Notice2025-15947
Self-Regulatory Organizations; MEMX LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Make Non-Substantive Changes to the Exchange Rulebook
Primary source
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Published
August 21, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 160 (Thursday, August 21, 2025)</title>
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[Federal Register Volume 90, Number 160 (Thursday, August 21, 2025)]
[Notices]
[Pages 40872-40874]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-15947]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-103737; File No. SR-MEMX-2025-25]
Self-Regulatory Organizations; MEMX LLC; Notice of Filing and
Immediate Effectiveness of a Proposed Rule Change To Make Non-
Substantive Changes to the Exchange Rulebook
August 18, 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 August 5, 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 and II below, which Items
have been prepared by the Exchange. The Exchange filed the proposal as
a ``non-controversial'' proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \3\ and Rule 19b-4(f)(6) thereunder.\4\ 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.
\3\ 15 U.S.C. 78s(b)(3)(A).
\4\ 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 make a number of non-substantive changes to the rulebook. The text
of the proposed rule change is provided in Exhibit 5 and is available
on the Exchange's website at <a href="https://info.memxtrading.com/regulation/rules-and-filings/">https://info.memxtrading.com/regulation/rules-and-filings/</a>.
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 make a number of non-
substantive changes to the rulebook. The Exchange believes these
changes are necessary to correct inadvertent oversights to internal and
external cross-references and other minor changes of a non-substantive
nature in order to provide greater accuracy and clarity to the
rulebook.
First, the proposed rule change corrects paragraph numbering under
Rule 11.8, Order Types and Modifiers. Currently, Rule 11.8(b)(8) jumps
to Rule 11.8(b)(10) and inadvertently omits subparagraph (9). As such,
the Exchange is proposing to correct this paragraph numbering error by
updating Rules 11.8(b)(10) and 11.8(b)(11) to Rules 11.8(b)(9) and
11.8(b)(10), respectively.
Next, the Exchange is proposing to correct two typos which appear
as incorrect acronyms under Rule 11.10, Self Trade Protection (``STP'')
Modifiers. Under current Rules 11.10(d)(4) and 11.10(d)(5), the
Exchange inadvertently uses the acronym ``ERSTP'', which in both
instances should be corrected to ``STP''.
Next, the Exchange proposes to correct an internal cross reference
contained in Rule 11.17, Registration of Market Makers. Specifically,
the
[[Page 40873]]
proposed rule change corrects the internal cross reference within Rule
11.17(c)(1) from Rule 11.21 to Rule 11.20.\5\
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\5\ Current Rule 11.17(c)(1) provides that the registration of a
Market Maker may be suspended or terminated by the Exchange if the
Exchange determines that the Market Maker has substantially or
continually failed to engage in dealings in accordance with Rule
11.21 or elsewhere in these Rules. Rule 11.21, Retail Orders, is not
the correct cross reference, rather, Rule 11.20, Obligations of
Market Makers, should be substituted here.
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Next, the Exchange is proposing to update the citation to Rule
600(b) of Regulation NMS in Exchange Rule 12.6, Prohibition Against
Trading Against Customer Orders. In 2024, the Commission amended
Regulation NMS under the Act to update the rule that requires
disclosures for order executions in national market system (``NMS'')
stocks.\6\ As part of that initiative, the Commission adopted new
definitions in Rule 600(b) of Regulation NMS and renumbered the
remaining definitions, including the definition of Intermarket Sweep
Order (formerly Rule 600(b)(38)).\7\ The Exchange accordingly proposes
to update the citation to the definition of Intermarket Sweep Orders in
Rule 12.6, Interpretation and Policy .04 to Rule 600(b)(47).
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\6\ See Securities Exchange Act Release No. 99679, 89 FR 26428
(April 15, 2024) (S7-29-22).
\7\ The original numbered definition of Intermarket Sweep Order
(Rule 600(b)(30)) in Regulation NMS was amended to Rule 600(b)(38)
in 2021. See Securities Exchange Act Release No. 90610, 86 FR 18596
(April 9, 2021) (S7-03-20).
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Lastly, the Exchange is proposing to update two citations to the
Options Clearing Corporation By-Laws in Rule 23.1, Exercise of Options
Contracts. Current Rule 23.1, Interpretation and Policy .01, indicates
for purposes of the Rule, the terms ``customer account'' and ``non-
customer account'' have the same meaning as defined in the Clearing
Corporation By-Laws Article I(C)(28) and Article I(N)(2), respectively.
The OCC has since updated their By-Laws and these definitions are
currently numbered as IC.(37) and IN.(1), respectively.\8\ As such, the
Exchange is proposing to re-number these citations accordingly.
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\8\ The OCC has re-numbered certain definitions under Article 1
of its By-Laws in connection with multiple rule filings. See, e.g.,
Securities Exchange Act Release No. 97150, 88 FR 17046 (March 21,
2023) (SR-OCC-2023-002) (Proposed Rule Change Concerning the
Amendment of the Options Clearing Corporation's Clearing Membership
Standards).
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2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Act and the rules and regulations thereunder applicable to the
Exchange and, in particular, the requirements of Section 6(b) of the
Act.\9\ Specifically, the Exchange believes the proposed rule change is
consistent with the Section 6(b)(5) \10\ requirements that the rules of
an exchange be 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 regulating,
clearing, settling, processing information with respect to, and
facilitating transactions in securities, 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.
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\9\ 15 U.S.C. 78f(b).
\10\ 15 U.S.C. 78f(b)(5).
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In particular, the Exchange believes that the proposed rule change
will remove impediments to and perfect the mechanism of a free and open
market and a national market system, and in general, will protect
investors and the public interest by correcting errors and inaccuracies
within the rules. Specifically, by correcting inadvertent numbering and
spelling errors, inaccurate cross references, and by updating outdated
citations, the proposed rule change is designed to protect investors by
making the rulebook more accurate and adding clarity to the rules,
thereby mitigating any potential investor confusion. The proposed rule
change will have no impact on trading on the Exchange, as all the
proposed rule changes are non-substantive in nature.
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 that is not necessary or appropriate
in furtherance of the purposes of the Act. The proposed rule change is
not intended to address competitive issues but rather is concerned
solely with correcting certain errors and adding clarity. The proposed
rule change makes no substantive changes to the rules, and thus will
have no impact on trading on the Exchange.
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 Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A) of the Act \11\ and Rule 19b-4(f)(6) \12\ thereunder.
Because the foregoing proposed rule change does not: (i) significantly
affect the protection of investors or the public interest; (ii) impose
any significant burden on competition; or (iii) become operative for 30
days from the date on which it was filed, or such shorter time as the
Commission may designate, it has become effective pursuant to Section
19(b)(3)(A) of the Act \13\ and Rule 19b-4(f)(6) \14\ thereunder.
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\11\ 15 U.S.C. 78s(b)(3)(A).
\12\ 17 CFR 240.19b-4(f)(6).
\13\ 15 U.S.C. 78s(b)(3)(A).
\14\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires the Exchange to give the Commission written notice of its
intent to file the proposed rule change, along with a brief
description and text of the proposed rule change, at least five
business days prior to the date of filing of the proposed rule
change, or such shorter time as designated by the Commission. The
Exchange has satisfied this requirement.
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A proposed rule change filed under Rule 19b-4(f)(6) \15\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\16\ the Commission
may designate a shorter time if such action is consistent with
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay so that the proposed
rule change may become operative immediately upon filing. The
Commission believes that waiving the 30-day operative delay is
consistent with the protection of investors and the public interest
because the proposal adds clarity and avoids potential investor
confusion by correcting numbering and spelling errors and updating
cross references and outdated citations in the Exchange rulebook and
does not introduce any novel regulatory issues. Accordingly, the
Commission designates the proposed rule change to be operative upon
filing.\17\
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\15\ 17 CFR 240.19b-4(f)(6).
\16\ 17 CFR 240.19b-4(f)(6)(iii).
\17\ For purposes only of waiving the 30-day operative delay,
the Commission also has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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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
[[Page 40874]]
investors, or otherwise in furtherance of the purposes of the Act. If
the Commission takes such action, the Commission will 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#f280879e97df919d9f9f979c8681b2819791dc959d84"><span class="__cf_email__" data-cfemail="b4c6c1d8d199d7dbd9d9d1dac0c7f4c7d1d79ad3dbc2">[email protected]</span></a>. Please include
file number SR-MEMX-2025-25 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-2025-25. 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-2025-25 and should be submitted on
or before September 11, 2025.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\18\
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\18\ 17 CFR 200.30-3(a)(12) and (59).
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Vanessa A. Countryman,
Secretary.
[FR Doc. 2025-15947 Filed 8-20-25; 8:45 am]
BILLING CODE 8011-01-P
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