Notice2023-19846
Self-Regulatory Organizations; MEMX LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 19.5
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
September 14, 2023
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 88 Issue 177 (Thursday, September 14, 2023)</title>
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[Federal Register Volume 88, Number 177 (Thursday, September 14, 2023)]
[Notices]
[Pages 63176-63180]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-19846]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-98339; File No. SR-MEMX-2023-18]
Self-Regulatory Organizations; MEMX LLC; Notice of Filing and
Immediate Effectiveness of a Proposed Rule Change To Amend Rule 19.5
September 8, 2023.
Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\
[[Page 63177]]
notice is hereby given that on September 6, 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
and II below, which Items have been prepared by the Exchange. The
Exchange filed the proposal as a ``non-controversial'' proposed rule
change pursuant to section 19(b)(3)(A)(iii) of the Act \3\ and Rule
19b-4(f)(6) thereunder.\4\ 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.
\3\ 15 U.S.C. 78s(b)(3)(A)(iii).
\4\ 17 CFR 240.19b-4(f)(6).
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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 MEMX Rule 19.5. The text of the
proposed rule change is provided in Exhibit 5.
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 Rule 19.5,
Interpretation and Policy .05. Specifically, the Exchange proposes to
amend Rule 19.5, Interpretation and Policy .05(f) to account for
conflicts between different provisions within the Short Term Option
Series Rules, extend current $0.50 strike price intervals in equity
options to short term options with strike prices less than $100, and
make other clarifying changes.
In August 2022, the Commission approved the Exchange's adoption of
rules to govern the trading of options on the Exchange by MEMX
Options,\5\ which will be a facility of the Exchange. The rules adopted
were substantially similar to those of other currently operating
options exchanges, in particular, Cboe BZX Exchange, Inc. (``BZX
Options''). Since that time, BZX Options and other options exchanges,
including Cboe EDGX Exchange, Inc. (``EDGX Options''), have modified
certain of those rules \6\ and as such, the Exchange wishes to propose
the same modifications in order to conform to those rules at the time
trading begins on MEMX Options.\7\
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\5\ See Securities Exchange Act Release No. 95445 (August 9,
2022), 87 FR 49884 (August 12, 2022) (SR-MEMX-2022-010).
\6\ See Securities Exchange Act Release Nos. 95406 (August 1,
2022), 87 FR 48051 (August 5, 2022) (SR-CboeBZX-2022-042); 95407
(August 1, 2022), 87 FR 48055 (August 5, 2022) (SR-CboeEDGX-2022-
034).
\7\ Currently, the Exchange plans to launch MEMX Options in
September 2023.
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Specifically, the Exchange's current Rule 19.5, Interpretation and
Policy .05 limits the intervals between strikes in equity options
listed as part of the Short Term Option Series Program, excluding
Exchange-Traded Fund Shares and ETNs, that have an expiration date more
than twenty-one days from the listing date (``Strike Interval
Proposal''). The Strike Interval Proposal paragraph (f) includes a
table that specifies the applicable strike intervals that would
supersede subparagraph (e) \8\ for Short Term Option Series in equity
options, excluding options on exchange-traded fund shares and on
exchange-traded notes, which have an expiration more than 21 days from
the listing date. The Strike Interval Proposal was designed to reduce
the density of strike intervals that would be listed in later weeks,
within the Short Term Option Series Program, by utilizing limitations
for intervals between strikes that have an expiration date more than 21
days from the listing date.
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\8\ Rule 19.5, Interpretation and Policy .05(e) states if a
class does not trade in $1 strike price intervals, the strike price
interval for Short Term Option Series may be (i) $0.50 or greater
where the strike price is less than $75; (ii) $1.00 or greater where
the strike price is between $75 and $150; or (iii) $2.50 or greater
for strike prices greater than $150.
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The Exchange proposes to amend Rule 19.5, Interpretation and Policy
.05 to clarify the current rule text and amend the application of the
table to account for potential conflicts within the Short Term Option
Series Rules. Currently, Rule 19.5, Interpretation and Policy .05(f)
provides that notwithstanding subparagraph (e),\9\ when Short Term
Option Series in equity options (excluding options on ETFs and ETNs)
have an expiration more than 21 days from the listing date, the strike
interval for each option class will be based on the following table,
and also states: ``to the extent there is conflict between applying
subparagraph (e) above and the below table, the greater interval would
apply.'' The existing table is as follows:
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\9\ The proposed rule change makes a nonsubstantive change to
correct the term ``subparagraph'' to ``paragraph'' in the
introductory paragraph of Rule 19.5, Interpretation and Policy
.05(f) as well as subparagraph (f)(3).
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Share price 1
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Tier Average daily volume $25 to less $75 to less $150 to less $500 or
Less than $25 than $75 than $150 than $500 greater
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1......................................... Greater than 5,000.......... $0.50 $1.00 $1.00 $5.00 $5.00
2......................................... Greater than 1,000 to 5,000. 1.00 1.00 1.00 5.00 10.00
3......................................... 0 to 1,000.................. 2.50 5.00 5.00 5.00 10.00
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\1\ The Share Price is the closing price on the primary market on the last day of the calendar quarter. In the event of a corporate action, the Share
Price of the surviving company is utilized. The Average Daily Volume is the total number of option contracts traded in a given security for the
applicable calendar quarter divided by the number of trading days in the applicable calendar quarter. Beginning on the second trading day in the first
month of each calendar quarter, the Average Daily Volume is calculated by utilizing data from the prior calendar quarter based on Customer-cleared
volume at OCC. For options listed on the first trading day of a given calendar quarter, the Average Daily Volume is calculated using the quarter prior
to the last trading calendar quarter. See Rule 19.5, Interpretation and Policy .05(f)(1) and (2).
First, the Exchange proposes to add the phrase ``which specifies
the applicable interval for listing'' to the end of the first sentence
of paragraph (f). The table within that paragraph provides for the
listing of intervals based on certain parameters (average daily volume
and share price). The Exchange proposes to add the phrase ``which
specifies the applicable interval for listing'' to clarify that the
only permitted intervals are as specified in
[[Page 63178]]
the table within paragraph (f), as proposed to be amended.
Second, the Exchange proposes to delete the final sentence of
paragraph (f) which indicates that in the event of a conflict between
applying subparagraph (e) and the below table, the greater interval
would apply, and amend the table in paragraph (f) to address situations
in which there is a conflict between applying the intervals in
paragraph (e) and the table in paragraph (f). Today, there are
instances where a conflict is presented as between the application of
the table within paragraph (f) and the rule text within paragraph (e)
with respect to the correct interval. To address these potential
conflicts, the Exchange included the final sentence in paragraph (f)
that indicates to the extent there is a conflict between applying the
current table within paragraph (f) and the rule text within paragraph
(e), the greater interval would apply. However, in order to more
clearly reflect this within the Rules and maintain consistency with
other exchanges \10\, the Exchange proposes to amend the table in
paragraph (f) to specify what the greater interval would be, and thus
the interval the Exchange would apply, in the event of any possible
conflict between the two rule provisions. While the substance of the
rule does not change by this proposed modification, the Exchange
believes that the amended table provides a simpler reference for
Options Members. Specifically, the proposed rule change amends the
table as follows:
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\10\ See supra note 6.
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Share price
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Tier Average daily volume $25 to less than $75 to less than $150 to less $500 or
Less than $25 $75 $150 than $500 greater
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1................................ Greater than 5,000.. $0.50 for strikes $1.00 for strikes $1.00 for strikes $5.00 $5.00
less than $100 in less than $150. less than $150.
Short Term Option $2.50 for strikes $2.50 for strikes
Series Program greater than $150. greater than $150..
classes and classes
that trade in $1
increments in non-
Short Term Option
Series.
$1.00 for strikes
between $100 and
$150 for classes
that do not
otherwise trade in
$1.00 increments in
non-Short Term
Option Series.
$2.50 for strikes
greater than $150..
2................................ Greater than 1,000 $1.00 for strikes $1.00 for strikes $1.00 for strikes 5.00 10.00
to 5,000. less than $150. less than $150. less than $150.
$2.50 for strikes $2.50 for strikes $2.50 for strikes
greater than $150.. greater than $150. greater than $150.
3................................ 0 to 1,000.......... $2.50............... $5.00............... $5.00.............. 5.00 10.00
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Below are some examples to demonstrate the application of the
proposed table:
Example 1: Assume a Tier 1 stock that closed on the last day of Q1
with a quarterly share price higher than $75 but less than $150.
Therefore, utilizing the current table within paragraph (f), the
interval would be $1.00 for strikes added during Q2 even for strikes
above $150. However, paragraph (e) provides that the Exchange may list
a Short Term Option Series at $2.50 intervals where the strike price is
above $150. In other words, there is a potential conflict between the
permitted strike intervals above $150 during Q2. In this example,
current paragraph (f) would specify a $1.00 interval whereas current
paragraph (e) would specify a $2.50 interval. Consistent with selecting
the greater interval (from current paragraph (e)), the permissible
strike interval in this scenario would be $2.50 as set forth in the
proposed table. Therefore, during Q2, the following strikes would be
eligible to list: $152.50 and $157.50. For strikes less than $150, the
following strikes would be eligible to list during Q2: $149 and $148
because Short Term Option Series with expiration dates more than 21
days from the listing date as well as Short Term Option Series with
expiration dates less than 21 days from the listing date would both be
eligible to list $1 intervals pursuant to both paragraphs (e) and (f).
Example 2: Assume a Tier 2 stock that closed on the last day of Q1
with a quarterly share price less than $25. Therefore, utilizing the
current table within paragraph (f), the interval would be $1.00 for
strikes added during Q2 even for strikes above $25. However, paragraph
(e), as proposed to be amended, provides that the Exchange may list a
Short Term Option Series at $0.50 intervals where the strike is less
than $100, at $1.00 intervals where the strike price is between $100
and $150, and at $2.50 intervals where the strike price is above $150.
In other words, there is a potential conflict between the permitted
strike intervals below $100 and above $150 during Q2. In this example,
current paragraph (f) would specify a $1.00 interval for strikes below
$100 whereas amended paragraph (e) would specify a $0.50 interval.
Consistent with selecting the greater interval (from current paragraph
(f)), the permissible strike interval in this scenario for strikes
below $100 would be $1.00 as set forth in the proposed table. For
strikes between $100 and $150, there is no conflict, as both provisions
would provide $1.00 intervals for those strikes. For strikes above
$150, current paragraph (f) would specify a $1.00 interval for strikes
above $150 whereas current paragraph (e) would specify a $2.50
interval. Consistent with selecting the greater interval (from current
paragraph (e)), the permissible strike interval in this scenario for
strikes above $150 would be $2.50 as set forth in the proposed table.
Example 3: Assume a Tier 3 stock that closed on the last day of Q1
with a quarterly share price less than $25. Therefore, utilizing the
current table within paragraph (f), the interval would be $2.50 for all
strikes added during Q2. However, paragraph (e), as proposed to be
amended, provides that the Exchange may list a Short Term Option Series
at $0.50 intervals where the strike price is less than $100, $1.00
intervals where the strike price is between $100 and $150, and $2.50
intervals where the strike price is above $150. In other words, there
is a potential conflict between the permitted strike intervals
[[Page 63179]]
below $150 during Q2 (there is no conflict for strikes above $150, as
both provisions provide for a $2.50 strike interval). Consistent with
selecting the greater interval (from current paragraph (f)), the
permissible strike interval in this scenario for strikes below $150
would be $2.50 as set forth in the proposed table.\11\
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\11\ The Exchange made similar corresponding changes to the
table for tier 1 and tier 2 stocks with prices $25 to less than $75
and $75 to less than $150, with all potential conflicts between
current paragraphs (e) and (f) resolved to apply the greater
interval.
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Finally, the Exchange proposes to amend Rule 19.5, Interpretation
and Policy .05(e) to extend $0.50 strike price intervals in equity
options to short-term options with strike prices less than $100 instead
of the current $75. This proposed change is intended to conform this
provision of the Short Term Option Series Program to that of other
options exchanges.\12\ With this proposed change, for short term
options in equity option classes that do not trade in $1 strike price
intervals, the strike price interval for Short Term Option Series may
be (i) $0.50 or greater where the strike price is less than $100; (ii)
$1.00 or greater where the strike price is between $100 and $150; or
(iii) $2.50 or greater for strike prices greater than $150.
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\12\ See, e.g., EDGX Rule 19.6, Interpretation and Policy
.05(e).
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2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the Securities Exchange Act of 1934 (the ``Act'') and the rules
and regulations thereunder applicable to the Exchange and, in
particular, the requirements of section 6(b) of the Act.\13\
Specifically, the Exchange believes the proposed rule change is
consistent with the section 6(b)(5) \14\ requirements that the rules of
an exchange be designed to prevent fraudulent and manipulative acts and
practices, to promote just and equitable principles of trade, to foster
cooperation and coordination with persons engaged in regulating,
clearing, settling, processing information with respect to, and
facilitating transactions in securities, to remove impediments to and
perfect the mechanism of a free and open market and a national market
system, and, in general, to protect investors and the public interest.
Additionally, the Exchange believes the proposed rule change is
consistent with the section 6(b)(5) \15\ requirement that the rules of
an exchange not be designed to permit unfair discrimination between
customers, issuers, brokers, or dealers. The Exchange believes the
Strike Proposal continues to limit the intervals between strikes listed
in the Short Term Option Series Program that have an expiration date
more than twenty-one days.
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\13\ 15 U.S.C. 78f(b).
\14\ 15 U.S.C. 78f(b)(5).
\15\ Id.
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In particular, the Exchange's proposed addition to the first
sentence of Rule 19.5, Interpretation and Policy .05(f) is consistent
with the Act because it clarifies that the only permitted intervals are
as specified in the table within that subparagraph, as amended.
The Exchange believes this proposed rule change will bring greater
transparency to the rule. The proposed rule change to delete the final
sentence of the introductory paragraph and amend the table within Rule
19.5, Interpretation and Policy .05(f) to address potential conflicts
between that paragraph and paragraph (e) with respect to the correct
strike interval is consistent with the Act because it protects
investors and the public interest by adding transparency to the manner
in which the Exchange implements its listing rules and removes
potential uncertainty. The proposed rule text specifies the applicable
intervals when there is a conflict between the rule text within
paragraphs (e) and (f), thereby providing certainty as to the outcome.
The Strike Interval Proposal was designed to reduce the density of
strike intervals that would be listed in later weeks, within the Short
Term Option Series Program, by utilizing limitations for intervals
between strikes which have an expiration date more than twenty-one days
from the listing date. The Exchange's proposal intends to continue to
remove certain strike intervals where there exist clusters of strikes
whose characteristics closely resemble one another and, therefore, do
not serve different trading needs,\16\ rendering these strikes less
useful. Also, the Strike Interval Proposal continues to reduce the
number of strikes listed on the Exchange, allowing Market-Makers to
expend their capital in the options market in a more efficient manner,
thereby improving overall market quality on the Exchange.
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\16\ For example, two strikes that are densely clustered may
have the same risk properties and may also be the same percentage
out-of-the-money.
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Additionally, by providing more clarity as to which interval would
apply between the current rule text within Rule 19.5, Interpretation
and Policy .05(e) and (f), the Exchange is reducing the number of
strikes listed in a manner consistent with the intent of the Strike
Interval Proposal, which was to reduce strikes which were farther out
in time. The result of this clarification is to select wider strike
intervals for Short Term Option Series in equity options which have an
expiration date more than twenty-one days from the listing date. This
rule change would harmonize strike intervals as between inner weeklies
(those having less than twenty-one days from the listing date) and
outer weeklies (those having more than twenty-one days from the listing
date) so that strike intervals are not widening as the listing date
approaches.
The proposed rule change to extend current $0.50 strike price
intervals in equity options to short term options with strike prices
less than $100 will remove impediments to and perfect the mechanism of
a free and open market and a national market system, because it will
conform this portion of the Short Term Option Series Program to that of
other options exchanges.\17\
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\17\ See, e.g., EDGX Rule 19.6, Interpretation and Policy
.05(e).
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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 that is not necessary or appropriate
in furtherance of the purposes of the Act. The Strike Interval Proposal
continues to limit the number of Short Term Option Series Program
strike intervals available for quoting and trading on the Exchange for
all Options Members.
The Exchange believes adding clarifying language to the first
sentence of Rule 19.5, Interpretation and Policy .05(f) regarding which
parameter the table within that provision amends within the Short Term
Option Series Program will bring greater transparency to the rules.
Amending the table within paragraph (f) to address potential conflicts
as between the rule text of Rule 19.5, Interpretation and Policy .05(e)
and (f) will bring greater transparency to and reduce potential
confusion regarding the manner in which the Exchange implements its
listing rules. Deleting the last sentence of the first paragraph of the
introductory paragraph of Rule 19.5, Interpretation and Policy .05(f)
does not impose an undue burden on competition and will avoid potential
confusion because the table within paragraph (f) clarifies which strike
intervals will apply in all scenarios. Extending current $0.50 strike
price intervals in equity options to short term options with strike
prices less than $100 will not impose an undue burden on competition,
because it is consistent
[[Page 63180]]
with the rules of other options exchanges.\18\
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\18\ Id.
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While this proposal continues to limit the intervals of strikes
listed on the Exchange, the Exchange continues to balance the needs of
market participants by continuing to offer a number of strikes to meet
a market participant's investment objective. The Exchange's Strike
Interval Proposal does not impose an undue burden on intermarket
competition as this Strike Interval Proposal does not impact the
listings available at another self-regulatory organization.
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
Because the foregoing proposed rule change does not: (i)
significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days from the date on which it was filed, or
such shorter time as the Commission may designate, it has become
effective pursuant to section 19(b)(3)(A) of the Act \19\ and Rule 19b-
4(f)(6) thereunder.\20\
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\19\ 15 U.S.C. 78s(b)(3)(A).
\20\ 17 CFR 240.19b-4(f)(6)(iii). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
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A proposed rule change filed under Rule 19b-4(f)(6) \21\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\22\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has
requested that the Commission waive the 30-day operative delay so that
the proposed rule change may become operative upon filing. The proposed
rule change is substantially similar to those of other currently
operating options exchanges.\23\ The Exchange states that it intends to
launch MEMX Options on September 13, 2023 and that waiver of the 30-day
operative delay would allow the Exchange to implement the proposed
change to amend its rules as set forth above prior to launch, thus
ensuring consistency of strike rules between the Exchange and other
options exchanges. For these reasons, and because the proposed rule
change does not raise any novel legal or regulatory issues, the
Commission believes that waiving the 30-day operative delay is
consistent with the protection of investors and the public interest.
Therefore, the Commission hereby waives the 30-day operative delay and
designates the proposal operative upon filing.\24\
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\21\ 17 CFR 240.19b-4(f)(6).
\22\ 17 CFR 240.19b-4(f)(6)(iii).
\23\ See supra note 6.
\24\ For purposes only of waiving the 30-day operative delay,
the Commission has also considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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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#c2b0b7aea7efa1adafafa7acb6b182b1a7a1eca5adb4"><span class="__cf_email__" data-cfemail="3143445d541c525e5c5c545f4542714254521f565e47">[email protected]</span></a>. Please include
file number SR-MEMX-2023-18 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-2023-18. 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-2023-18 and should be
submitted on or before October 5, 2023.
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\25\ 17 CFR 200.30-3(a)(12), (59).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\25\
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-19846 Filed 9-13-23; 8:45 am]
BILLING CODE 8011-01-P
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