Notice2023-05336
Self-Regulatory Organizations; Nasdaq BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Options 7, Section 2 Regarding PRISM Pricing
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Published
March 16, 2023
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 88 Issue 51 (Thursday, March 16, 2023)</title>
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[Federal Register Volume 88, Number 51 (Thursday, March 16, 2023)]
[Notices]
[Pages 16291-16295]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-05336]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-97109; File No. SR-BX-2023-006]
Self-Regulatory Organizations; Nasdaq BX, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Amend Options 7,
Section 2 Regarding PRISM Pricing
March 10, 2023.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on March 1, 2023, Nasdaq BX, Inc. (``BX'' or ``Exchange'') filed with
the Securities and Exchange Commission (``SEC'' or ``Commission'') the
proposed rule change as described in Items I, 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 its Pricing Schedule at Options 7,
Section 2.
The text of the proposed rule change is available on the Exchange's
website at <a href="https://listingcenter.nasdaq.com/rulebook/bx/rules">https://listingcenter.nasdaq.com/rulebook/bx/rules</a>, at the
principal office of the Exchange, and at the Commission's Public
Reference Room.
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.
[[Page 16292]]
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 BX's Pricing Schedule at Options 7,
Section 2, BX Options Market-Fees and Rebates. Specifically, BX
proposes to amend its BX Price Improvement Auction (``PRISM'') \3\
pricing to: (1) amend PRISM Order \4\ fees; and (2) specify the pricing
related to unrelated market or marketable interest. Each change is
described below.
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\3\ A Participant may electronically submit for execution an
order it represents as agent on behalf of a Public Customer, broker
dealer, or any other entity (``PRISM Order'') against principal
interest or against any other order (except as provided in sub-
paragraph (i)(F) to Options 3, Section 13) it represents as agent
(an ``Initiating Order'') provided it submits the PRISM Order for
electronic execution into the PRISM Auction (``Auction'') pursuant
to Options 3, Section 13.
\4\ A PRISM Order is one-side of a PRISM Auction Order that
represents an agency order on behalf a Public Customer, broker-
dealer or other entity which is paired with an Initiating Order. A
PRISM Auction Order is a two-sided, paired order comprised of a
PRISM Order and an Initiating Order. See Options 7, Section 2(5).
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PRISM Orders
The Exchange proposes to amend PRISM Order fees. Currently, a
Customer is not assessed a PRISM Order fee and a Lead Market Maker,\5\
BX Options Market Maker \6\ and Non-Customer \7\ are assessed a $0.30
per contract PRISM Order fee.\8\ At this time, the Exchange proposes to
assess no market participant a PRISM Order fee. Therefore, Customers,
Lead Market Makers, BX Options Market Makers and Non-Customers would
pay a PRISM Order fee of $0.00 per contract.
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\5\ The term ``Lead Market Maker'' or (``LMM'') applies to a
registered BX Options Market Maker that is approved pursuant to
Options 2, Section 3 to be the LMM in an options class (options
classes). See Options 7, Section 1(a).
\6\ The term ``BX Options Market Maker'' or (``M'') is a
Participant that has registered as a Market Maker on BX Options
pursuant to Options 2, Section 1, and must also remain in good
standing pursuant to Options 2, Section 9. In order to receive
Market Maker pricing in all securities, the Participant must be
registered as a BX Options Market Maker in at least one security.
See Options 7, Section 1(a).
\7\ The term ``Non-Customer'' shall include a Professional,
Broker-Dealer and Non-BX Options Market Maker. See Options 7,
Section 1(a).
\8\ Today, the PRISM Order fee for Submitted PRISM Order is
applicable to any contract(s) for which a rebate is provided for
PRISM Order Traded with PRISM Response.
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The Exchange also proposes to remove the current language in the
Pricing Schedule which states, ``BX will apply the rebate to market
participants that submitted a PRISM Order pursuant to a PRISM Auction
and the PRISM Order traded with PRISM Response. The PRISM Order fee for
Submitted PRISM Order will be applicable to any contract(s) for which a
rebate is provided for PRISM Order Traded with PRISM Response.'' The
first sentence is unnecessary as the pricing within Options 7, Section
2(5) clearly reflects the rebates. With this proposal, the second
sentence is unnecessary as the Exchange proposes to assess no market
participant a PRISM Order fee.
Unrelated Market or Marketable Interest
Next, the Exchange proposes to state the manner in which the
Exchange assesses fees and pays rebates with respect to unrelated
market or marketable interest received prior to the commencement of a
PRISM Auction and during a PRISM Auction. Options 7, Section 2(5) does
not currently detail such pricing.
Today, when a PRISM Order is a Customer order and executes against
unrelated market or marketable interest received during a PRISM
Auction, the Customer order will receive a rebate of $0.35 per contract
for Penny Classes and $0.70 per contract for Non-Penny Classes, which
represents the pricing within Options 7, Section 2(5). In this case,
the unrelated market or marketable interest received during a PRISM
Auction would be assessed a $0.49 per contract fee for Penny Classes or
a $0.94 per contract fee for Non-Penny Classes as described in Options
7, Section 2(5).
Likewise, today, when a PRISM Order is a Lead Market Maker, BX
Options Market Maker or Non-Customer order and executes against
unrelated market or marketable interest received during a PRISM
Auction, the Lead Market Maker, BX Options Market Maker or Non-Customer
order will pay no fee, which represents the proposed pricing within
Options 7, Section 2(5). In this case, the unrelated market or
marketable interest received during a PRISM Auction would be assessed a
$0.49 per contract fee for Penny Classes or a $0.94 per contract fee
for Non-Penny Classes as described in Options 7, Section 2(5).
In contrast, today, when a PRISM Order is a Customer, Lead Market
Maker, BX Options Market Maker or Non-Customer order and executes
against unrelated market or marketable interest received prior to a
PRISM Auction, the Customer, Lead Market Maker, BX Options Market Maker
or Non-Customer order would be subject to the Taker Fee within Options
7, Section 2(1).\9\ The unrelated market or marketable interest
received prior to a PRISM Auction commenced would be paid the Maker
Rebate within Options 7, Section 2(1).\10\
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\9\ BX assesses the following Penny Symbol Taker Fees: $0.50 per
contract for a Lead Market Maker, Market Maker, Non-Customer, and
Firm and $0.46 per contract for a Customer. BX assesses the
following Non-Penny Symbol Taker Fees: $1.10 per contract for a Lead
Market Maker, Market Maker, Non-Customer, and Firm and $0.79 per
contract for a Customer.
\10\ BX pays the following Penny Symbol Maker Rebates: $0.29 per
contract for a Lead Market Maker, $0.25 per contract for a Market
Maker (except that the Maker Rebate for Lead Market Makers and
Market Makers will be $0.22 per contract in SPY and $0.42 per
contract in AAPL and QQQ), $0.12 per contract for a Non-Customer and
Firm, and $0.30 per contract for a Customer. BX pays the following
Non-Penny Symbol Maker Rebates: $0.45 per contract for a Lead Market
Maker, $0.40 per contract for a Market Maker, $0.45 per contract for
a Non-Customer and Firm, and $0.90 per contract for a Customer
(except that Customer orders will receive a $0.45 per contract Non-
Penny Symbol Maker Rebate if the quantity of transactions where the
contra-side is also a Customer is greater than 50% of Participant's
total Customer Non-Penny Symbol volume which adds liquidity in that
month).
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Interest resting on the Exchange's order book, whether received
prior to the commencement of a PRISM auction or during a PRISM auction,
would be allocated in accordance within the PRISM Auction in accordance
with BX Options 3, Section 13(ii)(E) and (F).
The Exchange applies the order book pricing within Options 7,
Section 2(1) to interest received prior to the PRISM Auction, which is
considered unrelated market or marketable interest for purposes of the
PRISM Auction, because the Exchange's order book pricing within Options
7, Section 2(1) seeks to pay rebates to Participants posting liquidity
to the order book (makers of liquidity) and assess fees to Participants
removing liquidity from the order book (takers of liquidity). Interest
which rested on the order book prior to the commencement of a PRISM
Auction will be paid a Maker Rebate because the BX Participant who
submitted the interest, similar to other market participants who posted
liquidity on the order book, would be considered a maker of liquidity.
The BX Participant would have been aware \11\ that no PRISM Auction was
in progress at the time the interest was posted to the order book. The
Exchange notes that at the time the interest was submitted to the order
book, the BX Participant would have known \12\ that there was no
ongoing PRISM Auction and would not expect to be subject to the PRISM
[[Page 16293]]
pricing. The Exchange seeks to reward BX Participants who provide
liquidity to the order book by paying rebates. The Exchange's proposal
to pay Maker Rebates to unrelated market or marketable interest that
posted to the order book prior to the commencement of a PRISM Auction
aligns with the Exchange's goals of attracting liquidity to the order
book and uniformly pays similarly situated BX Participants a Maker
Rebate. Further, in this scenario the PRISM Order that executes against
the unrelated market or marketable interest that posted to the order
book prior to the commencement of a PRISM Auction would be subject to
the Taker Fee pricing within Options 7, Section 2(1) because the PRISM
Order removed liquidity from the order book. This is consistent with
the pricing assessed to any other Participant that removed liquidity
from BX's order book as they would be similarly assessed the Taker Fee
pricing within Options 7, Section 2(1).
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\11\ BX Participants become aware of ongoing PRISM Auctions as
BX disseminates a PRISM Auction Notification or ``PAN'' when the
Exchange receives a PRISM Order for Auction processing. The PAN
details the price, side, size, and options series of the PRISM Order
over the BX Depth Feed and the Exchange's Specialized Quote Feed.
See BX Options 3, Section 13(ii)(A)(2).
\12\ See note 10 above.
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In contrast, the Exchange applies PRISM pricing within Options 7,
Section 2(5) to the unrelated market or marketable interest when
interest arrived during a PRISM Auction. The Exchange seeks to
incentivize Participants to submit PRISM Auction Orders to receive a
guaranteed execution, potential price improvement, and Customer
rebates. BX Participants submitting interest to the order book during a
PRISM Auction are aware \13\ that they may be allocated in the PRISM
Auction. The Exchange assesses the PRISM pricing in Options 7, Section
2(5) in the same manner that responders to the PRISM Auction are
assessed fees for their PAN responses. The unrelated market or
marketable interest that received an allocation within the PRISM
Auction would be uniformly subject to the same fees as those BX
Participants who submitted PAN responses and were allocated, thereby
receiving a guaranteed execution and potential price improvement. The
Exchange's PRISM pricing assesses fees to PRISM PAN responses and
unrelated market or marketable interest that allocated in the PRISM
Auction and rewards those BX Participants with a guaranteed execution
and potential price improvement. The response fees assessed by the
Exchange are intended to fund the Customer rebates paid by the Exchange
which seek to incentivize increased Customer order flow to the PRISM
Auction.
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\13\ See note 10 above.
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The Exchange's pricing models for the order book and PRISM Auction
each seek to attract liquidity to BX and reward Participants
differently for the order flow. To this end, the Exchange's pricing
considers the manner in which orders interact with the PRISM Auction
based on the timing of when the order entered the order book. The
Exchange's pricing is consistent with its current practice of assigning
the applicable pricing for auctions versus order book pricing depending
on how and when the order was submitted to the Exchange.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\14\ in general, and furthers the objectives of
Sections 6(b)(4) and 6(b)(5) of the Act,\15\ in particular, in that it
provides for the equitable allocation of reasonable dues, fees, and
other charges among members and issuers and other persons using any
facility, and is not designed to permit unfair discrimination between
customers, issuers, brokers, or dealers.
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\14\ 15 U.S.C. 78f(b).
\15\ 15 U.S.C. 78f(b)(4) and (5).
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The proposed changes to its Pricing Schedule are reasonable in
several respects. As a threshold matter, the Exchange is subject to
significant competitive forces in the market for options transaction
services that constrain its pricing determinations in that market. The
fact that this market is competitive has long been recognized by the
courts. In NetCoalition v. Securities and Exchange Commission \16\
(``NetCoalition''), the D.C. Circuit stated, ``[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\
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\16\ NetCoalition v. SEC, 615 F.3d 525 (D.C. Cir. 2010).
\17\ Id. at 539 (quoting Securities Exchange Act Release No.
59039 (December 2, 2008), 73 FR 74770, 74782-83 (December 9, 2008)
(SR-NYSEArca-2006-21)).
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Numerous indicia demonstrate the competitive nature of this market.
For example, clear substitutes to the Exchange exist in the market for
options transaction services. The Exchange is only one of sixteen
options exchanges to which market participants may direct their order
flow. Within this environment, market participants can freely and often
do shift their order flow among the Exchange and competing venues in
response to changes in their respective pricing schedules. Within the
foregoing context, the proposal represents a reasonable attempt by the
Exchange to attract additional order flow to the Exchange and increase
its market share relative to its competitors.
PRISM Orders
The Exchange's proposal to amend PRISM Order fees so that no market
participant pays a PRISM Order fee is reasonable, equitable and not
unfairly discriminatory as the Exchange proposes to assess no market
participant a PRISM Order fee. Customers, Lead Market Makers, BX
Options Market Makers and Non-Customers would uniformly pay no PRISM
Order fees.
The Exchange's proposal to remove the current language in the
Pricing Schedule which states, ``BX will apply the rebate to market
participants that submitted a PRISM Order pursuant to a PRISM Auction
and the PRISM Order traded with PRISM Response. The PRISM Order fee for
Submitted PRISM Order will be applicable to any contract(s) for which a
rebate is provided for PRISM Order Traded with PRISM Response'' is
reasonable, equitable and not unfairly discriminatory as the language
is not necessary specifically in light of the Exchange's proposal to
assess no market participant a PRISM Order fee.
Unrelated Market or Marketable Interest
The Exchange's proposal to state the manner in which the Exchange
prices unrelated market or marketable interest received prior to the
commencement of a PRISM Auction is reasonable because the Exchange's
order book pricing within Options 7, Section 2(1) seeks to pay rebates
to Participants posting liquidity to the order book (makers of
liquidity) and assesses fees to Participants removing liquidity from
the order book (takers of liquidity). Interest which rested on the
order book prior to the commencement of a PRISM Auction will be paid a
Maker Rebate because the BX Participant who submitted the interest,
similar to other market participants who posted liquidity on the order
book, would be considered a maker of liquidity. The BX Participant
would have been aware that no PRISM Auction was in progress at the time
the interest was posted to the order book.\18\ The Exchange notes that
at the time the interest was submitted to the order book, the BX
Participant would have
[[Page 16294]]
known \19\ that there was no ongoing PRISM Auction and would not expect
to be subject to the PRISM pricing. The Exchange seeks to reward BX
Participants who provide liquidity to the order book by paying rebates.
The Exchange's proposal to pay Maker Rebates to unrelated market or
marketable interest that posted to the order book prior to the
commencement of a PRISM Auction aligns with the Exchange's goals of
attracting liquidity to the order book and uniformly pays similarly
situated BX Participants a Maker Rebate. Further, in this scenario the
Exchange believes that it is reasonable to assess the PRISM Order that
executes against the unrelated market or marketable interest that
posted to the order book prior to the commencement of a PRISM Auction
the Taker Fee pricing within Options 7, Section 2(1) because the PRISM
Order removed liquidity from the order book. This is consistent with
the pricing assessed to any other Participant that removed liquidity
from BX's order book as they would be uniformly assessed the Taker Fee
pricing within Options 7, Section 2(1). The Taker Fee pricing within
Options 7, Section 2(1) funds the Maker Rebates within Options 7,
Section 2(1). BX pays Maker Rebates to attract order flow to BX and all
Participants may interact with this order flow.
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\18\ See note 5 above.
\19\ BX Participants become aware of ongoing PRISM Auctions as
BX disseminates a PRISM Auction Notification or ``PAN'' when the
Exchange receives a PRISM Order for Auction processing. The PAN
details the price, side, size, and options series of the PRISM Order
over the BX Depth Feed and the Exchange's Specialized Quote Feed.
See BX Options 3, Section 13(ii)(A)(2).
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The Exchange's proposal to state the manner in which the Exchange
prices unrelated market or marketable interest received prior to the
commencement of a PRISM Auction is equitable and not unfairly
discriminatory because all BX Participants who submitted unrelated
market or marketable interest which rested on the order book prior to
the commencement of a PRISM Auction will be uniformly paid a Maker
Rebate. The Exchange's proposal would treat BX Participants who
submitted unrelated market or marketable interest which rested on the
order book prior to the commencement of a PRISM Auction in the same
manner as other BX Participants who posted liquidity on the order book
as they would both be considered makers of liquidity. Further, all
Participants who submitted a PRISM Order that executed against the
unrelated market or marketable interest that posted to the order book
prior to the commencement of a PRISM Auction would be uniformly
assessed a Taker Fee. The Exchange's proposal would treat BX
Participants who submitted PRISM Order that executed against the
unrelated market or marketable interest that posted to the order book
prior to the commencement of a PRISM Auction in the same manner as
other BX Participants who removed liquidity from the order book as they
would both be considered takers of liquidity.
The Exchange's proposal to state the manner in which the Exchange
prices unrelated market or marketable interest received during a PRISM
Auction is reasonable because the Exchange seeks to incentivize
Participants to submit PRISM Auction Orders to receive a guaranteed
execution, potential price improvement, and Customer rebates. BX
Participants submitting interest to the order book during a PRISM
Auction are aware \20\ that they may be allocated in the PRISM Auction.
The Exchange assesses the PRISM pricing in Options 7, Section 2(5) in
the same manner that responders to the PRISM Auction are assessed fees
for their PAN responses. The unrelated market or marketable interest
that received an allocation within the PRISM Auction would be uniformly
subject to the same fees as those BX Participants who submitted PAN
responses and were allocated, thereby receiving a guaranteed execution
and potential price improvement. The Exchange's PRISM pricing assesses
fees to PRISM PAN responses and unrelated market or marketable interest
that allocated in the PRISM Auction and rewards those BX Participants
with a guaranteed execution and potential price improvement. The
response fees assessed by the Exchange are intended to fund the
Customer rebates paid by the Exchange which seek to incentivize
increased Customer order flow to the PRISM Auction.
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\20\ See note 10 above.
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The Exchange's proposal to state the manner in which the Exchange
prices unrelated market or marketable interest received during a PRISM
Auction is equitable and not unfairly discriminatory because all BX
Participants who submitted unrelated market or marketable interest
which rested on the order book during a PRISM Auction would uniformly
be assessed the same fees. The Exchange's proposal would treat BX
Participants who submitted unrelated market or marketable interest
which rested on the order book during a PRISM Auction in the same
manner as other BX Participants who submitted PAN responses into the
PRISM Auction and were provided with a guaranteed execution and
potential price improvement. Further, paying a rebate of $0.35 per
contract for Penny Classes and $0.70 per contract for Non-Penny Classes
only to Customer PRISM Orders that executes against unrelated market or
marketable interest received during a PRISM Auction is equitable and
not unfairly discriminatory because Customer liquidity is the most
sought after liquidity among Participants. Customer liquidity benefits
all market participants by providing more trading opportunities, which
attracts market makers. An increase in the activity of these market
participants in turn facilitates tighter spreads, which may cause an
additional corresponding increase in order flow from other market
participants.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act.
Intermarket Competition
The proposal does not impose an undue burden on inter-market
competition. The Exchange believes its proposal remains competitive
with other options markets and will offer market participants with
another choice to initiate a price improvement auction. The Exchange
notes that it operates in a highly competitive market in which market
participants can readily favor competing venues if they deem fee levels
at a particular venue to be excessive, or rebate opportunities
available at other venues to be more favorable. In such an environment,
the Exchange must continually adjust its fees to remain competitive
with other exchanges. Because competitors are free to modify their own
fees in response, and because market participants may readily adjust
their order routing practices, the Exchange believes that the degree to
which fee changes in this market may impose any burden on competition
is extremely limited.
Intramarket Competition
The Exchange's proposal to state the manner in which the Exchange
prices unrelated market or marketable interest received prior to the
commencement of a PRISM Auction does not impose an undue burden on
competition because all BX Participants who submitted unrelated market
or marketable interest which rested on the order book prior to the
commencement of a PRISM Auction will be uniformly paid a Maker Rebate.
[[Page 16295]]
The Exchange's proposal would treat BX Participants who submitted
unrelated market or marketable interest which rested on the order book
prior to the commencement of a PRISM Auction in the same manner as
other BX Participants who posted liquidity on the order book as they
would both be considered makers of liquidity. Further, all Participants
who submitted a PRISM Order that executed against the unrelated market
or marketable interest that posted to the order book prior to the
commencement of a PRISM Auction would be uniformly assessed a Taker
Fee. The Exchange's proposal would treat BX Participants who submitted
PRISM Order that executed against the unrelated market or marketable
interest that posted to the order book prior to the commencement of a
PRISM Auction in the same manner as other BX Participants who removed
liquidity from the order book as they would both be considered takers
of liquidity.
The Exchange's proposal to state the manner in which the Exchange
prices unrelated market or marketable interest received during a PRISM
Auction does not impose an undue burden on competition because all BX
Participants who submitted unrelated market or marketable interest
which rested on the order book during a PRISM Auction would uniformly
be assessed the same fees. The Exchange's proposal would treat BX
Participants who submitted unrelated market or marketable interest
which rested on the order book during a PRISM Auction in the same
manner as other BX Participants who submitted PAN responses into the
PRISM Auction and were provided with a guaranteed execution and
potential price improvement. Further, paying a rebate of $0.35 per
contract for Penny Classes and $0.70 per contract for Non-Penny Classes
only to Customer PRISM Orders that executes against unrelated market or
marketable interest received during a PRISM Auction does not impose an
undue burden on competition because Customer liquidity is the most
sought after liquidity among Participants. Customer liquidity benefits
all market participants by providing more trading opportunities, which
attracts market makers. An increase in the activity of these market
participants in turn facilitates tighter spreads, which may cause an
additional corresponding increase in order flow from other market
participants.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were either solicited or received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act.\21\
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\21\ 15 U.S.C. 78s(b)(3)(A)(ii).
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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: (i)
necessary or appropriate in the public interest; (ii) for the
protection of investors; or (iii) otherwise in furtherance of the
purposes of the Act. If the Commission takes such action, the
Commission shall institute proceedings to determine whether the
proposed rule should be approved or disapproved.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
<bullet> Use the Commission's internet comment form (<a href="http://www.sec.gov/rules/sro.shtml">http://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#4f3d3a232a622c2022222a213b3c0f3c2a2c61282039"><span class="__cf_email__" data-cfemail="e795928b82ca84888a8a82899394a7948284c9808891">[email protected]</span></a>. Please include
File Number SR-BX-2023-006 on the subject line.
Paper Comments
<bullet> Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to File Number SR-BX-2023-006. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (<a href="http://www.sec.gov/rules/sro.shtml">http://www.sec.gov/rules/sro.shtml</a>).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549, on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-BX-2023-006 and should be submitted on
or before April 6, 2023.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\22\
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\22\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2023-05336 Filed 3-15-23; 8:45 am]
BILLING CODE 8011-01-P
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