Notice2022-20502
Self-Regulatory Organizations; MIAX Emerald LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange Rule 519, MIAX Emerald Order Monitor
Primary source
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Published
September 22, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 87 Issue 183 (Thursday, September 22, 2022)</title>
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[Federal Register Volume 87, Number 183 (Thursday, September 22, 2022)]
[Notices]
[Pages 57944-57948]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-20502]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-95810; File No. SR-EMERALD-2022-28]
Self-Regulatory Organizations; MIAX Emerald LLC; Notice of Filing
and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange
Rule 519, MIAX Emerald Order Monitor
September 16, 2022.
Pursuant to the provisions of 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 September 9, 2022, MIAX Emerald, LLC (``MIAX
Emerald'' or ``Exchange'') filed with the Securities and Exchange
Commission (``Commission'') a 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 proposes to amend Exchange Rule 519, MIAX Emerald
Order Monitor.
The text of the proposed rule change is available on the Exchange's
website at <a href="http://www.miaxoptions.com/rule-filings/emerald">http://www.miaxoptions.com/rule-filings/emerald</a> at MIAX
Emerald's principal office, and at the Commission's Public Reference
Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set 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 Exchange Rule 519, MIAX Emerald
Order Monitor to (i) establish an
[[Page 57945]]
Exchange default Threshold Setting for market orders \3\ to sell an
option when the national best bid is zero; (ii) provide that a Member
\4\ may supply their own pre-set value to be used as the Threshold
Setting; (iii) reorganize the rule text for ease of reference; and (iv)
adopt new rule text to add additional detail regarding the Exchange's
process for evaluating and reevaluating market orders to sell. The
Exchange notes that its proposal harmonizes the operation of Rule 519
to that of its affiliate exchanges, MIAX Options and MIAX Pearl that
have recently amended this rule.\5\
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\3\ A market order is an order to buy or sell a stated number of
option contracts at the best price available at the time of
execution. See Exchange Rule 516(a).
\4\ The term ``Member'' means an individual or organization
approved to exercise the trading rights associated with a Trading
Permit. Members are deemed ``members'' under the Exchange Act. See
Exchange Rule 100.
\5\ See Securities Exchange Act Release Nos. 95001 (May 27,
2022), 87 FR 33854 (June 3, 2022) (SR-MIAX-2022-22); and 95000 (May
27, 2022), 87 FR 33862 (June 3, 2022) (SR-PEARL-2022-22).
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Background
Currently, in order to avoid the occurrence of potential obvious or
catastrophic errors on the Exchange the MIAX Emerald Order Monitor will
prevent certain orders from executing or being placed on the Book \6\
at prices outside pre-set standard limits. Beginning after the Opening
Process \7\ is complete, the MIAX Emerald Order Monitor is operational
each trading day until the close of trading.\8\ Exchange Rule
519(a)(1)(i) provides that if the Exchange upon initial receipt or
reevaluation \9\ evaluates a market order to sell an option when the
national best bid is zero and the Exchange's disseminated offer is
equal to or less than $0.10, the System \10\ will convert the market
order to sell to a limit order to sell with a limit price of one
minimum trading increment.\11\ In this case, such sell orders will
automatically be placed on the Book in time priority and will be
displayed at the appropriate Minimum Price Variation.\12\ Exchange Rule
519(a)(1)(ii) provides that if the Exchange upon initial receipt or
reevaluation evaluates a market order to sell an option when the
national best bid is zero and the national best offer is greater than
$0.10, the System will cancel the market order to sell.
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\6\ The term ``Book'' means the electronic book of buy and sell
orders and quotes maintained by the System. See Exchange Rule 100.
\7\ See Exchange Rule 503.
\8\ See Exchange Rule 519(a).
\9\ A reevaluation of an order occurs when an order has been
partially filled on the Exchange, or has been routed to an away
exchange and is returned to the Exchange partially or completely
unfilled, and the resulting national best bid is zero.
\10\ The term ``System'' means the automated trading system used
by the Exchange for the trading of securities. See Exchange Rule
100.
\11\ See Exchange Rule 510.
\12\ See Exchange Rule 510(a).
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Proposal
The Exchange now proposes to allow Members to determine their own
pre-set value to be used as the threshold setting (``Threshold
Setting'') that the Exchange will use when evaluating market orders to
sell when the national best bid is zero and the national best offer is
less than, equal to, or greater than, the Threshold Setting. Members
are not constrained by the Exchange in determining their Threshold
Setting and may set the threshold at any value in accordance to their
business and risk tolerances. Members will communicate their desired
threshold value to the Exchange's Help Desk.\13\
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\13\ The term ``Help Desk'' means the Exchange's control room
consisting of Exchange staff authorized to make certain
determinations on behalf of the Exchange. The Help Desk shall report
to and be supervised by a senior executive of the Exchange. See
Exchange Rule 100.
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Specifically, the Exchange proposes to adopt new subparagraph (i)
to paragraph (a)(1) of Rule 519 to provide that, ``[f]or the purposes
of this Rule a Member may establish a pre-set value to be used as the
Threshold Setting by communicating its value to the Exchange's Help
Desk in a form and manner to be determined by the Exchange and
communicated via Regulatory Circular.\14\ The Exchange will establish a
default Threshold Setting of $0.10 \15\ and communicate its value to
Members via Regulatory Circular. If a Member does not establish a
Threshold Setting the Exchange default value will be used.'' Currently,
the Exchange uses a value of $0.10 as its threshold value for purposes
of evaluating or reevaluating market orders to sell when the national
best bid is zero.\16\
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\14\ Requests to establish a Threshold Setting are received by
the Help Desk and are processed for implementation on the next
trading day.
\15\ The Exchange proposes to convert its current $0.10
threshold setting to the Exchange default Threshold Setting.
\16\ See Exchange Rule 519(a)(1)(i) and (ii).
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The Exchange proposes to adopt new subparagraph (ii) to paragraph
(a)(1) of Rule 519 to provide that, if the Exchange receives a market
order to sell an option when the national best bid is zero and the
national best offer is less than or equal to the Threshold Setting, the
System will convert the market order to sell, to a limit order to sell,
with a limit price of one minimum trading increment.\17\ The Exchange
proposes to use the national best offer as the reference price in
determining how to handle a market order to sell when the national best
bid is zero as the national best offer better represents the current
market conditions.\18\ This provision is consistent with the operation
of the current rule, however the Threshold Setting used for evaluation
purposes under the Exchange's proposal may now be either the Exchange's
default setting of $0.10 or the Member's Threshold Setting.
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\17\ See Exchange Rule 510, Minimum Price Variations and Minimum
Trading Increments.
\18\ The Exchange notes that its current rule uses the
Exchange's disseminated offer for evaluation purposes however the
Exchange proposes to use the national best offer for consistency and
uniform application of the proposed rule.
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The Exchange proposes to adopt new subparagraph (iii) to paragraph
(a)(1) of Rule 519 to provide that, if the Exchange reevaluates a
market order to sell an option when the resulting national best bid is
zero and either the trade price, route price, or national best offer is
less than or equal to the Threshold Setting, the System will convert
the market order to sell, to a limit order to sell, with a limit price
of one minimum trading increment.\19\ For the purposes of this rule,
the execution price of a trade in the subject series is considered the
``trade price.'' In the event the Exchange receives a market order to
sell and the Exchange is zero bid but an away market is not, the
Exchange will route the order to that away exchange at the away market
price, the ``route price.'' The Exchange uses the route price, trade
price, or national best offer to determine the proper disposition of a
market order to sell when the national best bid becomes zero.
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\19\ Market orders converted to limit orders under Rule 519 are
posted to the Book with a time in force of Day.
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Current paragraph (i) describes the initial evaluation and
reevaluation process of a market order to sell whereas each process is
given separate treatment under this proposal. Specifically, new
proposed paragraph (ii) describes the initial evaluation process of a
market order to sell when the national best bid is zero and new
proposed paragraph (iii) describes the reevaluation process of a market
order to sell when the national best bid becomes zero. The Exchange
believes this format provides additional clarity to the Exchange's
rules regarding its order handling process when the Exchange
reevaluates a market order to sell when the national best bid becomes
zero.
[[Page 57946]]
The Exchange proposes to adopt new subparagraph (iv) to paragraph
(a)(1) of Rule 519 to provide that, in either case of (ii) or (iii)
above, such sell orders will automatically be placed on the Book in
time priority and will be displayed at the appropriate Minimum Price
Variation.\20\ The Exchange notes that this language is substantially
similar to the current rule text.\21\
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\20\ See Exchange Rule 510(a).
\21\ See Exchange Rule 519(a)(1)(i).
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The Exchange proposes to adopt new subparagraph (v) to paragraph
(a)(1) of Rule 519 to provide that, if the Exchange receives a market
order to sell an option when the national best bid is zero and the
national best offer is greater than the Threshold Setting, the System
will reject \22\ the order. This provision is consistent with the
operation of the current rule, however under the Exchange's proposal
the Threshold Setting used for evaluation purposes may now be either
the Exchange default setting of $0.10 or the Member's Threshold
Setting.
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\22\ The current rule provides that the Exchange will cancel the
order however the Exchange is proposing to provide additional
clarity to distinguish order handling in the rule text in this
proposal. An order that is rejected has not been accepted by the
System, whereas an order that is cancelled has been accepted by the
System.
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The Exchange proposes to adopt new subparagraph (vi) to paragraph
(a)(1) of Rule 519 to provide that, if the Exchange reevaluates a
market order to sell an option when the resulting national best bid is
zero and both (A) the trade price or route price, and (B) the national
best offer, are greater than the Threshold Setting, the System will
reject the order or cancel any unexecuted balance of the order. The
Exchange uses the route price or trade price, in conjunction with the
national best offer to determine the proper disposition of a market
order to sell when the national best bid becomes zero.
Proposed paragraphs (iii) and (vi) both address the reevaluation
process. A market order to sell may be partially executed on the
Exchange and reevaluated by the Exchange, and may also be routed to an
away Exchange and then reevaluated by the Exchange. The first scenario
occurs when the Exchange receives a market order to sell and the
Exchange is not zero bid, but away exchanges are. In this scenario, the
Exchange will execute the order on the Exchange and the execution price
will be the ``trade price.'' In the event that there is still interest
remaining of the order, and the national best bid is zero, the Exchange
will reevaluate the order using the trade price. If the trade price or
the national best offer price is less than or equal to the Threshold
Setting, the System will convert the market order to sell, to a limit
order to sell, with a limit price of one minimum increment.\23\ If the
trade price and the national best offer price are greater than the
Threshold Setting, the System will cancel any unexecuted balance of the
order.\24\
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\23\ See proposed Rule 519(a)(1)(iii).
\24\ See proposed Rule 519(a)(1)(vi).
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The second scenario occurs when the Exchange receives a market
order to sell and the Exchange is zero bid but away exchanges are not.
The Exchange will route the order to the away exchange, if the order is
returned to the Exchange and the national best bid becomes zero, the
Exchange will reevaluate the order using the route price. If the route
price or national best offer is less than or equal to the Threshold
Setting, the System will convert the market order to sell, to a limit
order to sell, with a limit price of one minimum trading increment.\25\
If the route price and the national best offer are greater than the
Threshold Setting, the System will reject the order or cancel any
unexecuted balance of the order.\26\
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\25\ See proposed Rule 519(a)(1)(iii).
\26\ See proposed Rule 519(a)(1)(vi).
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In proposed paragraph (vi) the Exchange believes considering both
the route price or trade price, and the national best offer, provides a
clear indication of the current market conditions when either the route
price or trade price and the national best offer is greater than the
Threshold Setting and allows the Exchange to make the proper
determination regarding the disposition of the order.
The proposed rule text provides additional detail regarding the
System's behavior when the Exchange reevaluates a market order to sell
and the national best bid has become zero. Example 1 below describes
the System processing when the national best offer is below the
Threshold Setting, and Example 2 describes the System processing when
the national best offer is above the Threshold Setting.
Example 1
MPV: $0.05
Exchange default Threshold Setting: $0.10
Member selected Threshold Setting: $0.25
EBBO \27\ (0) 0.00 x 5.00 (10)
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\27\ The term ``EBBO'' means the best bid or offer on the
Exchange. See Exchange Rule 100.
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ABBO \28\ (10) 0.10 x 0.15 (10)
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\28\ The term ``ABBO'' or ``Away Best Bid or Offer'' means the
best bid(s) or offer(s) disseminated by other Eligible Exchanges
(defined in Rule 1400(g)) and calculated by the Exchange based on
market information received by the Exchange from OPRA. See Exchange
Rule 100.
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NBBO \29\ (10) 0.10 x 0.15 (10)
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\29\ The term ``NBBO'' means the national best bid or offer as
calculated by the Exchange based on market information received by
the Exchange from OPRA. See Exchange Rule 100.
Market order to sell 20 contracts is received by the Exchange.
The Exchange routes the order to the away exchange by sending a
limit order to sell 10 contracts at $0.10 (the route price).
The order is executed on the away exchange, sell 10 at $0.10, and
the away market becomes zero bid.
EBBO: (0) 0.00 x 5.00 (10)
ABBO: (0) 0.00 x 0.15 (10)
NBBO: (0) 0.00 x 0.15 (10)
Using the Member selected Threshold Setting of $0.25 to reevaluate
the order, the remainder of the order (10 contracts) would be converted
to a limit order to sell with a time in force of day, and placed on the
Exchange as the national best offer ($0.15) (and the route price of
$0.10) is less than or equal to the Member selected Threshold Setting
of $0.25. The 10 contracts would then be displayed on the Exchange at
an offer price of one minimum trading increment or $0.05.
EBBO: (0) 0.00 x 0.05 (10)
ABBO: (0) 0.00 x 0.15 (10)
NBBO: (0) 0.00 x 0.05 (10)
If the Exchange default Threshold Setting ($0.10) was used for the
reevaluation, the remainder of the order (10 contracts) would be
converted to a limit order to sell with a time in force of day, and
placed on the Exchange, as the route price of $0.10 is equal to the
Exchange Threshold Setting of $0.10. The 10 contracts would then be
displayed on the Exchange at an offer price of one minimum trading
increment or $0.05.
Example 2
MPV: $0.05
Exchange default Threshold Setting: $0.10
Member selected Threshold Setting: $0.25
EBBO (0) 0.00 x 5.00 (10)
ABBO (10) 0.40 x 0.50 (10)
NBBO (10) 0.40 x 0.50 (10)
Market order to sell 20 contracts is received by the Exchange. The
Exchange is zero bid for that series and routes the order to the away
exchange by sending a limit order to sell 10 at $0.40 (the route
price).
The order is executed on the away exchange, sell 10 at $0.40, and
the away market becomes zero bid.
EBBO: (0) 0.00 x 5.00 (10)
[[Page 57947]]
ABBO: (0) 0.00 x 0.50 (10)
NBBO: (0) 0.00 x 0.50 (10)
Using the Member selected Threshold Setting of $0.25 to reevaluate
the order, the remainder of the order (10 contracts) would be cancelled
as both (i) the route price ($0.40) and (ii) the national best offer
($0.50) are greater than the Threshold Setting ($0.25).
Implementation Date
The Exchange plans to implement the proposed rule change in Q4 of
2022 and will announce the implementation date to its Members via
Regulatory Circular.
2. Statutory Basis
The Exchange believes that its proposed rule change is consistent
with Section 6(b) of the Act \30\ in general, and furthers the
objectives of Section 6(b)(5) of the Act \31\ in particular, in that it
is 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
facilitating transactions in securities, to remove impediments to and
perfect the mechanisms 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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\30\ 15 U.S.C. 78f(b).
\31\ 15 U.S.C. 78f(b)(5).
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The Exchange believes its proposal promotes just and equitable
principles of trade, removes impediments to and perfects the mechanisms
of a free and open market and a national market system, and in general,
protects investors and the public interest by allowing Members to
establish the Threshold Setting for the evaluation of market orders to
sell when the national best bid is zero. The Exchange believes that
allowing Members to determine the Threshold Setting provides greater
flexibility and allows the Member to tailor the Threshold Setting to
the business and risk tolerances of the Member. Providing Members with
the flexibility to determine their own Threshold Setting may increase
the opportunity for investors to receive an execution, to the benefit
of investors; or, if an order that is evaluated under the proposed
evaluation and reevaluation criteria in the proposal is rejected,
investors are protected from receiving an execution at a potentially
unwanted price.
The Exchange believes its proposal to allow Members the flexibility
to establish their own pre-set value to be used for evaluation purposes
of market orders to sell when the national best bid is zero allows
Members to align their risk protections with their risk tolerance.
Members have the discretion to set their pre-set value to whatever
value best aligns to their risk profile, which may be as low as
$0.00.\32\ The Exchange provides Members the ability to tailor risk
protection functionality to the risk profile of the Member, and has
allowed Members to customize their risk protection settings for other
risk protections. Specifically, the Exchange allows Members to set the
maximum size of an order for the purposes of the MIAX Emerald Order
Monitor Order Size Protection,\33\ and if the maximum size of an order
is not designated by the Member, the Exchange provides an Exchange
defined default value.\34\ Additionally, the Exchange provides Members
the option to set a price protection limit on a per order basis,\35\
and orders received without a price protection limit specified receive
the Exchange defined default value.\36\ The current proposal to allow
Members to determine a pre-set value to be used as the Threshold
Setting continues the Exchange's approach of allowing a Member to
customize its risk protections to better align to the risk tolerance of
the Member.
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\32\ The Exchange notes that the Nasdaq Phlx Zero-Bid Option
Series rule, does not have a threshold evaluation and provides that,
``[i]n the case where the bid price for any options series is $0.00,
a Market Order accepted into the System to sell that series shall be
considered a Limit Order to sell at a price equal to the minimum
trading increment as defined in [Nasdaq Phlx] Options 3, Section 3.
Orders will be placed on the Limit Order book in the order in which
they were received by the System. With respect to Market Orders to
sell which are submitted prior to the Opening Process and persist
after the Opening Process, those orders are posted at a price equal
to the minimum trading increment as defined in Options 3, Section
3.'' See Nasdaq Phlx Options 3, Section 10(b).
\33\ See Exchange Rule 519(b).
\34\ See MIAX Emerald Regulatory Circular 2019-20, Mandatory
Usage of MIAX Order Monitor Protections (February 28, 2019)
available at <a href="https://www.miaxoptions.com/sites/default/files/circular-files/MIAX_Emerald_RC_2019_20.pdf">https://www.miaxoptions.com/sites/default/files/circular-files/MIAX_Emerald_RC_2019_20.pdf</a>.
\35\ See Exchange Rule 515(c)(1).
\36\ See MIAX Emerald Regulatory Circular 2019-17, MIAX Emerald
Price Protection Process (February 28, 2019) available at <a href="https://www.miaxoptions.com/sites/default/files/circular-files/MIAX_Emerald_RC_2019_17.pdf">https://www.miaxoptions.com/sites/default/files/circular-files/MIAX_Emerald_RC_2019_17.pdf</a>.
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The Exchange believes its proposal to reorganize the current rule
text to describe each scenario separately (i.e., evaluation of a market
order to sell when the national best bid is zero and the national best
offer is less than or equal to the Threshold Setting (proposed
paragraph (ii)); reevaluation of a market order to sell when the
national best bid becomes zero and either the trade price, route price,
or national best offer is less than or equal to the Threshold Setting
(proposed paragraph (iii)); initial evaluation of a market order to
sell when the national best bid is zero and the national best offer is
greater than the Threshold Setting (proposed paragraph (v)); and
reevaluation of a market order to sell when the national best bid
becomes zero and the national best offer is greater than the Threshold
Setting (proposed paragraph (vi))) better organizes the rule text. The
Exchange believes discussing each scenario separately and describing
the evaluations that are performed by the System to determine the
proper disposition of the order provides transparency and clarity in
the Exchange's rules.
The Exchange believes its proposal promotes just and equitable
principles of trade, removes impediments to and perfects the mechanisms
of a free and open market and a national market system, and in general,
protects investors and the public interest by providing additional
detail regarding the Exchange's process for reevaluating market orders
to sell when the national best bid becomes zero. The Exchange believes
it is in the interest of investors and the public to accurately
describe the behavior of the Exchange's System in its rules as this
information may be used by investors to make decisions concerning the
submission of their orders. Transparency and clarity are consistent
with the Act because it removes impediments to and perfects the
mechanism of a free and open market and a national market system, and,
in general, protects investors and the public interest by accurately
describing how market orders to sell in zero bid series are handled on
the Exchange. It is in the public interest for rules to be accurate and
concise so as to eliminate the potential for confusion.
Additionally, the Exchange believes its proposal promotes just and
equitable principles of trade, removes impediments to and perfects the
mechanisms of a free and open market and a national market system, and
in general, protects investors and the public interest by re-organizing
the rule text for ease of reference. The Exchange believes that
Exchange rules should be clear and transparent so as to avoid the
potential for confusion.
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 its proposal will impose any
burden on
[[Page 57948]]
intra-market competition as all Members that submit market orders to
the Exchange will be treated equally and the Rules of the Exchange
apply equally to all Exchange Members. Additionally, the proposal
allows each Member to determine the pre-set value to be used as the
Threshold Setting and allows each Member to align their Threshold
Setting to their risk tolerance. The Exchange's proposal does not
impose a burden on intra-market competition as all Members have the
flexibility to determine their own Threshold Setting and the
application of the rule is applied uniformly to all Members.
The Exchange does not believe that its proposal will impose any
burden on inter-market competition that is not necessary or appropriate
in furtherance of the purposes of the Act. The Exchange's proposal is
not a competitive filing but one that provides Members the flexibility
to determine their own Threshold Setting and also provides additional
detail regarding the Exchange's process for reevaluating market orders
to sell when the national bid becomes zero. Other options exchanges
have an equal opportunity to modify their systems to offer similar
functionality.
Additionally, the non-substantive changes proposed by the Exchange
will have no impact on competition as they provide additional clarity
and detail in the Exchange's rules and are not changes made for any
competitive purpose.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
Written comments were neither solicited nor 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 after the date of the filing, or such
shorter time as the Commission may designate, it has become effective
pursuant to 19(b)(3)(A) of the Act \37\ and Rule 19b-4(f)(6) \38\
thereunder.
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\37\ 15 U.S.C. 78s(b)(3)(A).
\38\ 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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At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings to
determine whether the proposed rule should be approved or disapproved.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
<bullet> Use the Commission's internet comment form (<a href="http://www.sec.gov/rules/sro.shtml">http://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#4a383f262f67292527272f243e390a392f29642d253c"><span class="__cf_email__" data-cfemail="3f4d4a535a125c5052525a514b4c7f4c5a5c11585049">[email protected]</span></a>. Please include
File Number SR-EMERALD-2022-28 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-EMERALD-2022-28. 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 such 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-EMERALD-2022-28 and should be submitted
on or before October 13, 2022.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\39\
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\39\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022-20502 Filed 9-21-22; 8:45 am]
BILLING CODE 8011-01-P
</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body>
</html>Indexed from Federal Register on September 22, 2022.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.