Self-Regulatory Organizations; Nasdaq BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Delay the Implementation of BX's Rule Amendment To Limit Short Term Options Series Intervals to July 1, 2021, 25911-25913 [2021-09882]
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Federal Register / Vol. 86, No. 89 / Tuesday, May 11, 2021 / Notices
seeks to reduce the number of weekly
options that would be listed on its
market in later weeks, without reducing
the number of series or classes of
options available for trading on the
Exchange. As the Exchange’s Strike
Interval Proposal seeks to reduce the
number of weekly options that would be
listed on its market in later weeks,
Market Makers would be required to
quote in fewer weekly strikes as a result
of the Strike Interval Proposal.
The Exchange’s Strike Interval
Proposal, which is intended to decrease
the overall number of strikes listed on
the Exchange, does not impose an
undue burden on intra-market
competition as all Participants may only
transact options in the strike intervals
listed for trading on the Exchange.
While limiting the intervals of strikes
listed on the Exchange is the goal of this
Strike Interval Proposal, the goal
continues to balance the needs of
market participants by continuing to
offer a number of strikes to meet a
market participant’s investment
objective.
The Exchange’s Strike Interval
Proposal does not impose an undue
burden on inter-market competition as
this Strike Interval Proposal does not
impact the listings available at another
self-regulatory organization. In fact, the
Exchange is proposing to list a smaller
amount of weekly equity options in an
effort to curtail the increasing number of
strikes that are required to be quoted by
market makers in the options industry.
Other options markets may choose to
replicate the Exchange’s Strike Interval
Proposal and, thereby, further decrease
the overall number of strikes within the
options industry.
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
The Exchange has filed the proposed
rule change pursuant to Section
19(b)(3)(A)(iii) 35 of the Act and Rule
19b–4(f)(6) thereunder.36 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
35 15
U.S.C. 78s(b)(3)(A)(iii).
36 17 CFR 240.19b–4(f)(6).
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as the Commission may designate, it has
become effective pursuant to Section
19(b)(3)(A)(iii) of the Act and
subparagraph (f)(6) of Rule 19b–4
thereunder.37
At any time within 60 days of the
filing of the proposed rule change, the
Commission summarily may
temporarily suspend such rule change if
it appears to the Commission that such
action is necessary or appropriate in the
public interest, for the protection of
investors, or otherwise in furtherance of
the purposes of the Act. If the
Commission takes such action, the
Commission shall institute proceedings
to determine whether the proposed rule
should be approved or disapproved.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Electronic Comments
• 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–
PEARL–2021–19 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–PEARL–2021–19. 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
37 In addition, Rule 19b–4(f)(6)(iii) requires the
Exchange to give the Commission written notice of
its intent to file the proposed rule change at least
five business days prior to the date of filing of the
proposed rule change, or such shorter time as
designated by the Commission. The Exchange has
satisfied this requirement.
PO 00000
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25911
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–PEARL–2021–19, and
should be submitted on or before June
1, 2021.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.38
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021–09885 Filed 5–10–21; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–91773; File No. SR–BX–
2021–019]
Self-Regulatory Organizations; Nasdaq
BX, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Delay the
Implementation of BX’s Rule
Amendment To Limit Short Term
Options Series Intervals to July 1, 2021
May 5, 2021.
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 April 22,
2021, Nasdaq BX, Inc. (‘‘BX’’ 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 delay the
implementation of BX’s rule
amendment to limit Short Term Options
Series intervals between strikes which
38 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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25912
Federal Register / Vol. 86, No. 89 / Tuesday, May 11, 2021 / Notices
are available for quoting and trading
from ‘‘prior to June 30, 2021’’ to ‘‘July
1, 2021.’’
The Exchange also proposes a small
amendment to the table within
Supplementary Material .07 to Options
4, Section 5 to add a ‘‘greater than’’ to
the table.
The text of the proposed rule change
is available on the Exchange’s website at
https://listingcenter.nasdaq.com/
rulebook/bx/rules, 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
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
BX received approval 3 to amend the
Short Term Options Series program,
within Options 4, Section 5, ‘‘Series of
Options Contracts Open for Trading,’’ to
limit the intervals between strikes for
multiply listed equity options classes
that have an expiration date more than
twenty-one days from the listing date.
At this time, BX proposes to delay the
implementation of BX’s rule
amendment to limit Short Term Options
Series intervals between strikes which
are available for quoting and trading
from ‘‘prior to June 30, 2021’’ to ‘‘July
1, 2021.’’ The Exchange also proposes a
small amendment to the table within
Supplementary Material .07 to Options
4, Section 5 to add a ‘‘greater than’’ to
the table.
Background
Once implemented, BX’s amendment
to Options 4, Section 5 will limit the
intervals between strikes in options
listed as part of the Short Term Option
Series program that have an expiration
date more than twenty-one days from
the listing date. Specifically, BX will
limit the intervals between strikes by
utilizing the table within
Supplementary Material .07 of Options
4, Section 5 for expiration dates of
option series beyond twenty-one days.4
Implementation
First, the Exchange proposes to
amend the implementation date to limit
Short Term Options Series intervals
between strikes which was proposed
within its Amendment No. 1 to SR–BX–
2020–032.5 The Exchange proposes to
amend the date from ‘‘prior to June 30,
2021’’ to ‘‘July 1, 2021.’’ The Exchange
will issue an Options Trader Alert to
Participants with the date of
implementation.
Proposal
Second, the Exchange proposes a
small amendment to the table within
Supplementary Material .07 to Options
4, Section 5. The Exchange proposes to
capitalize the word ‘‘greater’’ in Tier 1
and add the words ‘‘Greater than’’
within Tier 2. As proposed the table
would appear as follows:
SHARE PRICE
Tier
Average daily volume
1 ........................
2 ........................
3 ........................
Greater than 5,000 ................................
Greater than 1,000 to 5,000 .................
0 to 1,000 ..............................................
This non-substantive amendment is
intended to bring greater clarity to BX’s
rule.
2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Act,6 in general, and furthers the
objectives of Section 6(b)(5) of the Act,7
in particular, in that it is designed to
promote just and equitable principles of
trade, to remove impediments to and
perfect the mechanism of a free and
open market and a national market
system, and, in general to protect
investors and the public interest, by
delaying the implementation to limit the
intervals between strikes for multiply
listed equity options classes within the
Short Term Options Series program to
allow the Exchange additional time to
3 See Securities Exchange Act Release No. 91125
(February 12, 2021), 86 FR 10375 (February 19,
2021) (SR–BX–2020–032) (Notice of Filing of
Amendment No. 1 and Order Granting Accelerated
Approval of Proposed Rule Change, as Modified by
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17:13 May 10, 2021
Jkt 253001
Less than $25
$25 to less
than $75
$0.50
1.00
2.50
$1.00
1.00
5.00
implement related functionality. The
Exchange notes that the delay is one day
after the time period of the initial
planned implementation.
BX’s proposed amendment to the
table within Supplementary Material .07
to Options 4, Section 5 is consistent
with the Act because it clarifies the tiers
by adding the words ‘‘greater than’’ to
Tier 2. The amendment will bring
greater clarity to the Exchange’s rule.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition not
necessary or appropriate in furtherance
of the purposes of the Act. The
Exchange’s proposal to delay the
implementation to limit the intervals
Amendment No. 1, To Amend Options 4, Section
5, To Limit Short Term Options Series Intervals
Between Strikes That Are Available for Quoting and
Trading on BX).
PO 00000
Frm 00076
Fmt 4703
Sfmt 4703
$75 to less
than $150
$1.00
1.00
5.00
$150 to less
than $500
$5.00
5.00
5.00
$500 or
greater
$5.00
10.00
10.00
between strikes for multiply listed
equity options classes within the Short
Term Options Series program does not
impose an undue burden on
competition. The delay allows the
Exchange additional time to implement
related functionality. Also, the delay is
one day after the time period of the
initial planned implementation.
The proposed amendment to the table
within Supplementary Material .07 to
Options 4, Section 5 does not impose an
undue burden on competition. The
amendment will bring greater clarity to
the Exchange’s rule.
4 The table considers both the share price and
average daily volume for the option series.
5 See supra note 3.
6 15 U.S.C. 78f(b).
7 15 U.S.C. 78f(b)(5).
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Federal Register / Vol. 86, No. 89 / Tuesday, May 11, 2021 / Notices
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 Exchange has filed the proposed
rule change pursuant to Section
19(b)(3)(A)(iii) 8 of the Act and Rule
19b–4(f)(6) thereunder.9 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)(iii) of the Act and
subparagraph (f)(6) of Rule 19b–4
thereunder.10
At any time within 60 days of the
filing of the proposed rule change, the
Commission summarily may
temporarily suspend such rule change if
it appears to the Commission that such
action is necessary or appropriate in the
public interest, for the protection of
investors, or otherwise in furtherance of
the purposes of the Act. If the
Commission takes such action, the
Commission shall institute proceedings
to determine whether the proposed rule
should be approved or disapproved.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Electronic Comments
• 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–
BX–2021–019 on the subject line.
Commission, 100 F Street NE,
Washington, DC 20549–1090.
SECURITIES AND EXCHANGE
COMMISSION
All submissions should refer to File
Number SR–BX–2021–019. 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
10:00 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–BX–2021–019, and should
be submitted on or before June 1, 2021.
[Release No. 34–91780; File No. SR–
NYSEArca-2021–09]
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021–09882 Filed 5–10–21; 8:45 am]
BILLING CODE 8011–01–P
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
8 15
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6).
10 In addition, Rule 19b–4(f)(6)(iii) requires the
Exchange to give the Commission written notice of
its intent to file the proposed rule change at least
five business days prior to the date of filing of the
proposed rule change, or such shorter time as
designated by the Commission. The Exchange has
satisfied this requirement.
9 17
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17:13 May 10, 2021
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11 17
PO 00000
Self-Regulatory Organizations; NYSE
Arca, Inc.; Order Granting Approval of
a Proposed Rule Change, as Modified
by Amendment No. 1, To Amend NYSE
Arca Rule 6.86–O To Eliminate the Use
of Dark Series on the Exchange
May 5, 2021.
I. Introduction
On January 26, 2021, NYSE Arca, Inc.
(‘‘NYSE Arca’’ or the ‘‘Exchange’’) filed
with the Securities and Exchange
Commission (‘‘Commission’’), pursuant
to Section 19(b)(1) of the Securities
Exchange Act of 1934 (‘‘Act’’) 1 and Rule
19b–4 thereunder,2 a proposed rule
change to amend NYSE Arca Rule 6.86–
O to eliminate the use of ‘‘dark’’ series
on the Exchange. The proposed rule
change was published for comment in
the Federal Register on February 5,
2021.3 On March 18, 2021, pursuant to
Section 19(b)(2) of the Act,4 the
Commission designated a longer period
within which to approve the proposed
rule change, disapprove the proposed
rule change, or institute proceedings to
determine whether to approve or
disapprove the proposed rule change.5
On April 27, 2021, the Exchange filed
Amendment No. 1 to the proposed rule
change.6 The Commission received no
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 91038
(February 1, 2021), 86 FR 8416 (‘‘Notice’’).
4 15 U.S.C. 78s(b)(2).
5 See Securities Exchange Act Release No. 91354,
86 FR 15764 (March 24, 2021). The Commission
designated May 6, 2021, as the date by which it
should approve, disapprove, or institute
proceedings to determine whether to approve or
disapprove the proposed rule change.
6 In Amendment No. 1, the Exchange provided
data that showed that during the eighteen (18)
trading days between March 1, 2021 and March 24,
2021, quotes in dark series accounted for 2.43% of
NYSE Arca quotes and 1.99% of NYSE American,
LLC (‘‘NYSE American’’) quotes, and quotes in dark
series averaged 0.174% on NYSE Arca and 0.190%
on NYSE American when compared to the total
OPRA disseminated quotes during the same period.
The Exchange also stated that on March 4, 2021 and
March 5, 2021, OPRA processed the most messages
in its history and provided data that shows that on
March 4th, quotes in dark series from NYSE Arca
and NYSE American combined for 0.5095%
compared to OPRA message traffic. On March 5th,
quotes in dark series from NYSE Arca and NYSE
American combined for 0.2562% when compared
to OPRA quote volume. The Exchange concluded
that eliminating the suppression of quotes in dark
series would result in a de minimis increase in
quotes sent by NYSE Arca and NYSE American to
OPRA and have essentially no impact on messaging
at an industry level. Because Amendment No. 1 to
the proposed rule change does not materially alter
2 17
CFR 200.30–3(a)(12).
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25913
Continued
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]]>Agencies
[Federal Register Volume 86, Number 89 (Tuesday, May 11, 2021)]
[Notices]
[Pages 25911-25913]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-09882]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-91773; File No. SR-BX-2021-019]
Self-Regulatory Organizations; Nasdaq BX, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Delay the
Implementation of BX's Rule Amendment To Limit Short Term Options
Series Intervals to July 1, 2021
May 5, 2021.
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 April 22, 2021, Nasdaq BX, Inc. (``BX'' 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.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to delay the implementation of BX's rule
amendment to limit Short Term Options Series intervals between strikes
which
[[Page 25912]]
are available for quoting and trading from ``prior to June 30, 2021''
to ``July 1, 2021.''
The Exchange also proposes a small amendment to the table within
Supplementary Material .07 to Options 4, Section 5 to add a ``greater
than'' to the table.
The text of the proposed rule change is available on the Exchange's
website at https://listingcenter.nasdaq.com/rulebook/bx/rules, 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 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
BX received approval \3\ to amend the Short Term Options Series
program, within Options 4, Section 5, ``Series of Options Contracts
Open for Trading,'' to limit the intervals between strikes for multiply
listed equity options classes that have an expiration date more than
twenty-one days from the listing date. At this time, BX proposes to
delay the implementation of BX's rule amendment to limit Short Term
Options Series intervals between strikes which are available for
quoting and trading from ``prior to June 30, 2021'' to ``July 1,
2021.'' The Exchange also proposes a small amendment to the table
within Supplementary Material .07 to Options 4, Section 5 to add a
``greater than'' to the table.
---------------------------------------------------------------------------
\3\ See Securities Exchange Act Release No. 91125 (February 12,
2021), 86 FR 10375 (February 19, 2021) (SR-BX-2020-032) (Notice of
Filing of Amendment No. 1 and Order Granting Accelerated Approval of
Proposed Rule Change, as Modified by Amendment No. 1, To Amend
Options 4, Section 5, To Limit Short Term Options Series Intervals
Between Strikes That Are Available for Quoting and Trading on BX).
---------------------------------------------------------------------------
Background
Once implemented, BX's amendment to Options 4, Section 5 will limit
the intervals between strikes in options listed as part of the Short
Term Option Series program that have an expiration date more than
twenty-one days from the listing date. Specifically, BX will limit the
intervals between strikes by utilizing the table within Supplementary
Material .07 of Options 4, Section 5 for expiration dates of option
series beyond twenty-one days.\4\
---------------------------------------------------------------------------
\4\ The table considers both the share price and average daily
volume for the option series.
---------------------------------------------------------------------------
Implementation
First, the Exchange proposes to amend the implementation date to
limit Short Term Options Series intervals between strikes which was
proposed within its Amendment No. 1 to SR-BX-2020-032.\5\ The Exchange
proposes to amend the date from ``prior to June 30, 2021'' to ``July 1,
2021.'' The Exchange will issue an Options Trader Alert to Participants
with the date of implementation.
---------------------------------------------------------------------------
\5\ See supra note 3.
---------------------------------------------------------------------------
Proposal
Second, the Exchange proposes a small amendment to the table within
Supplementary Material .07 to Options 4, Section 5. The Exchange
proposes to capitalize the word ``greater'' in Tier 1 and add the words
``Greater than'' within Tier 2. As proposed the table would appear as
follows:
Share Price
--------------------------------------------------------------------------------------------------------------------------------------------------------
$25 to less $75 to less $150 to less $500 or
Tier Average daily volume Less than $25 than $75 than $150 than $500 greater
--------------------------------------------------------------------------------------------------------------------------------------------------------
1..................................... Greater than 5,000.............. $0.50 $1.00 $1.00 $5.00 $5.00
2..................................... Greater than 1,000 to 5,000..... 1.00 1.00 1.00 5.00 10.00
3..................................... 0 to 1,000...................... 2.50 5.00 5.00 5.00 10.00
--------------------------------------------------------------------------------------------------------------------------------------------------------
This non-substantive amendment is intended to bring greater clarity to
BX's rule.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\6\ in general, and furthers the objectives of Section
6(b)(5) of the Act,\7\ in particular, in that it is designed to promote
just and equitable principles of trade, to remove impediments to and
perfect the mechanism of a free and open market and a national market
system, and, in general to protect investors and the public interest,
by delaying the implementation to limit the intervals between strikes
for multiply listed equity options classes within the Short Term
Options Series program to allow the Exchange additional time to
implement related functionality. The Exchange notes that the delay is
one day after the time period of the initial planned implementation.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f(b).
\7\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
BX's proposed amendment to the table within Supplementary Material
.07 to Options 4, Section 5 is consistent with the Act because it
clarifies the tiers by adding the words ``greater than'' to Tier 2. The
amendment will bring greater clarity to the Exchange's rule.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act. The Exchange's proposal to
delay the implementation to limit the intervals between strikes for
multiply listed equity options classes within the Short Term Options
Series program does not impose an undue burden on competition. The
delay allows the Exchange additional time to implement related
functionality. Also, the delay is one day after the time period of the
initial planned implementation.
The proposed amendment to the table within Supplementary Material
.07 to Options 4, Section 5 does not impose an undue burden on
competition. The amendment will bring greater clarity to the Exchange's
rule.
[[Page 25913]]
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 Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) \8\ of the Act and Rule 19b-4(f)(6) thereunder.\9\
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)(iii) of the Act and subparagraph (f)(6) of Rule
19b-4 thereunder.\10\
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\8\ 15 U.S.C. 78s(b)(3)(A)(iii).
\9\ 17 CFR 240.19b-4(f)(6).
\10\ In addition, Rule 19b-4(f)(6)(iii) requires the Exchange to
give the Commission written notice of its intent to file the
proposed rule change at least five business days prior to the date
of filing of the proposed rule change, or such shorter time as
designated by the Commission. The Exchange has satisfied this
requirement.
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At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings to
determine whether the proposed rule should be approved or disapproved.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
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-BX-2021-019 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-BX-2021-019. 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 10:00 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-BX-2021-019, and should be submitted on
or before June 1, 2021.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
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\11\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-09882 Filed 5-10-21; 8:45 am]
BILLING CODE 8011-01-P
