Notice2024-14208
Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Options 7, Sections 4 and 9
Primary source
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Published
June 28, 2024
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 89 Issue 125 (Friday, June 28, 2024)</title>
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[Federal Register Volume 89, Number 125 (Friday, June 28, 2024)]
[Notices]
[Pages 54089-54093]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-14208]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-100405; File No. SR-Phlx-2024-25]
Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Amend Options 7,
Sections 4 and 9
June 24, 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 June 12, 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 Options 7, Sections 4 and 9.\3\ The
Exchange proposes to sunset the amendments to Options 7, Section 4 on
July 1, 2024. The proposed maximum SQF Port Fee proposed herein in
Options 7, Section 4 will remain in effect through the month of June
2024.
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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 SR-Phlx-
2024-10. On May 1, 2024, the Exchange withdrew SR-Phlx-2024-10 and
submitted SR-Phlx-2024-21. On June 12, 2024, the Exchange withdrew
SR-Phlx-2024-21 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 4, Multiply
Listed Options Fees (Includes options overlying equities, ETFs, ETNs
and indexes which are Multiply Listed) (Excludes SPY and broad-based
index options symbols listed within Options 7, Section 5.A). The
Exchange also proposes a technical amendment to Options 7, Section 9,
B. The Exchange proposes to sunset the amendments to Options 7, Section
4 on July 1, 2024. The proposed maximum SQF Port Fee proposed herein in
Options 7, Section 4 will remain in effect through the month of June
2024.
Today, Lead Market Makers and Market Makers are subject to a
``Monthly Market Maker Cap'' of $500,000 for: (i) electronic Option
Transaction Charges, excluding surcharges and excluding options
overlying broad-based index options symbols listed within Options 7,
Section 5.A; and (ii) QCC Transaction Fees (as defined in Exchange
Options 3, Section 12 and Floor QCC Orders, as defined in Options 8,
Section 30(e)).\4\ All dividend, merger, short stock interest, reversal
and conversion, jelly roll and box spread strategy executions (as
defined in this Options 7, Section 4) are excluded from the Monthly
Market Maker Cap. Lead Market Makers or Market Makers that (i) are on
the contra-side of an electronically-delivered and executed Customer
order, excluding responses to a PIXL auction; and (ii) have reached the
Monthly Market Maker Cap are assessed fees $0.05 per contract Fee for
Adding Liquidity in Penny Symbols, $0.18 per contract Fee for Removing
Liquidity in Penny Symbols, $0.18 per contract in Non-Penny Symbols,
and $0.18 per contract in a non-Complex electronic auction, including
the Quote Exhaust auction and, for purposes of this fee, the opening
process.\5\ Today, the Monthly
[[Page 54090]]
Market Maker Cap offers Lead Market Makers and Market Makers the
ability to lower their costs provided they execute a certain amount of
orders on Phlx.
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\4\ The trading activity of separate Lead Market Maker and
Market Maker member organizations is aggregated in calculating the
Monthly Market Maker Cap if there is Common Ownership between the
member organizations.
\5\ A Complex electronic auction includes, but is not limited
to, the Complex Order Live Auction (``COLA''). Transactions which
execute against an order for which the Exchange broadcast an order
exposure alert in an electronic auction will be subject to this fee.
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At this time, the Exchange proposes to establish an increased SQF
Fee Cap to Lead Market Makers and Market Makers that do not provide a
minimum amount of liquidity on Phlx. This proposed increased SQF Fee
Cap is intended to incentivize Lead Market Makers and Market Makers to
add liquidity on Phlx for the benefit of other market participants in
order to lower their fees. Phlx proposes to increase the SQF Port Fees
cap to $50,000 a month if a Lead Market Maker or Market Maker does not
transact 0.20% of Total Customer Volume in electronic simple orders
that adds liquidity in a month.\6\ 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.\7\ With
this proposal, the Exchange would not assess Lead Market Makers and
Market Makers an SQF Port Fee beyond the monthly cap of $50,000,
instead of $42,000, once the member organization has exceeded the
proposed port cap for the respective month. Lead Market Makers and
Market Makers who transacts 0.20% of Total Customer Volume in
electronic simple orders that adds liquidity in a month will continue
to be subject to the $42,000 SQF Fee Cap. The Exchange believes that
Lead Market Makers and Market Makers will add liquidity to Phlx in
order to decrease their costs of doing business on the Exchange by
obtaining the benefits of the lower SQF Fee Cap similar to the manner
in which Lead Market Maker and Market Makers today transact a certain
quantity of orders to achieve the Monthly Market Maker Cap.
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\6\ For purposes of this cap, ``Total Customer Volume'' shall be
defined as a percentage of all cleared customer volume at The
Options Clearing Corporation in Multiply Listed Equity Options and
Exchange-Traded Products (``TCV'').
\7\ 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. The Exchange proposes to add the words ``active port''
in parenthesis at the end of the description of SQF Port Fee in
Options 7, Section 9, B to tie the definition of an active port to
the description for the port. 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. 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. 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.
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Pursuant to Options 3, Section 7(a)(i)(B), Market Makers may only
enter quotes into SQF in their assigned options series to add liquidity
on Phlx. 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. While a Phlx Market Maker may elect to obtain multiple SQF
Ports to organize its business,\8\ only one SQF Port is necessary for a
Phlx Market Maker to fulfill its regulatory quoting obligations.\9\
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\8\ 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.
\9\ 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,\10\ in general, and furthers the objectives of
Sections 6(b)(4) and 6(b)(5) of the Act,\11\ 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.
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\10\ 15 U.S.C. 78f(b).
\11\ 15 U.S.C. 78f(b)(4) and (5).
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The proposed pricing change to increase the SQF Fee Cap for Lead
Market Makers and Market Makers to $50,000 a month if Lead Market
Makers or Market Makers do not transact 0.20% of Total Customer Volume
in electronic simple orders that adds liquidity in a month is
reasonable because it will incentivize Lead Market Makers and Market
Makers to add liquidity on Phlx to lower their costs. The Exchange
believes that the total volume required to achieve the cap is
reasonable as the Exchange has limited the volume to simple orders, as
not all Market Makers transact complex orders. Additionally, the
Exchange has limited the trading volume to electronic volume, as not
all Market Makers transact business in open outcry and Floor Market
Makers may enter orders verbally in the trading crowd. Further, 0.20%
of Total Customer Volume in electronic simple orders that adds
liquidity in a month is an achievable number for Market Makers who
currently add volume to the Exchange. Additionally, the Exchange
believes that an SQF Fee cap of $50,000, in lieu of $42,000, is
reasonable because Lead Market Makers and Market Makers are obligated,
among other things, to maintain a two-sided market in those options in
which the Market Maker is registered to trade, in a manner that
enhances the depth, liquidity and competitiveness of the market and
compete with other electronic Market Makers in all options in all
capacities in which the electronic Market Maker is registered to
trade.\12\ The Exchange believes that it is reasonable to increase the
SQF Port Fee Cap to $50,000 for Lead Market Makers and Market Makers
that do not transact 0.20% of Total Customer Volume in electronic
simple orders that adds liquidity in a month because the Exchange
believes that Lead Market Makers and Market Makers that do not
contribute a minimum amount of liquidity on Phlx should not be subject
to the same opportunities to lower their costs as those Lead Market
Makers and Market Makers that do contribute to liquidity and therefore
provide the ability for other market participants to engage with that
order flow. The Exchange believes that the increase is modest and would
serve to encourage Lead Market Makers and Market Makers to submit order
flow to Phlx in order to lower their cost and would result in
additional order competition, which also benefits market participants.
The Exchange believes this proposal promotes liquidity, quote
competition, and trading opportunities.
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\12\ See Options 2, Section 5(a)(1) and (3).
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SQF Ports are utilized by Lead Market Makers and Market Makers to
quote on Phlx. The SQF Port is the only protocol available for quoting.
A Phlx Market Maker may submit all quotes through one SQF Port and SQF
Ports are only utilized in the Market Maker's assigned options series.
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\ For
those Market Makers
[[Page 54091]]
that elect to organize themselves by obtaining a greater number of SQF
Ports, they will be subject to a cap.\15\ For Market Makers that only
take 1 SQF Port or only a few SQF Ports, their costs would be far below
the $42,000 or $50,000 threshold for the cap.
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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.
\15\ The number of ports that member organizations choose to
purchase varies widely. Today, on Phlx, 2 Market 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 Market 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.
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The proposed pricing change to increase the SQF Fee Cap for Lead
Market Makers and Market Makers to $50,000 a month if Lead Market
Makers or Market Makers do not transact 0.20% of Total Customer Volume
in electronic simple orders that adds liquidity in a month is equitable
and not unfairly discriminatory as all Lead Market Makers and Market
Makers would be able to cap their SQF Port costs at $42,000, provided
they transacted the requisite volume, otherwise Lead Market Makers and
Market Makers would be uniformly subject to the $50,000 SQF Fee Cap.
The Exchange notes that unlike other market participants, Lead Market
Makers are obligated to quote in the Opening Process and intra-day.\16\
Additionally, Market Makers may enter quotes in the Opening Process to
open an option series and they are required to quote intra-day.\17\
Further, unlike other market participants, Lead Market Makers and
Market Makers have obligations to the market to maintain a two-sided
market in those options in which the Market Maker is registered to
trade, in a manner that enhances the depth, liquidity and
competitiveness of the market and compete with other electronic Market
Makers in all options in all capacities in which the electronic Market
Maker is registered to trade, among other obligations.\18\ Finally,
unlike other market participants, Lead Market Makers and Market Makers
incur other costs related to their quoting obligations in addition to
other fees paid by other market participants. Phlx assesses Streaming
Quote Trader \19\ Fees based on the number of option class assignments
to Lead Market Makers and Market Makers.\20\ Additionally, Phlx
assesses Remote Market Maker \21\ Organization Fees and Remote Lead
Market Maker Fees.\22\ These liquidity providers are critical market
participants in that they are the only market participants that provide
liquidity to Phlx and are necessary for opening the market. Allowing
Lead Market Makers and Market Makers to manage their costs by capping
SQF Ports in addition to transaction fees enables these essential
market participants to manage their business model more effectively and
better allocate resources to other technologies that are necessary to
manage risk and capacity to ensure that these market participants
continue to compete effectively on Phlx. The following chart represents
the classification of Phlx members and the percentage of Market Makers.
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\16\ See Options 3, Section 8 and Options 2, Section 5.
\17\ Id.
\18\ See Options 2, Section 5(a)(1) and (3).
\19\ A ``Streaming Quote Trader'' or ``SQT'' means a Market
Maker who has received permission from the Exchange to generate and
submit option quotations electronically in options to which such SQT
is assigned. An SQT may only submit such quotations while such SQT
is physically present on the trading floor of the Exchange. An SQT
may only submit quotes in classes of options in which the SQT is
assigned. See Options 1, Section 1(b)(54).
\20\ See Options 7, Section 8, B.
\21\ A ``Remote Streaming Quote Trader'' or ``RSQT'' means a
Market Maker that is a member affiliated with a Remote Streaming
Quote Trader Organization with no physical trading floor presence
who has received permission from the Exchange to generate and submit
option quotations electronically in options to which such RSQT has
been assigned. A qualified RSQT may function as a Remote Lead Market
Maker upon Exchange approval. An RSQT is also known as a Remote
Market Maker (``RMM'') pursuant to Options 2, Section 11. A Remote
Streaming Quote Organization (``RSQTO'') or Remote Market Maker
Organization (``RMO'') are Exchange member organizations that have
qualified pursuant to Options 2, Section 1. See Options 1, Section
1(b)(49).
\22\ See Options 7, Section 8, C and D.
[GRAPHIC] [TIFF OMITTED] TN28JN24.020
[[Page 54092]]
Phlx believes Lead Market Makers and Market Makers should be
eligible for certain incentives because they fulfill a unique role on
the Exchange and are the only market participants required to submit
quotes to the Exchange. The proposed SQF Port Cap is designed to ensure
that Lead Market Makers and Market Makers add a certain amount of
liquidity on Phlx in order to be able to cap their SQF Fees at the
lower cap of $42,000 as compared to the increased cap of $50,000. The
Exchange would apply the criteria uniformly when applying the SQF Fee
Cap to Lead Market Makers and Market Makers.
Finally, Phlx believes the proposed SQF cap is constrained by
competitive forces and reasonably designed in consideration of the
competitive environment in which the Exchange operates. This fee
structure incents Lead Market Makers and 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 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 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] TN28JN24.021
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.
Intramarket Competition
The proposed pricing change to increase the SQF Fee Cap for Lead
Market Makers and Market Makers to $50,000 a month if Lead Market
Makers or Market Makers do not transact 0.20% of Total Customer Volume
in electronic simple orders that adds liquidity in a month does not
impose an undue burden on competition as all Lead Market Makers and
Market Makers would be able to cap their SQF Port costs at $42,000,
provided they transacted the requisite volume, otherwise Lead Market
Makers and Market Makers would be uniformly subject to the $50,000 SQF
Fee Cap. The Exchange notes that unlike other market participants, Lead
Market Makers are obligated to quote in the Opening Process and intra-
day.\23\ Additionally, Market Makers may enter quotes in the Opening
Process to open an option series and they are required to quote intra-
day.\24\ Further, unlike other market participants, Lead Market Makers
and Market Makers have obligations to the market to maintain a two-
sided market in those options in which the Market Maker is registered
to trade, in a manner that enhances the depth, liquidity and
competitiveness of the market and compete with other electronic Market
Makers in all options in all capacities in which the electronic Market
Maker is registered to trade, among other
[[Page 54093]]
obligations.\25\ Finally, unlike other market participants, Lead Market
Makers and Market Makers incur other costs related to their quoting
obligations in addition to other fees paid by other market
participants. Phlx assesses Streaming Quote Trader \26\ Fees based on
the number of option class assignments to Lead Market Makers and Market
Makers.\27\ Additionally, Phlx assesses Remote Market Maker \28\
Organization Fees and Remote Lead Market Maker Fees.\29\ These
liquidity providers are critical market participants in that they are
the only market participants that provide liquidity to Phlx and are
necessary for opening the market. Allowing Lead Market Makers and
Market Makers to manage their costs by capping SQF Ports in addition to
transaction fees enables these essential market participants to manage
their business model more effectively and better allocate resources to
other technologies that are necessary to manage risk and capacity to
ensure that these market participants continue to compete effectively
on Phlx. The Exchange believes that Lead Market Makers and Market
Makers should be eligible for certain incentives because they fulfill a
unique role on the Exchange and are the only market participants
required to submit quotes to the Exchange. The proposed SQF Port Cap is
designed to ensure that Lead Market Makers and Market Makers add a
certain amount of liquidity on Phlx in order to be able to cap their
SQF Fees at the lower cap of $42,000 as compared to the increased cap
of $50,000. The Exchange would apply the SQF Fee Cap criteria uniformly
to Lead Market Makers and Market Makers.
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\23\ See Options 3, Section 8 and Options 2, Section 5.
\24\ Id.
\25\ See Options 2, Section 5(a)(1) and (3).
\26\ A ``Streaming Quote Trader'' or ``SQT'' means a Market
Maker who has received permission from the Exchange to generate and
submit option quotations electronically in options to which such SQT
is assigned. An SQT may only submit such quotations while such SQT
is physically present on the trading floor of the Exchange. An SQT
may only submit quotes in classes of options in which the SQT is
assigned. See Options 1, Section 1(b)(54).
\27\ See Options 7, Section 8, B.
\28\ A ``Remote Streaming Quote Trader'' or ``RSQT'' means a
Market Maker that is a member affiliated with a Remote Streaming
Quote Trader Organization with no physical trading floor presence
who has received permission from the Exchange to generate and submit
option quotations electronically in options to which such RSQT has
been assigned. A qualified RSQT may function as a Remote Lead Market
Maker upon Exchange approval. An RSQT is also known as a Remote
Market Maker (``RMM'') pursuant to Options 2, Section 11. A Remote
Streaming Quote Organization (``RSQTO'') or Remote Market Maker
Organization (``RMO'') are Exchange member organizations that have
qualified pursuant to Options 2, Section 1. See Options 1, Section
1(b)(49).
\29\ See Options 7, Section 8, C and D.
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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.\30\
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\30\ 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#d9abacb5bcf4bab6b4b4bcb7adaa99aabcbaf7beb6af"><span class="__cf_email__" data-cfemail="5725223b327a34383a3a323923241724323479303821">[email protected]</span></a>. Please include
file number SR-Phlx-2024-25 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-2024-25. 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-2024-25 and should be
submitted on or before July 19, 2024.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\31\
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\31\ 17 CFR 200.30-3(a)(12).
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Vanessa A. Countryman,
Secretary.
[FR Doc. 2024-14208 Filed 6-27-24; 8:45 am]
BILLING CODE 8011-01-P
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