Notice2021-17089
Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend Phlx's Options Regulatory Fee
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
August 11, 2021
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 86 Issue 152 (Wednesday, August 11, 2021)</title>
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[Federal Register Volume 86, Number 152 (Wednesday, August 11, 2021)]
[Notices]
[Pages 44096-44100]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-17089]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-92585; File No. SR-Phlx-2021-39]
Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change to Amend Phlx's
Options Regulatory Fee
August 5, 2021.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\, and Rule 19b-4 thereunder,\2\ notice is hereby given
that on July 30, 2021, Nasdaq PHLX LLC (``Phlx'' or ``Exchange'') filed
with the Securities and Exchange Commission (``SEC'' or ``Commission'')
the proposed rule change as described in Items I and II, 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
The Exchange proposes to amend Phlx's Pricing Schedule at Options
7, Section 6, Part D related to the Options Regulatory Fee or ``ORF''.
While the changes proposed herein are effective upon filing, the
Exchange has designated the amendments become operative on October 1,
2021.
The text of the proposed rule change is available on the Exchange's
website at <a href="https://listingcenter.nasdaq.com/rulebook/phlx/rules">https://listingcenter.nasdaq.com/rulebook/phlx/rules</a>, at the
principal office of the Exchange, 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
Currently, Phlx assesses an ORF of $0.0042 per contract side as
specified in Phlx's Pricing Schedule at Options 7, Section 6, Part D.
The Exchange proposes to waive its ORF from October 1, 2021 to January
31, 2022, and then recommence the ORF on February 1, 2022.
By way of background, the options industry has experienced
extremely high options trading volumes and volatility. This historical
anomaly of persistent increased options volumes has impacted Phlx's ORF
collection which, in turn, has caused the Exchange to continue to
revisit its financial forecast to reflect the sustained elevated
options volumes and volatility. As the Exchange continues to monitor
the amount of revenue collected from the ORF to ensure that our ORF
collection, in combination with other regulatory fees and fines, does
not exceed regulatory costs, the Exchange has found it difficult to
determine when volumes will return to more normal levels. In order to
avoid iterative rule changes to amend its ORF, the Exchange believes it
is prudent to instead waive its ORF from October 1, 2021 to January 31,
2022, to permit the Exchange to plan future forecasts without the need
to account for any ORF collection during that timeframe. This proposal
would ensure that revenue collected from the ORF, in combination with
other regulatory fees and fines, would not exceed the Exchange's total
regulatory costs. Phlx would recommence assessing its current ORF rate
of $0.0042 per contract side as of February 1, 2022. Furthermore, prior
to February 1, 2022, Phlx will examine its ORF rate to determine if the
$0.0042 per contract side ORF is justified given the current volumes in
2022 as well as the current Exchange regulatory expenses at that time.
Phlx would file a proposed rule change to amend its per contract ORF if
changes are necessary to ensure an equitable allocation of reasonable
ORF, if e.g., the Exchange believes that the volumes Phlx experiences
in the second half of 2021 are likely to persist throughout 2022. Of
note, Phlx proposes to continue to operate with the ORF fee waived in
January 2022 to allow its member organizations and other broker dealers
time to align their systems for February 1, 2022, allowing for time
after the holiday period which traditionally have year-end code freezes
in place.
Collection of ORF
Currently, Phlx assesses its ORF for each customer option
transaction that is either: (1) Executed by a member organization \3\
on Phlx; or (2) cleared by a Phlx member organization at The Options
Clearing Corporation (``OCC'') in the customer range,\4\ even if the
transaction was executed by a non-member organization of Phlx,
regardless of the exchange on which the transaction occurs.\5\
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\3\ The term ``member organization'' means a corporation,
partnership (general or limited), limited liability partnership,
limited liability company, business trust or similar organization,
transacting business as a broker or a dealer in securities and which
has the status of a member organization by virtue of (i) admission
to membership given to it by the Membership Department pursuant to
the provisions of General 3, Sections 5 and 10 or the By-Laws or
(ii) the transitional rules adopted by the Exchange pursuant to
Section 6-4 of the By-Laws. References herein to officer or partner,
when used in the context of a member organization, shall include any
person holding a similar position in any organization other than a
corporation or partnership that has the status of a member
organization. See General 1, Section 1(17).
\4\ Participants must record the appropriate account origin code
on all orders at the time of entry of the order. The Exchange
represents that it has surveillances in place to verify that member
organizations mark orders with the correct account origin code.
\5\ The Exchange uses reports from OCC when assessing and
collecting the ORF.
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ORF Revenue and Monitoring of ORF
The Exchange monitors the amount of revenue collected from the ORF
to ensure that it, in combination with other
[[Page 44097]]
regulatory fees and fines, does not exceed regulatory costs. In
determining whether an expense is considered a regulatory cost, the
Exchange reviews all costs and makes determinations if there is a nexus
between the expense and a regulatory function. The Exchange notes that
fines collected by the Exchange in connection with a disciplinary
matter offset ORF.
Revenue generated from ORF, when combined with all of the
Exchange's other regulatory fees and fines, is designed to recover a
material portion of the regulatory costs to the Exchange of the
supervision and regulation of member \6\ and member organization
customer options business including performing routine surveillances,
investigations, examinations, financial monitoring, and policy,
rulemaking, interpretive, and enforcement activities. Regulatory costs
include direct regulatory expenses and certain indirect expenses in
support of the regulatory function. The direct expenses include in-
house and third-party service provider costs to support the day-to-day
regulatory work such as surveillances, investigations and examinations.
The indirect expenses include support from such areas as Office of the
General Counsel, technology, and internal audit. Indirect expenses are
estimated to be approximately 42% of the total regulatory costs for
2021. Thus, direct expenses are estimated to be approximately 58% of
total regulatory costs for 2021.
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\6\ The term ``member'' means a permit holder which has not been
terminated in accordance with the By-Laws and these Rules of the
Exchange. A member is a natural person and must be a person
associated with a member organization. Any references in the rules
of the Exchange to the rights or obligations of an associated person
or person associated with a member organization also includes a
member. See General 1, Section 1(16).
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The ORF is designed to recover a material portion of the costs to
the Exchange of the supervision and regulation of its members and
member organizations, including performing routine surveillances,
investigations, examinations, financial monitoring, and policy,
rulemaking, interpretive, and enforcement activities.
Proposal
Based on the Exchange's most recent review, the Exchange proposes
to waive ORF from October 1, 2021 to January 31, 2022, to help ensure
that revenue collected from the ORF, in combination with other
regulatory fees and fines, does not exceed the Exchange's total
regulatory costs. Phlx would recommence assessing its current ORF rate
of $0.0042 per contract side as of February 1, 2022. The Exchange
issued an Options Trader Alert on July 2, 2021 indicating the proposed
rate change for October 1, 2021.\7\
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\7\ See Options Trader Alert 2021-41.
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The proposed waiver is based on recent options volume which has
remained at abnormally and unexpectedly high levels. Options volume in
2021 remains significantly high when that volume is compared to 2019
and 2020 options volume. For example, total options contract volume in
November 2020 was 71% higher than the total options contract volume in
November 2019.\8\ Below is industry data from OCC \9\ which illustrates
the significant increase in volume during the fourth quarter of 2020.
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\8\ See data from OCC at: <a href="https://www.businesswire.com/news/home/20201202005584/en/OCC-November-2020-Total-Volume-Up-71-Percent-From-a-Year-Ago">https://www.businesswire.com/news/home/20201202005584/en/OCC-November-2020-Total-Volume-Up-71-Percent-From-a-Year-Ago</a>.
\9\ See data from OCC at: <a href="https://www.theocc.com/Market-Data/Market-Data-Reports/Volume-and-Open-Interest/Volume-by-Account-Type">https://www.theocc.com/Market-Data/Market-Data-Reports/Volume-and-Open-Interest/Volume-by-Account-Type</a>.
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Volume October 2020 November 2020 December 2020 Q4 2020
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Total........................... 633,365,184 673,660,858 753,568,354 2,060,594,396
Customer........................ 587,707,301 630,297,252 708,037,956 1,926,042,509
Total ADV....................... 28,789,326.55 33,683,042.90 34,253,107.00 32,196,787.44
Customer ADV.................... 26,713,968.23 31,514,862.60 32,183,543.45 30,094,414.20
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[[Page 44098]]
Below is industry data from OCC \10\ which illustrates the
significant increase in volume from January 2021 through March 2021.
The options volume in the first quarter of 2021 was higher than the
fourth quarter of 2020. Also, April and May 2021 volumes remain
significantly high as compared to 2020 options volume in general.
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\10\ Id.
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Volume January 2021 February 2021 March 2021 April 2021 May 2021
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Total............................................... 838,339,790 823,412,827 898,653,388 711,388,828 718,368,993
Customer............................................ 784,399,878 782,113,450 837,247,059 667,208,963 659,913,862
Total ADV........................................... 44,123,146.84 43,337,517.20 39,071,886.40 33,875,658.50 35,918,449.70
Customer ADV........................................ 41,284,204.11 41,163,865.79 36,402,046.04 31,771,855.38 32,995,693.10
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As a result of the historical anomaly created by these high options
volumes, Phlx has no assurance that the Exchange's final costs for 2021
will not differ materially from these expectations and prior practice,
nor can the Exchange predict with certainty whether options volume will
remain at the current level going forward. The Exchange notes however,
that when combined with regulatory fees and fines, the revenue being
generated utilizing the current ORF rate may result in revenue in
excess of the Exchange's estimated regulatory costs for the year.
Particularly, as noted above, the options market has seen a substantial
increase in volume in 2021 as compared to 2020, due in large part to
the continued extreme volatility in the marketplace as a result of the
COVID-19 pandemic. This unprecedented spike in volatility resulted in
significantly higher volume than was originally projected by the
Exchange (thereby resulting in substantially higher ORF revenue than
projected). The Exchange therefore proposes to waive ORF from October
1, 2021 to January 31, 2022 to ensure it does not exceed its regulatory
costs for 2021. Particularly, the Exchange believes that waiving ORF
from October 1, 2021 to January 31, 2022 and considering all of the
Exchange's other regulatory fees and fines would allow the Exchange to
continue covering a material portion of its regulatory costs, while
lessening the potential for generating excess revenue that may
otherwise occur using the current rate.\11\
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\11\ The Exchange notes that its regulatory responsibilities
with respect to member compliance with options sales practice rules
have largely been allocated to FINRA under a 17d-2 agreement. The
ORF is not designed to cover the cost of that options sales practice
regulation.
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Phlx would recommence assessing its current ORF rate of $0.0042 per
contract side as of February 1, 2022. Until October 1, 2021, the
Exchange will continue to monitor the amount of revenue collected from
the ORF to ensure that it, in combination with its other regulatory
fees and fines, does not exceed regulatory costs. The Exchange would
also continue monitoring the amount of revenue collected from the ORF
when it recommences assessing ORF on February 1, 2022. If the Exchange
determines regulatory revenues exceed regulatory costs, the Exchange
will adjust the ORF by submitting a fee change filing to the Commission
and notifying \12\ its member organizations via an Options Trader
Alert.\13\
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\12\ The Exchange will provide member organizations with such
notice at least 30 calendar days prior to the effective date of the
change.
\13\ The Exchange notes that in connection with this proposal,
it provided the Commission confidential details regarding the
Exchange's projected regulatory revenue, including projected revenue
from ORF, along with a projected regulatory expenses.
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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.\14\ Specifically, the
Exchange believes the proposed rule change is consistent with Section
6(b)(4) of the Act,\15\ which provides that Exchange rules may provide
for the equitable allocation of reasonable dues, fees, and other
charges among its members, member organizations, and other persons
using its facilities. Additionally, the Exchange believes the proposed
rule change is consistent with the Section 6(b)(5) \16\ requirement
that the rules of an exchange not be designed to permit unfair
discrimination between customers, issuers, brokers, or dealers.
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\14\ 15 U.S.C. 78f(b).
\15\ 15 U.S.C. 78f(b)(4).
\16\ 15 U.S.C. 78f(b)(5).
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The Exchange believes the proposed fee waiver is reasonable because
customer transactions will be subject to no ORF from October 1, 2021 to
January 31, 2022. Moreover, the proposed waiver is necessary, so the
Exchange does not collect revenue in excess of its anticipated
regulatory costs, in combination with other regulatory fees and fines,
which is consistent with the Exchange's practices.
The Exchange designed the ORF to generate revenues that would be
less than the amount of the Exchange's regulatory costs to ensure that
it, in combination with its other regulatory fees and fines, does not
exceed regulatory costs, which is consistent with the view of the
Commission that regulatory fees be used for regulatory purposes and not
to support the Exchange's business operations. As discussed above,
however, after review of its regulatory costs and regulatory revenues,
which includes revenues from ORF and other regulatory fees and fines,
the Exchange determined that absent a reduction in ORF, it may be
collecting revenue in excess of its regulatory costs. Indeed, the
Exchange notes that when considering the recent options volume, which
included an increase in customer options transactions, it estimates the
ORF may generate revenues that may cover more than the approximated
Exchange's projected regulatory costs. As such, the Exchange believes
it's reasonable and appropriate to waive ORF from October 1, 2021 to
January 31, 2022 and recommence assessing ORF on February 1, 2022.
The Exchange also believes the proposed fee change is equitable and
not unfairly discriminatory as no member organization would be assessed
an ORF from October 1, 2021 to January 31, 2022. While the Exchange has
assessed and collected ORF from January through September, 2021, but
will not collect ORF, with this proposal, from October 2021 through
January 2022, the Exchange does not believe that it is unfairly
discriminatory to not assess the ORF from October 2021 through January
2022 because the ORF is designed and intended to recover a portion of
the Exchange's regulatory costs without collecting in excess of those
costs. Unexpectedly high and sustained customer volume has resulted in
higher revenues from the ORF that, if not suspended, will likely result
in over-collection of ORF, which would be inconsistent with the
Exchange's prior representations and undertaking to not collect ORF in
excess of regulatory expenses. Despite decreasing the
[[Page 44099]]
amount of the ORF on April 1, 2021, the Exchange did not decrease the
amount of the ORF again in 2021 because it did not expect, based on its
prior experience, that customer volume would remain abnormally high.
Also, it is equitable and not unfairly discriminatory to recommence the
assessment of the ORF on February 1, 2022 because assessing the ORF to
each member organization for options transactions cleared by OCC in the
customer range where the execution occurs on another exchange and is
cleared by aa Phlx member organization is an equitable allocation of
reasonable dues, fees, and other charges among its members and issuers
and other persons using its facilities.\17\
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\17\ If the OCC clearing member is a Phlx member organization,
ORF is assessed and collected on all cleared customer contracts
(after adjustment for CMTA); and (2) if the OCC clearing member is
not a Phlx member organization, ORF is collected only on the cleared
customer contracts executed at Phlx, taking into account any CMTA
instructions which may result in collecting the ORF from a non-
member organization.
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The Exchange believes recommencing the ORF on February 1, 2022 at
the same rate, unless options volumes at that time warrant a proposed
rule change, continues to ensure fairness by assessing higher fees to
those member organizations that require more Exchange regulatory
services based on the amount of customer options business they conduct.
As noted in prior ORF rule changes which set the current ORF rate of
$0.0042 per contract side, regulating customer trading activity is much
more labor intensive and requires greater expenditure of human and
technical resources than regulating non-customer trading activity,
which tends to be more automated and less labor-intensive. For example,
there are costs associated with main office and branch office
examinations (e.g., staff expenses), as well as investigations into
customer complaints and the terminations of registered persons.\18\
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\18\ See Securities Exchange Act Release No. 91418 (March 26,
2021), 86 FR 17254 (April 1, 2021) (SR-Phlx-2021-16) (Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Amend
Phlx's Pricing Schedule at Options 7, Section 6, Part D To Reduce
the Phlx Options Regulatory Fee). The Exchange also noted in this
rule change that, ``As a result, the costs associated with
administering the customer component of the Exchange's overall
regulatory program are materially higher than the costs associated
with administering the non-customer component (e.g., member
organization proprietary transactions) of its regulatory program.
Moreover, the Exchange notes that it has broad regulatory
responsibilities with respect to activities of its member
organizations, irrespective of where their transactions take place.
Many of the Exchange's surveillance programs for customer trading
activity may require the Exchange to look at activity across all
markets, such as reviews related to position limit violations and
manipulation. Indeed, the Exchange cannot effectively review for
such conduct without looking at and evaluating activity regardless
of where it transpires. In addition to its own surveillance
programs, the Exchange also works with other SROs and exchanges on
intermarket surveillance related issues. Through its participation
in the Intermarket Surveillance Group (``ISG'') the Exchange shares
information and coordinates inquiries and investigations with other
exchanges designed to address potential intermarket manipulation and
trading abuses. Accordingly, there is a strong nexus between the ORF
and the Exchange's regulatory activities with respect to customer
trading activity of its member organizations.'' See 86 FR 17256-7.
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B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act. The Exchange does not believe
that this proposal creates an unnecessary or inappropriate intra-market
or inter-market burden on competition for several reasons. First, ORF
has been amended several times since its inception in 2009.\19\ For
example, most recently on April 1, 2021, Phlx amended its ORF rate from
$0.0050 to $0.0042 per contract side as of April 1, 2021. Member
organizations who either executed a transaction on Phlx or cleared a
transaction at OCC in the customer range would have been assessed a
higher ORF for a transaction executed on Phlx on March 31, 2021
($0.0050 per contract side) as compared to April 1, 2021 ($0.0042 per
contract side). There have been other ORF amendments prior to 2021
which have caused Phlx to assess different ORF rates to member
organizations for different time periods causing member organizations
to have paid different ORFs since 2009. Second, Phlx's regulatory costs
have varied over time. For example, if Phlx received payment of a fine
from a disciplinary action, that fine would offset regulatory costs and
would cause Phlx to require less regulatory revenue for a particular
period. The changing regulatory costs would impact the ORF assessed by
Phlx to member organizations. In the past, the Exchange has amended ORF
to be higher or lower,\20\ thereby impacting the amount paid by member
organizations in a calendar year. Third, options markets assess ORF at
different rates. For instance, today, Nasdaq MRX, LLC (``MRX'')
assesses a lower ORF of $0.0004 per contract side.\21\ MRX has assessed
this rate since February 1, 2019.\22\ Depending on where a customer
order is executed, a member organization could be assessed a much
different ORF. For example, in the case where a customer order is sent
to Phlx and routed to MRX, and a non-member organization cleared that
transaction, the Phlx ORF of $0.0042 would not be assessed to the
member organization who executed the transaction or cleared the
transaction, rather the MRX rate of $0.0004 per contract side would be
assessed. In that same scenario presuming a non-member organization
cleared the transaction, if the customer order could have executed on
Phlx instead of routing away the member organization would have been
assessed the Phlx ORF of $0.0042 per contract side. The customer, in
that instance, would have no knowledge of where the order could be
executed, as the liquidity profile of each exchange may differ at that
exact moment. Therefore, member organizations could be assessed a
different ORF on the same day on the same transaction based on routing
decisions, and in those cases the member organization would continue to
benefit from the regulatory program available on each market and
discover where the liquidity is available, irrespective of any ORF rate
differentials across markets.
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\19\ See Securities Exchange Act Release Nos. 61133 (December 9,
2009), 74 FR 66715 (December 16, 2009) (SR-Phlx-2009-100); 1529
(February 17, 2010), 75 FR 8421 (February 24, 2010) (SR-Phlx-2010-
17); 62619 (July 30, 2010), 75 FR 47874 (August 9, 2010) (SR-Phlx-
2010-100); 63436 (December 6, 2010), 75 FR 77021 (December 10, 2010)
(SR-Phlx-2010-166); 65897 (December 6, 2011), 76 FR 77277 (December
12, 2011) (SR-Phlx-2011-163); 66664 (March 27, 2012), 77 FR 19743
(April 2, 2012) (SR-Phlx-2012-36); 71569 (February 19, 2014), 79 FR
10593 (February 25, 2014) (SR-Phlx-2014-12); 75749 (August 21,
2015), 80 FR 52073 (August 27, 2017) (SR-Phlx-2015-71); 77032
(February 2, 2016), 81 FR 6560 (February 8, 2016) (SR-Phlx-2016-04);
and 79751 (January 6, 2017), 82 FR 3826 (January 12, 2017) (SR-Phlx-
2017-02); 81343 (August 8, 2017), 82 FR 37964 (August 14, 2017) (SR-
Phlx-2017-54); and 85125 (February 13, 2019), 84 FR 5171 (February
20, 2019) (SR-Phlx-2019-01).
\20\ Id.
\21\ See Securities Exchange Act Release Nos. 85127 (February
13, 2019), 84 FR 5173 (February 20, 2019) (SR-MRX-2019-03).
\22\ Of note, prior to February 1, 2019, MRX assessed no ORF
thereby creating a calendar year where member organizations were
assessed no ORF for a period similar to what is proposed.
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The Exchange believes recommencing the ORF on February 1, 2022 at
the same rate, unless options volumes or the Exchange's regulatory
expenses at that time warrant a proposed rule change, does not create
an undue burden on competition because the ORF applies to all customer
activity, thereby raising regulatory revenue to offset regulatory
expenses. It also supplements the regulatory revenue derived from non-
customer activity. Recommencing the assessment of the current ORF does
not create an unnecessary or inappropriate inter-market burden on
competition
[[Page 44100]]
because it is a regulatory fee that supports regulation in furtherance
of the purposes of the Act. The Exchange is obligated to ensure that
the amount of regulatory revenue collected from the ORF, in combination
with its other regulatory fees and fines, does not exceed regulatory
costs.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were either solicited or received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change is effective upon filing pursuant to
Section 19(b)(3)(A) \23\ of the Act and subparagraph (f)(2) of Rule
19b-4 \24\ thereunder, because it establishes a due, fee, or other
charge imposed by the Exchange.
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\23\ 15 U.S.C. 78s(b)(3)(A).
\24\ 17 CFR 240.19b-4(f)(2).
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At any time within 60 days of the filing of such 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 shall institute proceedings under
Section 19(b)(2)(B) \25\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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\25\ 15 U.S.C. 78s(b)(2)(B).
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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
<bullet> Use the Commission's internet comment form (<a href="http://www.sec.gov/rules/sro.shtml">http://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#fa888f969fd7999597979f948e89ba899f99d49d958c"><span class="__cf_email__" data-cfemail="6614130a034b05090b0b030812152615030548010910">[email protected]</span></a>. Please include
File No. SR-Phlx-2021-39 on the subject line.
Paper Comments
<bullet> 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 No. SR-Phlx-2021-39. 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 (<a href="http://www.sec.gov/rules/sro.shtml">http://www.sec.gov/rules/sro.shtml</a>).
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 No. SR-Phlx-2021-39, and should be submitted on or
before September 1, 2021.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\26\
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\26\ 17 CFR 200.30-3(a)(12).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2021-17089 Filed 8-10-21; 8:45 am]
BILLING CODE 8011-01-P
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