Notice2025-10746
Self-Regulatory Organizations; MEMX LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Implement a Supplemental Equity Rights Program
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
June 13, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 113 (Friday, June 13, 2025)</title>
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[Federal Register Volume 90, Number 113 (Friday, June 13, 2025)]
[Notices]
[Pages 25107-25111]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-10746]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-103210; File No. SR-MEMX-2025-14]
Self-Regulatory Organizations; MEMX LLC; Notice of Filing and
Immediate Effectiveness of a Proposed Rule Change To Implement a
Supplemental Equity Rights Program
June 9, 2025.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on May 29, 2025, MEMX LLC (``MEMX'' or the ``Exchange'') filed
with the Securities and Exchange Commission (the ``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 is filing with the Commission a proposed rule change
to implement an equity rights program (the ``Supplemental Warrants
Program'') that is supplemental to the Exchange's existing equity
rights program related to fees charged for the trading of options on
the Exchange's options platform (``MEMX Options''). The Exchange
proposes to implement the changes to the Fee Schedule pursuant to this
proposal immediately.
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 implement the Supplemental Warrants
Program as a supplement to the Exchange's existing equity rights
program, which was implemented on May 1, 2024 (the ``Original Warrants
Program'').\3\ Under the Supplemental Warrants Program, warrants
representing the right to acquire equity in the Exchange's parent
holding company upon vesting would be issued to participants on MEMX
Options who currently participate in the Original Warrants Program and
who elect to also participate in the Supplemental Warrants Program
(``Participants''), in exchange for payment of the initial prepayment
fee (``Prepayment Fee'') and the achievement of certain liquidity
volume thresholds on MEMX Options over a 12-month period (the
``Term''). The Supplemental Warrants Program will commence on June 1,
2025 (the ``Effective Date'') and will end on June 1, 2026.
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\3\ See Securities Exchange Act Release No. 100247 (May 30,
2024), 89 FR 48203 (June 5, 2024) (SR-MEMX-2024-21).
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The Supplemental Warrants Program will be administered in the same
manner as the Exchange's Original Warrants Program except it will have
a different Term and different volume requirements for the vesting of
warrants, as described below. All other terms and conditions of the
Supplemental Warrants Program will be substantially similar to those of
the Original Warrants Program, with any substantive differences
described below. Like that of the Original Warrants Program, the
purpose of the Supplemental Warrants Program is to promote the long-
term interests of MEMX by providing incentives designed to encourage
MEMX market participants to contribute to the growth and success of
MEMX Options via actively providing and taking liquidity on the MEMX
Options market. Participants in the Supplemental Warrants Program will
be able to vest their warrants through the process described in the
following paragraphs and consequently will have the opportunity to
share in the benefits of MEMX's increased enterprise value.
Participants who executed a Purchase Agreement and who provide a
Prepayment Fee in the amount of $500,000 in advance of May 28, 2025
(the ``Commitment Deadline'') or such later date specified by the
Exchange will be issued a ``ticket'' indicating that the Participant
has been accepted into the Supplemental Warrants Program. Each
Participant may only purchase one ticket under the Supplemental
Warrants Program, and the total number of tickets available for
purchase under the Supplemental Warrants Program is capped at five (5)
tickets.\4\ Upon making the Prepayment Fee, a Participant will be able
to apply the Prepayment Fee to various fees for trading on MEMX
Options, including MEMX Options connectivity fees,\5\ MEMX Options
market data fees,\6\ MEMX Options
[[Page 25108]]
membership fees,\7\ and MEMX Options transaction fees.\8\ The
Prepayment Fee does not expire; a Participant may apply the Prepayment
Fee to any of the above listed fees at any time during the Term, and to
the extent the full Prepayment Fee has not been returned to a
Participant in full by the end of the Term, the Exchange will refund
the remaining balance of the Prepayment Fee to such Participant. A
Participant will obtain 139,800 unvested warrants per ticket that will
vest on an equalized basis each calendar month during the Term (each
such calendar month during the Term of the Supplemental Warrants
Program, a ``Measurement Period'') if such Participant satisfies
certain volume commitments on MEMX Options, as described below.\9\
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\4\ The Exchange notes that this aspect of the Supplemental
Warrants Program differs from the Original Warrants Program, which
was capped at 25 tickets and participants could purchase multiple
tickets thereunder.
\5\ See the MEMX Connectivity Fee Schedule, available at <a href="https://info.memxtrading.com/connectivity-fees/">https://info.memxtrading.com/connectivity-fees/</a>.
\6\ See the MEMX Options Fee Schedule, available at <a href="https://info.memxtrading.com/us-options-trading-resources/us-options-fee-schedule/">https://info.memxtrading.com/us-options-trading-resources/us-options-fee-schedule/</a>.
\7\ See the MEMX Membership Fee Schedule, available at <a href="https://info.memxtrading.com/membership-fees/">https://info.memxtrading.com/membership-fees/</a>.
\8\ See the MEMX Options Fee Schedule, available at <a href="https://info.memxtrading.com/us-options-trading-resources/us-options-fee-schedule/">https://info.memxtrading.com/us-options-trading-resources/us-options-fee-schedule/</a>.
\9\ The Exchange notes that participants under the Original
Warrants Program obtained 279,600 warrants per ticket, but the term
of the Original Warrants Program was 24 months, so the same number
of warrants per ticket (139,800) were eligible to vest every 12
months.
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Participants shall vest warrants on a pro-rata basis based upon
meeting or outperforming volume commitments during each Measurement
Period, as is discussed below. The volume commitments may be met by
trading activity in any listed equity option or exchange-traded fund
option on MEMX Options.\10\ Participants that trade options which are
not in the Penny Program \11\ (such options, ``Non-Penny'' options)
will receive double credit for such Non-Penny activity for purposes of
calculating the Participant's performance during the Measurement
Period. Each vested warrant entitles a Participant to purchase equity
ownership of one Nonvoting Common Unit \12\ of Holdco at a particular
strike price. Only vested warrants are eligible to be exercised, and
un-vested warrants are not exercisable. The total equity ownership of
Holdco Units, including any purchased through the exercise of vested
warrants, shall be subject to the ownership limitations of the Holdco
LLC Agreement.\13\
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\10\ The Exchange does not currently list or trade index
options.
\11\ See Exchange Rule 21.5(d).
\12\ ``Nonvoting Common Units'' is defined in Section
3.2(g)(iii) of the Eighth Amended and Restated Limited Liability
Company Agreement of MEMX Holdings LLC, as amended (the ``Holdco LLC
Agreement'').
\13\ See, e.g., Section 3.5(a)(ii) of the Holdco LLC Agreement,
which states that ``[n]o Exchange Member, either alone or together
with its Related Persons, may own, directly or indirectly, of record
or beneficially, Units constituting more than twenty percent (20%)
of any class of Units.''
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Volume Requirements
The target performance (``Target Performance'') for each
Participant under the Supplemental Warrants Program is based on a
Participant's step-up volume executed on MEMX Options expressed as a
percentage of TCV \14\ above a specified baseline volume for such
Participant.\15\ More specifically, the Target Performance for a
Participant with respect to any Measurement Period is 25 basis points
of Step-Up Volume, where a Participant's ``Step-Up Volume'' is equal to
the amount by which (i) the percentage of TCV executed on MEMX Options
by such Participant with respect to such Measurement Period exceeds
(ii) the average percentage of TCV executed on MEMX Options by such
Participant with respect to the February 2025 and March 2025
Measurement Periods as calculated under the Original Warrants Program
(``Baseline Performance'').\16\ If a Participant achieves the Target
Performance during any Measurement Period, the Participant's full
allotment of unvested warrants for that Measurement Period will vest
(i.e., 11,650 warrants per calendar month, per ticket). During any
Measurement Period, Participants that do not meet the Target
Performance but meet a minimum performance level of 15 basis points of
Step-Up Volume (``Minimum Performance'') will have their warrants vest
proportionally to their performance.\17\
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\14\ ``TCV'' refers to Total Consolidated Volume, which is
calculated as the volume reported by all exchanges and trade
reporting facilities to a consolidated transaction reporting plan
for the month for which the fees apply.
\15\ The Exchange notes that, as is the case under the Original
Warrants Program, calculations for a Participant under the
Supplemental Warrants Program also include a Participant's
affiliates as communicated by the Participant to the Exchange.
\16\ The Baseline Performance for each Participant will be
determined and communicated to the Participant in advance of the
Effective Date.
\17\ The Exchange notes that warrants under the Original
Warrants Program are eligible to vest proportionally based on three
different minimum performance levels (i.e., 10, 12.5, and 15 basis
points of TCV), whereas warrants under the Supplemental Warrants
Program are eligible to vest based on one minimum performance level
(i.e., 15 basis points of Step-Up Volume). This modification to
proportional vesting is intended to simplify the administration of
the program and incentivize Participants to strive for higher volume
on MEMX Options (i.e., at least 15 basis points of Step-Up Volume).
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For example, if a Participant achieves 15 basis points of Step-Up
Volume on MEMX Options in the month 1 Measurement Period, the
Participant will vest 60% of their warrants for such month (6,990
vested warrants). As another example, if a Participant achieves 20
basis points of Step-Up Volume on MEMX Options during the month 1
Measurement Period, the Participant will vest 80% of their warrants for
such month (9,320 vested warrants). However, if a Participant achieves
12 basis points of Step-Up Volume on MEMX Options in the month 1
Measurement Period, the Participant will vest no warrants for such
month.
If a Participant fails to meet the Minimum Performance for any
Measurement Period corresponding to month 1 through month 11, such
Participant will have the opportunity to vest their unvested warrants
if such Participant over-performs in a subsequent Measurement Period
that corresponds to month 2 through month 12. For example, if a
Participant achieves 25 basis points of Step-Up Volume on MEMX Options
in month 1, 15 basis points of Step-Up Volume in month 2, 37.5 basis
points of Step-Up Volume in month 3, and 25 basis points of Step-Up
Volume in months 4 through 12, such Participant can recover their un-
vested 4,660 warrants from month 2 based on such Participant's activity
in month 3. Using the same example, if the Participant achieves the
same number of basis points of Step-Up Volume noted in the above
example in this paragraph for months 1, 2, and 4 through 12 but only
achieves 31 basis points of Step-Up Volume in month 3, such Participant
can recover 2,796 of the un-vested 4,660 warrants from month 2, and
would forfeit the remaining 1,864 warrants. Partial basis points of
Step-Up Volume and partial warrants achieved will be rounded according
to standard rounding conventions (i.e., rounded up if equal to or
greater than 0.5, rounded down if below 0.5). To again use the same
example, if the Participant achieves the same number of basis points of
Step-Up Volume noted in the first example of this paragraph in months
1, 2, and 4 through 12 but only achieves 30.65 basis points in month 3,
such Participant can recover 2,633 of the un-vested 4,660 warrants from
month 2 (rounding up from 2,632.9 un-vested warrants), and would
forfeit the remaining 2,027 warrants.
The Exchange notes that whether a Participant achieves the step-up
volume requirements does not in any way affect the pricing that such
Participant would pay for trading on MEMX Options, which would be the
same as for a non-Participant under the Exchange's Fee Schedule, but
rather only relates to the vesting of such Participant's warrants under
the Supplemental Warrants Program.
[[Page 25109]]
Restrictions on Vesting
Each vested warrant under the Supplemental Warrants Program shall
be exercisable from the time of vesting until May 1, 2031. Vested
warrants may be exercised when a Participant pays the exercise price of
the warrant. Warrants have not been registered under the Securities Act
of 1933. Each Participant will have a standard piggyback registration
right to include the Nonvoting Common Units issuable upon exercise of
the warrants should Holdco at a later date file a Registration
Statement under the Securities Act of 1933. The Nonvoting Common Units
may not be transferred except pursuant to an effective registration
statement under the Securities Act of 1933 and such state securities
laws, or an exemption from such registration thereunder, and are
subject to transfer restrictions set forth in the Holdco LLC
Agreement.\18\ In the event of a Qualified Public Offering as defined
in the Holdco LLC Agreement, the Nonvoting Common Units are subject to
the transfer restrictions in Section 10.3 of the Holdco LLC Agreement,
and Holdco shall have right of first offer on the transfer of such
Nonvoting Common Units. In the event that Holdco sells Nonvoting Common
Units to the public in an initial public offering pursuant to a
registration statement declared effective by the SEC, then Holdco will
give any Participant who holds warrants notice of the date when the
initial public offering will take place. In such case, the fair market
value of the Nonvoting Common Units will be as specified in the final
prospectus regarding the initial public offering as filed with the SEC.
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\18\ See, e.g, Sections 10.3, 10.4, and 10.5 of the Holdco LLC
Agreement. The Exchange notes that such Sections refer to Common
Members throughout, rather than specifically referring to Nonvoting
Common Units. Section 1.1 of the Holdco LLC Agreement defines a
``Common Member'' as a member in Holdco ``holding Common Units in
its capacity as such, together with its Affiliates that hold Common
Units. . . .'' Accordingly, the term Common Member includes any
Holdco member, and does not distinguish between Holdco members
holding Voting Common Units and members holding Nonvoting Common
Units. As such, the transfer restrictions noted in the Holdco LLC
Agreement, which refer to Common Members, are applicable to
Nonvoting Common Units.
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All participants in the Original Warrants Program were given the
opportunity to participate in the Supplemental Warrants Program using
the same eligibility criteria. All Participants that elect to
participate in the Supplemental Warrants Program will participate on
the same terms, conditions and restrictions. To be designated as a
Participant, an applicant must: (i) be a registered broker-dealer
pursuant to Section 15 of the Securities Exchange Act of 1934 (the
``Act''); (ii) qualify as an ``accredited investor'' as such term is
defined in Regulation D of the Securities Act of 1933; \19\ (iii) be a
participant in the Original Warrants Program; and (iv) have executed
all required documentation for participation in the Supplemental
Warrants Program. Participants must have executed the definitive
documentation, satisfied the eligibility criteria required of
Participants enumerated above, and tendered the Prepayment Fee by the
Commitment Deadline.
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\19\ The purpose of this criterion relates to the ability of
Holdco to sell shares of common stock pursuant to an exemption from
registration under the Securities Act of 1933. The definition of
``accredited investor'' under Rule 501(a)(1) of the Securities Act
of 1933 includes any broker or dealer registered pursuant to Section
15 of the Act. As noted above, a Participant will be required to be
registered as a broker or dealer pursuant to Section 15 of the Act,
therefore all Participants will satisfy this criterion.
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As discussed above, the purpose of the Supplemental Warrants
Program is the same as the Original Warrants Program--to encourage
Participants to direct greater trade volume to MEMX Options to enhance
trading volume on MEMX's options platform. Increased volume will
provide for greater liquidity and enhanced price discovery, which
benefits all market participants. Like the Exchange has under the
Original Warrants Program, other exchanges have also previously engaged
in the practice of incentivizing increased order flow in order to
attract liquidity providers through equity sharing arrangements.\20\
The Supplemental Warrants Program similarly intends to attract order
flow, which will increase liquidity, thereby providing greater trading
opportunities and tighter spreads for other market participants and
causing a corresponding increase in order flow from these other market
participants. The Supplemental Warrants Program will similarly reward
the liquidity providers that provide this additional volume with a
potential proprietary interest in MEMX.
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\20\ See, e.g., Securities Exchange Act Release Nos. 62358 (June
22, 2010), 75 FR 37861 (June 30, 2010) (SR-NSX-2010-06); 64742 (June
24, 2011), 76 FR 38436 (June 30, 2011) (SR-NYSEAmex-2011-018); 69200
(March 21, 2013), 78 FR 18657 (March 27, 2013) (SR-CBOE-2013-31);
74095 (January 20, 2015). 80 FR 4011 (January 26, 2015) (SR-MIAX-
2015-02); 74114 (January 22, 2015), 80 FR 4611 (January 28, 2015)
(SR-BOX-2015-03); 74576 (March 25, 2015), 80 FR 17122 (March 31,
2015) (SR-BOX-2015-16); 80909 (June 12, 2017), 82 FR 27743 (June 16,
2017) (SR-MIAX-2017-28); 83012 (April 9, 2018), 83 FR 16163 (April
13, 2018) (SR-PEARL-2018-08); and 89730 (September 1, 2020), 85 FR
55530 (September 8, 2020) (SR-PEARL-2020-10).
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2. Statutory Basis
The Exchange believes that its proposed rule change is consistent
with Section 6(b) of the Act \21\ in general, and furthers the
objectives of Section 6(b)(5) of the Act \22\ in particular, 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 facilitating
transactions in securities, to remove impediments to and perfect the
mechanisms of a free and open market and a national market system and,
in general, to protect investors and the public interest. Additionally,
the Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) of the Act \23\ requirement that the rules of an
exchange not be designed to permit unfair discrimination between
customers, issuers, brokers, or dealers. The Exchange also believes the
proposed rule change is consistent with Section 6(b)(4) of the Act,\24\
which requires that Exchange rules provide for the equitable allocation
of reasonable dues, fees, and other charges among its members and other
persons using its facilities.
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\21\ 15 U.S.C. 78f.
\22\ 15 U.S.C. 78f(b)(5).
\23\ See id.
\24\ 15 U.S.C. 78f(b)(4).
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The Exchange believes that the proposed rule change is equitable
and not unfairly discriminatory because the Supplemental Warrants
Program is a supplement to the Exchange's Original Warrants Program,
which is currently in effect and has substantially similar terms and
conditions, and all participants in the Original Warrants Program may
elect to participate (or elect not to participate) in the Supplemental
Warrants Program and vest warrants on the same terms and conditions,
assuming they satisfy the same eligibility criteria as described above.
The eligibility criteria are objective and the same as those under the
Original Warrants Program (except that Participants must also already
be participants in the Original Warrants Program); thus, all
Participants have the ability to satisfy the eligibility criteria to
obtain a ``ticket'' for participation. Any Participant that becomes a
ticket holder and pays the Prepayment Fee and otherwise satisfies the
eligibility criteria has the same opportunity for their warrants to
vest through volume contributions. The volume performance requirements
are based on the same
[[Page 25110]]
step-up methodology for all Participants, and all Participants have the
same opportunity to earn vested warrants on a proportional basis based
upon meeting fixed step-up volume threshold amounts during the
Measurement Periods that will apply to all Participants. This ensures
that all Participants will have the same opportunity to vest warrants
and to exercise those warrants to purchase Non-Voting Common Units if
they so choose.
The Exchange believes that the methodology used to calculate the
volume thresholds is fair, reasonable and not unfairly discriminatory
because it is based on objective criteria that is designed to increase
trading volume on MEMX Options above levels achieved in recent months
under the Original Warrants Program. The Supplemental Warrants Program
is designed to reward Participants for executing additional volume on
MEMX Options above a certain baseline level of volume that is
calculated in the same manner for all Participants. As under the
Original Warrants Program, the Exchange believes it is appropriate to
exclude options on indices from the volume calculation because the
Exchange wishes to support volume in equity options and ETFs on the
MEMX Options platform and MEMX Options does not currently trade index
options, and the Exchange also believes it is appropriate to provide
double credit for activity in Non-Penny options for purposes of
calculating the Participant's performance during the Measurement Period
to encourage and reward such activity because the Exchange's fees for
such products generate additional revenue for the Exchange as compared
to options that are in the Penny Program.
The Exchange believes the Supplemental Warrants Program is
equitable and reasonable because an increase in volume and liquidity
resulting from the step-up volume requirements would benefit all market
participants by providing more trading opportunities and tighter
spreads, even to those market participants that do not participate in
the Supplemental Warrants Program. Additionally, the Exchange believes
the proposed rule change is consistent with the Act because, as
described above, the Supplemental Warrants Program is designed to bring
greater volume and liquidity to the Exchange, which will benefit all
market participants by providing tighter quoting and better prices, all
of which perfects the mechanism for a free and open market and national
market system.
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. The Exchange believes that the
proposed rule change will improve competition by providing market
participants the opportunity to execute orders and post liquidity on
the Exchange's options market.
The Exchange believes that the proposed change would increase both
intermarket and intramarket competition by incentivizing Participants
to direct their orders to the Exchange, which will enhance the quality
of quoting and increase the volume of contracts traded on the Exchange.
As noted above, the Supplemental Warrants Program is supplemental to
the Exchange's Original Warrants Program, and all current participants
in the Original Warrants Program were given the opportunity to
participate in the Supplemental Warrants Program on the same terms and
conditions, including the volume requirements and methodology for
determining a Participant's Baseline Percentage. To the extent that
there is an additional competitive burden on non-Participants, the
Exchange believes that this is appropriate because the Supplemental
Warrants Program should incent Participants to direct additional order
flow to the Exchange and thus provide additional liquidity that
enhances the quality of its market and increases the volume of
contracts traded on the Exchange. To the extent that this purpose is
achieved, the Exchange believes that all of the Exchange's market
participants would benefit from the improved market liquidity. Enhanced
market quality and increased transaction volume that results from the
anticipated increase in order flow directed to the Exchange will
benefit all market participants and improve competition on the
Exchange.
Given the robust competition for volume among options markets, many
of which offer the same products, implementing a program to attract
order flow like the one proposed in this filing is consistent with the
above-mentioned goals of the Act. This is especially true for the
smaller options markets, such as MEMX, which is competing for volume
with much larger exchanges that dominate the options trading industry.
As a newer exchange, MEMX has a relatively low percentage of the
average daily trading volume in options, so it is unlikely that the
Supplemental Warrants Program could cause any competitive harm to the
options market or to market participants. Rather, the Supplemental
Warrants Program is a modest attempt to attract order volume away from
larger competitors by adopting a pricing strategy designed to reward
participants that execute additional volume on MEMX Options. The
Exchange notes that if the Supplemental Warrants Program results in a
modest percentage increase in the average daily trading volume on MEMX,
while such percentage would represent a large volume increase for MEMX,
it would represent a minimal reduction in volume of its larger
competitors in the industry. The Exchange believes that the
Supplemental Warrants Program will help further competition, because
market participants will have yet another additional option in
determining where to execute orders and post liquidity if they factor
the benefits of MEMX equity participation into the determination.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
The Exchange neither solicited nor received comments on the
proposed rule change.
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\ and Rule 19b-4(f)(2) \26\ thereunder.
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\25\ 15 U.S.C. 78s(b)(3)(A)(ii).
\26\ 17 CFR 240.19b-4(f)(2).
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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 to
determine whether the proposed rule change 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:
[[Page 25111]]
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#81f3f4ede4ace2eeecece4eff5f2c1f2e4e2afe6eef7"><span class="__cf_email__" data-cfemail="cdbfb8a1a8e0aea2a0a0a8a3b9be8dbea8aee3aaa2bb">[email protected]</span></a>. Please include
file number SR-MEMX-2025-14 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-MEMX-2025-14. 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-MEMX-2025-14 and should be
submitted on or before July 7, 2025.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\27\
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\27\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-10746 Filed 6-12-25; 8:45 am]
BILLING CODE 8011-01-P
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