Notice2024-15506
Self-Regulatory Organizations; Nasdaq MRX, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Options 7, Section 6
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Published
July 16, 2024
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 89 Issue 136 (Tuesday, July 16, 2024)</title>
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[Federal Register Volume 89, Number 136 (Tuesday, July 16, 2024)]
[Notices]
[Pages 57961-57964]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-15506]
[[Page 57961]]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-100492; File No. SR-MRX-2024-21]
Self-Regulatory Organizations; Nasdaq MRX, LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Amend Options 7,
Section 6
July 10, 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 July 1, 2024, Nasdaq MRX, LLC (``MRX'' 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 6,
Ports and Other Services.
The text of the proposed rule change is available on the Exchange's
website at <a href="https://listingcenter.nasdaq.com/rulebook/mrx/rules">https://listingcenter.nasdaq.com/rulebook/mrx/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 6, Ports and
Other Services. Specifically, the Exchange proposes to amend the
monthly caps for SQF Ports \3\ and SQF Purge Ports.\4\
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\3\ ``Specialized Quote Feed'' or ``SQF'' is an interface that
allows Market Makers to connect, send, and receive messages related
to quotes, Immediate-or-Cancel Orders, and auction responses to the
Exchange. Features include the following: (1) options symbol
directory messages (e.g., underlying 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 Market Maker.
Market Makers 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, Market Order Spread
Protection, and Size Limitation Protection in Options 3, Section
15(a)(1)(A), (1)(B), and (2)(B) respectively. See Supplementary
Material .03(c) to Options 3, Section 7.
\4\ SQF Purge is a specific port for the SQF interface that only
receives and notifies of purge requests from the Market Maker.
Dedicated SQF Purge Ports enable Market Makers to seamlessly manage
their ability to remove their quotes in a swift manner. The SQF
Purge Port is designed to assist Market Makers in the management of,
and risk control over, their quotes. Market Makers may utilize a
purge port to reduce uncertainty and to manage risk by purging all
quotes in their assigned options series. Of note, Market Makers may
only enter interest into SQF in their assigned options series.
Additionally, the SQF Purge Port may be utilized by a Market Maker
in the event that the Member has a system issue and determines to
purge its quotes from the order book.
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Today, MRX assesses $1,250 per port, per month for an SQF Port as
well as an SQF Purge Port. Also, today, SQF Ports and SQF Purge Ports
are subject to a monthly cap of $17,500, which cap is applicable to
Market Makers.
At this time, the Exchange proposes to increase the monthly maximum
SQF Port and SQF Purge Port Fee Cap of $17,500 for Market Makers based
on the size of the Market Maker on MRX. The Exchange is determining the
size of the Market Maker based on the amount of transactional volume
executed on MRX in a given month. The Exchange proposes to take each
Market's Maker's electronic monthly add liquidity transactional volume
on MRX and dividing that number by the sum of all Market Maker
electronic monthly add liquidity volume on MRX (``Transactional
Volume''). Each Market Maker would then be classified on MRX, for the
purpose of the SQF Port Fee and SQF Purge Port Fee Cap, as a ``small,''
``medium,'' or ``large'' Market Maker based on their Transactional
Volume on MRX to determine the applicable cap in a given month. Market
Makers that qualify as ``small'' would be subject to an increased SQF
Port and SQF Purge Port monthly cap of $22,500. Market Makers that
qualify as ``medium'' would be subject to an increased monthly cap of
$25,000 for SQF Port and SQF Purge Port Fees. Finally, Market Makers
that qualify as ``large'' would be subject to an increased monthly cap
of $27,500 for SQF Port and SQF Purge Port Fees.
As is the case today, the Exchange would not assess a Market Maker
an SQF Port and SQF Purge Port Fee beyond the monthly cap once the
Market Maker has exceeded the monthly cap for the respective month.
Despite increasing the maximum SQF Port and SQF Purge Port Fee Cap for
Market Makers that qualify as ``small,'' ``medium'' and ``large,'' the
Exchange will continue to offer all Market Makers the opportunity to
cap their SQF Port and SQF Purge Port Fees to limit their costs as they
would not be assessed an SQF Port or SQF Purge Port Fee beyond the
applicable cap each month.
A MRX Market Maker requires only one SQF Port to submit quotes in
its assigned options series into MRX. An SQF Purge is a specific port
for the SQF interface that only receives and notifies of purge requests
from the Market Maker. A MRX Market Maker may submit all quotes through
one SQF Port and utilize one SQF Purge Port to view its purge requests.
While a Market Maker may elect to obtain multiple SQF Ports and SQF
Purge Ports to organize its business,\5\ only one SQF Port and SQF
Purge Port is necessary for a Market Maker to fulfill its regulatory
quoting obligations.\6\
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\5\ For example, a 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.
\6\ MRX Market Makers have various regulatory requirements as
provided for in Options 2, Section 4. Additionally, MRX 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 MRX and only Market
Makers may utilize SQF Ports. The same is true for SQF Purge Ports.
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2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\7\ in general, and furthers the objectives of Sections
6(b)(4) and 6(b)(5) of the Act,\8\ 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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\7\ 15 U.S.C. 78f(b).
\8\ 15 U.S.C. 78f(b)(4) and (5).
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The proposed pricing change to increase the SQF Port Fee and SQF
[[Page 57962]]
Purge Port Fee Cap for Market Makers that qualify as ``small,'' from
$17,500 to $22,500, to increase the SQF Port Fee and SQF Purge Port Fee
Cap for Market Makers that qualify as ``medium'' from $27,500 to
$25,000 per month, and to increase the SQF Port Fee and SQF Purge Port
Fee Cap for Market Makers that qualify as ``large'' from $42,000 to
$50,000 per month, is reasonable because despite the increase in the
maximum SQF Port Fee and SQF Purge Port Fee Cap, the Exchange will
continue to offer all Market Makers the opportunity to cap their SQF
Port Fees each month to limit their cost as they would not be assessed
an SQF Port or SQF Purge Port Fee Cap Fees beyond the cap.
A MRX Market Maker requires only one SQF Port to submit quotes in
its assigned options series into MRX. A MRX Market Maker may submit all
quotes through one SQF Port and utilize one SQF Purge Port to view its
purge requests. While a Market Maker may elect to obtain multiple SQF
Ports and SQF Purge Ports to organize its business,\9\ only one SQF
Port and SQF Purge Port is necessary for a Market Maker to fulfill its
regulatory quoting obligations.\10\ Members may choose a greater number
of SQF Ports or SQF Purge Ports, beyond one port, depending on that
Member's particular business model. Additionally, the Exchange believes
that the caps are reasonable for two reasons.
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\9\ For example, a Market Maker or 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.
\10\ MRX Market Makers have various regulatory requirements as
provided for in Options 2, Section 4. Additionally, MRX 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 MRX 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. MRX must manage the
security and message traffic, among other things, for each port.
Utilizing the various caps based on the ``size'' of the Market Maker as
determined by Transactional Volume, provides every Market Maker the
ability to manage cost. Additionally, the Exchange would have the
ability to manage the quantity of SQF Ports and SQF Purge Ports issued
by the Exchange. The various SQF Port and SQF Purge Port Fee Caps were
determined based on the level of Transactional Volume on MRX in 2024
for Market Makers. The Exchange assessed each level of Market Maker an
increased fee based on size, as reflected by Transactional Volume, to
reflect the various sizes of Market Makers present on the Exchange at
this time. By capping the SQF Ports and SQF Purge Ports at different
levels based on ``size,'' the Exchange is considering the message
traffic and message rates generated by the various ``sizes'' of Market
Makers and the Exchange's ability to process messages from all SQF
Ports and SQF Purge Ports. The SQF Port and SQF Purge Port Fee Cap
would allow 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.\11\
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\11\ 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
SQF Ports and SQF Purge Ports, the Exchange is offering to cap their
total port cost. MRX believes the existence of a cap based on the
``size'' of the Market Maker will level the playing field. The Exchange
believes that this approach enables various types of Market Makers to
effectively limit costs based on their executed Transactional Volume on
the Exchange. Further, the existence of an SQF Port and SQF Purge Port
Fee 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 various types of Market Makers that want to obtain a larger
number of ports to do so with the certainty of a fee cap. Without the
SQF Port and SQF Purge Port Fee Cap, Market Makers may pay more to
obtain multiple SQF Port and SQF Purge Ports on the Exchange. Other
markets tier port fees. 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.\12\ 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.\13\
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\12\ See BOX's Fee Schedule.
\13\ 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 proposed pricing change to increase the SQF Port Fee and SQF
Purge Port Fee Cap for Market Makers that qualify as ``small,'' from
$17,500 to $22,500, to increase the SQF Port Fee and SQF Purge Port Fee
Cap for Market Makers that qualify as ``medium'' from $27,500 to
$25,000 per month, and to increase the SQF Port Fee and SQF Purge Port
Fee Cap for Market Makers that qualify as ``large'' from $42,000 to
$50,000 per month, is equitable and not unfairly discriminatory because
the Exchange is offering different sizes of Market Makers, based on
Transactional Volume executed on the Exchange, the ability to cap their
costs at different levels and potentially obtain some SQF Ports and SQF
Purge Ports at no cost. The proposal recognizes that some Market Makers
may be deemed ``small'' and may not be able to achieve the same cap as
other Market Makers. To this end, the Exchange proposes to increase SQF
Port and SQF Purge Port Fee Cap from $17,500 to $22,500 per month for
Market Makers that qualify as ``small.'' To the extent that a Market
Maker qualifies in a given month as a ``medium'' Market Maker the
Exchange proposes to increase the cap from $17,500 to $25,000 per
month. This fee presumes to place a Market Maker that qualifies as
``medium'' on equal footing with a Market Maker that qualifies as a
``small'' Market Maker in terms of the cap, by setting different fee
caps for each group. The proposal presumes, that based on Transactional
Volume, these Market Makers that qualify as ``medium'' have a greater
ability to obtain a greater amount of SQF Ports and SQF Purge Ports as
compared to Market Makers that qualify as ``small.'' Finally, to the
extent that a Market Maker qualifies in a given month as a ``large''
Market Maker the Exchange proposes to increase the cap from $17,500 to
$27,500 per month. This fee presumes to place a Market Maker that
qualifies as ``large'' on equal footing with a Market Maker that
qualifies as a ``small'' Market Maker and a Market Maker that qualifies
as ``medium'' in terms of the cap by setting different fee caps for
each group. The proposal presumes that based that based on
[[Page 57963]]
Transactional Volume these Market Makers that qualify as ``large'' have
the ability to obtain the largest amount of SQF Ports and SQF Purge
Ports. The Exchange would uniformly apply the appropriate Market Maker
cap to each Market Maker group based on the same volume calculation.
Also, Market Makers who exceed their applicable cap would uniformly not
be assessed any fee for SQF Ports and SQF Purge Ports beyond the
applicable maximum amount.
Market Makers are the only market participants that are assessed
SQF Port and SQF Purge Port fees because they are the only market
participants that are permitted to quote on the Exchange. SQF Ports and
SQF Purge Ports are only utilized in the Market Maker's assigned
options series. Unlike other market participants, Market Makers are
subject to market making and quoting obligations.\14\ These liquidity
providers are critical market participants in that they are the only
market participants that provide liquidity to MRX 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.\15\ Market Makers are subject to a number of fees, unlike other
market participants. Market Makers pay separate Membership Fees,\16\
and CMM Trading Right Fees,\17\ in addition to other fees paid by other
market participants. Providing Market Makers a means to cap their cost
related to quoting at a rate that reflects their ``size'' and enabling
all Market Makers to acquire SQF Ports and SQF Purge Ports at no cost
beyond the applicable cap enables these market participants to provide
the necessary liquidity to MRX 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 and SQF
Purge Fee cap is designed to continue to incent Market Makers to quote
on MRX, thereby promoting liquidity, quote competition, and trading
opportunities.
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\14\ See Options 2, Sections 4 and 5.
\15\ See Options 3, Section 8.
\16\ See Options 7, Section 5, E.
\17\ See Options 7, Section 5, F.
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In 2022, NYSE Arca, Inc. (``NYSE Arca'') proposed to restructure
fees relating to OTPs for Market Makers.\18\ In that rule change,\19\
NYSE Arca argued that,
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\18\ 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.
\19\ 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,\20\
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\20\ 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 Port and
SQF Purge Port fees is constrained by competitive forces and that its
proposed modifications to the SQF Port and SQF Purge 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, based on their transactional
volume and presumed ``size.'' At the same time, the Exchange believes
the proposed fees will 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 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. 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 Port Fee and SQF
Purge Port Fee Cap for Market Makers that qualify as ``small,'' from
$17,500 to $22,500, to increase the SQF Port Fee and SQF Purge Port Fee
Cap for Market Makers that qualify as ``medium'' from $27,500 to
$25,000 per month and to increase the SQF Port Fee and SQF Purge Port
Fee Cap for Market Makers that qualify as ``large'' from $42,000 to
$50,000 per month does not impose an undue burden on competition
because the Exchange is offering different sizes of Market Makers,
based on Transactional Volume executed on the Exchange, the ability to
cap their costs at different levels and potentially obtain some SQF
Ports and SQF Purge Ports at no cost. The proposal recognizes that some
Market Makers may be deemed ``small'' and may not be able to achieve
the same cap as other Market Makers. To this end, the Exchange proposes
to increase SQF Port and SQF Purge Port Fee Cap from $17,500 to $22,500
per month for Market Makers that qualify as ``small.'' To the extent
that a Market Maker qualifies in a given month as a ``medium'' Market
Maker the Exchange proposes to increase the cap from
[[Page 57964]]
$17,500 to $25,000 per month. This fee presumes to place a Market Maker
that qualifies as ``medium'' on equal footing with a Market Maker that
qualifies as a ``small'' Market Maker in terms of the cap, by setting
different fee caps for each group. The proposal presumes, that based on
Transactional Volume, these Market Makers that qualify as ``medium''
have a greater ability to obtain a greater amount of SQF Ports and SQF
Purge Ports as compared to Market Makers that qualify as ``small.''
Finally, to the extent that a Market Maker qualifies in a given month
as a ``large'' Market Maker the Exchange proposes to increase the cap
from $17,500 to $27,500 per month. This fee presumes to place a Market
Maker that qualifies as ``large'' on equal footing with a Market Maker
that qualifies as a ``small'' Market Maker and a Market Maker that
qualifies as ``medium'' in terms of the cap by setting different fee
caps for each group. The proposal presumes that based that based on
Transactional Volume these Market Makers that qualify as ``large'' have
the ability to obtain the largest amount of SQF Ports and SQF Purge
Ports. The Exchange would uniformly apply the appropriate Market Maker
cap to each Market Maker group based on the same volume calculation.
Also, Market Makers who exceed their applicable cap would uniformly not
be assessed any fee for SQF Ports and SQF Purge Ports beyond the
applicable maximum amount.
Market Makers are the only market participants that are assessed
SQF Port and SQF Purge Port fees because they are the only market
participants that are permitted to quote on the Exchange. SQF Ports and
SQF Purge Ports are only utilized in the Market Maker's assigned
options series. Unlike other market participants, Market Makers are
subject to market making and quoting obligations.\21\ These liquidity
providers are critical market participants in that they are the only
market participants that provide liquidity to MRX 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.\22\ Market Makers are subject to a number of fees, unlike other
market participants. Market Makers pay separate Membership Fees,\23\
and CMM Trading Right Fees,\24\ in addition to other fees paid by other
market participants. Providing Market Makers a means to cap their cost
related to quoting at a rate that reflects their ``size'' and enabling
all Market Makers to acquire SQF Ports and SQF Purge Ports at no cost
beyond the applicable cap enables these market participants to provide
the necessary liquidity to MRX 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 and SQF
Purge Fee cap is designed to continue to incent Market Makers to quote
on MRX, thereby promoting liquidity, quote competition, and trading
opportunities.
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\21\ See Options 2, Sections 4 and 5.
\22\ See Options 3, Section 8.
\23\ See Options 7, Section 5, E.
\24\ See Options 7, Section 5, F.
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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.\25\ 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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\25\ 15 U.S.C. 78s(b)(3)(A)(ii).
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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#93e1e6fff6bef0fcfefef6fde7e0d3e0f6f0bdf4fce5"><span class="__cf_email__" data-cfemail="5022253c357d333f3d3d353e2423102335337e373f26">[email protected]</span></a>. Please include
file number SR-MRX-2024-21 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-MRX-2024-21. 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-MRX-2024-21 and should be
submitted on or before August 6, 2024.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\26\
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\26\ 17 CFR 200.30-3(a)(12).
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Vanessa A. Countryman,
Secretary.
[FR Doc. 2024-15506 Filed 7-15-24; 8:45 am]
BILLING CODE 8011-01-P
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</html>Indexed from Federal Register on July 16, 2024.
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