Notice2022-12653
Self-Regulatory Organizations; MEMX LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Exchange's Fee Schedule
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Published
June 13, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 87 Issue 113 (Monday, June 13, 2022)</title>
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[Federal Register Volume 87, Number 113 (Monday, June 13, 2022)]
[Notices]
[Pages 35832-35836]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-12653]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-95058; File No. SR-MEMX-2022-15]
Self-Regulatory Organizations; MEMX LLC; Notice of Filing and
Immediate Effectiveness of a Proposed Rule Change To Amend the
Exchange's Fee Schedule
June 7, 2022.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on June 1, 2022, MEMX LLC (``MEMX'' or the ``Exchange'') filed
with the Securities and Exchange Commission (the ``Commission'') the
proposed rule change as described in Items I, II, and III below, which
Items have been prepared by the Exchange. The Commission is publishing
this notice to solicit comments on the proposed rule change from
interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange is filing with the Commission a proposed rule change
to amend the Exchange's fee schedule applicable to Members \3\ (the
``Fee Schedule'') pursuant to Exchange Rules 15.1(a) and (c). The
Exchange proposes to implement the changes to the Fee Schedule pursuant
to this proposal on June 1, 2022. The text of the proposed rule change
is provided in Exhibit 5.
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\3\ See Exchange Rule 1.5(p).
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II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The purpose of the proposed rule change is to amend the Fee
Schedule to:
[[Page 35833]]
(i) adopt a new tier under the Liquidity Provision Tiers; (ii) modify
the required criteria under one of the existing Liquidity Provision
Tiers; and (iii) modify the required criteria and reduce the rebate
provided under Non-Display Add Tier 1, each as further described below.
The Exchange first notes that it operates in a highly competitive
market in which market participants can readily direct order flow to
competing venues if they deem fee levels at a particular venue to be
excessive or incentives to be insufficient. More specifically, the
Exchange is only one of 16 registered equities exchanges, as well as a
number of alternative trading systems and other off-exchange venues, to
which market participants may direct their order flow. Based on
publicly available information, no single registered equities exchange
currently has more than approximately 16% of the total market share of
executed volume of equities trading.\4\ Thus, in such a low-
concentrated and highly competitive market, no single equities exchange
possesses significant pricing power in the execution of order flow, and
the Exchange currently represents approximately 4% of the overall
market share.\5\ The Exchange in particular operates a ``Maker-Taker''
model whereby it provides rebates to Members that add liquidity to the
Exchange and charges fees to Members that remove liquidity from the
Exchange. The Fee Schedule sets forth the standard rebates and fees
applied per share for orders that add and remove liquidity,
respectively. Additionally, in response to the competitive environment,
the Exchange also offers tiered pricing, which provides Members with
opportunities to qualify for higher rebates or lower fees where certain
volume criteria and thresholds are met. Tiered pricing provides an
incremental incentive for Members to strive for higher tier levels,
which provides increasingly higher benefits or discounts for satisfying
increasingly more stringent criteria.
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\4\ Market share percentage calculated as of May 31, 2022. The
Exchange receives and processes data made available through
consolidated data feeds (i.e., CTS and UTDF).
\5\ Id.
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Adoption of New Liquidity Provision Tier
The Exchange currently provides a standard rebate of $0.0020 per
share for executions of orders in securities priced at or above $1.00
per share that add displayed liquidity to the Exchange (such orders,
``Added Displayed Volume''). The Exchange also currently offers
Liquidity Provision Tiers 1, 2 and 3, under which a Member may receive
an enhanced rebate for executions of Added Displayed Volume by
achieving the corresponding required volume criteria for each tier. The
Exchange now proposes to adopt a new tier under the Liquidity Provision
Tiers, which, as proposed, would be the new Liquidity Provision Tier 1,
and the current Liquidity Provision Tiers 1, 2 and 3 would be
renumbered as Liquidity Provision Tiers 2, 3 and 4 (hereinafter
referred to as such). The applicable rebates and required criteria
under Liquidity Provision Tiers 2, 3 and 4 would remain unchanged,
except for the required criteria under Liquidity Provision Tier 2,
which the Exchange is proposing to modify, as further described below.
Under the proposed new Liquidity Provision Tier 1, the Exchange
will provide an enhanced rebate of $0.00335 per share for executions of
Added Displayed Volume for Members that qualify for such tier by
achieving a Displayed ADAV \6\ that is equal to or greater than 0.40%
of the TCV.\7\ The Exchange proposes to provide Members that qualify
for the proposed new Liquidity Provision Tier 1 a rebate of 0.05% of
the total dollar volume of the transaction for executions of orders in
securities priced below $1.00 per share that add displayed liquidity to
the Exchange, which is the same rebate that is currently applicable to
such executions for all Members. The proposed new Liquidity Provision
Tier 1 is designed to encourage Members to maintain or increase their
order flow that adds displayed liquidity to the Exchange in order to
qualify for the proposed enhanced rebate for executions of Added
Displayed Volume, thereby promoting price discovery and contributing to
a deeper and more liquid market to the benefit of all market
participants.
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\6\ As set forth on the Fee Schedule, ``ADAV'' means the average
daily added volume calculated as the number of shares added per day,
which is calculated on a monthly basis, and ``Displayed ADAV'' means
ADAV with respect to displayed orders.
\7\ As set forth on the Fee Schedule, ``TCV'' means total
consolidated volume calculated as the volume reported by all
exchanges and trade reporting facilities to a consolidated
transaction reporting plan for the month for which the fees apply.
The pricing for the proposed new Liquidity Provision Tier 1 is
referred to by the Exchange on the Fee Schedule under the existing
description ``Added displayed volume, Liquidity Provision Tier 1''
with a Fee Code of ``B1'', ``D1'' or ``J1'', as applicable, to be
provided by the Exchange on the monthly invoices provided to
Members. The Exchange notes that because the determination of
whether a Member qualifies for a certain pricing tier for a
particular month will not be made until after the month-end, the
Exchange will provide the Fee Codes otherwise applicable to such
transactions on the execution reports provided to Members during the
month and will only designate the Fee Codes applicable to the
achieved pricing tier on the monthly invoices, which are provided
after such determination has been made, as the Exchange does for its
tier-based pricing today. The Exchange also notes that the pricing
for Liquidity Provision Tiers 2 and 3 will be referred to under the
existing applicable descriptions and Fee Codes, and the pricing for
Liquidity Provision Tier 4 will be referred to by the Exchange under
the new description ``Added displayed volume, Liquidity Provision
Tier 4'' with a Fee Code of ``B4'', ``D4'' or ``J4'', as applicable,
to be provided by the Exchange on the monthly invoices provided to
Members.
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Modify Required Criteria Under Liquidity Provision Tier 2
The Exchange is also proposing to modify the required criteria
under Liquidity Provision Tier 2. Currently, a Member qualifies for
such tier by achieving an ADAV that is equal to or greater than 0.25%
of the TCV. The Exchange proposes to keep this criteria intact and
adopt an additional (i.e., alternative) criteria that a Member may
achieve in order to qualify for such tier. Specifically, the Exchange
proposes to modify the required criteria such that a Member would also
qualify for Liquidity Provision Tier 2 by achieving: (i) an ADAV that
is equal to or greater than 0.15% of the TCV; and (ii) a Step-Up ADAV
\8\ from May 2022 that is equal to or greater than 0.05% of the TCV.
Thus, such proposed change would add an alternative criteria that
includes a lower overall ADAV threshold but that also requires such
Member to increase its ADAV above its May 2022 ADAV by a specified
threshold. The Exchange notes that it is not proposing to change the
rebates provided under Liquidity Provision Tier 2.
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\8\ As set forth on the Fee Schedule, ``Step-Up ADAV'' means
ADAV in the relevant baseline month subtracted from current ADAV.
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The Exchange believes that the proposed alternative criteria
provides an incremental incentive for Members to strive for higher ADAV
on the Exchange (above their ADAV in the month immediately preceding
the effectiveness of this proposal--i.e., May 2022) to receive the
corresponding enhanced rebate for executions of Added Displayed Volume
under such tier, and thus, it is designed to encourage Members that do
not currently qualify for such tier to increase their orders that add
liquidity to the Exchange. The Exchange believes that the tier, as
proposed, would further incentivize increased order flow to the
Exchange, thereby contributing to a deeper and more liquid market to
the benefit of all market participants. The Exchange notes that, as the
proposed change to the
[[Page 35834]]
required criteria under Liquidity Provision Tier 2 merely provides an
alternative criteria and does not change the existing criteria, the
Exchange believes that such change would make the tier easier for
Members to achieve, and, in turn, while the Exchange has no way of
predicting with certainty how the proposed new criteria will impact
Member activity, the Exchange expects that more Members will strive to
qualify for such tier than currently do, resulting in the submission of
additional order flow to the Exchange.
Reduce Rebate and Modify Criteria Under Non-Display Add Tier 1
Lastly, the Exchange proposes to modify the required criteria and
reduce the rebate provided under Non-Display Add Tier 1. Currently, a
Member qualifies for Non-Display Add Tier 1 by achieving a Non-
Displayed ADAV \9\ that is equal to or greater than 5,000,000 shares,
and the Exchange provides a rebate of $0.0028 per share for a
qualifying Member's executions of orders in securities priced at or
above $1.00 per share that add non-displayed liquidity to the Exchange
(such orders, ``Added Non-Displayed Volume''). Now, the Exchange
proposes to lower the Non-Displayed ADAV threshold such that a Member
would qualify for such tier by achieving a Non-Displayed ADAV that is
equal to or greater than 3,000,000 shares. The Exchange also proposes
to reduce the rebate for a qualifying Member's executions of Added Non-
Displayed Volume to $0.0027 per share.\10\ The Exchange is not
proposing to change the rebate provided under such tier for executions
of orders in securities priced below $1.00 per share.
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\9\ As set forth on the Fee Schedule, ``Non-Displayed ADAV''
means ADAV with respect to non-displayed orders (including Midpoint
Peg orders).
\10\ The proposed pricing for Non-Display Add Tier 1 is referred
to by the Exchange on the Fee Schedule under the existing
description ``Added non-displayed volume, Non-Display Add Tier 1''
with a Fee Code of ``H1'' or ``M1'', as applicable, to be provided
by the Exchange on the monthly invoices provided to Members.
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The Exchange notes that the proposed change to the required
criteria under Non-Display Add Tier 1 would lower the Non-Displayed
ADAV threshold, which the Exchange believes would make such tier easier
for Members to achieve, and, in turn, while the Exchange has no way of
predicting with certainty how the proposed new criteria will impact
Member activity, the Exchange expects that more Members will strive to
qualify for such tier than currently do, resulting in the submission of
additional order flow to the Exchange. The purpose of reducing the
rebate provided for executions of Added Non-Displayed Volume under such
tier as proposed (i.e., by $0.0001 per share), which the Exchange
believes is a modest reduction and is commensurate with the proposed
lower Non-Displayed ADAV threshold, is for business and competitive
reasons, as the Exchange believes that such reduction would decrease
the Exchange's expenditures with respect to its transaction pricing in
a manner that is still consistent with the Exchange's overall pricing
philosophy of encouraging added liquidity.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the provisions of Section 6 of the Act,\11\ in general, and with
Sections 6(b)(4) and 6(b)(5) of the Act,\12\ in particular, in that it
provides for the equitable allocation of reasonable dues, fees and
other charges among its Members and other persons using its facilities
and is not designed to permit unfair discrimination between customers,
issuers, brokers, or dealers.
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\11\ 15 U.S.C. 78f.
\12\ 15 U.S.C. 78f(b)(4) and (5).
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As discussed above, the Exchange operates in a highly fragmented
and competitive market in which market participants can readily direct
order flow to competing venues if they deem fee levels at a particular
venue to be excessive or incentives to be insufficient, and the
Exchange represents only a small percentage of the overall market. 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,
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.'' \13\
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\13\ Securities Exchange Act Release No. 51808 (June 9, 2005),
70 FR 37496, 37499 (June 29, 2005).
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The Exchange believes that the ever-shifting market share among the
exchanges from month to month demonstrates that market participants can
shift order flow or discontinue to reduce use of certain categories of
products, in response to new or different pricing structures being
introduced into the market. Accordingly, competitive forces constrain
the Exchange's transaction fees and rebates, and market participants
can readily trade on competing venues if they deem pricing levels at
those other venues to be more favorable. The Exchange believes the
proposal reflects a reasonable and competitive pricing structure
designed to incentivize market participants to direct additional orders
that add liquidity to the Exchange, which the Exchange believes would
deepen liquidity and promote price discovery and market quality on the
Exchange to the benefit of all market participants, thereby enhancing
the attractiveness of the Exchange as a trading venue.
The Exchange notes that volume-based incentives and discounts have
been widely adopted by exchanges, including the Exchange, and are
reasonable, equitable and not unfairly discriminatory because they are
open to all members on an equal basis and provide additional benefits
or discounts that are reasonably related to the value to an exchange's
market quality associated with higher levels of market activity, such
as higher levels of liquidity provision and/or growth patterns, and the
introduction of higher volumes of orders into the price and volume
discovery process. The Exchange believes that the proposed new
Liquidity Provision Tier 1 is reasonable, equitable and not unfairly
discriminatory for these same reasons, as it would provide Members with
an additional incentive to achieve a certain volume threshold on the
Exchange, is available to all Members on an equal basis, and, as noted
above, is designed to encourage Members to maintain or increase their
orders that add displayed liquidity to the Exchange in order to qualify
for the enhanced rebate for executions of Added Displayed Volume,
thereby promoting price discovery and contributing to a deeper and more
liquid market to the benefit of all market participants. The Exchange
also believes the enhanced rebate for executions of Added Displayed
Volume under the proposed new Liquidity Provision Tier 1 reflects a
reasonable and equitable allocation of fees and rebates because it is
higher than the rebates provided for such executions under Liquidity
Provision Tiers 2, 3 and 4, which have lower volume thresholds as their
required criteria, and is commensurate with its required criteria and
the market quality benefits it is designed to achieve, as described
above.
The Exchange believes that the proposed change to modify the
required criteria under Liquidity Provision Tier 2 is reasonable
because, as noted above, such change would keep the existing
[[Page 35835]]
ADAV threshold intact and also provide an alternative criteria that a
Member may choose to achieve that includes a lower overall ADAV
threshold but that also requires such Member to increase its ADAV above
its May 2022 ADAV by a specified threshold, which would incentivize the
submission of additional order flow to the Exchange, thereby
contributing to a deeper and more liquid market to the benefit of all
market participants. The Exchange also believes the proposed new
criteria is equitable and not unfairly discriminatory because all
Members will continue to be eligible to meet such criteria, including
the Members that currently meet the existing ADAV threshold that is not
changing. Further, as noted above, while the Exchange has no way of
predicting with certainty how the proposed new criteria will impact
Member activity, the Exchange expects that more Members will strive to
qualify for such tier under the proposed new criteria, which is more
expansive.
The Exchange also believes that the proposed change to modify the
required criteria under Non-Display Add Tier 1 is reasonable, equitable
and not unfairly discriminatory because, as noted above, it would lower
the Non-Displayed ADAV threshold, which the Exchange believes would
make such tier easier for Members to achieve, and all Members will
continue to be eligible to meet such criteria. As described above,
while the Exchange has no way of predicting with certainty how the
proposed new criteria will impact Member activity, the Exchange expects
that more Members will strive to qualify for such tier than currently
do. The Exchange also believes that the proposed change to reduce the
rebate provided under Non-Display Add Tier 1 is reasonable, equitable
and not unfairly discriminatory because, as noted above, the Exchange
believes that reducing the rebate as proposed (i.e., by $0.0001 per
share) is a modest reduction, is commensurate with the proposed lower
Non-Displayed ADAV threshold, and would decrease the Exchange's
expenditures with respect to its transaction pricing in a manner that
is still consistent with the Exchange's overall pricing philosophy of
encouraging added liquidity.
For the reasons discussed above, the Exchange submits that the
proposal satisfies the requirements of Sections 6(b)(4) and 6(b)(5) of
the Act \14\ in that it provides for the equitable allocation of
reasonable dues, fees and other charges among its Members and other
persons using its facilities and is not designed to unfairly
discriminate between customers, issuers, brokers, or dealers. As
described more fully below in the Exchange's statement regarding the
burden on competition, the Exchange believes that its transaction
pricing is subject to significant competitive forces, and that the
proposed fees and rebates described herein are appropriate to address
such forces.
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\14\ 15 U.S.C. 78f(b)(4) and (5).
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B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposal will result in any
burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act. Instead, as discussed above,
the proposal is intended to incentivize market participants to direct
additional orders that add liquidity to the Exchange, thereby deepening
liquidity and promoting price discovery and market quality on the
Exchange to the benefit of all market participants, as well as to
decrease the Exchange's expenditures with respect to its transaction
pricing in a manner that is still consistent with the Exchange's
overall pricing philosophy of encouraging added displayed liquidity. As
a result, the Exchange believes the proposal would enhance its
competitiveness as a market that attracts actionable orders, thereby
making it a more desirable destination venue for its customers. For
these reasons, the Exchange believes that the proposal furthers the
Commission's goal in adopting Regulation NMS of fostering competition
among orders, which promotes ``more efficient pricing of individual
stocks for all types of orders, large and small.'' \15\
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\15\ See supra note 13.
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Intramarket Competition
As discussed above, the Exchange believes that the proposal would
incentivize Members to submit additional orders that add liquidity to
the Exchange, thereby contributing to a deeper and more liquid market
and promoting price discovery and market quality on the Exchange to the
benefit of all market participants as well as enhancing the
attractiveness of the Exchange as a trading venue, which the Exchange
believes, in turn, would continue to encourage market participants to
direct additional order flow to the Exchange. Greater liquidity
benefits all Members by providing more trading opportunities and
encourages Members to send additional orders to the Exchange, thereby
contributing to robust levels of liquidity, which benefits all market
participants. The opportunity to qualify for the new Liquidity
Provision Tier 1 and the modified criteria under Liquidity Provision
Tier 2 and Non-Display Add Tier 1, and thus receive the corresponding
rebates for executions of Added Displayed Volume and Added Non-
Displayed Volume, respectively, would be available to all Members that
meet the associated volume requirements in any month. As described
above, the Exchange believes that the proposed new required criteria
under both Liquidity Provision Tier 2 and Non-Display Add Tier 1 would
make such tiers easier to qualify for, as the proposed changes either
add an alternative criteria (while keeping the existing criteria
intact) or lower the required volume threshold, and the Exchange
believes that all such proposed new criteria are reasonably related to
the enhanced liquidity and market quality that such tiers are designed
to promote. Additionally, as noted above, the proposed reduced rebate
for executions of Added Non-Displayed Volume under Non-Display Add Tier
1 would continue to apply equally to all Members in the same manner as
it does today, except that qualification for the tier would be easier
due to the lowered volume threshold, and the Exchange believes that
such rebate represents only a modest reduction from the current rebate
provided under the tier for executions of Added Non-Displayed Volume
and is commensurate with the proposed lowered volume threshold. For the
foregoing reasons, the Exchange believes the proposed changes would not
impose any burden on intramarket competition that is not necessary or
appropriate in furtherance of the purposes of the Act.
Intermarket Competition
As noted above, the Exchange operates in a highly competitive
market in which market participants can readily direct order flow to
competing venues if they deem fee levels at a particular venue to be
excessive or incentives to be insufficient. Members have numerous
alternative venues that they may participate on and direct their order
flow to, including 15 other equities exchanges and numerous alternative
trading systems and other off-exchange venues. As noted above, no
single registered equities exchange currently has more than
approximately 16% of the total market share of executed volume of
equities trading. Thus, in such a low-concentrated and highly
competitive market, no single equities exchange possesses significant
pricing power in the execution of order flow. Moreover, the Exchange
believes
[[Page 35836]]
that the ever-shifting market share among the exchanges from month to
month demonstrates that market participants can shift order flow or
discontinue to reduce use of certain categories of products, in
response to new or different pricing structures being introduced into
the market. Accordingly, competitive forces constrain the Exchange's
transaction fees and rebates, including with respect to executions of
Added Displayed Volume and Added Non-Displayed Volume, and market
participants can readily choose to send their orders to other exchange
and off-exchange venues if they deem fee levels at those other venues
to be more favorable. As described above, the proposed changes
represent a competitive proposal through which the Exchange is seeking
to decrease the Exchange's expenditures with respect to its transaction
pricing and to encourage additional order flow to the Exchange through
volume-based tiers, which have been widely adopted by exchanges,
including the Exchange. Accordingly, the Exchange believes the proposal
would not burden, but rather promote, intermarket competition by
enabling it to better compete with other exchanges that offer similar
pricing incentives to market participants that achieve certain volume
criteria and thresholds.
Additionally, the Commission has repeatedly expressed its
preference for competition over regulatory intervention in determining
prices, products, and services in the securities markets. Specifically,
in Regulation NMS, the Commission highlighted the importance of market
forces in determining prices and SRO revenues and, also, recognized
that current regulation of the market system ``has been remarkably
successful in promoting market competition in its broader forms that
are most important to investors and listed companies.'' \16\ The fact
that this market is competitive has also long been recognized by the
courts. In NetCoalition v. SEC, the D.C. Circuit stated as follows:
``[n]o one disputes that competition for order flow is `fierce.' . . .
As the SEC explained, `[i]n the U.S. national market system, buyers and
sellers of securities, and the broker-dealers that act as their order-
routing agents, have a wide range of choices of where to route orders
for execution'; [and] `no exchange can afford to take its market share
percentages for granted' because `no exchange possesses a monopoly,
regulatory or otherwise, in the execution of order flow from broker
dealers'. . . .''.\17\ Accordingly, the Exchange does not believe its
proposed pricing changes impose any burden on competition that is not
necessary or appropriate in furtherance of the purposes of the Act.
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\16\ See supra note 13.
\17\ NetCoalition v. SEC, 615 F.3d 525, 539 (D.C. Cir. 2010)
(quoting Securities Exchange Act Release No. 59039 (December 2,
2008), 73 FR 74770, 74782-83 (December 9, 2008) (SR-NYSE-2006-21)).
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C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
The Exchange neither solicited nor received comments on the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act \18\ and Rule 19b-4(f)(2) \19\ thereunder.
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\18\ 15 U.S.C. 78s(b)(3)(A)(ii).
\19\ 17 CFR 240.19b-4(f)(2).
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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 change 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#1260677e773f717d7f7f777c6661526177713c757d64"><span class="__cf_email__" data-cfemail="d8aaadb4bdf5bbb7b5b5bdb6acab98abbdbbf6bfb7ae">[email protected]</span></a>. Please include
File Number SR-MEMX-2022-15 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-MEMX-2022-15. 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-MEMX-2022-15 and should be submitted on
or before July 5, 2022.
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\20\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\20\
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-12653 Filed 6-10-22; 8:45 am]
BILLING CODE 8011-01-P
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