Notice2026-07264
Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the PHLX Pricing Schedule at Options 7, Section 2, Customer Rebate Program, and at Options 7, Section 4, Multiply Listed Options Fees
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
April 15, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 72 (Wednesday, April 15, 2026)</title>
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[Federal Register Volume 91, Number 72 (Wednesday, April 15, 2026)]
[Notices]
[Pages 20200-20203]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-07264]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-105207; File No. SR-PHLX-2026-18]
Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Amend the PHLX
Pricing Schedule at Options 7, Section 2, Customer Rebate Program, and
at Options 7, Section 4, Multiply Listed Options Fees
April 10, 2026.
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 March 31, 2026, Nasdaq PHLX LLC (``PHLX'' or ``Exchange'') filed
with the Securities and Exchange Commission (``SEC'' or ``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 the PHLX Pricing Schedule at Options
7, Section 2, Customer Rebate Program, and at Options 7, Section 4,
Multiply Listed Options Fees. Specifically, the Exchange proposes to
amend the Customer Rebate Program at Options 7, Section 2, to modify
the percentage thresholds to qualify for Tier 4 and Tier 5, and to
discontinue the exemption from the Marketing Fee for the contra side of
order that executes against the originating order in an Exposure
Complex Auction.
While the amendment proposed herein is effective upon filing, the
Exchange has designated the amendment to become operative on April 1,
2026.
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 proposes to amend its Pricing Schedule at Options 7, Section 2
(Customer Rebate Program) and at Options 7, Section 4 (Multiply Listed
Options Fees).
A. Customer Rebate Program
The Exchange proposes to amend the Pricing Schedule at Options 7,
Section 2, Customer Rebate Program.
1. Current Status
Currently, the Exchange pays rebates on five Customer \3\ Rebate
Tiers according to four categories. The Customer Rebate Tiers below are
calculated by totaling Customer volume in Multiply Listed Options
(including SPY) that are electronically-delivered and executed, except
volume associated with electronic Qualified Contingent Cross Orders, as
defined in Options 3, Section 12. Rebates are paid on Customer Rebate
Tiers according to the below categories.\4\
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\3\ The term ``Customer'' applies to any transaction that is
identified by a member or member organization for clearing in the
Customer range at The Options Clearing Corporation (``OCC'') which
is not for the account of a broker or dealer or for the account of a
``Professional'' (as that term is defined in Options 1, Section
1(b)(45)). See Options 7, Section 1(c).
\4\ Members and member organizations under Common Ownership may
aggregate their Customer volume for purposes of calculating the
Customer Rebate Tiers and receiving rebates. Affiliated Entities may
aggregate their Customer volume for purposes of calculating the
Customer Rebate Tiers and receiving rebates. See Options 7, Section
2.
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Percentage thresholds of national
customer volume in Multiply-Listed
Customer rebate tiers Equity and ETF Options Classes, Category A Category B Category C Category D
excluding SPY Options (monthly)
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Tier 1......................................... 0.00%-0.60%............................ $0.00 $0.00 $0.00 $0.00
Tier 2......................................... Above 0.60%-1.50%...................... 0.10 0.10 0.16 0.21
Tier 3......................................... Above 1.50%-2.00%...................... 0.15 0.12 0.18 0.22
Tier 4......................................... Above 2.00%-2.50%...................... 0.20 0.16 0.22 0.26
Tier 5......................................... Above 2.50%............................ 0.21 0.17 0.22 0.27
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The Exchange pays a Category A Rebate to members who execute
electronically-delivered Customer Simple Orders in Penny Symbols and
Customer Simple Orders in Non-Penny Symbols in Options 7, Section 4
symbols.\5\
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\5\ Options 7, Section 4 describes pricing for Multiply Listed
Options Fees (Includes options overlying equities, ETFs, ETNs and
indexes which are Multiply Listed) (Excludes SPY and broad-based
index options symbols listed within Options 7, Section 5.A).
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The Exchange pays a Category B Rebate on Customer PIXL Orders \6\
in Options 7, Section 4 symbols that execute against non-Initiating
Order interest. In the instance where member organizations qualify for
Tier 4 in the Customer Rebate Program, Customer PIXL Orders that
execute against a PIXL Initiating Order are paid a rebate of $0.13 per
contract. In the instance
[[Page 20201]]
where member organizations qualify for Tier 5 in the Customer Rebate
Program, Customer PIXL Orders that execute against a PIXL Initiating
Order are paid a rebate of $0.14 per contract. All rebates on Customer
PIXL Orders are capped at 4,000 contracts per order for Simple PIXL
Orders, regardless of whether the member organizations qualify for Tier
4 or Tier 5 in the Customer Rebate Program.
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\6\ PIXL Orders are entered into the Exchange's Price
Improvement XL (``PIXL'') Mechanism as described in Options 3,
Section 13.
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The Exchange pays a Category C Rebate to members executing
electronically-delivered Customer Complex Orders \7\ in Penny Symbols
in Options 7, Section 4 symbols. Rebates are paid on Customer PIXL
Complex Orders in Options 7, Section 4 symbols that execute against
non-Initiating Order interest. Customer Complex PIXL Orders that
execute against a Complex PIXL Initiating Order are not paid a rebate
under any circumstances. The Category C Rebate is not paid when an
electronically-delivered Customer Complex Order, including Customer
Complex PIXL Order, executes against another electronically-delivered
Customer Complex Order.
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\7\ Complex Orders are described in Options 3, Section 14.
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The Exchange pays a Category D Rebate to members executing
electronically-delivered Customer Complex Orders in Non-Penny Symbols
in Options 7, Section 4 symbols. Rebates are paid on Customer PIXL
Complex Orders in Options 7, Section 4 symbols that execute against
non-Initiating Order interest. Customer Complex PIXL Orders that
execute against a Complex PIXL Initiating Order are not paid a rebate
under any circumstances. The Category D Rebate is not paid when an
electronically-delivered Customer Complex Order, including Customer
Complex PIXL Order, executes against another electronically-delivered
Customer Complex Order.\8\
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\8\ Rebates are not paid on broad-based index options symbols
listed within Options 7, Section 5.A. in any Category, however
broad-based index options symbols listed within Options 7, Section
5.A. will count toward the volume requirement to qualify for a
Customer Rebate Tier. See Options 7, Section 2.
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Currently, under note ``*'', the Exchange pays a $0.02 per contract
Category A and B rebate and a $0.03 per contract Category C and D
rebate in addition to the applicable Tier 2 and 3 rebate, provided the
Lead Market Maker,\9\ Market Maker \10\ or Appointed MM \11\ has
reached the Monthly Market Maker Cap \12\ as defined in Options 7,
Section 4, to: (1) a Lead Market Maker or Market Maker who is not under
Common Ownership \13\ or is not a party of an Affiliated Entity; \14\
or (2) an Order Flow Provider or ``OFP'' member or member organization
affiliate under Common Ownership; or (3) an Appointed OFP \15\ of an
Affiliated Entity.
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\9\ The term ``Lead Market Maker'' applies to transactions for
the account of a Lead Market Maker (as defined in Options 2, Section
12(a)). A Lead Market Maker is an Exchange member who is registered
as an options Lead Market Maker pursuant to Options 2, Section
12(a). An options Lead Market Maker includes a Remote Lead Market
Maker which is defined as an options Lead Market Maker in one or
more classes that does not have a physical presence on an Exchange
floor and is approved by the Exchange pursuant to Options 2, Section
11. See Options 7, Section 1(c).
\10\ The term ``Market Maker'' is defined in Options 1, Section
1(b)(28) as a member of the Exchange who is registered as an options
Market Maker pursuant to Options 2, Section 12(a). A Market Maker
includes SQTs and RSQTs as well as Floor Market Makers. The term
``Streaming Quote Trader'' or ``SQT'' is defined in Options 1,
Section 1(b)(55) as a Market Maker who has received permission from
the Exchange to generate and submit option quotations electronically
in options to which such SQT is assigned. The term ``Remote
Streaming Quote Trader'' or ``RSQT'' is defined in Options 1,
Section 1(b)(49) as a Market Maker that is a member affiliated with
an RSQTO with no physical trading floor presence who has received
permission from the Exchange to generate and submit option
quotations electronically in options to which such RSQT has been
assigned. A Remote Streaming Quote Trader Organization or ``RSQTO,''
which may also be referred to as a Remote Market Making Organization
(``RMO''), is a member organization in good standing that satisfies
the RSQTO readiness requirements in Options 2, Section 1(a). See
Options 7, Section 1(c).
\11\ The term ``Appointed MM'' is a Phlx Market Maker or Lead
Market Maker who has been appointed by an Order Flow Provider
(``OFP'') for purposes of qualifying as an Affiliated Entity. An OFP
is a member or member organization that submits orders, as agent or
principal, to the Exchange. See Options 7, Section 1(d).
\12\ Lead Market Makers and Market Makers are subject to a
``Monthly Market Maker Cap'' of $650,000 for: (i) electronic Option
Transaction Charges, excluding surcharges and excluding options
overlying broad-based index options symbols listed within Options 7,
Section 5.A; and (ii) QCC Transaction Fees (as defined in Exchange
Options 3, Section 12 and Floor QCC Orders, as defined in Options 8,
Section 30(e)). See Options 7, Section 4.
\13\ The term ``Common Ownership'' shall mean members or member
organizations under 75% common ownership or control. See Options 7,
Section 1(c).
\14\ The term ``Affiliated Entity'' is a relationship between an
Appointed MM and an Appointed OFP for purposes of qualifying for
certain pricing specified in the Pricing Schedule. Market Makers or
Lead Market Makers, and OFPs are required to send an email to the
Exchange to appoint their counterpart, at least 3 business days
prior to the last day of the month to qualify for the next month.
The Exchange will acknowledge receipt of the emails and specify the
date the Affiliated Entity is eligible for applicable pricing, as
specified in the Pricing Schedule. Each Affiliated Entity
relationship will commence on the 1st of a month and may not be
terminated prior to the end of any month. An Affiliated Entity
relationship will automatically renew each month until or unless
either party terminates earlier in writing by sending an email to
the Exchange at least 3 business days prior to the last day of the
month to terminate for the next month. Members and member
organizations under Common Ownership may not qualify as a
counterparty comprising an Affiliated Entity. Each member or member
organization may qualify for only one (1) Affiliated Entity
relationship at any given time. See Options 7, Section 1(d).
\15\ The term ``Appointed OFP'' is an OFP who has been appointed
by a Phlx Market Maker or Lead Market Maker for purposes of
qualifying as an Affiliated Entity. See Options 7, Section 1(d).
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Currently, under note ``#'', the Exchange pays a $0.04 per contract
Category C rebate and a $0.02 per contract Category D rebate in
addition to the applicable Tier 2, 3, 4 and 5 rebates to members or
member organizations or member or member organization affiliated under
Common Ownership provided the member or member organization qualified
for any Market Access and Routing Subsidy (``MARS'') Payments in
Options 7, Section 6, Part E. In the event that a member or member
organization has qualified for the rebates under both note * and note #
in a given month, the Exchange will only pay the higher of the two
rebates.
Currently, note ``&'' provides that the Exchange will pay the
applicable Tier 2 rebates to qualifying members or member
organizations, qualifying affiliates under Common Ownership, or
qualifying Affiliated Entities, provided they: (1) execute a Percentage
Threshold of National Customer Volume in Multiply-Listed Equity and ETF
Options Classes, excluding SPY Options (monthly), of above 0.25%; (2)
reach the Monthly Firm Fee Cap as defined in Options 7, Section 4; and
(3) meet the MARS System Eligibility requirements as provided in
Options 7, Section 6, Part E.
Currently, note ``**'' provides that the Exchange will pay the Tier
5 rebates to qualifying members or member organizations, qualifying
affiliates under Common Ownership, or qualifying Affiliated Entities,
provided their electronically-delivered and executed Non-Penny Customer
simple volume (including Simple PIXL Orders) and Penny and Non-Penny
Customer complex volume (including Complex PIXL Orders), combined,
represents more than 0.50% of all cleared customer volume at OCC in
Multiply Listed Equity Options and Exchange-Traded Products. Members or
member organizations, affiliates under Common Ownership, or Affiliated
Entities who would otherwise qualify for Tier 5, but who fail to meet
this volume
[[Page 20202]]
requirement, will instead be paid rebates according to the Tier 4
schedule.
2. Proposed Changes
The Exchange proposes to amend the Customer Rebate Program at
Options 7, Section 2, to modify the Percentage Thresholds of National
Customer Volume in Multiply-Listed Equity and ETF Options Classes,
excluding SPY Options (Monthly) (``Percentage Thresholds'') to qualify
for Tier 4 and Tier 5.
The Exchange proposes to amend the Tier 4 Percentage Thresholds
from above 2.00%-2.50% to above 2.00%-2.75%.
The Exchange proposes to amend the Tier 5 Percentage Thresholds
from above 2.50% to above 2.75%.
The Exchange believes that the proposed amendments to the Customer
Rebate Program will encourage members and member organizations to send
a greater amount of order flow to PHLX to earn additional rebates. All
members and member organizations would have the opportunity to interact
with such increased order flow.
B. Marketing Program
The Exchange proposes to amend the Pricing Schedule at Options 7,
Section 4 (Multiply Listed Options Fees).
1. Current Status
The Exchange administers a Marketing Program.\16\ Under this
program, Marketing Fees are assessed on transactions resulting from
Customer orders and are available to be disbursed by the Exchange
according to the instructions of the Lead Market Maker units/Lead
Market Makers or Directed Market Makers \17\ to order flow providers
who are members or member organizations, who submit, as agent, Customer
orders to the Exchange or non-members or non-member organizations who
submit, as agent, Customer orders to the Exchange through a member or
member organization who is acting as agent for those Customer
orders.\18\
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\16\ See Options 7, Section 4.
\17\ A Directed Market Maker is a Market Maker who has received
a ``Directed Order''--meaning, an order to buy or sell which has
been directed to that particular Market Maker. See Options 2,
Section 10(a)(i)(A).
\18\ See Options 7, Section 4.
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The Marketing Fees are assessed on trades resulting from either
Directed or non-Directed Orders that are delivered electronically and
executed on the Exchange.\19\ The Marketing Fees are assessed on Lead
Market Makers, Market Makers and Directed Market Makers on those trades
when the Lead Market Maker unit or Directed Market Maker elects to
participate in the Marketing Program.\20\
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\19\ See id.
\20\ See id.
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Currently, no Marketing Fee is assessed on the contra side order
that executes against the originating order in an Exposure Complex
Auction.\21\
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\21\ See Options 3, Section 14, Supplementary Material .01. An
Exposure Complex Order is an order that will be exposed upon entry
as provided in Options 3, Section 14, Supplementary Material .01, if
eligible, or entered on the Complex Order Book if not eligible. Any
unexecuted balance of an Exposure Complex Order remaining upon the
completion of the exposure process will be entered on the Complex
Order Book. See Options 3, Section 14(b)(13).
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2. Proposed Changes
The Exchange proposes to amend the Marketing Program at Options 7,
Section 4, to eliminate the exemption from the Marketing Fee for the
contra side order that executes against the originating order in an
Exposure Complex Auction. In other words, the contra side order that
executes against the originating order in an Exposure Complex Auction
would be subject to the pricing available to all other Complex orders,
including any applicable Marketing Fees.\22\
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\22\ Because Exposure Complex Auctions are initiated by Complex
Orders entered on the Complex Order book, they are assessed the
pricing applicable to all other Complex Orders executed on the
complex order book. See Securities Exchange Act No. 104031 (Sept.
24, 2025), 90 FR 46682, 46685 (Sept. 29, 2025) (File No. SR-PHLX-
2025-48) (``Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice
of Filing and Immediate Effectiveness of Proposed Rule Change To
Establish Pricing for New Functionality'').
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The Exchange had introduced the Marketing Fee exemption on the
contra side order that executes against the originating order in an
Exposure Complex Auction as an effort to attract additional Customer
order flow to the Exchange. As the Exchange has not seen the results it
expected from this incentive, the Exchange now proposes to discontinue
this exemption and resume assessing Marketing Fees, as applicable, on
both the originating order and the contra side order of an execution
that results from an Exposure Complex Auction.
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 persons using any
facility, and is not designed to permit unfair discrimination between
customers, issuers, brokers, or dealers.
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\23\ 15 U.S.C. 78f(b).
\24\ 15 U.S.C. 78f(b)(4) and (5).
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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, while adopting a series of steps to improve the current market
model, 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.'' \25\
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\25\ Securities Exchange Act Release No. 51808 (June 9, 2005),
70 FR 37496, 37499 (June 29, 2005).
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Likewise, in NetCoalition v. Securities and Exchange Commission
\26\ (``NetCoalition'') the D.C. Circuit upheld the Commission's use of
a market-based approach in evaluating the fairness of market data fees
against a challenge claiming that Congress mandated a cost-based
approach.\27\ As the court emphasized, the Commission ``intended in
Regulation NMS that `market forces, rather than regulatory
requirements' play a role in determining the market data . . . to be
made available to investors and at what cost.'' \28\
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\26\ NetCoalition v. SEC, 615 F.3d 525 (D.C. Cir. 2010).
\27\ See NetCoalition, at 534-535.
\28\ Id. at 537.
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Further, ``[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-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'. . . .'' \29\ Although the court and
the SEC were discussing the cash equities markets, the Exchange
believes that these views apply with equal force to the options
markets.
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\29\ Id. at 539 (quoting Securities Exchange Act Release No.
59039 (Dec. 2, 2008), 73 FR 74770, 74782-83 (Dec. 9, 2008) (File No.
SR-NYSEArca-2006-21)).
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The proposed amended fees and rebates are equitable and not
unfairly discriminatory because the Exchange would uniformly apply the
new fees and rebates to any member or member organization who meets the
criteria for the new fees and rebates.
[[Page 20203]]
The Exchange's proposal to make modifications to the Customer
Rebate Program to attract more Customer order flow is equitable and not
unfairly discriminatory because Customer liquidity benefits all market
participants by providing more trading opportunities, which attracts
market makers. An increase in the activity of market makers--
particularly in response to pricing--facilitates tighter spreads, which
may cause an additional corresponding increase in order flow from other
market participants. Such developments would benefit of all market
participants.
Finally, the proposed discontinuation of the exemption on Marketing
Fees on the contra side order that executes against the originating
order in an Exposure Complex Auction is reasonable, as well as
equitable and not unfairly discriminatory, because it would, once
again, treat both the originating and the contra side order of an
Exposure Complex Auction equally, by assessing both orders the
applicable Marketing Fee.
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.
Inter-Market Competition
The proposal does not impose an undue burden on inter-market
competition that is not necessary or appropriate in furtherance of the
purposes of the Act. The Exchange believes its proposal remains
competitive with other options markets and will offer market
participants with another choice of where 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. In such an environment,
the Exchange must continually adjust its fees to remain competitive
with other exchanges. 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.
Intra-Market Competition
The Exchange's proposal to make modifications to the Customer
Rebate Program would not impose an undue burden on intra-market
competition that is not necessary or appropriate in furtherance of the
purposes of the Act. First, the Customer Rebate Program will continue
to be available to all eligible Customers. Second, the Exchange
believes that the changes to the Customer Rebate Program should help
attract more Customer liquidity to the Exchange, which would benefit
all market participants by providing more trading opportunities and by
attracting more market makers. An increase in the activity of these
market participants--particularly in response to pricing--facilitates
tighter spreads. This may cause an additional corresponding increase in
order flow from other market participants, which would be to the
benefit of all market participants.
The Exchange's proposed discontinuation of the exemption on
Marketing Fees on the contra side order that executes against the
originating order in an Exposure Complex Auction, would not impose an
undue burden on intra-market competition that is not necessary or
appropriate in furtherance of the purposes of the Act, because the
Exchange would uniformly apply the revised Marketing Fees to all
qualifying PHLX members and member organizations. Specifically, the
Exchange's proposal would, once again, treat both the originating and
the contra side orders in an Exposure Complex Auction the same way, as
both orders would be subject to the applicable Marketing Fee.
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.\30\
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\30\ 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#245651484109474b4949414a5057645741470a434b52"><span class="__cf_email__" data-cfemail="6c1e190009410f0301010902181f2c1f090f420b031a">[email protected]</span></a>. Please include
file number SR-PHLX-2026-18 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-2026-18. 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-2026-18 and should be submitted on
or before May 6, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\31\
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\31\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-07264 Filed 4-14-26; 8:45 am]
BILLING CODE 8011-01-P
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