Notice2023-08979
Self-Regulatory Organizations; Nasdaq GEMX, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend GEMX's Pricing Schedule at Options 7
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
April 28, 2023
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 88 Issue 82 (Friday, April 28, 2023)</title>
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[Federal Register Volume 88, Number 82 (Friday, April 28, 2023)]
[Notices]
[Pages 26349-26353]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-08979]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-97360; File No. SR-GEMX-2023-05]
Self-Regulatory Organizations; Nasdaq GEMX, LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Amend GEMX's
Pricing Schedule at Options 7
April 24, 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 April 10, 2023, Nasdaq GEMX, LLC (``GEMX'' or the ``Exchange'')
filed with the Securities and Exchange Commission (``SEC'' or the
``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been prepared by the Exchange. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend GEMX's Pricing Schedule at Options
7.
While the changes proposed herein are effective upon filing, the
Exchange has designated the amendments become operative on November 1,
2023.
The text of the proposed rule change is available on the Exchange's
website at <a href="https://listingcenter.nasdaq.com/rulebook/gemx/rules">https://listingcenter.nasdaq.com/rulebook/gemx/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.
A. Self-Regulatory Organization's Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule Change
1. Purpose
GEMX proposes to amend its Pricing Schedule at Options 7.
Specifically, GEMX proposes to: (1) add the defined term ``Exposed
Order'' within Options 7, Section 1(c); and (2) amend Options 7,
Section 6.C. to offer certain free ports in connection with an upcoming
technology migration.\3\ Each change is described below.
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\3\ See Options Trader Alert #2023-4. The GEMX migration will
commence on Monday, November 6, 2023.
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Options 7, Section 1
The Exchange proposes to define an Exposed Order for purposes of
pricing within Options 7. The Exchange introduced the concept of an
``exposure'' in a rule change amending GEMX's routing rules.\4\ In that
rule change, the Exchange noted that for purposes of GEMX's Options 5,
Section 4 routing rule, ``exposure'' or ``exposing'' an order means a
notification sent to Members with the price, size, and side of interest
that is
[[Page 26350]]
available for execution.\5\ The order exposure will apply to both
routed orders and non-routed or ``DNR Orders.'' The order exposure
process permits the Exchange to apply a Route Timer \6\ prior to the
initial and subsequent routing of an order and allows routing of the
order after exposure occurs (during open trading) every time an order
becomes marketable against the ABBO.\7\
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\4\ See Securities Exchange Act Release No. 94897 (May 12,
2022), 87 FR 30294 (May 18, 2022) (SR-ISE-2022-11) (Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Amend Routing
Functionality in Connection With a Technology Migration). GEMX's
Options 5 rules are incorporated by reference to Nasdaq ISE, LLC
Options 5 rules. See also Securities Exchange Act Release No. 97126
(March 13, 2023), 88 FR 16485 (March 17, 2023) (SR-GEMX-2023-04)
(Notice of Filing and Immediate Effectiveness of Proposed Rule
Change To Delay the Implementation of Certain Trading
Functionality).
\5\ See GEMX Options 5, Section 4(a) which is effective but not
yet operative. See also Securities Exchange Act Release No. 94897
(May 12, 2022), 87 FR 30294 (May 18, 2022) (SR-ISE-2022-11) (Notice
of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend Routing Functionality in Connection With a Technology
Migration).
\6\ For purposes of Options 5, Section 4, a Route Timer shall
not exceed one second and shall begin at the time orders are
accepted into the System, and the System will consider whether an
order can be routed at the conclusion of each Route Timer.
\7\ See GEMX Options 5, Section 4 which is effective but not yet
operative. See also Securities Exchange Act Release No. 94897 (May
12, 2022), 87 FR 30294 (May 18, 2022) (SR-ISE-2022-11) (Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Amend
Routing Functionality in Connection With a Technology Migration).
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At this time, the Exchange proposes to amend Options 7, Section
1(c) to provide,
An ``Exposed Order'' is an order that is broadcast via an order
exposure alert as described within Options 5, Section 4 (Order
Routing). Unless otherwise noted in Options 7, Section 3 pricing,
Exposed Orders will be assessed the applicable ``Taker'' Fee and any
order or quote that executes against an Exposed Order during a Route
Timer will be paid/assessed the applicable ``Maker'' Rebate/Fee.
As proposed, the defined term would apply a Taker Fee, where
applicable, to an executed Exposed Order. If an order or quote
allocates against the Exposed Order during the Route Timer described
within Options 5, Section 4, the Exchange would pay/assess the
applicable Maker Rebate and/or Maker Fee. The Exchange believes that
its proposal should provide increased opportunities for participation
in executions on the Exchange, facilitating the ability of the Exchange
to bring together participants and encourage more robust competition
for orders.
Options 7, Section 6
In connection with a technology migration,\8\ Members may request
new FIX Ports,\9\ SQF Ports,\10\ SQF Purge Ports,\11\ OTTO Ports,\12\
CTI Ports,\13\ and FIX DROP Ports,\14\ at no additional cost, from
November 1, 2023 through November 30, 2023 (``Transition Period'')
which are duplicative of the type and quantity of their legacy ports.
These second set of new ports would allow Members time to test ports to
the new environment as well as provide continuous connection to the
Exchange's match engine during the Transition Period.\15\ During the
Transition Period, Members will be required to utilize their new ports
on the new GEMX platform for symbols that have migrated to the new
platform, while continuing to leverage legacy ports for symbols that
have not yet migrated to the new platform.\16\ For example, a GEMX
Member with 3 legacy SQF Ports, 1 legacy SQF Purge Port, 1 legacy FIX
DROP Port, 1 legacy OTTO Port, and 1 legacy CTI Port on November 1,
2023 could request the equivalent quantity and type of new ports (3 SQF
Ports, 1 SQF Purge Port, 1 FIX DROP Port, 1 OTTO Port, and 1 CTI Port)
for the new GEMX environment during the Transition Period at no
additional cost. During the Transition Period, the GEMX Member would be
assessed only for legacy ports and would not be assessed for the new
ports, which are duplicative of the legacy ports.
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\8\ GEMX is migrating its technology to an enhanced Nasdaq, Inc.
functionality which results in higher performance, scalability, and
more robust architecture.
\9\ ``Financial Information eXchange'' or ``FIX'' is an
interface that allows Members and their Sponsored Customers to
connect, send, and receive messages related to orders and auction
orders to the Exchange. Features include the following: (1)
execution messages; (2) order messages; (3) risk protection triggers
and cancel notifications; and (4) post trade allocation messages.
See Supplementary Material .03(a) to Options 3, Section 7.
\10\ ``Specialized Quote Feed'' or ``SQF'' is an interface that
allows Market Makers to connect, send, and receive messages related
to quotes, Immediate-or-Cancel Orders, and auction responses to the
Exchange. Features include the following: (1) options symbol
directory messages (e.g., underlying instruments); (2) System event
messages (e.g., start of trading hours messages and start of
opening); (3) trading action messages (e.g., halts and resumes); (4)
execution messages; (5) quote messages; (6) Immediate-or-Cancel
Order messages; (7) risk protection triggers and purge
notifications; (8) opening imbalance messages; (9) auction
notifications; and (10) auction responses. The SQF Purge Interface
only receives and notifies of purge requests from the Market Maker.
Market Makers may only enter interest into SQF in their assigned
options series. See Supplementary Material .03(c) to Options 3,
Section 7.
\11\ SQF Purge is a specific port for the SQF interface that
only receives and notifies of purge requests from the Market Maker.
Dedicated SQF Purge Ports enable Market Makers to seamlessly manage
their ability to remove their quotes in a swift manner.
\12\ ``Ouch to Trade Options'' or ``OTTO'' is an interface that
allows Members and their Sponsored Customers to connect, send, and
receive messages related to orders, auction orders, and auction
responses to the Exchange. Features include the following: (1)
options symbol directory messages (e.g., underlying instruments);
(2) System event messages (e.g., start of trading hours messages and
start of opening); (3) trading action messages (e.g., halts and
resumes); (4) execution messages; (5) order messages; (6) risk
protection triggers and cancel notifications; (7) auction
notifications; (8) auction responses; and (9) post trade allocation
messages. See Supplementary Material .03(b) to Options 3, Section 7.
\13\ Clearing Trade Interface (``CTI'') is a real-time cleared
trade update message that is sent to a Member after an execution has
occurred and contains trade details specific to that Member. The
information includes, among other things, the following: (i) The
Clearing Member Trade Agreement (``CMTA'') or The Options Clearing
Corporation (``OCC'') number; (ii) badge or mnemonic; (iii) account
number; (iv) information which identifies the transaction type
(e.g., auction type) for billing purposes; and (v) market
participant capacity. See Option 3, Section 23(b)(1).
\14\ FIX DROP is a real-time order and execution update message
that is sent to a Member after an order been received/modified or an
execution has occurred and contains trade details specific to that
Member. The information includes, among other things, the following:
(i) executions; (ii) cancellations; (iii) modifications to an
existing order; and (iv) busts or post-trade corrections. See
Options 3, Section 23(b)(3).
\15\ Members would contact Market Operations to acquire new
duplicative ports.
\16\ See Options Trader Alert #2023-4. The GEMX migration will
commence on Monday, November 6, 2023 and end on Monday, November 13,
2023.
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A Member may acquire additional legacy ports during the Transition
Period and would be assessed the charges indicated in the current
Pricing Schedule at Options 7, Section 6.C, respectively, for those
additional legacy ports.
The technology migration does not require a Member to acquire any
additional legacy ports or any specific number of new ports, rather the
technology migration requires a new port to connect to the new GEMX
environment. As is the case today, a Member may decide the number of
ports they desire to subscribe to on the new technology platform.\17\
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\17\ The technology migration is 1:1 and therefore would not
require a Member to acquire an additional quantity of new ports, nor
would it reduce the total number of ports needed to connect to the
match engine.
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Of note, only GEMX Members may utilize ports on GEMX and only one
port is necessary to submit orders to GEMX. Similarly, a Market Maker
quoting on GEMX only requires 1 SQF Port.\18\ A Member may also obtain
any number of order and execution ports, such as a SQF Purge Ports, FIX
DROP Ports and CTI Ports and any number of market data ports.\19\
Members are able to elect the quantity and type of ports they
[[Page 26351]]
purchase based on that Member's business model.\20\
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\18\ SQF Ports are utilized solely by Market Makers who are the
only Members permitted to quote on GEMX.
\19\ GEMX does not assess fees for the market data ports within
Options 7, Section 6.C(iii). Members may acquire any number of
market data ports at no cost.
\20\ For example, a Member may desire to utilize multiple FIX or
OTTO Ports for accounting purposes, to measure performance, for
regulatory reasons or other determinations that are specific to that
Member.
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This proposal is not intended to impose any additional fees on any
GEMX Member. Rather, this proposal is intended to permit a GEMX Member
to utilize the new environment with the same type and quantity of
legacy ports, at no additional cost, during the Transition Period.
GEMX will sunset legacy FIX Ports, SQF Ports, SQF Purge Ports, OTTO
Ports, CTI Ports and FIX DROP Ports on December 29, 2023. After
December 29, 2023, each Member would only be able to utilize the new
ports for the new environment. Starting December 1, 2023, the port fees
in Options 7, Section 6.C would apply to any substituted ports that a
Member continues to subscribe to after the Transition Period.
2. Statutory Basis
The Exchange believes that its proposal is consistent with section
6(b) of the Act,\21\ in general, and furthers the objectives of
sections 6(b)(4) and 6(b)(5) of the Act,\22\ 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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\21\ See 15 U.S.C. 78f(b).
\22\ See 15 U.S.C. 78f(b)(4) and (5).
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The proposed changes to the Pricing Schedule are reasonable in
several respects. As a threshold matter, the Exchange is subject to
significant competitive forces in the market for order flow, which
constrains its pricing determinations. The fact that the market for
order flow is competitive has long been recognized by the courts. In
NetCoalition v. Securities and Exchange Commission, 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'. . . .'' \23\
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\23\ See NetCoalition, 615 F.3d at 539 (D.C. Cir. 2010) (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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The Commission and the courts have repeatedly expressed their
preference for competition over regulatory intervention to determine
prices, products, and services in the securities markets. In Regulation
NMS, while adopting a series of steps to improve the current market
model, the Commission highlighted the importance of market forces in
determining prices and SRO revenues, and also recognized that current
regulation of the market system ``has been remarkably successful in
promoting market competition in its broader forms that are most
important to investors and listed companies.'' \24\
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\24\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496, 37499 (June 29, 2005) (``Regulation NMS Adopting
Release'').
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Congress directed the Commission to ``rely on `competition,
whenever possible, in meeting its regulatory responsibilities for
overseeing the SROs and the national market system.' '' \25\ As a
result, the Commission has historically relied on competitive forces to
determine whether a fee proposal is equitable, fair, reasonable, and
not unreasonably or unfairly discriminatory. ``If competitive forces
are operative, the self-interest of the exchanges themselves will work
powerfully to constrain unreasonable or unfair behavior.'' \26\
Accordingly, ``the existence of significant competition provides a
substantial basis for finding that the terms of an exchange's fee
proposal are equitable, fair, reasonable, and not unreasonably or
unfairly discriminatory.'' \27\
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\25\ See NetCoalition, 615 F.3d at 534-35; see also H.R. Rep.
No. 94-229 at 92 (1975) (``[I]t is the intent of the conferees that
the national market system evolve through the interplay of
competitive forces as unnecessary regulatory restrictions are
removed.'').
\26\ See Securities Exchange Act Release No. 59039 (December 2,
2008), 73 FR 74,770 (December 9, 2008) (SR-NYSEArca-2006-21).
\27\ Id.
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Options 7, Section 1
The Exchange's proposal to define an Exposed Order for purposes of
pricing within Options 7, Section 1(c) is reasonable because it will
provide Members information as to the manner in which pricing will be
applied to both the Exposed Order as well as an order or quote that
allocates against the Exposed Order.\28\ As proposed, the applicable
Taker Fee would apply to an executed Exposed Order and the applicable
Maker Rebate and/or Maker Fee would apply to an order or quote that
allocated against the Exposed Order during the Route Timer. The
Exchange believes the proposed pricing should provide increased
opportunities for participation in executions on the Exchange,
facilitating the ability of the Exchange to bring together participants
and encourage more robust competition for orders. Order exposure has
the potential to result in more efficient executions for participants
as responses to exposed orders could result in faster executions. Order
exposure assures that such exposed orders will only receive executions
at a price at least as good as the price disseminated by the best away
market at the time the order was received. Further, the Exchange
believes that it is reasonable, equitable and not unfairly
discriminatory to apply the Taker Fee to Exposed Orders and the Maker
Rebate/Fee to any order or quote that executes against an Exposed Order
during a Route Timer because the Exposed Order that would route to an
away market if not otherwise executed on GEMX would be taking liquidity
from the Exchange's order book while a quote or order that executes
against the Exposed Order during the Route Timer would be considered
making liquidity in response to the notification sent to Members
indicating the order is available for execution. Nasdaq MRX, LLC
(``MRX'') similarly assesses a Taker Fee to an exposed order and pays/
assesses a Maker Rebate/Fee to any order or quote that executes against
the exposed order during the Route Timer.\29\
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\28\ See Option 5, Section 4.
\29\ See MRX Options 7, Section 1(c).
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The Exchange's proposal to define an Exposed Order for purposes of
pricing within Options 7, Section 1(c) is equitable and not unfairly
discriminatory as the proposed pricing for Exposed Orders would be
uniformly applied to all orders subject to the Exchange's Route Timer,
as described in Options 5, Section 4.
Options 7, Section 6
The proposed amendments to Options 7, Section 6.C to permit Members
to acquire a second set of FIX Ports, SQF Ports, SQF Purge Ports, OTTO
Ports, CTI Ports and FIX DROP Ports, at no cost, as part of the
technology migration are reasonable because they will permit GEMX
Members to migrate to the new platform without a pricing impact.
Specifically, the proposal is intended to permit GEMX Members to
migrate their legacy FIX Ports, SQF Ports, SQF Purge Ports, OTTO Ports,
CTI Ports and FIX DROP Ports to new ports at no additional cost during
the Transition Period. This proposal will allow Members to test their
ports and maintain continuous connection to the
[[Page 26352]]
Exchange's match engine during the Transition Period.
The proposed amendments to Options 7, Section 6.C to permit Members
to acquire a second set of FIX Ports, SQF Ports, SQF Purge Ports, OTTO
Ports, CTI Ports and FIX DROP Ports, at no cost, as part of the
technology migration are equitable and not unfairly discriminatory
because no Member would have a pricing impact as a result of this
proposal, provided the Member did not obtain additional new ports to
connect to the GEMX environment beyond the quantity and type the Member
had on November 1, 2023 or additional legacy ports. No Member would be
assessed a fee for the new second set of ports, provided they acquired
a new second set of ports commiserate with the type and quantity of
ports they subscribed to as of November 1, 2023. A Member obtaining
additional legacy ports, beyond the current type and quantity of ports
they have as of November 1, 2023, would be assessed the fees noted in
Options 7, Section 6.C as applicable. GEMX will sunset legacy FIX
Ports, SQF Ports, SQF Purge Ports, OTTO Ports, CTI Ports and FIX DROP
Ports on December 29, 2023, so no Member would have a second type or
quantity of a particular port as of December 29, 2023. Starting in
December 1, 2023, the port fees in Options 7, Section 6.C would apply
to any substituted ports that a Member continues to subscribe to after
the Transition Period.
The technology migration does not require a Member to acquire any
additional quantity of new ports, nor would it reduce the total number
of ports needed to connect to the match engine. Rather the technology
migration requires a new port to replace any legacy port provided the
Member desired to maintain the same number of ports on the new GEMX
technology platform. Of note, only GEMX Members may utilize ports on
GEMX and only one port is necessary to submit orders to GEMX.
Similarly, a Market Maker quoting on GEMX only requires 1 SQF Port.\30\
A Member may also obtain any number of order and execution ports, such
as a SQF Purge Ports, FIX DROP Ports and CTI Ports and any number of
market data ports.\31\ Members are able to elect the quantity and type
of ports they purchase based on that Member's business model.\32\
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\30\ SQF Ports are utilized solely by Market Makers who are the
only Members permitted to quote on GEMX.
\31\ GEMX does not assess fees for the market data ports within
Options 7, Section 6.C(iii). Members may acquire any number of
market data ports at no cost.
\32\ For example, a Member may desire to utilize multiple FIX or
OTTO Ports for accounting purposes, to measure performance, for
regulatory reasons or other determinations that are specific to that
Member.
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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 Exchange believes its proposal remains competitive with other
options markets, and will offer market participants with another choice
of venue to transact options. 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. 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
Options 7, Section 1
The Exchange's proposal to define an Exposed Order for purposes of
pricing within Options 7, Section 1(c) does not impose an undue burden
on competition because the proposed pricing for Exposed Orders would be
uniformly applied to all orders subject to the Exchange's Route Timer,
as described in Options 4, Section 5.
Options 7, Section 6
The proposed amendments to Options 7, Section 6.C to permit Members
to acquire a second set of FIX Ports, SQF Ports, SQF Purge Ports, OTTO
Ports, CTI Ports and FIX DROP Ports, at no cost, as part of the
technology migration do not impose an undue burden on competition
because no Member would have a pricing impact as a result of this
proposal, provided the Member did not obtain additional new ports to
connect to the GEMX environment beyond the quantity and type the Member
had on November 1, 2023 or additional legacy ports. No Member would be
assessed a fee for the new second set of ports, provided they acquired
a new second set of ports commiserate with the type and quantity of
ports they subscribed to as of November 1, 2023. A Member obtaining
additional legacy ports, beyond the current type and quantity of ports
they have as of November 1, 2023, would be assessed the fees noted in
Options 7, Section 6.C as applicable. GEMX will sunset legacy FIX
Ports, SQF Ports, SQF Purge Ports, OTTO Ports, CTI Ports and FIX DROP
Ports on December 29, 2023, so no Member would have a second type or
quantity of a particular port as of December 29, 2023. Starting in
December 1, 2023, the port fees in Options 7, Section 6.C would apply
to any substituted ports that a Member continues to subscribe to after
the Transition Period.
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.\33\ 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.
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\33\ 15 U.S.C. 78s(b)(3)(A)(ii).
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IV. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
<bullet> Use the Commission's internet comment form (<a href="http://www.sec.gov/rules/sro.shtml">http://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#f88a8d949dd59b9795959d968c8bb88b9d9bd69f978e"><span class="__cf_email__" data-cfemail="592b2c353c743a3634343c372d2a192a3c3a773e362f">[email protected]</span></a>. Please include
File Number SR-GEMX-2023-05 on the subject line.
Paper Comments
<bullet> Send paper comments in triplicate to Secretary, Securities
and Exchange
[[Page 26353]]
Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to File Number SR-GEMX-2023-05. 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. Do not include
personal identifiable information in submissions; you should submit
only information that you wish to make available publicly. We may
redact in part or withhold entirely from publication submitted material
that is obscene or subject to copyright protection. All submissions
should refer to File Number SR-GEMX-2023-05 and should be submitted on
or before May 19, 2023.
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\34\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\34\
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-08979 Filed 4-27-23; 8:45 am]
BILLING CODE 8011-01-P
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