Notice2024-22269
Self-Regulatory Organizations; MIAX Sapphire, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange Rule 404, Series of Option Contracts Open for Trading, To Amend the Short Term Options Program
Primary source
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Published
September 30, 2024
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 89 Issue 189 (Monday, September 30, 2024)</title>
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[Federal Register Volume 89, Number 189 (Monday, September 30, 2024)]
[Notices]
[Pages 79674-79678]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-22269]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-101156; File No. SR-SAPPHIRE-2024-29]
Self-Regulatory Organizations; MIAX Sapphire, LLC; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
Exchange Rule 404, Series of Option Contracts Open for Trading, To
Amend the Short Term Options Program
September 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 September 16, 2024, MIAX Sapphire, LLC (``Exchange'') filed with the
Securities and Exchange Commission (``Commission'') a proposed rule
change as described in Items I and II below, which Items have been
prepared by the Exchange. The Commission is publishing this notice to
solicit comments on the proposed rule change from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend the Short Term Option Series Program
in Interpretations and Policies .02 of Exchange Rule 404, Series of
Option Contracts Open for Trading.
The text of the proposed rule change is available on the Exchange's
website at <a href="https://www.miaxglobal.com/markets/us-options/miax-sapphire/rule-filings">https://www.miaxglobal.com/markets/us-options/miax-sapphire/rule-filings</a>, at the Exchange's principal office, and at the
Commission's Public Reference Room.
[[Page 79675]]
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend the Short Term Option Series Program
in Interpretations and Policies .02 of Exchange Rule 404, Series of
Option Contracts Open for Trading.\3\ Specifically, the Exchange
proposes to expand the Short Term Option Series Program to permit the
listing of two Monday expirations for options on SPDR Gold Shares
(``GLD''), iShares Silver Trust (``SLV''), and iShares 20+ Year
Treasury Bond ETF (``TLT'') (collectively ``Exchange Traded Products''
or ``ETPs'').\4\ This is a competitive filing based on a similar
proposal submitted by Nasdaq ISE, LLC (``ISE'') and approved by the
Securities and Exchange Commission (``Commission'').\5\
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\3\ The Exchange notes that its affiliate exchanges, MIAX
Options and MIAX Pearl, submitted substantively identical proposals.
\4\ Today, the Exchange permits the listing of two Wednesday
expirations for options on GLD, SLV, and TLT. See Interpretations
and Policies .02 of Exchange Rule 404.
\5\ See Securities Exchange Act Release No. 100837 (August 27,
2024), 89 FR 71770 (September 3, 2024) (SR-ISE-2024-21) (Notice of
Filing of Amendment No. 1 and Order Granting Accelerated Approval of
a Proposed Rule Change, as Modified by Amendment No. 1, To Adopt
Rules To Permit the Listing of Two Monday Expirations for Options on
SPDR Gold Shares, iShares Silver Trust, and iShares 20+ Year
Treasury Bond ETF).
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Currently, as set forth in Interpretations and Policies .02 of
Exchange Rule 404, after an option class has been approved for listing
and trading on the Exchange as a Short Term Option Series,\6\ the
Exchange may open for trading on any Thursday or Friday that is a
business day (``Short Term Option Opening Date'') series of options on
that class that expire at the close of business on each of the next
five Fridays that are business days and are not Fridays in which
standard expiration options series, Monthly Options Series, or
Quarterly Options Series expire (``Friday Short Term Option Expiration
Dates''). The Exchange may have no more than a total of five Short Term
Option Friday Expiration Dates (``Short Term Option Weekly
Expirations''). Further, if the Exchange is not open for business on
the respective Thursday or Friday, the Short Term Option Opening Date
for Short Term Option Weekly Expirations will be the first business day
immediately prior to that respective Thursday or Friday. Similarly, if
the Exchange is not open for business on a Friday, the Short Term
Option Expiration Date for Short Term Option Weekly Expirations will be
the first business day immediately prior to that Friday.
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\6\ The term ``Short Term Option Series'' is a series in an
option class that is approved for listing and trading on the
Exchange in which the series is opened for trading on any Monday,
Tuesday, Wednesday, Thursday or Friday that is a business day and
that expires on the Monday, Tuesday, Wednesday, Thursday, or Friday
of the next business week, or, in the case of a series that is
listed on a Friday and expires on a Monday, is listed one business
week and one business day prior to that expiration. If a Tuesday,
Wednesday, Thursday or Friday is not a business day, the series may
be opened (or shall expire) on the first business day immediately
prior to that Tuesday, Wednesday, Thursday or Friday, respectively.
For a series listed pursuant to this section for Monday expiration,
if a Monday is not a business day, the series shall expire on the
first business day immediately following that Monday. See Exchange
Rule 100.
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Additionally, the Exchange may open for trading series of options
on the symbols provided in Table 1 of Interpretations and Policies .02
of Exchange Rule 404 that expire at the close of business on each of
the next two Mondays, Tuesdays, Wednesdays, and Thursdays,
respectively, that are business days beyond the current week and are
not business days in which standard expiration options series, Monthly
Options Series, or Quarterly Options Series expire (``Short Term Option
Daily Expirations'').\7\ For those symbols listed in Table 1, the
Exchange may have no more than a total of two Short Term Option Daily
Expirations beyond the current week for each of Monday, Tuesday,
Wednesday, and Thursday expirations, as applicable, at one time.
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\7\ As set forth in Table 1 in Interpretations and Policies .02
of Exchange Rule 404, the Exchange currently only permits Wednesday
expirations for USO, UNG, GLD, SLV, and TLT.
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Proposal
At this time, the Exchange proposes to expand the Short Term Option
Daily Expirations to permit the listing and trading of options on GLD,
SLV, and TLT expiring on Mondays. The Exchange proposes to permit two
Short Term Option Expiration Dates beyond the current week for each
Monday expiration at one time, and would update Table 1 in
Interpretations and Policies .02 of Exchange Rule 404 for each of those
symbols accordingly.
The proposed Monday GLD, SLV, and TLT expirations will be similar
to the current Monday SPY, QQQ, and IWM Short Term Option Daily
Expirations set forth in Interpretations and Policies .02 of Exchange
Rule 404, such that the Exchange may open for trading on any Friday or
Monday that is a business day (beyond the current week) series of
options on GLD, SLV, and TLT to expire on any Monday of the month that
is a business day and is not a Monday in which standard expiration
options series, Monthly Options Series, or Quarterly Options Series
expire, provided that Monday expirations that are listed on a Friday
must be listed at least one business week and one business day prior to
the expiration (``Monday GLD Expirations,'' ``Monday SLV Expirations,''
and ``Monday TLT Expirations'') (collectively, ``Monday ETP
Expirations'').\8\ In the event Short Term Option Daily Expirations
expire on a Monday and that Monday is the same day that a standard
expiration options series, Monthly Options Series, or Quarterly Options
Series expires, the Exchange would skip that week's listing and instead
list the following week; the two weeks would therefore not be
consecutive. Today, Monday expirations in SPY, QQQ, and IWM similarly
skip the weekly listing in the event the weekly listing expires on the
same day in the same class as a standard expiration options series,
Monthly Options Series, or Quarterly Options Series.
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\8\ Today, GLD, SLV, and TLT may trade on Wednesdays. See supra
note 4. They may also trade on Fridays, as is the case for all
options series in the Short Term Option Series Program.
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The interval between strike prices for the proposed Monday ETP
Expirations will be the same as those currently applicable to the Short
Term Option Series Program.\9\ Specifically, the Monday ETP Expirations
will have a strike interval of (i) $0.50 or greater for strike prices
below $100, and $1 or greater for strike prices between $100 and $150
for all option classes that participate in the Short Term Option Series
Program, (ii) $0.50 for option classes that trade in one dollar
increments and are in the Short Term Option Series Program, or (iii)
$2.50 or greater for strike prices above $150.\10\ As
[[Page 79676]]
is the case with other equity options series listed pursuant to the
Short Term Option Series Program, the Monday ETP Expirations series
will be P.M.-settled.
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\9\ See Interpretations and Policies .02(e) of Exchange Rule
404.
\10\ Id.
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Pursuant to the Exchange's definition of the Short Term Option
Series Program, if a Monday is not a business day, the series shall
expire on the first business day immediately following that Monday.\11\
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\11\ See supra note 6.
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Currently, for each option class eligible for participation in the
Short Term Option Series Program, the Exchange is limited to opening
thirty (30) series for each expiration date for the specific class.\12\
The thirty (30) series restriction does not include series that are
open by other securities exchanges under their respective weekly rules;
the Exchange may list these additional series that are listed by other
options exchanges.\13\ With the proposed changes, this thirty (30)
series restriction would apply to Monday GLD, SLV, and TLT Short Term
Option Daily Expirations as well. In addition, the Exchange will be
able to list series that are listed by other exchanges, assuming they
file similar rules with the Commission to list Monday ETP Expirations.
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\12\ See Interpretations and Policies .02(a) of Exchange Rule
404.
\13\ Id.
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With this proposal, Monday ETP Expirations would be treated
similarly to existing Monday SPY, QQQ, and IWM Expirations. With
respect to standard expiration option series, Short Term Option Daily
Expirations will be permitted to expire in the same week in which
standard expiration option series on the same class expire.\14\ Not
listing Short Term Option Daily Expirations for one week every month
because there was a standard options series on that same class on the
Friday of that week would create investor confusion.
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\14\ See Interpretations and Policies .02(b) of Exchange Rule
404.
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Further, as with Monday SPY, QQQ, and IWM Expirations, the Exchange
would not permit Monday ETP Expirations to expire on a business day in
which standard expiration option series, Monthly Options Series, or
Quarterly Options Series expire.\15\ Therefore, all Short Term Option
Daily Expirations would expire at the close of business on each of the
next two Mondays, Tuesdays, Wednesdays, and Thursdays, respectively,
that are business days and are not business days in which standard
expiration option series, Monthly Options Series, or Quarterly Options
Series expire. The Exchange believes that it is reasonable to not
permit two expirations on the same day in which a standard expiration
option series, Monthly Options Series, a Quarterly Options Series would
expire because those options would be duplicative of each other.
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\15\ See Interpretations and Policies .02 of Exchange Rule 404.
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The Exchange does not believe that any market disruptions will be
encountered with the introduction of Monday ETP Expirations. The
Exchange currently trades P.M.-settled Short Term Option Series that
expire Monday for SPY, QQQ and IWM and has not experienced any market
disruptions nor issues with capacity. In addition, the Exchange has not
experienced any market disruptions or issues with capacity in expanding
the three ETPs to the Wednesday expirations.\16\ Today, the Exchange
has surveillance programs in place to support and properly monitor
trading in Short Term Option Series that expire Monday for SPY, QQQ and
IWM. Further, the Exchange has the necessary capacity and surveillance
programs in place to support and properly monitor trading in the
proposed Monday ETP Expirations.
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\16\ See supra note 4.
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2. Statutory Basis
The Exchange believes that its proposed rule change is consistent
with the Act and the rules and regulations thereunder applicable to the
Exchange and, in particular, the requirements of Section 6(b) of the
Act.\17\ Specifically, the Exchange believes that its proposed rule
change is consistent with Section 6(b)(5) \18\ requirements in that it
is designed to prevent fraudulent and manipulative acts and practices,
to promote just and equitable principles of trade, to foster
cooperation and coordination with persons engaged in regulating,
clearing, settling, processing information with respect to, and
facilitating transactions in, securities, to remove impediments to and
perfect the mechanism of a free and open market and a national market
system and, in general, to protect investors and the public interest.
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\17\ 15 U.S.C. 78f(b).
\18\ 15 U.S.C. 78f(b)(5).
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Similar to Monday expirations in SPY, QQQ, and IWM, the proposal to
permit Monday ETP Expirations, subject to the proposed limitation of
two expirations beyond the current week, would protect investors and
the public interest by providing the investing public and other market
participants more choice and flexibility to closely tailor their
investment and hedging decisions in these options and allow for a
reduced premium cost of buying portfolio protection, thus allowing them
to better manage their risk exposure.
The Exchange represents that it has an adequate surveillance
program in place to detect manipulative trading in the proposed option
expirations, in the same way that it monitors trading in the current
Short Term Option Series for Monday SPY, QQQ and IWM expirations. The
Exchange also represents that it has the necessary system capacity to
support the new expirations. Finally, the Exchange does not believe
that any market disruptions will be encountered with the introduction
of these option expirations. As discussed above, the Exchange believes
that its proposal is a modest expansion of weekly expiration dates for
GLD, SLV, and TLT given that it will be limited to two Monday
expirations beyond the current week. Lastly, the Exchange believes that
its proposal will not be a strain on liquidity providers because of the
multi-class nature of GLD, SLV, and TLT and the available hedges in
highly correlated instruments.
The Exchange believes that the proposal is consistent with the Act
as the proposal would overall add a small number of Monday ETP
Expirations by limiting the addition of two Monday expirations beyond
the current week. The addition of Monday ETP Expirations would remove
impediments to and perfect the mechanism of a free and open market by
encouraging Market Makers \19\ to continue to deploy capital more
efficiently and improve market quality. The Exchange believes that the
proposal will allow market participants to expand hedging tools and
tailor their investment and hedging needs more effectively in GLD, SLV,
and TLT as these funds are most likely to be utilized by market
participants to hedge the underlying asset classes.
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\19\ The term ``Market Maker'' or ``MM'' means a Member
registered with the Exchange for the purpose of making markets in
options contracts traded on the Exchange and that is vested with the
rights and responsibilities specified in Chapter VI of the Exchange
Rules. See Exchange Rule 100. The term ``Member'' means an
individual or organization that is registered with the Exchange
pursuant to Chapter II of these Rules for purposes of trading on the
Exchange as an ``Electronic Exchange Member'' or ``Market Maker.''
Members are deemed ``members'' under the Act. See Exchange Rule 100.
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Similar to Monday SPY, QQQ, and IWM expirations, the introduction
of Monday ETP Expirations is consistent with the Act as it will, among
other things, expand hedging tools available to market participants and
allow for a reduced premium cost of buying portfolio protection. The
Exchange believes that Monday ETP Expirations
[[Page 79677]]
will allow market participants to purchase options on GLD, SLV, and TLT
based on their timing as needed and allow them to tailor their
investment and hedging needs more effectively, thus allowing them to
better manage their risk exposure. Today, the Exchange lists Monday
SPY, QQQ, and IWM Expirations.\20\
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\20\ See Interpretations and Policies .02 of Exchange Rule 404.
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The Exchange believes the Short Term Option Series Program has been
successful to date and that Monday ETP Expirations should simply expand
the ability of investors to hedge risk against market movements
stemming from economic releases or market events that occur throughout
the month in the same way that the Short Term Option Series Program has
expanded the landscape of hedging.
There are no material differences in the treatment of Monday SPY,
QQQ and IWM expirations compared to the proposed Monday ETP
Expirations. Given the similarities between Monday SPY, QQQ and IWM
expirations and the proposed Monday ETP Expirations, the Exchange
believes that applying the provisions in Interpretations and Policies
.02 of Exchange Rule 404 that currently apply to Monday SPY, QQQ and
IWM expirations is justified. For example, the Exchange believes that
allowing Monday ETP Expirations and monthly Exchange Traded Product
expirations in the same week will benefit investors and minimize
investor confusion by providing Monday ETP Expirations in a continuous
and uniform manner.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. In this regard and as
indicated above, the Exchange notes that the rule change is being
proposed as a competitive response to filings submitted by ISE.\21\
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\21\ See supra note 5.
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While the proposal will expand the Short Term Options Expirations
to allow Monday ETP Expirations to be listed on the Exchange, the
Exchange believes that this limited expansion for Monday expirations
for options on GLD, SLV, and TLT will not impose an undue burden on
competition; rather, it will meet customer demand. The Exchange
believes that market participants will continue to be able to expand
hedging tools and tailor their investment and hedging needs more
effectively in GLD, SLV, and TLT.
Similar to Monday SPY, QQQ and IWM expirations, the introduction of
Monday ETP Expirations does not impose an undue burden on competition.
The Exchange believes that it will, among other things, expand hedging
tools available to market participants and allow for a reduced premium
cost of buying portfolio protection. The Exchange believes that Monday
ETP Expirations will allow market participants to purchase options on
GLD, SLV, and TLT based on their timing as needed and allow them to
tailor their investment and hedging needs more effectively.
The Exchange does not believe that the proposal will impose any
burden on intermarket competition, as nothing prevents the other
options exchanges from proposing similar rules to list and trade Monday
ETP Expirations. Further, the Exchange does not believe that the
proposal will impose any burden on intra-market competition, as all
market participants will be treated in the same manner under this
proposal.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
Written comments were neither solicited nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule change does not: (i)
significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days from the date on which it was filed, or
such shorter time as the Commission may designate, if consistent with
the protection of investors and the public interest, the proposed rule
change has become effective pursuant to Section 19(b)(3)(A)(iii) of the
Act \22\ and Rule 19b-4(f)(6) thereunder.\23\
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\22\ 15 U.S.C. 78s(b)(3)(A)(iii).
\23\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change, along
with a brief description and text of the proposed rule change, at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
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A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the
Act \24\ normally does not become operative for 30 days after the date
of its filing. However, Rule 19b-4(f)(6)(iii) \25\ permits the
Commission to designate a shorter time if such action is consistent
with the protection of investors and the public interest. The Exchange
has requested that the Commission waive the 30-day operative delay so
that it may to permit the listing of Monday Short Term Daily
Expirations for options on GLD, SLV, and TLT at the same time as ISE,
whose substantively identical proposal was recently approved by the
Commission.\26\ The Commission believes that the proposed rule change
presents no novel issues and that waiver of the 30-day operative delay
is consistent with the protection of investors and the public interest.
Accordingly, the Commission hereby waives the 30-day operative delay
and designates the proposed rule change operative upon filing.\27\
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\24\ 17 CFR 240.19b-4(f)(6).
\25\ 17 CFR 240.19b-4(f)(6)(iii).
\26\ See supra note 5.
\27\ For purposes only of waiving the 30-day operative delay,
the Commission has also considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings under
Section 19(b)(2)(B) \28\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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\28\ 15 U.S.C. 78s(b)(2)(B).
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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#7604031a135b15191b1b131802053605131558111900"><span class="__cf_email__" data-cfemail="5624233a337b35393b3b333822251625333578313920">[email protected]</span></a>. Please include
file number SR-SAPPHIRE-2024-29 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.
[[Page 79678]]
All submissions should refer to file number SR-SAPPHIRE-2024-29. 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-SAPPHIRE-2024-29 and should
be submitted on or before October 21, 2024.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\29\
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\29\ 17 CFR 200.30-3(a)(12), (59).
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Vanessa A. Countryman,
Secretary.
[FR Doc. 2024-22269 Filed 9-27-24; 8:45 am]
BILLING CODE 8011-01-P
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