Notice2022-06094
Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Open Outcry Options Transaction Charges
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
March 23, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
<html>
<head>
<title>Federal Register, Volume 87 Issue 56 (Wednesday, March 23, 2022)</title>
</head>
<body><pre>
[Federal Register Volume 87, Number 56 (Wednesday, March 23, 2022)]
[Notices]
[Pages 16529-16533]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-06094]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-94453; File No. SR-Phlx-2022-10]
Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Amend Open
Outcry Options Transaction Charges
March 17, 2022.
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 March 10, 2022, 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's Pricing Schedule at Options
7, Section 4, ``Multiply Listed Options Fees (Includes options
overlying equities, ETFs, ETNs and indexes which are Multiply Listed)
(Excludes SPY).''
The Exchange originally filed the proposed pricing changes on March
1, 2022 (SR-PHLX-2022-09). On March 10, 2022, the Exchange withdrew
that filing and submitted this filing.
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
[[Page 16530]]
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
Phlx proposes to amend its Pricing Schedule within Options 7,
Section 4, ``Multiply Listed Options Fees (Includes options overlying
equities, ETFs, ETNs and indexes which are Multiply Listed) (Excludes
SPY).'' Specifically, Phlx proposes to increase the Lead Market Maker
\3\ and Market Maker \4\ Floor \5\ Options Transaction Charges \6\ in
multiply-listed Penny and non-Penny Symbols and pay a Floor Broker \7\
a rebate when these parties are contra each other in certain open
outcry transactions.
---------------------------------------------------------------------------
\3\ The term ``Floor Lead Market Maker'' is a member who is
registered as an options Lead Market Maker pursuant to Options 2,
Section 12(a) and has a physical presence on the Exchange's Trading
Floor. See Phlx's Pricing Schedule at Options 7, Section 1(c).
\4\ The term ``Floor Market Maker'' is a Market Maker who is
neither an SQT or an RSQT. A Floor Market Maker may provide a quote
in open outcry. See Phlx's Pricing Schedule at Options 7, Section
1(c).
The term ``Streaming Quote Trader'' or ``SQT'' is defined in
Options 1, Section 1(b)(54) as a Market Maker who has received
permission from the Exchange to generate and submit option
quotations electronically in options to which such SQT is assigned.
See Phlx's Pricing Schedule at Options 7, Section 1(c). The term
``Remote Streaming Quote Trader'' or ``RSQT'' is defined in Options
1, Section 1(b)(49) as a Market Maker that is a member affiliated
with an RSQTO with no physical trading floor presence who has
received permission from the Exchange to generate and submit option
quotations electronically in options to which such RSQT has been
assigned. A Remote Streaming Quote Trader Organization or ``RSQTO,''
which may also be referred to as a Remote Market Making Organization
(``RMO''), is a member organization in good standing that satisfies
the RSQTO readiness requirements in Options 2, Section 1(a). See
Phlx's Pricing Schedule at Options 7, Section 1(c).
\5\ The term ``floor transaction'' is a transaction that is
effected in open outcry on the Exchange's Trading Floor. See Phlx's
Pricing Schedule at Options 7, Section 1(c).
\6\ Floor transaction fees apply to any ``as of'' or
``reversal'' adjustments for manually processed trades originally
submitted electronically or through FBMS. See Phlx's Pricing
Schedule at Options 7, Section 4, footnote 8.
The Floor Based Management System or ``FBMS'' is an order
management system and the gateway for the electronic execution of
equity, equity index and U.S. dollar-settled foreign currency option
orders represented by Floor Brokers on the Exchange's Options Floor.
Floor Brokers contemporaneously upon receipt of an order and prior
to the representation of such an order in the trading crowd, record
all options orders represented by such Floor Broker to FBMS, which
creates an electronic audit trail. The execution of orders to Phlx's
electronic trading system also occurs via FBMS. The FBMS application
is available on hand-held tablets and stationary desktops.
\7\ The term ``Floor Broker'' means an individual who is
registered with the Exchange for the purpose, while on the Options
Floor, of accepting and handling options orders. See Phlx's Pricing
Schedule at Options 7, Section 1(c).
---------------------------------------------------------------------------
Today, the Exchange assesses Options Transaction Charges in
Multiply Listed options, including options overlying equities, ETFs,
ETNs and indexes and excluding options in SPY.\8\ The Exchange
currently assesses the following Floor Options Transaction Charges in
multiply-listed Penny and non-Penny Symbols: $0.05 per contract for a
Professional,\9\ $0.35 per contract for a Lead Market Maker and Market
Maker, and $0.25 per contract for a Broker-Dealer \10\ and Firm.\11\
Customers \12\ are not assessed an Options Transaction Charge in
multiply-listed Penny or non-Penny Symbols.
---------------------------------------------------------------------------
\8\ Transactions in SPY originating on the Exchange floor will
be subject to the Multiply Listed Options Fees (see Multiply Listed
Options Fees in Options 7, Section 4). However, if one side of the
transaction originates on the Exchange floor and any other side of
the trade was the result of an electronically submitted order or a
quote, then these fees will apply to the transactions which
originated on the Exchange floor and contracts that are executed
electronically on all sides of the transaction. The one side of the
transaction which originates on the Exchange floor will count toward
the volume which qualifies a participant for the Simple Order Rebate
for Adding Liquidity for Lead Market Makers and Market Makers in
SPY. See Options 7, Section 3, Part C.
\9\ The term ``Professional'' applies to transactions for the
accounts of Professionals, as defined in Options 1, Section 1(b)(45)
means any person or entity that (i) is not a broker or dealer in
securities, and (ii) places more than 390 orders in listed options
per day on average during a calendar month for its own beneficial
account(s). See Phlx's Pricing Schedule at Options 7, Section 1(c).
\10\ The term ``Broker-Dealer'' applies to any transaction which
is not subject to any of the other transaction fees applicable
within a particular category. See Phlx's Pricing Schedule at Options
7, Section 1(c).
\11\ The term ``Firm'' applies to any transaction that is
identified by a member or member organization for clearing in the
Firm range at The Options Clearing Corporation (``OCC''). See Phlx's
Pricing Schedule at Options 7, Section 1(c).
\12\ The term ``Customer'' applies to any transaction that is
identified by a member or member organization for clearing in the
Customer range at OCC which is not for the account of a broker or
dealer or for the account of a ``Professional'' (as that term is
defined in Options 1, Section 1(b)(45)). See Phlx's Pricing Schedule
at Options 7, Section 1(c).
---------------------------------------------------------------------------
The Exchange proposes to increase the Floor Lead Market Maker and
Floor Market Maker Options Transaction Charges in Penny and non-Penny
Symbols from $0.35 to $0.50 per contract and pay a Floor Broker \13\ a
new $0.15 per contract rebate when a Floor Broker executes an order
contra a Floor Lead Marker Maker or Floor Market Maker in open outcry
in multiply-listed Penny or non-Penny Symbols. The aforementioned
pricing will not apply to singly listed options,\14\ index options,\15\
FLEX Options,\16\ strategy transactions,\17\ and Floor Qualified
Contingent Cross Orders.\18\
---------------------------------------------------------------------------
\13\ Today, Floor Brokers are not assessed any Options
Transaction Charges.
\14\ Singly Listed Options are subject to pricing within Options
7, Section 5C.
\15\ Index Options are subject to pricing within Options 7,
Section 5A, and B. Today, Options Transaction Charges in non-Penny
Options exclude NDX, NDXP and XND.
\16\ FLEX Options are subject to pricing within Options 7,
Section 6B.
\17\ Strategy transactions include dividend, merger, short stock
interest, reversal and conversion, jelly roll and box spread
strategies as described within Options 7, Section 4.
\18\ Floor Qualified Contingent Cross (``QCC'') Orders, as
described within Options 8, Section 30(e), are subject to pricing
noted within Options 7, Section 4. Floor QCC Orders do not qualify
as floor transactions as they are not executed in open outcry.
---------------------------------------------------------------------------
The Exchange believes that assessing a Floor Lead Market Maker and
a Floor Market Maker an increased fee of $0.15 per contract (increase
from $0.35 to $0.50 per contract) and paying a Floor Broker a rebate of
$0.15 per contract will incentivize Floor Brokers to attract a greater
number of orders to Phlx's Trading Floor and allow Floor Lead Market
Makers and Floor Market Makers to interact with those orders.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\19\ in general, and furthers the objectives of
Sections 6(b)(4) and 6(b)(5) of the Act,\20\ in particular, in that it
provides for the equitable allocation of reasonable dues, fees and
other charges among members and issuers and other persons using any
facility, and is not designed to permit unfair discrimination between
customers, issuers, brokers, or dealers.
---------------------------------------------------------------------------
\19\ 15 U.S.C. 78f(b).
\20\ 15 U.S.C. 78f(b)(4) and (5).
---------------------------------------------------------------------------
The Commission and the courts have repeatedly expressed their
preference for competition over regulatory intervention in determining
prices, products, and services in the securities markets. In Regulation
NMS, while adopting a series of steps to improve the current market
model, 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.'' \21\
---------------------------------------------------------------------------
\21\ Securities Exchange Act Release No. 51808 (June 9, 2005),
70 FR 37496, 37499 (June 29, 2005) (``Regulation NMS Adopting
Release'').
---------------------------------------------------------------------------
[[Page 16531]]
Likewise, in NetCoalition v. Securities and Exchange Commission
\22\ (``NetCoalition'') the D.C. Circuit upheld the Commission's use of
a market-based approach in evaluating the fairness of market data fees
against a challenge claiming that Congress mandated a cost-based
approach.\23\ As the court emphasized, the Commission ``intended in
Regulation NMS that `market forces, rather than regulatory
requirements' play a role in determining the market data . . . to be
made available to investors and at what cost.'' \24\
---------------------------------------------------------------------------
\22\ NetCoalition v. SEC, 615 F.3d 525 (D.C. Cir. 2010).
\23\ See NetCoalition, at 534-535.
\24\ Id. at 537.
---------------------------------------------------------------------------
Further, ``[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'. . . .'' \25\ Although the court and
the SEC were discussing the cash equities markets, the Exchange
believes that these views apply with equal force to the options
markets.
---------------------------------------------------------------------------
\25\ Id. at 539 (quoting Securities Exchange Act Release No.
59039 (December 2, 2008), 73 FR 74770, 74782-83 (December 9, 2008)
(SR-NYSEArca-2006-21)).
---------------------------------------------------------------------------
The Exchange's proposal to increase the Floor Lead Market Maker and
the Floor Market Maker Options Transaction Charges in multiply-listed
Penny and non-Penny Symbols from $0.35 to $0.50 per contract and pay a
Floor Broker a new $0.15 per contract rebate when a Floor Broker
executes an order contra a Floor Lead Marker Maker or a Floor Market
Maker in open outcry in multiply-listed Penny or non-Penny Symbols is
reasonable. The Exchange desires to offer a $0.15 per contract rebate
to the executing Floor Broker to attract additional order flow to the
Phlx Trading Floor. A similar flat rebate is offered to Floor Brokers
on BOX Exchange LLC (``BOX'').\26\ The proposed rebate would be
directed to the Floor Broker and not to the Floor Lead Market Maker or
the Floor Market Maker who is assessed an Options Transaction Charge.
In other words, the rebate is paid to the Floor Broker who executed the
order in open outcry contra the Floor Lead Market Maker or the Floor
Market Maker. The rebate would be paid from revenues obtained by
assessing Floor Lead Market Makers and Floor Market Makers the proposed
$0.50 per contract Options Transaction Charge instead of the current
$0.35 per contract Options Transaction Charge.\27\ The Exchange
believes it is reasonable to only apply the rebate to Floor Brokers and
not to Floor Lead Market Makers and Floor Market Makers. Floor Lead
Market Makers and Floor Market Makers only represent their own interest
on the Trading Floor and therefore do not need a similar incentive.
Unlike Floor Lead Market Makers and Floor Market Makers, Floor Brokers
act as agents in representing orders on the Exchange's Trading Floor.
Participants who desire to have an order executed on Phlx's Trading
Floor would provide that order to a Floor Broker to be represented on
the Trading Floor. Floor Lead Market Makers and Floor Market Makers may
interact with orders represented by the Floor Broker in open outcry on
the Trading Floor. Finally, Floor Lead Market Makers and Floor Market
Makers may choose to conduct their business on a Trading Floor or in an
electronic market, unlike Floor Brokers, who have a business model that
is naturally tied to the physical trading space. While this proposal
increases the Floor Options Transaction Charges for Floor Lead Market
Makers and Floor Market Makers in open outcry in multiply-listed Penny
or non-Penny Symbols when a Floor Broker executes an order contra a
Floor Lead Market Maker or a Floor Market Maker, the Exchange believes
that the ability to attract a greater amount of order flow on the
Exchange's Trading Floor will allow Floor Lead Market Makers and Floor
Market Makers to participate in a greater number of open outcry
transactions.
---------------------------------------------------------------------------
\26\ Today, BOX pays Floor Brokers a $0.075 per contract rebate
for all Broker Dealer and Market Maker QOO Orders presented on the
Trading Floor and a $0.05 per contract rebate for all Professional
Customer QOO Orders presented on the Trading Floor. Unlike BOX who
pays a $0.05 per contract rebate for both sides of the QOO Order,
the Exchange would pay a Floor Broker a rebate of $0.15 per contract
for orders in open outcry contra Floor Lead Market Makers and Floor
Market Makers in multiply-listed Penny and non-Penny Symbols. See
BOX's Fee Schedule at Section III. BOX's rebate does not apply to
Public Customer executions, executions subject to the Strategy QOO
Order Fee Cap, or Broker Dealer executions where the Broker Dealer
is facilitating a Public Customer. See BOX's Fee Schedule at Section
II.
\27\ BOX assesses its Market Makers a manual transaction fee of
$0.35 per contract in Penny and Non-Penny Interval Classes. See
BOX's Fee Schedule at Section II.
---------------------------------------------------------------------------
Today, market participants may send order flow to the Trading Floor
by either investing in technology, systems and personnel to participate
on the Trading Floor, or utilizing the services of a Floor Broker.
Offering the proposed rebate to Floor Brokers will allow Floor Brokers
to price their services at a level that would enable them to attract
additional order flow to the Exchange. To the extent Floor Brokers are
able to attract additional orders; they will gain important information
that would allow them to solicit future orders for participation in
other trades. This will in turn, benefit other Exchange participants
through additional liquidity on the Trading Floor with which they may
interact. Finally, the Exchange believes that the rebate will promote
competition by allowing Floor Brokers to competitively price their
services and for the Exchange to remain competitive with other
exchanges.
The Exchange's proposal to increase the Floor Lead Market Maker and
the Floor Market Maker Options Transaction Charges in multiply-listed
Penny and non-Penny Symbols from $0.35 to $0.50 per contract and pay a
Floor Broker a new $0.15 per contract rebate when a Floor Broker
executes an order contra a Floor Lead Marker Maker or a Floor Market
Maker in open outcry in multiply-listed Penny or non-Penny Symbols is
equitable and not unfairly discriminatory. The Exchange believes it is
equitable and not unfairly discriminatory to only apply the rebate to
Floor Brokers and not to Floor Lead Market Makers and Floor Market
Makers. Floor Lead Market Makers and Floor Market Makers only represent
their own interest on the Trading Floor and therefore do not need a
similar incentive. Unlike Floor Lead Market Makers and Floor Market
Makers, Floor Brokers act as agents in representing orders on the
Exchange's Trading Floor. They serve a valuable function in open outcry
in allowing market participants to have their orders represented in
this venue without the need to be a member of the Exchange.\28\
Further, Floor Lead Market Makers and Floor Market Makers benefit from
having access to interact with orders that are made available in open
outcry on the Trading Floor. Floor Lead Market Makers and Floor Market
Makers may choose to conduct their business on a Trading Floor or in an
electronic market, unlike Floor Brokers, who have a business model that
is naturally tied to the physical trading space. The Exchange believes
that it is equitable and not unfairly discriminatory to assess Floor
Lead Market Makers and Floor Market Makers a higher Options Transaction
Charge because they have the benefit of trading
[[Page 16532]]
on the Trading Floor or in an electronic venue if they so choose. The
proposed $0.50 Options Transaction Charge for Floor Lead Market Makers
and Floor Market Makers and the $0.15 per contract rebate for Floor
Brokers will be uniformly assessed and paid, respectively, to all Floor
Lead Market Makers, Floor Market Makers, and Floor Brokers
participating in open outcry trades in multiply-listed Penny and non-
Penny symbols.
---------------------------------------------------------------------------
\28\ Participants who desire to have an order executed on Phlx's
Trading Floor would provide that order to a Floor Broker to be
represented on the Trading Floor.
---------------------------------------------------------------------------
The Exchange believes that its proposal to not pay a rebate when an
order is executed electronically or for orders that are singly listed
options, index options, FLEX Options, strategy transactions, and Floor
QCC Orders is reasonable, equitable and not unfairly discriminatory as
pricing for these types of transactions are specified separately from
Floor Options Transaction Charges within Options 7, Section 4 of the
Pricing Schedule.
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.
Inter-Market Competition
The proposal does not impose an undue burden on inter-market
competition. The Exchange believes its proposal remains competitive
with other options markets and will offer market participants with
another choice of where to transact options. The Exchange notes that it
operates in a highly competitive market in which market participants
can readily favor competing venues if they deem fee levels at a
particular venue to be excessive, or rebate opportunities available at
other venues to be more favorable. In such an environment, the Exchange
must continually adjust its fees to remain competitive with other
exchanges that have been exempted from compliance with the statutory
standards applicable to exchanges. Because competitors are free to
modify their own fees in response, and because market participants may
readily adjust their order routing practices, the Exchange believes
that the degree to which fee changes in this market may impose any
burden on competition is extremely limited.
Moreover, the proposal is designed to encourage Floor Brokers to
attract a greater amount of order flow to Phlx's Trading Floor. To the
extent that the proposed change attracts additional order flow to
Phlx's Trading Floor, this increased order flow would continue to make
the Exchange a more competitive venue for order execution.
Intra-Market Competition
The proposed amendments do not impose an undue burden on intra-
market competition.
The Exchange's proposal to increase the Floor Lead Market Maker and
the Floor Market Maker Options Transaction Charges in multiply-listed
Penny and non-Penny Symbols from $0.35 to $0.50 per contract and pay a
Floor Broker a new $0.15 per contract rebate when a Floor Broker
executes an order contra a Floor Lead Marker Maker or a Floor Market
Maker in open outcry in multiply-listed Penny or non-Penny Symbols does
not impose an undue burden on competition. Only applying a rebate to
Floor Brokers and not to Floor Lead Market Makers and Floor Market
Makers does not impose an undue burden on competition because Floor
Lead Market Makers and Floor Market Makers only represent their own
interest on the Trading Floor and therefore do not need a similar
incentive. Unlike Floor Lead Market Makers and Floor Market Makers,
Floor Brokers act as agents in representing orders on the Exchange's
Trading Floor. They serve a valuable function in open outcry in
allowing market participants to have their orders represented in this
venue without the need to be a member of the Exchange. Further, Floor
Lead Market Makers and Floor Market Makers benefit from having access
to interact with orders that are made available in open outcry on the
Trading Floor. Floor Lead Market Makers and Floor Market Makers may
choose to conduct their business on the Trading Floor or in an
electronic market, unlike Floor Brokers, who have a business model that
is naturally tied to the physical trading space. The Exchange believes
that assessing Floor Lead Market Makers and Floor Market Makers a
higher Options Transaction Charge does not impose an undue burden on
competition because they have the benefit of trading on a Trading Floor
or in an electronic venue if they so choose. The proposed $0.50 Options
Transaction Charge for Floor Lead Market Makers and Floor Market Makers
and the $0.15 per contract rebate for Floor Brokers will be uniformly
assessed and paid, respectively, to all Floor Lead Market Makers, Floor
Market Makers, and Floor Brokers participating in open outcry trades in
multiply-listed Penny and non-Penny symbols.
The Exchange believes that its proposal to not pay a rebate when an
order is executed electronically or for orders that are singly listed
options, index options, FLEX Options, strategy transactions, and Floor
QCC Orders does not impose an undue burden on competition as pricing
for these types of transactions are specified separately from Floor
Options Transaction Charges within Options 7, Section 4 of the Pricing
Schedule.
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 has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act.\29\
---------------------------------------------------------------------------
\29\ 15 U.S.C. 78s(b)(3)(A)(ii).
---------------------------------------------------------------------------
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: (i)
Necessary or appropriate in the public interest; (ii) for the
protection of investors; or (iii) 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#f684839a93db95999b9b93988285b6859395d8919980"><span class="__cf_email__" data-cfemail="cfbdbaa3aae2aca0a2a2aaa1bbbc8fbcaaace1a8a0b9">[email protected]</span></a>. Please include
File Number SR-Phlx-2022-10 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-2022-10. 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
[[Page 16533]]
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-2022-10 and should be submitted on
or before April 13, 2022.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\30\
---------------------------------------------------------------------------
\30\ 17 CFR 200.30-3(a)(12).
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-06094 Filed 3-22-22; 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 March 23, 2022.
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.