Notice2025-14674
Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Options 7, Section 9, B, Port Fees
Primary source
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Published
August 4, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 147 (Monday, August 4, 2025)</title>
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[Federal Register Volume 90, Number 147 (Monday, August 4, 2025)]
[Notices]
[Pages 36479-36482]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-14674]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-103593; File No. SR-Phlx-2025-32]
Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Amend Options 7,
Section 9, B, Port Fees
July 30, 2025.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\, and Rule 19b-4 thereunder,\2\ notice is hereby given
that on July 23, 2025, 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 amend Phlx's Pricing Schedule at Options
7, Section 9, B, Port Fees, in connection with a technology
migration.\3\
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\3\ The Exchange filed SR-Phlx-2025-29 on July 15, 2025. On July
23, 2025 the Exchange withdrew SR-Phlx-2025-29 and replaced it with
this rule change.
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The text of the proposed rule change is available on the Exchange's
website at <a href="https://listingcenter.nasdaq.com/rulebook/phlx/rulefilings">https://listingcenter.nasdaq.com/rulebook/phlx/rulefilings</a>
and at the principal office of the Exchange.
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
Phlx is planning a technology migration commencing in November
2025.\4\ As part of this technology migration, Phlx members and member
organizations will need to acquire new ports to connect to the new
technology platform to accommodate the symbol migration plan.\5\
Specifically, members and member organizations will need to utilize
both existing or ``legacy'' \6\ ports and ``new'' \7\ ports during the
technology migration rollout which will occur over a 5 week period on a
symbol-by-symbol basis.\8\ Phlx currently assesses no fees for any pre-
production \9\ ports acquired in anticipation of a technology migration
to enhance participation in testing. However, pre-production ports will
become production ports \10\ once Phlx begins the technology migration
in November 2025.
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\4\ Seehttps://<a href="http://www.nasdaqtrader.com/MicroNews.aspx?id=OTU2025-6">www.nasdaqtrader.com/MicroNews.aspx?id=OTU2025-6</a>.
\5\ Phlx plans to migrate to the new platform on a symbol-by-
symbol basis over multiple weeks. See id.
\6\ A ``legacy'' port refers to a port that was subscribed to by
a Phlx member or member organization prior to the technology
migration and connects to the existing technology platform.
\7\ A ``new'' port refers to a port acquired for the Phlx
technology migration and would connect to the new technology
migration.
\8\ For example, once the technology migration commences in
November 2025, new ports will be utilized to enter order and quote
for symbols that have migrated to the new platform and existing
ports will be utilized to enter orders and quotes that have not yet
migrated to the new platform. Once the 5 week rollout is complete,
or a longer period as the Exchange may designate for the rollout,
the Exchange would sunset the ports, on a defined date, that are
connected to the current environment.
\9\ A pre-production port may be used for port connectivity
testing purposes only and is not connected to the Exchange's match
engine that is currently in production for the execution of
interest. A pre-production may not be used to enter an order or
quote for execution or otherwise send a message through a pre-
production port that would be acted upon by the Exchange. Testing
means the dates designated by the Exchange for user acceptance
testing and final confidence tests.
\10\ Production ports are used to submit quotes and orders for
execution in the Exchange's match engine.
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At this time, Phlx proposes certain pricing for ``duplicate'' \11\
ports during the technology migration. Phlx will not assess the SQF
Port,\12\ SQF Purge Port,\13\ and CTI Port \14\ fees in Options 7,
[[Page 36480]]
Section 9, B for any new SQF Ports, SQF Purge Ports, and CTI Ports,
which are duplicative of legacy SQF Ports, SQF Purge Ports, and CTI
Ports, acquired as part of the migration from November 1, 2025 through
December 31, 2025 (``Transition Period''). Phlx will continue to assess
the SQF Port, SQF Purge Port, and CTI Port fees in Options 7, Section
9, B for legacy SQF Ports, SQF Purge Ports, and CTI Ports during the
Transition Period including new SQF Ports, SQF Purge Ports, and CTI
Ports. As of January 1, 2026, Phlx will assess the SQF Port, SQF Purge
Port, and CTI Port fees in Options 7, Section 9, B for all new and
legacy SQF Ports, SQF Purge Ports, and CTI Ports to which they
subscribe. Phlx members and member organizations may return legacy SQF
Ports, SQF Purge Ports, and CTI Ports in December 2025 to avoid any
fees. The legacy SQF Ports, SQF Purge Ports, and CTI Ports would no
longer be necessary after the Transition Period.
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\11\ The term duplicate means the type and quantity of their
legacy ports. For example, a Phlx member organization with 3 legacy
SQF Ports, 1 legacy SQF Purge Port, 1 legacy FIX Port, and 1 legacy
CTI Port on October 1, 2025 could request the equivalent quantity
and type of new ports (3 SQF Ports, 1 SQF Purge Port, 1 FIX Port,
and 1 CTI Port) for the new environment at no additional cost.
\12\ ``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).
\13\ An SQF Purge Interface only receives and notifies of purge
request from the Market Maker.
\14\ Clearing Trade Interface (``CTI'') is a real-time clearing
trade update message that is sent to a member after an execution has
occurred and contains trade details specific to that member. The
information includes, among other things, the following: (i) The
Clearing Member Trade Agreement or ``CMTA'' or ``OCC'' number; (ii)
Exchange badge or house number; (iii) the Exchange internal firm
identifier; (iv) an indicator which will distinguish electronic and
non-electronically delivered orders; (v) liquidity indicators and
transaction type for billing purposes; and (vi) capacity. See
Options 3, Section 23(b)(1).
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Today, Phlx assesses a FIX Port Fee of $650 per month per mnemonic
\15\ Today, Phlx does not assess fees for FIX Ports if there is not a
mnemonic associated with the FIX Port. During the Transition Period,
Phlx will not assess FIX Port fees to members and member organizations
for mnemonics on new FIX Ports if the mnemonics existed on legacy FIX
Ports on October 1, 2025.\16\ Once the Transition Period has ended, the
Exchange would assess a FIX Port Fee based on each mnemonic associated
with new and legacy FIX Ports. Phlx members and member organizations
may return legacy FIX Ports in December 2025 to avoid any fees. The
legacy FIX Ports would no longer be necessary after the Transition
Period.
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\15\ A ``mnemonic'' means an acronym comprised of letters and/or
numbers assigned to member organizations. A member organization
account may be associated with multiple mnemonics. See Options 1,
Section 1(b)(29). A mnemonic is necessary to utilize a FIX Port.
\16\ If a member had 6 mnemonics associated with a legacy FIX
Port and obtained a new FIEX Port and associated 8 mnemonics with
the new FIX Port, the member would be assessed 2 FIX Ports Fees for
the for the new ports.
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Phlx will assess the port fees for new OTTO \17\ Ports and new FIX
Drop \18\ Ports commencing on November 1, 2025. Phlx adopted new OTTO
Ports and OTTO Port Fees and FIX Drop Ports and FIX DROP Port Fees as
part of the Exchange's technology migration.\19\ There are no existing
legacy versions of these ports.
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\17\ As proposed, ``Ouch to Trade Options'' or ``OTTO'' is an
interface that allows member organizations and their Sponsored
Customers to connect, send, and receive messages related to orders,
auction orders, and auction responses to 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) order messages; (6) risk protection triggers and
cancel notifications; (7) auction notifications; (8) auction
responses; and (9) post trade allocation messages. OTTO will be
located in the Exchange's revised rules at Supplementary Material
.03 of Options 3, Section 7. The Exchange will assess an OTTO Port
fee of $400 per port, per month, per mnemonic, subject to a monthly
cap of $4,000. See Securities Exchange Act Release No. 102337
(February 4, 2025), 90 FR 9267 (February 10, 2025) (SR-Phlx-2025-05)
(Notice of Filing and Immediate Effectiveness of a Proposed Rule
Change To Adopt a New OTTO Protocol),
\18\ FIX DROP is a real-time order and execution update message
that is sent to a member after an order has been received/modified
or an execution has occurred and contains trade details specific to
that member. The information includes, among other things, the
following: (i) executions; (ii) cancellations; (iii) modifications
to an existing order; and (iv) busts or post-trade corrections. FIX
Drop will be located in the Exchange's rules at Options 3, Section
23(b)(3). The Exchange will assess a FIX Drop Fee of $500 per port,
per month, per account number. See Securities Exchange Act Release
No. 90 FR 8818 (February 3, 2025) (SR-Phlx-2025-04) (Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To
Adopt a FIX Drop Port and Related Fees).
\19\ See Securities Exchange Act Release Nos. 102337 (February
4, 2025), 90 FR 9267 (February 10, 2025) (SR-Phlx-2025-05) (Notice
of Filing and Immediate Effectiveness of a Proposed Rule Change To
Adopt a New OTTO Protocol); and 102296 (January 28, 2025), 90 FR
8818 (February 3, 2025) (SR-Phlx-2025-04) (Notice of Filing and
Immediate Effectiveness of a Proposed Rule Change To Adopt a FIX
Drop Port and Related Fees).
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Finally, Phlx proposes to sunset legacy FIX Ports, SQF Ports, SQF
Purge Ports, and CTI Ports on February 27, 2026, after which time these
ports will no longer be available.
The duplicate new SQF Ports, SQF Purge Ports, and CTI Ports and
duplicate mnemonics that are being offered at no cost will allow
members and member organizations time to test ports to the new
environment as well as provide continuous connection to the Exchange's
match engine during the migration.\20\ During the Transition Period,
members and member organizations will be required to utilize their new
ports on the new platform for symbols that have migrated to the new
platform, while continuing to leverage legacy ports for symbols that
have not yet migrated to the new platform.\21\ During the Transition
Period, Phlx members and member organizations would be assessed only
for legacy ports and mnemonics on legacy FIX Ports and would not be
assessed for the new ports which are duplicative of the legacy ports or
the duplicate mnemonics. Phlx members and member organizations may
acquire additional legacy ports during the Transition Period or
additional mnemonics that are not utilized on legacy FIX Ports and
would be assessed the charges for those additional ports and mnemonics.
Phlx members and member organizations will be assessed fees for new
OTTO ports and new CTI Ports as they are not offered today and are
optional.
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\20\ Members would contact Market Operations to acquire ports
for the technology migration.
\21\ See supra notes 3 and 4.
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The technology migration does not require Phlx members and member
organizations to acquire additional ports or any new ports that are
being offered, rather the technology migration requires a new port to
connect to the new environment. Phlx members and member organizations
may also elect to obtain fewer ports as only one order entry port is
required to submit orders and only one quoting port is required to
submit quotes.\22\ The technology migration is 1:1 and therefore would
not require a member or member organization to acquire an additional
quantity of new ports, nor would it reduce the total number of ports
needed to connect to the match engine. This proposal is not intended to
impose any additional fees on any Phlx member or member organization.
Rather, this proposal is intended to permit a Phlx member or member
organization to utilize the new environment with the same type and
quantity of legacy ports, at no additional cost, during the Transition
Period.
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\22\ Phlx does not assess fees for the market data ports. See
Options 7, Section 9, B(iii). Phlx members and member organizations
may acquire any number of market data ports at no cost.
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Phlx will sunset legacy FIX Ports, SQF Ports, SQF Purge Ports, and
CTI Ports on February 27, 2026.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\23\ in general, and furthers the objectives of
Sections 6(b)(4) and 6(b)(5) of the Act,\24\ in particular, in that it
provides for the equitable allocation of reasonable dues, fees, and
other charges among members and issuers and other
[[Page 36481]]
persons using any facility, and is not designed to permit unfair
discrimination between customers, issuers, brokers, or dealers.
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\23\ See 15 U.S.C. 78f(b).
\24\ See 15 U.S.C. 78f(b)(4) and (5).
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The proposed amendments to Options 7, Section 9, B to permit Phlx
members and member organizations to acquire a second set of SQF Ports,
SQF Purge Ports, and CTI Ports and duplicate mnemonics for new FIX
Ports, at no cost, as part of the technology migration are reasonable
because they will permit Phlx members and member organizations to
migrate to the new platform without a pricing impact. Specifically, the
proposal is intended to permit Phlx members and member organizations to
migrate their legacy FIX Ports, SQF Ports, SQF Purge Ports, and CTI
Ports to new ports at no additional cost during the Transition Period.
This proposal will allow Phlx members and member organizations to test
their ports and maintain continuous connection to the Exchange's match
engine during the migration.
The proposed amendments to Options 7, Section 9, B to permit Phlx
members and member organizations to acquire a second set of SQF Ports,
SQF Purge Ports, and CTI Ports and duplicate mnemonics for new FIX
Ports, at no cost, as part of the technology migration are equitable
and not unfairly discriminatory because no Phlx member or member
organization would have a pricing impact as a result of this proposal
provided the Phlx member or member organization did not obtain
additional new ports beyond the number of duplicate legacy ports or
additional legacy ports for SQF Ports, SQF Purge Ports, and CTI Ports
beyond the quantity and type the member or member organization had on
October 1, 2025, additional mnemonics for the new FIX Ports beyond
those that exist on legacy FIX Ports as of October 1, 2025, or new
optional OTTO or CTI Ports. No Phlx member or member organization would
be assessed a fee for the new second set of ports for SQF Ports, SQF
Purge Ports, and CTI Ports provided they acquired a new second set of
ports commiserate with the type and quantity of ports they subscribed
to as of October 1, 2025. No Phlx member or member organization would
be assessed a fee for the new FIX Ports provided they did not acquire
mnemonics beyond those that exist on legacy FIX Ports. Any Phlx member
or member organization obtaining additional legacy ports, beyond the
current type and quantity of ports they have as of October 1, 2025,
would be assessed the fees noted in Options 7, Section 9, B as
applicable.
Phlx will sunset legacy FIX Ports, SQF Ports, SQF Purge Ports, and
CTI Ports on February 27, 2025 for all members and member
organizations. Starting January 1, 2026, the Exchange would assess the
SQF Port, SQF Purge Port and CTI Port Fees in Options 7, Section 9, B
for all SQF Ports, SQF Purge Ports and CTI Ports that all members and
member organizations continue to subscribe to after the Transition
Period. Starting January 1, 2026, the Exchange would assess a FIX Port
Fee based on each mnemonic associated with new and legacy FIX Ports for
all members and member organizations. The proposed amendments to
Options 7, Section 9, B to assess a FIX Port Fee based on each mnemonic
associated with new and legacy FIX Ports and to assess SQF Port, SQF
Purge Port and CTI Port Fees once the Transition Period has ended is
reasonable because legacy FIX Ports, SQF Ports, SQF Purge Ports and CTI
Ports would no longer be necessary after the Transition Period and Phlx
members and member organizations may return legacy FIX Ports, SQF
Ports, SQF Purge Ports and CTI Ports in December 2025 to avoid any
fees. The Exchange would need to reacquire all legacy FIX Ports, SQF
Ports, SQF Purge Ports and CTI Ports from Phlx members and member
organizations to sunset the legacy platform. Assessing fees will
encourage Phlx members and member organizations to return their legacy
FIX Ports, SQF Ports, SQF Purge Ports and CTI Ports to avoid a fee,
thereby allowing Phlx to efficiently and timely sunset the legacy
platform. Further, the Exchange's proposal to assess a FIX Port Fee
based on each mnemonic associated with new and legacy FIX Ports and to
assess SQF Port, SQF Purge Port and CTI Port Fees once the Transition
Period has ended is equitable and not unfairly discriminatory as all
Phlx members and member organizations would be uniformly assessed FIX
Port Fees based on each mnemonic associated with new and legacy FIX
Ports as well as SQF Port, SQF Purge Port and CTI Port Fees if they
have not returned these ports in December 2025.
The Exchange will assess the port fees for new OTTO Ports and new
FIX Drop Ports commencing on November 1, 2025 uniformly to all members
and member organizations as noted in the prior rule proposals.\25\ Phlx
proposed to adopt a new OTTO port and FIX Drop as part of the
Exchange's technology migration, therefore no member or member
organization has existing legacy versions of these ports.
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\25\ See Securities Exchange Act Release Nos. 102337 (February
4, 2025), 90 FR 9267 (February 10, 2025) (SR-Phlx-2025-05) (Notice
of Filing and Immediate Effectiveness of a Proposed Rule Change To
Adopt a New OTTO Protocol); and 102296 (January 28, 2025), 90 FR
8818 (February 3, 2025) (SR-Phlx-2025-04) (Notice of Filing and
Immediate Effectiveness of a Proposed Rule Change To Adopt a FIX
Drop Port and Related Fees).
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B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act.
Intermarket Competition
The Exchange believes its proposal remains competitive with other
options markets, and will offer market participants with another choice
of venue to transact options. The Exchange notes that it operates in a
highly competitive market in which market participants can readily
favor competing venues if they deem fee levels at a particular venue to
be excessive, or rebate opportunities available at other venues to be
more favorable. Because competitors are free to modify their own fees
in response, and because market participants may readily adjust their
order routing practices, the Exchange believes that the degree to which
fee changes in this market may impose any burden on competition is
extremely limited.
Intramarket Competition
The proposed amendments to Options 7, Section 9, B to permit Phlx
members and member organizations to acquire a second set of SQF Ports,
SQF Purge Ports, and CTI Ports and duplicate mnemonics for new FIX
Ports, at no cost, as part of the technology migration do not impose an
undue burden on competition because no Phlx member or member
organization would have a pricing impact as a result of this proposal
provided the Phlx member or member organization did not obtain
additional new ports beyond the number of duplicate legacy ports or
additional legacy ports for SQF Ports, SQF Purge Ports, and CTI Ports
beyond the quantity and type the member or member organization had on
October 1, 2025, additional mnemonics for the new FIX Ports beyond
those that exist on legacy FIX Ports as of October 1, 2025, or new
optional OTTO or CTI Ports. No Phlx member or member organization would
be assessed a fee for the new second set of ports for SQF Ports, SQF
Purge Ports, and CTI Ports provided they acquired a new second set of
ports commiserate with the type and quantity of ports they subscribed
to as of October 1, 2025. No Phlx member or member organization would
be assessed a fee for
[[Page 36482]]
the new FIX Ports provided they did not acquire mnemonics beyond those
that exist on legacy FIX Ports. Any Phlx member or member organization
obtaining additional legacy ports, beyond the current type and quantity
of ports they have as of October 1, 2025, would be assessed the fees
noted in Options 7, Section 9, B as applicable.
Phlx will sunset legacy FIX Ports, SQF Ports, SQF Purge Ports, and
CTI Ports on February 27, 2025 for all members and member
organizations. Starting January 1, 2026, the Exchange would assess the
SQF Port, SQF Purge Port and CTI Port Fees in Options 7, Section 9, B
for all SQF Ports, SQF Purge Ports and CTI Ports that all members and
member organizations continue to subscribe to after the Transition
Period. The Exchange's proposal to assess a FIX Port Fee based on each
mnemonic associated with new and legacy FIX Ports and to assess SQF
Port, SQF Purge Port and CTI Port Fees once the Transition Period has
ended does not impose an undue burden on competition as all Phlx
members and member organizations would be uniformly assessed FIX Port
Fees based on each mnemonic associated with new and legacy FIX Ports as
well as SQF Port, SQF Purge Port and CTI Port Fees if they have not
returned these ports in December 2025.
The Exchange will assess the port fees for new OTTO Ports and new
FIX Drop Ports commencing on November 1, 2025 uniformly to all members
and member organizations as noted in the prior rule proposals.\26\ Phlx
proposed to adopt a new OTTO port and FIX Drop as part of the
Exchange's technology migration, therefore no member or member
organization has existing legacy versions of these ports.
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\26\ See Securities Exchange Act Release Nos. 102337 (February
4, 2025), 90 FR 9267 (February 10, 2025) (SR-Phlx-2025-05) (Notice
of Filing and Immediate Effectiveness of a Proposed Rule Change To
Adopt a New OTTO Protocol); and 102296 (January 28, 2025), 90 FR
8818 (February 3, 2025) (SR-Phlx-2025-04) (Notice of Filing and
Immediate Effectiveness of a Proposed Rule Change To Adopt a FIX
Drop Port and Related Fees).
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C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were either solicited or received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act.\27\
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\27\ 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#4032352c256d232f2d2d252e3433003325236e272f36"><span class="__cf_email__" data-cfemail="740601181159171b1919111a0007340711175a131b02">[email protected]</span></a>. Please include
file number SR-Phlx-2025-32 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-Phlx-2025-32. 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 filing 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-2025-32 and should be submitted on
or before August 25, 2025.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\28\
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\28\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-14674 Filed 8-1-25; 8:45 am]
BILLING CODE 8011-01-P
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