Notice2021-18117
Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Phlx Rules at Options 8, Section 34, FLEX Index, Equity, and Currency Options, To Extend the Maximum Expiration Term for FLEX Index and Equity Options
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 24, 2021
Issuing agencies
Securities and Exchange Commission
Full Text
<html>
<head>
<title>Federal Register, Volume 86 Issue 161 (Tuesday, August 24, 2021)</title>
</head>
<body><pre>
[Federal Register Volume 86, Number 161 (Tuesday, August 24, 2021)]
[Notices]
[Pages 47339-47343]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-18117]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-92699; File No. SR-Phlx-2021-45]
Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Amend Phlx Rules
at Options 8, Section 34, FLEX Index, Equity, and Currency Options, To
Extend the Maximum Expiration Term for FLEX Index and Equity Options
August 18, 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 August 13, 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, 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.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend Phlx Rules at Options 8, Section 34,
``FLEX Index, Equity and Currency Options,'' to extend the expiration
term for FLEX index and equity options to a maximum expiration term of
15 years.
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
[[Page 47340]]
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 Phlx Rules at Options 8, Section 34,
``FLEX Index, Equity, and Currency Options.'' Today, Phlx permits
members and member organizations to transact FLEX options on its
Trading Floor. FLEX options provide investors with the ability to
customize basic option features including expiration date, exercise
style, and certain exercise prices. FLEX options may be FLEX index,
equity, or currency options. The Exchange proposes to amend the
expiration term for FLEX index and equity options to remain competitive
with other options exchanges as described below in greater detail.
Currently, the expiration date for a FLEX index option is any
month, business day and year within 5 years. The expiration date for
FLEX equity and currency options is any month, business day and year
within 3 years.\3\ Further, with respect to FLEX equity options, a
member or member organization may request a longer term up to a maximum
of five years, and upon the assessment of the Regulatory staff that
sufficient liquidity exists among FLEX equity participants, such a
request may be granted. Regulatory staff are Exchange employees
responsible for, among other things, assessing that sufficient
liquidity exists among FLEX equity participants requesting a term
exceeding three years to a maximum of five years.\4\
---------------------------------------------------------------------------
\3\ See Options 8, Section 34(b)(6)(A).
\4\ The Exchange may also designate other qualified Exchange
employees to assist the Regulatory staff as the need arises. See
Options 8, Section 34(b)(6)(B).
---------------------------------------------------------------------------
The Exchange proposes to increase the maximum term for FLEX index
and equity options to 15 years similar to Cboe Exchange, Inc.
(``Cboe''), NYSE Arca, Inc. (``NYSE Arca''), and NYSE American LLC
(``NYSE American''). Today, Cboe, NYSE Arca, and NYSE American permit a
maximum term of fifteen years for FLEX equity and index options.\5\
With this amendment, the Exchange would eliminate the requirement
applicable to equity options that Regulatory staff make a liquidity
assessment. The expiration date for FLEX currency options will remain
within 3 years. The amendment is proposed for the below reasons.
---------------------------------------------------------------------------
\5\ See Cboe Rule 4.21(b)(4). See Securities Exchange Act
Release No. 58890 (October 30, 2008), 73 FR 66085 (November 6, 2008)
(SR-CBOE-2008-98) (Notice of Filing and Immediate Effectiveness of
Proposed Rule Change To Increase the Maximum Term for FLEX Options).
See also NYSE Arca 5.32-O and NYSE American Rule 903G.
---------------------------------------------------------------------------
First, the proposal is intended to simplify the process and permit
Phlx members and member organizations to transact FLEX index and equity
options with the same expiration terms as Cboe, NYSE Arca, and NYSE
American members. This amendment would permit all FLEX equity and index
options to have the same maximum 15 year term as other options markets
that offer FLEX.\6\
---------------------------------------------------------------------------
\6\ See Cboe's Rule 4.21(b)(4), NYSE Arca 5.32-O and NYSE
American Rule 903G.
---------------------------------------------------------------------------
Second, expanding the maximum expiration terms to 15 years
uniformly for FLEX index and equity options will permit transactions
which currently trade over-the-counter (``OTC'') to be conducted within
an exchange environment. Phlx believes that expanding the eligible term
for FLEX equity and index options, as proposed, is important and
necessary to the Exchange's efforts to create products and markets that
provide members, member organizations, and investors interested in
FLEX-type options with an improved but comparable alternative to the
OTC market in customized options, which can take on contract
characteristics similar to FLEX options, but are not subject to the
same maximum term restriction. By expanding the eligible term for FLEX
index and equity options, market participants will now have greater
flexibility in determining whether to execute their customized options
in an exchange environment or in the OTC market, similar to Cboe, NYSE
Arca, and NYSE American. The Exchange believes market participants
benefit from being able to trade these customized options in an
exchange environment in several ways, including, but not limited to the
following: (1) Enhanced efficiency in initiating and closing out
positions; (2) increased market transparency; and (3) heightened
contra-party creditworthiness due to the role of The Options Clearing
Corporation (``OCC'') as issuer and guarantor of FLEX options.
Third, the Exchange believes that the proposed rule change will
allow investors to use longer expiration FLEX equity and index options
to hedge longer-term issuances of structured products linked to returns
of an individual stock. Specifically, the proposal will allow
institutions to use longer-term FLEX index options to protect
portfolios from long-term market moves with a known and limited cost.
The proposal will better serve the long-term hedging needs of
institutional investors and provide those investors with an alternative
to hedging their portfolios with off-exchange customized options and
warrants.
Fourth, the Exchange proposes to eliminate rule text that describes
Regulatory staff's discretionary authority to extend the maximum term
of FLEX options that expire within three years pursuant to Options 8,
Section 34(b)(6)(B) after having performed a liquidity assessment, and
also renumber current Options 8, Section 34(b)(6)(C) to new ``B''
because the process by which FLEX options are transacted already
requires floor members to seek liquidity in open outcry. Today, FLEX
options transactions are exposed in open outcry on the Trading Floor
similar to other options. Specifically, today, a Requesting Member \7\
initiates a Request-For-Quote (``RFQ'') \8\ by announcing certain
contracts terms \9\ in open outcry and submitting an RFQ ticket, which
includes the open outcry BBO as identified in accordance with the price
and time priority principles set forth by the Exchange, to the Market
Operations post on the Trading Floor. On receipt of an RFQ in proper
form, Market Operations disseminates the terms of the RFQ along with
the open outcry BBO as an administrative message through the Options
Price Reporting Authority (``OPRA'').\10\ At the expiration of the
Request Response Time, the Requesting Member may re-enter the trading
crowd and proceed with announcing his FLEX order and negotiating the
terms of the execution in open outcry. Once the FLEX order is executed
in open outcry, the FLEX trade is disseminated to OPRA by the
Exchange.\11\ Requesting Members may
[[Page 47341]]
indicate an intention to cross,\12\ permitting participation with all
other FLEX-participating members in attempting to improve or match the
BBO during the BBO Improvement Interval.\13\ At expiration of the BBO
Improvement Interval, the Requesting Member must promptly accept or
reject the BBO(s); the Requesting Member has no obligation to accept
any FLEX bid or offer.\14\ RFQs, responsive quotes and completed trades
are promptly reported to OPRA and disseminated as an administrative
message by the Exchange. As the foregoing process demonstrates, Phlx
seeks to maintain a competitive Trading Floor through the
administration of its rules which contain processes to ensure that
options transactions are exposed in such a way as to permit other floor
members an opportunity to participate in price discovery by requiring
floor members to seek liquidity in open outcry. For example, the
Options 8 rules require one Floor Market Maker to be present in the
trading crowd prior to representing an order for execution as a means
to expose orders to potential liquidity. As such, separate liquidity
assessments by Regulatory staff are not needed.
---------------------------------------------------------------------------
\7\ A Requesting Member is a member of the Exchange qualified to
trade FLEX options pursuant to Options 3, Section 34(d) who
initiates an RFQ for a FLEX option. See Options 3, Section
34(b)(11).
\8\ The term ``Request for Quotes'' means the initial request
supplied by a Requesting Member to initiate FLEX bidding and
offering. See Options 3, Section 34(b)(10).
\9\ A Request Member must announce: (1) Underlying index,
security or foreign currency; (2) type, size, and crossing
intention; (3) in the case of FLEX index options and FLEX equity
options, exercise style; (4) expiration date; (5) exercise price;
and (6) respecting index options, the settlement value. See Options
8, Section 34(c)(1). See Options 3, Section 34(c)(1).
\10\ FLEX Quotes must be entered during the Request Response
Time of 15 seconds. All FLEX Quotes may be entered, modified or
withdrawn at any point during the request response time. See Options
8, Section 34(c)(2).
\11\ If the Requesting Member has not indicated an intention to
cross or act as principal with respect to any part of the FLEX
trade, the member shall promptly accept or reject the displayed BBO:
Provided, however, that if such a Requesting Member either rejects
the BBO or is given a BBO for less than the entire size requested,
all FLEX participating members other than the Requesting Member will
have an opportunity during the BBO Improvement Interval in which to
match, or improve, (as applicable), the BBO. At the expiration of
any such BBO Improvement Interval, the Requesting Member must
promptly accept or reject the BBO(s). See Options 8, Section
34(c)(3).
\12\ If the Requesting Member has indicated an intention to
cross or act as principal with respect to any part of the FLEX
trade, acceptance of the displayed BBO shall be automatically
delayed until the expiration of the BBO Improvement Interval. Prior
to the BBO Improvement Interval, the Requesting Member must indicate
at the post the price at which the member expects to trade. In the
case of FLEX equity options only whenever the Requesting Member has
indicated an intention to cross or act as principal on the trade and
has matched or improved the BBO during the BBO Improvement Interval,
the Requesting Member will be permitted to execute the contra side
of the trade that is the subject of the RFQs, to the extent of at
least 40% of the trade, provided the order is a Public Customer
order or an order respecting the Requesting Member's firm
proprietary account. Notwithstanding the foregoing, all market
participants may effect crossing transactions. See Options 8,
Section 34(c)(5).
\13\ The BBO Improvement Interval means the minimum period of
time, to be established by the Exchange, during which members may
submit FLEX Quotes to meet or improve the BBO established during the
Request Response Time. See Options 8, Section 34(b)(15).
\14\ Whenever, following the completion of FLEX bidding and
offering responsive to a given RFQs, the Requesting Member rejects
the BBO or the BBO size exceeds the FLEX transaction size indicated
in the RFQs, members may accept the entire order or the unfilled
balance of the BBO. See Options 8, Section 34(c)(3).
---------------------------------------------------------------------------
Fifth, similar to Cboe, the proposed rule change incorporates the
concept that the expiration date is the date on which an executed FLEX
option is submitted to the System, which, on Phlx, is the date the FLEX
option is reported to OPRA and disseminated as an administrative
message through the System \15\ by Market Operations staff. A FLEX
option series is available for trading only when exposed in open outcry
and, after completion of the RFQ process, thereafter, Exchange staff
manually submits the executed FLEX option to the System through which
it is promptly reported to OPRA and disseminated as an administrative
message. For purposes of the definition of the System pursuant to Phlx
Rules, the date of submission to the Phlx System is the date on which
the executed FLEX option is reported to OPRA.
---------------------------------------------------------------------------
\15\ The term ``System'' shall mean the automated system for
order execution and trade reporting owned and operated by the
Exchange which comprises: (i) An order execution service that
enables members to automatically execute transactions in option
series; and provides members with sufficient monitoring and updating
capability to participate in an automated execution environment;
(ii) a trade reporting service that submits ``locked-in'' trades for
clearing to a registered clearing agency for clearance and
settlement; transmits last-sale reports of transactions
automatically to the Options Price Reporting Authority (``OPRA'')
for dissemination to the public and industry; and provides
participants with monitoring and risk management capabilities to
facilitate participation in a ``locked-in'' trading environment; and
(iii) the data feeds described at Options 3, Section 23. See Options
1, Section 1(b)(57).
---------------------------------------------------------------------------
Technical Amendments
The Exchange proposes to amend the rule text utilized to describe
the maximum expiration for a FLEX currency option to conform that
language to the terminology proposed herein to describe maximum
expirations for FLEX index and equity options. The Exchange would
delete the rule text which states, ``within three years for FLEX
currency options,'' and replace that rule text with the phrase ``no
more than 3 years from the date on which a FLEX currency option is
submitted to the System.'' The Exchange is not amending the term for
FLEX currency options.
The Exchange also proposes to add a ``,'' after the word ``Equity''
in the title of Options 8, Section 34 and amend the term ``FLEX Order''
within Options 8, Section 34(b)(6)(B) to ``FLEX option order'' to
conform the usage of the term throughout Options 8, Section 34. The
Exchange proposes to remove ``; or'' within Options 8, Section
34(b)(6)(A).
Finally, the Exchange proposes two amendments within Options 8,
Section 34(c) to update the name of the post and identify the message
sent by the Exchange. To that end, the term ``FLEX post'' is proposed
to be changed to ``Market Operations post'' and the phrase
``administrative text message'' is proposed to be change to
``administrative message.'' These proposed changes will update the rule
to the current terminology. These proposed amendments do not represent
substantive changes to the current FLEX option process, rather these
changes are merely wording changes which continue to reflect the
current process without substantive change.
Implementation
The Exchange intends to begin implementation of the proposed rule
change no earlier than September 13, 2021 and no later than September
30, 2021. The Exchange will issue an Options Trader Alert to
Participants to provide notification of the implementation date.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\16\ in general, and furthers the objectives of Section
6(b)(5) of the Act,\17\ in particular, in that it is designed to
promote just and equitable principles of trade, 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.
---------------------------------------------------------------------------
\16\ 15 U.S.C. 78f(b).
\17\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
This proposal is intended to simplify the process and permit Phlx
members and member organizations to transact FLEX index and equity
options with the same expiration terms as Cboe, NYSE Arca, and NYSE
American members. This amendment would permit all FLEX equity and index
options to have the same maximum 15 year term as other options markets
that offer FLEX.\18\ For the reasons Phlx has articulated below, the
Exchange believes this proposal is consistent with the Act.
---------------------------------------------------------------------------
\18\ See Cboe's Rule 4.21(b)(4), NYSE Arca 5.32-O and NYSE
American Rule 903G.
---------------------------------------------------------------------------
Expanding the maximum expiration terms to 15 years uniformly for
FLEX index and equity options is consistent with the Act as it will
permit transactions which currently trade OTC to be conducted within an
exchange environment. Phlx believes that expanding the eligible term
for FLEX equity and index options, as proposed, is important and
necessary to the Exchange's efforts to create products and markets that
provide members, member organizations, and investors interested in
FLEX-type options with an
[[Page 47342]]
improved but comparable alternative to the OTC market in customized
options, which can take on contract characteristics similar to FLEX
options, but are not subject to the same maximum term restriction. By
expanding the eligible term for FLEX index and equity options, market
participants will now have greater flexibility in determining whether
to execute their customized options in an exchange environment or in
the OTC market, similar to Cboe, NYSE Arca, and NYSE American.
Specifically, Market participants benefit from being able to trade
these customized options in an exchange environment in several ways,
including, but not limited to the following: (1) Enhanced efficiency in
initiating and closing out positions; (2) increased market
transparency; and (3) heightened contra-party creditworthiness due to
the role of OCC as issuer and guarantor of FLEX options.
The proposal will allow investors to use longer expiration FLEX
equity and index options to hedge longer-term issuances of structured
products linked to returns of an individual stock. Specifically, the
proposal is consistent with the Act because it will allow institutions
to use longer-term FLEX index options to protect portfolios from long-
term market moves with a known and limited cost, thereby better serving
the long-term hedging needs of institutional investors and provide
those investors with an alternative to hedging their portfolios with
off-exchange customized options and warrants.
The Exchange's proposal to eliminate rule text that describes
Regulatory staff's discretionary authority to extend the maximum term
of FLEX options that expire within three years pursuant to Options 8,
Section 34(b)(6)(B) after having performed a liquidity assessment and
also renumber current Options 8, Section 34(b)(6)(C) to new ``B'' is
consistent with the Act because the process by which the FLEX options
are transacted already require floor members to seek liquidity in open
outcry. The Exchange details its process above for seeking liquidity in
open outcry when transacting FLEX options today on the Trading Floor.
As the above-referenced process demonstrates, Phlx seeks to maintain a
competitive Trading Floor through the administration of its rules which
contain processes to ensure that options transactions are exposed in
such a way as to permit other floor members an opportunity to
participate in price discovery by requiring floor members to seek
liquidity in open outcry. For example, the Options 8 rules require one
Floor Market Maker to be present in the trading crowd prior to
representing an order for execution as a means to expose orders to
potential liquidity. As such, separate liquidity assessments by
Regulatory staff are not needed.
Similar to Cboe, the proposed rule change incorporates the concept
that the expiration date is the date on which an executed FLEX option
is submitted to the System, which, on Phlx, is the date the FLEX option
is reported to OPRA and disseminated as an administrative message
through the System by Market Operations staff. A FLEX option series is
available for trading only when exposed in open outcry and, after
completion of the RFQ process, thereafter, Exchange staff manually
submits the executed FLEX option to the System through which it is
promptly reported to OPRA and disseminated as an administrative
message. For purposes of the definition of the System pursuant to Phlx
Rules, the date of submission to the Phlx System is the date on which
the executed FLEX option is reported to OPRA.
Technical Amendments
The Exchange's proposal to amend the rule text utilized to describe
the maximum expiration for a FLEX currency option is consistent with
the Act because it conforms that language to the terminology proposed
herein to describe maximum expirations for FLEX index and equity
options. The proposal to delete the rule text which states, ``within
three years for FLEX currency options,'' and replace that rule text
with the phrase ``no more than 3 years from the date on which a FLEX
currency option is submitted to the System'' is non-substantive.
The Exchange's proposals to add a ``,'' after the word ``Equity''
in the title of Options 8, Section 34, amend the term ``FLEX Order''
within Options 8, Section 34(b)(6)(B) to ``FLEX option order,'' and
remove ``; or'' within Options 8, Section 34(b)(6)(A) are non-
substantive rule changes. Finally, the proposals to update the name of
the post and identify the message sent by the Exchange are also non-
substantive rule changes. These proposed amendments do not represent
substantive changes to the current FLEX option process, rather these
changes are merely wording changes which continue to reflect the
current process without substantive change.
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. All floor participants are able
to transact FLEX options. As noted herein, this amendment will provide
Phlx with a comparable alternative to the OTC market in customized
options. Finally, Cboe, NYSE Arca, and NYSE American permit expirations
of up to 15 years for FLEX index and equity options.\19\
---------------------------------------------------------------------------
\19\ See Cboe's Rule 4.21(b)(4), NYSE Arca 5.32-O and NYSE
American Rule 903G.
---------------------------------------------------------------------------
Technical Amendments
The Exchange's proposal to amend the rule text utilized to describe
the maximum expiration for a FLEX currency option does not impose an
undue burden on competition because it conforms that language to the
terminology proposed herein to describe maximum expirations for FLEX
index and equity options. The proposal to delete the rule text which
states, ``within three years for FLEX currency options,'' and replace
that rule text with the phrase ``no more than 3 years from the date on
which a FLEX currency option is submitted to the System'' is non-
substantive.
The Exchange's proposals to add a ``,'' after the word ``Equity''
in the title of Options 8, Section 34, amend the term ``FLEX Order''
within Options 8, Section 34(b)(6)(B) to ``FLEX option order,'' and
remove ``; or'' within Options 8, Section 34(b)(6)(A) are non-
substantive rule changes. Finally, the proposals to update the name of
the post and identify the message sent by the Exchange are also non-
substantive rule changes. These proposed amendments do not represent
substantive changes to the current FLEX option process, rather these
changes are merely wording changes which continue to reflect the
current process without substantive change.
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
Because the foregoing proposed rule change does not: (i)
Significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days from the date on which it was filed, or
such shorter time as the Commission may designate, it has become
effective pursuant to Section
[[Page 47343]]
19(b)(3)(A)(iii) of the Act \20\ and subparagraph (f)(6) of Rule 19b-4
thereunder.\21\
---------------------------------------------------------------------------
\20\ 15 U.S.C. 78s(b)(3)(A)(iii).
\21\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
---------------------------------------------------------------------------
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 shall institute proceedings to
determine whether the proposed rule should be approved or disapproved.
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#691b1c050c440a0604040c071d1a291a0c0a470e061f"><span class="__cf_email__" data-cfemail="d1a3a4bdb4fcb2bebcbcb4bfa5a291a2b4b2ffb6bea7">[email protected]</span></a>. Please include
File Number SR-Phlx-2021-45 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 Number SR-Phlx-2021-45. 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 Number SR-Phlx-2021-45 and should be submitted on
or before September 14, 2021.
---------------------------------------------------------------------------
\22\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\22\
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2021-18117 Filed 8-23-21; 8:45 am]
BILLING CODE 8011-01-P
</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body>
</html>Indexed from Federal Register on August 24, 2021.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.