Notice2022-13148
Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing of Proposed Rule Change To Permit the Listing and Trading of P.M.-Settled Nasdaq-100 Index Options That Expire on Tuesday or Thursday Under Its Nonstandard Expirations Pilot 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
June 21, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 87 Issue 118 (Tuesday, June 21, 2022)</title>
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[Federal Register Volume 87, Number 118 (Tuesday, June 21, 2022)]
[Notices]
[Pages 36902-36906]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-13148]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-95100; File No. SR-Phlx-2022-22]
Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing
of Proposed Rule Change To Permit the Listing and Trading of P.M.-
Settled Nasdaq-100 Index Options That Expire on Tuesday or Thursday
Under Its Nonstandard Expirations Pilot Program
June 14, 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 June 2, 2022, Nasdaq PHLX LLC (``Phlx'' or ``Exchange'') filed with
the Securities and Exchange Commission (``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 permit P.M.-settled Nasdaq-100
Index[supreg] (``NDX'') options that expire on Tuesday or Thursday
under its Nonstandard Expirations Pilot Program.
The Exchange also proposes to make technical amendments within
Options 5, Section 2, Order Protection; Options 8, Section 2,
Definitions; and Options 8, Section 30, Crossing, Facilitation and
Solicited Orders.
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
[[Page 36903]]
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 Exchange proposes to amend Options 4A, Section 12(b)(5), which
governs its Nonstandard Expirations Pilot Program (``Pilot Program''),
to permit P.M.-settled Nasdaq-100 Index (``NDXP'') options that expire
on Tuesday or Thursday. Under the existing Pilot Program, the Exchange
is permitted to list P.M.-settled options on broad-based indexes that
expire on: (1) any Monday, Wednesday, or Friday (``Weekly
Expirations'') and (2) the last trading day of the month (``End of
Month Expirations'' or ``EOMs'').\3\ Today, Cboe Exchange, Inc.
(``Cboe'') is permitted to list P.M.-settled S&P 500 Index options that
expire on Tuesday or Thursday under its Nonstandard Expirations Pilot
Program.\4\
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\3\ See Options 4A, Section 12(b)(5).
\4\ See Securities Exchange Act Release No. 94682 (April 12,
2022), 87 FR 22993 (April 18, 2022) (SR-CBOE-2022-005) (Notice of
Filing of Amendment No. 1 and Order Granting Accelerated Approval of
a Proposed Rule Change, as Modified by Amendment No. 1, To Expand
the Nonstandard Expirations Pilot Program To Include P.M.-Settled
S&P 500 Index Options That Expire on Tuesday or Thursday).
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Specifically, the proposed rule change amends Options 4A, Section
12(b)(5)(A) to add NDXP options (P.M.-settled) that expire on Tuesday
or Thursday as permissible Weekly Expirations under the Pilot Program
(currently set to expire on November 4, 2022). The Exchange notes that
permitting NDXP options with Tuesday and Thursday expirations, as
proposed, is in addition to the NDXP options with Monday, Wednesday and
Friday expirations that the Exchange may (and does) already list, as
they are permissible Weekly Expirations for options on a broad-based
index (e.g., NDX) pursuant to Options 4A, Section 12(b)(5)(A). The
Pilot Program for Weekly Expirations will apply to NDXP options with
Tuesday and Thursday expirations in the same manner as it currently
applies to P.M.-settled broad-based index options with Monday,
Wednesday and Friday expirations. That is, as proposed, Options 4A,
Section 12(b)(5)(A) provides that the Exchange may open for trading
Weekly Expirations on any broad-based index eligible for standard
options trading to expire on any Monday, Wednesday, or Friday (other
than the third Friday-of-the-month or days that coincide with an EOM
expiration). In addition, the Exchange may also open for trading Weekly
Expirations on NDX options to expire on any Tuesday or Thursday (other
than days that coincide with the third Friday-of-the-month or an EOM
expiration).\5\
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\5\ In the event that the third Friday of a given month is a
holiday and the Exchange is not open for trading, the Exchange would
not list both an A.M.-settled NDX option as well as P.M.-settled
NDXP.
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Monday, Wednesday and Friday weekly expirations are subject to all
provisions of Options 4A, Section 12(b)(5)(A) as would be the proposed
Tuesday and Thursday expirations. Additionally, the Monday, Wednesday
and Friday weekly expirations are treated the same as options on the
same underlying index that expire on the third Friday of the expiration
month as would be the proposed Tuesday and Thursday expirations;
provided, however, that Weekly Expirations (including the new Tuesday
and Thursday expirations) shall be P.M.-settled and new series in
Weekly Expirations may be added up to and including on the expiration
date for an expiring Weekly Expiration. The maximum number of
expirations that may be listed for each Weekly Expiration (i.e., a
Monday expiration, Tuesday expiration, Wednesday expiration, Thursday
expiration, or Friday expiration, as applicable) in a given class is
the same as the maximum number of expirations permitted in Options 4A,
Section 12(b)(5)(A) for standard options on the same broad-based index
(which is 12 for NDXP options).
Weekly Expirations need not be for consecutive Monday, Tuesday,
Wednesday, Thursday, or Friday expirations as applicable; however, the
expiration date of a non-consecutive expiration may not be beyond what
would be considered the last expiration date if the maximum number of
expirations were listed consecutively. Weekly Expirations that are
first listed in a given class may expire up to four weeks from the
actual listing date. If the Exchange lists EOMs and Weekly Expirations
as applicable in a given class, the Exchange will list an EOM instead
of a Weekly Expiration that expires on the same day in the given
class.\6\ Other expirations in the same class are not counted as part
of the maximum number of Weekly Expirations for an applicable \7\
broad-based index class.
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\6\ Given that each trading day of the week, as proposed, could
be the last trading day of the month and the day in which a Weekly
Expiration expires, the Exchange updates this rule text to
streamline the language.
\7\ The Exchange updates the rule text for additional clarity.
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If the Exchange is not open for business on a respective Monday,
the normally Monday expiring Weekly Expirations will expire on the
following business day. If the Exchange is not open for business on a
respective Tuesday, Wednesday, Thursday, or Friday, the normally
Tuesday, Wednesday, Thursday, or Friday expiring Weekly Expirations
will expire on the previous business day.
The proposed rule change also adds that, if two different Weekly
Expirations on NDX options would expire on the same day because the
Exchange is not open for business on a certain weekday, the Exchange
will list only one of such Weekly Expirations. The Exchange believes it
is appropriate to clarify in the rule text that the Exchange will list
just one Weekly Expiration in such a case, as the two Weekly
Expirations would essentially be the same options contract. For
example, if the Exchange listed NDXP options with proposed Thursday
expirations and Friday expirations and the Exchange was closed for
business on a Friday then, pursuant to current Options 4A, Section
12(b)(5)(A), the normally expiring Friday expiration would expire on
the previous business day--essentially making it an NDXP option with a
Thursday expiration. Thus, expiring NDXP options in this case will
always have the same weekday expiration (per the example, it is an NDXP
option with a Thursday expiration, whether it was listed as an NDXP
with a Thursday expiration or a Friday expiration). As such, for the
sake of clarity in the rules and to mitigate any confusion regarding
the listing of NDXP options when the Exchange is closed for business,
the proposed rule change provides that the Exchange will list just one
Weekly Expiration if two Weekly Expirations would expire on the same
day due to the Exchange being closed for business. Transactions in
Weekly Expirations may be effected on the Exchange between the hours of
9:30 a.m. (Eastern Time) and 4:15 p.m. (Eastern Time), except that on
the last trading day, transactions in expiring Weekly Expirations may
be effected on the Exchange between the hours of 9:30
[[Page 36904]]
a.m. (Eastern time) and 4:00 p.m. (Eastern time).
The Exchange believes that that the introduction of NDXP options
with Tuesday and Thursday expirations will expand hedging tools
available to market participants while also providing greater trading
opportunities. By offering NDXP options with Tuesday and Thursday
expirations along with the current Monday, Wednesday and Friday
expirations, the proposed rule change will allow market participants to
purchase NDXP options in a manner more aligned with specific timing
needs and more effectively tailor their investment and hedging
strategies and manage their portfolios.
In particular, the proposed rule change will allow market
participants to roll their positions on more trading days, thus with
more precision, spread risk across more trading days and incorporate
daily changes in the markets, which may reduce the premium cost of
buying protection. The Exchange proposes to abide by the same reporting
requirements for the trading of NDXP options that expire on any Tuesday
or Thursday that it does for the trading of P.M.-settled options on
broad-based indexes that expire on any Monday, Wednesday, or Friday
pursuant to the Pilot Program.
Pilot Report
The Exchange intends to submit a rule change proposing permanency
of the Nonstandard Pilot to the Commission and would include data
regarding NDXP options that expire on Tuesdays or Thursdays as it does
for current Weekly Expirations on any broad-based index option either
by providing additional data in such proposal or in an annual report
regarding NDXP options that expire on each trading day of the week, as
proposed. The Exchange would continue to provide the Commission with
ongoing data regarding NDXP options that expire on Tuesdays or
Thursdays unless and until the Nonstandard Pilot is made permanent or
discontinued.
As provided in the Pilot Program Approval Order,\8\ the annual
report will contain an analysis of volume, open interest and trading
patterns. In addition, for series that exceed certain minimum open
interest parameters, the annual report will provide analysis of index
price volatility and, if needed, share trading activity.\9\
Additionally, the Exchange will provide the Commission with any
additional data or analyses the Commission requests because it deems
such data or analyses necessary to determine whether the Pilot Program,
including NDXP options with Tuesday and Thursday expirations as
proposed, is consistent with the Exchange Act. As it does for current
Pilot Program products, the Exchange will make public on its website
all data and analyses in connection with NDXP options with Tuesday and
Thursday expirations it submits to the Commission under the Pilot
Program. Going forward, the Exchange will include the same areas of
analysis for NDXP options with Tuesday and Thursday expirations. The
Exchange also proposes to include the following market quality data,
over sample periods determined by the Exchange and the Commission, for
NDXP options (NDXP and standard NDX options) as part of the annual
reports going forward: (1) time-weighted relative quoted spreads; (2)
relative effective spreads; and (3) time-weighted bid and offer sizes.
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\8\ See Securities Exchange Act Release No. 82341 (December 15,
2017), 82 FR 60651 (December 21, 2017) (approving SR-Phlx-2017-79)
(Order Approving a Proposed Rule Change, as Modified by Amendment
No. 1 and Granting Accelerated Approval of Amendment No. 2, of a
Proposed Rule Change To Establish a Nonstandard Expirations Pilot
Program).
\9\ Specifically, for all Weekly Expirations and EOM series, the
annual report will contain the following volume and open interest
data for each broad-based index overlying Weekly Expiration and EOM
options: (1) Monthly volume aggregated for all Weekly Expiration and
EOM series, (2) Volume in Weekly Expiration and EOM series
aggregated by expiration date, (3) Month-end open interest
aggregated for all Weekly Expiration and EOM series, (4) Month-end
open interest for EOM series aggregated by expiration date and open
interest for Weekly Expiration series aggregated by expiration date,
(5) Ratio of monthly aggregate volume in Weekly Expiration and EOM
series to total monthly class volume, and (6) Ratio of month-end
open interest in EOM series to total month-end class open interest
and ratio of open interest in each Weekly Expiration series to total
class open interest. In addition, the annual report will contain the
information noted above for standard Expiration Friday, AM-settled
series, if applicable, for the period covered in the pilot report as
well as for the six-month period prior to the initiation of the
pilot. See Pilot Program Approval Order at 60652 and 60653.
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The Exchange believes there is sufficient investor interest and
demand in NDXP options with Tuesday and Thursday expirations to warrant
inclusion in the Pilot Program and that the Pilot Program, as amended,
will continue to provide investors with additional means of managing
their risk exposures and carrying out their investment objectives.\10\
The Exchange notes that during the Pilot Program's 4 year tenure, the
Exchange has not observed any significant adverse market effects or
identified any regulatory concerns as a result of the Pilot Program,
nor does it believe that additional expirations listed under the Pilot
Program would result in any such impact or regulatory concerns. Based
on a study conducted by Commission staff on the pilot data (including
quarterly, weekly, EOM and third Friday expirations for P.M.-settled
NDX options),\11\ there is no evidence of any significant adverse
economic impact to the futures, index, or underlying index component
securities markets as a result of the quantity of P.M.-settled NDX
options that settle at the close or the amount of expiring open
interest in P.M.-settled NDX options.\12\
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\10\ The Exchange additionally notes that it already allows NDXP
options to expire on Tuesdays for normally Monday or Wednesday
expiring NDXP options when the Exchange is not open for business on
a respective Monday or Wednesday (as applicable), and already allows
NDXP options to expire on Thursdays for normally Friday expiring
NDXP options when the Exchange is not open for business on a
respective Friday.
\11\ See Securities and Exchange Commission, Division of
Economic Risk and Analysis, Memorandum, Cornerstone Analysis of PM
Cash-Settled Index Option Pilots (February 2, 2021) (``DERA Staff PM
Pilot Memo''), available at: <a href="https://www.sec.gov/dera/staff-papers/studies-and-reports/analysis-of-pm-cash-settled-index-option-pilots">https://www.sec.gov/dera/staff-papers/studies-and-reports/analysis-of-pm-cash-settled-index-option-pilots</a>.
\12\ See DERA Staff PM Pilot Memo at 3. For example, the largest
settlement event that occurred during the time period of the study
(a settlement of $100.4 billion of notional on December 29, 2017)
had an estimated impact on the futures price of only approximately
0.02% (a predicted impact of $0.54 relative to a closing futures
price of $2,677).
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With regard to the impact of this proposal on System capacity, the
Exchange has analyzed its capacity and represents that it believes that
the Exchange and OPRA have the necessary systems capacity to handle any
potential additional traffic associated with trading of NDXP options
with Tuesday and Thursday expirations. The Exchange does not believe
that its members or member organizations will experience any capacity
issues as a result of this proposal and represents that it will monitor
the trading volume associated with any possible additional options
series listed as a result of this proposal and the effect (if any) of
these additional series on market fragmentation and on the capacity of
the Exchange's automated systems. While this proposal may increase the
number of strike intervals listed on Phlx, the amount of additional
strike intervals added should be insignificant.
Technical Amendments
The Exchange also proposes to amend Options 5, Section 2, Order
Protection. The Exchange proposes to remove a citation to paragraph (c)
within Options 5, Section 2(a). This rule has not paragraph (c).
[[Page 36905]]
The Exchange proposes to amend Options 8, Section 2, Definitions,
to update an incorrect citation to Rule 1(z). The proper citation is to
General 1, Section 1(23).
Finally, the Exchange proposes to amend Options 8, Section 30,
Crossing, Facilitation and Solicited Orders to remove the stray word
``Rule.''
Implementation
Provided this rule change is approved, the Exchange proposes to
implement this rule change on or before August 1, 2022. The Exchange
will issue an Options Trader Alert to notify members and member
organizations of the implementation date.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\13\ in general, and furthers the objectives of Section
6(b)(5) of the Act,\14\ 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. Specifically, the Exchange believes the proposed rule change
is consistent with the Section 6(b)(5) \15\ requirements that the rules
of an exchange be designed to prevent fraudulent and manipulative acts
and practices, to promote just and equitable principles of trade, to
foster cooperation and coordination with persons engaged in regulating,
clearing, settling, processing information with respect to, and
facilitation transactions in securities, 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.
Additionally, the Exchange believes the proposed rule change is
consistent with the Section 6(b)(5) \16\ requirement that the rules of
an exchange not be designed to permit unfair discrimination between
customers, issuers, brokers, or dealers.
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\13\ 15 U.S.C. 78f(b).
\14\ 15 U.S.C. 78f(b)(5).
\15\ 15 U.S.C. 78f(b)(5).
\16\ 15 U.S.C. 78f(b)(5).
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In particular, the Exchange does not believe that the addition of
NDXP options with Tuesday and Thursday expirations to the Pilot Program
will raise any prohibitive regulatory concerns, nor adversely impact
fair and orderly markets on expiration days. The Exchange has not
experienced any meaningful regulatory concerns, nor adverse impact on
fair and orderly markets, in connection with the Pilot Program that has
permitted the listing and trading of NDXP options with Monday,
Wednesday and Friday expirations since 2018. Particularly, and as
described above, the Exchange does not believe increases in the number
P.M.-settled NDX options series will have any significant adverse
economic impact on the futures, index, or underlying index component
securities markets. The Exchange believes that the proposed rule change
will provide investors with greater trading and hedging opportunities
and flexibility, allowing them to transact in NDXP options in a manner
more aligned with specific timing needs and more effectively tailor
their investment and hedging objectives by listing NDXP options that
expire each trading day of the week.
The Exchange notes also that it will include analysis in connection
with NDXP options that expire on Tuesdays and Thursdays, in the same
manner that it currently does for other Pilot Program products, as well
as the additional market quality data as described above, in either a
permanency proposal or in an annual report it submits to the
Commission, and will provide the Commission with any additional data or
analyses that it may request if it deems such data or analyses
necessary to determine whether the Pilot Program, including NDXP
options with Tuesday and Thursday expirations as proposed, is
consistent with the Exchange Act.
The Exchange represents that it believes that it has the necessary
systems capacity to support any additional traffic associated with
trading of NDXP options with Tuesday and Thursday expirations and does
not believe that its members and member organizations will experience
any capacity issues as a result of this proposal. The Exchange will
monitor the trading volume associated with any possible additional
options series listed and the effect (if any) of these additional
series on market fragmentation and on the capacity of the Exchange's
automated systems. The Exchange again notes that, as a result of an
NDXP options strike mitigation initiative recently implemented by the
Exchange, the number of NDXP options series listed on the Exchange once
Tuesday and Thursday expirations become available will be less than the
number of such series that were listed prior to the implementation of
the strike mitigation initiative.
Technical Amendments
The proposed amendments to Options 5, Section 2, Order Protection;
Options 8, Section 2, Definitions; and Options 8, Section 30, Crossing,
Facilitation and Solicited Orders are non-substantive technical
amendments.
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 that is not necessary or appropriate
in furtherance of the purposes of the Act. The Exchange does not
believe that the proposed rule change will impose any burden on intra-
market competition that is not necessary or appropriate in furtherance
of the purposes of the Act because NDXP options with Tuesday and
Thursday expirations will be available to all market participants. By
listing NDXP options that expire Tuesdays and Thursdays, the proposed
rule change will provide all investors that participate in the NDX
options market greater trading and hedging opportunities and
flexibility to meet their investment and hedging needs.
Additionally, Tuesday and Thursday expiring NDXP options will trade
in the same manner as Weekly Expirations currently trade. The Exchange
does not believe that the proposal to list NDXP options with Tuesday
and Thursday expirations will impose any burden on inter-market
competition that is not necessary or appropriate in furtherance of the
purposes of the Act because NDX options (including NDXP options) are
proprietary Exchange products. Also, Cboe similarly lists Tuesday and
Thursday options within their non-standard program.\17\ To the extent
that the addition of NDXP options that expire on Tuesdays and Thursdays
available for trading on the Exchange makes the Exchange a more
attractive marketplace to market participants at other exchanges, such
market participants are free to elect to become market participants on
the Exchange.
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\17\ See supra note 4.
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Technical Amendments
The proposed amendments to Options 5, Section 2, Order Protection;
Options 8, Section 2, Definitions; and Options 8, Section 30, Crossing,
Facilitation and Solicited Orders are non-substantive technical
amendments.
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.
[[Page 36906]]
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period up to 90 days (i) as the
Commission may designate if it finds such longer period to be
appropriate and publishes its reasons for so finding or (ii) as to
which the self-regulatory organization consents, the Commission will:
(A) by order approve or disapprove the proposed rule change, or
(B) institute proceedings to determine whether the proposed rule
change should be 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#2e5c5b424b034d4143434b405a5d6e5d4b4d00494158"><span class="__cf_email__" data-cfemail="493b3c252c642a2624242c273d3a093a2c2a672e263f">[email protected]</span></a>. Please include
File Number SR-Phlx-2022-22 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-2022-22. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (<a href="http://www.sec.gov/rules/sro.shtml">http://www.sec.gov/rules/sro.shtml</a>).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549 on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-Phlx-2022-22, and should be submitted on
or before July 12, 2022.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\18\
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\18\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-13148 Filed 6-17-22; 8:45 am]
BILLING CODE 8011-01-P
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