Self-Regulatory Organizations; Nasdaq GEMX, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Opening Process, 41141-41144 [2021-16230]

Download as PDF Federal Register / Vol. 86, No. 144 / Friday, July 30, 2021 / Notices subparagraph (f)(6) of Rule 19b–4 thereunder.31 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 Paper Comments lotter on DSK11XQN23PROD with NOTICES1 • 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–2021–09. 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 31 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 4(f)(6) requires a self-regulatory organization to give the Commission written notice of its intent to file the proposed rule change at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. The Exchange has satisfied this requirement. 17:24 Jul 29, 2021 For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.32 J. Matthew DeLesDernier, Assistant Secretary. [FR Doc. 2021–16226 Filed 7–29–21; 8:45 am] BILLING CODE 8011–01–P • 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–2021–09 on the subject line. VerDate Sep<11>2014 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–2021–09 and should be submitted on or before August 20, 2021. Jkt 253001 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–92495; File No. SR–GEMX– 2021–07] Self-Regulatory Organizations; Nasdaq GEMX, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Opening Process July 26, 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 July 19, 2021, Nasdaq GEMX, LLC (‘‘GEMX’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘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. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend GEMX Options 3, Section 8, ‘‘Options Opening Process.’’ The text of the proposed rule change is available on the Exchange’s website at https://listingcenter.nasdaq.com/ rulebook/gemx/rules, at the principal PO 00000 32 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 1 15 Frm 00140 Fmt 4703 Sfmt 4703 41141 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 GEMX proposes to amend Options 3, Section 8, ‘‘Options Opening Process.’’ Specifically, the Exchange proposes to amend the definition of Valid Width Quote at Options 3, Section 8(a)(8). GEMX’s Opening Process for an option series is conducted pursuant to Options 3, Section 8 paragraphs (f)–(j), on or after 9:30 a.m. Eastern Time if the ABBO, if any, is not crossed and the System has received, within two minutes 3 of the opening trade or quote on the market for the underlying security,4 a Valid Width Quote. The System will accept a Primary Market Maker’s Valid Width Quote or the Valid Width Quote of at least one Competitive Market Maker.5 Today, GEMX requires a Primary Market Maker to enter a Valid Width Quote in 90% of their assigned series, not later than one minute following the dissemination of a quote or trade by the market for the underlying security.6 Primary Market 3 The Exchange may designated a shorter time provided it is disseminated to membership on the Exchange’s website. 4 In the case of index options, the timing is within two minutes of the receipt of the opening price in the underlying index or within two minutes of market opening for the underlying security in the case of U.S. dollar-settled foreign currency options. In both cases the Exchange may designated a shorter time provided it is disseminated to membership on the Exchange’s website. 5 The Exchange proposes an amendment within Options 3, Section 8(c)(1)(B) as described below. 6 In the case of index options, a Primary Market Maker must enter a Valid Width Quote in 90% of their assigned series, not later than one minute following the receipt of the opening price in the underlying index. The Primary Market Maker assigned in a particular U.S. dollar-settled foreign currency option must enter a Valid Width Quote, in 90% of their assigned series, not later than one Continued E:\FR\FM\30JYN1.SGM 30JYN1 41142 Federal Register / Vol. 86, No. 144 / Friday, July 30, 2021 / Notices lotter on DSK11XQN23PROD with NOTICES1 Makers must promptly enter a Valid Width Quote in the remainder of their assigned series, which did not open within one minute following the dissemination of a quote or trade by the market for the underlying security.7 In either case, the Primary Market Maker or Competitive Market Maker must enter a Valid Width Quote to open an options series. GEMX Options 3, Section 8(a)(8) defines a Valid Width Quote as follows: A ‘‘Valid Width Quote’’ is a two-sided electronic quotation submitted by a Market Maker that meets the following requirements: Differentials shall be no more than $.25 between the bid and offer for each options contract for which the bid is less than $2, no more than $.40 where the bid is at least $2 but does not exceed $5, no more than $.50 where the bid is more than $5 but does not exceed $10, no more than $.80 where the bid is more than $10 but does not exceed $20, and no more than $1 where the bid is $20 or greater, provided that, in the case of equity options, the bid/ask differentials stated above shall not apply to in-the-money series where the market for the underlying security is wider than the differentials set forth above. The bid/ask differentials for in-the-money options series may be as wide as the quotation for the underlying security on the primary market, or its decimal equivalent rounded down to the nearest minimum increment. The Exchange may establish differences other than the above for one or more series or classes of options. The Exchange proposes to amend a Valid Width Quote to instead provide: A ‘‘Valid Width Quote’’ is a two-sided electronic quotation submitted by a Market Maker that meets the following requirements: Differentials shall be no more than $5, provided that, in the case of equity options, the bid/ask differential stated above shall not apply to in-the-money series where the market for the underlying security is wider than the differential set forth above. The bid/ ask differentials for in-the-money options series may be as wide as the quotation for the underlying security on the primary market, or its decimal equivalent rounded down to the nearest minimum increment. The Exchange may establish differences other than the minute after the announced market opening. See Options 3, Section 8(c)(3). The Exchange proposes to make a technical amendment to Options 3, Section 8(c)(3) which is described below. 7 In the case of index options, Primary Market Makers must promptly enter a Valid Width Quote in the remainder of their assigned series, which did not open following the receipt of the opening price in the underlying index or, with respect to U.S. dollar-settled foreign currency options, following the announced market opening. See Options 3, Section 8(c)(3). VerDate Sep<11>2014 17:24 Jul 29, 2021 Jkt 253001 above for one or more series or classes of options. Such differences will be posted by the Exchange on its website. This proposed language is similar to Nasdaq BX, Inc. (‘‘BX’’).8 The Exchange proposes to widen the current bid/ask differentials for several reasons. First, the proposal would conform the Valid Width Quote definition of GEMX to that of BX. BX refers to a difference not to exceed $5 between the bid and offer within the description of a Valid Width Quote, similar to BX Options 2, Section 4(f) and 5(d)(2) that describes intra-day quotes. By amending GEMX’s Valid Width Quote, the Exchange notes that the $5 difference is akin to GEMX’s intra-day requirement within GEMX Options 2, Section 4(b)(4).9 Second, the proposed differential would simplify the differential for Primary Market Makers, who would continue to be required to submit a Valid Width Quote during the Opening Process in their assigned options series. Widening the differentials would allow Primary Market Makers and Competitive Market Makers that elect to quote during the Opening Process, an ability to quote wider during the Opening Process when an underlying is volatile. Today, pursuant to Options 3, Section 8(a)(8), the Exchange may establish differences other than the established bid/ask differentials for one or more series or classes of options. With this proposal, the Exchange is not amending its ability to continue to establish differences for one or more series or classes of options, rather the Exchange may continue to set other requirements pursuant to current 8 BX Options 3, Section 8(a)(9) provides, ‘‘A ‘Valid Width Quote’ is a two-sided electronic quotation, submitted by a Market Maker, quoted with a difference not to exceed $5 between the bid and offer regardless of the price of the bid. However, respecting in-the-money series where the market for the underlying security is wider than $5, the bid/ask differential may be as wide as the quotation for the underlying security on the primary market, or its decimal equivalent rounded down to the nearest minimum increment. The Exchange may establish differences other than the above for one or more series or classes of options.’’ See also Securities Exchange Act Release No. 89731 (September 1, 2020), 85 FR 55524 (September 8, 2020) (SR–BX–2020–016) (Order Approving Proposed Rule Change To Amend BX’s Opening Process in Connection With a Technology Migration). 9 GEMX Options 2, Section 4(b)(4) provides, ‘‘. . . To price options contracts fairly by, among other things, bidding and offering so as to create differences of no more than $5 between the bid and offer following the opening rotation in an equity or index options contract. The Exchange may establish differences other than the above for one or more series or classes of options.’’ Intra-day, GEMX also distinguishes in-the-money options series where the underlying securities market is wider than the differentials set forth above. For these series, the bid/ask differential may be as wide as the spread between the national best bid and offer in the underlying security. PO 00000 Frm 00141 Fmt 4703 Sfmt 4703 GEMX Options 3, Section 8(a)(8). Today, the Exchange has established Valid Width Quote differentials which differ from those described within Options 3, Section 8(a)(8),10 they are: Bid price low end of Bid price high end of $0.00 2.00 5.00 10.00 20.00 $1.99 4.99 9.99 19.99 20.00+ Maximum bid/ask differential $0.75 1.20 1.50 2.40 3.00 Also, options with an expiration more than nine months away continue to be permitted a Valid Width Quote bid/ask differential of $5.00. The Exchange will continue to utilize the differentials currently posted on its website until such time as it provides notice to Members of a change. Third, the Exchange also proposes to add rule text to state that such differences will be posted by the Exchange on its website.11 Posting the current differentials on its website would allow Members to easily refer to the quoting obligations for the Opening Process. Technical Amendment The Exchange proposes to amend ‘‘Quotes’’ to ‘‘Quote’’ within Options 3, Section 8(c)(1)(B). The Exchange also proposes to remove two incorrect citations to Options 3, Section 8(c)(1)(iii). The ‘‘iii’’ was removed in a prior rule change.12 2. Statutory Basis The Exchange believes that its proposal to establish a $5 difference is consistent with Section 6(b) of the Act.13 Specifically, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5) 14 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 10 See https://www.nasdaq.com/docs/2021/03/22/ GEMXSystemSetting.pdf. 11 Id. 12 See Securities Exchange Act Release No. 88730 (April 22, 2020), 85 FR 23545 (April 28, 2020) (SR– GEMX–2020–09) (Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend GEMX Rules at Options 3, Section 8, Titled Options Opening Process). 13 15 U.S.C. 78f(b). 14 15 U.S.C. 78f(b)(5). E:\FR\FM\30JYN1.SGM 30JYN1 Federal Register / Vol. 86, No. 144 / Friday, July 30, 2021 / Notices open market and a national market system, and, in general, to protect investors and the public interest. Additionally, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5) 15 requirement that the rules of an exchange not be designed to permit unfair discrimination between customers, issuers, brokers, or dealers. The Exchange believes that the proposed $5 difference for the Valid Width Quote is more appropriate because it reflects the Exchange’s experience in administering the rule and would continue to give Market Makers flexibility including during the Opening Process. The Exchange notes that the current standard is not being applied as the Exchange has established Valid Width Quote differentials which differ from those described within Options 3, Section 8(a)(8).16 Widening the Valid Width Quote requirement would provide Primary Market Makers, and Competitive Market Makers that elect to quote during the Opening Process, additional flexibility when submitting Valid Width Quotes during the Opening Process thereby allowing these Market Makers the ability to quote wider in instances where the Exchange has not established Valid Width Quote differentials which differ from those in the rule because volatile market conditions exist or there is news regarding an underlying security which may impact pricing. Primary Market Makers are integral to the Exchange’s Opening Process as GEMX is dependent on receiving a Valid Width Quote to open an options series. With this proposal, Primary Market Makers would continue to be required to submit a Valid Width Quote during the Opening Process in their assigned options series.17 The proposal would conform the Valid Width Quote definition of GEMX to that of BX.18 BX refers to a difference not to exceed $5 between the bid and offer within the description of a Valid Width Quote, similar to BX Options 2, Section 4(f) and 5(d)(2) that describes intra-day quotes. By amending GEMX’s Valid Width Quote, the Exchange notes that the $5 difference is akin to GEMX’s intra-day requirement within GEMX Options 2, Section 4(b)(4).19 Also, 15 Id. 16 See supra note 10. GEMX, Nasdaq ISE, LLC (‘‘ISE’’), Nasdaq MRX, LLC (‘‘MRX’’), Nasdaq Phlx LLC (‘‘Phlx’’), Miami International Securities Exchange, LLC (‘‘MIAX’’) and MIAX Emerald, LLC (‘‘Emerald’’) and are the only options markets that require a Primary Market Maker, or Lead Market Maker in the case of Phlx, to submit a quote to open an options series. 18 See supra note 8. 19 See supra note 9. lotter on DSK11XQN23PROD with NOTICES1 17 Today, VerDate Sep<11>2014 17:24 Jul 29, 2021 Jkt 253001 today, MIAX and Emerald require market makers to enter a valid width NBBO with a difference of no more than $5 between the bid and offer.20 Not all options markets have bid/ask differentials. In 2019, Cboe removed its quote width requirements while citing corresponding rules of its affiliated exchanges.21 Cboe noted in the 2019 Rule Change that the current quote width requirement at the time for generally all classes was $10, however, its Market-Makers consistently maintained two-sided quotes that were much tighter than the required width. Cboe opined that, even if markets experienced periods of stress or volatility, they remained obligated to maintain two sided markets and engage in a course of dealings that must be reasonably calculated to contribute to the maintenance of a fair and orderly market, which includes refraining from making bids or offers that are inconsistent with such course of dealings and updating quotations in response to changed market conditions.22 Cboe noted that it did not believe that continuing to provide for a quote width requirement was necessary nor would it impact the maintenance of fair and orderly markets because Market-Makers already quoted at a bid/ ask spread much narrower than the requirements and were required to continuously fulfill their obligations to engage in a course of dealings reasonably calculated to contribute to the maintenance of a fair and orderly market.23 Unlike Cboe, GEMX does require its Market Makers to quote both during the Opening Process and intra-day within certain established bid/ask differentials. The Exchange notes that widening its Valid Width Quote differential during the Opening Process will not impact the maintenance of fair and orderly markets because Market Makers on GEMX, unlike other markets that do not require quoting during the Opening Process, will continue to require that its Market Makers provide Valid Width Quotes during the Opening Process, thereby 20 MIAX and Emerald require Market Makers to submit a valid width NBBO in the opening where the bid and offer of the NBBO differ no more than differences outlined in MIAX and Emerald Rule 603(b)(4)(i). MIAX and Emerald Rule 603(b)(4)(i) provides that bidding and offering so as to create differences of no more than $5 between the bid and offer. Rule 603(b)(4)(ii) provides MIAX and Emerald may establish differences other than the bid/ask differentials described in (i) above for one or more option series or classes, respectively. See MIAX and Emerald Rules 503. 21 See Securities Exchange Act Release No. 87024 (September 19, 2019), 84 FR 50545 (September 25, 2019) (SR–Cboe–2019–059) (‘‘2019 Rule Change’’). 22 Id. 23 Id. PO 00000 Frm 00142 Fmt 4703 Sfmt 4703 41143 ensuring liquidity. Also, Market Makers may quote tighter than the defined Valid Width Quote differential. Finally, similar to Cboe’s argument in the 2019 Rule Change, Market Makers are required to continuously fulfill their obligations to engage in a course of dealings reasonably calculated to contribute to the maintenance of a fair and orderly market. Today, the Exchange has discretion to set other differentials,24 similar to MIAX and Emerald.25 The Exchange currently is utilizing that discretion to set different bid/ask differentials based on its observation of market openings. Currently, the Exchange requires Market Makers to submit Valid Width Quotes which are tighter than the proposed $5 difference. The Exchange’s robust Opening Process seeks to encourage quality markets. As noted herein, unlike a majority of options markets,26 it requires Primary Market Makers to quote during the Opening Process to ensure liquidity as well as an efficient Opening Process where options series are opened quickly and at fair prices. The proposal to add rule text to state that such differences will be posted by the Exchange on its website 27 would allow Members to easily refer to the quoting obligations for the Opening Process. Technical Amendment The Exchange’s proposal to amend ‘‘Quotes’’ to ‘‘Quote’’ within Options 3, Section 8(c)(1)(B) and remove two incorrect citations to Options 3, Section 8(c)(1)(C) will bring greater clarity to the Exchange’s Rules. 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 require Primary Market Makers and Competitive Market Makers to bid and/or offer an option series with differences of no more than $5 for options on equities and index options does not impose an undue burden on competition. All Primary Market Makers, and Competitive Market Makers who elect to quote during the Opening Process, would be subject to the same requirement to submit a Valid 24 See Options 3, Section 8(a)(8), the Exchange may establish differences other than the established bid/ask differentials for one or more series or classes of options. 25 See MIAX and Emerald Rules 503. 26 See supra note 17. 27 Id. E:\FR\FM\30JYN1.SGM 30JYN1 41144 Federal Register / Vol. 86, No. 144 / Friday, July 30, 2021 / Notices Width Quote when submitting quotes during the Opening Process. Differentials would be available on the Exchange’s website and therefore transparent, allowing Members to easily refer to the quoting obligations for the Opening Process. Finally, the proposal would also align quoting requirements more closely to intra-day requirements within GEMX Options 2, Section 4(b)(4). With respect to inter-market competition, the Exchange notes that most options markets do not require market makers to quote during the opening.28 The Exchange notes that MIAX and Emerald have quoting requirements in the opening similar to the differential proposed herein. Also, ISE, MRX and Phlx are filing similar rule changes to this proposal.29 Technical Amendment The Exchange’s proposal to amend ‘‘Quotes’’ to ‘‘Quote’’ within Options 3, Section 8(c)(1)(B) and remove two incorrect citations to Options 3, Section 8(c)(1)(C) will bring greater clarity to the Exchange’s Rules. 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 lotter on DSK11XQN23PROD with NOTICES1 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 30 and subparagraph (f)(6) of Rule 19b-4 thereunder.31 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 28 See supra note 17 citing the options markets that require bid/ask differentials. 29 See SR–ISE–2021–17, SR–MRX–2021–09 and SR–Phlx–2021–42. These rule changes are not yet noticed. 30 15 U.S.C. 78s(b)(3)(A)(iii). 31 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 4(f)(6) requires a self-regulatory organization to give the Commission written notice of its intent to file the proposed rule change at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. The Exchange has satisfied this requirement. VerDate Sep<11>2014 17:24 Jul 29, 2021 Jkt 253001 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– GEMX–2021–07 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–GEMX–2021–07. 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 PO 00000 Frm 00143 Fmt 4703 Sfmt 9990 Number SR–GEMX–2021–07 and should be submitted on or before August 20, 2021. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.32 J. Matthew DeLesDernier, Assistant Secretary. [FR Doc. 2021–16230 Filed 7–29–21; 8:45 am] BILLING CODE 8011–01–P SMALL BUSINESS ADMINISTRATION [License No. 05/05–0342] Stonehenge Community Impact Fund, L.P.; Notice Seeking Exemption Under Section 312 of the Small Business Investment Act, Conflicts of Interest Notice is hereby given that Stonehenge Community Impact Fund, L.P., 191 W Nationwide Blvd., Suite 600, Columbus, OH 43215, a Federal Licensee under the Small Business Investment Act of 1958, as amended (‘‘the Act’’), in connection with the financing of a small concerns, has sought an exemption under Section 312 of the Act and Section 107.730, Financings which Constitute Conflicts of Interest of the Small Business Administration (‘‘SBA’’) Rules and Regulations (13 CFR 107.730). Stonehenge Community Impact Fund, L.P. is proposing to provide financing to Phonesoap, LLC. to support the Company’s growth. The proposed transaction is brought within the purview of § 107.730 of the Regulations because Stonehenge Community Development 117, LLC, an Associate of Stonehenge Community Impact Fund, L.P., by virtue of Common Control as defined at § 107.50, holds a debt investment in Phonesoap, LLC and the proposed transaction would free other funds to pay such obligation to an Associate. Therefore, the proposed transaction is considered self-deal pursuant to 13 CFR 107.730 and requires a regulatory exemption. Notice is hereby given that any interested person may submit written comments on the transaction within fifteen days of the date of this publication to Associate Administrator for Investment, U.S. Small Business Administration, 409 Third Street SW, Washington, DC 20416. Thomas Morris, Acting Associate Administrator, Director, Office of SBIC Liquidation, Office of Investment and Innovation. [FR Doc. 2021–16265 Filed 7–29–21; 8:45 am] BILLING CODE P 32 17 E:\FR\FM\30JYN1.SGM CFR 200.30–3(a)(12). 30JYN1

Agencies

[Federal Register Volume 86, Number 144 (Friday, July 30, 2021)]
[Notices]
[Pages 41141-41144]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-16230]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-92495; File No. SR-GEMX-2021-07]


Self-Regulatory Organizations; Nasdaq GEMX, LLC; Notice of Filing 
and Immediate Effectiveness of Proposed Rule Change To Amend the 
Opening Process

July 26, 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 July 19, 2021, Nasdaq GEMX, LLC (``GEMX'' or ``Exchange'') filed 
with the Securities and Exchange Commission (``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.
---------------------------------------------------------------------------

    \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 GEMX Options 3, Section 8, ``Options 
Opening Process.''
    The text of the proposed rule change is available on the Exchange's 
website at https://listingcenter.nasdaq.com/rulebook/gemx/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
    GEMX proposes to amend Options 3, Section 8, ``Options Opening 
Process.'' Specifically, the Exchange proposes to amend the definition 
of Valid Width Quote at Options 3, Section 8(a)(8).
    GEMX's Opening Process for an option series is conducted pursuant 
to Options 3, Section 8 paragraphs (f)-(j), on or after 9:30 a.m. 
Eastern Time if the ABBO, if any, is not crossed and the System has 
received, within two minutes \3\ of the opening trade or quote on the 
market for the underlying security,\4\ a Valid Width Quote. The System 
will accept a Primary Market Maker's Valid Width Quote or the Valid 
Width Quote of at least one Competitive Market Maker.\5\ Today, GEMX 
requires a Primary Market Maker to enter a Valid Width Quote in 90% of 
their assigned series, not later than one minute following the 
dissemination of a quote or trade by the market for the underlying 
security.\6\ Primary Market

[[Page 41142]]

Makers must promptly enter a Valid Width Quote in the remainder of 
their assigned series, which did not open within one minute following 
the dissemination of a quote or trade by the market for the underlying 
security.\7\ In either case, the Primary Market Maker or Competitive 
Market Maker must enter a Valid Width Quote to open an options series. 
GEMX Options 3, Section 8(a)(8) defines a Valid Width Quote as follows:
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    \3\ The Exchange may designated a shorter time provided it is 
disseminated to membership on the Exchange's website.
    \4\ In the case of index options, the timing is within two 
minutes of the receipt of the opening price in the underlying index 
or within two minutes of market opening for the underlying security 
in the case of U.S. dollar-settled foreign currency options. In both 
cases the Exchange may designated a shorter time provided it is 
disseminated to membership on the Exchange's website.
    \5\ The Exchange proposes an amendment within Options 3, Section 
8(c)(1)(B) as described below.
    \6\ In the case of index options, a Primary Market Maker must 
enter a Valid Width Quote in 90% of their assigned series, not later 
than one minute following the receipt of the opening price in the 
underlying index. The Primary Market Maker assigned in a particular 
U.S. dollar-settled foreign currency option must enter a Valid Width 
Quote, in 90% of their assigned series, not later than one minute 
after the announced market opening. See Options 3, Section 8(c)(3). 
The Exchange proposes to make a technical amendment to Options 3, 
Section 8(c)(3) which is described below.
    \7\ In the case of index options, Primary Market Makers must 
promptly enter a Valid Width Quote in the remainder of their 
assigned series, which did not open following the receipt of the 
opening price in the underlying index or, with respect to U.S. 
dollar-settled foreign currency options, following the announced 
market opening. See Options 3, Section 8(c)(3).
---------------------------------------------------------------------------

    A ``Valid Width Quote'' is a two-sided electronic quotation 
submitted by a Market Maker that meets the following requirements: 
Differentials shall be no more than $.25 between the bid and offer for 
each options contract for which the bid is less than $2, no more than 
$.40 where the bid is at least $2 but does not exceed $5, no more than 
$.50 where the bid is more than $5 but does not exceed $10, no more 
than $.80 where the bid is more than $10 but does not exceed $20, and 
no more than $1 where the bid is $20 or greater, provided that, in the 
case of equity options, the bid/ask differentials stated above shall 
not apply to in-the-money series where the market for the underlying 
security is wider than the differentials set forth above. The bid/ask 
differentials for in-the-money options series may be as wide as the 
quotation for the underlying security on the primary market, or its 
decimal equivalent rounded down to the nearest minimum increment. The 
Exchange may establish differences other than the above for one or more 
series or classes of options.
    The Exchange proposes to amend a Valid Width Quote to instead 
provide:
    A ``Valid Width Quote'' is a two-sided electronic quotation 
submitted by a Market Maker that meets the following requirements: 
Differentials shall be no more than $5, provided that, in the case of 
equity options, the bid/ask differential stated above shall not apply 
to in-the-money series where the market for the underlying security is 
wider than the differential set forth above. The bid/ask differentials 
for in-the-money options series may be as wide as the quotation for the 
underlying security on the primary market, or its decimal equivalent 
rounded down to the nearest minimum increment. The Exchange may 
establish differences other than the above for one or more series or 
classes of options. Such differences will be posted by the Exchange on 
its website.
    This proposed language is similar to Nasdaq BX, Inc. (``BX'').\8\ 
The Exchange proposes to widen the current bid/ask differentials for 
several reasons.
---------------------------------------------------------------------------

    \8\ BX Options 3, Section 8(a)(9) provides, ``A `Valid Width 
Quote' is a two-sided electronic quotation, submitted by a Market 
Maker, quoted with a difference not to exceed $5 between the bid and 
offer regardless of the price of the bid. However, respecting in-
the-money series where the market for the underlying security is 
wider than $5, the bid/ask differential may be as wide as the 
quotation for the underlying security on the primary market, or its 
decimal equivalent rounded down to the nearest minimum increment. 
The Exchange may establish differences other than the above for one 
or more series or classes of options.'' See also Securities Exchange 
Act Release No. 89731 (September 1, 2020), 85 FR 55524 (September 8, 
2020) (SR-BX-2020-016) (Order Approving Proposed Rule Change To 
Amend BX's Opening Process in Connection With a Technology 
Migration).
---------------------------------------------------------------------------

    First, the proposal would conform the Valid Width Quote definition 
of GEMX to that of BX. BX refers to a difference not to exceed $5 
between the bid and offer within the description of a Valid Width 
Quote, similar to BX Options 2, Section 4(f) and 5(d)(2) that describes 
intra-day quotes. By amending GEMX's Valid Width Quote, the Exchange 
notes that the $5 difference is akin to GEMX's intra-day requirement 
within GEMX Options 2, Section 4(b)(4).\9\
---------------------------------------------------------------------------

    \9\ GEMX Options 2, Section 4(b)(4) provides, ``. . . To price 
options contracts fairly by, among other things, bidding and 
offering so as to create differences of no more than $5 between the 
bid and offer following the opening rotation in an equity or index 
options contract. The Exchange may establish differences other than 
the above for one or more series or classes of options.'' Intra-day, 
GEMX also distinguishes in-the-money options series where the 
underlying securities market is wider than the differentials set 
forth above. For these series, the bid/ask differential may be as 
wide as the spread between the national best bid and offer in the 
underlying security.
---------------------------------------------------------------------------

    Second, the proposed differential would simplify the differential 
for Primary Market Makers, who would continue to be required to submit 
a Valid Width Quote during the Opening Process in their assigned 
options series. Widening the differentials would allow Primary Market 
Makers and Competitive Market Makers that elect to quote during the 
Opening Process, an ability to quote wider during the Opening Process 
when an underlying is volatile. Today, pursuant to Options 3, Section 
8(a)(8), the Exchange may establish differences other than the 
established bid/ask differentials for one or more series or classes of 
options. With this proposal, the Exchange is not amending its ability 
to continue to establish differences for one or more series or classes 
of options, rather the Exchange may continue to set other requirements 
pursuant to current GEMX Options 3, Section 8(a)(8). Today, the 
Exchange has established Valid Width Quote differentials which differ 
from those described within Options 3, Section 8(a)(8),\10\ they are:
---------------------------------------------------------------------------

    \10\ See https://www.nasdaq.com/docs/2021/03/22/GEMXSystemSetting.pdf.

------------------------------------------------------------------------
                                                     Maximum bid/ask
  Bid price low end of    Bid price high end of        differential
------------------------------------------------------------------------
            $0.00                    $1.99                   $0.75
             2.00                     4.99                    1.20
             5.00                     9.99                    1.50
            10.00                    19.99                    2.40
            20.00                   20.00+                    3.00
------------------------------------------------------------------------

    Also, options with an expiration more than nine months away 
continue to be permitted a Valid Width Quote bid/ask differential of 
$5.00. The Exchange will continue to utilize the differentials 
currently posted on its website until such time as it provides notice 
to Members of a change.
    Third, the Exchange also proposes to add rule text to state that 
such differences will be posted by the Exchange on its website.\11\ 
Posting the current differentials on its website would allow Members to 
easily refer to the quoting obligations for the Opening Process.
---------------------------------------------------------------------------

    \11\ Id.
---------------------------------------------------------------------------

Technical Amendment
    The Exchange proposes to amend ``Quotes'' to ``Quote'' within 
Options 3, Section 8(c)(1)(B). The Exchange also proposes to remove two 
incorrect citations to Options 3, Section 8(c)(1)(iii). The ``iii'' was 
removed in a prior rule change.\12\
---------------------------------------------------------------------------

    \12\ See Securities Exchange Act Release No. 88730 (April 22, 
2020), 85 FR 23545 (April 28, 2020) (SR-GEMX-2020-09) (Notice of 
Filing and Immediate Effectiveness of Proposed Rule Change To Amend 
GEMX Rules at Options 3, Section 8, Titled Options Opening Process).
---------------------------------------------------------------------------

2. Statutory Basis
    The Exchange believes that its proposal to establish a $5 
difference is consistent with Section 6(b) of the Act.\13\ 
Specifically, the Exchange believes the proposed rule change is 
consistent with the Section 6(b)(5) \14\ 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

[[Page 41143]]

open market and a national market system, and, in general, to protect 
investors and the public interest. Additionally, the Exchange believes 
the proposed rule change is consistent with the Section 6(b)(5) \15\ 
requirement that the rules of an exchange not be designed to permit 
unfair discrimination between customers, issuers, brokers, or dealers.
---------------------------------------------------------------------------

    \13\ 15 U.S.C. 78f(b).
    \14\ 15 U.S.C. 78f(b)(5).
    \15\ Id.
---------------------------------------------------------------------------

    The Exchange believes that the proposed $5 difference for the Valid 
Width Quote is more appropriate because it reflects the Exchange's 
experience in administering the rule and would continue to give Market 
Makers flexibility including during the Opening Process. The Exchange 
notes that the current standard is not being applied as the Exchange 
has established Valid Width Quote differentials which differ from those 
described within Options 3, Section 8(a)(8).\16\ Widening the Valid 
Width Quote requirement would provide Primary Market Makers, and 
Competitive Market Makers that elect to quote during the Opening 
Process, additional flexibility when submitting Valid Width Quotes 
during the Opening Process thereby allowing these Market Makers the 
ability to quote wider in instances where the Exchange has not 
established Valid Width Quote differentials which differ from those in 
the rule because volatile market conditions exist or there is news 
regarding an underlying security which may impact pricing. Primary 
Market Makers are integral to the Exchange's Opening Process as GEMX is 
dependent on receiving a Valid Width Quote to open an options series. 
With this proposal, Primary Market Makers would continue to be required 
to submit a Valid Width Quote during the Opening Process in their 
assigned options series.\17\
---------------------------------------------------------------------------

    \16\ See supra note 10.
    \17\ Today, GEMX, Nasdaq ISE, LLC (``ISE''), Nasdaq MRX, LLC 
(``MRX''), Nasdaq Phlx LLC (``Phlx''), Miami International 
Securities Exchange, LLC (``MIAX'') and MIAX Emerald, LLC 
(``Emerald'') and are the only options markets that require a 
Primary Market Maker, or Lead Market Maker in the case of Phlx, to 
submit a quote to open an options series.
---------------------------------------------------------------------------

    The proposal would conform the Valid Width Quote definition of GEMX 
to that of BX.\18\ BX refers to a difference not to exceed $5 between 
the bid and offer within the description of a Valid Width Quote, 
similar to BX Options 2, Section 4(f) and 5(d)(2) that describes intra-
day quotes. By amending GEMX's Valid Width Quote, the Exchange notes 
that the $5 difference is akin to GEMX's intra-day requirement within 
GEMX Options 2, Section 4(b)(4).\19\ Also, today, MIAX and Emerald 
require market makers to enter a valid width NBBO with a difference of 
no more than $5 between the bid and offer.\20\
---------------------------------------------------------------------------

    \18\ See supra note 8.
    \19\ See supra note 9.
    \20\ MIAX and Emerald require Market Makers to submit a valid 
width NBBO in the opening where the bid and offer of the NBBO differ 
no more than differences outlined in MIAX and Emerald Rule 
603(b)(4)(i). MIAX and Emerald Rule 603(b)(4)(i) provides that 
bidding and offering so as to create differences of no more than $5 
between the bid and offer. Rule 603(b)(4)(ii) provides MIAX and 
Emerald may establish differences other than the bid/ask 
differentials described in (i) above for one or more option series 
or classes, respectively. See MIAX and Emerald Rules 503.
---------------------------------------------------------------------------

    Not all options markets have bid/ask differentials. In 2019, Cboe 
removed its quote width requirements while citing corresponding rules 
of its affiliated exchanges.\21\ Cboe noted in the 2019 Rule Change 
that the current quote width requirement at the time for generally all 
classes was $10, however, its Market-Makers consistently maintained 
two-sided quotes that were much tighter than the required width. Cboe 
opined that, even if markets experienced periods of stress or 
volatility, they remained obligated to maintain two sided markets and 
engage in a course of dealings that must be reasonably calculated to 
contribute to the maintenance of a fair and orderly market, which 
includes refraining from making bids or offers that are inconsistent 
with such course of dealings and updating quotations in response to 
changed market conditions.\22\ Cboe noted that it did not believe that 
continuing to provide for a quote width requirement was necessary nor 
would it impact the maintenance of fair and orderly markets because 
Market-Makers already quoted at a bid/ask spread much narrower than the 
requirements and were required to continuously fulfill their 
obligations to engage in a course of dealings reasonably calculated to 
contribute to the maintenance of a fair and orderly market.\23\
---------------------------------------------------------------------------

    \21\ See Securities Exchange Act Release No. 87024 (September 
19, 2019), 84 FR 50545 (September 25, 2019) (SR-Cboe-2019-059) 
(``2019 Rule Change'').
    \22\ Id.
    \23\ Id.
---------------------------------------------------------------------------

    Unlike Cboe, GEMX does require its Market Makers to quote both 
during the Opening Process and intra-day within certain established 
bid/ask differentials. The Exchange notes that widening its Valid Width 
Quote differential during the Opening Process will not impact the 
maintenance of fair and orderly markets because Market Makers on GEMX, 
unlike other markets that do not require quoting during the Opening 
Process, will continue to require that its Market Makers provide Valid 
Width Quotes during the Opening Process, thereby ensuring liquidity. 
Also, Market Makers may quote tighter than the defined Valid Width 
Quote differential. Finally, similar to Cboe's argument in the 2019 
Rule Change, Market Makers are required to continuously fulfill their 
obligations to engage in a course of dealings reasonably calculated to 
contribute to the maintenance of a fair and orderly market.
    Today, the Exchange has discretion to set other differentials,\24\ 
similar to MIAX and Emerald.\25\ The Exchange currently is utilizing 
that discretion to set different bid/ask differentials based on its 
observation of market openings. Currently, the Exchange requires Market 
Makers to submit Valid Width Quotes which are tighter than the proposed 
$5 difference.
---------------------------------------------------------------------------

    \24\ See Options 3, Section 8(a)(8), the Exchange may establish 
differences other than the established bid/ask differentials for one 
or more series or classes of options.
    \25\ See MIAX and Emerald Rules 503.
---------------------------------------------------------------------------

    The Exchange's robust Opening Process seeks to encourage quality 
markets. As noted herein, unlike a majority of options markets,\26\ it 
requires Primary Market Makers to quote during the Opening Process to 
ensure liquidity as well as an efficient Opening Process where options 
series are opened quickly and at fair prices.
---------------------------------------------------------------------------

    \26\ See supra note 17.
---------------------------------------------------------------------------

    The proposal to add rule text to state that such differences will 
be posted by the Exchange on its website \27\ would allow Members to 
easily refer to the quoting obligations for the Opening Process.
---------------------------------------------------------------------------

    \27\ Id.
---------------------------------------------------------------------------

Technical Amendment
    The Exchange's proposal to amend ``Quotes'' to ``Quote'' within 
Options 3, Section 8(c)(1)(B) and remove two incorrect citations to 
Options 3, Section 8(c)(1)(C) will bring greater clarity to the 
Exchange's Rules.

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 
require Primary Market Makers and Competitive Market Makers to bid and/
or offer an option series with differences of no more than $5 for 
options on equities and index options does not impose an undue burden 
on competition. All Primary Market Makers, and Competitive Market 
Makers who elect to quote during the Opening Process, would be subject 
to the same requirement to submit a Valid

[[Page 41144]]

Width Quote when submitting quotes during the Opening Process. 
Differentials would be available on the Exchange's website and 
therefore transparent, allowing Members to easily refer to the quoting 
obligations for the Opening Process. Finally, the proposal would also 
align quoting requirements more closely to intra-day requirements 
within GEMX Options 2, Section 4(b)(4).
    With respect to inter-market competition, the Exchange notes that 
most options markets do not require market makers to quote during the 
opening.\28\ The Exchange notes that MIAX and Emerald have quoting 
requirements in the opening similar to the differential proposed 
herein. Also, ISE, MRX and Phlx are filing similar rule changes to this 
proposal.\29\
---------------------------------------------------------------------------

    \28\ See supra note 17 citing the options markets that require 
bid/ask differentials.
    \29\ See SR-ISE-2021-17, SR-MRX-2021-09 and SR-Phlx-2021-42. 
These rule changes are not yet noticed.
---------------------------------------------------------------------------

Technical Amendment
    The Exchange's proposal to amend ``Quotes'' to ``Quote'' within 
Options 3, Section 8(c)(1)(B) and remove two incorrect citations to 
Options 3, Section 8(c)(1)(C) will bring greater clarity to the 
Exchange's Rules.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    No written comments were either solicited or received.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    Because the foregoing proposed rule change does not: (I) 
Significantly affect the protection of investors or the public 
interest; (ii) impose any significant burden on competition; and (iii) 
become operative for 30 days from the date on which it was filed, or 
such shorter time as the Commission may designate, it has become 
effective pursuant to Section 19(b)(3)(A)(iii) of the Act \30\ and 
subparagraph (f)(6) of Rule 19b-4 thereunder.\31\
---------------------------------------------------------------------------

    \30\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \31\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) 
requires a self-regulatory organization to give the Commission 
written notice of its intent to file the proposed rule change at 
least five business days prior to the date of filing of the proposed 
rule change, or such shorter time as designated by the Commission. 
The Exchange has satisfied this requirement.
---------------------------------------------------------------------------

    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-GEMX-2021-07 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-GEMX-2021-07. 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-GEMX-2021-07 and should be submitted on 
or before August 20, 2021.
---------------------------------------------------------------------------

    \32\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\32\
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-16230 Filed 7-29-21; 8:45 am]
BILLING CODE 8011-01-P
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