Notice2023-09211
Self-Regulatory Organizations; MIAX Emerald, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee Schedule
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
May 2, 2023
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 88 Issue 84 (Tuesday, May 2, 2023)</title>
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[Federal Register Volume 88, Number 84 (Tuesday, May 2, 2023)]
[Notices]
[Pages 27535-27539]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-09211]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-97387; File No. SR-EMERALD-2023-11]
Self-Regulatory Organizations; MIAX Emerald, LLC; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
Its Fee Schedule
April 26, 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 13, 2023, 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 is filing a proposal to amend the MIAX Emerald Fee
Schedule (the ``Fee Schedule'').
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'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 Section 1)a)i) of the Fee Schedule
to amend footnote ``*'' to adopt new fees for Priority Customer \3\
Complex Orders that remove liquidity that leg into the Simple book.\4\
The Exchange originally filed this proposal on March 31, 2023 (SR-
EMERALD-2023-08). On April 13, 2023, the Exchange withdrew SR-EMERALD-
2023-08 and resubmitted this proposal.
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\3\ The term ``Priority Customer'' means a person or entity that
(i) is not a broker or dealer in securities, and (ii) does not place
more than 390 orders in listed options per day on average during a
calendar month for its own beneficial account(s). See Exchange Rule
100.
\4\ The Simple Order Book or Simple book is the Exchange's
regular electronic book of orders and quotes. See Exchange Rule
518(a)(15).
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Background
The Exchange assesses transaction rebates and fees to all market
participants, which are based upon a threshold tier structure
(``Tier''). Tiers are determined on a monthly basis and
[[Page 27536]]
are based on three alternative calculation methods, as defined in
Section 1)a)ii) of the Fee Schedule. The calculation method that
results in the highest Tier achieved by the Member \5\ shall apply to
all Origin types by the Member, except the Priority Customer Origin
type. For the Priority Customer Origin calculation, the Tier applied
for a Member and its Affiliates \6\ is solely determined by calculation
Method 3, as defined in Section 1)a)ii) of the Fee Schedule, titled
``Total Priority Customer, Maker sides volume, based on % of CTCV
(`Method 3').'' The monthly volume thresholds for each of the methods,
associated with each Tier, are calculated as the total monthly volume
executed by the Member in all options classes on MIAX Emerald in the
relevant Origins and/or applicable liquidity, not including Excluded
Contracts,\7\ (as the numerator) expressed as a percentage of (divided
by) Customer Total Consolidated Volume (``CTCV'') (as the denominator).
CTCV is calculated as the total national volume cleared at The Options
Clearing Corporation (``OCC'') in the Customer range in those classes
listed on MIAX Emerald for the month for which fees apply, excluding
volume cleared at the OCC in the Customer range executed during the
period of time in which the Exchange experiences an ``Exchange System
Disruption'' \8\ (solely in the option classes of the affected Matching
Engine).\9\ In addition, the per contract transaction rebates and fees
shall be applied retroactively to all eligible volume once the Tier has
been reached by the Member. Members that place resting liquidity, i.e.,
orders on the MIAX Emerald System, will be assessed the specified
``maker'' rebate or fee (each a ``Maker'') and Members that execute
against resting liquidity will be assessed the specified ``taker'' fee
or rebate (each a ``Taker'').\10\ Members are also assessed lower
transaction fees and smaller rebates for order executions in standard
option classes in the Penny Interval Program \11\ (``Penny Classes'')
than for order executions in standard option classes which are not in
the Penny Program (``non-Penny Classes''), for which Members will be
assessed higher transaction fees and larger rebates.
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\5\ ``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 the
Definitions Section of the Fee Schedule and Exchange Rule 100.
\6\ ``Affiliate'' means (i) an affiliate of a Member of at least
75% common ownership between the firms as reflected on each firm's
Form BD, Schedule A, or (ii) the Appointed Market Maker of an
Appointed EEM (or, conversely, the Appointed EEM of an Appointed
Market Maker). An ``Appointed Market Maker'' is a MIAX Emerald
Market Maker (who does not otherwise have a corporate affiliation
based upon common ownership with an EEM) that has been appointed by
an EEM and an ``Appointed EEM'' is an EEM (who does not otherwise
have a corporate affiliation based upon common ownership with a MIAX
Emerald Market Maker) that has been appointed by a MIAX Emerald
Market Maker, pursuant to the following process. A MIAX Emerald
Market Maker appoints an EEM and an EEM appoints a MIAX Emerald
Market Maker, for the purposes of the Fee Schedule, by each
completing and sending an executed Volume Aggregation Request Form
by email to <a href="/cdn-cgi/l/email-protection#cca1a9a1aea9bebfa4a5bc8ca1a5adb4a3bcb8a5a3a2bfe2afa3a1"><span class="__cf_email__" data-cfemail="a4c9c1c9c6c1d6d7cccdd4e4c9cdc5dccbd4d0cdcbcad78ac7cbc9">[email protected]</span></a> no later than 2 business days
prior to the first business day of the month in which the
designation is to become effective. Transmittal of a validly
completed and executed form to the Exchange along with the
Exchange's acknowledgement of the effective designation to each of
the Market Maker and EEM will be viewed as acceptance of the
appointment. The Exchange will only recognize one designation per
Member. A Member may make a designation not more than once every 12
months (from the date of its most recent designation), which
designation shall remain in effect unless or until the Exchange
receives written notice submitted 2 business days prior to the first
business day of the month from either Member indicating that the
appointment has been terminated. Designations will become operative
on the first business day of the effective month and may not be
terminated prior to the end of the month. Execution data and reports
will be provided to both parties. See the Definitions Section of the
Fee Schedule.
\7\ The term ``Excluded Contracts'' means any contracts routed
to an away market for execution. See the Definitions Section of the
Fee Schedule.
\8\ The term ``Exchange System Disruption'' means an outage of a
Matching Engine or collective Matching Engines for a period of two
consecutive hour or more, during trading hours. See the Definitions
Section of the Fee Schedule.
\9\ A ``Matching Engine'' is a part of the MIAX Emerald
electronic system that processes options orders and trades on a
symbol-by-symbol basis. See the Definitions Section of the Fee
Schedule.
\10\ For a Priority Customer Complex Order taking liquidity in
the Strategy Book for both a Penny Class and non-Penny Class against
Origins other than Priority Customer, the Priority Customer order
will receive a rebate based on the Tier achieved.
\11\ See Securities Exchange Act Release No. 88993 (June 2,
2020), 85 FR 35145 (June 8, 2020) (SR-EMERALD-2020-05) (Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To
Amend Exchange Rule 510, Minimum Price Variations and Minimum
Trading Increments, To Conform the Rule to Section 3.1 of the Plan
for the Purpose of Developing and Implementing Procedures Designed
To Facilitate the Listing and Trading of Standardized Options) (the
``Penny Program'').
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Currently, footnote ``*'' provides that Priority Customer Complex
Orders contra to Priority Customer Complex Orders are neither charged
nor rebated. Footnote ``*'' further provides that, Priority Customer
Complex Orders that leg into the Simple book are neither charged nor
rebated.
Proposal
The Exchange now proposes to amend footnote ``*'' to adopt fees for
Priority Customer Complex Orders that leg into the Simple Order Book.
Specifically, the Exchange proposes to amend footnote ``*'' to provide
that Priority Customer Complex Orders that remove liquidity that leg
into the Simple book will be charged a per contract fee of $0.20 in
Penny classes and $0.40 in Non-Penny classes. Additionally, the
Exchange proposes to amend the second sentence of footnote ``*'' for
clarity to provide that Priority Customer Complex Orders that add
liquidity that leg into the Simple book are neither charged nor
rebated.
As amended footnote ``*'' will provide that, ``Priority Customer
Complex Orders contra to Priority Customer Complex Orders are neither
charged nor rebated. Priority Customer Complex Orders that add
liquidity that leg into the Simple book are neither charged nor
rebated. Priority Customer Complex Orders that remove liquidity that
leg into the Simple book will be charged a per contract fee of $0.20 in
Penny classes and $0.40 in Non-Penny classes.'' Complex Orders for
Origins other than Priority Customer that remove liquidity that leg
into the Simple book are charged a per contract ``Taker'' fee of $0.50
in Penny Classes and $0.88 in Non-Penny Classes. These fees are not
changing under this proposal.
The purpose of adopting these new fees is for business and
competitive reasons. In order to attract order flow, the Exchange
initially set its rebates and fees so that they were meaningfully
higher/lower than other options exchanges that operate comparable
maker/taker pricing models.\12\ The Exchange now believes that it is
appropriate to adjust its fees to be competitive with other Exchanges
that offer similar functionality and have similar fee structures.\13\
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\12\ See Securities Exchange Act Release No. 85393 (March 21,
2019), 84 FR 11599 (March 27, 2019) (SR-EMERALD-2019-15) Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To
Establish the MIAX Emerald Fee Schedule.
\13\ The Nasdaq ISE Pricing Schedule provides that a $0.25 per
contract fee applies instead of the applicable fee or rebate when
trading against Priority Customer Complex Orders that leg into the
regular order book. See ISE Options 7 Pricing Schedule, Section 3.
Regular Order Fees and Rebates, footnote 11; Nasdaq Phlx Pricing
Schedule provides that Customers will be assessed a $0.15 per
contract surcharge to the extent that they execute the individual
components of their Complex Orders in SPY against Market Maker or
Lead Market Maker quotes that are resting on the Simple Order Book.
See also Nasdaq Phlx Options 7, Pricing Schedule, Section 3. Rebates
and Fees for Adding Liquidity in SPY.
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Implementation
The proposed changes are immediately effective.
[[Page 27537]]
2. Statutory Basis
The Exchange believes that its proposal to amend its Fee Schedule
is consistent with Section 6(b) of the Act \14\ in general, and
furthers the objectives of Section 6(b)(4) of the Act,\15\ in
particular, in that it is an equitable allocation of reasonable dues,
fees and other charges among its Members and issuers and other persons
using its facilities. The Exchange also believes that the proposed rule
change is consistent with the objectives of Section 6(b)(5) of the Act
\16\ that the rules of an exchange be designed to prevent fraudulent
and manipulative acts and practices, and to promote just and equitable
principles of trade, foster cooperation and coordination with persons
engaged in facilitating transactions in securities, remove impediments
to and perfect the mechanisms of a free and open market and a national
market system and, in general, protect investors and the public
interest, and, particularly, 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).
\16\ 15 U.S.C. 78f(b)(1) and (b)(5).
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The Exchange believes its proposal provides for the equitable
allocation of reasonable dues and fees and is not unfairly
discriminatory for the following reasons. The Exchange operates in a
competitive marketplace in which market participants can readily direct
their order flow to competing venues if they deem fee levels at a
particular venue to be excessive or incentives to be insufficient.
There are currently 16 registered options exchanges competing for order
flow. Based on publicly-available information, and excluding index-
based options, no single exchange has a market share of more than
approximately 12-13% of the equity options market.\17\ Therefore, no
exchange possesses significant pricing power. More specifically, as of
March 24, 2023, the Exchange had a market share of approximately 3.28%
of executed volume of multiply-listed equity options for the month of
March 2023.\18\
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\17\ See ``The market at a glance, MTD AVERAGE,'' available at
<a href="https://www.miaxoptions.com/">https://www.miaxoptions.com/</a> (Data as of March 1, 2023 to March 23,
2023).
\18\ See id.
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The Exchange believes that the ever-shifting market share among the
exchanges from month to month demonstrates that market participants can
discontinue or reduce use of certain categories of products and
services, terminate an existing membership or determine to not become a
new member, and/or shift order flow in response to transaction fee
changes. For example, on February 28, 2019, the Exchange's affiliate,
MIAX PEARL, LLC (``MIAX Pearl''), filed with the Commission a proposal
to increase Taker fees in certain Tiers for options transactions in
certain Penny classes for Priority Customers and decrease Maker rebates
in certain Tiers for options transactions in Penny classes for Priority
Customers (which fee was to be effective March 1, 2019).\19\ MIAX Pearl
experienced a decrease in total market share for the month of March
2019, after the proposal went into effect. Accordingly, the Exchange
believes that the MIAX Pearl March 1, 2019 fee change, to increase
certain transaction fees and decrease certain transaction rebates, may
have contributed to the decrease in MIAX Pearl's market share and, as
such, the Exchange believes competitive forces constrain the
Exchange's, and other options exchanges, ability to set transaction
fees and market participants can shift order flow based on fee changes
instituted by the exchanges.
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\19\ See Securities Exchange Act Release No. 85304 (March 13,
2019), 84 FR 10144 (March 19, 2019) (SR-PEARL-2019-07).
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Accordingly, competitive forces constrain the Exchange's
transaction fees, and market participants can readily trade on
competing venues if they deem pricing levels at those other venues to
be more favorable. In response to the competitive environment, the
Exchange offers specific rates and credits in its fees schedule, like
those of other options exchanges' fees schedules.
The Exchange believes that its proposal to implement a new fee for
Priority Customer Complex Orders that remove liquidity that leg into
the Simple book is consistent with Section 6(b)(4) of the Act \20\ in
that the proposal is reasonable, equitable and not unfairly
discriminatory as it applies equally to all similarly situated market
participants. The Exchange believes that the application of this fee
will continue to encourage Priority Customer order flow to the Exchange
and may improve liquidity on the Exchange's Strategy Book. Priority
Customer order flow benefits all market participants because it
attracts liquidity to the Exchange by providing more trading
opportunities. This attracts Market Makers and other liquidity
providers, thus, facilitating increased order flow and trading
opportunities to the benefit of all market participants.
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\20\ 15 U.S.C. 78f(b)(4).
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In addition, the Exchange believes that its proposal is consistent
with Section 6(b)(5) of the Act \21\ because it perfects the mechanisms
of a free and open market and a national market system and protects
investors and the public interest because an increase in Priority
Customer order flow will bring greater volume and liquidity to the
Exchange, which benefits all market participants by providing more
trading opportunities. To the extent Priority Customer order flow is
increased by this proposal, market participants will increasingly
compete for the opportunity to trade on the Exchange by sending
additional orders in an effort to trade with such Priority Customer
order flow.
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\21\ 15 U.S.C. 78f(b)(5).
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The Exchange believes that assessing a fee for Priority Customer
Complex Orders that remove liquidity that leg into the Simple book is
equitable and not unfairly discriminatory because the proposed fees
will apply equally to all similarly situated participants. The Exchange
believes that the application of the fee is equitable and not unfairly
discriminatory because, as stated above, Priority Customer order flow
enhances liquidity on the Exchange, which in turn provides more trading
opportunities and attracts other market participants, thus,
facilitating increased order flow and trading opportunities to the
benefit of all market participants. Moreover, the options industry has
a long history of providing preferential pricing to Priority Customer
Orders, and the Exchange's current fees schedule currently does so in
many places, as does the fee schedule of at least one other
exchange.\22\
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\22\ See supra note 13.
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As noted above, the Exchange operates in a highly competitive
market. The Exchange is only one of several options venues to which
market participants may direct their order flow, and it represents a
small percentage of the overall market. The Exchange believes that the
proposed fees are reasonable, equitable, and not unfairly
discriminatory in that competing options exchanges offer similar fees
for similar functionality.\23\
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\23\ Id.
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The Commission and the courts have repeatedly expressed their
preference for competition over regulatory intervention in determining
prices, products, and services in the securities markets. In Regulation
NMS, the Commission highlighted the importance of market forces in
determining prices and SRO revenues and also recognized that current
regulation of the market system ``has been remarkably successful in
promoting market competition in its
[[Page 27538]]
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 37499 (June 29, 2005).
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The Exchange believes that its proposal represents an equitable
allocation of fees and is not unfairly discriminatory as the fee will
apply uniformly to all Priority Customer Complex Orders that remove
liquidity that leg into the Simple Order Book. Additionally, the
Exchange recently adopted a new optional complex order instruction,
``Do Not Leg'' or ``DNL,'' \25\ that provides Members \26\ the ability
to direct their complex orders to the Strategy Book \27\ exclusively
for execution, or if the instruction is not used, allows their complex
orders to leg into the Simple Order Book.\28\
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\25\ See Securities Exchange Act Release No. 96378 (November 22,
2022), 87 FR 73364 (November 29, 2022) (SR-EMERALD-2022-31).
\26\ 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.
\27\ The ``Strategy Book'' is the Exchange's electronic book of
complex orders and complex quotes. See Exchange Rule 518(b)(17).
\28\ Do Not Leg or ``DNL'' is an optional order instruction that
may be applied to any complex order (excluding Complex Customer
Cross Orders, Complex Qualified Contingent Cross Orders, and cPRIME
Orders) to prevent the complex order from legging into the Simple
Order Book. See Exchange Rule 518(b)(10).
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The Exchange is making this change for business and competitive
reasons as the Exchange initially set its fees lower than other options
exchanges that offer similar functionality and operate comparable
pricing models.\29\ The Exchange now believes that it is appropriate to
implement this new fee and application so that it is more in line with
other exchanges, but will remain highly competitive such that it should
enable the Exchange to continue to attract order flow and maintain
market share.
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\29\ See supra note 13.
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For the reasons discussed above, the Exchange submits that the
proposal satisfies the requirements of Sections 6(b)(4) and 6(b)(5) of
the Act in that it provides for the equitable allocation of reasonable
dues, fees and other charges among its Members and other persons using
its facilities and is not designed to unfairly discriminate between
customers, issuers, brokers, or dealers. As described more fully above
and below, in the Exchange's statement regarding the burden on
competition, the Exchange believes that its transaction pricing is
subject to significant competitive forces, and that the proposed fees
described herein are appropriate to address such forces.
B. Self-Regulatory Organization's Statement on Burden on Competition
In accordance with Section 6(b)(8) of the Act,\30\ the Exchange
does not believe that the proposed rule change will impose any burden
on intra-market or inter-market competition that is not necessary or
appropriate in furtherance of the purposes of the Act.
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\30\ 15 U.S.C. 78f(b)(8).
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Intra-Market Competition
The Exchange does not believe that its proposal will impose any
burden on intra-market competition that is not necessary or appropriate
in furtherance of the purposes of the Act because the proposed changes
will apply uniformly to all similarly situated Priority Customer
Complex Orders. The Exchange believes that the proposal will continue
to encourage Members to submit Priority Customer Complex Orders to the
Exchange, which will increase liquidity and benefit all market
participants by providing more trading opportunities. The Exchange
notes the fact that preferential pricing to Priority Customers is a
long-standing options industry practice. The proposed fees may enhance
Priority Customer liquidity on the Exchange's Strategy Book, which, as
a result, facilitates increased liquidity and execution opportunities
to the benefit of all market participants. Additionally, the Exchange
provides an optional complex order DNL instruction that Members may use
to prevent their complex orders from legging into the Simple Order
Book, and thereby not be subject to the proposed fees.
Inter-Market Competition
The Exchange 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. There are currently 16
registered options exchanges competing for order flow. Based on
publicly-available information, and excluding index-based options, no
single exchange has a market share of more than approximately 12-13% of
the equity options market.\31\ Therefore, no exchange possesses
significant pricing power. More specifically, as of March 24, 2023, the
Exchange had a market share of approximately 3.28% of executed volume
of multiply-listed equity options for the month of March 2023.\32\
Therefore, no exchange possesses significant pricing power in the
execution of multiply-listed equity options order flow. In such an
environment, the Exchange must continually adjust its transaction and
non-transaction fees to remain competitive with other exchanges and to
attract order flow. The Exchange believes that the proposed rule change
reflects this competitive environment because it modifies the
Exchange's fees in a manner that will allow the Exchange to remain
competitive.
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\31\ See supra note 17.
\32\ See id.
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Additionally, the Commission has repeatedly expressed its
preference for competition over regulatory intervention in determining
prices, products, and services in the securities markets. Specifically,
in Regulation NMS, the Commission highlighted the importance of market
forces in determining prices and SRO revenues and, also, recognized
that current regulation of the market system ``has been remarkably
successful in promoting market competition in its broader forms that
are most important to investors and listed companies.'' \33\ The fact
that this market is competitive has also 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 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 possess a
monopoly, regulatory or otherwise, in the execution of order flow from
broker dealers' . . .''.\34\ Accordingly, the Exchange does not believe
its proposed pricing changes impose any burden on competition that is
not necessary or appropriate in furtherance of the purposes of the Act.
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\33\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496, 37499 (June 29, 2005).
\34\ NetCoalition v. SEC, 615 F.3d 525, 539 (D.C. Cir. 2010)
(quoting Securities Exchange Act Release No. 59039 (December 2,
2008), 73 FR 74770, 74782-83 (December 9, 2008) (SR-NYSE-2006-21)).
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C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
Written comments were neither solicited nor 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,\35\ and Rule
[[Page 27539]]
19b-4(f)(2) \36\ thereunder. 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.
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\35\ 15 U.S.C. 78s(b)(3)(A)(ii).
\36\ 17 CFR 240.19b-4(f)(2).
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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="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#0d7f786168206e6260606863797e4d7e686e236a627b"><span class="__cf_email__" data-cfemail="047671686129676b6969616a7077447761672a636b72">[email protected]</span></a>. Please include
File Number SR-EMERALD-2023-11 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-2023-11. 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="https://www.sec.gov/rules/sro.shtml">https://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. 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-EMERALD-2023-11, and
should be submitted on or before May 23, 2023.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\37\
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\37\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-09211 Filed 5-1-23; 8:45 am]
BILLING CODE 8011-01-P
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