
Particularly, an LMM appointed to an incentive program is eligible to
receive the corresponding rebate if it satisfies the applicable quoting
standards, which the Exchange believes encourages the LMM to provide
liquidity in the applicable class and trading session (i.e., GTH,
including as extended). The Exchange may consider other exceptions to
the programs' quoting standards based on demonstrated legal or
regulatory requirements or other mitigating circumstances. In
calculating whether an LMM appointed to an incentive program meets the
applicable program's quoting standards each month, the Exchange
excludes from the calculation in that month the business day in which
the LMM missed meeting or exceeding the quoting standards in the
highest number of the applicable series.\8\
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    \8\ The Exchange notes that, regarding the VIX/VIXW LMM
Incentive Program, which has multiple sets of quoting standards, an
LMM's worst quoting day will be excluded from the calculation
applicable to each set of quoting standards for that month.
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    In light of the extended GTH trading session, the Exchange proposes
to adopt an additional GTH LMM Incentive Program for both VIX/VIXW and
SPX/SPXW to cover the newly extended portion of the GTH trading
session. Specifically, the LMMs appointed to the proposed additional
programs must provide continuous electronic quotes during GTH from 7:15
P.M. CST to 2:00 A.M. CST (``GTH1'') \9\ that meet or exceed the
proposed quoting standards under each program (as described in further
detail below) for the same amount of time in the same number of series
as they are currently required to quote pursuant to the current GTH
VIX/VIXW and GTH SPX/SPX LMM Incentive Programs,\10\ as applicable, in
order to receive the same rebates for each series as currently offered
under the GTH VIX/VIXW and GTH SPX/SPX LMM Incentive Programs,\11\ as
applicable. As with the current programs, the Exchange may consider
other exceptions to the quoting standards for the proposed GTH1 LMM
Incentive Programs based on demonstrated legal or regulatory
requirements or other mitigating circumstances, and, in calculating
whether an LMM met the applicable GTH1 LMM Incentive Program's quoting
standards each month, the Exchange will exclude from the calculation in
that month the business day in which the LMM missed meeting or
exceeding the applicable quoting standard in the highest number of
series.
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    \9\ The proposed rule change also renames the existing GTH VIX/
VIXW and GTH SPX/SPXW LMM Incentive Programs as ``GTH2 VIX/VIXW LMM
Incentive Program'' and ``GTH2 SPX/SPXW LMM Incentive Program'' and
clarifies in the programs' descriptions that GTH2 runs from 2:00
A.M. CST to 8:15 A.M. CST. The Exchange notes that the scope of
these current programs is not changing as the ``GTH2'' hours are the
same as the current GTH hours.
    \10\ That is, at least 99% of each of the VIX and VIXW series,
90% of the time in a given month pursuant to the GTH1 (as proposed)
and current GTH (GTH2, as renamed) VIX/VIXW LMM Incentive Program,
and in at least 85% of each of the SPX and SPXW series 90% of the
time in a given month pursuant to the GTH1 (as proposed) and current
GTH (GTH2, as renamed) SPX/SPXW LMM Incentive Program.
    \11\ That is: (1) A rebate for that month in the amount of
$15,000 for VIX and $10,000 for VIXW, pursuant to the GTH1 (as
proposed) and GTH (GTH2, as renamed) VIX/VIXW LMM Incentive Program,
if the appointed LMM meets or exceeds the basic quoting standards
(as proposed for the GTH1 program and currently for the GTH2
program); (2) a rebate for that month of $0.02 per VIX/VIXW contract
executed in its Market-Maker capacity during RTH, pursuant to the
proposed GTH1 and current GTH2 VIX/VIXW LMM Incentive Program, if
the appointed LMM meets or exceeds the heightened quoting standards;
and (3) a rebate for that month in the amount of $15,000 for SPX and
$35,000, pursuant to the SPXW GTH1 (as proposed) and GTH (GTH2, as
renamed) SPX/SPXW LMM Incentive Program, if the appointed LMM meets
or exceeds the heightened quoting standards (as proposed for the
GTH1 program and currently for the GTH2 program).
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    Like the current GTH VIX/VIXW LMM Incentive Program, the proposed
GTH1 VIX/VIXW LMM Incentive Program offers basic quoting standards for
VIXW options and for VIX options, and heightened quoting standards for
VIX options, that apply based on the VIX Index value at the prior
market close (i.e., at the close of the preceding RTH session) as
follows:
    Proposed GTH1 VIXW options basic quoting standards:

----------------------------------------------------------------------------------------------------------------
                                                       Less than 21 days to            21 days or greater to
                                                            expiration                      expiration
                  Premium level                  ---------------------------------------------------------------
                                                       Width           Size            Width           Size
----------------------------------------------------------------------------------------------------------------
                                          VIX Value at Prior Close <18
----------------------------------------------------------------------------------------------------------------
$0.00-$1.00.....................................            1.00              10            1.50              10
$1.01-$3.00.....................................            1.50              10            2.50              10
$3.01-$5.00.....................................            2.50               3            4.00               3
$5.01-$10.00....................................            4.00               1            6.00               1
$10.01-$30.00...................................            6.00               1           10.00               1
Greater than $30.00.............................           10.00               1           10.00               1
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                                       VIX Value at Prior Close from 18-25
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$0.00-$1.00.....................................            1.50               5            2.00               5
$1.01-$3.00.....................................            2.50               5            4.00               5
$3.01-$5.00.....................................            4.00               1            5.00               1
$5.01-$10.00....................................            6.00               1            8.00               1
$10.01-$30.00...................................           10.00               1           10.00               1
Greater than $30.00.............................           10.00               1           10.00               1
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                                   VIX Value at Prior Close from 25
----------------------------------------------------------------------------------------------------------------
$0.00-$1.00.....................................           10.00               1           10.00               1
$1.01-$3.00.....................................           10.00               1           10.00               1
$3.01-$5.00.....................................           10.00               1           10.00               1
$5.01-$10.00....................................           10.00               1           10.00               1
$10.01-$30.00...................................           10.00               1           10.00               1
Greater than $30.00.............................           10.00               1           10.00               1
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    Proposed GTH1 VIX options basic quoting standards:

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                                                          Expiring                  Near term                 Mid term                  Long term
                                                 -------------------------------------------------------------------------------------------------------
                  Premium level                       Less than 15 days        15 days to 60 days        61 days to 180 days       181 days or greater
                                                 -------------------------------------------------------------------------------------------------------
                                                     Width         Size        Width         Size        Width         Size        Width         Size
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                                                              VIX Value at Prior Close <18
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$0.00-$1.00.....................................         0.35         * 30         0.25         * 40         0.35         * 30         0.80          * 5
$1.01-$3.00.....................................         0.50         * 15         0.35         * 25         0.50         * 15         0.90          * 5
$3.01-$5.00.....................................         0.60         * 15         0.35         * 15         0.60         * 10         1.00          * 5
$5.01-$10.00....................................         1.00           10         0.80         * 10         1.30           10         2.00            5
$10.01-$30.00...................................         2.00            5         1.50            5         2.00            5         3.00            3
Greater than $30.00.............................         5.00            3         3.00            3         5.00            3         5.00            3
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                                                           VIX Value at Prior Close from 18-25
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$0.00-$1.00.....................................         0.50         * 15         0.35         * 30         0.50         * 15         1.00          * 5
$1.01-$3.00.....................................         0.50         * 10         0.50         * 20         0.70         * 10         1.00          * 5
$3.01-$5.00.....................................         0.80          * 5         0.50         * 15         0.80          * 5         1.30            5
$5.01-$10.00....................................         1.50          * 5         1.00          * 5         2.00            5         2.20            5
$10.01-$30.00...................................         3.00            1         2.50            1         3.00            1         5.00            1
Greater than $30.00.............................         5.00            1         5.00            1         5.00            1        10.00            1
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                                                       VIX Value at Prior Close from 25
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$0.00-$1.00.....................................         0.80         * 10         0.50         * 10         0.60         * 10         1.20          * 5
$1.01-$3.00.....................................         1.00           10         0.75         * 10         1.00           10         1.20          * 5
$3.01-$5.00.....................................         1.20          * 5         0.90           10         1.20            5         1.80            5
$5.01-$10.00....................................         2.00            5         1.50            5         2.50            5         3.00            3
$10.01-$30.00...................................         5.00            1         5.00            1         5.00            1         7.00            1
Greater than $30.00.............................        10.00            1        10.00            1        10.00            1        10.00            1
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    Proposed GTH1 VIX options heightened quoting standards:

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                                                             Expiring                        Near term
                                                 ---------------------------------------------------------------
                  Premium level                          Less than 15 days              15 days to 60 days
                                                 ---------------------------------------------------------------
                                                       Width           Size            Width           Size
----------------------------------------------------------------------------------------------------------------
                                          VIX Value at Prior Close <18
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$0.00-$1.00.....................................            0.20            * 50            0.20            * 50
$1.01-$3.00.....................................                                            0.25            * 30
$3.01-$5.00.....................................                                            0.35            * 20
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                                       VIX Value at Prior Close from 18-25
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$0.00-$1.00.....................................            0.25            * 30            0.20            * 30
$1.01-$3.00.....................................                                            0.30            * 20
$3.01-$5.00.....................................                                            0.40            * 20
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                                   VIX Value at Prior Close from 25
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$0.00-$1.00.....................................            0.30            * 20            0.25            * 20
$1.01-$3.00.....................................                                            0.40            * 15
$3.01-$5.00.....................................                                            0.60            * 15
----------------------------------------------------------------------------------------------------------------

    The Exchange notes that the proposed VIXW options basic quoting
standards under the proposed GTH1 program are identical to the VIXW
options basic quoting standards under the current GTH program.
Additionally, the proposed VIX options basic and heightened quoting
standards under the proposed GTH1 program are, by and large,
substantially the same as the VIX options basic and heightened quoting
standards under the current GTH program, differing only in marginally
smaller quote sizes in certain categories as marked by an asterisk in
the tables above. The Exchange believes it is appropriate to adopt
slightly smaller quote sizes, in general, for the quoting standards
applicable during the new overnight hours as the Exchange anticipates
that the newly extended portion of GTH may sustain lower volume and
general participation and higher volatility, and thus it may be more
difficult for LMMs to quote aggressively at the same sizes within the
same widths as provided in the existing GTH VIX/VIXW LMM Incentive
Program. The Exchange notes that it examined and compared quotes and
volume in VIX futures during GTH1 trading hours and current GTH hours
to assist it in determining the reduction in certain quote sizes from
the current GTH program. Marginally smaller quote sizes are designed to
incentivize LMMs appointed to the GTH1 VIX/VIXW program to quote
aggressively in VIX options during the new extended hours

to receive the rebate offered under the program, resulting in tighter
spreads and increased liquidity during the newly extended hours to the
benefit of investors.;
    Like the current GTH SPX/SPXW LMM Incentive Program, the proposed
GTH1 SPX/SPXW LMM Incentive Program offers heightened quoting standards
for SPX/SPXW VIX Index value at the prior market close (i.e., at the
close of the preceding RTH session) as follows:

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                                                          Expiring                  Near term                 Mid term                  Long term
                                                 -------------------------------------------------------------------------------------------------------
                  Premium level                        7 days or less           8 days to 60 days        61 days to 270 days      271 days to 500 days
                                                 -------------------------------------------------------------------------------------------------------
                                                     Width         Size        Width         Size        Width         Size        Width         Size
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                                                              VIX Value at Prior Close <20
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$0.00-$1.00.....................................      $* 0.50         * 15        $0.40           15        $0.60            5        $1.20            5
$1.01-$3.00.....................................       * 0.70         * 15       * 0.70         * 15         1.50          * 5       * 2.50            5
$3.01-$5.00.....................................       * 1.40         * 10         2.00           15         2.00          * 5       * 5.00            5
$5.01-$10.00....................................       * 7.00          * 5         4.00           10       * 3.50          * 5       * 6.00            5
$10.01-$30.00...................................      * 18.00            1       * 6.00            5       * 5.00            5       * 8.00            5
Greater than $30.00.............................      * 24.00            1      * 10.00            1        12.00            1        50.00            1
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                                                           VIX Value at Prior Close from 20-30
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$0.00-$1.00.....................................       * 0.70         * 10         0.80           10         0.75            5         2.00            5
$1.01-$3.00.....................................       * 1.20         * 10       * 1.10         * 10       * 2.40            5       * 3.50            5
$3.01-$5.00.....................................       * 3.00           10         3.50           10       * 3.50            5       * 6.00            5
$5.01-$10.00....................................      * 12.00          * 5         7.00          * 5       * 4.00            5       * 8.00            5
$10.01-$30.00...................................      * 24.00            1      * 10.00          * 1       * 7.00            5      * 12.00            5
Greater than $30.00.............................      * 30.00            1        12.00            1         2.00            1        60.00            1
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                                                         VIX Value at Prior Close 30
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$0.00-$1.00.....................................       * 1.20          * 5       * 1.20          * 5         1.00            5         3.00            5
$1.01-$3.00.....................................       * 3.00          * 5       * 2.70          * 5         3.00            5       * 5.00            5
$3.01-$5.00.....................................       * 5.00          * 5       * 5.50          * 5       * 6.00            5         8.00            5
$5.01-$10.00....................................      * 16.00            5      * 12.00            5       * 5.00            3        10.00            1
$10.01-$30.00...................................        20.00            1      * 15.00            5        15.00            1        18.00            1
Greater than $30.00.............................        30.00            1      * 30.00            1        30.00            1        70.00            1
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    The proposed SPX/SPXW options heightened quoting standards under
the proposed GTH1 program are substantially similar to the SPX/SPXW
options heightened quoting standards under the current GTH program,
differing only in marginally smaller quote sizes and wider quote widths
in certain categories as marked by an asterisk in the tables above. The
Exchange believes it is appropriate to adopt slightly smaller quote
sizes and wider widths, in general, for the quoting standards
applicable during the new overnight hours for the same reasons as
described above--the Exchange anticipates that the newly extended
portion of GTH may sustain lower volume and general participation and
higher volatility, and thus it may be more difficult for LMMs to quote
aggressively at the same sizes within the same widths as provided in
the existing GTH SPX/SPXW LMM Incentive Program. The Exchange also
examined and compared quotes and volume in S&P 500 E-mini futures
during GTH1 trading hours and current GTH hours to assist it in
determining the reduction in certain quote sizes and widening of
certain quote widths from the current GTH program. Marginally smaller
quote sizes and wider widths are designed to incentivize LMMs appointed
to the GTH1 SPX/SPXW program to quote aggressively in SPX/SPXW options
during the new extended hours to receive the rebate offered under the
program, resulting in tighter spreads and increased liquidity during
the newly extended hours to the benefit of investors. The Exchange
further notes that the quote widths and sizes typical in SPX/SPXW
options differ from that in VIX options, therefore, the proposed GTH1
SPX/SPXW heightened quoting requirements reflect quote widths and sizes
that align with the market characteristics in SPX/SPXW options.
    The Exchange believes the proposed quoting requirements for VIX/
VIXW options under the proposed GTH1 VIX/VIXW LMM Incentive Program and
SPX/SPXW options under the proposed GTH1 VIX/VIXW LMM Incentive Program
are designed to encourage LMMs appointed to the program to provide
significant liquidity in VIX/VIXW and SPX/SPXW options during the
extended portion of the GTH trading session. The Exchange notes that
each of the proposed programs provide for quoting standards that apply
depending on the VIX Index value at the prior market close (i.e., at
the close of the preceding RTH session). The VIX Index value categories
under the proposed GTH1 VIX/VIXW and GTH1 SPX/SPXW LMM Incentive
Programs are identical to the VIX value categories in the existing GTH
VIX/VIXW and GTH SPX/SPXW LMM Incentive Programs, respectively, and are
designed to encourage LMMs appointed to the programs to meet the
quoting standards by tailoring such quoting standards to reflect market
characteristics in VIX/VIXW and SPX/SPXW options depending on the
volatility levels of the VIX Index (i.e., in the proposed categories in
which the value of the VIX is relatively higher based on the closing
VIX Index value from the preceding trading session indicates that the
VIX Index is experiencing generally higher volatility).
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.\12\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \13\ 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
Section 6(b)(4) of the Act,\14\ which requires that Exchange rules
provide for the equitable allocation of reasonable dues, fees, and
other charges among its TPHs and other persons using its facilities.
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    \12\ 15 U.S.C. 78f(b).
    \13\ 15 U.S.C. 78f(b)(5).
    \14\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

    First, the Exchange believes that the proposed rule change to
update footnote 37 to reflect the extended GTH trading session, set to
begin November 21, 2021, is reasonable, equitable and not unfairly
discriminatory. In particular, the Exchange believes that the proposed
rule change is reasonable because it merely updates footnote 37 to
provide for the appropriate trading hours that will be in place for the
GTH trading session as of November 21, 2021. The Exchange believes that
the proposed rule change is equitable and not unfairly discriminatory
because the newly extended GTH trading session hours will apply equally
to all market participants, in that, all market participants that
choose to trade during GTH will be able to trade during the new trading
hours. The fees, surcharges and programs applicable during GTH will
continue to apply in the same manner as they currently do; the trading
hours in which such fees, surcharges and programs apply are merely
being extended.
    Regarding both the GTH1 SPX/SPXW and GTH1 VIX/VIXW LMM Incentive
Programs generally, the Exchange believes it is reasonable, equitable
and not unfairly discriminatory to continue to offer LMM Incentive
Programs as financial incentives, including as proposed, to LMMs
appointed to the programs, because it benefits all market participants
trading in the corresponding products during GTH (including as
extended). These incentive programs encourage the LMMs appointed to
such programs to satisfy the applicable quoting standards, which may
increase liquidity and provide more trading opportunities and tighter
spreads. Indeed, the Exchange notes that these LMMs serve a crucial
role in providing quotes and the opportunity for market participants to
trade VIX/VIXW and SPX/SPXW options, as applicable, which can lead to
increased volume, providing for robust markets. The Exchange ultimately
offers the LMM Incentive Programs, including as amended, to
sufficiently incentivize LMMs appointed to each incentive program to
provide key liquidity and active markets in the corresponding program
products during the corresponding trading sessions (and specific
trading session hours, as proposed), and believes that these incentive
programs, as amended, will continue to encourage increased quoting to
add liquidity in each of the corresponding program products, thereby
protecting investors and the public interest. The Exchange also notes
that an LMM appointed to an incentive program may undertake added costs
each month to satisfy that heightened quoting standards (e.g., having
to purchase additional logical connectivity).
    The Exchange believes that the proposed rule change to adopt the
GTH1 VIX/VIXW and GTH1 SPX/SPXW LMM Incentive Programs is reasonable.
Particularly, the Exchange believes the proposed quoting requirements
under each are reasonably designed to encourage LMMs appointed to each
program to provide significant liquidity in VIX/VIXW and SPX/SPXW
options during the extended, overnight portion of the GTH trading
session in order to meet the applicable quoting standards and receive
the corresponding rebate. The provision of liquid and active markets
facilitates tighter spreads, increased trading opportunities, and
overall enhanced market quality to the benefit of all market
participants, particularly in during newly extended trading hours which
may experience generally lower volume and participation.
    As described above, the continuous quoting requirements (i.e.,
percentage of time and percentage of series), the applicable rebates
under the proposed GTH1 VIX/VIXW and GTH1 SPX/SPXW LMM Incentive
Programs, and the manner in which the proposed quoting standards are
tailored to the VIX Index value are the same as those under the current
GTH VIX/VIXW and GTH SPX/SPXW LMM Incentive Programs, respectively. The
Exchange believes that the proposed quoting standards under the GTH1
programs are reasonable because they are either identical (as is the
case for the proposed basic quoting standards for VIXW options) or
substantially similar (as is the case for the proposed basic and
heightened quoting standards for VIX options and proposed heighten
quoting standards for SPX/SPXW options) to the corresponding quoting
standards currently in place for VIX and VIXW and SPX/SPXW under the
existing GTH LMM Incentive Programs for these products. Regarding the
proposed quoting standards applicable to VIX options and SPX/SPXW, the
Exchange believes it is appropriate to adopt slightly smaller quote
sizes (for VIX and SPX/SPXW options) and wider quote widths (for SPX/
SPXW options) for the proposed GTH1 quoting standards applicable during
the new overnight hours because such overnight hours may sustain lower
volume and general participation and higher volatility and, therefore,
marginally smaller quote sizes and wider quote widths (where
applicable) are designed to incentivize LMMs appointed to the GTH1 VIX/
VIXW or GTH1 SPX/SPXW program to quote aggressively in VIX options or
SPX/SPXW options, respectively, during the extended GTH hours,
resulting in tighter spreads and increased liquidity during the newly
extended hours to the benefit of investors. As stated above, the quote
widths and sizes typical in SPX/SPXW options differ from that in VIX
options, therefore, the proposed GTH1 heightened quoting requirements
for SPX/SPXW reflect quote widths and sizes that align with the market
characteristics in SPX/SPXW options.
    The Exchange also believes it is equitable and not unfairly
discriminatory to adopt new GTH1 VIX/VIXW and GTH1 SPX/SPXW LMM
Incentive Programs because such programs will equally apply to any and
all TPHs with LMM appointments to the GTH1 VIX/VIXW LMM Incentive
Program and GTH1 SPX/SPXW LMM Incentive Program, respectively, that
seek to meet the applicable program's quoting standards in order to
receive the same rebates as currently offered under the existing GTH
VIX/VIXW and GTH SPX/SPXW LMM Incentive Programs. Additionally, like
with all other existing LMM Incentive Programs in the Fees Schedule, if
an LMM appointed to the GTH1 VIX/VIXW or GTH1 SPX/SPXW LMM Incentive
Program does not satisfy the quoting standards for any given month,
then it simply will not receive the corresponding rebate offered by the
program for that month.

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 intramarket or intermarket 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
change would

encourage the submission of additional liquidity to a public exchange,
thereby promoting market depth, price discovery and transparency and
enhancing order execution and price improvement opportunities for all
TPHs. As a result, the Exchange believes that the proposed change
furthers 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.'' \15\
---------------------------------------------------------------------------

    \15\ Securities Exchange Act Release No. 51808, 70 FR 37495,
37498-99 (June 29, 2005) (S7-10-04) (Final Rule).
---------------------------------------------------------------------------

    The Exchange does not believe that the proposed rule change will
impose any burden on intramarket competition that is not necessary or
appropriate in furtherance of the purposes of the Act as the newly
extended GTH trading session hours will apply equally to all market
participants, in that, all market participants that choose to trade
during GTH will be able to trade during the new trading hours and the
fees, surcharges and programs applicable during GTH will continue to
apply in the same manner as they currently apply. Also, the proposed
GTH1 VIX/VIXW and GTH1 SPX/SPXW LMM Incentive Programs will apply to
all LMMs appointed to each program in a uniform manner. To the extent
the LMMs appointed to one of the proposed programs receive a benefit
that other market participants do not, as stated, these LMMs in their
role as Market-Makers on the Exchange have different obligations and
are held to different standards. For example, Market-Makers play a
crucial role in providing active and liquid markets in their appointed
products, thereby providing a robust market which benefits all market
participants. Such Market-Makers also have obligations and regulatory
requirements that other participants do not have. An LMM appointed to a
program may undertake added costs each month that it needs to satisfy
the quoting standards (e.g., having to purchase additional logical
connectivity). The programs are ultimately designed to attract
additional order flow in VIX/VIXW and SPX/SPXW options to the Exchange
during the newly extended GTH trading session, wherein greater
liquidity will benefit all market participants by providing more
trading opportunities, tighter spreads, and added market transparency
and price discovery, and signals to other market participants to direct
their order flow to those markets, thereby contributing to robust
levels of liquidity during new trading hours.
    The Exchange also does not believe that the proposed changes will
impose any burden on intermarket competition that is not necessary or
appropriate in furtherance of the Act because the proposed programs are
applicable to transactions in products exclusively listed on the
Exchange. Additionally, the Exchange notes that it operates in a highly
competitive market. TPHs have numerous alternative venues that they may
participate on and direct their order flow, including 15 other options
exchanges, as well as off-exchange venues, where competitive products
are available for trading. Based on publicly available information, no
single options exchange has more than 15% of the market share.\16\
Therefore, no exchange possesses significant pricing power in the
execution of option order flow. Indeed, participants can readily choose
to send their orders to other exchange, and, additionally 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.'' \17\ 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'. . . .''.\18\
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.
---------------------------------------------------------------------------

    \16\ See Cboe Global Markets U.S. Options Market Volume Summary,
Month-to-Date (November 12, 2021), available at https://markets.cboe.com/us/options/market_statistics/.
    \17\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496, 37499 (June 29, 2005).
    \18\ 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 \19\ and paragraph (f) of Rule 19b-4 \20\
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.
---------------------------------------------------------------------------

    \19\ 15 U.S.C. 78s(b)(3)(A).
    \20\ 17 CFR 240.19b-4(f).
---------------------------------------------------------------------------

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-CBOE-2021-073 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-CBOE-2021-073. 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-
CBOE-2021-073 and should be submitted on or before January 5, 2022.
---------------------------------------------------------------------------

    \21\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\21\
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-27072 Filed 12-14-21; 8:45 am]
BILLING CODE 8011-01-P


 1 MEMORANDUM TO: Kelly Meadows, Tetra Tech Inc.; Shari Goodwin, Tetra Tech Inc. FROM: Faysal Bekdash; SAIC; John Sunda, SAIC DATE: October 20, 2004 SUBJECT: Intake retrofit case studies specific to Phase III facilities SAIC took two approaches to identify possible retrofit case studies for Phase III facilities. One was to contact facilities that appeared to be possible candidates based on information from the 316( b) industry survey. A facility list and spreadsheet was provided to SAIC by Tetra Tech. The second method was to use information provided by wedgewire screen vendors. This analysis identified two Phase III facilities that have performed a retrofit to replace an original intake technology.

Survey Data Approach SAIC attempted to contact 18 manufacturers and electric generators to clarify that, based on survey responses, the facility retrofitted either a passive intake, fish diversion, or fish handling system, with many of them occurring in the mid 1980s to late 1990s. Twelve facilities were unable to provide a response for a variety of reasons ( did not return call, incorrect contact information, out of business, or required written correspondence). Of the six facilities that did respond, one facility performed a retrofit that did not involve upgrading existing technology such as screen replacement. In this case, a perforated plate was replaced by wedgewire T screens.

The facilities that did respond to the calls provided information regarding down time, maintenance frequency, and some cost information. Most facilities agreed that down time to maintain or replace a screen is not an issue. Facilities either had a back up source of water or carried out these activities during scheduled down time. Some manufacturers, such as sugar refineries, only operate for a few months per year and therefore have plenty of time to perform a retrofit without affecting production.

Vendor Supplied Information Approach Two vendors ( Hendricks Screens and Johnson Screens) were contacted to request lists of recent wedgewire screen installations. While most of the facilities were for small intakes, hydropower dams, or water treatment plants, one large intake ( ten 36 inch wedgewire T screens) was for the Tosco Refinery in Rodeo, CA. Down time was not an issue at the Tosco Refinery because the new intake, which was constructed adjacent to the old one, was connected to the existing pumphouse one pipe ( out of five) at a time.


[Federal Register Volume 85, Number 228 (Wednesday, November 25, 2020)]
[Notices]
[Page 75317]
[FR Doc No: 2020-26078]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. ER21-352-000]

Flat Ridge Interconnection LLC; Supplemental Notice That Common
Facilities Agreement Filing Includes Request for Blanket Section 204
Authorization

    This is a supplemental notice in the above-referenced proceeding of
Flat Ridge Interconnection LLC's filing of an Amended and Restated
Common Facilities Agreement, noting that such filing includes a request
for blanket authorization, under 18 CFR part 34, of future issuances of
securities and assumptions of liability.
    Any person desiring to intervene or to protest should file with the
Federal Energy Regulatory Commission, 888 First Street NE, Washington,
DC 20426, in accordance with Rules 211 and 214 of the Commission's
Rules of Practice and Procedure (18 CFR 385.211 and 385.214). Anyone
filing a motion to intervene or protest must serve a copy of that
document on the Applicant.
    Notice is hereby given that the deadline for filing protests with
regard to the applicant's request for blanket authorization, under 18
CFR part 34, of future issuances of securities and assumptions of
liability, is November 27, 2020.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper, using the FERC Online links at http://www.ferc.gov. To facilitate electronic service, persons with internet
access who will eFile a document and/or be listed as a contact for an
intervenor must create and validate an eRegistration account using the
eRegistration link. Select the eFiling link to log on and submit the
intervention or protests.
    Persons unable to file electronically may mail similar pleadings to
the Federal Energy Regulatory Commission, 888 First Street NE,
Washington, DC 20426. Hand delivered submissions in docketed
proceedings should be delivered to Health and Human Services, 12225
Wilkins Avenue, Rockville, Maryland 20852.
    In addition to publishing the full text of this document in the
Federal Register, the Commission provides all interested persons an
opportunity to view and/or print the contents of this document via the
internet through the Commission's Home Page (http://ferc.gov) using the
eLibrary link. Enter the docket number excluding the last three digits
in the docket number field to access the document. At this time, the
Commission has suspended access to the Commission's Public Reference
Room, due to the proclamation declaring a National Emergency concerning
the Novel Coronavirus Disease (COVID-19), issued by the President on
March 13, 2020. For assistance, contact the Federal Energy Regulatory
Commission at<EMAIL_ADDRESS>or call toll-free, (886) 208-
3676 or TYY,<PHONE_NUMBER>.

    Dated: November 19, 2020.
Kimberly D. Bose,
Secretary.
[FR Doc. 2020-26078 Filed 11-24-20; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 80, Number 59 (Friday, March 27, 2015)]
[Rules and Regulations]
[Pages 16283-16284]
[FR Doc No: 2015-07140]

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DEPARTMENT OF HOMELAND SECURITY

Coast Guard

33 CFR Part 165

[Docket No. USCG-2015-0067]

Annual Safety Zones in the Eighth Coast Guard District

AGENCY: Coast Guard, DHS.

ACTION: Notice of enforcement of regulation.

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SUMMARY: The Coast Guard will enforce the RiverFest fireworks safety
zone on the Neches River in Port Neches, TX from 8:30 p.m. until 9:30
p.m. on May 2, 2015. This action is necessary to protect persons from
the hazards associated with a fireworks display.

During the enforcement period no person or vessel may enter the safety
zone without the permission of the Captain of the Port (COTP) Port
Arthur or his designated on-scene Patrol Commander.

DATES: The regulations in 33 CFR 165.801, Table 3, number 1 will be
enforced from 8:30 p.m. to 9:30 p.m. on May 2, 2015.

FOR FURTHER INFORMATION CONTACT: If you have questions on this notice
of enforcement, call or email Mr. Scott Whalen, U.S. Coast Guard Marine
Safety Unit Port Arthur, TX; telephone<PHONE_NUMBER>, email
<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: The Coast Guard will enforce a 500-yard
safety zone for the RiverFest fireworks display in 33 CFR 165.801,
Table 3, number 1 from 8:30 p.m. to 9:30 p.m. on May 2, 2015. While the
location of the display is in the same general area as currently listed
in 33 CFR 165.801, for this year only the fireworks display will be set
off from land located along the Neches River near the approximate
position of 30[deg]00'05.6'' N 093[deg]57'25.75'' W (NAD 83).
    Under the provisions of 33 CFR 165.801, a vessel may not enter the
regulated area, unless it receives permission from the Captain of the
Port or his designated on-scene Patrol Commander. Spectator vessels may
safely transit outside the regulated area but may not anchor, block,
loiter, or impede participants or official patrol vessels. The Coast
Guard may be assisted by other federal, state or local law enforcement
agencies in enforcing this regulation.
    This notice is issued under authority of 33 CFR 165.801 and 5
U.S.C. 552(a). In addition to this notice in the Federal Register, the
Coast Guard will provide the maritime community with notification of
this enforcement period via Local Notice to Mariners, Safety Marine
Information Broadcasts, and Marine Safety Information Bulletins.
    If the Captain of the Port or his designated on-scene Patrol
Commander determines that the regulated area need not be enforced for
the full duration stated in this notice, he or she may use a Broadcast
Notice to Mariners to grant general permission to enter the regulated
area.

    Dated: March 12, 2015.
R.S. Ogrydziak,
Captain, U.S. Coast Guard, Captain of the Port, Port Arthur.
[FR Doc. 2015-07140 Filed 3-26-15; 8:45 am]
 BILLING CODE 9110-04-P


[Federal Register Volume 81, Number 180 (Friday, September 16, 2016)]
[Notices]
[Pages 63767-63768]
[FR Doc No: 2016-22348]

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DEPARTMENT OF HEALTH AND HUMAN SERVICES

Food and Drug Administration

[Docket No. FDA-2013-N-1214]

Clinical Investigator Training Course

AGENCY: Food and Drug Administration, HHS.

ACTION: Notice.

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SUMMARY: The Food and Drug Administration (FDA), in collaboration with
the University of Maryland Center of Excellence in Regulatory Science
and Innovation (M-CERSI), is announcing a 3-day training course for
clinical investigators on the scientific, ethical, and regulatory
aspects of clinical trials for medical products. This training course
is intended to provide clinical investigators, such as clinicians,
nurses, pharmacists, and other health care providers involved in
conducting clinical trials, with expertise in the design, conduct, and
analysis of clinical trials; to improve the quality of clinical trials;
and to enhance the safety of trial participants. Senior FDA staff,
along with other experts, will present on issues critical for
successful conduct of clinical research.

DATES: The training course will be held on November 7, 2016, from 8:20
a.m. to 5:30 p.m. (registration begins at 7:30 a.m.); on November 8,
2016, from 8:30 a.m. to 4:45 p.m.; and on November 9, 2016, from 8:30
a.m. to 3:30 p.m.

ADDRESSES: The course will be held at the Silver Spring Civic Building
at Veterans Plaza, One Veterans Place, Silver Spring, MD 20910. GPS
device address: 8525 Fenton St., Silver Spring, MD 20910. For
additional information, please refer to http://www.silverspringdowntown.com/go/silver-spring-civic-building-and-veterans-plaza. (FDA has verified the Web address, but FDA is not
responsible for subsequent changes to the Web site after this document
publishes in the Federal Register.)

FOR FURTHER INFORMATION CONTACT: Nicole Silva, Office of Medical
Policy, Center for Drug Evaluation and Research, Food and Drug
Administration, 10903 New Hampshire Ave., Bldg. 51, Rm. 6323, Silver
Spring, MD 20993,<PHONE_NUMBER><EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

I. Background

    Clinical trial investigators play a critical role in the
development of medical products. They bear the responsibility for
ensuring the safe and ethical treatment of study subjects and for
acquiring adequate and reliable data to support regulatory decisions.
This course is intended to train clinical investigators in all elements
of clinical trials, including the preclinical and clinical information
needed to support the investigational use of medical products; the
statistical design of trials; and scientific, regulatory, and ethical
considerations related to conduct of clinical trials. The course
lecturers will include a diverse representation of senior FDA staff and
other experts, enabling communication on issues critical for successful
conduct of clinical research.

II. Description of the Training Course

A. Purpose

    The training course is designed to provide clinical investigators
with an overview of the following information:
     The essential toxicological, pharmacological, and
manufacturing data to support investigational use in humans;
     Fundamental issues in the design and conduct of clinical
trials;
     Statistical and analytic considerations in the
interpretation of trial data;
     Appropriate safety evaluation during studies; and
     The ethical considerations and regulatory requirements for
clinical trials.
    In addition, the course aims to:
     Foster a cadre of clinical investigators with knowledge,
experience, and commitment to investigational medicine;
     Promote communication between clinical investigators and
FDA;
     Enhance investigators' understanding of FDA's role in
experimental medicine;
     Improve the quality of clinical trial data; and
     Enhance protection of subjects in clinical trials.

B. Agenda

    The course will be conducted over 3 days and will be presented
mainly by senior FDA staff with other lecturers presenting on selected
topics. The agenda is available at http://www.fda.gov/Training/ClinicalInvestigatorTrainingCourse/default.htm.

C. Target Audience

    The course is targeted toward clinicians, nurses, pharmacists and
other health care professionals responsible for, or involved in, the
conduct and/or design of clinical trials.
    Registration: There is no registration fee to attend this in-person
training

course; however, seats are limited and registration will be on a first-
come, first-served basis. To register, you need to complete the
registration online by October 28, 2016, at http://www.fda.gov/Training/ClinicalInvestigatorTrainingCourse/default.htm. Upon
completion of registration, you will receive an email that confirms
your registration. There will be no onsite registration or remote
access for this training.
    Accommodations: Attendees are responsible for their own hotel
accommodations. If you need special accommodations due to a disability,
please contact Nicole Silva (see FOR FURTHER INFORMATION CONTACT) at
least 7 days in advance. Persons attending the course are advised that
FDA is not responsible for providing access to electrical outlets.

    Dated: September 8, 2016.
Leslie Kux,
Associate Commissioner for Policy.
[FR Doc. 2016-22348 Filed 9-15-16; 8:45 am]
BILLING CODE 4164-01-P