Self-Regulatory Organizations; Nasdaq MRX, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend MRX Pricing Schedule, 5263-5267 [2020-01520]
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Federal Register / Vol. 85, No. 19 / Wednesday, January 29, 2020 / Notices
2. Statutory Basis
FINRA believes that the proposed rule
change is consistent with the provisions
of Section 15A(b)(6) of the Act,16 which
requires, among other things, that
FINRA rules must be designed to
prevent fraudulent and manipulative
acts and practices, to promote just and
equitable principles of trade, and, in
general, to protect investors and the
public interest. FINRA believes that the
proposed rule change would further the
purposes of the Act because the
proposed rule change will help to avoid
undue burdens on market participants
and undue market disruption that could
result if FINRA Rule 0180 expires before
the Registration Compliance Date that
the Commission has specified.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
FINRA does not believe that the
proposed rule change will result in any
burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act. FINRA
believes that the proposed rule change
would prevent undue burdens on
market participants and undue market
disruption that would otherwise result
if FINRA Rule 0180 expires before the
Registration Compliance Date that the
Commission has specified. FINRA
believes that, by extending the
expiration of FINRA Rule 0180, the
proposed rule change will serve to
promote regulatory clarity and
consistency, thereby reducing burdens
on the marketplace and facilitating
investor protection.
lotter on DSKBCFDHB2PROD with NOTICES
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
Written comments were neither
solicited nor 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
19(b)(3)(A) of the Act 17 and Rule 19b–
4(f)(6) thereunder.18
At any time within 60 days of the
filing of the proposed rule change, the
16 15
U.S.C. 78o–3(b)(6).
U.S.C. 78s(b)(3)(A).
18 17 CFR 240.19b–4(f)(6).
17 15
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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
• Use the Commission’s internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
FINRA–2020–001 on the subject line.
Paper Comments
• 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–FINRA–2020–001. 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 (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for website viewing and
printing in the Commission’s Public
Reference Room, 100 F Street NE,
Washington, DC 20549, on official
business days between the hours of 10
a.m. and 3 p.m. Copies of such filing
also will be available for inspection and
copying at the principal office of
FINRA. All comments received will be
posted without change. Persons
submitting comments are cautioned that
we do not redact or edit personal
identifying information from comment
submissions. You should submit only
PO 00000
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5263
information that you wish to make
available publicly. All submissions
should refer to File Number SR–FINRA–
2020–001 and should be submitted on
or before February 19, 2020.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.19
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2020–01521 Filed 1–28–20; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–88022; File No. SR–MRX–
2020–02]
Self-Regulatory Organizations; Nasdaq
MRX, LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Amend MRX Pricing
Schedule
January 23, 2020.
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 January
13, 2020, Nasdaq MRX, LLC (‘‘MRX’’ or
‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I and II
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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
MRX’s Pricing Schedule. Specifically,
the Exchange proposes to amend
Options 7, Section 3, titled ‘‘Regular
Order Fees and Rebates.’’
The text of the proposed rule change
is available on the Exchange’s website at
https://nasdaqmrx.cchwallstreet.com/, at
the principal office of the Exchange, and
at the Commission’s Public Reference
Room.
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
19 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
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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
MRX proposes to amend its Pricing
Schedule at Options 7, Section 3, titled
‘‘Regular Order Fees and Rebates.’’
There are two changes that are proposed
to Options 7, Section 3: (1) An
amendment to the Tier 2 Market Maker
Penny and Non-Penny Symbol Regular
Order Fees in Table 1; and (2) an
amendment to the Qualifying Tier
Thresholds in Table 3. Each proposed
amendment will be discussed below.
The Exchange originally filed the
proposed pricing changes on January 2,
2020 (SR–MRX–2020–01). On January
13, 2020, the Exchange withdrew that
filing and submitted this filing.
Market Maker Fees
Today, the Exchange assesses the
following Penny Symbol Regular Order
Fees and Rebates within Table 1 of
Options 7, Section 3:
PENNY SYMBOLS
Maker fee
tier 1
Market participant
Market Maker (1) ...............................................................................................
Non-Nasdaq MRX Market Maker (FarMM) .....................................................
Firm Proprietary/Broker-Dealer ........................................................................
Professional Customer ....................................................................................
Priority Customer .............................................................................................
Today, the Exchange assesses the
following Non-Penny Symbol Regular
Maker fee
tier 2
$0.20
0.47
0.47
0.47
0.00
$0.00
0.47
0.47
0.47
0.00
Taker fee
tier 1
Taker fee
tier 2
(2) $0.50
(2) $0.50
0.50
0.50
0.50
0.00
0.50
0.50
0.50
0.00
Order Fees and Rebates within Table 1
of Options 7, Section 3:
NON-PENNY SYMBOLS
Maker fee
tier 1
Market Participant
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Market Maker (1) ...............................................................................................
Non-Nasdaq MRX Market Maker (FarMM) .....................................................
Firm Proprietary/Broker-Dealer ........................................................................
Professional Customer ....................................................................................
Priority Customer .............................................................................................
Today, the Tier 2 Market Maker 3 Fee
for both Penny and Non-Penny Symbols
is currently $0.00 per contract. The
Exchange proposes to increase this fee
from $0.00 to $0.10 per contract. The
Exchange is not proposing to amend
other fees within Table 1 other than the
Market Maker fees. Non-Nasdaq Marker
Makers (FarMM), Firm Proprietary/
Broker-Dealer and Professional
Customers are assessed a fee of $0.47
per contract for Penny Symbols and
$0.90 per contract for Non-Penny
Symbols. Priority Customers do not pay
any fees for transacting Penny or NonPenny Symbols on MRX. Also, the
Exchange is continuing to offer Market
Makers the opportunity to reduce its
Maker Fee if it qualifies for Tier 2. The
Market Maker Fee for Tier 1 remains at
$0.20 for both Penny and Non-Penny
Pilot Symbols and is not being
amended. The Exchange believes its fees
3 This
fee also applies to Market Maker orders
sent to the Exchange by Electronic Access Members.
See Options 7, Section 3 at note 1 of the Pricing
Schedule.
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$0.20
0.90
0.90
0.90
0.00
remain competitive and will continue to
attract order flow.
Tier 2
Today the Exchange has two tiers as
part of its Qualifying Tier Thresholds in
Table 3 of Options 7, Section 3 as
follows:
TABLE 3—QUALIFYING TIER
THRESHOLDS
Total affiliated and/or
appointed member
ADV 4
Tier
Tier 1 .........................
Tier 2 .........................
0–49,999.
50,000 or more.
Allmarket participants can qualify for
Tiers 1 and 2, provided they meet the
requisite volume thresholds specified in
Table 3 above. The maker and taker fees
for all market participants represented
in Table 1, displayed above, are
4 Total Affiliated and/or Appointed Member ADV
means all average daily volume (‘‘ADV’’) executed
on the Exchange in all symbols and order types,
including volume executed by Affiliated Members
and/or Appointed Members.
PO 00000
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Maker fee
tier 2
$0.00
0.90
0.90
0.90
0.00
Taker fee
tier 1
Taker fee
tier 2
(2) $0.90
(2) $0.90
0.90
0.90
0.90
0.00
0.90
0.90
0.90
0.00
dependent on qualifying for a particular
tier (either Tier 1 or Tier 2). With
respect to these tiers, the highest tier
threshold attained applies retroactively
in a given month to all eligible traded
contracts and applies to all eligible
market participants.5
The Exchange proposes to amend the
current Qualifying Tier Thresholds by
replacing the ADV thresholds with total
industry percentage thresholds.
Specifically, a member would be
eligible for Tier 1 if it executes 0.00%0.7499% of Customer Total
Consolidated Volume, and Tier 2 if it
executes 0.75% or more of Customer
Total Consolidated Volume. The
Exchange also proposes to note that for
purposes of measuring Total Affiliated
and/or Appointed Member ADV,
Customer Total Consolidated Volume
means the total volume cleared at The
Options Clearing Corporation in the
Customer range in equity and ETF
options in that month. The Exchange
5 The Exchange proposes to amend the word
‘‘Tier’’ in Table 3 of Options 7, Section 3 to ‘‘Tiers.’’
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notes that these new volume tiers are
more stringent.6 The Exchange is
proposing to effectively raise the
volume requirements to align with
increasing member activity on MRX
over time. While the proposed tiers are
more stringent, the proposed pricing is
intended to continue to reward
members that bring order flow to the
Exchange and thereby increase liquidity
and trading opportunities for all
members. The Total Affiliated Member
ADV category includes all volume
executed on the Exchange in all symbols
and order types, as is the case today.
While the maker/taker fees will
remain the same for Non-Nasdaq MRX
Market Maker orders, Firm Proprietary/
Broker-Dealer orders, and Professional
Customer orders regardless of the tier
achieved,7 the proposed volume
requirements will impact Market
Makers that are eligible to qualify for the
lower Tier 2 maker fee.8 Nonetheless,
the Exchange believes that the proposed
fee structure will remain attractive to
Market Makers as they will continue to
be charged substantially lower maker
fees based on their contributions to the
market.
2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Act,9 in general, and furthers the
objectives of Sections 6(b)(4) and 6(b)(5)
of the Act,10 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.
lotter on DSKBCFDHB2PROD with NOTICES
Market Maker Fees
The Exchange’s proposal to increase
the Tier 2 Market Maker Fee for both
Penny and Non-Penny Symbols from
$0.00 to $0.10 per contract is
reasonable. While the Exchange is
proposing to increase these fees for
Market Makers in Tier 2, it continues to
remain competitive and will continue to
6 For example, 0.75% of Customer Total
Consolidated Volume is approximately 115,000
contracts per day.
7 In particular, these market participants will
continue to be uniformly charged the same $0.47
per contract (Penny Symbols) and $0.90 per
contract (Non-Penny Symbols) maker fees for Tier
1 and Tier 2. Priority Customer orders currently do
not get charged any maker/taker fees, which will
not change under this proposal.
8 Currently, Market Makers are charged maker
fees of $0.20 per contract for Tier 1 and $0.00 per
contract for Tier 2. As proposed above, the Tier 2
maker fee for Market Makers will be increased from
$0.00 to $0.10 per contract.
9 15 U.S.C. 78f(b).
10 15 U.S.C. 78f(b)(4) and (5).
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attract order flow. MRX is continuing to
offer Market Makers the opportunity to
reduce the Penny and Non-Penny
Symbol Market Maker Fee if it qualifies
for Tier 2 ($0.20 per contract as
compared to the proposed $0.10 per
contract).11 This discount will reward
Market Makers that bring more order
flow to the Exchange. Incentivizing
Market Makers to provide greater
liquidity benefits all market participants
through the quality of order interaction.
The Exchange’s proposal to increase
the Tier 2 Market Maker Fee for both
Penny and Non-Penny Symbols from
$0.00 to $0.10 per contract is equitable
and not unfairly discriminatory. Market
Makers would continue to pay a lower
fee as compared to fees for orders from
other non-Priority Customers. NonNasdaq Marker Makers (FarMM), Firm
Proprietary/Broker-Dealer and
Professional Customers are assessed a
fee of $0.47 per contract for Penny
Symbols and $0.90 per contract for NonPenny Symbols. Market Makers add
value to MRX through quoting
obligations 12 and their commitment of
capital, unlike other market
participants, and are therefore entitled
to the lower fee. Priority Customers do
not pay any fees for transacting Penny
or Non-Penny Symbols on MRX.
Priority Customer liquidity benefits all
market participants by providing more
trading opportunities, which attracts
Market Makers. An increase in the
activity of these market participants in
turn facilitates tighter spreads, which
may cause an additional corresponding
increase in order flow from other market
participants.
Tier 2
The Exchange’s proposal to amend
the current Qualifying Tier Thresholds
by amending Tier 1 from Total
Affiliated and/or Appointed Member
ADV of 0–49,999 contracts to 0.00%0.7499% of Customer Total
Consolidated Volume 13 and amending
Tier 2 from Total Affiliated and/or
Appointed Member ADV of 50,000 or
more to 0.75% or more of Customer
Total Consolidated Volume is
reasonable. The Exchange is proposing
to base Tiers 1 and 2 on a percentage of
industry volume in recognition of the
fact that the volume executed by a
11 The
Market Maker Fee for Tier 1 remains at
$0.20 for both Penny and Non-Penny Pilot Symbols.
12 See Options 3, Section 5.
13 For purposes of measuring Total Affiliated and/
or Appointed Member ADV, Customer Total
Consolidated Volume means the total volume
cleared at The Options Clearing Corporation in the
Customer range in equity and ETF options in that
month. The Exchange notes that these new volume
tiers are more stringent.
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5265
member may rise or fall with industry
volume. A percentage of industry
volume calculation allows the
Exchange’s tiers to be calibrated to
current market volumes rather than
requiring the same amount of volume
regardless of market conditions. While
the amount of volume required by the
proposed tiers may change in any given
month due to increases or decreases in
industry volume, the Exchange believes
that the proposed tier requirements are
set at appropriate levels. While the
proposed percentage of industry volume
tier requirements are more stringent
than the current ADV requirements,14
the Exchange is proposing to effectively
raise the volume thresholds for the
Qualifying Tier Thresholds to align with
MRX’s growth as a venue (and
corresponding increased member
activity) over time. While the proposed
tiers are more stringent, the maker/taker
tiered fee structure is intended to
continue to reward members, and in
particular, Market Makers who will
continue to get charged lower maker
fees, to bring more order flow to the
Exchange and thereby increase liquidity
and trading opportunities for all
members.
The Exchange’s proposal to amend
the current Qualifying Tier Thresholds
is equitable and not unfairly
discriminatory. The proposed tiers will
be applied uniformly to all market
participants. Furthermore, the Exchange
believes that the qualifying tier
thresholds are equitable and not
unfairly discriminatory as all market
participants may qualify for a higher tier
by executing the required volume of
contracts, either through the Member,
its affiliates, or an Appointed Member,
as is the case today. As noted above, the
proposed volume requirements will
primarily impact Market Makers that are
eligible to qualify for the lower Tier 2
maker fee 15 while all other market
participants (other than Priority
Customers that get the benefit of free
executions) will continue to be charged
the same fees regardless of the tier
achieved.16 The Exchange, however,
anticipates minimal member impact
with the proposed changes to Tier 1 and
Tier 2 as no members, including Market
Makers, meet the current Tier 2 ADV
requirements and thus would not fall
14 See
supra note 6.
Market Makers are charged maker
fees of $0.20 per contract for Tier 1 and $0.00 per
contract for Tier 2. As proposed above, the Tier 2
maker fee for Market Makers will be increased from
$0.00 to $0.10 per contract.
16 In particular, other non-Priority Customers will
continue to be uniformly charged the same $0.47
per contract (Penny Symbols) and $0.90 per
contract (Non-Penny Symbols) maker fees for Tier
1 and Tier 2.
15 Currently,
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out of the higher tier as a result of this
change. While the proposal effectively
increases the volume requirements for
Tier 1 and Tier 2, Market Makers will
continue to be charged substantially
lower maker fees than other non-Priority
Customers for both tiers based on their
contribution to the market. The
Exchange does not believe that
continuing to provide lower maker fees
for Market Makers is unfairly
discriminatory as Market Makers are
subject to additional requirements and
obligations (such as quoting
requirements) that other market
participants are not.
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. 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 that have been exempted
from compliance with the statutory
standards applicable to 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.
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Intra-Market Competition
The proposed fee do not impose an
undue burden on intra-market
competition.
Market Maker Fees
The Exchange’s proposal to increase
the Tier 2 Market Maker Fee for both
Penny and Non-Penny Symbols from
$0.00 to $0.10 per contract does not
impose an undue burden on intramarket competition. Market Makers
would continue to pay a lower fee as
compared to fees for orders from other
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non-Priority Customers. Non-Nasdaq
Marker Makers (FarMM), Firm
Proprietary/Broker-Dealer and
Professional Customers are assessed a
fee of $0.47 per contract for Penny
Symbols and $0.90 per contract for NonPenny Symbols. Makers add value to
MRX through quoting obligations 17 and
their commitment of capital, unlike
other market participants, and are
therefore entitled to the lower fee.
Priority Customers do not pay any fees
for transacting Penny or Non-Penny
Symbols on MRX. Priority Customer
liquidity benefits all market participants
by providing more trading
opportunities, which attracts Market
Makers. An increase in the activity of
these market participants in turn
facilitates tighter spreads, which may
cause an additional corresponding
increase in order flow from other market
participants.
Tier 2
The Exchange’s proposal to amend
the current Qualifying Tier Thresholds
does not impose an undue burden on
intra-market competition. The tiers will
be applied uniformly to all market
participants. Furthermore, all market
participants can qualify for a higher tier
by executing the required volume of
contracts, either through the member, its
affiliates, or an appointed member, as is
the case today. As noted above, the
proposed volume requirements will
primarily impact Market Makers that are
eligible to qualify for the lower Tier 2
maker fee while all other market
participants (other than Priority
Customers that get the benefit of free
executions) will continue to be charged
the same maker/taker fees regardless of
the tier achieved. The Exchange,
however, anticipates minimal member
impact with the proposed changes to
Tier 1 and Tier 2 as no members,
including Market Makers, meet the
current Tier 2 ADV requirements and
thus would not fall out of the higher tier
as a result of this change. Furthermore,
while the proposal effectively increases
the volume requirements for Tier 1 and
Tier 2, Market Makers will continue to
be charged substantially lower maker
fees than other non-Priority Customers
for both tiers. For the foregoing reasons,
the Exchange does not believe that its
proposal will have an undue burden on
intramarket competition.
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,18 and Rule
19b–4(f)(2) 19 thereunder. 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
• Use the Commission’s internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
MRX–2020–02 on the subject line.
Paper Comments
• 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–MRX–2020–02. 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 (https://www.sec.gov/
rules/sro.shtml.) Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
18 15
17 See
PO 00000
Options 3, Section 5.
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19 17
E:\FR\FM\29JAN1.SGM
U.S.C. 78s(b)(3)(A)(ii).
CFR 240.19b–4(f)(2).
29JAN1
Federal Register / Vol. 85, No. 19 / Wednesday, January 29, 2020 / Notices
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for website viewing and
printing in the Commission’s Public
Reference Room, 100 F Street NE,
Washington, DC 20549, on official
business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the
filing also will be available for
inspection and copying at the principal
office of the Exchange. All comments
received will be posted without change.
Persons submitting comments are
cautioned that we do not redact or edit
personal identifying information from
comment submissions. You should
submit only information that you wish
to make available publicly. All
submissions should refer to File
Number SR–MRX–2020–02 and should
be submitted on or before February 19,
2020.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.20
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2020–01520 Filed 1–28–20; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–88019; File No. SR–C2–
2020–002]
Self-Regulatory Organizations; Cboe
C2 Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change Relating To Amend Rule
6.31 in Connection with the
Exchange’s Clearing Editor
lotter on DSKBCFDHB2PROD with NOTICES
January 23, 2020.
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 January
16, 2020, Cboe C2 Exchange, Inc. (the
‘‘Exchange’’ or ‘‘C2’’) 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.
20 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
VerDate Sep<11>2014
17:27 Jan 28, 2020
Jkt 250001
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
Cboe C2 Exchange, Inc. (the
‘‘Exchange’’ or ‘‘C2’’) proposes to amend
Rule 6.31 in connection with the
Exchange’s Clearing Editor. The text of
the proposed rule change is provided
below.
(additions are italicized; deletions are
[bracketed])
*
*
*
*
*
Rules of Cboe C2 Exchange, Inc.
*
*
*
*
*
Rule 6.31. Clearing Editor
(a) No change.
(b) Trading Permit Holders may
change the following fields through the
Clearing Editor: (1) Executing Firm and
Contra Firm; (2) Executing Broker and
Contra Broker; (3) CMTA; (4) Account
and Sub Account; (5) [Customer]Client
Order ID; (6) Position Effect (open/
close); or (7) Capacity (if the change is
from a customer Capacity code of (C) to
any other Capacity code, it must be
accompanied by a Reason Code, and
notice of such change will automatically
be sent to the Exchange with the
submission of the change through the
Clearing Editor).
*
*
*
*
*
The text of the proposed rule change
is also available on the Exchange’s
website (https://markets.cboe.com/us/
options/regulation/rule_filings/ctwo/),
at the Exchange’s Office of the
Secretary, and at the Commission’s
Public Reference Room.
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 amend
Rule 6.31 in connection with its
Clearing Editor. The Clearing Editor
currently allows Trading Permit Holders
PO 00000
Frm 00078
Fmt 4703
Sfmt 4703
5267
(‘‘TPHs’’) to update executed trades on
their trading dates and revise them for
clearing. Specifically, the Clearing
Editor allows TPHs to correct certain
bonafide errors by changing certain
fields, pursuant to Rule 6.31(b),
including: (1) Executing Firm and
Contra Firm; (2) Executing Broker and
Contra Broker; (3) CMTA; (4) Account
and Sub Account; (5) Customer ID; (6)
Position Effect (open/close); or (7)
Capacity. The Exchange proposes to
amend the rule to provide additional
specificity regarding a Capacity code
change. The proposed rule provides that
that if the change is from a customer
Capacity code of (C) to any other
Capacity code, it must be accompanied
by a Reason Code and notice of such
change will automatically be sent to the
Exchange with the submission of the
change through the Clearing Editor. As
proposed, Rule 6.31(b) would continue
to allow a TPH to change any Capacity
code to another, however, would just
require a TPH to provide automatic
notification and explanation to the
Exchange via a prompted Reason Code
of a Capacity code change from a
customer Capacity code to another
Capacity code.3 The Exchange notes that
while a change from customer Capacity
code does not affect the Consolidated
Tape or terms of a contract, such
changes may affect other substantive
aspects of how a trade was processed,
including whether or not a trade should
have been given certain preferable
customer treatment (e.g. customer
complex orders are not subject to certain
Complex Order Auction (‘‘COA’’)
restrictions and customer orders may
receive specific rebates or are assessed
reduced fees).4 Accordingly, the
Exchange believes that TPHs making
changes to this field should be required
to provide to the Exchange notice and
explanation relating to the change. As a
result, the proposed Reason Code for
customer Capacity code changes would
better enable the Exchange to surveil for
and enforce against potential issues or
abusive behavior via the Clearing Editor
by allowing the Exchange to understand
the rationale behind all such changes.
The proposed rule change also
updates the term Customer ID in Rule
6.31(b) to Client Order ID, as this term
more accurately reflect the name of the
3 Example Reason Codes include: Input Error;
Unmatched Trade; Unknown; Manual Add; Other
Text Required; Trade Nullification; Trade
Adjustment; Error Account; and System Issue.
4 See C2 Options Exchange Fees Schedule. The
Exchange notes that preferential pricing to
Customers is a long-standing options industry
practice.
E:\FR\FM\29JAN1.SGM
29JAN1
]]>Agencies
[Federal Register Volume 85, Number 19 (Wednesday, January 29, 2020)]
[Notices]
[Pages 5263-5267]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-01520]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-88022; File No. SR-MRX-2020-02]
Self-Regulatory Organizations; Nasdaq MRX, LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Amend MRX
Pricing Schedule
January 23, 2020.
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 January 13, 2020, Nasdaq MRX, LLC (``MRX'' or ``Exchange'') filed
with the Securities and Exchange Commission (``Commission'') the
proposed rule change as described in Items I and II 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 MRX's Pricing Schedule.
Specifically, the Exchange proposes to amend Options 7, Section 3,
titled ``Regular Order Fees and Rebates.''
The text of the proposed rule change is available on the Exchange's
website at https://nasdaqmrx.cchwallstreet.com/, at the principal office
of the Exchange, and at the Commission's Public Reference Room.
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
[[Page 5264]]
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
MRX proposes to amend its Pricing Schedule at Options 7, Section 3,
titled ``Regular Order Fees and Rebates.'' There are two changes that
are proposed to Options 7, Section 3: (1) An amendment to the Tier 2
Market Maker Penny and Non-Penny Symbol Regular Order Fees in Table 1;
and (2) an amendment to the Qualifying Tier Thresholds in Table 3. Each
proposed amendment will be discussed below.
The Exchange originally filed the proposed pricing changes on
January 2, 2020 (SR-MRX-2020-01). On January 13, 2020, the Exchange
withdrew that filing and submitted this filing.
Market Maker Fees
Today, the Exchange assesses the following Penny Symbol Regular
Order Fees and Rebates within Table 1 of Options 7, Section 3:
Penny Symbols
----------------------------------------------------------------------------------------------------------------
Maker fee Maker fee Taker fee Taker fee
Market participant tier 1 tier 2 tier 1 tier 2
----------------------------------------------------------------------------------------------------------------
Market Maker \(1)\.............................. $0.20 $0.00 \(2)\ $0.50 \(2)\ $0.50
Non-Nasdaq MRX Market Maker (FarMM)............. 0.47 0.47 0.50 0.50
Firm Proprietary/Broker-Dealer.................. 0.47 0.47 0.50 0.50
Professional Customer........................... 0.47 0.47 0.50 0.50
Priority Customer............................... 0.00 0.00 0.00 0.00
----------------------------------------------------------------------------------------------------------------
Today, the Exchange assesses the following Non-Penny Symbol Regular
Order Fees and Rebates within Table 1 of Options 7, Section 3:
Non-Penny Symbols
----------------------------------------------------------------------------------------------------------------
Maker fee Maker fee Taker fee Taker fee
Market Participant tier 1 tier 2 tier 1 tier 2
----------------------------------------------------------------------------------------------------------------
Market Maker \(1)\.............................. $0.20 $0.00 \(2)\ $0.90 \(2)\ $0.90
Non-Nasdaq MRX Market Maker (FarMM)............. 0.90 0.90 0.90 0.90
Firm Proprietary/Broker-Dealer.................. 0.90 0.90 0.90 0.90
Professional Customer........................... 0.90 0.90 0.90 0.90
Priority Customer............................... 0.00 0.00 0.00 0.00
----------------------------------------------------------------------------------------------------------------
Today, the Tier 2 Market Maker \3\ Fee for both Penny and Non-Penny
Symbols is currently $0.00 per contract. The Exchange proposes to
increase this fee from $0.00 to $0.10 per contract. The Exchange is not
proposing to amend other fees within Table 1 other than the Market
Maker fees. Non-Nasdaq Marker Makers (FarMM), Firm Proprietary/Broker-
Dealer and Professional Customers are assessed a fee of $0.47 per
contract for Penny Symbols and $0.90 per contract for Non-Penny
Symbols. Priority Customers do not pay any fees for transacting Penny
or Non-Penny Symbols on MRX. Also, the Exchange is continuing to offer
Market Makers the opportunity to reduce its Maker Fee if it qualifies
for Tier 2. The Market Maker Fee for Tier 1 remains at $0.20 for both
Penny and Non-Penny Pilot Symbols and is not being amended. The
Exchange believes its fees remain competitive and will continue to
attract order flow.
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\3\ This fee also applies to Market Maker orders sent to the
Exchange by Electronic Access Members. See Options 7, Section 3 at
note 1 of the Pricing Schedule.
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Tier 2
Today the Exchange has two tiers as part of its Qualifying Tier
Thresholds in Table 3 of Options 7, Section 3 as follows:
Table 3--Qualifying Tier Thresholds
------------------------------------------------------------------------
Total affiliated and/or
Tier appointed member ADV \4\
------------------------------------------------------------------------
Tier 1.................................... 0-49,999.
Tier 2.................................... 50,000 or more.
------------------------------------------------------------------------
All market participants can qualify for Tiers 1 and 2, provided
they meet the requisite volume thresholds specified in Table 3 above.
The maker and taker fees for all market participants represented in
Table 1, displayed above, are dependent on qualifying for a particular
tier (either Tier 1 or Tier 2). With respect to these tiers, the
highest tier threshold attained applies retroactively in a given month
to all eligible traded contracts and applies to all eligible market
participants.\5\
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\4\ Total Affiliated and/or Appointed Member ADV means all
average daily volume (``ADV'') executed on the Exchange in all
symbols and order types, including volume executed by Affiliated
Members and/or Appointed Members.
\5\ The Exchange proposes to amend the word ``Tier'' in Table 3
of Options 7, Section 3 to ``Tiers.''
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The Exchange proposes to amend the current Qualifying Tier
Thresholds by replacing the ADV thresholds with total industry
percentage thresholds. Specifically, a member would be eligible for
Tier 1 if it executes 0.00%-0.7499% of Customer Total Consolidated
Volume, and Tier 2 if it executes 0.75% or more of Customer Total
Consolidated Volume. The Exchange also proposes to note that for
purposes of measuring Total Affiliated and/or Appointed Member ADV,
Customer Total Consolidated Volume means the total volume cleared at
The Options Clearing Corporation in the Customer range in equity and
ETF options in that month. The Exchange
[[Page 5265]]
notes that these new volume tiers are more stringent.\6\ The Exchange
is proposing to effectively raise the volume requirements to align with
increasing member activity on MRX over time. While the proposed tiers
are more stringent, the proposed pricing is intended to continue to
reward members that bring order flow to the Exchange and thereby
increase liquidity and trading opportunities for all members. The Total
Affiliated Member ADV category includes all volume executed on the
Exchange in all symbols and order types, as is the case today.
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\6\ For example, 0.75% of Customer Total Consolidated Volume is
approximately 115,000 contracts per day.
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While the maker/taker fees will remain the same for Non-Nasdaq MRX
Market Maker orders, Firm Proprietary/Broker-Dealer orders, and
Professional Customer orders regardless of the tier achieved,\7\ the
proposed volume requirements will impact Market Makers that are
eligible to qualify for the lower Tier 2 maker fee.\8\ Nonetheless, the
Exchange believes that the proposed fee structure will remain
attractive to Market Makers as they will continue to be charged
substantially lower maker fees based on their contributions to the
market.
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\7\ In particular, these market participants will continue to be
uniformly charged the same $0.47 per contract (Penny Symbols) and
$0.90 per contract (Non-Penny Symbols) maker fees for Tier 1 and
Tier 2. Priority Customer orders currently do not get charged any
maker/taker fees, which will not change under this proposal.
\8\ Currently, Market Makers are charged maker fees of $0.20 per
contract for Tier 1 and $0.00 per contract for Tier 2. As proposed
above, the Tier 2 maker fee for Market Makers will be increased from
$0.00 to $0.10 per contract.
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2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\9\ in general, and furthers the objectives of Sections
6(b)(4) and 6(b)(5) of the Act,\10\ 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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\9\ 15 U.S.C. 78f(b).
\10\ 15 U.S.C. 78f(b)(4) and (5).
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Market Maker Fees
The Exchange's proposal to increase the Tier 2 Market Maker Fee for
both Penny and Non-Penny Symbols from $0.00 to $0.10 per contract is
reasonable. While the Exchange is proposing to increase these fees for
Market Makers in Tier 2, it continues to remain competitive and will
continue to attract order flow. MRX is continuing to offer Market
Makers the opportunity to reduce the Penny and Non-Penny Symbol Market
Maker Fee if it qualifies for Tier 2 ($0.20 per contract as compared to
the proposed $0.10 per contract).\11\ This discount will reward Market
Makers that bring more order flow to the Exchange. Incentivizing Market
Makers to provide greater liquidity benefits all market participants
through the quality of order interaction.
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\11\ The Market Maker Fee for Tier 1 remains at $0.20 for both
Penny and Non-Penny Pilot Symbols.
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The Exchange's proposal to increase the Tier 2 Market Maker Fee for
both Penny and Non-Penny Symbols from $0.00 to $0.10 per contract is
equitable and not unfairly discriminatory. Market Makers would continue
to pay a lower fee as compared to fees for orders from other non-
Priority Customers. Non-Nasdaq Marker Makers (FarMM), Firm Proprietary/
Broker-Dealer and Professional Customers are assessed a fee of $0.47
per contract for Penny Symbols and $0.90 per contract for Non-Penny
Symbols. Market Makers add value to MRX through quoting obligations
\12\ and their commitment of capital, unlike other market participants,
and are therefore entitled to the lower fee. Priority Customers do not
pay any fees for transacting Penny or Non-Penny Symbols on MRX.
Priority Customer liquidity benefits all market participants by
providing more trading opportunities, which attracts Market Makers. An
increase in the activity of these market participants in turn
facilitates tighter spreads, which may cause an additional
corresponding increase in order flow from other market participants.
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\12\ See Options 3, Section 5.
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Tier 2
The Exchange's proposal to amend the current Qualifying Tier
Thresholds by amending Tier 1 from Total Affiliated and/or Appointed
Member ADV of 0-49,999 contracts to 0.00%-0.7499% of Customer Total
Consolidated Volume \13\ and amending Tier 2 from Total Affiliated and/
or Appointed Member ADV of 50,000 or more to 0.75% or more of Customer
Total Consolidated Volume is reasonable. The Exchange is proposing to
base Tiers 1 and 2 on a percentage of industry volume in recognition of
the fact that the volume executed by a member may rise or fall with
industry volume. A percentage of industry volume calculation allows the
Exchange's tiers to be calibrated to current market volumes rather than
requiring the same amount of volume regardless of market conditions.
While the amount of volume required by the proposed tiers may change in
any given month due to increases or decreases in industry volume, the
Exchange believes that the proposed tier requirements are set at
appropriate levels. While the proposed percentage of industry volume
tier requirements are more stringent than the current ADV
requirements,\14\ the Exchange is proposing to effectively raise the
volume thresholds for the Qualifying Tier Thresholds to align with
MRX's growth as a venue (and corresponding increased member activity)
over time. While the proposed tiers are more stringent, the maker/taker
tiered fee structure is intended to continue to reward members, and in
particular, Market Makers who will continue to get charged lower maker
fees, to bring more order flow to the Exchange and thereby increase
liquidity and trading opportunities for all members.
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\13\ For purposes of measuring Total Affiliated and/or Appointed
Member ADV, Customer Total Consolidated Volume means the total
volume cleared at The Options Clearing Corporation in the Customer
range in equity and ETF options in that month. The Exchange notes
that these new volume tiers are more stringent.
\14\ See supra note 6.
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The Exchange's proposal to amend the current Qualifying Tier
Thresholds is equitable and not unfairly discriminatory. The proposed
tiers will be applied uniformly to all market participants.
Furthermore, the Exchange believes that the qualifying tier thresholds
are equitable and not unfairly discriminatory as all market
participants may qualify for a higher tier by executing the required
volume of contracts, either through the Member, its affiliates, or an
Appointed Member, as is the case today. As noted above, the proposed
volume requirements will primarily impact Market Makers that are
eligible to qualify for the lower Tier 2 maker fee \15\ while all other
market participants (other than Priority Customers that get the benefit
of free executions) will continue to be charged the same fees
regardless of the tier achieved.\16\ The Exchange, however, anticipates
minimal member impact with the proposed changes to Tier 1 and Tier 2 as
no members, including Market Makers, meet the current Tier 2 ADV
requirements and thus would not fall
[[Page 5266]]
out of the higher tier as a result of this change. While the proposal
effectively increases the volume requirements for Tier 1 and Tier 2,
Market Makers will continue to be charged substantially lower maker
fees than other non-Priority Customers for both tiers based on their
contribution to the market. The Exchange does not believe that
continuing to provide lower maker fees for Market Makers is unfairly
discriminatory as Market Makers are subject to additional requirements
and obligations (such as quoting requirements) that other market
participants are not.
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\15\ Currently, Market Makers are charged maker fees of $0.20
per contract for Tier 1 and $0.00 per contract for Tier 2. As
proposed above, the Tier 2 maker fee for Market Makers will be
increased from $0.00 to $0.10 per contract.
\16\ In particular, other non-Priority Customers will continue
to be uniformly charged the same $0.47 per contract (Penny Symbols)
and $0.90 per contract (Non-Penny Symbols) maker fees for Tier 1 and
Tier 2.
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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. 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 that have been exempted from compliance with the statutory
standards applicable to 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 proposed fee do not impose an undue burden on intra-market
competition.
Market Maker Fees
The Exchange's proposal to increase the Tier 2 Market Maker Fee for
both Penny and Non-Penny Symbols from $0.00 to $0.10 per contract does
not impose an undue burden on intra-market competition. Market Makers
would continue to pay a lower fee as compared to fees for orders from
other non-Priority Customers. Non-Nasdaq Marker Makers (FarMM), Firm
Proprietary/Broker-Dealer and Professional Customers are assessed a fee
of $0.47 per contract for Penny Symbols and $0.90 per contract for Non-
Penny Symbols. Makers add value to MRX through quoting obligations \17\
and their commitment of capital, unlike other market participants, and
are therefore entitled to the lower fee. Priority Customers do not pay
any fees for transacting Penny or Non-Penny Symbols on MRX. Priority
Customer liquidity benefits all market participants by providing more
trading opportunities, which attracts Market Makers. An increase in the
activity of these market participants in turn facilitates tighter
spreads, which may cause an additional corresponding increase in order
flow from other market participants.
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\17\ See Options 3, Section 5.
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Tier 2
The Exchange's proposal to amend the current Qualifying Tier
Thresholds does not impose an undue burden on intra-market competition.
The tiers will be applied uniformly to all market participants.
Furthermore, all market participants can qualify for a higher tier by
executing the required volume of contracts, either through the member,
its affiliates, or an appointed member, as is the case today. As noted
above, the proposed volume requirements will primarily impact Market
Makers that are eligible to qualify for the lower Tier 2 maker fee
while all other market participants (other than Priority Customers that
get the benefit of free executions) will continue to be charged the
same maker/taker fees regardless of the tier achieved. The Exchange,
however, anticipates minimal member impact with the proposed changes to
Tier 1 and Tier 2 as no members, including Market Makers, meet the
current Tier 2 ADV requirements and thus would not fall out of the
higher tier as a result of this change. Furthermore, while the proposal
effectively increases the volume requirements for Tier 1 and Tier 2,
Market Makers will continue to be charged substantially lower maker
fees than other non-Priority Customers for both tiers. For the
foregoing reasons, the Exchange does not believe that its proposal will
have an undue burden on intramarket competition.
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,\18\ and Rule 19b-4(f)(2) \19\ thereunder.
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.
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\18\ 15 U.S.C. 78s(b)(3)(A)(ii).
\19\ 17 CFR 240.19b-4(f)(2).
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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
Use the Commission's internet comment form (https://www.sec.gov/rules/sro.shtml); or
Send an email to [email protected]. Please include
File Number SR-MRX-2020-02 on the subject line.
Paper Comments
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-MRX-2020-02. 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 (https://www.sec.gov/rules/sro.shtml.)
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the
[[Page 5267]]
proposed rule change between the Commission and any person, other than
those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for website viewing and
printing in the Commission's Public Reference Room, 100 F Street NE,
Washington, DC 20549, on official business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the filing also will be available
for inspection and copying at the principal office of the Exchange. All
comments received will be posted without change. Persons submitting
comments are cautioned that we do not redact or edit personal
identifying information from comment submissions. You should submit
only information that you wish to make available publicly. All
submissions should refer to File Number SR-MRX-2020-02 and should be
submitted on or before February 19, 2020.
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\20\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\20\
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2020-01520 Filed 1-28-20; 8:45 am]
BILLING CODE 8011-01-P
