Notice2024-29630
MX2 LLC; Notice of Filing of Application, as Amended, for Registration as a National Securities Exchange Under Section 6 of the Securities Exchange Act of 1934
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
December 17, 2024
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 89 Issue 242 (Tuesday, December 17, 2024)</title>
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[Federal Register Volume 89, Number 242 (Tuesday, December 17, 2024)]
[Notices]
[Pages 102214-102215]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-29630]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-101884; File No. 10-247]
MX2 LLC; Notice of Filing of Application, as Amended, for
Registration as a National Securities Exchange Under Section 6 of the
Securities Exchange Act of 1934
December 11, 2024.
On September 19, 2024, MX2 LLC (``MX2'') filed with the Securities
and Exchange Commission (``Commission'') a Form 1 application under the
Securities Exchange Act of 1934 (``Exchange Act''), seeking
registration as a national securities exchange under Section 6 of the
Exchange Act. On November 29, 2024, MX2 submitted Amendment No. 1 to
its Form 1
[[Page 102215]]
application.\1\ MX2's Form 1 application, as amended, provides detailed
information on how it proposes to satisfy the requirements of the
Exchange Act.
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\1\ In Amendment No. 1, MX2 submitted updated portions of its
Form 1 application, including Exhibits C (information regarding
subsidiaries or affiliates), C-2 (Seventh Amended and Restated LLC
Agreement of MEMX Holdings LLC), C-3 (Eighth Amended and Restated
LLC Agreement of MEMX Holdings LLC), C-16 (Second Amended and
Restated LLC Agreement of MEMX LLC), E (description of the proposed
operation of the exchange) and J (list of officers, governors,
members of all standing committees, or persons performing similar
functions).
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The Commission is publishing this notice to solicit comments on
MX2's Form 1 application. The Commission will take any comments it
receives into consideration in making its determination about whether
to grant MX2's request to register as a national securities exchange.
The Commission will grant the registration if it finds that the
requirements of the Exchange Act and the rules and regulations
thereunder with respect to MX2 are satisfied.\2\
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\2\ 15 U.S.C. 78s(a).
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With respect to governance, MX2 would be a subsidiary of its parent
company, MEMX Holdings, LLC (``MEMX Holdings''), which would directly
hold 100% of the equity of MX2. MEMX Holdings is the parent company of
MX2's affiliate, MEMX LLC, which operates a registered national
securities exchange. The governing documents for MX2 can be found in
Exhibit A to MX2's Form 1 application, and a listing of the officers
and directors of MX2 can be found in Exhibit J. The governing documents
for MEMX Holdings can be found in Exhibit C to MX2's Form 1
application.
With respect to its trading system, the Form 1 application provides
that MX2 would operate a fully automated electronic trading platform
for the trading of NMS stocks with a continuous automated matching
function. MX2 would not maintain a physical trading floor. Liquidity
would be derived from orders to buy and orders to sell submitted to MX2
electronically by its registered broker-dealer members from remote
locations. MX2 would have one class of membership open to registered
broker-dealers, and also would allow members to register under MX2
rules as market makers on MX2 and be subject to certain specified
requirements and obligations set forth in MX2's proposed rules.
According to MX2, it ``intends for its System to be relatively simple,
without many of the complex order types or instructions available on
other national securities exchanges.'' \3\
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\3\ Form 1, Exhibit E at 6.
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A more detailed description of the manner of operation of MX2's
proposed system can be found in Exhibit E to MX2's Form 1 application.
The proposed rulebook for the proposed exchange can be found in Exhibit
B to MX2's Form 1 application. A complete set of forms concerning
membership and access can be found in Exhibit F to MX2's Form 1
application.
MX2's Form 1 application, including all of the Exhibits referenced
above, is available online at <a href="http://www.sec.gov/rules/other.shtml">www.sec.gov/rules/other.shtml</a> as well as
in the Commission's Public Reference Room. Interested persons are
invited to submit written data, views, and arguments concerning MX2's
Form 1, including whether the application is consistent with the
Exchange 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#cebcbba2abe3ada1a3a3aba0babd8ebdabade0a9a1b8"><span class="__cf_email__" data-cfemail="1a686f767f37797577777f746e695a697f79347d756c">[email protected]</span></a>. Please include
file number 10-247 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 10-247. 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/other.shtml">https://www.sec.gov/rules/other.shtml</a>).
Copies of the submission, all subsequent amendments, all written
statements with respect to MX2's Form 1 filed with the Commission, and
all written communications relating to the application 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
10-247 and should be submitted on or before January 31, 2025.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\4\
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\4\ 17 CFR 200.30-3(a)(71)(i).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-29630 Filed 12-16-24; 8:45 am]
BILLING CODE 8011-01-P
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