Self-Regulatory Organizations; Nasdaq GEMX, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Delay the Implementation of SR-GEMX-2026-15

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<title>Federal Register, Volume 91 Issue 166 (Friday, August 28, 2026)</title>
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[Federal Register Volume 91, Number 166 (Friday, August 28, 2026)]
[Notices]
[Pages 55655-55656]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-17554]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-106184; File No. SR-GEMX-2026-31]


Self-Regulatory Organizations; Nasdaq GEMX, LLC; Notice of Filing 
and Immediate Effectiveness of Proposed Rule Change To Delay the 
Implementation of SR-GEMX-2026-15

August 25, 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 August 24, 2026, Nasdaq GEMX, LLC (``GEMX'' 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 implementation date of the rule 
change made by SR-GEMX-2026-15.\3\
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    \3\ See Securities Exchange Act Release No. 105265 (April 17, 
2026), 91 FR 21537 (April 22, 2026) (SR-GEMX-2026-15) (Notice of 
Filing and Immediate Effectiveness of Proposed Rule Change To Amend 
Various Auction Mechanism) (``SR-GEMX-2026-15'').
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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 Exchange proposes to delay the implementation of SR-GEMX-2026-
15 which amends Supplementary Material .01 and .03 to Options 3, 
Section 11 (Auction Mechanisms), Supplementary Material .06 to Options 
3, Section 13 (Price Improvement Mechanism for Crossing Transactions) 
to permit orders by Members in a Facilitation Mechanism, a SOM, and a 
PIM to trade against Agency Orders for the accounts of Market Makers 
assigned to the options class.
    SR-GEMX-2026-15 stated that the Exchange would implement the 
proposed changes on or before Q3 2026, and that it would issue an 
Options Trader Alert indicating the date the changes will be 
implemented. The Exchange now proposes to amend the implementation date 
to on or before November 10, 2026 to provide additional time to 
complete implementation of the changes. The Exchange requires a few 
additional weeks to complete the technology development and testing. 
The Exchange will issue an Options Trader Alert to Members announcing 
the specific implementation date in advance of implementation.
    The Exchange does not propose any substantive changes to SR-GEMX-
2026-15.
2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section 
6(b) of the Act,\4\ in general, and furthers the objectives of Section 
6(b)(5) of the Act,\5\ in particular, 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.
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    \4\ 15 U.S.C. 78f(b).
    \5\ 15 U.S.C. 78f(b)(5).
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    Extending the implementation date for SR-GEMX-2026-15 from ``on or 
before Q3 2026'' to ``on or before November 10, 2026'' is consistent 
with the protection of investors and the public interest because it 
will provide the Exchange with the additional time necessary to 
complete the technology development and testing. This will ensure that 
the Exchange has sufficient time to implement the changes in an orderly 
manner, thereby protecting investors and promoting the maintenance of 
fair and orderly markets.
    The Exchange does not propose any substantive changes to SR-GEMX-
2026-15. The proposal only extends the outside date by which the 
Exchange must implement those changes. The Exchange will issue an 
Options Trader Alert to Members announcing the specific implementation 
date in advance of implementation.

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will 
impose any burden on competition not necessary or appropriate in 
furtherance of the purposes of the Act. The proposed rule change is not 
intended to address competitive issues but, rather, is intended solely 
to extend the implementation date of SR-GEMX-2026-15. The extended 
implementation date does not impose any burden on intra-market 
competition because it will apply uniformly to all Members. The 
proposed rule change does not impose any burden on inter-market 
competition because it does not alter the substance of the rule change.

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

    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; and (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

[[Page 55656]]

19(b)(3)(A)(iii) of the Act \6\ and subparagraph (f)(6) of Rule 19b-4 
thereunder.\7\
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    \6\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \7\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) 
requires a self-regulatory organization to give the Commission 
written notice of its intent to file 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 Commission deems this requirement to have been met.
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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 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#4331362f266e202c2e2e262d3730033026206d242c35"><span class="__cf_email__" data-cfemail="5d2f283138703e3230303833292e1d2e383e733a322b">[email&#160;protected]</span></a>. Please include 
file number SR-GEMX-2026-31 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-GEMX-2026-31. 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-GEMX-2026-31 and should be submitted on 
or before September 18, 2026.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\8\
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    \8\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-17554 Filed 8-27-26; 8:45 am]
BILLING CODE 8011-01-P


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