[Federal Register: October 7, 2010 (Volume 75, Number 194)]
[Proposed Rules]
[Page 62057-62061]
[DOCID:fr07oc10-24]

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DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

44 CFR Part 67

[Docket ID FEMA-2010-0003; Internal Agency Docket No. FEMA-B-1144]

Proposed Flood Elevation Determinations

AGENCY: Federal Emergency Management Agency, DHS.

ACTION: Proposed rule.

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SUMMARY: Comments are requested on the proposed Base (1% annual-chance)
Flood Elevations (BFEs) and proposed BFE modifications for the
communities listed in the table below. The purpose of this notice is to
seek general information and comment regarding the proposed regulatory
flood elevations for the reach described by the downstream and upstream
locations in the table below. The BFEs and modified BFEs are a part of
the floodplain management measures that the community is required
either to adopt or to show evidence of having in effect in order to
qualify or remain qualified for participation in the National Flood
Insurance Program (NFIP). In addition, these elevations, once
finalized, will be used by insurance agents and others to calculate
appropriate flood insurance premium rates for new buildings and the
contents in those buildings.

DATES: Comments are to be submitted on or before January 5, 2011.

ADDRESSES: The corresponding preliminary Flood Insurance Rate Map
(FIRM) for the proposed BFEs for each community is available for
inspection at the community's map repository. The respective addresses
are listed in the table below.
    You may submit comments, identified by Docket No. FEMA-B-1144, to
Roy E. Wright, Deputy Director, Risk Analysis Division, Federal
Insurance and Mitigation Administration, Federal Emergency Management
Agency, 500 C Street, SW., Washington, DC 20472,<PHONE_NUMBER>, or (e-
mail<EMAIL_ADDRESS>
FOR FURTHER INFORMATION CONTACT: Roy E. Wright, Deputy Director, Risk
Analysis Division, Federal Insurance and Mitigation Administration,
Federal Emergency Management Agency, 500 C Street, SW., Washington, DC
20472,<PHONE_NUMBER>, or (e-mail<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: The Federal Emergency Management Agency
(FEMA) proposes to make determinations of BFEs and modified BFEs for
each community listed below, in accordance with section 110 of the
Flood Disaster Protection Act of 1973, 42 U.S.C. 4104, and 44 CFR
67.4(a).
    These proposed BFEs and modified BFEs, together with the floodplain
management criteria required by 44 CFR 60.3, are the minimum that are
required. They should not be construed to mean that the community must
change any existing ordinances that are more stringent in their
floodplain management requirements. The community may at any time enact
stricter requirements of its own or pursuant to policies established by
other Federal, State, or regional entities. These proposed elevations
are used to meet the floodplain management requirements of the NFIP and
also are used to calculate the appropriate flood insurance premium
rates for new buildings built after these elevations are made final,
and for the contents in those buildings.
    Comments on any aspect of the Flood Insurance Study and FIRM, other
than the proposed BFEs, will be considered. A letter acknowledging
receipt of any comments will not be sent.
    National Environmental Policy Act. This proposed rule is
categorically excluded from the requirements of 44 CFR part 10,
Environmental Consideration. An environmental impact assessment has not
been prepared.
    Regulatory Flexibility Act. As flood elevation determinations are
not within the scope of the Regulatory Flexibility Act, 5 U.S.C. 601-
612, a regulatory flexibility analysis is not required.
    Executive Order 12866, Regulatory Planning and Review. This
proposed rule is not a significant regulatory action under the criteria
of section 3(f) of Executive Order 12866, as amended.
    Executive Order 13132, Federalism. This proposed rule involves no
policies that have federalism implications under Executive Order 13132.
    Executive Order 12988, Civil Justice Reform. This proposed rule
meets the applicable standards of Executive Order 12988.

List of Subjects in 44 CFR Part 67

    Administrative practice and procedure, Flood insurance, Reporting
and recordkeeping requirements.

    Accordingly, 44 CFR part 67 is proposed to be amended as follows:

PART 67--[AMENDED]

    1. The authority citation for part 67 continues to read as follows:

    Authority:  42 U.S.C. 4001 et seq.; Reorganization Plan No. 3 of
1978, 3 CFR, 1978 Comp., p. 329; E.O. 12127, 44 FR 19367, 3 CFR,
1979 Comp., p. 376.

Sec.  67.4  [Amended]

    2. The tables published under the authority of Sec.  67.4 are
proposed to be amended as follows:

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                                                                  * Elevation in feet
                                                                 (NGVD) + Elevation in
                                                                 feet (NAVD)
                                       Location of referenced     Depth in feet above
         Flooding source(s)                  elevation         ground [caret] Elevation    Communities affected
                                                                   in meters (MSL)
                                                              --------------------------
                                                                Effective     Modified
----------------------------------------------------------------------------------------------------------------
                               McCracken County, Kentucky, and Incorporated Areas
----------------------------------------------------------------------------------------------------------------
Arnold Branch (backwater effects      From the confluence             None         +341  Unincorporated Areas of
 from Ohio River).                     with Blizzards Ponds                               McCracken County.
                                       Drainage Ditch to
                                       approximately 0.7 mile
                                       upstream of the
                                       Blizzards Ponds
                                       Drainage Canal.

Bayou Creek (backwater effects from   From the confluence             +333         +336  Unincorporated Areas of
 Ohio River).                          with the Ohio River to                             McCracken County.
                                       approximately 1.0 mile
                                       downstream of Ogden
                                       Landing Road.
Blizzards Ponds Drainage Canal        From the confluence             None         +341  Unincorporated Areas of
 (backwater effects from Ohio River).  with West Fork Clarks                              McCracken County.
                                       River to approximately
                                       275 feet upstream of
                                       Husband Road.
Camp Creek (backwater effects from    From the confluence             None         +341  Unincorporated Areas of
 Ohio River).                          with West Fork Clarks                              McCracken County.
                                       River to approximately
                                       0.5 mile downstream of
                                       KY-348.
Clarks River (backwater effects from  From the confluence             None         +341  Unincorporated Areas of
 Ohio River).                          with the Ohio River to                             McCracken County.
                                       approximately 0.7 mile
                                       upstream of KY-787.
Crooked Creek.......................  At the confluence with          +365         +363  Unincorporated Areas of
                                       Perkins Creek.                                     McCracken County.
                                      Approximately 400 feet          None         +402
                                       upstream of U.S. Route
                                       62.
Cross Creek.........................  Just upstream of the            +333         +331  Unincorporated Areas of
                                       Illinois Central                                   McCracken County.
                                       Railroad Yard.
                                      Approximately 345 feet          +343         +341
                                       upstream of South 24th
                                       Street.
Deer Lick Creek (backwater effects    From the confluence             None         +336  Unincorporated Areas of
 from Ohio River).                     with the Ohio River to                             McCracken County.
                                       approximately 2.9
                                       miles upstream of the
                                       confluence with the
                                       Ohio River.
Horse Branch (backwater effects from  From the confluence             None         +341  Unincorporated Areas of
 Ohio River).                          with the Clarks River                              McCracken County.
                                       to approximately 85
                                       feet downstream of
                                       Georgia Street South.
Island Creek Tributary 6.1            From the confluence             None         +336  Unincorporated Areas of
 (backwater effects from Island        with Island Creek to                               McCracken County.
 Creek).                               approximately 800 feet
                                       downstream of I-24.
Little Bayou Creek (backwater         From the confluence             +334         +336  Unincorporated Areas of
 effects from Ohio River).             with Bayou Creek to                                McCracken County.
                                       approximately 2.3
                                       miles downstream of
                                       Ogden Landing Road.
Little Massac Creek (backwater        From the confluence             None         +378  Unincorporated Areas of
 effects from West Fork Massac         with West Fork Massac                              McCracken County.
 Creek).                               Creek to approximately
                                       1,000 feet upstream of
                                       the confluence with
                                       West Fork Massac Creek.
Middle Fork.........................  Approximately 1,800             +354         +352  City of Paducah,
                                       feet upstream of the                               Unincorporated Areas
                                       confluence with Massac                             of McCracken County.
                                       Creek.
Massac Creek........................  Approximately 1,700             +355         +354
                                       feet upstream of
                                       McCracken Boulevard.
Nasty Creek (backwater effects from   From the confluence             None         +335  Unincorporated Areas of
 Ohio River).                          with Newtons Creek I                               McCracken County.
                                       to approximately 0.6
                                       mile upstream of Grief
                                       Road.
Newtons Creek I (backwater effects    From the confluence             None         +335  Unincorporated Areas of
 from Ohio River).                     with the Ohio River to                             McCracken County.
                                       approximately 0.7 mile
                                       upstream of Grief Road.
Ohio River..........................  Approximately 1,700             +331         +334  City of Paducah,
                                       feet downstream of the                             Unincorporated Areas
                                       confluence with                                    of McCracken County.
                                       Redstone Creek.
                                      Approximately 2.0 miles         +339         +340
                                       upstream of the
                                       confluence with the
                                       Tennessee River.
Perkins Creek.......................  At the confluence with          +337         +339  City of Paducah,
                                       the Ohio River.                                    Unincorporated Areas
                                                                                of McCracken County.
                                      Approximately 0.5 mile          None         +399
                                       upstream of Blandville
                                       Road.
Perkins Creek Tributary 4 (backwater  From the confluence             None         +339  City of Paducah,
 effects from Ohio River).             with Perkins Creek to                              Unincorporated Areas
                                       approximately 80 feet                              of McCracken County.
                                       downstream of U.S.
                                       Route 60.
Redstone Creek (backwater effects     From the confluence             +332         +335  Unincorporated Areas of
 from Ohio River).                     with Redstone Creek                                McCracken County.
                                       Tributary 5 to
                                       approximately 0.6 mile
                                       upstream of the
                                       confluence with
                                       Redstone Creek
                                       Tributary 5.
Redstone Creek Tributary 5            From the confluence             +332         +335  Unincorporated Areas of
 (backwater effects from Ohio River).  with Redstone Creek to                             McCracken County.
                                       approximately 0.5 mile
                                       upstream of the
                                       confluence with
                                       Redstone Creek.
Tennessee River.....................  At the confluence with          +339         +340  City of Paducah,
                                       the Ohio River.                                    Unincorporated Areas
                                                                                of McCracken County.
                                      Approximately 3.0 miles         None         +341
                                       upstream of U.S. Route
                                       60.
West Fork Clarks River (backwater     From the confluence             None         +341  Unincorporated Areas of
 effects from Ohio River).             with Clarks River to                               McCracken County.
                                       approximately 3.7
                                       miles upstream of the
                                       confluence with Camp
                                       Creek at the county
                                       boundary.

West Fork Massac Creek (backwater     From the confluence             +336         +338  Unincorporated Areas of
 effects from Ohio River).             with Massac Creek to                               McCracken County.
                                       approximately 2,000
                                       feet upstream of
                                       Wilmington Road.
----------------------------------------------------------------------------------------------------------------
* National Geodetic Vertical Datum.
+ North American Vertical Datum.
 Depth in feet above ground.
[caret] Mean Sea Level, rounded to the nearest 0.1 meter.
** BFEs to be changed include the listed downstream and upstream BFEs, and include BFEs located on the stream
 reach between the referenced locations above. Please refer to the revised Flood Insurance Rate Map located at
 the community map repository (see below) for exact locations of all BFEs to be changed.

Send comments to Roy E. Wright, Deputy Director, Risk Analysis Division, Federal Insurance and Mitigation
 Administration, Federal Emergency Management Agency, 500 C Street, SW., Washington, DC 20472.

                                                    ADDRESSES
City of Paducah
Maps are available for inspection at City Hall, 300 South 5th Street, Paducah, KY 42002.

                                    Unincorporated Areas of McCracken County
Maps are available for inspection at the McCracken County Courthouse, 301 South 6th Street, Paducah, KY 42003.
----------------------------------------------------------------------------------------------------------------
                                          Franklin County, Pennsylvania
                                               (All Jurisdictions)
----------------------------------------------------------------------------------------------------------------
Back Creek..........................  At the confluence with          None         +481  Township of Antrim,
                                       Conococheague Creek.                               Township of Peters.
                                      Approximately 180 feet          None         +481
                                       upstream of the
                                       confluence with
                                       Conococheague Creek.
Conodoguinet Creek..................  Approximately 500 feet          None         +544  Township of
                                       downstream of Burnt                                Letterkenny, Township
                                       Mill Road.                                         of Lurgan.
                                      Approximately 1.49 mile         None         +603
                                       upstream of Tanyard
                                       Hill Road (State Route
                                       433).
Middle Spring Creek.................  Approximately 20 feet           None         +630  Township of
                                       upstream of Hot Point                              Southampton.
                                       Avenue (Avon Drive).
                                      Approximately 80 feet           None         +630
                                       upstream of Hot Point
                                       Avenue (Avon Drive).
Tributary to Falling Spring Branch..  At the confluence with          +634         +631  Township of Guilford.
                                       Falling Spring Branch.
                                      At the upstream inlet           +634         +631
                                       of the I-81 culvert.
Unnamed Tributary to West Branch      Approximately 1,900             None         +637  Township of Washington.
 Antietam Creek.                       feet downstream of the
                                       Access Road Bridge.
                                      Approximately 100 feet          None         +647
                                       downstream of the
                                       Access Road Bridge.
----------------------------------------------------------------------------------------------------------------
* National Geodetic Vertical Datum.
+ North American Vertical Datum.
 Depth in feet above ground.
[caret] Mean Sea Level, rounded to the nearest 0.1 meter.
** BFEs to be changed include the listed downstream and upstream BFEs, and include BFEs located on the stream
 reach between the referenced locations above. Please refer to the revised Flood Insurance Rate Map located at
 the community map repository (see below) for exact locations of all BFEs to be changed.

Send comments to Roy E. Wright, Deputy Director, Risk Analysis Division, Federal Insurance and Mitigation
 Administration, Federal Emergency Management Agency, 500 C Street, SW., Washington, DC 20472.

                                                    ADDRESSES
Township of Antrim
Maps are available for inspection at the Antrim Township Municipal Building, 10655 Antrim Church Road,
 Greencastle, PA 17225.

Township of Guilford
Maps are available for inspection at the Guilford Township Building, 115 Spring Valley Road, Chambersburg, PA
 17201.

Township of Letterkenny
Maps are available for inspection at the Letterkenny Township Building, 4924 Orrstown Road, Orrstown, PA 17244.

Township of Lurgan
Maps are available for inspection at the Lurgan Township Building, 8650 McClays Mill Road, Newburg, PA 17240.

Township of Peters
Maps are available for inspection at the Peters Township Building, 5342 Lemar Road, Mercersburg, PA 17236.

Township of Southampton

Maps are available for inspection at the Township Building, 705 Municipal Drive, Southampton, PA 17257.

Township of Washington
Maps are available for inspection at the Washington Township Building, 13013 Welty Road, Waynesboro, PA 17268.
----------------------------------------------------------------------------------------------------------------

                              Marion County, South Carolina, and Incorporated Areas
----------------------------------------------------------------------------------------------------------------
Little Pee Dee River................  Just upstream of Drama          None          +28  Unincorporated Areas of
                                       Court extended.                                    Marion County.
                                      Just downstream of U.S.         None          +51
                                       Route 76.
Sellers Branch......................  Approximately 250 feet          None          +72  Town of Sellers,
                                       downstream of Church                               Unincorporated Areas
                                       Street.                                            of Marion County.
                                      Approximately 1,500             None          +85
                                       feet upstream of Main
                                       Street.
White Oak Creek Tributary 1.1.......  At the confluence with          None          +84  City of Mullins.
                                       White Oak Creek
                                       Tributary 1.
                                      Approximately 50 feet           None          +95
                                       downstream of Lowman
                                       Street.
----------------------------------------------------------------------------------------------------------------
* National Geodetic Vertical Datum.
+ North American Vertical Datum.
 Depth in feet above ground.
[caret] Mean Sea Level, rounded to the nearest 0.1 meter.
** BFEs to be changed include the listed downstream and upstream BFEs, and include BFEs located on the stream
 reach between the referenced locations above. Please refer to the revised Flood Insurance Rate Map located at
 the community map repository (see below) for exact locations of all BFEs to be changed.

Send comments to Roy E. Wright, Deputy Director, Risk Analysis Division, Federal Insurance and Mitigation
 Administration, Federal Emergency Management Agency, 500 C Street, SW., Washington, DC 20472.

                                                    ADDRESSES
City of Mullins
Maps are available for inspection at 151 East Front Street, Mullins, SC 29574.

Town of Sellers
Maps are available for inspection at 2552 U.S. Route 301, Sellers, SC 29592.

                                      Unincorporated Areas of Marion County
Maps are available for inspection at 1305 North Main Street, Marion, SC 29571.
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                                  Kaufman County, Texas, and Incorporated Areas
----------------------------------------------------------------------------------------------------------------
Brooklyn Branch.....................  At the confluence with          None         +457  City of Forney.
                                       Mustang Creek.
                                      Approximately 1,382             None         +471
                                       feet upstream of
                                       Ridgecrest Road.
Buffalo Creek.......................  Just upstream of Union          None         +389  City of Forney,
                                       Pacific Railroad.                                  Unincorporated Areas
                                                                                of Kaufman County.
                                      Just upstream of FM 740         None         +403
Cedar Creek.........................  Approximately 2.9 miles         None         +342  City of Mabank,
                                       downstream of U.S.                                 Unincorporated Areas
                                       Route 175.                                         of Kaufman County.
                                      Approximately 1 mile            None         +342
                                       downstream of State
                                       Highway 274.
Duck Creek..........................  Approximately 925 feet          None         +458  Unincorporated Areas of
                                       downstream of Country                              Kaufman County.
                                       Road 337.
                                      Approximately 1,755             None         +485
                                       feet upstream of FM
                                       2728.
East Fork Trinity River.............  Just upstream of Union          None         +389  City of Dallas, City of
                                       Pacific Railroad.                                  Heath, Unincorporated
                                                                                Areas of Kaufman
                                                                                County.
                                      Approximately 0.85 mile         None         +398
                                       upstream of the
                                       Rockwell-Forney Dam.
Mustang Creek.......................  Approximately 0.51 mile         None         +413  City of Forney,
                                       upstream of Shady                                  Unincorporated Areas
                                       Brook Lane.                                        of Kaufman County.
                                      Approximately 0.51 mile         None         +480
                                       upstream of Ridgecrest
                                       Road.
Unnamed Tributary to Kings Creek....  Approximately 1,600             None         +486  City of Terrell,
                                       feet upstream of the                               Unincorporated Areas
                                       confluence with Kings                              of Kaufman County.
                                       Creek (Upper Reach).

                                      Approximately 0.91 mile         None         +506
                                       upstream of the
                                       confluence with Kings
                                       Creek (Upper Reach).
----------------------------------------------------------------------------------------------------------------
* National Geodetic Vertical Datum.
+ North American Vertical Datum.
 Depth in feet above ground.
[caret] Mean Sea Level, rounded to the nearest 0.1 meter.
** BFEs to be changed include the listed downstream and upstream BFEs, and include BFEs located on the stream
 reach between the referenced locations above. Please refer to the revised Flood Insurance Rate Map located at
 the community map repository (see below) for exact locations of all BFEs to be changed.

Send comments to Roy E. Wright, Deputy Director, Risk Analysis Division, Federal Insurance and Mitigation
 Administration, Federal Emergency Management Agency, 500 C Street, SW., Washington, DC 20472.

                                                    ADDRESSES
City of Dallas
Maps are available for inspection at 320 East Jefferson Boulevard, Room 307, Dallas, TX 75203.

City of Forney
Maps are available for inspection at City Hall, 101 West Main Street, Forney, TX 75126.

City of Heath
Maps are available for inspection at City Hall, 200 Laurence Drive, Heath, TX 75032.

City of Mabank
Maps are available for inspection at City Hall, 129 East Market Street, Mabank, TX 75147.

City of Terrell
Maps are available for inspection at City Hall, 201 East Nash Street, Terrell, TX 75160.

                                     Unincorporated Areas of Kaufman County
Maps are available for inspection at the Kaufman County Courthouse, 100 West Mulberry Street, Kaufman, TX 75142.

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(Catalog of Federal Domestic Assistance No. 97.022, ``Flood
Insurance.'')

    Dated: September 21, 2010.
Edward L. Connor,
Acting Federal Insurance and Mitigation Administrator, Department of
Homeland Security, Federal Emergency Management Agency.
[FR Doc. 2010-25337 Filed 10-6-10; 8:45 am]
BILLING CODE 9110-12-P


[Federal Register Volume 87, Number 55 (Tuesday, March 22, 2022)]
[Notices]
[Pages 16296-16299]
[FR Doc No: 2022-05986]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-94437; File No. SR-CboeEDGX-2022-013]

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

March 16, 2022.
    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 March 9, 2022, Cboe EDGX Exchange, Inc. (the ``Exchange'' or
``EDGX'') 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 EDGX Exchange, Inc. (the ``Exchange'' or ``EDGX'' or ``EDGX
Equities'') proposes to amend its Fee Schedule. The text of the
proposed rule change is provided in Exhibit 5.
    The text of the proposed rule change is also available on the
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) Amend fee
code ZM so that it applies to applicable orders with a time-in-force of
Good `til Extended Day (``GTX''); and (2) modify the criteria of Growth
Tier 2. The Exchange proposes to implement these changes effective
March 1, 2022.\3\
---------------------------------------------------------------------------

    \3\ The Exchange initially filed the proposed fee changes on
March 1, 2022 (SR-CboeEDGX-2022-009). On March 9, 2022, the Exchange
withdrew that filing and submitted this proposal.
---------------------------------------------------------------------------

    The Exchange first notes that it operates in a highly competitive
market in which market participants can readily direct order flow to
competing venues if they deem fee levels at a particular venue to be
excessive or incentives to be insufficient. More specifically, the
Exchange is only one of 16 registered equities exchanges, as well as a
number of alternative trading systems and other off-exchange venues
that do not have similar self-regulatory responsibilities under the
Exchange Act, to which market participants may direct their order flow.
Based on publicly available information,\4\ no single registered
equities exchange has more than 17% 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. 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 total dollar value for orders that remove liquidity.
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.
---------------------------------------------------------------------------

    \4\ See Cboe Global Markets, U.S. Equities Market Volume
Summary, Month-to-Date (February 27, 2022), available at https://markets.cboe.com/us/equities/market_statistics/.
---------------------------------------------------------------------------

    As noted under the Fee Codes and Associated Fees section of the Fee
Schedule, fee code ZM is appended to retail orders with a time-in-force
of Day \5\/Regular Hours Only (``RHO'') \6\ that remove liquidity on
arrival and provides a fee/rebate of free. Now the Exchange proposes to
amend fee code ZM so that is appended to retail with a time-in-force of
Day/RHO or GTX \7\ that remove liquidity on arrival. Currently, retail
orders with a time-in-force of GTX that remove liquidity upon arrival
are appended fee code ZR which are assessed a fee of $0.00300 per share
in securities at or above $1.00 and 0.30% of dollar value to securities
below $1.00. Therefore, the proposal would decrease the fee associated
with retail orders with a time-in-force of GTX that remove liquidity
upon arrival by $0.00300.
---------------------------------------------------------------------------

    \5\ See Exchange Rule 11.6(q)(2)
    \6\ See Exchange Rule 11.6(q)(6).
    \7\ See Exchange Rule 11.6(q)(5).
---------------------------------------------------------------------------

    Further, the Growth Volume Tiers Volume Tiers set forth in footnote
1 of the Fee Schedule (Add/Remove Volume Tiers) provide Members an
opportunity for qualifying orders (i.e., orders yielding fee code B,\8\
V,\9\ Y,\10\ 3 \11\ or 4 \12\) to receive an enhanced rebate and are
designed to encourage growth in order flow by providing specific
criteria in which Members must increase their relative liquidity each
month over a predetermined baseline. Growth Tier 2, for example,
provides an opportunity for qualifying orders (i.e., orders yielding
fee code B, V, Y, 3 or 4) to receive an enhanced rebate of $0.0027 per
share to Members that (1) add a Step-Up ADAV \13\ from June 2021
greater than or equal to 0.10% of the TCV \14\ or Members that add a
Step-Up

ADAV from June 2021 equal to or greater than 8 million shares; and (2)
Members that have a total remove ADV equal to or greater than 0.70% of
TCV. The Exchange now proposes to modify the criteria in the second
prong of Growth Tier 2 to require that Members (i) have a total remove
ADV equal to or greater than 0.70% of TCV, or alternatively, (ii) have
a total remove ADV equal to or greater than 60,000,000 shares.
---------------------------------------------------------------------------

    \8\ Orders yielding Fee Code ``B'' are orders adding liquidity
to EDGX (Tape B).
    \9\ Orders yielding Fee Code ``V'' are orders adding liquidity
to EDGX (Tape A).
    \10\ Orders yielding Fee Code ``Y'' are orders adding liquidity
to EDGX (Tape C).
    \11\ Orders yielding Fee Code ``3'' are orders adding liquidity
to EDGX in the pre and post market (Tapes A or C).
    \12\ Orders yielding Fee Code ``4'' are orders adding liquidity
to EDGX in the pre and post market (Tape B).
    \13\ ``Step-Up ADAV'' means ADAV in the relevant baseline month
subtracted from current ADAV.
    \14\ ``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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2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with the objectives of Section 6 of the Securities and Exchange Act of
1933 (the ``Act''),\15\ in general, and furthers the objectives of
Section 6(b)(4),\16\ in particular, as it is designed to provide for
the equitable allocation of reasonable dues, fees and other charges
among its Members and issuers and other persons using its facilities.
The Exchange also believes that the proposed rule change is consistent
with the objectives of Section 6(b)(5) \17\ 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,
and, particularly, is not designed to permit unfair discrimination
between customers, issuers, brokers, or dealers. 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 proposed rule changes reflect 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.
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    \15\ 15 U.S.C. 78f.
    \16\ 15 U.S.C. 78f(b)(4).
    \17\ 15 U.S.C. 78f.(b)(5).
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    Regarding the proposed amendment to fee code ZM, the Exchange notes
that the competition for retail order flow is particularly intense,
especially as it relates to exchange versus off-exchange venues, as
prominent retail brokerages tend to route a majority of their limit
orders to off-exchange venues.\18\ Accordingly, competitive forces
compel the Exchange to use exchange transaction fees and credits,
particularly as they relate to competing for retail order flow, because
market participants can readily trade on competing venues if they deem
pricing levels at those other venues to be more favorable.
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    \18\ See Securities Exchange Release No. 86375 (July 15, 2019),
84 FR 34960 (SRCboeEDGX-2019-045).
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    The Exchange believes that its proposed change to amend fee code ZM
is reasonable, equitable and not unfairly discriminatory. First, the
Exchange notes that the current fee applied to retail orders with a
time-in-force of GTX that remove liquidity upon arrival is $0.00300 per
share in securities at or above $1.00 and 0.30% of dollar value to
securities below $1.00. Therefore, the proposal would decrease the fee
associated with retail orders with a time-in-force of GTX that remove
liquidity upon arrival. Second, while the proposed fee/rebate applies
only to retail orders, the Exchange does not believe this application
is discriminatory as the Exchange offers similar rebates or reduced
fees to non-retail order flow. The Exchange notes that, like all other
fee codes, ZM and the accompanying fee (which is free) will be
automatically and uniformly applied to all Members' qualifying orders
as applicable.
    The Exchange believes its proposal to amend the criteria of the
Growth Tier 2 is reasonable because the tier is and will continue to be
available to all Members and provides Members an alternative
opportunity to meet the required criteria in order to receive an
enhanced rebate. The Exchange notes that relative volume-based
incentives and discounts have been widely adopted by exchanges,
including the Exchange, and are reasonable, equitable, and non-
discriminatory because they are open to all Members on an equal basis
and provide additional discounts that are reasonably related to (i) the
value to an exchange's market quality and (ii) associated with higher
levels of market activity, such as higher levels of liquidity provision
and/or growth patterns. The proposed amendment to Growth Tier 2 is
designed to give Members an alternative opportunity to meet the second
prong of the required criteria, and therefore the tier may be more
easily achieved by Members. The Exchange believes that the existing
rebates under Growth Tier 2 continues to be commensurate with the
proposed criteria. That is, the rebate reasonably reflects the
difficulty in achieving the corresponding criteria as amended.
    The Exchange believes that the changes Growth Tier 2 will benefit
all market participants by incentivizing continuous liquidity and,
thus, deeper more liquid markets as well as increased execution
opportunities. Particularly, the proposal is designed to incentivize
liquidity, which further contributes to a deeper, more liquid market
and provide even more execution opportunities for active market
participants at improved prices. This overall increase in activity
deepens the Exchange's liquidity pool, offers additional cost savings,
supports the quality of price discovery, promotes market transparency
and improves market quality, for all investors.
    The Exchange also believes that the proposed amendment to the
Growth Tier 2 represents an equitable allocation of rebates and are not
unfairly discriminatory because all Members are eligible for the tiers
and would have the opportunity to meet the tier's criteria and would
receive the proposed 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 for the tier. While the
Exchange has no way of predicting with certainty how the proposed tier
will impact Member activity, based on trading activity on the Exchange
during the prior month, the Exchange anticipates that at least one
Member will be able to compete for and reach the proposed criteria in
Growth Tier 2. The Exchange also notes that proposed change will not
adversely impact any Member's ability to qualify for other reduced fee
or enhanced rebate tiers. Should a Member not meet the proposed
criteria under the tier, as amended, the Member will merely not receive
the corresponding enhanced rebate.
    As noted above, the Exchange operates in a highly competitive
market. The Exchange is only one of 16 equity venues to which market
participants may direct their order flow, and it represents a small
percentage of the overall market. It is also only one of several maker-
taker exchanges. Competing equity exchanges offer similar rates and
tiered pricing structures to that of the Exchange, including schedules
of rebates and fees that apply based upon members achieving certain
volume thresholds.

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule changes will
impose any burden on competition 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
tier change will apply to Members equally in that all Members are
eligible for Growth Tier 2, have a reasonable opportunity to meet the
tier's criteria and will receive the enhanced rebate on their
qualifying orders if such criteria is met. Further, the fee code ZM is
and will continue to be available to all Members equally. The Exchange
does not believe the proposed changes burdens competition, but rather,
enhances competition as it is intended to increase the competitiveness
of EDGX by amending an existing pricing incentive 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.
    Next, the Exchange believes the proposed rule change 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 17% of the market share.\19\ 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.'' \20\ 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'. . . .''.\21\ 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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    \19\ Supra note 4.
    \20\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496, 37499 (June 29, 2005).
    \21\ 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 \22\ and paragraph (f) of Rule 19b-4 \23\
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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    \22\ 15 U.S.C. 78s(b)(3)(A).
    \23\ 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 (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include
File Number SR-CboeEDGX-2022-013 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-2022-013. 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-CboeEDGX-2022-013 and should
be submitted on or before April 12, 2022.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\24\
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    \24\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-05986 Filed 3-21-22; 8:45 am]
BILLING CODE 8011-01-P