Notice2023-12574
Self-Regulatory Organizations; MEMX LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Exchange's Fee Schedule
Primary source
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Published
June 13, 2023
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 88 Issue 113 (Tuesday, June 13, 2023)</title>
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[Federal Register Volume 88, Number 113 (Tuesday, June 13, 2023)]
[Notices]
[Pages 38576-38580]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-12574]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-97662; File No. SR-MEMX-2023-09]
Self-Regulatory Organizations; MEMX LLC; Notice of Filing and
Immediate Effectiveness of a Proposed Rule Change To Amend the
Exchange's Fee Schedule
June 7, 2023.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on May 31, 2023, MEMX LLC (``MEMX'' or the ``Exchange'') filed
with the Securities and Exchange Commission (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 is filing with the Commission a proposed rule change
to amend the Exchange's fee schedule applicable to Members \3\ (the
``Fee Schedule'') pursuant to Exchange Rules 15.1(a) and (c). The
Exchange proposes to implement the changes to the Fee Schedule pursuant
to this proposal on June 1, 2023. The text of the proposed rule change
is provided in Exhibit 5.
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\3\ See Exchange Rule 1.5(p).
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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 purpose of the proposed rule change is to amend the Fee
Schedule to (i) modify the Liquidity Provision tiers by modifying the
required criteria under Liquidity Provision Tier 4 and adopting a new
Liquidity Provision Tier 6, and (ii) modify the Liquidity Removal Tiers
by increasing the fee and modifying the required criteria under
Liquidity Removal Tier 1 and eliminating Liquidity Removal Tier 2, as
further described below.
The Exchange first notes that it operates in a highly competitive
market in which market participants can readily direct order flow to
competing venues if they deem fee levels at a particular venue to be
excessive or incentives to be insufficient. More specifically, the
Exchange is only one of 16 registered equities exchanges, as well as a
number of alternative trading systems and other off-exchange venues, to
which market participants may direct their order flow. Based on
publicly available information, no single registered equities exchange
currently has more than approximately 16% of the total market share of
executed volume of equities trading.\4\ Thus, in such a low-
concentrated and highly competitive market, no single equities exchange
possesses significant pricing power in the execution of order flow, and
the Exchange currently represents approximately 3.2% of the overall
market share.\5\ The Exchange in particular operates a ``Maker-Taker''
model whereby it provides rebates to Members that add liquidity to the
Exchange and charges fees to Members that remove liquidity from the
Exchange. The Fee Schedule sets forth the standard rebates and fees
applied per share for orders that add and remove liquidity,
respectively. Additionally, in response to the competitive environment,
the Exchange also offers tiered pricing, which provides Members with
opportunities to qualify for higher rebates or lower fees where certain
volume criteria and thresholds are met. Tiered pricing provides an
incremental incentive for Members to strive for higher tier levels,
which provides increasingly higher benefits or discounts for satisfying
increasingly more stringent criteria.
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\4\ Market share percentage calculated as of May 31, 2023. The
Exchange receives and processes data made available through
consolidated data feeds (i.e., CTS and UTDF).
\5\ Id.
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Liquidity Provision Tiers
The Exchange currently provides a base rebate of $0.0018 per share
for executions of Added Displayed Volume.\6\ The Exchange also
currently
[[Page 38577]]
offers Liquidity Provision Tiers 1-5 under which a Member may receive
an enhanced rebate for executions of Added Displayed Volume by
achieving the corresponding required volume criteria for each such
tier. The Exchange now proposes to modify the Liquidity Provision Tiers
by modifying the required criteria under such Liquidity Provision Tier
4 and adopting a new Liquidity Provision Tier 6, as further described
below.
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\6\ The base rebate for executions of Added Displayed Volume is
referred to by the Exchange on the Fee Schedule under the existing
description ``Added displayed volume'' with a Fee Code of ``B'',
``D'' or ``J'', as applicable, on execution reports.
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First, with respect to Liquidity Provision Tier 4, the Exchange
currently provides an enhanced rebate of $0.0029 per share for
executions of Added Displayed Volume for Members that qualify for such
tier by achieving: (1) an ADAV \7\ that is equal to or greater than
0.15% of the TCV; or (2) a Displayed ADAV that is greater than or equal
to 2,000,000 shares and a Step-Up Displayed ADAV \8\ from April 2023
that is greater than or equal to 50% of the Member's April 2023
Displayed ADAV.\9\ The Exchange now proposes to modify the required
criteria under Liquidity Provision Tier 4 such that a Member would
qualify for such tier by achieving: (1) an ADAV that is equal to or
greater than 0.15% of the TCV; or (2) a Displayed ADAV that is equal to
or greater than 0.02% of the TCV and a Step-Up Displayed ADAV of the
TCV from April 2023 that is equal to or greater than 50% of the
Member's April 2023 Displayed ADAV of the TCV. Thus, such proposed
change would keep the existing criteria (1) intact and modify the
alternative Displayed ADAV and a Step-Up Displayed ADAV thresholds in
criteria (2), which are designed to encourage the submission of
additional liquidity-adding order flow to the Exchange. Additionally,
the Exchange is proposing that criteria (2) of Liquidity Provision Tier
4 will expire no later than October 31, 2023, which is currently the
case under the existing Liquidity Provision Tier 4 criteria (2). The
Exchange is not proposing to change the rebate provided under such
tier.
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\7\ As set forth on the Fee Schedule, ``ADAV'' means the average
daily added volume calculated as the number of shares added per day,
which is calculated on a monthly basis, and ``Displayed ADAV'' means
ADAV with respect to displayed orders.
\8\ As set forth on the Fee Schedule, ``Step-Up Displayed ADAV''
means Displayed ADAV in the relevant baseline month subtracted from
current Displayed ADAV.
\9\ The pricing for Liquidity Provision Tier 4 is referred to by
the Exchange on the Fee Schedule under the existing description
``Added displayed volume, Liquidity Provision Tier 4'' with a Fee
Code of ``B4'', ``D4'' or ``J4'', as applicable, to be provided by
the Exchange on the monthly invoices provided to Members.
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Second, the Exchange is proposing to establish a new tier under the
Liquidity Provision Tiers, which, as proposed, would be referred to by
the Exchange as Liquidity Provision Tier 6. Under the proposed new
Liquidity Provision Tier 6, the Exchange would provide an enhanced
rebate of $0.0024 per share for executions of Added Displayed Volume
for Members that qualify for such tier by achieving a Displayed ADAV
that is equal to or greater than 0.007% of the TCV and has a Step-Up
Displayed ADAV of the TCV from May 2023 that is equal to or greater
than 50% of the Member's May 2023 Displayed ADAV of the TCV.\10\ The
Exchange proposes to provide Members that qualify for the proposed new
Liquidity Provision Tier 6 a rebate of 0.075% of the total dollar
volume of the transaction for executions of orders in securities priced
below $1.00 per share that add displayed liquidity to the Exchange,
which is the same rebate that is applicable to such executions under
each of the existing Liquidity Provision Tiers. Additionally, the
Exchange is proposing that Liquidity Provision Tier 6 will expire no
later than November 30, 2023, and the Exchange will indicate this in a
note under the Liquidity Provision Tiers pricing table on the Fee
Schedule.
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\10\ The proposed pricing for new Liquidity Provision Tier 6 is
referred to by the Exchange on the Fee Schedule under the
description ``Added displayed volume, Liquidity Provision Tier 6''
with a Fee Code of ``B6'', ``D6'' or ``J6'', as applicable, to be
provided by the Exchange on the monthly invoices provided to
Members. The Exchange notes that because the determination of
whether a Member qualifies for a certain pricing tier for a
particular month will not be made until after the month-end, the
Exchange will provide the Fee Codes otherwise applicable to such
transactions on the execution reports provided to Members during the
month and will only designate the Fee Codes applicable to the
achieved pricing tier on the monthly invoices, which are provided
after such determination has been made, as the Exchange does for its
tier-based pricing today.
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The tiered pricing structure for executions of Added Displayed
Volume under the Liquidity Provision Tiers provides an incremental
incentive for Members to strive for higher volume thresholds to receive
higher enhanced rebates for such executions and, as such, is intended
to encourage Members to maintain or increase their order flow,
primarily in the form of liquidity-adding volume, to the Exchange,
thereby contributing to a deeper and more liquid market to the benefit
of all Members and market participants. The Exchange believes that the
Liquidity Provision Tiers, as modified by the proposed changes
described above, reflect a reasonable and competitive pricing structure
that is right-sized and consistent with the Exchange's overall pricing
philosophy of encouraging added and/or displayed liquidity.
Specifically, the Exchange believes that, after giving effect to the
proposed changes described above, the rebate for executions of Added
Displayed Volume provided under each of the Liquidity Provision Tiers
1-6 remains commensurate with the corresponding required criteria under
each such tier and is reasonably related to the market quality benefits
that each such tier is designed to achieve.
Liquidity Removal Tiers
The Exchange currently charges a standard fee of $0.0030 per share
for executions of orders in securities priced at or above $1.00 per
share that remove liquidity from the Exchange (such orders, ``Removed
Volume''). The Exchange also currently offers Liquidity Removal Tiers 1
and 2 under which qualifying Members are charged a discounted fee by
achieving the corresponding required volume criteria for each such
tier. The Exchange now proposes to modify the Liquidity Removal Tiers
by increasing the fee charged for executions of Removed Volume under
Liquidity Removal Tier 1 and modifying the required criteria under such
tier and eliminating Liquidity Removal Tier 2, as further described
below.
With respect to Liquidity Removal Tier 1, the Exchange currently
charges a discounted fee of $0.0029 per share for executions of Removed
Volume by achieving one of the following two alternative criteria: (1)
an ADV \11\ that is equal to or greater than 0.50% of the TCV \12\ and
a Remove ADV \13\ that is equal to or greater than 0.30% of the TCV; or
(2) an ADV that is equal to or greater than 1.00% of the TCV.
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\11\ As set forth on the Fee Schedule, ``ADV'' means average
daily volume calculated as the number of shares added or removed,
combined, per day, which is calculated on a monthly basis.
\12\ As set forth on the Fee Schedule, ``TCV'' means total
consolidated volume calculated as the volume reported by all
exchanges and trade reporting facilities to a consolidated
transaction reporting plan for the month for which the fees apply.
\13\ As set forth on the Fee Schedule, ``Remove ADV'' means ADV
with respect to orders that remove liquidity.
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Now, the Exchange proposes to increase the fee charged for
executions of Removed Volume under Liquidity Removal Tier 1 to $0.00295
per share, and to modify the required criteria such that a Member would
now qualify for such tier by achieving one of the following two
alternative criteria: (1) an ADV that is equal to or greater than 0.50%
of the TCV; or (2) a Remove ADV
[[Page 38578]]
that is equal to or greater than 0.30% of the TCV.\14\ Thus, the
proposed change to the required criteria would keep the ADV threshold
and Remove ADV thresholds in the current criteria (1) the same, but
rather than requiring Members to meet both thresholds as a single
criteria, the Remove ADV threshold of 0.30% of the TCV would become an
alternative, and the current alternative of an ADV that is equal or
greater than 1.00% of the TCV would be eliminated. In other words, the
existing ``and'' in criteria (1) would become an ``or'', which would
replace the existing criteria (2). The Exchange is not proposing to
change the fee for executions of orders in securities priced below
$1.00 per share under such tier.
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\14\ The pricing for Liquidity Removal Tier 1 is referred to by
the Exchange on the Fee Schedule under the existing description
``Removed volume from MEMX Book, Liquidity Removal Tier 1'' with a
Fee Code of ``R1'' to be provided by the Exchange on the monthly
invoices provided to Members. The Exchange notes that because the
determination of whether a Member qualifies for a certain pricing
tier for a particular month will not be made until after the month-
end, the Exchange will provide the Fee Codes otherwise applicable to
such transactions on the execution reports provided to Members
during the month and will only designate the Fee Codes applicable to
the achieved pricing tier on the monthly invoices, which are
provided after such determination has been made, as the Exchange
does for its tier-based pricing today.
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With respect to Liquidity Removal Tier 2, the Exchange currently
charges a discounted fee of $0.00295 per share for executions of
Removed Volume by achieving an ADV that is equal to or greater than
0.25% of the TCV. The Exchange now proposes to eliminate Liquidity
Removal Tier 2, as the Exchange no longer wishes to, nor is it required
to, maintain such tier.
The proposed changes to the Liquidity Removal Tiers are designed to
encourage Members to maintain or increase their order flow, including
in the form of orders that remove liquidity, to the Exchange in order
to qualify for the proposed discounted fee for executions of Removed
Volume. While the Exchange's overall pricing philosophy generally
encourages adding liquidity over removing liquidity, the Exchange
believes that providing alternative criteria that are based on
different types of volume that Members may choose to achieve, such as
the proposed new criteria which includes a Remove ADV threshold,
contributes to a more robust and well-balanced market ecosystem on the
Exchange to the benefit of all Members.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the provisions of Section 6 of the Act,\15\ in general, and with
Sections 6(b)(4) and 6(b)(5) of the Act,\16\ in particular, 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 permit unfair discrimination between customers,
issuers, brokers, or dealers.
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\15\ 15 U.S.C. 78f.
\16\ 15 U.S.C. 78f(b)(4) and (5).
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As discussed above, the Exchange operates in a highly fragmented
and competitive market in which market participants can readily direct
order flow to competing venues if they deem fee levels at a particular
venue to be excessive or incentives to be insufficient, and the
Exchange represents only a small percentage of the overall market. 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 broader forms that are most
important to investors and listed companies.'' \17\
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\17\ Securities Exchange Act Release No. 51808 (June 9, 2005),
70 FR 37496, 37499 (June 29, 2005).
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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
shift order flow or discontinue to reduce use of certain categories of
products, in response to new or different pricing structures being
introduced into the market. Accordingly, competitive forces constrain
the Exchange's transaction fees and rebates, and market participants
can readily trade on competing venues if they deem pricing levels at
those other venues to be more favorable. The Exchange believes the
proposal reflects a reasonable and competitive pricing structure
designed to incentivize market participants to direct additional order
flow, including displayed, liquidity-adding and/or liquidity-removing
orders, to the Exchange, which the Exchange believes would promote
price discovery and enhance liquidity and market quality on the
Exchange to the benefit of all Members and market participants.
The Exchange notes that volume-based incentives and discounts have
been widely adopted by exchanges, including the Exchange, and are
reasonable, equitable and not unfairly discriminatory because they are
open to all members on an equal basis and provide additional benefits
or discounts that are reasonably related to the value to an exchange's
market quality associated with higher levels of market activity, such
as higher levels of liquidity provision and/or growth patterns, and the
introduction of higher volumes of orders into the price and volume
discovery process. The Exchange believes that the Liquidity Provision
Tier 4 as modified by the proposed change to the required criteria
under such tier, the proposed new Liquidity Provision Tier 6, and the
Liquidity Removal Tier 1 as modified by the proposed changes to the fee
for executions of Removed Volume and the required criteria under such
tier are reasonable, equitable and not unfairly discriminatory for
these same reasons, as such tiers would provide Members with an
incremental incentive to achieve certain volume thresholds on the
Exchange, are available to all Members on an equal basis, and, as
described above, are designed to encourage Members to maintain or
increase their order flow, including in the form of displayed,
liquidity-adding and/or liquidity removing orders, to the Exchange in
order to qualify for an enhanced rebate for executions of Added
Displayed Volume or a discounted fee for executions of Removed Volume,
as applicable, thereby contributing to a deeper, more liquid and well
balanced market ecosystem on the Exchange to the benefit of all Members
and market participants. The Exchange also believes that such tiers
reflect a reasonable and equitable allocation of fees and rebates, as
the Exchange believes that the enhanced rebate for executions of Added
Displayed Volume under the proposed modified Liquidity Provision Tier 4
and the proposed new Liquidity Provision Tier 6, as well as the
discounted fee for executions of Removed Volume under the modified
Liquidity Removal Tier 1, each remains commensurate with the
corresponding required criteria under each such tier and is reasonably
related to the market quality benefits that each such tier is designed
to achieve, as described above. While the Exchange has proposed
increasing its fees for certain executions of Removed Volume, the
Exchange believes that such change represents a modest increase from
the current fee applicable to such executions.
For the reasons discussed above, the Exchange submits that the
proposal
[[Page 38579]]
satisfies the requirements of Sections 6(b)(4) and 6(b)(5) of the Act
\18\ 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 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 and rebates
described herein are appropriate to address such forces.
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\18\ 15 U.S.C. 78f(b)(4) and (5).
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B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposal will result in any
burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act. Instead, as discussed above,
the proposal is intended to incentivize market participants to direct
additional order flow, including displayed, liquidity-adding and
liquidity-removing orders, to the Exchange, thereby enhancing liquidity
and market quality on the Exchange to the benefit of all Members and
market participants, as well as to generate additional revenue and
decrease the Exchange's expenditures with respect to its transaction
pricing in a manner that is still consistent with the Exchange's
overall pricing philosophy of encouraging added displayed liquidity. As
a result, the Exchange believes the proposal would enhance its
competitiveness as a market that attracts actionable orders, thereby
making it a more desirable destination venue for its customers. For
these reasons, the Exchange believes that the proposal furthers the
Commission's goal in adopting Regulation NMS of fostering competition
among orders, which promotes ``more efficient pricing of individual
stocks for all types of orders, large and small.'' \19\
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\19\ See supra note 17.
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Intramarket Competition
As discussed above, the Exchange believes that the proposal would
incentivize Members to submit additional order flow, including
displayed, liquidity-adding and liquidity-removing orders, to the
Exchange, thereby enhancing liquidity and market quality on the
Exchange to the benefit of all Members, as well as enhancing the
attractiveness of the Exchange as a trading venue, which the Exchange
believes, in turn, would continue to encourage market participants to
direct additional order flow to the Exchange. Greater liquidity
benefits all Members by providing more trading opportunities and
encourages Members to send additional orders to the Exchange, thereby
contributing to robust levels of liquidity, which benefits all market
participants. The opportunity to qualify for the proposed new Liquidity
Provision Tier 6, and thus receive the proposed enhanced rebate for
executions of Added Displayed Volume under such tier, would be
available to all Members that meet the associated volume requirements
in any month. Similarly, the opportunity to qualify for the proposed
modified criteria under Liquidity Provision 4 and the proposed modified
criteria under Liquidity Removal Tier 1, and thus received the enhanced
rebate for executions of Added Displayed Volume or be charged the
discounted fee for executions of Removed Volume, respectively, would
continue to be available to all Members that meet the associated volume
requirements in any month. For the foregoing reasons, the Exchange
believes the proposed changes would not impose any burden on
intramarket competition that is not necessary or appropriate in
furtherance of the purposes of the Act.
Intermarket Competition
As noted above, the Exchange operates in a highly competitive
market in which market participants can readily direct order flow to
competing venues if they deem fee levels at a particular venue to be
excessive or incentives to be insufficient. Members have numerous
alternative venues that they may participate on and direct their order
flow to, including 15 other equities exchanges and numerous alternative
trading systems and other off-exchange venues. As noted above, no
single registered equities exchange currently has more than
approximately 16% of the total market share of executed volume of
equities trading. Thus, in such a low-concentrated and highly
competitive market, no single equities exchange possesses significant
pricing power in the execution of order flow. Moreover, the Exchange
believes that the ever-shifting market share among the exchanges from
month to month demonstrates that market participants can shift order
flow or discontinue to reduce use of certain categories of products, in
response to new or different pricing structures being introduced into
the market. Accordingly, competitive forces constrain the Exchange's
transaction fees and rebates, including with respect to Added Displayed
Volume, and Removed Volume, and market participants can readily choose
to send their orders to other exchange and off-exchange venues if they
deem fee levels at those other venues to be more favorable. As
described above, the proposed changes represent a competitive proposal
through which the Exchange is seeking to generate additional revenue
with respect to its transaction pricing and to encourage the submission
of additional order flow to the Exchange through volume-based tiers,
which have been widely adopted by exchanges, including the Exchange.
Accordingly, the Exchange believes the proposal would not burden, but
rather promote, intermarket competition by enabling it to better
compete with other exchanges that offer similar pricing incentives to
market participants.
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.'' \20\ The fact
that this market is competitive has also long been recognized by the
courts. In NetCoalition v. SEC, the D.C. Circuit stated as follows:
``[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' . . . .''.\21\ 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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\20\ See supra note 17.
\21\ 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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[[Page 38580]]
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
The Exchange neither solicited nor received comments on the
proposed rule change.
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 \22\ and Rule 19b-4(f)(2) \23\ thereunder.
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\22\ 15 U.S.C. 78s(b)(3)(A)(ii).
\23\ 17 CFR 240.19b-4(f)(2).
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At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings to
determine whether the proposed rule change 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="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#2f5d5a434a024c4042424a415b5c6f5c4a4c01484059"><span class="__cf_email__" data-cfemail="2e5c5b424b034d4143434b405a5d6e5d4b4d00494158">[email protected]</span></a>. Please include
file number SR-MEMX-2023-09 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-MEMX-2023-09. 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
a.m. and 3 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-MEMX-2023-09 and should be
submitted on or before July 5, 2023.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\24\
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\24\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-12574 Filed 6-12-23; 8:45 am]
BILLING CODE P
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