Notice2025-15067
Self-Regulatory Organizations; MEMX LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Exchange's Fee Schedule Concerning Options Transaction Pricing
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
August 8, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 151 (Friday, August 8, 2025)</title>
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[Federal Register Volume 90, Number 151 (Friday, August 8, 2025)]
[Notices]
[Pages 38538-38542]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-15067]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-103633; File No. SR-MEMX-2025-24]
Self-Regulatory Organizations; MEMX LLC; Notice of Filing and
Immediate Effectiveness of a Proposed Rule Change To Amend the
Exchange's Fee Schedule Concerning Options Transaction Pricing
August 5, 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 July 31, 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 amend the Exchange's fee schedule applicable to Members \3\ (the
``Fee Schedule'') pursuant to Exchange Rules 15.1(a) and (c). As is
further described below, the Exchange proposes to (i) decrease the
transaction rebate for executions of contracts where the
[[Page 38539]]
underlying security of the applicable option is in the Penny Interval
program which add liquidity to the MEMX Options Book and which are made
in the Professional, Firm, Away Market Maker or Broker-Dealer
capacities, and (ii) introduce a tiered pricing structure applicable to
the rebate provided for executions of contracts in Penny options which
add liquidity and are made in the Professional capacity. The Exchange
proposes to implement the changes to the MEMX Options Fee Schedule (the
``Options Fee Schedule'') pursuant to this proposal on August 1, 2025.
The text of the proposed rule change is provided in Exhibit 5.
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\3\ See Exchange Rule 1.5(p).
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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 the Options Fee
Schedule to (i) decrease the transaction rebate for executions of
contracts where the underlying security of the applicable option is in
the Penny Interval program (``Penny options'') \4\ which add liquidity
to the MEMX Options Book \5\ and which are made in the Professional,\6\
Firm,\7\ Away Market Maker \8\ or Broker-Dealer \9\ capacities, and
(ii) introduce a tiered pricing structure applicable to the rebate
provided for executions of contracts in Penny options which add
liquidity and are made in the Professional capacity, each as further
described below.
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\4\ MEMX Options provides Fee Code ``P'' for transactions in
Penny options. Fee Codes are provided by the Exchange on the monthly
invoices provided to Options Members.
\5\ MEMX Options provides Fee Code ``D'' for transactions which
add liquidity to the MEMX Options Book.
\6\ As set forth on the Fee Schedule, ``Professional'' applies
to any order for the account of a Professional. The term
``Professional'' means any person or entity that (A) is not a broker
or dealer in securities; and (B) places more than 390 orders in
listed options per day on average during a calendar month for its
own beneficial account(s). All Professional orders shall be
appropriately marked by Options Members. See Exchange Rule 16.1.
MEMX Options provides fee qualifier ``p'' for professional
transactions.
\7\ As set forth on the Fee Schedule, ``Firm'' applies to any
order for the proprietary account of an OCC clearing member. MEMX
Options provides fee qualifier ``f'' for firm transactions.
\8\ As set forth on the Fee Schedule, ``Away Market Maker''
applies to any order for the account of a market maker on another
options exchange. MEMX Options provides fee qualifier ``a'' for away
market maker transactions.
\9\ As set forth on the Fee Schedule, ``Broker Dealer'' applies
to any order for the account of a broker-dealer, including a foreign
broker dealer. MEMX Options provides fee qualifier ``b'' for broker-
dealer transactions.
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The Exchange first notes that it operates in a highly competitive
market in which market participants can readily direct order flow to
competing venues if they deem fee levels at a particular venue to be
excessive or incentives to be insufficient. The Exchange is one of only
17 options venues to which market participants may direct their order
flow. Based on publicly available information, no single options
exchange has more than approximately 18.1% of the market share and
currently the Exchange represents only approximately 3.7% of the market
share.\10\ In such a low-concentrated and highly competitive market, no
single options exchange, including the Exchange, possesses significant
pricing power in the execution of option order flow. The Exchange
believes that the ever-shifting market share among the exchanges from
month to month demonstrates that market participants can shift order
flow, discontinue, or reduce use of certain categories of products in
response to fee changes. Accordingly competitive forces constrain the
Exchange's transaction fees, and market participants can readily trade
on competing venues if they deem pricing levels at those other venues
to be more favorable. The Exchange's Fee Schedule sets forth standard
rebates and rates applied per contract.
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\10\ Market share percentage calculated as of July 29, 2025. The
Exchange receives and processes data made available through the
consolidated data feeds (i.e., OPRA).
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Reduced Transaction Rebate for Executions of Penny Options in the
Professional, Firm, Away Market Maker, and Broker Dealer Capacity Which
Add Liquidity to the MEMX Options Book
Currently, the Exchange provides a standard transaction rebate of
$0.42 per contract for executions of Penny options (as defined above)
in the Professional, Firm, Away Market Maker, and Broker Dealer
capacities which add liquidity to the MEMX Options Book. Now, the
Exchange proposes to reduce the standard transaction rebate on such
contracts from $0.42 per contract to $0.40 per contract. The purpose of
reducing the rebate is for business and competitive reasons as the
Exchange believes that reducing such rebate would decrease the
Exchange's expenditures with respect to its transaction pricing in a
manner that is still consistent with the Exchange's overall pricing
philosophy of encouraging executions which add liquidity to the MEMX
Options Book. The Exchange believes that the reduced rebate continues
to be in line with or exceeds the rebates provided by other national
securities exchanges and will continue to incentivize Members to route
order flow to the Exchange.\11\
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\11\ See, e.g., the Nasdaq Options pricing schedule (available
at: <a href="https://listingcenter.nasdaq.com/rulebook/nasdaq/rules/nasdaq-options-7">https://listingcenter.nasdaq.com/rulebook/nasdaq/rules/nasdaq-options-7</a>), which reflects rebates ranging from $0.10 to $0.47 per
contract to add liquidity in Penny symbols as a Professional, Firm,
Broker-Dealer, or Non-NOM Market Maker, depending on the amount of
volume transacted by the market participant. See also, the MIAX
Pearl fee schedule, (available at: <a href="https://www.miaxglobal.com/markets/us-options/pearl-options/fees">https://www.miaxglobal.com/markets/us-options/pearl-options/fees</a>), which reflects rebates
ranging from $0.25 per contract to $0.48 per contact to add
liquidity in Penny symbols as Non-Priority Customer, BD, and Non-
MIAX Pearl Market Maker, depending on the amount of volume
transacted by the market participant.
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Adoption of Volume Tier
The Exchange is also proposing to introduce a tiered pricing
structure applicable to the rebate provided for executions that add
liquidity in Penny options that are made in the Professional capacity
(``Added Professional Penny Volume'').\12\ Under this structure, the
Exchange will provide enhanced rebates for Members that meet certain
volume criteria. Specifically, under the proposed Volume Tier 1, the
Exchange is proposing to provide an enhanced rebate of $0.47 per
contract for executions of Added Professional Penny Volume for Members
that qualify for Volume Tier 1 \13\ by achieving an ADAV \14\ in the
Customer, Professional,
[[Page 38540]]
Firm, Away Market Maker, and/or Broker-Dealer capacities in Penny
symbols that is equal to or greater than 0.125% of the equity and ETF
option TCV.\15\ As proposed, ADAV will be calculated on a monthly
basis, and Members that qualify for the Volume Tier by achieving the
specified ADAV threshold in a particular month will receive the
proposed enhanced rebate of $0.47 per contract for all executions of
Added Professional Penny Volume in that month.
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\12\ In connection with the adoption of its first volume-based
tier as proposed herein, the Exchange is proposing to add language
under a new ``Notes'' section indicating: ``To the extent a Member
qualifies for multiple fees/rebates with respect to a particular
transaction, the lowest fee/highest rebate shall apply.''
\13\ Executions of Added Professional Penny Volume for Members
that qualify for the Volume Tier 1 receive a Fee Code of ``Dp1P''
for such executions on the monthly invoices provided to Members. The
Exchange is proposing to add a note under the Volume Tier pricing
table on the Fee Schedule that contains this information.
\14\ As proposed, the term ``ADAV'' means the average daily
added volume calculated as the number of contracts added per day.
ADAV is calculated on a monthly basis. The Exchange is proposing to
add this definition under the ``Definitions'' section of the Fee
Schedule.
\15\ As proposed, the term ``TCV'' means the total consolidated
volume calculated as the volume reported by all exchanges to the
consolidated transaction reporting plan for the month for which the
fees apply. The Exchange is also proposing to add this definition
under the ``Definitions'' section of the Fee Schedule.
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The Exchange proposes to exclude from the calculation of ADAV and
TCV any trading day that the Exchange's system experiences a disruption
that lasts for more than 60 minutes during regular trading hours and on
any day with a scheduled early market close, and the Exchange is
proposing to add this information to a new ``Notes'' section of the Fee
Schedule which will be placed directly following the existing
``Definitions'' section.\16\ The Exchange believes that Exchange system
disruptions and/or early market closes could preclude Members from
participating on the Exchange to the extent that they might have
otherwise participated on such days, and thus, the Exchange believes it
is appropriate to exclude such days when determining whether a Member
qualifies for the Volume Tier to avoid penalizing Members that might
otherwise have met the applicable volume threshold.
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\16\ The Exchange is also proposing to move the existing text
which appears under the current ``Definitions'' section to the new
``Notes'' section: ``All references to ``per contract'' mean ``per
contract executed.''
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The Exchange believes that the proposed tiered pricing structure
provides an incremental incentive for Members to strive for higher ADAV
on the Exchange to receive the proposed enhanced rebate for executions
of Added Professional Penny Volume. As such, the proposed Volume Tier
is designed to encourage Members that provide liquidity on the Exchange
to maintain or increase their order flow, thereby contributing to a
deeper and more liquid market to the benefit of all market participants
and enhancing the attractiveness of the Exchange as a trading venue.
Further, as noted above,\17\ the Exchange notes that other options
exchanges maintain tiered pricing structures whereby enhanced rebates
are provided for members that meet certain volume requirements, and at
least one other exchange maintains a similar tier with a rebate
applicable to Added Professional Penny Volume.\18\
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\17\ See supra note 11.
\18\ See Nasdaq Options Pricing Schedule, Section 2 Nasdaq
Options Market--Fees and Rebates, (available at: <a href="https://listingcenter.nasdaq.com/rulebook/nasdaq/rules/nasdaq-options-7">https://listingcenter.nasdaq.com/rulebook/nasdaq/rules/nasdaq-options-7</a>)
Tier 6 (providing a $0.47 rebate for transactions of Added
Professional Penny Volume for a Participant that adds Customer,
Professional, Firm, Non-NOM Market Maker and/or Broker-Dealer
liquidity in Penny Symbols and/or Non-Penny Symbols above 0.70% or
more of total industry customer equity and ETF option ADV contracts
per day in a month, or Participant: (1) adds Customer and/or
Professional liquidity in Penny Symbols and/or Non-Penny Symbols of
0.10% or more of total industry customer equity and ETF option ADV
contracts per day in a month, and (2) has added liquidity in all
securities through one or more of its Nasdaq Market Center MPIDs
that represent 1.00% or more of Consolidated Volume in a month or
qualifies for MARS).
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2. Statutory Basis
The Exchange believes that its proposal to amend its Options Fee
Schedule is consistent with the provisions of Section 6 of the Act,\19\
in general, and with Sections 6(b)(4) and 6(b)(5) of the Act,\20\ in
particular, in that it provides for the equitable allocation of
reasonable dues, fees and other charges among Options Members and other
persons using its facilities. The Exchange also believes the proposal
furthers the objectives of Section 6(b)(5) of the Act in that it is
designed to promote just and equitable principles of trade, to remove
impediments to and perfect the mechanism of a free and open market and
a national market system, and, in general to protect investors and the
public interest and is not designed to permit unfair discrimination
between customers, issuers, brokers, or dealers.
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\19\ 15 U.S.C. 78f.
\20\ 15 U.S.C. 78f(b)(4) and (5).
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MEMX Options operates in a highly fragmented and competitive market
in which market participants can readily direct order flow to competing
venues if they deem fee levels at a particular venue to be excessive or
incentives to be insufficient, and the Exchange represents only a small
percentage of the overall market. The Commission and the courts have
repeatedly expressed their preference for competition over regulatory
intervention in determining prices, products, and services in the
securities markets. In Regulation NMS, the Commission highlighted the
importance of market forces in determining prices and SRO revenues and
also recognized that current regulation of the market system ``has been
remarkably successful in promoting market competition in its broader
forms that are most important to investors and listed companies.'' \21\
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\21\ Securities Exchange Act Release No. 51808 (June 9, 2005),
70 FR 37496, 37499 (June 29, 2005).
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Accordingly, competitive forces constrain the Exchange's
transaction fees and rebates, and market participants can readily trade
on competing venues if they deem pricing levels at those other venues
to be more favorable. The Exchange believes the proposal reflects a
reasonable and competitive pricing structure which the Exchange
believes would promote price discovery and enhance liquidity and market
quality on the Exchange to the benefit of all Members and market
participants.
The Exchange believes that the proposed change to reduce the rebate
for executions on Penny options in the Professional, Firm, Away Market
Maker and Broker-dealer capacities that add liquidity to the Exchange
to $0.40 per contract is reasonable and equitable because it is
designed to decrease the Exchange's expenditures with respect to its
transaction pricing in a manner that is still consistent with the
Exchange's overall pricing philosophy of encouraging executions which
add liquidity to the MEMX Options Book in Penny options. The Exchange
believes that the proposed change is equitable and not unfairly
discriminatory because the reduced rebate will apply to all market
participants who make executions of Penny options in a Professional,
Firm, Away Market Maker and/or Broker dealer capacity which add
liquidity to the MEMX Options Book.
The Exchange further believes the proposed reduced rebate is
appropriate because it exceeds or is comparable to, and competitive
with, the rebates provided by other exchanges for executions in the
same capacities in Penny options which add liquidity.\22\
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\22\ See supra note 11.
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As noted above, Volume Tiers like that proposed in this filing have
been widely adopted by options exchanges and are equitable are
equitable and not unfairly discriminatory because they are open to all
members on an equal basis and provide rebates that are reasonably
related to the value to an exchange's market quality associated with
higher levels of market activity, such as higher levels of liquidity
provision and introduction of higher volumes of orders into the price
and volume discovery process.\23\ The Exchange believes the proposed
Volume Tier is equitable and not unfairly discriminatory for these
[[Page 38541]]
same reasons, as it is open to all Members and is designed to encourage
Members that provide liquidity on the Exchange to maintain or increase
their order flow in this regard, thereby contributing to a deeper and
more liquid market to the benefit of all market participants and
enhancing the attractiveness of the Exchange as a trading venue.
Additionally, the Exchange believes the proposed enhanced rebate for
executions of Added Professional Penny Volume for qualifying Members
(i.e., $0.47 per contract) is reasonable, as it is in line with what
other exchanges offer under similar volume tiers.\24\ Thus, the
Exchange believes that it is reasonable, consistent with an equitable
allocation of fees, and not unfairly discriminatory to pay such higher
rebate for executions of Added Professional Penny Volume to Members
that qualify for the Volume Tier in comparison with the standard rebate
in recognition of benefits to the Exchange and market participants
described above, particularly as the magnitude of the additional rebate
is not unreasonably high and is, instead, reasonably related to the
enhanced market quality it is designed to achieve.
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\23\ Id.
\24\ See supra note 18.
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Additionally, the Exchange believes that excluding days when the
Exchange closes early or when there is a Exchange system disruption
lasting longer than 60 minutes when determining whether a Member
qualifies for the proposed Volume Tier during a month is reasonable,
equitable, and non-discriminatory because, as explained above, the
Exchange believes doing so would help to avoid penalizing Members that
might otherwise have met the requirements to qualify for the proposed
Volume Tier due to Exchange system disruptions and/or abnormal market
conditions. The Exchange notes that the exclusion of Exchange system
disruption days and days with a scheduled early market close is
consistent with the methodologies used by other exchanges when
calculating certain member trading and other volume metrics for
purposes of determining whether members qualify for certain pricing
incentives, including calculations of ADAV for Volume Tiers
specifically.\25\
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\25\ See supra note 11.
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For the reasons discussed above, the Exchange submits that its
proposed change to the Options Transaction Fee Schedule satisfies the
requirements of Sections 6(b)(4) and 6(b)(5) of the Act \26\ in that it
provides for the equitable allocation of reasonable dues, fees and
other charges among its Members and other persons using its facilities
and are not designed to unfairly discriminate between customers,
issuers, brokers, or dealers. As described more fully below in the
Exchange's statement regarding burden on competition, the Exchange
believes that its transaction pricing is subject to significant
competitive forces, and that the proposed rebate described herein is
appropriate to address such forces.
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\26\ 15 U.S.C. 78f(b)(4) and (5).
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B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposal will result in any
burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act. Instead, as discussed above,
the proposal is intended to decrease the Exchange's expenditures,
generate additional revenue with respect to its transaction pricing,
and incentivize market participants to direct additional order flow to
the MEMX Options platform, which the Exchange believes would promote
price discovery and enhance liquidity and market quality on the
Exchange to the benefit of all Members and market participants.
Further, MEMX Options' proposed reduced rebate and proposed new Volume
Tier are both in line with rebates assessed by other options
exchanges.\27\ As a result, the Exchange believes that the proposal
furthers the Commission's goal in adopting Regulation NMS of fostering
competition among orders, which promotes ``more efficient pricing of
individual stocks for all types of orders, large and small.'' \28\
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\27\ See supra notes 11 and 18.
\28\ See supra note 11.
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Intramarket Competition
The Exchange does not believe that the proposed rule change will
impose any burden on intramarket competition that is not necessary or
appropriate in furtherance of the purposes of the Act because the
proposed reduced rebate and Volume Tier apply equally to all Options
Members. The proposed reduced rebate for executions of added volume in
Penny options made in a Professional, Firm, Away Market Maker or Broker
Dealer capacity is intended to decrease the Exchange's expenditures and
generate additional revenue with respect to its transaction pricing, in
a manner that is comparable with the rebates offered by other exchanges
for executions in the same capacities that add liquidity in Penny
options. Similarly, the opportunity to qualify for the Volume Tier and
thus received an enhanced rebate for executions of Added Professional
Penny Volume would be available to all Members that meet the associated
volume requirement in any month. The Exchange believes the volume
requirement of the Volume Tier is attainable for several market
participants who execute Added Professional Volume on the Exchange and
is reasonably related to the enhanced market quality that the Volume
Tier is designed to promote. As such, the Exchange does not believe the
proposed changes would impose any burden on intramarket competition
that is not necessary or appropriate in furtherance of the purposes of
the Act.
Intermarket Competition
The Exchange does not believe that the proposed rule change will
impose any burden on intermarket competition that is not necessary or
appropriate in furtherance of the purposes of the Act. As previously
discussed, the Exchange operates in a highly competitive market.
Members have numerous alternative venues that they may participate on
and direct their order flow, including 16 other options exchanges and
off-exchange venues. Therefore, no exchange possesses significant
pricing power in the execution of option order flow. To the contrary,
the Exchange believes that the proposal will increase competition and
is intended to encourage market participants to trade on the exchange
by providing rebates and a new Volume Tier that is comparable to those
offered by other exchanges, which the Exchange believes will help to
encourage Members to send orders to the Exchange to the benefit of all
Exchange participants.
Additionally, the Commission has repeatedly expressed its
preference for competition over regulatory intervention in determining
prices, products, and services in the securities markets. Specifically,
in Regulation NMS, the Commission highlighted the importance of market
forces in determining prices and SRO revenues and, also, recognized
that current regulation of the market system ``has been remarkably
successful in promoting market competition in its broader forms that
are most important to investors and listed companies.'' \29\ The fact
that this market is competitive has also long been recognized by the
courts. In NetCoalition v. SEC, the D.C. Circuit stated as follows:
``[n]o one disputes that competition for order flow is `fierce.' . . .
As the SEC explained, `[i]n the U.S. national market system, buyers and
sellers of securities, and the broker-
[[Page 38542]]
dealers that act as their order-routing agents, have a wide range of
choices of where to route orders for execution'; [and] `no exchange can
afford to take its market share percentages for granted' because `no
exchange possesses a monopoly, regulatory or otherwise, in the
execution of order flow from broker dealers'. . . .''.\30\ Accordingly,
the Exchange does not believe its proposed pricing changes impose any
burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act.
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\29\ Id.
\30\ NetCoalition v. SEC, 615 F.3d 525, 539 (D.C. Cir. 2010)
(quoting Securities Exchange Act Release No. 59039 (December 2,
2008), 73 FR 74770, 74782-83 (December 9, 2008) (SR-NYSE-2006-21)).
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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 \31\ and Rule 19b-4(f)(2) \32\ thereunder.
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\31\ 15 U.S.C. 78s(b)(3)(A)(ii).
\32\ 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:
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#93e1e6fff6bef0fcfefef6fde7e0d3e0f6f0bdf4fce5"><span class="__cf_email__" data-cfemail="097b7c656c246a6664646c677d7a497a6c6a276e667f">[email protected]</span></a>. Please include
file number SR-MEMX-2025-24 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-2025-24. 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 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-2025-24 and should be submitted on
or before August 29, 2025.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\33\
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\33\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-15067 Filed 8-7-25; 8:45 am]
BILLING CODE 8011-01-P
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