Notice2024-06322
Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Options 7, Section 9
Primary source
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Published
March 26, 2024
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 89 Issue 59 (Tuesday, March 26, 2024)</title>
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[Federal Register Volume 89, Number 59 (Tuesday, March 26, 2024)]
[Notices]
[Pages 21122-21126]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-06322]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-99785; File No. SR-Phlx-2024-10]
Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Amend Options 7,
Section 9
March 20, 2024.
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 March 7, 2024, Nasdaq PHLX LLC (``Phlx'' or ``Exchange'') filed with
the Securities and Exchange Commission (``Commission'') the proposed
rule change as described in Items I, II, and III, below, which Items
have been prepared by the Exchange. The Commission is publishing this
notice to solicit comments on the proposed rule change from interested
persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend its Rules at Options 7, Section 9,
Other Member Fees.\3\
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\3\ The Exchange initially filed the proposed pricing changes on
November 28, 2023 (SR-Phlx-2023-52) to be effective on December 1,
2023. On December 5, 2023, the Exchange withdrew SR-Phlx-2023-52 and
replaced it with SR-Phlx-2023-56. On January 16, 2023, the Exchange
withdrew SR-Phlx-2023-56 and submitted SR-Phlx-2024-02. On March 7,
2024, the Exchange withdrew SR-Phlx-2024-02 and submitted this
filing.
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The text of the proposed rule change is available on the Exchange's
website at <a href="https://listingcenter.nasdaq.com/rulebook/phlx/rules">https://listingcenter.nasdaq.com/rulebook/phlx/rules</a>, at the
principal office of the Exchange, and at the Commission's Public
Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend Options 7, Section 9, B, Port Fees,
to increase the SQF Port \4\ Fee cap.
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\4\ ``Specialized Quote Feed'' or ``SQF'' is an interface that
allows Lead Market Makers, Streaming Quote Traders (``SQTs'') and
Remote Streaming Quote Traders (``RSQTs'') to connect, send, and
receive messages related to quotes, Immediate-or-Cancel Orders, and
auction responses into and from the Exchange. Features include the
following: (1) options symbol directory messages (e.g., underlying
and complex instruments); (2) system event messages (e.g., start of
trading hours messages and start of opening); (3) trading action
messages (e.g., halts and resumes); (4) execution messages; (5)
quote messages; (6) Immediate-or-Cancel Order messages; (7) risk
protection triggers and purge notifications; (8) opening imbalance
messages; (9) auction notifications; and (10) auction responses. The
SQF Purge Interface only receives and notifies of purge requests
from the Lead Market Maker, SQT or RSQT. Lead Market Makers, SQTs
and RSQTs may only enter interest into SQF in their assigned options
series. Immediate-or-Cancel Orders entered into SQF are not subject
to the Order Price Protection, the Market Order Spread Protection,
or Size Limitation in Options 3, Section 15(a)(1), (a)(2) and
(b)(2), respectively. See Options 3, Section 7(a)(i)(B).
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Today, Phlx assesses $1,250 per port, per month up to a maximum of
$42,000 per month for an SQF Port that receives inbound quotes at any
time within that month.\5\ Today, member organizations are not assessed
an active SQF Port Fee for additional ports acquired for ten business
days for the purpose of transitioning technology.\6\ The Exchange
proposes to add the words ``active port'' in parenthesis at the end of
the description of SQF Port Fee to tie the definition of an active port
to the description for the port.\7\
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\5\ An active port shall mean that the port was utilized to
submit a quote to the System during a given month. See Options 7,
Section 9, B.
\6\ The member organization is required to provide the Exchange
with written notification of the transition and all additional
ports, provided at no cost, will be removed at the end of the ten
business days. See Options 7, Section 9, B.
\7\ The Exchange also proposes a technical amendment to add a
comma between ``per port'' and ``per month'' for the SQF Port Fee in
Options 7, Section 9, B.
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At this time, the Exchange proposes to increase the maximum SQF
Port Fee of $42,000 per month to $50,000 per month.\8\ The Exchange is
not amending the $1,250 per port, per month fee. As is the case today,
the Exchange would not assess a member organization an SQF Port Fee
beyond the monthly cap once the member organization has exceeded the
monthly cap for the respective month.
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\8\ Currently, 29% of Phlx Market Makers cap their SQF Port
Fees. Of those Market Makers, there is a mix of small, medium and
large Market Makers.
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Despite increasing the maximum SQF Port Fee from $42,000 per month
to $50,000 per month, the Exchange will continue to offer member
organizations the opportunity to cap their SQF Port Fees so that they
would not be assessed these fees beyond the cap.
Pursuant to Options 3, Section 7(a)(i)(B), Market Makers may only
enter interest into SQF in their assigned options series. Pursuant to
Options 3, Section 7(a)(i)(B), the SQF interface allows Market Makers
to connect, send, and receive messages related to quotes, Immediate-or-
Cancel Orders, and auction responses to the Exchange. A Phlx Market
Maker requires only one SQF Port to submit quotes in its assigned
options series into Phlx. A Phlx Market Maker requires only one SQF
Port to submit quotes in its assigned options series into Phlx. A Phlx
Market Maker may submit all quotes through one SQF Port. While a Phlx
Market Maker may elect to obtain multiple SQF Ports to organize its
business,\9\ only one SQF Port is necessary for a Phlx Market Maker to
fulfill its regulatory quoting obligations.\10\
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\9\ For example, a Phlx Market Maker may desire to utilize
multiple SQF Ports for accounting purposes, to measure performance,
for regulatory reasons or other determinations that are specific to
that member organization.
\10\ Phlx Market Makers have various regulatory requirements as
provided for in Options 2, Section 4. Additionally, Phlx Market
Makers have certain quoting requirements with respect to their
assigned options series as provided in Options 2, Section 5. SQF
Ports are the only quoting protocol available on Phlx and only
Market Makers may utilize SQF Ports.
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2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\11\ in general, and furthers the objectives of
Sections 6(b)(4) and 6(b)(5) of the Act,\12\ in particular, in that it
[[Page 21123]]
provides for the equitable allocation of reasonable dues, fees, and
other charges among members and issuers and other persons using any
facility, and is not designed to permit unfair discrimination between
customers, issuers, brokers, or dealers.
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\11\ 15 U.S.C. 78f(b).
\12\ 15 U.S.C. 78f(b)(4) and (5).
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The proposed pricing change to increase the maximum SQF Port Fee
from $42,000 to $50,000 per month is reasonable because despite the
increase in the maximum SQF Port Fee, the Exchange will continue to
offer member organizations the opportunity to cap their SQF Port Fees
so that they would not be assessed SQF Port Fees beyond the cap.
Additionally, a Phlx Market Maker requires only one SQF Port to submit
quotes in its assigned options series into Phlx. A Phlx Market Maker
may submit all quotes through one SQF Port. While a Phlx Market Maker
may elect to obtain multiple SQF Ports to organize its business,\13\
only one SQF Port is necessary for a Phlx Market Maker to fulfill its
regulatory quoting obligations.\14\ Member organizations may choose a
greater number of SQF Ports beyond one port, depending on that member
organization's particular business model. Additionally, the Exchange
believes that the caps are reasonable for two reasons.
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\13\ For example, a Phlx Market Maker may desire to utilize
multiple SQF Ports for accounting purposes, to measure performance,
for regulatory reasons or other determinations that are specific to
that member organization.
\14\ Phlx Market Makers have various regulatory requirements as
provided for in Options 2, Section 4. Additionally, Phlx Market
Makers have certain quoting requirements with respect to their
assigned options series as provided in Options 2, Section 5. SQF
Ports are the only quoting protocol available on Phlx and only
Market Makers may utilize SQF Ports.
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First, SQF Ports are a secure method for Market Makers to submit
quotes into the Exchange's match engine and for the Exchange to send
messages related to those quotes to Market Makers. Phlx must manage the
security and message traffic, among other things, for each port.
Utilizing the cap to manage a Market Maker's costs while also managing
the quantity of SQF Ports issued on Phlx has led the Exchange to select
$50,000 as the amended monthly cap for SQF Ports. By capping the ports
at a different level, the Exchange is considering the message traffic
and message rates associated with the current number of outstanding
ports and its ability to process messages. The ability to have a cap
and amend that cap permits the Exchange to scale its needs with respect
to processing messages in an efficient manner. The Exchange notes that
Cboe Exchange, Inc. (``Cboe'') limits usage on each port and assesses
fees for incremental usage.\15\
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\15\ Each Cboe Binary Order Entry (``BOE'') or FIX Logical Port
incur the logical port fee indicated when used to enter up to 70,000
orders per trading day per logical port as measured on average in a
single month. For each incremental usage of up to 70,000 per day per
logical port will incur an additional logical port fee of $800 per
month. BOE or FIX Logical Ports provide users the ability to enter
order/quotes. See Cboe's Fees Schedule.
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Second, the Exchange notes that multiple ports are not necessary,
however, to the extent that some Market Makers elect to obtain multiple
ports, the Exchange is offering to cap their total port cost at $50,000
per month. Phlx believes the existence of a cap allows for efficiencies
and permits Market Makers to increase their number of ports beyond the
cap. The cap levels the playing field by allowing those Market Makers
that want to obtain a larger number of ports to do so with the
certainty of a fee cap. Without the cap, Phlx Market Makers may pay
more to obtain multiple ports on Phlx. BOX Exchange LLC (``BOX'')
assesses $1,000 per month for all SAIL Ports for Market Making and $500
per month per port up to 5 ports for order entry and $150 per month for
each additional port.\16\ Miami International Securities Exchange,
LLC's (``MIAX'') MIAX Express Interface (``MEI'') Fee levels are based
on a tiered fee structure based on the Market Maker's total monthly
executed volume during the relevant month.\17\
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\16\ See BOX's Fee Schedule.
\17\ MEI is a connection to MIAX systems that enables Market
Makers to submit simple and complex electronic quotes to MIAX. MIAX
caps its MEI Ports. For these Monthly MIAX MEI Fees levels, if the
Market Maker's total monthly executed volume during the relevant
month is less than 0.060% of the total monthly executed volume
reported by OCC in the market maker account type for MIAX-listed
option classes for that month, then the fee will be $14,500 instead
of the fee otherwise applicable to such level. See MIAX's Fee
Schedule.
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The number of ports that member organizations choose to purchase
varies widely. Today, on Phlx, 2 Marker Makers have 1 SQF Port, 5
Market Makers have 2-5 SQF Ports, 4 Market Makers have between 6-10 SQF
Ports, and 11 Market Makers have more than 10 SQF Ports. Additionally,
today, on Nasdaq GEMX, LLC no Market Makers have 1 SQF Port/SQF Purge
Port, 1 Market Maker has 2-5 SQF Ports/SQF Purge Ports, 4 Market Makers
have between 6-10 SQF Ports/SQF Purge Ports, and 8 Market Makers have
more than 10 SQF Ports/SQF Purge Ports. Finally, on Nasdaq MRX LLC
(``MRX''), 2 Marker Makers have 1 SQF Ports/SQF Purge Ports, no Market
Makers have 2-5 SQF Ports/SQF Purge Ports, 2 Market Makers have between
6-10 SQF Ports/SQF Purge Ports, and 6 Market Makers have more than 10
SQF Ports/SQF Purge Ports.
The proposed pricing change to increase the maximum SQF Port Fee
from $42,000 to $50,000 per month is equitable and not unfairly
discriminatory because the Exchange would uniformly not assess any
Market Makers that exceeded the maximum SQF Port Fee any SQF Port Fees
beyond the maximum amount. Market Makers are the only market
participants that are assessed an SQF Port Fee because they are the
only market participants that are permitted to quote on the Exchange.
SQF Ports are only utilized in the Market Maker's assigned options
series. The following chart represents the classification of Phlx
members and the percentage of Market Makers.
[[Page 21124]]
[GRAPHIC] [TIFF OMITTED] TN26MR24.006
Unlike other market participants, Market Makers are subject to
market making and quoting obligations.\18\ These liquidity providers
are critical market participants in that they are the only market
participants that provide liquidity to Phlx on a continuous basis. In
addition, the Exchange notes that Lead Market Makers are required to
submit quotes in the Opening Process to open an options series.\19\
Market Makers are subject to a number of fees, unlike other market
participants. Market Makers pay separate permit fees,\20\ and Streaming
Quote Trader Fees,\21\ in addition to other fees paid by other market
participants. Providing Market Makers a means to cap their cost related
to quoting and enabling all Market Makers to acquire SQF Ports at no
cost beyond a certain dollar amount enables these market participants
to provide the necessary liquidity to Phlx at lower costs. Therefore,
because Market Makers fulfill a unique role on the Exchange, are the
only market participant required to submit quotes as part of their
obligations to operate on the Exchange, and, in light of that role,
they are eligible for certain incentives. The proposed SQF Port fee cap
is designed to continue to incent Market Makers to quote on Phlx,
thereby promoting liquidity, quote competition, and trading
opportunities.
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\18\ See Options 2, Sections 4 and 5.
\19\ See Options 3, Section 8.
\20\ See Options 7, Section 8, A.
\21\ See Options 7, Section 8, B.
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In 2022, NYSE Arca, Inc. (``NYSE Arca'') proposed to restructure
fees relating to OTPs for Market Makers.\22\ In that rule change,\23\
NYSE Arca argued that,
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\22\ See Securities Exchange Act Release No. 95412 (June 23,
2022), 87 FR 38786 (June 29, 2022) (SR-NYSEArca-2022-36). NYSE Arca
proposed to increase both the monthly fee per Market Maker OTP and
the number of issues covered by each additional OTP because, among
other reasons, the number of issues traded on the Exchange has
increased significantly in recent years.
\23\ Id at 38788.
Market Makers serve a unique and important function on the
Exchange (and other options exchanges) given the quote-driven nature
of options markets. Because options exchanges rely on actively
quoting Market Makers to facilitate a robust marketplace that
attracts order flow, options exchanges must attract and retain
Market Makers, including by setting competitive Market Maker permit
fees. Stated otherwise, changes to Market Maker permit fees can have
a direct effect on the ability of an exchange to compete for order
flow. The Exchange also believes that the number of options
exchanges on which Market Makers can effect option transactions also
ensures competition in the marketplace and constrains the ability of
exchanges to charge supracompetitive fees for access to its market
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by Market Makers.
Further, NYSE ARCA noted that,\24\
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\24\ Id at 38790.
The Exchange further believes that its ability to set Market
Maker permit fees is constrained by competitive forces based on the
fact that Market Makers can, and have, chosen to terminate their
status as a Market Maker if they deem Market Maker permit fees to be
unreasonable or excessive. Specifically, the Exchange notes that a
BOX participant modified its access to BOX in connection with the
implementation of a proposed change to BOX's Market Maker permit
fees. The Exchange has also observed that another options exchange
group experienced decreases in market share following its proposed
modifications of its access fees (including Market Maker trading
permit fees), suggesting that market participants (including Market
Makers) are sensitive to changes in exchanges' access fees and may
respond by shifting their order flow elsewhere if they deem the fees
to be unreasonable or excessive.
There is no requirement, regulatory or otherwise, that any
Market Maker connect to and access any (or all of) the available
options exchanges. The Exchange also is not aware of any reason why
a Market Maker could not cease being a permit holder in response to
unreasonable price increases. The Exchange does not assess any
termination fee for a Market Maker to drop its OTP, nor is the
Exchange aware of any other costs that would be incurred by a Market
Maker to do so.
The Exchange likewise believes that its ability to cap SQF Ports
fees is constrained by competitive forces and that its proposed
modifications to the SQF Port Fee cap is reasonably designed in
consideration of the competitive environment in which the Exchange
operates, by balancing the value of the enhanced benefits available to
Market Makers due to the current level of activity on the Exchange with
a fee structure that will continue to incent Market Makers to support
increased liquidity, quote competition, and trading opportunities on
the Exchange, for the benefit of all market participants.
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
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necessary or appropriate in furtherance of the purposes of the Act.
Intermarket Competition
The proposal does not impose an undue burden on intermarket
competition. The Exchange believes its proposal remains competitive
with other options markets who also offer order entry protocols. 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. The chart below shows the
February 2024 market share for multiply listed options by exchange. Of
the 17 operating options exchanges, none currently has more than a
17.6% market share. Customers widely distribute their transactions
across exchanges according to their business needs and the ability of
each exchange to meet those needs through technology, liquidity and
functionality.
[GRAPHIC] [TIFF OMITTED] TN26MR24.007
Market share is the percentage of volume on a particular exchange
relative to the total volume across all exchanges, and indicates the
amount of order flow directed to that exchange. High levels of market
share enhance the value of trading and ports.
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.
Other exchanges amended certain costs attributed to Market
Makers.\25\ In 2022, MRX proposed a monthly cap for SQF Ports and SQF
Purge Ports of 17,500.\26\ MRX noted in its rule change that, ``Only
one SQF quote protocol is required for an MRX Market Maker to submit
quotes into MRX and to meet its regulatory requirements.'' \27\
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\25\ See Securities Exchange Act Release No. 95412 (June 23,
2022), 87 FR 38786 (June 29, 2022) (SR-NYSEArca-2022-36).
\26\ See Securities Exchange Act No. 96824 (February 7, 2023),
88 FR 8975 (February 10, 2023) (SR-MRX-2023-05) (Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Amend MRX
Options 7, Section 6).
\27\ Id at 8976.
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If the Commission were to apply a different standard of review this
proposal than it applied to other exchange fee filings, where Market
Maker fees were increased and port fee caps were established, it would
create a burden on competition such that it would impair Phlx's ability
to compete among other options markets. Additionally, BOX assesses
$1,000 per month for all SAIL Ports for Market Making and $500 per
month per port up to 5 ports for order entry and $150 per month for
each additional port.\28\ MIAX's MEI Fee levels are based on a tiered
fee structure based on the Market Maker's total monthly executed volume
during the relevant month.\29\
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\28\ See BOX's Fee Schedule.
\29\ MEI is a connection to MIAX systems that enables Market
Makers to submit simple and complex electronic quotes to MIAX. MIAX
caps its MEI Ports. For these Monthly MIAX MEI Fees levels, if the
Market Maker's total monthly executed volume during the relevant
month is less than 0.060% of the total monthly executed volume
reported by OCC in the market maker account type for MIAX-listed
option classes for that month, then the fee will be $14,500 instead
of the fee otherwise applicable to such level. See MIAX's Fee
Schedule.
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If the Commission were to apply a different standard of review this
proposal than it applied to other exchange fee filings, where Market
Maker fees were increased and port fee caps were established, it would
create a burden on competition such that it would impair Phlx's ability
to compete among other options markets.
Intramarket Competition
The Exchange's proposed pricing change to increase the maximum SQF
Port Fee from $42,000 to $50,000 per month does not impose an undue
burden on competition because the Exchange would uniformly not assess
any Market Makers that exceeded the maximum SQF Port Fee any SQF Port
Fees beyond the maximum amount. Market Makers are the only market
participants that are assessed an SQF Port Fee because they are the
only
[[Page 21126]]
market participants that are permitted to quote on the Exchange. Unlike
other market participants, Market Makers are subject to market making
and quoting obligations.\30\ These liquidity providers are critical
market participants in that they are the only market participants that
provide liquidity to Phlx on a continuous basis. In addition, the
Exchange notes that Lead Market Makers are required to submit quotes in
the Opening Process to open an options series.\31\ Market Makers are
subject to a number of fees, unlike other market participants. Market
Makers pay separate permit fees,\32\ and Streaming Quote Trader
Fees,\33\ in addition to other fees paid by other market participants.
Providing Market Makers a means to cap their cost related to quoting
and enabling all Market Makers to acquire SQF Ports at no cost beyond a
certain dollar amount enables these market participants to provide the
necessary liquidity to Phlx at lower costs. Therefore, because Market
Makers fulfill a unique role on the Exchange, are the only market
participant required to submit quotes as part of their obligations to
operate on the Exchange, and, in light of that role, they are eligible
for certain incentives. The proposed SQF Fee cap is designed to
continue to incent Market Makers to quote on Phlx, thereby promoting
liquidity, quote competition, and trading opportunities.
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\30\ See Options 2, Sections 4 and 5.
\31\ See Options 3, Section 8.
\32\ See Options 7, Section 8, A.
\33\ See Options 7, Section 8, B.
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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.\34\
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\34\ 15 U.S.C. 78s(b)(3)(A)(ii).
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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: (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.
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#a4d6d1c8c189c7cbc9c9c1cad0d7e4d7c1c78ac3cbd2"><span class="__cf_email__" data-cfemail="641611080149070b0909010a1017241701074a030b12">[email protected]</span></a>. Please include
file number SR-Phlx-2024-10 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-Phlx-2024-10. 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-Phlx-2024-10 and should be
submitted on or before April 16, 2024.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\35\
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\35\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-06322 Filed 3-25-24; 8:45 am]
BILLING CODE 8011-01-P
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