Notice2026-18662
Self-Regulatory Organizations; MEMX LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Rules To Permit Trading 23 Hours per Day, Five Days per Week
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
September 14, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 176 (Monday, September 14, 2026)</title>
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[Federal Register Volume 91, Number 176 (Monday, September 14, 2026)]
[Notices]
[Pages 58185-58193]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-18662]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-106310; File No. SR-MEMX-2026-28]
Self-Regulatory Organizations; MEMX LLC; Notice of Filing and
Immediate Effectiveness of a Proposed Rule Change To Amend Its Rules To
Permit Trading 23 Hours per Day, Five Days per Week
September 9, 2026.
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 28, 2026, 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 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 amend its rules to permit the trading of equity securities and UTP
Exchange Traded Products on the Exchange 23 hours per day, five days
per week. 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
[[Page 58186]]
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 amend its rules to permit the trading of
equity securities and UTP Exchange Traded Products on the Exchange 23
hours per day, five days per week (``23x5 Trading''). The proposal is
based substantially on a proposal submitted by Cboe EDGX Exchange, Inc.
(``EDGX'') that was recently approved by the Commission.\5\ Further,
the Commission has approved other exchanges to offer 23x5 Trading,
although none have begun to do so.\6\
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\5\ See Securities Exchange Act Release No. 105587 (May 29,
2026); 91 FR 33238 (June 3, 2026) (SR-CboeEDGX-2026-19) (Notice of
Filing of Amendment No. 1 and Order Granting Accelerated Approval of
a Proposed Rule Change, as Amended by Amendment No. 1, To Extend the
Exchange's Trading Hours to 23 Hours per Day, Five Days per Week)
(``EDGX Approval Order''). While certain of the Exchange's rules
differ due to the Exchange's lack of order queuing functionality,
order types and modifiers, and the Exchange's lack of a formal
opening process like EDGX, the basis for the proposal is materially
similar, and the specific sessions offered under this proposal are
identical to EDGX. As such, this filing does not raise any novel or
unique issues not previously considered by the Commission.
\6\ See Securities Exchange Act Release No. 105532 (May 21,
2026); 91 FR 31509 (May 27, 2026) (SR-NYSEArca-2026-53) (Notice of
Filing of Filing and Immediate Effectiveness of Proposed Rule Change
To Amend Temporary Rule 7.34-E(T) To Provide for an Overnight
Trading Session and To Amend the Hours for the Exchange's Early
Trading Session and the Late Trading Session, and To Make
Corresponding Changes to Other Rules); Securities Exchange Act
Release No. 890235 [sic] (November 27, 2024); 89 FR 97072 [sic]
(Order Approving Application of 24X National Exchange, LLC for
registration as a national securities exchange and to trade 23 hours
per day, 5 days per week) (``24X Approval Order''); Securities
Exchange Act Release No. 105199 (April 10, 2026); 91 FR 20222 (April
15, 2026) (SR-Nasdaq-2025-109) (Notice of Filing of Amendment Nos. 2
and 3 and Order Granting Accelerated Approval of a Proposed Rule
Change, as Amended by Amendment Nos 2 and 3, To Extend the
Exchanges' Trading Hours to 23 Hours a Day, Five Days a Week)
(``Nasdaq Approval Order'').
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Background
The latest change to impact the markets is rising investor interest
in trading U.S. equities during overnight hours, especially among
investors located outside of the United States. To align MEMX with
emerging investor interest in trading outside of traditional U.S.
Market hours, the Exchange proposes to extend its hours for trading to
23 hours per day, 5 days per week. The Exchange believes that 23x5
Trading will benefit investors and the national market system by
increasing market accessibility, promoting capital formation, and
facilitating portfolio management.
Currently, Users \7\ may enter orders into the System \8\ from 4:00
a.m. to 8:00 p.m. Eastern Time (``ET'').\9\ The Exchange offers three
trading sessions on each day it is open for trading: (1) the Pre-Market
Session \10\ (4:00 a.m. to 9:30 a.m.); (2) Regular Trading Hours \11\
(9:30 a.m. to 4:00 p.m.); and (3) the Post-Market Session \12\ (4:00
p.m. to 8:00 p.m.). During each session, orders may be entered,
executed, or routed away.\13\ The Exchange does not offer queueing
functionality, and as such, it does not accept orders prior to any
trading session, however, it only accepts certain order types during
specific sessions. For example, Market Orders \14\ are only eligible
for execution by the System during the Market Session,\15\ and not
during the Pre-Market or Post-Market Sessions.
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\7\ The term ``User'' shall mean any Member or Sponsored
Participant who is authorized to obtain access to the System
pursuant to Rule 11.3[sic] See Rule 1.5(jj).
\8\ The term ``System'' shall mean the electronic communications
and trading facility designated by the Board through which
securities orders of Users are consolidated for ranking, execution
and, when applicable, routing. See Rule 1.5(gg).
\9\ See Rule 11.1(a). All times stated herein are in ET.
\10\ See Rule 1.5(x).
\11\ See Rule 1.5(bb). ``Regular Trading Hours'' is also
referred to in the Exchange's rules as the ``Market Session'' which
is defined in Rule 1.5(o).
\12\ See Rule 1.5(w).
\13\ See Rule 11.1(a).
\14\ ``Market Orders'' are orders to buy or sell a stated amount
of a security that is to be executed at the NBBO or better when the
order reaches the Exchange. See Rule 11.8(a).
\15\ See Rule 11.8(a)(4).
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To accommodate 23x5 Trading, the Exchange proposes to introduce a
new Overnight Trading Session, along with conforming amendments to its
session-specific order handling rules, as described below.
Proposal
The Exchange proposes to amend its rules to enable 23x5 Trading by
adopting a new Overnight Trading Session.
Definitions
The Exchange proposes to amend and adopt certain definitions
provided in Exchange Rule 1.5.
First, the Exchange proposes to adopt the new defined term,
``Overnight Trading Session.'' As proposed, the Overnight Trading
Session shall mean the time between 9:00 p.m. on any night preceding a
business day \16\ and 4:00 a.m. on the following calendar day. Rather
than defining the Overnight Trading Session by reference to specific
calendar days of the week (e.g., Sunday through Thursday), the proposed
definition is anchored to the concept of a ``night preceding a business
day.'' This approach provides that the Overnight Trading Session is
triggered by the existence of an upcoming trading day rather than by
enumeration of calendar days, providing a more durable and flexible
framework that accommodates changes to the Exchange's trading calendar
(including holidays and other non-business days) without requiring
conforming amendments to the session definition itself. For example,
when a holiday falls on a Monday, there is no night preceding a
business day on the prior Sunday and therefore no Overnight Trading
Session will commence that Sunday evening, consistent with the
Exchange's proposed holiday schedule under Rule 11.1(b). As discussed
further below under ``Contingency on Industry Readiness,'' the Exchange
shall not commence operation of the Overnight Trading Session until
specified Equity Data Plan readiness conditions have been satisfied.
The proposed term would provide ``Overnight Trading Session'' shall
mean the time between 9:00 p.m. on any night preceding a business day,
as provided in Rule 11.1(b), and 4:00 a.m. Eastern Time on the
following calendar day. For the avoidance of doubt, notwithstanding
anything to the contrary in these Rules, the Exchange shall not
commence operation of the Overnight Trading Session unless the Equity
Data Plans (1) have established a mechanism to collect, consolidate,
process and disseminate quotation and transaction information at all
times during the Overnight Trading Session that is equivalent to the
mechanism established for Exchange trading hours during Regular Trading
Hours, and (2) have provided the Exchange with notification that they
are prepared to collect, consolidate, process and disseminate quotation
and transaction information to accommodate the Overnight Trading
Session. Prior to commencing operation during the
[[Page 58187]]
Overnight Trading Session, the Exchange will file a proposed rule
change pursuant to Section 19(b) of the Exchange Act and the rules
thereunder to amend its rules confirming that the Exchange is able to
comply with its obligations under the Exchange Act and the rules
thereunder during the Overnight Trading Session and that such Equity
Data Plans are prepared to collect, consolidate, process and
disseminate quotation and transaction information at all times during
the Overnight Trading Session (``Overnight Trading Session Proposed
Rule Change''). If the Overnight Trading Session Proposed Rule Change
is not filed within 18 months of the effectiveness of this proposed
rule change, the Exchange will promptly file a proposed rule change to
remove the rules that apply to the Overnight Trading Session.
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\16\ See proposed Rule 11.1(b). A business day is any day the
Exchange is open for trading, which includes any Monday, Tuesday,
Wednesday, Thursday, and Friday, other than a holiday.
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Second, proposed Rule 1.5(i) would define ``Equity Data Plans'' to
mean the effective national market system plan(s) governing the
collection, consolidation, processing, and dissemination of
consolidated equity market data via the exclusive securities
information processors (``SIPs''), including: (1) the Consolidated Tape
Association Plan (``CTA Plan''); (2) the Consolidated Quotation Plan
(``CQ Plan''); (3) the Joint Self-Regulatory Organization Plan
Governing the Collection, Consolidation and Dissemination of Quotation
and Transaction Information for Nasdaq-Listed Securities Traded on
Exchanges on an Unlisted Trading Privileges Basis (``UTP Plan''); (4)
the CT Plan established by the Limited Liability Company Agreement of
CT Plan LLC; and (5) any successor to the named Plan(s).
Trading Rules
The Exchange proposes to amend Rules 11.1 (Hours of Trading and
Trading Days), 11.6 (Definitions), 11.8 (Order Types and Modifiers),
11.10 (Order Execution), 11.15 (Clearly Erroneous Executions), 11.22
(Limit Up-Limit Down Plan and Trading Halts on the Exchange), and to
adopt Rule 11.24 (Weekday Trading Pauses) to reflect necessary updates
to provide for 23x5 trading functionality.
a. Rule 11.1--Hours of Trading and Trading Days
The Exchange proposes to amend Rule 11.1(a) to add reference to the
Overnight Trading Session, and to adopt Rule 11.1(a)(1) to establish
session eligibility framework to accommodate 23x5 Trading. Under
current Rule 11.1(a), orders may be entered, canceled, modified,
executed on, or routed away from the Exchange during the Pre-Market
Session, the Market Session,\17\ and the Post-Market Session. The
current rule also provides that all orders are eligible for execution
during the Market Session, and that orders may be entered into the
System during Exchange Operating Hours (from 4:00 a.m. until 8:00 p.m.
Eastern Time).
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\17\ See supra note 11.
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The Exchange proposes to add the Overnight Trading Session to the
list of sessions in which orders may be entered, canceled, modified,
executed on or routed away from the Exchange, and indicate that orders
may be entered into the System starting at 9:00 p.m. Eastern Time on
any day preceding a business day, as provided in Rule 11.1(b), until
8:00 p.m. Eastern Time on the same trading day.\18\
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\18\ A ``trading day'' refers to the 23-hour period commencing
at 9:00 p.m. ET on one calendar day and ending at 8:00 p.m. ET on
the next calendar day for the period from Sunday at 9:00 p.m. ET
through Friday at 8:00 p.m. ET.
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Proposed Rule 11.1(a)(1) would provide that an order is eligible to
participate in the designated trading session(s) only and may remain in
effect for one or more consecutive trading sessions on a particular
day. An order designated for a session that has not yet begun or has
already ended will be rejected. An order entered without a trading
session designation will default to a Day \19\ order, making it
eligible to participate from the Overnight Trading Session through the
end of Regular Trading Hours.
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\19\ A ``Day'' order is defined under the proposed amended Rule
11.6(o)(2) as an instruction the User may attach to an order stating
that an order to buy or sell starting with the Overnight Trading
Session and, if not executed, expires at the end of Regular Trading
Hours.
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The Exchange also proposes to amend Rule 11.1(b) to define
``business day'' and to specify the days on which the Exchange will be
open for trading under the proposed 23x5 framework. A business day is
any day the Exchange is open for trading, which includes any Monday,
Tuesday, Wednesday, Thursday, and Friday, other than a holiday listed
below. The Exchange will not be open for business on the following
holidays: New Year's Day, Dr. Martin Luther King Jr. Day, Presidents'
Day, Good Friday, Memorial Day, Juneteenth National Independence Day,
Independence Day, Labor Day, Thanksgiving Day, and Christmas Day. When
a holiday falls on a Saturday, the Exchange will not be open for
business on the preceding Friday. When a holiday falls on a Sunday, the
Exchange will not be open for business on the following Monday, unless
otherwise indicated by the Exchange. On days when the Exchange closes
early (``Early Market Close''), Regular Trading Hours will be from 9:30
a.m. to 1:00 p.m. and the Post-Market Session will be from 1:00 p.m. to
5:00 p.m. Trading shall resume with the Overnight Trading Session on
any night preceding a business day. The Exchange also proposes to amend
Rule 11.1(b) to provide that the Exchange will be open for the
transaction of business on each business day, including the Overnight
Trading Session on the preceding calendar day.
Under the proposed 23x5 framework, the trading day will be
structured as follows. The Overnight Trading Session will run from 9:00
p.m. to 4:00 a.m., followed by the Pre-Market Session from 4:00 a.m. to
9:30 a.m., Regular Trading Hours from 9:30 a.m. to 4:00 p.m., and the
Post-Market Session from 4:00 p.m. to 8:00 p.m. Between 8:00 p.m. and
9:00 p.m. each weekday, the Exchange will pause trading to conduct
maintenance, testing, and processing of corporate actions (such as
mergers, stock splits, and dividends) that become effective the
following trading day.\20\ This pause also provides market participants
with time to process and clear trades before the start of a new trading
day. For dates on which the Exchange is not open for business under
Rule 11.1(b), the market closure will be effective at 8:00 p.m. on the
calendar day preceding the closure date. For Early Market Close
days,\21\ the closure will instead be effective at 5:00 p.m. on the
calendar day preceding the closure date. In either case, the Exchange
will re-open at 9:00 p.m. on the closure date, unless the closure date
is immediately followed by a non-business day, in which case the
Exchange will re-open at 9:00 p.m. on the day preceding the next
business day.
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\20\ As noted above, these trading sessions are identical to
those in the EDGX Approval Order, other than the titles given to the
Pre-Market and Post-Market Sessions, which are known as the Pre-
Opening and Post-Closing Sessions on EDGX.
\21\ Regular trading hours for days when the market closes early
are typically 9:30 a.m. to 1:00 p.m. See e.g., Thanksgiving Early
Close and Christmas Early Close at: <a href="https://info.memxtrading.com/market-hours-and-holiday-schedule/">https://info.memxtrading.com/market-hours-and-holiday-schedule/</a>[sic]
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b. Rule 11.6(o)--Time-In-Force ``TIF'' Instructions
The Exchange does not propose any changes to its existing TIF
instructions in connection with the Overnight Trading Session, with two
exceptions described below. The Exchange believes the existing TIF
framework otherwise accommodates the proposed 23x5 structure without
modification.
The Exchange proposes a conforming amendment to the Day order TIF
[[Page 58188]]
definition to permit acceptance of Day Orders during the Overnight
Trading Session. Under the current definition, a Day Order entered
``into the System before the opening for business on the Exchange as
determined pursuant to Rule 11.1, or after the closing of Regular
Trading Hours'' is rejected. Because the Overnight Trading Session
commences at 9:00 p.m. the current definition would, as written, result
in the rejection of Day Orders entered during the Overnight Trading
Session. This outcome is inconsistent with the proposed 23x5 framework,
under which Day Orders should be eligible for entry beginning at the
Overnight Trading Session and should remain eligible for execution
throughout the Overnight Trading Session, Pre-Market Session, and
Regular Trading Hours. Accordingly, the Exchange proposes to amend the
Day order TIF definition to provide that a Day Order entered during the
Overnight Trading Session will be accepted by the Exchange and, if not
executed, will expire at the end of Regular Trading Hours on the same
trading day. For added clarity, the Exchange also proposes to add that
any Day Order entered into the System during the Post-Market Session or
before the opening for business on the Exchange as determined pursuant
to Rule 11.1 will be rejected.
This amendment is limited to conforming the Day order definition to
the expanded order entry window introduced by the proposed 23x5
framework and does not alter any other aspect of the Day order TIF
instruction. For the avoidance of doubt, orders will expire on the
trading day for which they are entered; as described above, a trading
day is deemed to begin at 9:00 p.m. Eastern Time on the preceding
calendar day. As amended, a Day Order entered at 9:00 p.m. on a day
preceding a business day will remain eligible for execution throughout
the Overnight Trading Session, Pre-Market Session, and Regular Trading
Hours on that business day, expiring at 4:00 p.m. Eastern Time that
trading day.
Second, the Exchange is proposing a conforming amendment to the
definition of the TIF ``Good-'til Time (``GTT'') in order to permit
acceptance of GTT Orders during the Overnight Trading Session.
Currently, GTT is a TIF the User may attach to an order specifying the
time of day at which the order expires, which is designated for
execution starting with the Pre-Market Session. Any unexecuted portion
of an order with a TIF instruction of GTT will be cancelled at the
expiration of the User's specified time, which can be no later than the
close of the Post-Market Session. At this time, the Exchange proposes
to replace the reference to the ``Pre-Market Session'' with the
``Overnight Trading Session'', as the intent of the 23x5 framework is
to begin the business day with the Overnight Trading Session, rather
than the Pre-Market Session. This amendment is limited to conforming
the GTT order definition to the expanded order entry window introduced
by the proposed 23x5 framework and does not alter any other aspect of
the GTT order instruction.
c. Rule 11.8--Order Types
The Exchange proposes two conforming amendments to Rule 11.8 to add
reference to the Overnight Trading Session in the two order types that
currently specify session eligibility, Limit Orders \22\ and Pegged
Orders.\23\ Specifically, both of these order types are currently
eligible for execution during the Pre-Market Session, Market Session,
and Post-Market Session, and the Exchange proposes to add the Overnight
Trading Session to this list in order to ensure that those orders are
permitted in all offered sessions. However, the Exchange proposes
additional amendments with respect to Pegged Orders.
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\22\ See Rule 11.8(b).
\23\ See Rule 11.8(c).
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As noted previously, Pegged Orders are currently eligible for
execution during the Pre-Market Session, Market Session, and Post-
Market Session, and per Rule 11.6(h)(1) and (2), a User may, but is not
required to, include a limit price on Pegged Orders. The Exchange is
now proposing to amend Rule 11.8(c)(4) to require that any Pegged
Orders entered outside of Regular Trading Hours must be entered with a
limit price. Specifically, the Exchange's proposed text indicates all
Pegged Orders may be entered during the Market Session, and only Pegged
Orders with a limit price may be entered during the Overnight Trading
Session, Pre-Market Session, and the Post-Market Session.\24\ As a
result of this change, Pegged Orders entered without a limit price will
be rejected during the Overnight Trading Session, Pre-Market Session,
and Post-Market Session. The Exchange wishes to make this change given
that Pegged Orders without limit prices represent heightened execution
risk in extended hours sessions where liquidity conditions may differ
materially from those present during Regular Trading Hours and where
the NBBO may be wider or less reliable. Without a limit price to
constrain the execution price, a Pegged Order could execute at a price
that is disadvantageous to the submitting party in a manner that is
less likely to occur during Regular Trading Hours, due to the potential
lack of liquidity and less reliable NBBO. The Exchange notes that this
amendment is consistent with EDGX, where orders without a limit price
are similarly prevented from executing outside of Regular Trading
Hours.
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\24\ The Exchange is proposing to delete the word ``executed''
in this provision (Rule 11.8(c)(4)), and replace it with the word
``entered'' for the purpose of added clarity.
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d. Rule 11.10--Order Execution
The Exchange proposes a conforming amendment to Rule 11.10 to
reference the Overnight Trading Session in the provision governing
compliance with Regulation NMS. As amended, for any execution to occur
during the Overnight Trading Session, Pre-Market Session, or Post-
Market Session, the price must be equal to or better than the highest
bid or lowest offer in the MEMX Book or as disseminated by the
responsible single plan processor, unless the order is marked ISO or a
Protected Bid is crossing a Protected Offer. This amendment is non-
substantive and preserves the existing execution standard applicable
outside of Regular Trading Hours.
Additionally, to support 23x5 trading, the Exchange will offer
Members a risk control under Rule 11.10, Interpretation and Policy
.01(c) that would prohibit orders from executing during the Overnight
Trading Session. The Exchange plans to offer this new control as one of
the controls available to Members under this provision, which permits
the Exchange to offer ``controls related to the order types or
modifiers that can be utilized (including pre-market, post-market,
short sales and ISOs)''. Accordingly, the Exchange proposes to add the
word ``overnight'' to the parenthetical in Rule 11.10, Interpretation
and Policy .01(c).\25\
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\25\ The Exchange is also proposing a non-substantive amendment
to Rule 11.10, Interpretation and Policy .01(c) to correct a
typographical error, adding an inadvertently omitted hyphen in
``pre-market''.
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e. Rule 11.15--Clearly Erroneous Executions
The Exchange proposes conforming amendments to Rule 11.15 to add
references to the Overnight Trading Session throughout the clearly
erroneous execution framework. These amendments appear in the
provisions governing review of transactions occurring outside of
Regular Trading Hours, including the numerical guidelines table, the
Multi-Stock Event
[[Page 58189]]
provisions, the additional factors provision, the Outlier Transaction
provision, the Reference Price provision, and the Officer Acting On Own
Motion provision. In each case, the amendment adds ``Overnight Trading
Session'' alongside ``Pre-Market Session'' and ``Post-Market Session''
without altering the substantive standards or procedures applicable to
clearly erroneous execution reviews. The Exchange notes that the
numerical guidelines applicable to the Overnight Trading Session, Pre-
Market Session, and Post-Market Session will remain the same as those
currently applicable to the Pre-Market Session, and Post-Market
Session, reflecting the Exchange's view that the same heightened
thresholds appropriate for extended hours trading remain appropriate
for the Overnight Trading Session.
f. Rule 11.24--Weekday Trading Pause
The Exchange proposes to adopt new Rule 11.24 to govern the daily
trading pause that will occur between the close of the Post-Market
Session and the commencement of the Overnight Trading Session on each
weekday. As proposed, the Exchange will pause trading at the conclusion
of the Post-Market Session at 8:00 p.m. and resume trading with the
commencement of the Overnight Trading Session at 9:00 p.m. on the day
preceding the next business day. This one-hour pause is intended to
provide the Exchange with time to conduct necessary maintenance and
testing, and to process corporate actions, such as mergers, stock
splits, and dividends, that become effective the following trading day.
The pause also provides market participants with time to process
and clear trades before the start of a new trading day. Proposed Rule
11.24(a)(1) provides that all orders outstanding on the MEMX Book as of
8:00 p.m. at the end of the Post-Market Session will be cancelled. The
Exchange believes it is appropriate to cancel all resting orders at the
close of the Post-Market Session each weekday to ensure that orders are
not carried over into the next trading day without an explicit order
instruction by a Member. This approach provides Members with a clean
start to each trading day and reduces the risk of unintended executions
based on stale order instructions.
Proposed Rule 11.24(a)(2) provides that the Exchange will begin
accepting orders again at the commencement of the Overnight Trading
Session at 9:00 p.m. Eastern Time and continue until 8:00 p.m. the
following calendar day, provided the next calendar day is not a holiday
or a Friday. Proposed Rule 11.24(a)(2) also provides that trades
occurring at or after the commencement of the Overnight Trading Session
at 9:00 p.m. will be assigned a trade date of the following day,
reflecting that the Overnight Trading Session economically belongs to
the next trading day even though it commences the prior evening.
Unlisted Trading Privileges
The Exchange proposes conforming amendments to Rule 11.22 to insert
references to the Overnight Trading Session with the Pre-Market
Session. These amendments are non-substantive and are intended solely
to conform the unlisted trading privileges framework to the proposed
23x5 session structure by updating the applicable session nomenclature
and hours.
Risk Disclosures
The Exchange proposes to adopt new Rule 3.21(h) to establish
tailored customer disclosure obligations specific to the Overnight
Trading Session and Pre-Market Session. The existing customer
disclosure framework under Rule 3.21 requires Members to disclose the
material trading risks associated with extended hours trading prior to
accepting an order for execution in those sessions.\26\ The Exchange
believes that the unique characteristics of the Overnight Trading
Session and Pre-Market Session (including the hours during which they
operate, the market conditions that may be present, and the novel
nature of overnight exchange trading) warrant additional disclosures
beyond those currently required for other extended hours sessions.
Proposed Rule 3.21(h) sets forth seven categories of risks that Members
must disclose to customers in connection with trading during the
Overnight Trading Session and Pre-Market Session.
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\26\ The Exchange is proposing to make a minor, non-substantive
amendment to Rule 3.21 to change ``UTP Derivative Securities as
defined in Rule 14.1(c)'' to ``UTP Exchange Traded Products as
defined in Rule 1.5(kk)''.
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First, proposed Rule 3.21(h)(1) addresses the risk of trading
during hours in which primary listing markets may not be open. Unlike
the Post-Market Session, which occurs in close proximity to Regular
Trading Hours, the Overnight Trading Session and Pre-Market Session
operate during hours in which primary listing exchanges may not be
conducting their own trading, regulatory surveillance, or other
regulatory functions with respect to their listed securities. The
Exchange believes it is important that customers understand that the
regulatory infrastructure ordinarily provided by primary listing
exchanges may not be available during these sessions.
Second, proposed Rule 3.21(h)(2) addresses the risk that regulatory
protections available during the Overnight Trading Session and Pre-
Market Session may be more limited or different than those available
during Regular Trading Hours. For example, certain volatility control
mechanisms applicable to individual symbols and the broader equities
market may not be available during the Overnight Trading Session and
Pre-Market Session. The Exchange believes customers should be informed
of these potential gaps in regulatory protections before trading during
these sessions.
Third, proposed Rule 3.21(h)(3) addresses the risk arising from
limited trading alternatives during the Overnight Trading Session and
Pre-Market Session. Because the Exchange may be the only exchange
trading certain securities during these hours, customers may face
greater exposure to losses in the event of systems failures or other
operational issues on the Exchange, as alternative execution venues may
not be available.
Fourth, proposed Rule 3.21(h)(4) addresses the risks associated
with near- continuous trading under the 23x5 framework. With the
implementation of the Overnight Trading Session, trading on the
Exchange will occur on a near-continuous basis throughout the week,
with only limited breaks. This structure may present heightened risks
related to system maintenance and testing, as well as the pausing and
resumption of trading, as there will be fewer extended breaks during
which such activities can be conducted without impacting market
participants.
Fifth, proposed Rule 3.21(h)(5) addresses the risk of trading
during hours in which financial market infrastructure companies are
closed. Certain important financial market infrastructure providers,
including other markets, banks, Fedwire Funds Service, and certain
other providers of settlement services, may be closed during the
Overnight Trading Session and Pre-Market Session. Trading during hours
in which the relevant clearing agency and other settlement service
providers are closed may result in an increased passage of time between
the execution of a transaction and its final settlement, which may
expose customers to additional counterparty and settlement risk.
Sixth, proposed Rule 3.21(h)(6) addresses the risk arising from the
novel nature of overnight exchange trading. Exchange-facilitated
trading during overnight hours is a relatively new
[[Page 58190]]
development in the U.S. equities market, and as such, the Overnight
Trading Session may present unforeseen risks that are not yet fully
understood or anticipated. The Exchange believes it is appropriate to
specifically call out the novelty of the Overnight Trading Session so
that customers can make informed decisions about whether overnight
trading is appropriate for them.
Seventh, proposed Rule 3.21(h)(7) provides a general catch-all
disclosure acknowledging that the Overnight Trading Session and Pre-
Market Session may present additional unforeseen risks beyond those
specifically enumerated in proposed Rule 3.21(h)(1) through (6). The
Exchange believes this provision is appropriate given the evolving
nature of extended hours trading and the potential for market
conditions or operational circumstances that cannot be fully
anticipated at this time.
The Exchange believes that the proposed disclosures under Rule
3.21(h) are necessary and appropriate to ensure that customers are
fully informed of the unique risks presented by the Overnight Trading
Session and Pre-Market Session prior to participating in trading during
those hours. The proposed disclosures are consistent with the customer
protection principles underlying the existing Rule 3.21 framework and
reflect the Exchange's commitment to investor protection in connection
with the expansion of its trading hours under the proposed 23x5
framework.
Protections
The implementation of 23x5 Trading represents an extension of
trading hours rather than a fundamental restructuring of Exchange
operations or rules. With the exception of the specific amendments
discussed above, the Exchange's operational processes, rule text, and
surveillance programs will continue to apply in the same manner as they
do today. The following MEMX rules and system features will remain
unchanged and will apply in full during the Overnight Trading Session:
Order Types and Order Execution; Membership Rules and Rules of Fair
Practice; Market Maker Obligations and Priority of Orders; Trading
Practice Rules and Disciplinary Rules and Enforcement; Clearly
Erroneous Execution Protections; and Risk Settings.
With respect to trading halts, the Exchange's existing halt rules
will apply during the Overnight Trading Session. Consistent with
current practice during other extended hours sessions, the Exchange
will halt trading in a security during the Overnight Trading Session to
the extent required to follow a halt imposed by the primary listing
exchange for that security. To the extent a security is subject to a
regulatory halt, news dissemination halt, or other trading pause
imposed by the primary listing exchange or a national securities
regulator, the Exchange will halt trading in that security consistent
with applicable rules and regulatory requirements.
The Exchange's clearly erroneous execution rules under Rule 11.15
will apply in full during the Overnight Trading Session, as they
currently apply during the Pre-Market Session and other extended hours
sessions. No substantive changes to those rules are proposed in
connection with this filing. As such, the Exchange's Clearly Erroneous
rules will continue to mirror those adopted by each national security
exchange and will continue to ensure that there are consistent
standards across each exchange for breaking trades, and continuing to
promote the orderly and efficient operation of the equities markets.
The Exchange's existing surveillance programs and compliance
infrastructure will likewise apply fully to trading in the Overnight
Trading Session. The Exchange currently operates a comprehensive
regulatory program applicable to the Pre-Market Session, Regular
Trading Hours, and Post-Market Session, encompassing a suite of
automated trade surveillance tools, routine Member examinations, and an
exam-based regulatory program. This regulatory program will extend to
the Overnight Trading Session without modification, ensuring that
Members trading during overnight hours are subject to the same level of
oversight applicable to trading in other sessions. Similarly, the
Exchange's existing risk settings and controls (including single order
price and size protections and other fat finger safeguards) will remain
available and operative during the Overnight Trading Session. The
Exchange believes that these existing protections, taken together,
provide a robust framework for managing risk during overnight trading
that is consistent with the protections available during other extended
hours sessions.
Contingency on Industry Readiness
As noted above, the Exchange will not implement its proposed rule
changes or commence operation of the Overnight Trading Session until
the Equity Data Plan readiness conditions set forth in proposed Rule
1.5(i) have been satisfied. Prior to commencing operation of the
Overnight Trading Session, the Exchange will file a proposed rule
change pursuant to Section 19(b) of the Exchange Act and the rules
thereunder confirming that: (i) the Exchange is able to comply with its
obligations under the Exchange Act and the rules thereunder during the
Overnight Trading Session; and (ii) the Equity Data Plans are prepared
to collect, consolidate, process, and disseminate quotation and
transaction information at all times during the Overnight Trading
Session. Upon satisfaction of the foregoing conditions, the Exchange
will announce via Trader Alert the implementation date for its proposed
rule changes and the go-live date for 23x5 Trading. If the Overnight
Trading Session Proposed Rule Change is not filed within 18 months of
the effectiveness of this proposed rule change, the Exchange will
promptly file a proposed rule change to remove the rules applicable to
the Overnight Trading Session.
Impact on Fees
Any impact of the Exchange's 23x5 proposal on its fee schedule will
be addressed in a subsequent fee filing.
2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Securities Exchange Act of 1934 (the ``Act'') and the rules and
regulations thereunder applicable to the Exchange and, in particular,
the requirements of Section 6(b) of the Act.\27\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \28\ 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.
---------------------------------------------------------------------------
\27\ 15 U.S.C. 78f(b).
\28\ 15 U.S.C. 78f(b)(5).
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23x5 Trading Framework
The Exchange believes the proposed rule change is consistent with
the Act because it would remove impediments to and perfect the
mechanism of a free and open market and a national market system by
providing a rules framework to support 23x5 Trading. As described
above, the Exchange believes that 23x5 Trading will benefit investors
and the national market system by increasing market accessibility,
promoting capital
[[Page 58191]]
formation, and facilitating portfolio management, including for the
growing number of retail investors outside of the United States whose
local business hours do not coincide with U.S. Regular Trading Hours.
The Exchange further believes the proposal is consistent with the
Act because the proposed Overnight Trading Session will operate in
substantially the same manner as the Exchange's existing extended hours
sessions. All order types, execution processes, membership rules,
market maker obligations, priority rules, disciplinary rules, clearly
erroneous execution protections, risk settings, and fat finger
safeguards applicable to the Exchange's existing sessions will continue
to apply in full during the Overnight Trading Session. The Exchange
believes that applying its existing operational and regulatory
framework to the Overnight Trading Session is consistent with the Act's
goals of ensuring market integrity, investor protection, and fair and
orderly trading. The Exchange represents that its systems have the
capacity to accommodate the proposed 23x5 Trading functionality.
Session Definitions and Order Entry Framework
The Exchange believes that the proposed new definitions, including
the Overnight Trading Session and Equity Data Plans, would remove
impediments to and perfect the mechanism of a free and open market and
a national market system by adding clarity and transparency to the
Exchange's rules. The proposed Overnight Trading Session definition,
anchored to the concept of a ``night preceding a business day'' rather
than enumerated calendar days, provides a durable and flexible
framework that accommodates the Exchange's trading calendar without
requiring recurring conforming amendments. The Exchange believes these
definitional additions facilitate the understanding of and compliance
with Exchange rules, thereby removing potential confusion and promoting
just and equitable principles of trade.
The Exchange believes the proposed streamlined order entry
framework under Rule 11.1(a) similarly removes impediments to the
mechanism of a free and open market by adding the Overnight Trading
Session to the fulsome list of trading sessions offered by the Exchange
during which orders may be entered, canceled, modified, executed on or
routed away from the Exchange, and replacing the Exchange's current
operating hours with the new operating hours which include the
Overnight Trading Session. The proposed trading session designation
requirement under Rule 11.1(a)(1) promotes transparency and investor
protection by ensuring that each order is clearly designated for the
session(s) in which it will remain eligible to participate, consistent
with the approach taken by other national securities exchanges that
have adopted or sought to adopt extended overnight trading
frameworks.\29\
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\29\ See supra notes 5 and 6.
---------------------------------------------------------------------------
The Exchange believes that the proposed introduction of a defined
term ``business day'' in Rule11.1(b), together with the codification of
the concept of an Early Market Close and the corresponding adjustments
to the Exchange's trading calendar, is consistent with Section6(b)(5)
of the Act because these amendments remove impediments to and perfect
the mechanism of a free and open market and a national market system.
As proposed, a ``business day'' is any day the Exchange is open for
trading, each Monday through Friday that is not a holiday, thereby
providing a clear and predictable foundation for determining when the
Overnight Trading Session will operate. This definition, which does not
rely on enumerated calendar days, enhances transparency and flexibility
by ensuring that the commencement of the Overnight Trading Session is
tied to whether the following day is a trading day rather than to fixed
days of the week. The proposed amendment also provides that the
Exchange will be open for the transaction of business on each business
day, including the Overnight Trading Session on the preceding calendar
day, thereby confirming the full scope of Exchange operations under the
23x5 framework and providing Members with a clear and comprehensive
statement of when the Exchange is open. This structure accommodates
holiday closures, holiday-observed weekends, and unforeseen non-
business days without requiring further amendments to the session
definition. Likewise, the proposal's integration of Early Market Close
days (under which Regular Trading Hours conclude at 1:00 p.m. and the
Post-Market Session ends at 5:00 p.m., with the market closure becoming
effective on the calendar day preceding the closure date) provides that
the transition into the Overnight Trading Session remains orderly,
predictable, and aligned with the modified market-wide trading
schedule. Together, these provisions provide Members with a uniform,
rules-based mechanism for determining when the Exchange will commence
and pause trading under the proposed 23x5 framework, promote just and
equitable principles of trade by reducing uncertainty and the risk of
misaligned order entry during session transitions, and foster
cooperation and coordination with other market participants and
infrastructure providers by grounding the Overnight Trading Session in
a clear and durable trading-day framework. Accordingly, the Exchange
believes the proposed amendments are consistent with the protection of
investors and the public interest because they provide predictable and
transparent operational parameters for the launch and operation of the
Overnight Trading Session.
Contingency on Equity Data Plan Readiness
The Exchange believes that conditioning commencement of the
Overnight Trading Session on satisfaction of the Equity Data Plan
readiness requirements set forth in proposed Rule 1.5(i) is consistent
with the Act and, in particular, with the Act's requirements that
exchange rules be designed to prevent fraudulent and manipulative acts
and practices, foster cooperation and coordination with persons engaged
in regulating, clearing, settling, and processing information with
respect to securities transactions, and perfect the mechanism of a free
and open market and a national market system. As the Commission has
recognized in approving similar conditions for other exchanges seeking
to operate overnight sessions, this requirement is designed to
reasonably ensure that consolidated quotation and transaction data are
provided in a manner consistent with existing extended hours sessions,
and that trading will not occur until the infrastructure necessary to
support fair and orderly markets during overnight hours is in
place.\30\ Prior to commencing operation of the Overnight Trading
Session, the Exchange will confirm via a subsequent Section 19(b)
filing that the Equity Data Plans are prepared to collect, consolidate,
process, and disseminate quotation and transaction information at all
times during the Overnight Trading Session and that the Exchange is
able to comply with its obligations under the Act during those hours.
The Exchange believes this approach promotes transparency because
trading will not commence until these conditions are verified and
publicly filed.
---------------------------------------------------------------------------
\30\ Id.
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[[Page 58192]]
Order Type Eligibility
The Exchange believes the proposed conforming amendments to its
Limit Order and Pegged Order order type rules are consistent with the
Act because they include the Overnight Trading Session in addition to
the Pre-Market, Market, and Post-Market Sessions, thereby ensuring a
consistent and investor-protective trading environment across all
extended hours sessions.
Weekday Trading Pause
The Exchange believes the proposed Weekday Trading Pause under new
Rule 11.24 is consistent with the Act because it promotes the
protection of investors and the public interest by providing the
Exchange and market participants with a defined period each weekday to
conduct maintenance and testing, process pending corporate actions, and
clear end-of-day positions before a new trading day commences. The
cancellation of all resting orders at the end of the Post-Market
Session at 8:00 p.m. each weekday promotes investor protection by
ensuring that Members must affirmatively re-enter orders for the
following trading day, reducing the risk of unintended executions based
on stale order instructions.
Customer Disclosures
The Exchange believes proposed Rule 3.21(h) is consistent with the
Act and, in particular, with the Section 6(b)(5) requirement that
exchange rules be designed to promote just and equitable principles of
trade, remove impediments to and perfect the mechanism of a free and
open market and a national market system, and protect investors and the
public interest. The seven categories of risk disclosure required by
proposed Rule 3.21(h) (addressing the absence of primary listing market
oversight during overnight hours, the potential for more limited
regulatory protections, limited trading alternatives, risks associated
with near-continuous trading, the closure of financial market
infrastructure companies during overnight hours, the novel nature of
overnight exchange trading, and potential unforeseen risks) are
tailored to the specific characteristics of the Overnight Trading
Session and the Pre-Market Session, and are substantially similar to
the disclosures required by the Commission in approving the rules of
other national securities exchanges operating on an extended overnight
basis.\31\ The Exchange believes that requiring these disclosures will
enhance transparency and enable investors to make informed decisions
about whether participating in the Overnight Trading Session or the
Pre-Market Session is appropriate for them, consistent with the
investor protection objectives of the Act. These proposed disclosures
are also consistent with FINRA Rule 2265, which separately requires
brokers to affirmatively disclose to investors that extended hours
trading carries greater risks than trading during Regular Trading
Hours.
---------------------------------------------------------------------------
\31\ See supra notes 5 and 6.
---------------------------------------------------------------------------
Market Surveillance
The Exchange believes that extending its existing surveillance
programs and compliance infrastructure to the Overnight Trading Session
is consistent with the Act because it provides that trading during
overnight hours is subject to the same comprehensive regulatory
oversight applicable to trading during other sessions, including
automated trade surveillance, routine Member examinations, and an exam-
based regulatory program. Exchange staff will be available during the
Overnight Trading Session to maintain a fair and orderly market, issue
necessary rulings, implement trading halts, and take any other action
that may be necessary, consistent with the Exchange's obligations under
the Act and its rules.
Competitive Considerations
The Exchange also believes the proposal is consistent with the Act
because it will foster competition by providing investors with access
to another regulated national securities exchange that offers trading
during overnight hours, consistent with similar proposals approved by
the Commission for other national securities exchanges. The Exchange
operates in a highly competitive market in which investors seeking
overnight access to U.S. equities currently resort to alternative
trading systems, foreign securities markets, and other venues. Enabling
23x5 Trading on the Exchange will allow it to compete for order flow
from these investors, which the Exchange believes will increase market
accessibility, promote capital formation, and facilitate portfolio
management.
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 Exchange believes the
proposed rule change will, in fact, enhance competition by providing
investors with access to an additional regulated national securities
exchange offering trading during overnight hours.
The Exchange does not believe 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. The Overnight
Trading Session will be available to all Members on an equal and non-
discriminatory basis. All Members will have the same opportunity to
enter orders, access liquidity, and participate in trading during the
Overnight Trading Session under the same rules, order type eligibility
requirements, and session designation framework applicable to all other
Exchange trading sessions. The proposed customer disclosure
requirements under Rule 3.21(h) will similarly apply uniformly to all
Members that accept orders for execution during the Overnight Trading
Session and Pre-Market Session, ensuring that all customers receive
consistent information about the risks associated with trading during
those hours regardless of which Member they use. The proposed rule
change does not create any special rights, preferences, or advantages
for any particular class of Member or market participant.
The Exchange does not believe 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. To the contrary,
the Exchange believes the proposed rule change will promote intermarket
competition by enabling the Exchange to compete with other national
securities exchanges and trading venues that currently offer, or are in
the process of offering, extended overnight trading in U.S. equity
securities. Investors currently seeking overnight access to U.S.
equities may resort to alternative trading systems, foreign securities
markets, or other off-exchange venues. By enabling 23x5 Trading on a
regulated national securities exchange, the Exchange's proposal
provides investors with a regulated, transparent, and competitive
alternative to these venues, which the Exchange believes will benefit
the national market system.
As noted above, the Exchange's proposal is substantively consistent
with similar overnight trading proposals that the Commission has
previously approved for other national securities exchanges, including
EDGX, 24X, NYSE Arca, and Nasdaq. The Exchange does not believe that
its proposal confers any competitive advantage on MEMX relative to
other exchanges that have received approval for similar frameworks.
Rather, the Exchange's
[[Page 58193]]
proposal places it on equal competitive footing with those venues,
which the Exchange believes is necessary and appropriate in furtherance
of the purposes of the Act.
Furthermore, the Exchange's proposal to condition commencement of
the Overnight Trading Session on satisfaction of the Equity Data Plan
readiness requirements provides that 23x5 Trading will not commence
until the consolidated data infrastructure necessary to support a fair,
transparent, and competitive overnight trading market is in place. The
Exchange believes this condition serves the interests of the national
market system as a whole and does not impose any burden on competition
that is not necessary or appropriate in furtherance of the purposes of
the Act.
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 proposed rule change is filed for immediate effectiveness
pursuant to Section 19(b)(3)(A) of Act \32\ and Rule 19b-4(f)(6) \33\
thereunder. The Exchange designates that the proposed rule change
effects a change that (i) does not significantly affect the protection
of investors or the public interest; (ii) does not impose any
significant burden on competition; and (iii) by its terms, does not
become operative for 30 days after the date of the filing, or such
shorter time as the Commission may designate if consistent with the
protection of investors and the public interest. In addition, the
Exchange provided the Commission with 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, or such shorter time as the Commission may designate.
---------------------------------------------------------------------------
\32\ 15 U.S.C. 78s(b)(3)(A).
\33\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
As discussed above, the proposal is based on EDGX's filing, and
other exchanges have similarly received approval to offer 23x5
trading.\34\ Accordingly, the Exchange believes that the proposed rule
change is non-controversial and eligible to become effective
immediately because it would enable the Exchange to adopt a similar
framework for 23x5 trading as the previously aforementioned exchanges.
Moreover, the proposed change would promote the maintenance of a fair
and orderly market and the protection of investors and the public
interest. The proposed amendments are narrowly tailored to accommodate
the framework of 23x5 trading that has been approved by the Commission
while preserving the integrity, efficiency, and investor protections of
the Exchange's existing trading rules. The Exchange also believes that
the proposed rule change would not significantly affect the protection
of investors or the public interest or impose any significant burden on
competition because the changes are based on the approved rules of
another national securities exchange that the Exchange proposes to
adopt in substantially similar form. The differences between the
proposed rules and EDGX's rules described above are based on different
functionality offerings but ultimately are not inconsistent with the
shared purpose of enabling 23x5 trading, which promotes competition and
is in the interest of investors and the investing public.\35\
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\34\ See supra notes 5 and 6.
\35\ As noted, these differences include order queuing
functionality which the Exchange does not provide, as well as
differences in order types and modifiers as well as certain session
restrictions related thereto.
---------------------------------------------------------------------------
For all the foregoing reasons, this rule filing qualifies for
immediate effectiveness as a ``non-controversial'' rule change under
paragraph (f)(6) of Rule 19b-4.\36\ 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 under Section
19(b)(2)(B) \37\ of the Act to determine whether the proposed rule
should be approved or disapproved.
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\36\ 17 CFR 240.19b-4(f)(6).
\37\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------
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#196b6c757c347a7674747c776d6a596a7c7a377e766f"><span class="__cf_email__" data-cfemail="ee9c9b828bc38d8183838b809a9dae9d8b8dc0898198">[email protected]</span></a>. Please include
file number SR-MEMX-2026-28 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-2026-28. 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-2026-28 and should be submitted on
or before October 5, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\38\
---------------------------------------------------------------------------
\38\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-18662 Filed 9-11-26; 8:45 am]
BILLING CODE 8011-01-P
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