Notice2024-30526
Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Options 7, Section 9
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Published
December 23, 2024
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 89 Issue 246 (Monday, December 23, 2024)</title>
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[Federal Register Volume 89, Number 246 (Monday, December 23, 2024)]
[Notices]
[Pages 104597-104601]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-30526]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-101941; File No. SR-Phlx-2024-69]
Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Amend Options 7,
Section 9
December 17, 2024.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
[[Page 104598]]
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on December 3, 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 increase the Exchange's port pricing in
Options 7, Section 9 for the Specialized Quote Feed (``SQF'') \3\ Ports
and SQF Purge Ports.
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\3\ ``Specialized Quote Feed'' or ``SQF'' is an interface that
allows Lead Market Makers, Streaming Quote Traders (``SQTs'') and
Remote Streaming Quote Traders (``RSQTs'') to connect, send, and
receive messages related to quotes, Immediate-or-Cancel Orders, and
auction responses into and from the Exchange. Features include the
following: (1) options symbol directory messages (e.g., underlying
and complex instruments); (2) system event messages (e.g., start of
trading hours messages and start of opening); (3) trading action
messages (e.g., halts and resumes); (4) execution messages; (5)
quote messages; (6) Immediate-or-Cancel Order messages; (7) risk
protection triggers and purge notifications; (8) opening imbalance
messages; (9) auction notifications; and (10) auction responses. The
SQF Purge Interface only receives and notifies of purge requests
from the Lead Market Maker, SQT or RSQT. Lead Market Makers, SQTs
and RSQTs may only enter interest into SQF in their assigned options
series. Immediate-or-Cancel Orders entered into SQF are not subject
to the Order Price Protection, the Market Order Spread Protection,
or Size Limitation in Options 3, Section 15(a)(1), (a)(2) and
(b)(2), respectively. See Options 3, Section 7(a)(i)(B).
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While these amendments are effective upon filing, the Exchange has
designated the proposed amendments to be operative on January 1, 2025.
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.\4\
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\4\ The Exchange initially filed this fee proposal as SR7-Phlx-
2024-55 on October 18, 2024. On December 3, 2024, the Exchange
withdrew SR-Phlx-2024-55 and replaced it with this fee change.
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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 purpose of the proposed rule change is to amend Options 7,
Section 9, B to increase the Exchange's SQF Port Fee, SQF Purge Port
Fee and SQF Fee Cap (as defined below) by 10%.
Options 7, Section 9, B includes the Exchange's fees that relate to
the SQF Ports, SQF Purge Ports, and the SQF Fee Cap (as defined below)
that Market Makers \5\ use to connect to the Exchange to send quotes.
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 (``SQF Fee Cap'').\6\ Also, today, Phlx assesses
$500 per port, per month for each of the first 5 SQF Purge Ports and
$100 per port, per month for each port thereafter. With this proposal,
Phlx would assess Market Makers $1,375 per port, per month (a 10%
increase from $1,250) with an SQF Fee Cap of $46,200 per month (a 10%
increase from $42,000). With this proposal, Phlx would assess Market
Makers $550 per port, per month for each of the first 5 SQF Purge Ports
(a 10% increase from $500) and $110 per port, per month for each port
thereafter (a 10% increase from $100).\7\
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\5\ The term ``Market Maker'' is defined in Options 1, Section
1(b)(28) as a member of the Exchange who is registered as an options
Market Maker pursuant to Options 2, Section 12(a). A Market Maker
includes SQTs and RSQTs as well as Floor Market Makers. See Options
7, Section 1(c).
\6\ 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. Today, Market Makers 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.
\7\ Phlx proposes to add commas between per port and per month
on the Pricing Schedule for the SQF Purge Port Fee.
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The proposed SQF Port Fee and SQF Purge Port Fee increases would
enable the Exchange to maintain and improve its market technology and
services to remain competitive with its peers. Over the years, customer
demand for risk protections and capacity has increased. The Exchange
continues to invest in maintaining, improving, and enhancing its port
protocols like SQF Ports and SQF Purge Ports--for the benefit and often
at the behest of its customers. Such enhancements include refreshing
hardware, upgrading risk protections and information security, and
offering customers additional capacity. Nevertheless, the Exchange has
not increased Phlx's SQF Port Fee since 2015,\8\ has not increased its
SQF Purge Port Fee since 2016,\9\ and has not increased its SQF Fee Cap
since 2014,\10\ where inflation has been roughly 12.10%, 10.40% and
12.40%, respectively, as measured using the metric described below. As
such, the Exchange proposes to increase its SQF Port Fee by 10%, with
respect to inflation that has occurred since 2015, its SQF Purge Port
Fee by 10%, with respect to inflation that has occurred since 2016, and
its SQF Fee Cap by 10%, with respect to inflation that has occurred
since 2014, so as to align with the foregoing fee increases.
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\8\ See Securities Exchange Act Release No. 74833 (April 29,
2015), 80 FR 25749 (May 5, 2015) (SR-Phlx-2015-36).
\9\ See Securities Exchange Act Release No. 77613 (April 13,
2016), 81 FR 23023 (April 19, 2016) (SR-Phlx-2016-45).
\10\ See Securities Exchange Act Release No. 73687 (November 25,
2014), 79 FR 71485 (December 2, 2014) (SR-Phlx-2014-73).
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As discussed below, the Exchange proposes to adjust its pricing by
an industry- and product-specific inflationary measure. It is
reasonable and consistent with the Act for the Exchange to recoup its
investments, at least in part, by adjusting its pricing. Continuing to
operate at pricing frozen at 2014, 2015 and 2016 levels, respectively,
impacts the Exchange's ability to enhance its offerings and the
interests of market participants and investors.
The pricing increases the Exchange proposes are based on an
industry-specific Producer Price Index (``PPI''), which is a tailored
measure of inflation.\11\ As a general matter, the Producer Price Index
is a family of indexes that measures the average change over time in
selling prices received by domestic producers of goods and services.
PPI measures price change from the perspective of the seller. This
contrasts with other metrics, such as the Consumer Price Index
(``CPI''), that measure price change from the purchaser's
perspective.\12\ About 10,000 PPIs for individual products and groups
of products are tracked and released each month.\13\ PPIs are available
for the output of nearly all
[[Page 104599]]
industries in the goods-producing sectors of the U.S. economy--mining,
manufacturing, agriculture, fishing, and forestry--as well as natural
gas, electricity, and construction, among others. The PPI program
covers approximately 69 percent of the service sector's output, as
measured by revenue reported in the 2017 Economic Census.
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\11\ See <a href="https://fred.stlouisfed.org/seriesBeta/PCU51825182#0">https://fred.stlouisfed.org/seriesBeta/PCU51825182#0</a>.
\12\ See <a href="https://www.bls.gov/ppi/overview.htm">https://www.bls.gov/ppi/overview.htm</a>.
\13\ See id.
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For purposes of this proposal, the relevant industry-specific PPI
is the Data Processing and Related Services PPI (``Data PPI''), which
is an industry net-output PPI that measures the average change in
selling prices received by companies that provide data processing
services.
The Data PPI industry was introduced in January 2002 by the Bureau
of Labor Statistics (``BLS'') as part of an ongoing effort to expand
Producer Price Index coverage of the services sector of the U.S.
economy and is identified as NAICS--518210 in the North American
Industry Classification System.\14\ According to the BLS ``[t]he
primary output of NAICS 518210 is the provision of electronic data
processing services. In the broadest sense, computer services companies
help their customers efficiently use technology. The processing
services market consists of vendors who use their own computer
systems--often utilizing proprietary software--to process customers'
transactions and data. Companies that offer processing services
collect, organize, and store a customer's transactions and other data
for record-keeping purposes. Price movements for the NAICS 518210 index
are based on changes in the revenue received by companies that provide
data processing services. Each month, companies provide net transaction
prices for a specified service. The transaction is an actual contract
selected by probability, where the price-determining characteristics
are held constant while the service is repriced. The prices used in
index calculation are the actual prices billed for the selected service
contract.'' \15\
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\14\ NAICS appears in table 5 of the PPI Detailed Report and is
available at <a href="https://data.bls.gov/timeseries/PCU518210518210">https://data.bls.gov/timeseries/PCU518210518210</a>.
\15\ See <a href="https://www.bls.gov/ppi/factsheets/producer-price-index-for-the-data-processing-and-related-servicesindustry-naics-518210.htm">https://www.bls.gov/ppi/factsheets/producer-price-index-for-the-data-processing-and-related-servicesindustry-naics-518210.htm</a>.
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The Exchange believes the Data PPI is an appropriate measure to be
considered in the context of the proposed pricing changes because the
Exchange uses its ``own computer systems'' and ``proprietary
software,'' i.e., its own data center and proprietary matching engine
software, respectively, to collect, organize, store and report
customers' transactions in U.S. options securities on the Exchange's
proprietary trading platform. In other words, the Exchange is in the
business of data processing and related services via its data center
and proprietary matching engine software.
For purposes of this proposed rule change, with respect to the SQF
Port Fee, the Exchange examined the Data PPI value for the period from
April 2015 to October 2024 (when the subject pricing was adopted). The
Data PPI had a starting value of 103.800 in April 2015 and an ending
value of 115.902 in October 2024, a 12.10% increase. For purposes of
this proposed rule change, with respect to the SQF Purge Port Fee, the
Exchange examined the Data PPI value for the period from April 2016 to
October 2024(when the subject pricing was adopted). The Data PPI had a
starting value of 105.500 in April 2016 and an ending value of 115.902
in October 2024, a 10.40% increase. For purposes of this proposed rule
change, with respect to the SQF Fee Cap, the Exchange examined the Data
PPI value for the period from November 2014 to October 2024 (when the
subject pricing was adopted). The Data PPI had a starting value of
103.500 in November 2014 and an ending value of 115.902 in October
2024, a 12.40% increase. This data indicates that companies who are
also in the data storage and processing business have generally
increased prices for a specified service covered under NAICS 518210 by
an average of 12.10%, 10.40% and 12.40%, respectively, during the
periods noted above. Based on that percentage change, the Exchange
proposes to make a one-time fee increase of only 10%, which reflects an
increase covering roughly the entire period since the last price
adjustments were made to the SQF Port Fee, the SQF Purge Port Fee, and
the related SQF Fee Cap.
The Exchange further believes the Data PPI is an appropriate
measure for purposes of the proposed rule change on the basis that it
is a stable metric with limited volatility, unlike other consumer-side
inflation metrics. In fact, the Data PPI has not experienced a greater
than 2.16% increase for any one calendar year period since Data PPI was
introduced into the PPI in January 2002. The average calendar year
change from January 2002 to December 2023 was .62%, with a cumulative
increase of 15.67% over this 21-year period. The Exchange believes the
Data PPI is considerably less volatile than other inflation metrics
such as CPI, which has had individual calendar-year increases of more
than 6.5%, and a cumulative increase of over 73% over the same
period.\16\
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\16\ See <a href="https://www.usinflationcalculator.com/">https://www.usinflationcalculator.com/</a>.
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The Exchange believes the Data PPI, and significant investments
into, and enhanced performance of, the Exchange support the
reasonableness of the proposed pricing increases.\17\
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\17\ See supra discussion of SQF Port and SQF Purge Port
enhancements. Additionally, other exchanges have filed for increases
in certain fees, based in part on comparisons to inflation. See,
e.g., Securities Exchange Act Release Nos. 34-100994 (September 10,
2024), 89 FR 75612 (September 16, 2024) (SR-NYSEARCA-2024-79); and
34-101519 (November 5, 2024), 89 FR 89071 (November 12, 2024) (SR-
CboeBYX-2024-039).
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As a technical amendment, the Exchange proposes to add the words
``active port'' in parenthesis at the end of the description of the SQF
Port Fee to tie the definition of an active port to the description for
the port.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\18\ in general, and furthers the objectives of
Sections 6(b)(4) and 6(b)(5) of the Act,\19\ 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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\18\ 15 U.S.C. 78f(b).
\19\ 15 U.S.C. 78f(b)(4) and (5).
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This belief is based on two factors. First, the current pricing
does not properly reflect the quality of the SQF Ports and SQF Purge
Ports, as pricing for these port offerings have been static in nominal
terms, and therefore falling in real terms due to inflation. Second,
the Exchange believes that investments made in enhancing the risk
protections and capacity of SQF Ports and SQF Purge Ports has increased
the performance of these port offerings.
The Proposed Rule Change Is Reasonable
As noted above, the Exchange has not increased any of the fees
included in the proposal since 2014, 2015 and 2016, respectively.
However, in the years following the last fee increases, the Exchange
has made significant investments in upgrades to its SQF Ports and SQF
Purge Ports, enhancing the quality of its services, as measured by,
among other things, increased capacity. In other words, Exchange
customers have greatly benefitted, while the Exchange's ability to
recoup its investments has been hampered. Between 2014 and 2024, the
inflation rate is 2.92% per year, on average,
[[Page 104600]]
producing a cumulative inflation rate of 33.34%.\20\ Between 2015 and
2024, the inflation rate is 3.24% per year, on average, producing a
cumulative inflation rate of 33.18%.\21\ Also, between 2016 and 2024,
the inflation rate is 3.48% per year, on average, producing a
cumulative inflation rate of 31.52%.\22\ Using the more targeted
inflation number of Data PPI, the cumulative inflation rate was 12.40%
between 2014 and 2024, 12.10% between 2015 and 2024, and 10.40% between
2016 and 2024. The Exchange believes the Data PPI is a reasonable
metric to base this fee increase on because it is targeted to producer-
side increases in the data processing industry.
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\20\ See <a href="https://www.officialdata.org/us/inflation/2015?amount=1">https://www.officialdata.org/us/inflation/2015?amount=1</a>.
\21\ See <a href="https://www.officialdata.org/us/inflation/2015?amount=1">https://www.officialdata.org/us/inflation/2015?amount=1</a>.
\22\ See <a href="https://www.officialdata.org/us/inflation/2015?amount=1">https://www.officialdata.org/us/inflation/2015?amount=1</a>.
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Notwithstanding inflation, as noted above, the Exchange has not
increased its pricing of these port fees for over eight, nine, and ten
years, respectively, for the SQF Port, the SQF Purge Port, or the
corresponding SQF Fee Cap. The proposed SQF Port Fee and SQF Purge Port
Fee represent a modest increase from the current SQF Port Fee and SQF
Purge Port Fee. Further, the proposed increase to the SQF Fee Cap
aligns with the increase to the port offerings. The Exchange believes
the proposed SQF Port Fee, SQF Purge Port Fee, and SQF Fee Cap
increases are reasonable in light of the Exchange's continued
expenditure in maintaining a robust technology ecosystem. Furthermore,
the Exchange continues to invest in maintaining and enhancing its port
products--for the benefit and often at the behest of its customers and
global investors. Such enhancements include refreshing several aspects
of the technology ecosystem including software, hardware, and network
while introducing new and innovative products. The goal of the
enhancements discussed above, among other things, is to provide more
modern connectivity to the match engine. Accordingly, the Exchange
continues to expend resources to innovate and modernize its technology
so that it may benefit its members in offering SQF Ports and SQF Purge
Ports.
The Proposed Fees Are Equitably Allocated and Not Unfairly
Discriminatory
The Exchange believes that the proposal represents an equitable
allocation of reasonable dues, fees and other charges because the
Exchange pricing has fallen in real terms during the relevant period.
The Exchange also believes that the proposed pricing increases are
equitably allocated and not unfairly discriminatory because they would
apply uniformly to all Market Makers that subscribe to the SQF Ports
and SQF Purge Ports to quote on the Exchange. Market Makers are the
only market participants that are assessed the SQF Port Fee and SQF
Purge Port Fee (and subject to the related SQF Fee Cap) because they
are the only market participants that are permitted to quote on the
Exchange.\23\ These liquidity providers are critical market
participants in that they are the only market participants that provide
liquidity to the Exchange on a continuous basis. SQF Ports and SQF
Purge Ports are only utilized in a Market Maker's assigned options
series.
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\23\ Unlike other market participants, Market Makers are subject
to market making and quoting obligations. See Options 2, Sections 4
and 5.
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B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed pricing changes
will impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act.
Intra-market Competition
The Exchange believes that the proposed pricing does not put any
market participants at a relative disadvantage compared to other market
participants. As noted above, the Exchange would apply the proposed 10%
increase to the SQF Port, the SQF Purge Port fee (and related SQF Fee
Cap) to all Market Makers uniformly. Market Makers are the only market
participants that are assessed an SQF Port Fee and an SQF Purge Port
Fee (and subject to the related SQF Fee Cap) because they are the only
market participants that are permitted to quote on the Exchange.\24\
These liquidity providers are critical market participants in that they
are the only market participants that provide liquidity to the Exchange
on a continuous basis. SQF Ports and SQF Purge Ports are only utilized
in a Market Maker's assigned options series.
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\24\ Unlike other market participants, Market Makers are subject
to market making and quoting obligations. See Options 2, Sections 4
and 5.
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Intermarket Competition
The Exchange believes that the proposed pricing does not impose an
undue burden on intermarket competition or on other SROs that is not
necessary or appropriate. In determining the proposed pricing, the
Exchange utilized an objective and stable metric with limited
volatility. Utilizing Data PPI over a specified period of time is a
reasonable means of recouping the Exchange's investment in maintaining
and enhancing its port offerings such as the SQF Ports and SQF Purge
Ports. The Exchange believes utilizing Data PPI, a tailored measure of
inflation, to increase the fees for the SQF Port and the SQF Purge Port
(and the related SQF Fee Cap) to recoup the Exchange's investment in
maintaining and enhancing such offerings does not impose a burden on
intermarket competition.
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\
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\25\ 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#3b494e575e16585456565e554f487b485e58155c544d"><span class="__cf_email__" data-cfemail="c1b3b4ada4eca2aeacaca4afb5b281b2a4a2efa6aeb7">[email protected]</span></a>. Please include
file number SR-Phlx-2024-69 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 104601]]
All submissions should refer to file number SR-Phlx-2024-69. 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-2024-69 and should be
submitted on or before January 13, 2025.
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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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-30526 Filed 12-20-24; 8:45 am]
BILLING CODE 8011-01-P
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