Notice2022-08284
Self-Regulatory Organizations; Nasdaq BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Make the Market Wide Circuit Breaker Pilot a Permanent Program
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
April 19, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 87 Issue 75 (Tuesday, April 19, 2022)</title>
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[Federal Register Volume 87, Number 75 (Tuesday, April 19, 2022)]
[Notices]
[Pages 23287-23291]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-08284]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-94711; File No. SR-BX-2022-007]
Self-Regulatory Organizations; Nasdaq BX, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Make the Market
Wide Circuit Breaker Pilot a Permanent Program
April 13, 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 April 12, 2022, Nasdaq BX, Inc. (``BX'' 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 adopt on a permanent basis the pilot
program for market-wide circuit breakers in Equity 4, Rule 4121.
The text of the proposed rule change is available on the Exchange's
website at <a href="https://listingcenter.nasdaq.com/rulebook/bx/rules">https://listingcenter.nasdaq.com/rulebook/bx/rules</a>, at the
principal office of the Exchange, and at the Commission's Public
Reference Room.
[[Page 23288]]
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
On March 16, 2022, the Commission approved the proposal of the New
York Stock Exchange (``NYSE'') to adopt on a permanent basis the pilot
program for market-wide circuit breakers (``MWCB'') in NYSE Rule
7.12.\3\ The Exchange now proposes to adopt the same change to make
permanent the MWCB pilot program in Equity 4, Rule 4121.
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\3\ See Securities Exchange Act Release No. 94441 (March 16,
2022) (SR-NYSE-2021-40).
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Rules Overview
The MWCB rules, including the Exchange's Rule 4121 under Equity 4,
provide an important, automatic mechanism that is invoked to promote
stability and investor confidence during periods of significant stress
when cash equities securities experience extreme market-wide declines.
The MWCB rules are designed to slow the effects of extreme price
declines through coordinated trading halts across both cash equity and
equity options securities markets.
The cash equities rules governing MWCBs were first adopted in 1988
and, in 2012, all U.S. cash equities exchanges and FINRA amended their
cash equities uniform rules on a pilot basis (the ``Pilot Rules,''
i.e., Equity 4, Rule 4121(a)-(d)).\4\ The Pilot Rules currently provide
for trading halts in all cash equity securities during a severe market
decline as measured by a single-day decline in the S&P 500 Index
(``SPX'').\5\ Under the Pilot Rules, a market-wide trading halt will be
triggered if SPX declines in price by specified percentages from the
prior day's closing price of that index. The triggers are set at three
circuit breaker thresholds: 7% (Level 1), 13% (Level 2), and 20% (Level
3). A market decline that triggers a Level 1 or Level 2 halt after 9:30
a.m. and before 3:25 p.m. would halt market-wide trading for 15
minutes, while a similar market decline at or after 3:25 p.m. would not
halt market-wide trading. (Level 1 and Level 2 halts may occur only
once a day.) A market decline that triggers a Level 3 halt at any time
during the trading day would halt market-wide trading for the remainder
of the trading day.
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\4\ See Securities Exchange Act Release No. 67090 (May 31,
2012), 77 FR 33531 (June 6, 2012) (SR-BATS-2011-038; SR-BYX-2011-
025; SR-BX-2011-068; SR-CBOE-2011-087; SR-C2-2011-024; SR-CHX-2011-
30; SR-EDGA-2011-31; SR-EDGX-2011-30; SR-FINRA-2011-054; SR-ISE-
2011-61; SR-NASDAQ-2011-131; SR-NSX-2011-11; SR-NYSE-2011-48; SR-
NYSEAmex-2011-73; SR-NYSEArca-2011-68; SR-Phlx-2011-129) (``Pilot
Rules Approval Order'').
\5\ The rules of the equity options exchanges similarly provide
for a halt in trading if the cash equities exchanges invoke a MWCB
Halt. See, e.g., Options 3, Section 9(e).
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The Commission approved the Pilot Rules, the term of which was to
coincide with the pilot period for the Plan to Address Extraordinary
Market Volatility Pursuant to Rule 608 of Regulation NMS (the ``LULD
Plan''),\6\ including any extensions to the pilot period for the LULD
Plan.\7\ In April 2019, the Commission approved an amendment to the
LULD Plan for it to operate on a permanent, rather than pilot,
basis.\8\ In conjunction with the proposal to make the LULD Plan
permanent, the Exchange amended Equity 4, Rule 4121 to untie the Pilot
Rules' effectiveness from that of the LULD Plan and to extend the Pilot
Rules' effectiveness to the close of business on October 18, 2019.\9\
The Exchange subsequently filed to extend the pilot for an additional
year to the close of business on October 18, 2020,\10\ and later, on
October 18, 2021.\11\ The Exchange last extended the pilot to the close
of business on April 18, 2022.\12\
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\6\ See Securities Exchange Act Release No. 67091 (May 31,
2012), 77 FR 33498 (June 6, 2012). The LULD Plan provides a
mechanism to address extraordinary market volatility in individual
securities.
\7\ See Securities Exchange Act Release Nos. 67090 (May 31,
2012), 77 FR 33531 (June 6, 2012) (SR-BX-2011-068) (Approval Order);
and 68815 (February 1, 2013), 78 FR 9752 (February 11, 2013) (SR-BX-
2013-009) (Notice of Filing and Immediate Effectiveness of Proposed
Rule Change to Delay the Operative Date).
\8\ See Securities Exchange Act Release No. 85623 (April 11,
2019), 84 FR 16086 (April 17, 2019).
\9\ See Securities Exchange Act Release No. 85585 (April 10,
2019), 84 FR 15643 (April 16, 2019) (SR-BX-2019-008).
\10\ See Securities Exchange Act Release No. 87208 (October 3,
2019), 84 FR 54213 (October 9, 2019) (SR-BX-2019-034).
\11\ See Securities Exchange Act Release No. 90145 (October 9,
2020), 85 FR 65462 (October 15, 2020) (SR-BX-2020-029).
\12\ See Securities Exchange Act Release No. 94434 (March 16,
2022), 87 FR 16299 (March 22, 2022) (SR-BX-2022-005).
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The MWCB Working Group Study
Beginning in February 2020, at the outset of the COVID-19 pandemic,
the markets experienced increased volatility, culminating in four MWCB
Level 1 halts on March 9, 12, 16, and 18, 2020. In each instance,
pursuant to the Pilot Rules, the markets halted as intended upon a 7%
drop in SPX and did not start the process to resume trading until the
prescribed 15-minute halt period ended.
On September 17, 2020, the Director of the Commission's Division of
Trading and Markets asked the SROs to conduct a study of the design and
operation of the Pilot Rules and the LULD Plan during the period of
volatility in March 2020. In response to the request, the SROs created
a MWCB ``Working Group'' composed of SRO representatives and industry
advisers that included members of the advisory committees to both the
LULD Plan and the NMS Plans governing the collection, consolidation,
and dissemination of last-sale transaction reports and quotations in
NMS Stocks. The Working Group met regularly from September 2020 through
March 2021 to consider the Commission's request, review data, and
compile its study.
On March 31, 2021, the MWCB Working Group submitted its study (the
``Study'') to the Commission.\13\ The Study included an evaluation of
the operation of the Pilot Rules during the March 2020 events and an
evaluation of the design of the current MWCB system. In the Study, the
Working Group concluded: (1) The MWCB mechanism set out in the Pilot
Rules worked as intended during the March 2020 events; (2) the MWCB
halts triggered in March 2020 appear to have had the intended effect of
calming volatility in the market, without causing harm; (3) the design
of the MWCB mechanism with respect to reference value (SPX), trigger
levels (7%/13%/20%), and halt times (15 minutes) is appropriate; (4)
the change implemented in Amendment 10 to the LULD Plan did not likely
have any negative impact on MWCB functionality; and (5) no changes
should be made to the mechanism to prevent the market from halting
shortly after the
[[Page 23289]]
opening of regular trading hours at 9:30 a.m.
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\13\ See Report of the Market-Wide Circuit Breaker (``MWCB'')
Working Group Regarding the March 2020 MWCB Events, submitted March
31, 2021 (the ``Study''), available at <a href="https://www.nyse.com/publicdocs/nyse/markets/nyse/Report_of_the_Market-Wide_Circuit_Breaker_Working_Group.pdf">https://www.nyse.com/publicdocs/nyse/markets/nyse/Report_of_the_Market-Wide_Circuit_Breaker_Working_Group.pdf</a>.
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In light of those conclusions, the MWCB Working Group also made
several recommendations, including that (1) the Pilot Rules should be
made permanent without any changes, and (2) SROs should adopt a rule
requiring all designated Regulation SCI firms to participate in at
least one Level 1/Level 2 MWCB test each year and to verify their
participation via attestation.\14\
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\14\ See id. at 46.
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Proposal To Make the Pilot Rules Permanent
On July 16, 2021, NYSE proposed a rule change to make the Pilot
Rules permanent, consistent with the Working Group's
recommendations.\15\ On March 16, 2022, the Commission approved NYSE's
proposal.\16\
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\15\ See Securities Exchange Act Release No. 92428 (July 16,
2021), 86 FR 38776 (July 22, 2021) (SR-NYSE-2021-40).
\16\ See supra note 3.
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Consistent with the Commission's approval of NYSE's proposal, the
Exchange now proposes that the Pilot Rules (i.e., paragraphs (a)-(d) of
Equity 4, Rule 4121) be made permanent. To accomplish this, the
Exchange proposes to remove the preamble to Rule 4121, which currently
provides that the rule is in effect during a pilot period that expires
at the close of business on April 18, 2022. The Exchange does not
propose any changes to paragraphs (a)-(d) of the Rule.
Consistent with the Commission's approval of NYSE's proposal, the
Exchange proposes to add new paragraphs (e), (f), and (g) to Equity 4,
Rule 4121, as follows:
(e) Market-Wide Circuit Breaker (``MWCB'') Testing
(1) The Exchange will participate in all industry-wide tests of the
MWCB mechanism. Members designated pursuant to General 2, Section 12(a)
to participate in Exchange Business Continuity and Disaster Recovery
testing are required to participate in at least one industry-wide MWCB
test each year and to verify their participation in that test by
attesting that they are able to or have attempted to:
(A) Receive and process MWCB halt messages from the securities
information processors (``SIPs'');
(B) receive and process resume messages from the SIPs following a
MWCB halt;
(C) receive and process market data from the SIPs relevant to MWCB
halts; and
(D) send orders following a Level 1 or Level 2 MWCB halt in a
manner consistent with their usual trading behavior.
(2) To the extent that a member participating in a MWCB test is
unable to receive and process any of the messages identified in
paragraph (e)(1)(A)-(D) of this Rule, its attestation should notify the
Exchange which messages it was unable to process and if known, why.
(3) Members not designated pursuant to standards established in
General 2, Section 12(a) are permitted to participate in any MWCB test.
(f) In the event that a halt is triggered under this Rule following
a Level 1, Level 2, or Level 3 Market Decline, the Exchange, together
with other SROs and industry representatives (the ``MWCB Working
Group''), will review such event. The MWCB Working Group will prepare a
report that documents its analysis and recommendations and will provide
that report to the Commission within 6 months of the event.
(g) In the event that there is (1) a Market Decline of more than
5%, or (2) an SRO implements a rule that changes its reopening process
following a MWCB Halt, the Exchange, together with the MWCB Working
Group, will review such event and consider whether any modifications
should be made to this Rule. If the MWCB Working Group recommends that
a modification should be made to this Rule, the MWCB Working Group will
prepare a report that documents its analysis and recommendations and
provide that report to the Commission.
2. Statutory Basis
The Exchange believes that the proposal to make the Pilot Rules
permanent is consistent with Section 6(b) of the Act,\17\ in general,
and furthers the objectives of Section 6(b)(5) of the Act,\18\ 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.
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\17\ 15 U.S.C. 78f(b).
\18\ 15 U.S.C. 78f(b)(5).
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The Pilot Rules set out in Equity 4, Rule 4121(a)-(d) are an
important, automatic mechanism that is invoked to promote stability and
investor confidence during periods of significant market stress when
securities markets experience broad-based declines. The four MWCB halts
that occurred in March 2020 provided the Exchange, the other SROs, and
market participants with real-world experience as to how the Pilot
Rules actually function in practice. Based on the Working Group's Study
and the Exchange's own analysis of those events, the Exchange believes
that making the Pilot Rules permanent would benefit market
participants, promote just and equitable principles of trade, remove
impediments to and perfect the mechanism of a free and open market and
a national market system, and protect investors and the public
interest.
Specifically, the Exchange believes that making the Pilot Rules
permanent would benefit market participants, promote just and equitable
principles of trade, remove impediments to and perfect the mechanism of
a free and open market and a national market system, and protect
investors and the public interest, because the Pilot Rules worked as
intended during the March 2020 events. As detailed above, the markets
were in communication before, during, and after each of the MWCB Halts
that occurred in March 2020. All 9,000+ equity symbols were
successfully halted in a timely manner when SPX declined 7% from the
previous day's closing value, as designed. The Exchange believes that
market participants would benefit from having the Pilot Rules made
permanent because such market participants are familiar with the design
and operation of the MWCB mechanism set out in the Pilot Rules, and
know from experience that it has functioned as intended on multiple
occasions under real-life stress conditions. Accordingly, the Exchange
believes that making the Pilot Rules permanent would enhance investor
confidence in the ability of the markets to successfully halt as
intended when under extreme stress.
The Exchange further believes that making the Pilot Rules permanent
would benefit market participants, promote just and equitable
principles of trade, remove impediments to and perfect the mechanism of
a free and open market and a national market system, and protect
investors and the public interest, because the halts that were
triggered pursuant to the Pilot Rules in March 2020 appear to have had
the intended effect of calming volatility in the market without causing
harm. As detailed above, after studying a variety of metrics concerning
opening and reopening auctions, quote volatility, and other factors,
the Exchange concluded that there was no significant difference in the
percentage of securities that opened on a trade versus on a quote for
the four days in March 2020 with MWCB Halts, versus the other periods
studied. In addition, while the post-MWCB Halt reopening auctions were
smaller than typical opening auctions,
[[Page 23290]]
the size of those post-MWCB Halt reopening auctions plus the earlier
initial opening auctions in those symbols was on average equal to
opening auctions in January 2020. The Exchange believes this indicates
that the MWCB Halts on the four March 2020 days did not cause liquidity
to evaporate. Finally, the Exchange observes that while quote
volatility was generally higher on the four days in March 2020 with
MWCB Halts as compared to the other periods studied, quote volatility
stabilized following the MWCB Halts at levels similar to the January
2020 levels, and LULD Trading Pauses worked as designed to address any
additional volatility later in the day. From this evidence, the
Exchange concludes that the Pilot Rules actually calmed volatility on
the four MWCB Halt days in March 2020, without causing liquidity to
evaporate or otherwise harming the market. As such, the Exchange
believes that making the Pilot Rules permanent would remove impediments
to and perfect the mechanism of a free and open market and a national
market system, and protect investors and the public interest.
The Exchange believes that that making the Pilot Rules permanent
without any changes would benefit market participants, promote just and
equitable principles of trade, remove impediments to and perfect the
mechanism of a free and open market and a national market system, and
protect investors and the public interest, because the current design
of the MWCB mechanism as set out in the Pilot Rules remains
appropriate. As detailed above, the Exchange considered whether SPX
should be replaced as the reference value, whether the current trigger
levels (7%/13%/20%) and halt times (15 minutes for Level 1 and 2 halts)
should be modified, and whether changes should be made to prevent the
market from halting shortly after the opening of regular trading hours
at 9:30 a.m., and concluded that the MWCB mechanism set out in the
Pilot Rules remains appropriate, for the reasons cited above. The
Exchange believes that public confidence in the MWCB mechanism would be
enhanced by the Pilot Rules being made permanent without any changes,
given investors' familiarity with the Pilot Rules and their successful
functioning in March 2020.
The Exchange believes that proposed paragraph (e) regarding MWCB
testing 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. The Working Group recommended that
all cash equities exchanges adopt a rule requiring all designated
Regulation SCI firms to participate in MWCB testing and to attest to
their participation. The Exchange believes that these requirements
would promote the stability of the markets and enhance investor
confidence in the MWCB mechanism and the protections that it provides
to the markets and to investors. The Exchange further believes that
requiring firms participating in a MWCB test to identify any inability
to process messages pertaining to such MWCB test would contribute to a
fair and orderly market by flagging potential issues that should be
corrected. The Exchange would preserve such attestations pursuant to
its obligations to retain books and records of the Exchange.\19\
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\19\ See 17 CFR 240.17a-1.
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The Exchange believes that proposed paragraph (f) would benefit
market participants, promote just and equitable principles of trade,
remove impediments to and perfect the mechanism of a free and open
market and a national market system, and protect investors and the
public interest. Having the MWCB Working Group review any halt
triggered under Rule 4121 and prepare a report of its analysis and
recommendations would permit the Exchange, along with other market
participants and the Commission, to evaluate such event and determine
whether any modifications should be made to Rule 4121 in the public
interest. Preparation of such a report within 6 months of the event
would permit the Exchange, along with the MWCB Working Group,
sufficient time to analyze such halt and prepare their recommendations.
The Exchange believes that proposed paragraph (g) would benefit
market participants, promote just and equitable principles of trade,
remove impediments to and perfect the mechanism of a free and open
market and a national market system, and protect investors and the
public interest. Having the MWCB Working Group review instances of a
Market Decline of more than 5% or an SRO implementing a rule that
changes its reopening process following a MWCB Halt would allow the
MWCB Working Group to identify situations where it recommends that Rule
4121 be modified in the public interest. In such situations where the
MWCB Working Group recommends that a modification should be made to
Rule 4121, the MWCB Working Group would prepare a report that documents
its analysis and recommendations and provide that report to the
Commission, thereby removing impediments to and perfecting the
mechanism of a free and open market and a national market system while
protecting investors and the public interest.
For the foregoing reasons, the Exchange believes that the proposed
change is consistent with the Act.
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 proposed change is not
intended to address competition, but rather, makes permanent the
current MWCB Pilot Rules for the protection of the markets. The
Exchange believes that making the current MWCB Pilot Rules permanent
would have no discernable burden on competition at all, since the Pilot
Rules have already been in effect since 2012 and would be made
permanent without any changes. Moreover, because the MWCB mechanism
contained in the Pilot Rules requires all exchanges and all market
participants to cease trading at the same time, making the Pilot Rules
permanent would not provide a competitive advantage to any exchange or
any class of market participants.
Further, the Exchange understands that the other SROs will submit
substantively identical proposals to the Commission. Thus, the proposed
rule change will help to ensure consistency across SROs without
implicating any competitive issues.
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 19(b)(3)(A)(iii) of the Act \20\ and
subparagraph (f)(6) of Rule 19b-4 thereunder.\21\
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\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.
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[[Page 23291]]
A proposed rule change filed under Rule 19b-4(f)(6) \22\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\23\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange asked
that the Commission waive the 30 day operative delay so that the
proposal may become operative immediately upon filing. Waiver of the
30-day operative delay would allow the Exchange to immediately provide
the protections included in this proposal in the event of a MWCB halt,
which is consistent with the protection of investors and the public
interest. Therefore, the Commission hereby waives the 30-day operative
delay and designates the proposed rule change as operative upon
filing.\24\
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\22\ 17 CFR 240.19b-4(f)(6).
\23\ 17 CFR 240.19b-4(f)(6)(iii).
\24\ For purposes only of waiving the 30-day operative delay,
the Commission has also considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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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#4032352c256d232f2d2d252e3433003325236e272f36"><span class="__cf_email__" data-cfemail="8bf9fee7eea6e8e4e6e6eee5fff8cbf8eee8a5ece4fd">[email protected]</span></a>. Please include
File Number SR-BX-2022-007 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-BX-2022-007. 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-BX-2022-007
and should be submitted on or before May 10, 2022.
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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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-08284 Filed 4-18-22; 8:45 am]
BILLING CODE 8011-01-P
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