Notice2023-24866
Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Pricing Schedule at Options 7 To Specify Pricing Related to Unrelated Market or Marketable Interest
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
November 13, 2023
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 88 Issue 217 (Monday, November 13, 2023)</title>
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[Federal Register Volume 88, Number 217 (Monday, November 13, 2023)]
[Notices]
[Pages 77642-77646]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-24866]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-98865; File No. SR-ISE-2023-23]
Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Amend the
Pricing Schedule at Options 7 To Specify Pricing Related to Unrelated
Market or Marketable Interest
November 6, 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 October 23, 2023, Nasdaq ISE, LLC (``ISE'' or ``Exchange'') filed
with the Securities and Exchange Commission (``Commission'') the
proposed rule change as described in Items I and II below, which Items
have been prepared by the Exchange. The Commission is publishing this
notice to solicit comments on the proposed rule change from interested
persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend its Pricing Schedule at Options 7 to
specify pricing related to unrelated market or marketable interest.
The text of the proposed rule change is available on the Exchange's
website at <a href="https://listingcenter.nasdaq.com/rulebook/ise/rules">https://listingcenter.nasdaq.com/rulebook/ise/rules</a>, at the
principal office of the Exchange, and at the Commission's Public
Reference Room.
[[Page 77643]]
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 the Exchange's Pricing Schedule at
Options 7 to specify pricing related to unrelated market or marketable
interest. Specifically, the Exchange proposes to specify the current
manner in which the Exchange assesses fees and rebates with respect to
unrelated market or marketable interest received prior to the
commencement of an auction in the Facilitation Mechanism (``FAC''),\3\
Solicited Order Mechanism (``SOL''),\4\ and Price Improvement Mechanism
(``PIM''),\5\ and during such auctions. In addition, the Exchange also
proposes a few non-substantive amendments to Options 7 that will bring
more clarity to the Exchange's Pricing Schedule. Each change is
discussed below.
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\3\ The Facilitation Mechanism is a process by which an
Electronic Access Member can execute a transaction wherein the
Electronic Access Member seeks to facilitate a block-size order it
represents as agent, and/or a transaction wherein the Electronic
Access Member solicited interest to execute against a block-size
order it represents as agent. Electronic Access Members must be
willing to execute the entire size of orders entered into the
Facilitation Mechanism. See Options 3, Section 11(b). Additionally,
Electronic Access Members may use the Facilitation Mechanism to
execute block-size Complex Orders at a net price. See Options 3,
Section 11(c) for the rules governing complex Facilitation
Mechanism.
\4\ The Solicited Order Mechanism is a process by which an
Electronic Access Member can attempt to execute orders of 500 or
more contracts it represents as agent (the ``Agency Order'') against
contra orders that it solicited. Each order entered into the
Solicited Order Mechanism shall be designated as all-or-none. See
Options 3, Section 11(d). Additionally, Electronic Access Members
may use the Solicited Order Mechanism to execute Complex Orders at a
net price. See Options 3, Section 11(e) for the rules governing
complex Solicited Order Mechanism.
\5\ The Price Improvement Mechanism is a process by which an
Electronic Access Member can provide price improvement opportunities
for a transaction wherein the Electronic Access Member seeks to
facilitate an order it represents as agent, and/or a transaction
wherein the Electronic Access Member solicited interest to execute
against an order it represents as agent. See Options 3, Section 13.
Additionally, Electronic Access Members may use the Price
Improvement Mechanism to execute Complex Orders at a net price. See
Options 3, Section 13(e) for the rules governing complex Price
Improvement Mechanism.
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Unrelated Interest
As a general rule, today, if an order executed in FAC (``FAC
Order''), SOL (``SOL Order''), or PIM (``PIM Order'') executes against
unrelated market or marketable interest received during an auction, the
Exchange would assess the applicable Crossing Order \6\ pricing in its
Pricing Schedule. If the FAC, SOL, or PIM Order executes against
unrelated market or marketable interest received prior to an auction,
the Exchange would assess applicable order book pricing in its Pricing
Schedule. As discussed below, the Exchange applies these concepts to
unrelated market or marketable interest in line with Member
expectations and to treat similarly situated Members in a uniform
manner. The Exchange notes that it currently denotes in the Pricing
Schedule that it would apply separate Crossing Order pricing for any
contra-side interest submitted after the commencement of an auction in
FAC, SOL, or PIM (which includes unrelated market and marketable
interest received during the auction) by grouping such interest as
Responses to Crossing Orders.\7\ The Exchange further notes that today,
it specifies throughout Options 7 how it will price Responses to
Crossing Orders.\8\ While the Exchange has delineated the treatment of
unrelated market and marketable interest received by the Exchange
during a FAC, SOL, and PIM auction in its Pricing Schedule, the
Exchange believes that further clarity would be beneficial to Members
as to how the Exchange currently assesses pricing for such interest
received prior to the commencement of the auction. As such, the
Exchange proposes to memorialize these concepts in its Pricing Schedule
by adding new paragraph (d) to Options 7, Section 1, titled ``Unrelated
Market or Marketable Interest Pricing.'' Proposed paragraph (d) would
state that the following concepts would apply to FAC, SOL, and PIM
Orders in Select Symbols and Non-Select Symbols (excluding Index
Options).\9\ The Exchange also proposes to note that all transactions
in Index Options are subject to separate pricing in Options 7, Section
5. Today, the Exchange charges separate transaction fees for all
executions (including executions in FAC, SOL, and PIM) in Index
Options.\10\ As such, the Exchange believes it is appropriate to
clarify that these Index Options fees are excluded from the unrelated
interest concepts in new paragraph (d).
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\6\ A ``Crossing Order'' is an order executed in the Exchange's
Facilitation Mechanism, Solicited Order Mechanism, Price Improvement
Mechanism (``PIM'') or submitted as a Qualified Contingent Cross
order. For purposes of this Pricing Schedule, orders executed in the
Block Order Mechanism are also considered Crossing Orders.
\7\ ``Responses to Crossing Order'' is any contra-side interest
(i.e., orders & quotes) submitted after the commencement of an
auction in the Exchange's Facilitation Mechanism, Solicited Order
Mechanism, Block Order Mechanism or Price Improvement Mechanism.
Contra-side interest in this context therefore includes both contra-
side interest submitted specifically in response to an auction
notification, and unrelated market and marketable contra-side
interest submitted to the order book during the auction.
\8\ See Section 3 (regular order fees for Responses to Crossing
Orders); and Section 4 (complex order fees for Responses to Crossing
Orders).
\9\ ``Select Symbols'' are options overlying all symbols listed
on the Nasdaq ISE that are in the Penny Interval Program. ``Non-
Select Symbols'' are options overlying all symbols excluding Select
Symbols.
\10\ Currently, the transaction fees are $0.75 per contract for
all non-Priority Customer NDX orders and $0.00 for all Priority
Customer NDX orders. In addition, the transaction fees are $0.25 per
contract for all non-Priority Customer NQX orders and $0.00 for all
Priority Customer NQX orders.
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Specifically, under new paragraph (d)(1), when the FAC Order or SOL
Order executes against unrelated market or marketable interest received
during an auction, the FAC Order or SOL Order will be assessed the
applicable Fees for Crossing Orders (except PIM Orders) \11\ or
Facilitation and Solicitation Break-up Rebates \12\ in Options 7,
Section 3 (for regular FAC Orders and SOL Orders) and Section 4 (for
complex FAC Orders and SOL Orders). Qualifying FAC Orders and SOL
Orders may also be assessed the applicable Solicitation Rebate in
Options 7, Section 6.A \13\ or PIM and Facilitation Rebate in Section
[[Page 77644]]
6.C.\14\ Lastly, the unrelated market or marketable interest received
during an auction will be assessed the applicable fees for Responses to
Crossing Orders (except PIM Orders) in Options 7, Section 3 (for
regular interest) and Section 4 (for complex interest).\15\
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\11\ Today, for both regular and complex orders, this fee is
$0.20 per contract for all non-Priority Customer orders executed in
FAC and SOL, except Professional Customer orders executed in SOL are
assessed a $0.10 per contract fee instead. See Options 7, Section 3,
note 16 and Section 4, note 14. Regular and complex Priority
Customer orders executed in FAC and SOL currently receive free
executions.
\12\ Today, for both regular and complex orders, this rebate is
$0.15 per contract for all market participants except Market Makers
who are not eligible for the rebate. The rebate is provided to the
originating FAC or SOL Order that executes with any response other
than the contra-side of the FAC or SOL Order.
\13\ Today, solicited FAC and SOL Orders are eligible to receive
rebates ranging from $0.00 to $0.11 per contract according to the
volume threshold table in Section 6.A. Rebates are applied to the
originating side. All solicited market participant orders executed
in FAC and SOL are eligible for the rebate, except solicited SOL or
FAC Orders between two Priority Customers will not receive the
rebate.
\14\ Today, unsolicited FAC Orders are eligible to receive
rebates ranging from $0.02 to $0.03 per contract based on the volume
threshold table in Section 6.C. Rebates are applied to the
originating side. Only Firm Proprietary or Broker-Dealer orders
executed in FAC and PIM are eligible for this rebate.
\15\ Today, for both regular and complex orders, this fee is
$0.50 per contract for all market participants in Select Symbols and
$1.10 per contract for all market participant in Non-Select Symbols.
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Under new paragraph (d)(2), when the order executed in PIM (``PIM
Order'') executes against unrelated market or marketable interest
received during an auction, the PIM Order will be assessed the
applicable (1) Fees for PIM Orders \16\ or PIM Break-up Rebates \17\ in
Section 3 below (for regular PIM Orders) and (2) Fees for PIM Orders in
Section 4 below (for complex PIM Orders).\18\ Qualifying PIM Orders may
also be assessed the applicable PIM and Facilitation Rebate in Options
7, Section 6.C.\19\ Lastly, the unrelated market or marketable interest
received during an auction will be assessed the applicable Fees for
Responses to PIM Orders in Section 3 (for regular interest) and Section
4 (for complex interest).\20\
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\16\ Today, this fee is $0.10 per contract for all non-Priority
Customer PIM Orders. Priority Customer PIM Orders currently receive
free executions.
\17\ Today, this rebate is $0.00 for regular Priority Customer
PIM Orders that execute with any response other than the contra-side
of the PIM Order. In addition, this rebate can increase to $0.26 per
contract (Select Symbols) and $0.60 per contract (Non-Select
Symbols) if the volume and size requirements in note 19 of Options
7, Section 3 are met.
\18\ Today, this fee is $0.10 per contract for all non-Priority
Customer PIM Orders. Priority Customer PIM Orders currently receive
free executions.
\19\ Once the requisite volume and size qualifications in
Section 6.C are met, an $0.11 per contract rebate is currently
provided to eligible regular Priority Customer PIM Orders. Rebates
are applied to originating (i.e., ``Agency'') side. This rebate is
not provided to regular PIM Orders between two Priority Customers.
In addition, today, unsolicited PIM Orders are eligible to receive
the same rebates as described above for unsolicited FAC Orders. See
supra note 14.
\20\ Today, for both regular and complex orders, this fee is
$0.50 per contract for all market participants in Select Symbols and
$1.10 per contract for all market participant in Non-Select Symbols.
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Under new paragraph (d)(3), when the FAC Order, SOL Order, or PIM
Order executes against unrelated market or marketable interest received
prior to the commencement of an auction, the FAC Order, SOL Order, or
PIM Order would be subject to the applicable taker pricing in Section 3
(for regular FAC Orders, SOL Orders, and PIM Orders) \21\ and Section 4
(for complex FAC Orders, SOL Orders, and PIM Orders).\22\ The unrelated
market or marketable interest received prior to the commencement of an
auction will be assessed the applicable maker pricing in Section 3 (for
regular interest),\23\ and Section 4 below (for complex interest).\24\
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\21\ Today, the regular Select Symbol taker fees range from
$0.37 to $0.46 per contract based on market participant category. In
addition, the regular Non-Select Symbol taker fees range from $0.00
to $0.90 based on market participant category.
\22\ Today, the complex taker fees are $0.50 per contract
(Select Symbols) and $0.98 per contract (Non-Select Symbols) for all
non-Priority Customers. Priority Customers receive free complex
executions in all symbols.
\23\ Today, the regular Select Symbol maker fees are $0.18 per
contract (Select Symbols) and $0.70 per contract (Non-Select) for
all non-Priority Customers. Market Makers are also eligible to
receive maker rebates instead paying the maker fee if they qualify
for Market Maker Plus. Lastly, Priority Customers currently receive
free regular executions in Select Symbols and a maker rebate of
$0.86 per contract in Non-Select Symbols.
\24\ Today, the complex maker fees in Select Symbols range from
$0.00 to $0.20 per contract based on market participant category,
except when trading against Priority Customers, these fees range
from $0.00 to $0.50 per contract based on market participant
category. In addition, the complex maker fees in Non-Select Symbols
range from $0.00 to $0.20 based on market participant category,
except when trading against a Priority Customer, these fees range
from $0.00 to $0.88 per contract based on market participant
category.
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Unrelated market or marketable interest resting on the Exchange's
order book, whether received prior to the commencement of a FAC, SOL,
or PIM auction or during such auction, would be allocated in accordance
with Options 3, Section 11(b)(4) and (c)(7) (for regular and complex
FAC), Section 11(d)(3) and (e)(4) (for regular and complex SOL), and
Section 13(d) and (e)(5) (for regular and complex PIM).
The Exchange applies order book pricing in accordance with Options
7, Sections 3 and 4 to interest received prior to a FAC, SOL, and PIM
auction that subsequently trades with a FAC, SOL, or PIM Order (which
is considered unrelated market or marketable interest for purposes of
the auction) because the Exchange seeks to treat the Member who
submitted such interest in a similar manner as any other Member who
submits interest to the order book. The Member that submitted such
interest would not have been aware at the time that a FAC, SOL, or PIM
auction was in progress, and therefore would not have expected to be
assessed separate Crossing Order pricing.\25\ In such instances, the
unrelated market or marketable interest that posted to the order book
prior to the commencement of the auction would be treated as posting
liquidity to the order book (makers of liquidity) and assessed maker
pricing in accordance with Options 7, Section 3 and Section 4. The FAC,
SOL, and PIM Order that trades against the unrelated interest would be
considered as removing liquidity from the order book (takers of
liquidity) and assessed taker pricing in accordance with Options 7,
Section 3 and Section 4. This is consistent with taker pricing assessed
to any Member that removes liquidity from the order book.
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\25\ Members become aware of ongoing FAC, SOL, and PIM auctions
as the Exchange disseminates an auction notification in the form of
a ``broadcast message'' when the Exchange receives a FAC, SOL, and
PIM Order for auction processing. The broadcast message is sent by
the Exchange to all Members and includes the series, price, side,
and size of the Agency Order. See Options 3, Sections 11(b)(2),
11(d)(2), and 13(c).
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In contrast, the Exchange applies Crossing Order pricing in Options
7, Sections 3 and 4 to the unrelated market or marketable interest when
the interest arrived during a FAC, SOL, and PIM auction. Members
submitting interest to the order book during one of these auctions are
aware that they may be allocated in the auction.\26\ The Exchange
assesses the applicable response fee in Options 7, Section 3 and
Section 4 to Members submitting such interest in the same manner that
responders to the FAC, SOL, and PIM auction are assessed fees for their
auction responses. In other words, the unrelated market or marketable
interest that received an allocation within the FAC, SOL, or PIM
auction would be uniformly subject to the same fees as those Members
that submitted auction responses and were allocated.
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\26\ See supra note 25.
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The Exchange's pricing models for the regular/complex order book
and FAC/SOL/PIM auctions each seek to attract liquidity to the Exchange
and reward Members differently for the different types of order flow.
To this end, the Exchange's pricing considers the manner in which
orders interact with the FAC/SOL/PIM auction based on the timing of
when the order entered which order book. The Exchange's pricing is
consistent with its current practice of assigning the applicable
pricing for auctions versus order book pricing depending on how and
when the order was submitted to the Exchange.
Technical Amendments
The Exchange proposes a few technical, non-substantive amendments
throughout Options 7. Specifically, the Exchange proposes to title
paragraph (b) in Options 7, Section 1 as ``Fee Disputes'' and paragraph
(c) as ``Definitions'' to more clearly identify
[[Page 77645]]
the applicable rules within the Pricing Schedule.
2. Statutory Basis
The Exchange believes that its proposal is consistent with section
6(b) of the Act,\27\ in general, and furthers the objectives of
sections 6(b)(4) and 6(b)(5) of the Act,\28\ in particular, in that it
provides for the equitable allocation of reasonable dues, fees, and
other charges among members and issuers and other persons using any
facility, and is not designed to permit unfair discrimination between
customers, issuers, brokers, or dealers. Further the proposal is
designed to promote just and equitable principles of trade, 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.
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\27\ 15 U.S.C. 78f(b).
\28\ 15 U.S.C. 78f(b)(4) and (5).
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Unrelated Interest
The Exchange believes that its proposal to specify how the Exchange
currently prices unrelated market or marketable interest received is
consistent with the Act because memorializing these concepts in new
paragraph (d) of Options 7, Section 1 will promote greater clarity and
transparency in the rules and make the Pricing Schedule easier to
navigate for market participants. As discussed above, the Exchange
already denotes how unrelated market or marketable interest received
during a FAC, SOL, and PIM auction is priced by grouping such interest
as Responses to Crossing Orders and Responses to PIM Orders today. How
the Exchange prices unrelated market or marketable interest received
prior to a FAC, SOL, and PIM auction, however, is not currently
detailed in the Exchange's Pricing Schedule. As such, the Exchange
believes that by consolidating and describing these concepts in one
place in the Pricing Schedule, Members can more easily locate the
related rules and avoid any potential investor confusion.
As discussed above, the Exchange will memorialize that it will
assess book pricing for unrelated market or marketable interest
received prior to the commencement of a FAC, SOL, or PIM auction by
stating that such interest would be assessed the applicable maker
pricing. The FAC, SOL and PIM Order that such interest executes against
would be assessed applicable taker pricing. The Exchange applies order
book pricing in this scenario because at the time the unrelated market
or marketable interest was submitted and posted to the order book,
Members would not have been aware of an ongoing FAC/SOL/PIM auction and
therefore would not expect to be subject to the applicable Fees for
Responses to Crossing Orders (including PIM Orders) set forth in
Sections 3 and 4.\29\ In contrast, the Exchange applies the applicable
Fees for Responses to Crossing Orders (including PIM Orders) in
Sections 3 and 4 to the unrelated market or marketable interest when it
arrives during the FAC/SOL/PIM auction because Members submitting
interest to the order book at that time would be aware that they may be
allocated in the FAC/SOL/PIM auction.\30\ Additionally, the Exchange's
pricing models for the regular/complex order book and FAC/SOL/PIM
auctions each seek to attract liquidity to the Exchange and reward
Members differently for different types of order flow. To this end, the
Exchange's pricing considers the manner in which interest interacts
with the FAC/SOL/PIM auction based on the timing of when such interest
entered which order book. The Exchange's pricing is consistent with its
current practice of assigning the applicable pricing for auctions
versus order book pricing depending on how and when the order was
submitted to the Exchange.
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\29\ See supra note 25.
\30\ See supra note 25.
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Further, the Exchange's proposal to memorialize current practice
that unrelated market or marketable interest received prior to the
commencement of a FAC/SOL/PIM auction would be assessed the applicable
maker pricing is reasonable, equitable, and not unfairly discriminatory
because all Members who submitted such interest that posted to the
order book prior to the commencement of the auction (and executes
against the FAC/SOL/PIM Order) would be uniformly assessed the same
pricing as any other Member who posted liquidity on the order book.
Further, all Members who submitted a FAC/SOL/PIM Order that executed
against such interest would be uniformly assessed the same pricing as
any other Member who removed liquidity from the order book.
Similarly, the Exchange believes that its proposal to specify
current practice that unrelated market or marketable interest received
during a FAC/SOL/PIM auction would be assessed the applicable Responses
to Crossing Order (including PIM Order) pricing as described above is
reasonable, equitable, and not unfairly discriminatory because all
Members who submitted such interest would be uniformly assessed the
same pricing as any other Member who submitted responses into the FAC/
SOL/PIM auction.
Lastly, the Exchange believes that its proposal to specify that
Index Options fees are excluded from the unrelated interest concepts in
new paragraph (d) is reasonable, equitable, and not unfairly
discriminatory because all transactions in Index Options (including
transactions in FAC, SOL, and PIM) are presently subject to separate
pricing in Options 7, Section 3.\31\ By clarifying this exclusion, the
Exchange believes it will avoid potential confusion as to the
applicability of its Pricing Schedule to the benefit of all market
participants.
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\31\ See supra note 10.
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Technical Amendments
The Exchange believes that adding titles to paragraphs (b) and (c)
of Options 7, Section 1 is consistent with the Act because they will
promote clarity so that market participants can more easily locate the
relevant rules in the Pricing Schedule.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act.
The Exchange does not believe that its proposal would impose an
undue burden on intra-market competition. The pricing of unrelated
interest in the manner described above uniformly treats similarly
situated market participants. Specifically, all Members who submitted
unrelated market or marketable interest that posted to the order book
prior to the commencement of the auction (and executes against the FAC/
SOL/PIM Order) would be uniformly assessed the same pricing as any
other Member who posted liquidity on the order book. All Members who
submitted a FAC/SOL/PIM Order that executed against such interest would
be uniformly assessed the same pricing as any other Member who removed
liquidity from the order book. Additionally, all Members who submitted
unrelated market or marketable interest to the order book during the
FAC/SOL/PIM auction (which ends up participating and executing against
the auction order) would be uniformly assessed the same pricing as any
other Member who submitted responses into the FAC/SOL/PIM auction.
In terms of inter-market competition, the Exchange continues to
believe that
[[Page 77646]]
the way that it prices unrelated market or marketable interest remains
competitive with other options markets given that the Exchange's
current pricing models for the regular and complex order books and for
FAC/SOL/PIM auctions are all designed to attract order flow to the
Exchange. The Exchange notes that it operates in a highly competitive
market in which market participants can readily favor competing venues
if they deem fee levels at a particular venue to be excessive, or
rebate opportunities available at other venues to be more favorable. In
such an environment, the Exchange must continually adjust its fees to
remain competitive with other exchanges. Because competitors are free
to modify their own fees in response, and because market participants
may readily adjust their order routing practices, the Exchange believes
that the degree to which fee changes in this market may impose any
burden on competition is extremely limited.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were either solicited or received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to section
19(b)(3)(A)(ii) of the Act \32\ and Rule 19b-4(f)(2) \33\ 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: (i) necessary or
appropriate in the public interest; (ii) for the protection of
investors; or (iii) otherwise in furtherance of the purposes of the
Act. If the Commission takes such action, the Commission shall
institute proceedings to determine whether the proposed rule should be
approved or disapproved.
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\32\ 15 U.S.C. 78s(b)(3)(A)(ii).
\33\ 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#bfcdcad3da92dcd0d2d2dad1cbccffccdadc91d8d0c9"><span class="__cf_email__" data-cfemail="9be9eef7feb6f8f4f6f6fef5efe8dbe8fef8b5fcf4ed">[email protected]</span></a>. Please include
file number SR-ISE-2023-23 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-ISE-2023-23. 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-ISE-2023-23 and should be
submitted on or before December 4, 2023.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\34\
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\34\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-24866 Filed 11-9-23; 8:45 am]
BILLING CODE 8011-01-P
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</html>Indexed from Federal Register on November 13, 2023.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.