Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing of Proposed Rule Change To Permit the Listing and Trading of P.M.-Settled Nasdaq 100 Micro Index Options That Expire on Tuesday or Thursday Under Its Nonstandard Expirations Pilot Program, 64119-64122 [2022-22838]
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Federal Register / Vol. 87, No. 203 / Friday, October 21, 2022 / Notices
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Please direct your written comments
to: David Bottom, Director/Chief
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Mailbox@sec.gov.
Dated: October 17, 2022.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2022–22853 Filed 10–20–22; 8:45 am]
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–96090; File No. SR–Phlx–
2022–38]
Self-Regulatory Organizations; Nasdaq
PHLX LLC; Notice of Filing of
Proposed Rule Change To Permit the
Listing and Trading of P.M.-Settled
Nasdaq 100 Micro Index Options That
Expire on Tuesday or Thursday Under
Its Nonstandard Expirations Pilot
Program
October 17, 2022.
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 October
4, 2022, Nasdaq PHLX LLC (‘‘Phlx’’ 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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I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to permit
Phlx to open for trading Weekly
Expirations on Nasdaq 100 Micro Index
Options (‘‘XND’’) that expire on any
Tuesday or Thursday within the
Nonstandard Expirations Pilot Program.
The text of the proposed rule change
is available on the Exchange’s website at
https://listingcenter.nasdaq.com/
rulebook/phlx/rules, at the principal
office of the Exchange, and at the
Commission’s Public Reference Room.
1 15
2 17
U.S.C. 78s(b)(1).
CFR 240.19b–4.
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II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange included statements
concerning the purpose of and basis for
the proposed rule change and discussed
any comments it received on the
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below. The
Exchange has prepared summaries, set
forth in sections A, B, and C below, of
the most significant aspects of such
statements.
1. Purpose
Phlx proposes to amend its Options
4A, Section 12(b)(5) which governs its
Nonstandard Expirations Pilot Program
to permit Phlx to open for trading
Weekly Expirations on Nasdaq 100
Micro Index Options (‘‘XND’’) that
expire on any Tuesday or Thursday
within the Nonstandard Expirations
Pilot Program.
Phlx’s Nonstandard Expirations Pilot
Program permits the listing and trading
of P.M.-settled options on broad-based
indexes with nonstandard expirations
dates.3 Under the Nonstandard
Expirations Pilot Program the Exchange
may open for trading Weekly
Expirations on the Nasdaq-100 Index
options (‘‘NDX’’) to expire on any
Tuesday or Thursday (other than days
that coincide with the third Friday-ofthe-month or an End of Month (‘‘EOM’’)
expiration).4 Additionally, the Exchange
3 See Securities Exchange Act Release No. 82341
(December 15, 2017), 82 FR 60651 (December 21,
2017) (approving SR–Phlx–2017–79) (Order
Approving a Proposed Rule Change, as Modified by
Amendment No. 1 and Granting Accelerated
Approval of Amendment No. 2, of a Proposed Rule
Change To Establish a Nonstandard Expirations
Pilot Program) (‘‘Nonstandard Expirations Pilot
Program Approval Order’’).
4 See Options 4A, Section 12(b)(5)(A). Further,
Cboe is permitted to list P.M.-settled S & P 500
Index options and Mini-S&P 500 Index options that
expire on Tuesday or Thursday under its
Nonstandard Expirations Pilot Program. See
Securities Exchange Act Release No. 94682 (April
12, 2022), 87 FR 22993 (April 18, 2022) (SR–CBOE–
2022–005) (Notice of Filing of Amendment No. 1
and Order Granting Accelerated Approval of a
Proposed Rule Change, as Modified by Amendment
No. 1, To Expand the Nonstandard Expirations Pilot
Program To Include P.M.-Settled S&P 500 Index
Options That Expire on Tuesday or Thursday). See
also Securities Exchange Act Release No. 95795
(September 15, 2022), 87 FR 57745 (September 21,
2022 (SR–CBOE–2022–039) (Order Approving a
Proposed Rule Change To Expand the Nonstandard
Expirations Pilot Program To Include P.M.-Settled
Options on the Mini-S&P 500 Index That Expire on
Tuesday or Thursday).
PO 00000
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64119
may open for trading EOMs on any
broad-based index eligible for standard
options trading to expire on last trading
day of the month.5
At this time, the Exchange proposes to
permit Phlx to open for trading Weekly
Expirations on XND options 6 that
expire on Tuesday or Thursday within
the Nonstandard Expirations Pilot
Program. XND options that expire on
Tuesday or Thursday would be listed
under the Nonstandard Expirations Pilot
Program. The Exchange notes that
permitting XND options with Tuesday
and Thursday expirations, as proposed,
would be in addition to the XND
options with Monday, Wednesday and
Friday expirations that the Exchange
may (and does) already list, as they are
permissible Weekly Expirations for
options on a broad based index (e.g., the
Nasdaq-100 Index) pursuant to Options
4A, Section 12(b)(5)(A). Specifically,
with this proposal, the Exchange may
open for trading Weekly Expirations on
XND options to expire on any Tuesday
or Thursday (other than days that
coincide with the third Friday-of-themonth or an EOM expiration), similar to
options on the Nasdaq-100 Index.
The Nonstandard Expirations Pilot
Program will apply to XND options with
Tuesday and Thursday expirations in
the same manner as it currently applies
to all other P.M.-settled broad-based
index options with Monday,
Wednesday, and Friday expirations and
to Nasdaq-100 Index options with
Tuesday and Thursday expirations.
Specifically, the proposed rule change
amends Options 4A, Section 12(b)(5)(A)
to add XND options (P.M.-settled) that
expire on Tuesday or Thursday as
permissible Weekly Expirations.
Options with Tuesday and Thursday
expirations, including the proposed
XND Tuesday and Thursday
expirations, would be subject to all
provisions within Options 4A, Section
12(b)(5) and treated the same as options
on the same underlying index that
5 See
Options 4A, Section 12(b)(5)(B).
options trade independently of and in
addition to NDX options, and the XND options are
subject to the same rules that presently govern the
trading of index options based on the Nasdaq-100
Index, including sales practice rules, margin
requirements, trading rules, and position and
exercise limits. Similar to NDX, XND options are
European-style and cash-settled, and have a
contract multiplier of 100. The contract
specifications for XND options mirror in all respects
those of the NDX options contract already listed on
the Exchange, except that XND options are based
on 1/100th of the value of the Nasdaq-100 Index,
and are P.M.-settled pursuant to Options 4A,
Section 12(f)(i). Similar to other broad-based, the
Exchange may open for trading Weekly Expirations
on XND options to expire on any Monday,
Wednesday, or Friday (other than the third Fridayof-the-month or days that coincide with an EOM
expiration).
6 XND
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expire on the third Friday of the
expiration month; provided, however,
that Weekly Expirations are P.M.settled, and new series in Weekly
Expirations may be added up to and
including on the expiration date for an
expiring Weekly Expiration.
The maximum number of XND
options expirations that may be listed
for each Weekly Expiration (i.e., a
Monday expiration, Tuesday expiration,
Wednesday expiration, Thursday
expiration, or Friday expiration, as
applicable) in a given class is the same
as the maximum number of expirations
permitted in Options 4A, Section
12(a)(4) 7 for standard options on the
same broad-based index.
Weekly Expirations need not be for
consecutive Monday, Tuesday,
Wednesday, Thursday, or Friday
expirations as applicable; however, the
expiration date of a non-consecutive
expiration may not be beyond what
would be considered the last expiration
date if the maximum number of
expirations were listed consecutively.
Weekly Expirations that are initially
listed in a given class may expire up to
four weeks from the actual listing date.
If the Exchange lists EOMs and Weekly
Expirations as applicable in a given
class, the Exchange will list an EOM
instead of a Weekly Expiration that
expires on the same day in the given
class. Other expirations in the same
class are not counted as part of the
maximum number of Weekly
Expirations for an applicable broadbased index class.
If the Exchange is not open for
business on a respective Monday, the
normally Monday expiring Weekly
Expirations will expire on the following
business day. If the Exchange is not
open for business on a respective
Tuesday, Wednesday, Thursday, or
Friday, the normally Tuesday,
Wednesday, Thursday, or Friday
expiring Weekly Expirations will expire
on the previous business day. If two
different Weekly Expirations on XND
options would expire on the same day
because the Exchange is not open for
business on a certain weekday, the
Exchange will list only one of such
Weekly Expirations. The Exchange will
list just one Weekly Expiration in such
a case, as the two Weekly Expirations
7 Options 4A, Section 12(a)(4) provides, ‘‘Index
options contracts may expire at three (3)-month
intervals or in consecutive weeks or months. The
Exchange may list: (i) up to six (6) standard
monthly expirations at any one time in a class, but
will not list index options that expire more than
twelve (12) months out; (ii) up to 12 standard
monthly expirations at any one time for any class
that the Exchange (as the Reporting Authority) uses
to calculate a volatility index; and (iii) up to 12
standard (monthly) expirations in NDX options.’’
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would essentially be the same options
contract. For example, if the Exchange
listed XND options with proposed
Thursday expirations and Friday
expirations and the Exchange was
closed for business on a Friday then,
pursuant to current Options 4A, Section
12(b)(5)(A) the normally expiring Friday
expiration would expire on the previous
business day—essentially making it an
XND option with a Thursday expiration.
Thus, expiring XND options in this case
will always have the same weekday
expiration (per the example, it is an
XND option with a Thursday expiration,
whether it was listed as an XND with a
Thursday expiration or a Friday
expiration). As such, when the
Exchange is closed for business, the
Exchange will list just one Weekly
Expiration if two Weekly Expirations
would expire on the same day due to
the Exchange being closed for business.
Transactions in Weekly Expirations
may be effected on the Exchange
between the hours of 9:30 a.m. (Eastern
Time) and 4:15 p.m. (Eastern Time),
except that that on the last trading day,
transactions in expiring p.m.-settled
broad-based index options may be
effected on the Exchange between the
hours of 9:30 a.m. (Eastern time) and
4:00 p.m. (Eastern time).8
The Exchange believes that that the
introduction of XND options with
Tuesday and Thursday expirations will
expand hedging tools available to
market participants while also
providing greater trading opportunities.
By offering XND options with Tuesday
and Thursday expirations along with
the current Monday, Wednesday and
Friday expirations, the proposed rule
change will allow market participants to
purchase XND options in a manner
more aligned with specific timing needs
and more effectively tailor their
investment and hedging strategies and
manage their portfolios. In particular,
the proposed rule change will allow
market participants to roll their
positions on more trading days, thus
with more precision, spread risk across
more trading days and incorporate daily
changes in the markets, which may
reduce the premium cost of buying
protection.
The Exchange proposes to abide by
the same reporting requirements for the
trading of XND options that expire on
any Tuesday or Thursday that it does for
the trading of P.M.-settled options on
broad-based indexes that expire on any
Monday, Wednesday, or Friday and for
Nasdaq-100 Index options that expire on
Tuesday or Thursday pursuant to the
Nonstandard Expirations Pilot Program.
8 See
PO 00000
Options 4A, Section 12(b)(5)(D).
Frm 00121
Fmt 4703
Sfmt 4703
Pilot Report
The Exchange intends to submit a rule
change proposing permanency of the
Nonstandard Expirations Pilot Program
to the Commission and would include
data regarding XND options that expire
on Tuesdays or Thursdays as it does for
current Weekly Expirations on any
broad-based index option either by
providing additional data in such
proposal or in an annual report
regarding XND options that expire on
each trading day of the week, as
proposed. The Exchange would
continue to provide the Commission
with ongoing data regarding XND
options that expire on Tuesdays or
Thursdays unless and until the
Nonstandard Expirations Pilot Program
is made permanent or discontinued.
As provided in the Nonstandard
Expirations Pilot Program Approval
Order,9 the annual report will contain
an analysis of volume, open interest and
trading patterns. In addition, for series
that exceed certain minimum open
interest parameters, the annual report
will provide analysis of index price
volatility and, if needed, share trading
activity.10 Additionally, the Exchange
will provide the Commission with any
additional data or analyses the
Commission requests because it deems
such data or analyses necessary to
determine whether the Nonstandard
Expirations Pilot Program, including
XND options with Tuesday and
Thursday expirations as proposed, is
consistent with the Exchange Act. As it
does for current Nonstandard
Expirations Pilot Program products, the
Exchange will make public on its
website all data and analyses in
connection with XND options with
Tuesday and Thursday expirations it
submits to the Commission under the
9 See
supra note 3.
for all Weekly Expirations and
EOM series, the annual report will contain the
following volume and open interest data for each
broad-based index overlying Weekly Expiration and
EOM options: (1) Monthly volume aggregated for all
Weekly Expiration and EOM series, (2) Volume in
Weekly Expiration and EOM series aggregated by
expiration date, (3) Month-end open interest
aggregated for all Weekly Expiration and EOM
series, (4) Month-end open interest for EOM series
aggregated by expiration date and open interest for
Weekly Expiration series aggregated by expiration
date, (5) Ratio of monthly aggregate volume in
Weekly Expiration and EOM series to total monthly
class volume, and (6) Ratio of month-end open
interest in EOM series to total month-end class
open interest and ratio of open interest in each
Weekly Expiration series to total class open interest.
In addition, the annual report will contain the
information noted above for standard Expiration
Friday, AM-settled series, if applicable, for the
period covered in the pilot report as well as for the
six-month period prior to the initiation of the pilot.
See Nonstandard Expirations Pilot Program
Approval Order at 60652 and 60653.
10 Specifically,
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Nonstandard Expirations Pilot Program.
Going forward, the Exchange will
include the same areas of analysis for
XND options with Tuesday and
Thursday expirations. The Exchange
also proposes to include the following
market quality data, over sample
periods determined by the Exchange
and the Commission, for XND options
(XND and standard NDX options) as
part of the annual reports going forward:
(1) time-weighted relative quoted
spreads; (2) relative effective spreads;
and (3) time-weighted bid and offer
sizes.
The Exchange believes there is
sufficient investor interest and demand
in XND options with Tuesday and
Thursday expirations to warrant
inclusion in the Nonstandard
Expirations Pilot Program and that the
Nonstandard Expirations Pilot Program,
as amended, will continue to provide
investors with additional means of
managing their risk exposures and
carrying out their investment objectives.
The Exchange notes that during the
Nonstandard Expirations Pilot
Program’s 4 year tenure, the Exchange
has not observed any significant adverse
market effects or identified any
regulatory concerns as a result of the
Nonstandard Expirations Pilot Program,
nor does it believe that additional
expirations listed under the
Nonstandard Expirations Pilot Program
would result in any such impact or
regulatory concerns. Based on a study
conducted by Commission staff on the
pilot data (including quarterly, weekly,
EOM and third Friday expirations for
P.M.-settled NDX options),11 there is no
evidence of any significant adverse
economic impact to the futures, index,
or underlying index component
securities markets as a result of the
quantity of P.M.-settled NDX options
that settle at the close or the amount of
expiring open interest in P.M.-settled
NDX options.12
With regard to the impact of this
proposal on System capacity, the
Exchange has analyzed its capacity and
represents that it believes that the
Exchange and OPRA have the necessary
11 See Securities and Exchange Commission,
Division of Economic Risk and Analysis,
Memorandum, Cornerstone Analysis of PM CashSettled Index Option Pilots (February 2, 2021)
(‘‘DERA Staff PM Pilot Memo’’), available at:
https://www.sec.gov/dera/staff-papers/studies-andreports/analysis-of-pm-cash-settled-index-optionpilots.
12 See DERA Staff PM Pilot Memo at 3. For
example, the largest settlement event that occurred
during the time period of the study (a settlement of
$100.4 billion of notional on December 29, 2017)
had an estimated impact on the futures price of
only approximately 0.02% (a predicted impact of
$0.54 relative to a closing futures price of $2,677).
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19:08 Oct 20, 2022
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systems capacity to handle any potential
additional traffic associated with trading
of XND options with Tuesday and
Thursday expirations. The Exchange
does not believe that its members or
member organizations will experience
any capacity issues as a result of this
proposal and represents that it will
monitor the trading volume associated
with any possible additional options
series listed as a result of this proposal
and the effect (if any) of these additional
series on market fragmentation and on
the capacity of the Exchange’s
automated systems. While this proposal
may increase the number of strike
intervals listed on Phlx, the amount of
additional strike intervals added should
be insignificant.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
the provisions of Section 6 of the Act,13
in general, and with Section 6(b)(5) of
the Act,14 in that it is designed to
promote just and equitable principles of
trade, to foster cooperation and
coordination with persons engaged in
regulating, clearing, settling, processing
information with respect to, and
facilitating transactions in securities, to
remove impediments to and perfect the
mechanism of a free and open market
and a national market system, and, in
general, to protect investors and the
public interest; and is not designed to
permit unfair discrimination between
customers, issuers, brokers, or dealers,
or to regulate by virtue of any authority
conferred by the Act matters not related
to the purposes of the Act or the
administration of the Exchange. The
Exchange believes that the proposed
rule change is also consistent with
Section 6(b)(8) of the Act 15 in that it
does not impose any burden on
competition not necessary or
appropriate in furtherance of the
purposes of the Act.
In particular, the Exchange believes
that the proposed rule change will
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 providing investors
with greater trading and hedging
opportunities and flexibility, allowing
them to transact in XND options in a
manner more aligned with specific
timing needs and more effectively tailor
their investment and hedging objectives
by listing XND options that expire each
trading day of the week. The Exchange
13 15
U.S.C. 78f.
U.S.C. 78f(b)(5).
15 15 U.S.C. 78f(b)(8).
14 15
PO 00000
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64121
does not believe that the addition of
XND options with Tuesday and
Thursday expirations to the
Nonstandard Expirations Pilot Program
will raise any prohibitive regulatory
concerns or adversely impact fair and
orderly markets on expiration days. The
Exchange has not experienced any
meaningful regulatory concerns, nor
adverse impact on fair and orderly
markets, in connection with the listing
of XND options with Monday,
Wednesday and Friday expirations or
the listing and trading of Nasdaq-100
Index options with Tuesday and
Thursday expirations. Particularly, the
Exchange does not believe increases in
the number P.M.-settled XND options
series will have any significant adverse
economic impact on the futures, index,
or underlying index component
securities markets.
The Exchange believes that the
proposed rule change will provide
investors with greater trading and
hedging opportunities and flexibility,
allowing them to transact in XND
options in a manner more aligned with
specific timing needs and more
effectively tailor their investment and
hedging objectives by listing XND
options that expire each trading day of
the week.
The Exchange represents that it
believes that it has the necessary
systems capacity to support any
additional traffic associated with trading
of XND options with Tuesday and
Thursday expirations and does not
believe that its Members will experience
any capacity issues as a result of this
proposal. The Exchange will monitor
the trading volume associated with any
possible additional options series listed
and the effect (if any) of these additional
series on market fragmentation and on
the capacity of the Exchange’s
automated systems. The Exchange again
notes that, as a result of an options
strike mitigation initiative recently
implemented by the Exchange, the
number of XND options series listed on
the Exchange once Tuesday and
Thursday expirations become available
will be less than the number of such
series that were listed prior to the
implementation of the strike mitigation
initiative.
The Exchange will include analysis in
connection with XND options that
expire on Tuesdays and Thursdays in its
rule change proposing permanency of
the Nonstandard Expirations Pilot
Program to the Commission and would
include data regarding XND options that
expire on Tuesdays or Thursdays as it
does for current Weekly Expirations on
any broad-based index option either by
providing additional data in such
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proposal or in an annual report
regarding XND options that expire on
each trading day of the week, as
proposed. The Exchange also will
provide the Commission with any
additional data or analyses that it may
request if it deems such data or analyses
necessary to determine whether the
Nonstandard Expirations Pilot Program,
including XND options with Tuesday
and Thursday expirations as proposed,
is consistent with the Exchange Act.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
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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 does not believe that
the proposed rule change will impose
any burden on intra-market competition
that is not necessary or appropriate in
furtherance of the purposes of the Act
because XND options with Tuesday and
Thursday expirations will be available
to all market participants. By listing
XND options that expire Tuesdays and
Thursdays, the proposed rule change
will provide all investors that
participate in the NDX options market
greater trading and hedging
opportunities and flexibility to meet
their investment and hedging needs.
Additionally, Tuesday and Thursday
expiring XND options will trade in the
same manner as Weekly Expirations
currently trade.
The Exchange does not believe that
the proposal to list XND options with
Tuesday and Thursday expirations will
impose any burden on inter-market
competition that is not necessary or
appropriate in furtherance of the
purposes of the Act because NDX
options (including XND options) are
proprietary Exchange products. Also,
Cboe similarly lists Tuesday and
Thursday options within their nonstandard program.16 To the extent that
the addition of XND options that expire
on Tuesdays and Thursdays available
for trading on the Exchange makes the
Exchange a more attractive marketplace
to market participants at other
exchanges, such market participants are
free to elect to become market
participants on the Exchange.
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.
16 See
supra note 5.
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III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Within 45 days of the date of
publication of this notice in the Federal
Register or within such longer period
up to 90 days (i) as the Commission may
designate if it finds such longer period
to be appropriate and publishes its
reasons for so finding or (ii) as to which
the self-regulatory organization
consents, the Commission will:
(A) by order approve or disapprove
the proposed rule change, or
(B) institute proceedings to determine
whether the proposed rule change
should be 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–
Phlx–2022–38 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–Phlx–2022–38. 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
PO 00000
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Sfmt 4703
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–Phlx–2022–38, and should
be submitted on or before November 14,
2022.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.17
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022–22838 Filed 10–20–22; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–633, OMB Control No.
3235–0713]
Proposed Collection; Comment
Request; Extension: Rule 15Fi–2
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736
Notice is hereby given that pursuant
to the Paperwork Reduction Act of 1995
(‘‘PRA’’) (44 U.S.C. 3501 et seq.), the
Securities and Exchange Commission
(‘‘Commission’’) is soliciting comments
on the existing collection of information
provided for in Rule 15Fi–2 (17 CFR
240.15Fi–2) under the Securities
Exchange Act of 1934 (‘‘Exchange Act’’)
(15 U.S.C. 78a et seq.). The Commission
plans to submit this existing collection
of information to the Office of
Management and Budget (‘‘OMB’’) for
extension and approval.
Rule 15Fi–2 requires security-based
swaps (‘‘SBS’’) dealers and major SBS
participants (collectively, ‘‘SBS
Entities’’) to provide to their
counterparties a trade acknowledgment,
to provide prompt verification of the
terms provided in a trade
acknowledgment of transactions from
other SBS Entities, and to have written
policies and procedures that are
reasonably designed to obtain prompt
verification of the terms provided in a
trade acknowledgment. The Rule
promotes the efficient operation of the
SBS market and facilitate market
participants’ management of their SBSrelated risk.
17 17
E:\FR\FM\21OCN1.SGM
CFR 200.30–3(a)(12).
21OCN1
]]>Agencies
[Federal Register Volume 87, Number 203 (Friday, October 21, 2022)]
[Notices]
[Pages 64119-64122]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-22838]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-96090; File No. SR-Phlx-2022-38]
Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing
of Proposed Rule Change To Permit the Listing and Trading of P.M.-
Settled Nasdaq 100 Micro Index Options That Expire on Tuesday or
Thursday Under Its Nonstandard Expirations Pilot Program
October 17, 2022.
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 October 4, 2022, Nasdaq PHLX LLC (``Phlx'' 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 permit Phlx to open for trading Weekly
Expirations on Nasdaq 100 Micro Index Options (``XND'') that expire on
any Tuesday or Thursday within the Nonstandard Expirations Pilot
Program.
The text of the proposed rule change is available on the Exchange's
website at https://listingcenter.nasdaq.com/rulebook/phlx/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
Phlx proposes to amend its Options 4A, Section 12(b)(5) which
governs its Nonstandard Expirations Pilot Program to permit Phlx to
open for trading Weekly Expirations on Nasdaq 100 Micro Index Options
(``XND'') that expire on any Tuesday or Thursday within the Nonstandard
Expirations Pilot Program.
Phlx's Nonstandard Expirations Pilot Program permits the listing
and trading of P.M.-settled options on broad-based indexes with
nonstandard expirations dates.\3\ Under the Nonstandard Expirations
Pilot Program the Exchange may open for trading Weekly Expirations on
the Nasdaq-100 Index options (``NDX'') to expire on any Tuesday or
Thursday (other than days that coincide with the third Friday-of-the-
month or an End of Month (``EOM'') expiration).\4\ Additionally, the
Exchange may open for trading EOMs on any broad-based index eligible
for standard options trading to expire on last trading day of the
month.\5\
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\3\ See Securities Exchange Act Release No. 82341 (December 15,
2017), 82 FR 60651 (December 21, 2017) (approving SR-Phlx-2017-79)
(Order Approving a Proposed Rule Change, as Modified by Amendment
No. 1 and Granting Accelerated Approval of Amendment No. 2, of a
Proposed Rule Change To Establish a Nonstandard Expirations Pilot
Program) (``Nonstandard Expirations Pilot Program Approval Order'').
\4\ See Options 4A, Section 12(b)(5)(A). Further, Cboe is
permitted to list P.M.-settled S & P 500 Index options and Mini-S&P
500 Index options that expire on Tuesday or Thursday under its
Nonstandard Expirations Pilot Program. See Securities Exchange Act
Release No. 94682 (April 12, 2022), 87 FR 22993 (April 18, 2022)
(SR-CBOE-2022-005) (Notice of Filing of Amendment No. 1 and Order
Granting Accelerated Approval of a Proposed Rule Change, as Modified
by Amendment No. 1, To Expand the Nonstandard Expirations Pilot
Program To Include P.M.-Settled S&P 500 Index Options That Expire on
Tuesday or Thursday). See also Securities Exchange Act Release No.
95795 (September 15, 2022), 87 FR 57745 (September 21, 2022 (SR-
CBOE-2022-039) (Order Approving a Proposed Rule Change To Expand the
Nonstandard Expirations Pilot Program To Include P.M.-Settled
Options on the Mini-S&P 500 Index That Expire on Tuesday or
Thursday).
\5\ See Options 4A, Section 12(b)(5)(B).
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At this time, the Exchange proposes to permit Phlx to open for
trading Weekly Expirations on XND options \6\ that expire on Tuesday or
Thursday within the Nonstandard Expirations Pilot Program. XND options
that expire on Tuesday or Thursday would be listed under the
Nonstandard Expirations Pilot Program. The Exchange notes that
permitting XND options with Tuesday and Thursday expirations, as
proposed, would be in addition to the XND options with Monday,
Wednesday and Friday expirations that the Exchange may (and does)
already list, as they are permissible Weekly Expirations for options on
a broad based index (e.g., the Nasdaq-100 Index) pursuant to Options
4A, Section 12(b)(5)(A). Specifically, with this proposal, the Exchange
may open for trading Weekly Expirations on XND options to expire on any
Tuesday or Thursday (other than days that coincide with the third
Friday-of-the-month or an EOM expiration), similar to options on the
Nasdaq-100 Index.
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\6\ XND options trade independently of and in addition to NDX
options, and the XND options are subject to the same rules that
presently govern the trading of index options based on the Nasdaq-
100 Index, including sales practice rules, margin requirements,
trading rules, and position and exercise limits. Similar to NDX, XND
options are European-style and cash-settled, and have a contract
multiplier of 100. The contract specifications for XND options
mirror in all respects those of the NDX options contract already
listed on the Exchange, except that XND options are based on 1/100th
of the value of the Nasdaq-100 Index, and are P.M.-settled pursuant
to Options 4A, Section 12(f)(i). Similar to other broad-based, the
Exchange may open for trading Weekly Expirations on XND options to
expire on any Monday, Wednesday, or Friday (other than the third
Friday-of-the-month or days that coincide with an EOM expiration).
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The Nonstandard Expirations Pilot Program will apply to XND options
with Tuesday and Thursday expirations in the same manner as it
currently applies to all other P.M.-settled broad-based index options
with Monday, Wednesday, and Friday expirations and to Nasdaq-100 Index
options with Tuesday and Thursday expirations. Specifically, the
proposed rule change amends Options 4A, Section 12(b)(5)(A) to add XND
options (P.M.-settled) that expire on Tuesday or Thursday as
permissible Weekly Expirations. Options with Tuesday and Thursday
expirations, including the proposed XND Tuesday and Thursday
expirations, would be subject to all provisions within Options 4A,
Section 12(b)(5) and treated the same as options on the same underlying
index that
[[Page 64120]]
expire on the third Friday of the expiration month; provided, however,
that Weekly Expirations are P.M.-settled, and new series in Weekly
Expirations may be added up to and including on the expiration date for
an expiring Weekly Expiration.
The maximum number of XND options expirations that may be listed
for each Weekly Expiration (i.e., a Monday expiration, Tuesday
expiration, Wednesday expiration, Thursday expiration, or Friday
expiration, as applicable) in a given class is the same as the maximum
number of expirations permitted in Options 4A, Section 12(a)(4) \7\ for
standard options on the same broad-based index.
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\7\ Options 4A, Section 12(a)(4) provides, ``Index options
contracts may expire at three (3)-month intervals or in consecutive
weeks or months. The Exchange may list: (i) up to six (6) standard
monthly expirations at any one time in a class, but will not list
index options that expire more than twelve (12) months out; (ii) up
to 12 standard monthly expirations at any one time for any class
that the Exchange (as the Reporting Authority) uses to calculate a
volatility index; and (iii) up to 12 standard (monthly) expirations
in NDX options.''
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Weekly Expirations need not be for consecutive Monday, Tuesday,
Wednesday, Thursday, or Friday expirations as applicable; however, the
expiration date of a non-consecutive expiration may not be beyond what
would be considered the last expiration date if the maximum number of
expirations were listed consecutively. Weekly Expirations that are
initially listed in a given class may expire up to four weeks from the
actual listing date. If the Exchange lists EOMs and Weekly Expirations
as applicable in a given class, the Exchange will list an EOM instead
of a Weekly Expiration that expires on the same day in the given class.
Other expirations in the same class are not counted as part of the
maximum number of Weekly Expirations for an applicable broad-based
index class.
If the Exchange is not open for business on a respective Monday,
the normally Monday expiring Weekly Expirations will expire on the
following business day. If the Exchange is not open for business on a
respective Tuesday, Wednesday, Thursday, or Friday, the normally
Tuesday, Wednesday, Thursday, or Friday expiring Weekly Expirations
will expire on the previous business day. If two different Weekly
Expirations on XND options would expire on the same day because the
Exchange is not open for business on a certain weekday, the Exchange
will list only one of such Weekly Expirations. The Exchange will list
just one Weekly Expiration in such a case, as the two Weekly
Expirations would essentially be the same options contract. For
example, if the Exchange listed XND options with proposed Thursday
expirations and Friday expirations and the Exchange was closed for
business on a Friday then, pursuant to current Options 4A, Section
12(b)(5)(A) the normally expiring Friday expiration would expire on the
previous business day--essentially making it an XND option with a
Thursday expiration. Thus, expiring XND options in this case will
always have the same weekday expiration (per the example, it is an XND
option with a Thursday expiration, whether it was listed as an XND with
a Thursday expiration or a Friday expiration). As such, when the
Exchange is closed for business, the Exchange will list just one Weekly
Expiration if two Weekly Expirations would expire on the same day due
to the Exchange being closed for business.
Transactions in Weekly Expirations may be effected on the Exchange
between the hours of 9:30 a.m. (Eastern Time) and 4:15 p.m. (Eastern
Time), except that that on the last trading day, transactions in
expiring p.m.-settled broad-based index options may be effected on the
Exchange between the hours of 9:30 a.m. (Eastern time) and 4:00 p.m.
(Eastern time).\8\
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\8\ See Options 4A, Section 12(b)(5)(D).
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The Exchange believes that that the introduction of XND options
with Tuesday and Thursday expirations will expand hedging tools
available to market participants while also providing greater trading
opportunities. By offering XND options with Tuesday and Thursday
expirations along with the current Monday, Wednesday and Friday
expirations, the proposed rule change will allow market participants to
purchase XND options in a manner more aligned with specific timing
needs and more effectively tailor their investment and hedging
strategies and manage their portfolios. In particular, the proposed
rule change will allow market participants to roll their positions on
more trading days, thus with more precision, spread risk across more
trading days and incorporate daily changes in the markets, which may
reduce the premium cost of buying protection.
The Exchange proposes to abide by the same reporting requirements
for the trading of XND options that expire on any Tuesday or Thursday
that it does for the trading of P.M.-settled options on broad-based
indexes that expire on any Monday, Wednesday, or Friday and for Nasdaq-
100 Index options that expire on Tuesday or Thursday pursuant to the
Nonstandard Expirations Pilot Program.
Pilot Report
The Exchange intends to submit a rule change proposing permanency
of the Nonstandard Expirations Pilot Program to the Commission and
would include data regarding XND options that expire on Tuesdays or
Thursdays as it does for current Weekly Expirations on any broad-based
index option either by providing additional data in such proposal or in
an annual report regarding XND options that expire on each trading day
of the week, as proposed. The Exchange would continue to provide the
Commission with ongoing data regarding XND options that expire on
Tuesdays or Thursdays unless and until the Nonstandard Expirations
Pilot Program is made permanent or discontinued.
As provided in the Nonstandard Expirations Pilot Program Approval
Order,\9\ the annual report will contain an analysis of volume, open
interest and trading patterns. In addition, for series that exceed
certain minimum open interest parameters, the annual report will
provide analysis of index price volatility and, if needed, share
trading activity.\10\ Additionally, the Exchange will provide the
Commission with any additional data or analyses the Commission requests
because it deems such data or analyses necessary to determine whether
the Nonstandard Expirations Pilot Program, including XND options with
Tuesday and Thursday expirations as proposed, is consistent with the
Exchange Act. As it does for current Nonstandard Expirations Pilot
Program products, the Exchange will make public on its website all data
and analyses in connection with XND options with Tuesday and Thursday
expirations it submits to the Commission under the
[[Page 64121]]
Nonstandard Expirations Pilot Program. Going forward, the Exchange will
include the same areas of analysis for XND options with Tuesday and
Thursday expirations. The Exchange also proposes to include the
following market quality data, over sample periods determined by the
Exchange and the Commission, for XND options (XND and standard NDX
options) as part of the annual reports going forward: (1) time-weighted
relative quoted spreads; (2) relative effective spreads; and (3) time-
weighted bid and offer sizes.
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\9\ See supra note 3.
\10\ Specifically, for all Weekly Expirations and EOM series,
the annual report will contain the following volume and open
interest data for each broad-based index overlying Weekly Expiration
and EOM options: (1) Monthly volume aggregated for all Weekly
Expiration and EOM series, (2) Volume in Weekly Expiration and EOM
series aggregated by expiration date, (3) Month-end open interest
aggregated for all Weekly Expiration and EOM series, (4) Month-end
open interest for EOM series aggregated by expiration date and open
interest for Weekly Expiration series aggregated by expiration date,
(5) Ratio of monthly aggregate volume in Weekly Expiration and EOM
series to total monthly class volume, and (6) Ratio of month-end
open interest in EOM series to total month-end class open interest
and ratio of open interest in each Weekly Expiration series to total
class open interest. In addition, the annual report will contain the
information noted above for standard Expiration Friday, AM-settled
series, if applicable, for the period covered in the pilot report as
well as for the six-month period prior to the initiation of the
pilot. See Nonstandard Expirations Pilot Program Approval Order at
60652 and 60653.
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The Exchange believes there is sufficient investor interest and
demand in XND options with Tuesday and Thursday expirations to warrant
inclusion in the Nonstandard Expirations Pilot Program and that the
Nonstandard Expirations Pilot Program, as amended, will continue to
provide investors with additional means of managing their risk
exposures and carrying out their investment objectives. The Exchange
notes that during the Nonstandard Expirations Pilot Program's 4 year
tenure, the Exchange has not observed any significant adverse market
effects or identified any regulatory concerns as a result of the
Nonstandard Expirations Pilot Program, nor does it believe that
additional expirations listed under the Nonstandard Expirations Pilot
Program would result in any such impact or regulatory concerns. Based
on a study conducted by Commission staff on the pilot data (including
quarterly, weekly, EOM and third Friday expirations for P.M.-settled
NDX options),\11\ there is no evidence of any significant adverse
economic impact to the futures, index, or underlying index component
securities markets as a result of the quantity of P.M.-settled NDX
options that settle at the close or the amount of expiring open
interest in P.M.-settled NDX options.\12\
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\11\ See Securities and Exchange Commission, Division of
Economic Risk and Analysis, Memorandum, Cornerstone Analysis of PM
Cash-Settled Index Option Pilots (February 2, 2021) (``DERA Staff PM
Pilot Memo''), available at: https://www.sec.gov/dera/staff-papers/studies-and-reports/analysis-of-pm-cash-settled-index-option-pilots.
\12\ See DERA Staff PM Pilot Memo at 3. For example, the largest
settlement event that occurred during the time period of the study
(a settlement of $100.4 billion of notional on December 29, 2017)
had an estimated impact on the futures price of only approximately
0.02% (a predicted impact of $0.54 relative to a closing futures
price of $2,677).
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With regard to the impact of this proposal on System capacity, the
Exchange has analyzed its capacity and represents that it believes that
the Exchange and OPRA have the necessary systems capacity to handle any
potential additional traffic associated with trading of XND options
with Tuesday and Thursday expirations. The Exchange does not believe
that its members or member organizations will experience any capacity
issues as a result of this proposal and represents that it will monitor
the trading volume associated with any possible additional options
series listed as a result of this proposal and the effect (if any) of
these additional series on market fragmentation and on the capacity of
the Exchange's automated systems. While this proposal may increase the
number of strike intervals listed on Phlx, the amount of additional
strike intervals added should be insignificant.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the provisions of Section 6 of the Act,\13\ in general, and with
Section 6(b)(5) of the Act,\14\ in that it is designed to promote just
and equitable principles of trade, to foster cooperation and
coordination with persons engaged in regulating, clearing, settling,
processing information with respect to, and facilitating transactions
in securities, to remove impediments to and perfect the mechanism of a
free and open market and a national market system, and, in general, to
protect investors and the public interest; and is not designed to
permit unfair discrimination between customers, issuers, brokers, or
dealers, or to regulate by virtue of any authority conferred by the Act
matters not related to the purposes of the Act or the administration of
the Exchange. The Exchange believes that the proposed rule change is
also consistent with Section 6(b)(8) of the Act \15\ in that it does
not impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act.
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\13\ 15 U.S.C. 78f.
\14\ 15 U.S.C. 78f(b)(5).
\15\ 15 U.S.C. 78f(b)(8).
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In particular, the Exchange believes that the proposed rule change
will 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 providing investors with greater
trading and hedging opportunities and flexibility, allowing them to
transact in XND options in a manner more aligned with specific timing
needs and more effectively tailor their investment and hedging
objectives by listing XND options that expire each trading day of the
week. The Exchange does not believe that the addition of XND options
with Tuesday and Thursday expirations to the Nonstandard Expirations
Pilot Program will raise any prohibitive regulatory concerns or
adversely impact fair and orderly markets on expiration days. The
Exchange has not experienced any meaningful regulatory concerns, nor
adverse impact on fair and orderly markets, in connection with the
listing of XND options with Monday, Wednesday and Friday expirations or
the listing and trading of Nasdaq-100 Index options with Tuesday and
Thursday expirations. Particularly, the Exchange does not believe
increases in the number P.M.-settled XND options series will have any
significant adverse economic impact on the futures, index, or
underlying index component securities markets.
The Exchange believes that the proposed rule change will provide
investors with greater trading and hedging opportunities and
flexibility, allowing them to transact in XND options in a manner more
aligned with specific timing needs and more effectively tailor their
investment and hedging objectives by listing XND options that expire
each trading day of the week.
The Exchange represents that it believes that it has the necessary
systems capacity to support any additional traffic associated with
trading of XND options with Tuesday and Thursday expirations and does
not believe that its Members will experience any capacity issues as a
result of this proposal. The Exchange will monitor the trading volume
associated with any possible additional options series listed and the
effect (if any) of these additional series on market fragmentation and
on the capacity of the Exchange's automated systems. The Exchange again
notes that, as a result of an options strike mitigation initiative
recently implemented by the Exchange, the number of XND options series
listed on the Exchange once Tuesday and Thursday expirations become
available will be less than the number of such series that were listed
prior to the implementation of the strike mitigation initiative.
The Exchange will include analysis in connection with XND options
that expire on Tuesdays and Thursdays in its rule change proposing
permanency of the Nonstandard Expirations Pilot Program to the
Commission and would include data regarding XND options that expire on
Tuesdays or Thursdays as it does for current Weekly Expirations on any
broad-based index option either by providing additional data in such
[[Page 64122]]
proposal or in an annual report regarding XND options that expire on
each trading day of the week, as proposed. The Exchange also will
provide the Commission with any additional data or analyses that it may
request if it deems such data or analyses necessary to determine
whether the Nonstandard Expirations Pilot Program, including XND
options with Tuesday and Thursday expirations as proposed, is
consistent with the Exchange Act.
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 does not believe that the proposed rule change will
impose any burden on intra-market competition that is not necessary or
appropriate in furtherance of the purposes of the Act because XND
options with Tuesday and Thursday expirations will be available to all
market participants. By listing XND options that expire Tuesdays and
Thursdays, the proposed rule change will provide all investors that
participate in the NDX options market greater trading and hedging
opportunities and flexibility to meet their investment and hedging
needs. Additionally, Tuesday and Thursday expiring XND options will
trade in the same manner as Weekly Expirations currently trade.
The Exchange does not believe that the proposal to list XND options
with Tuesday and Thursday expirations will impose any burden on inter-
market competition that is not necessary or appropriate in furtherance
of the purposes of the Act because NDX options (including XND options)
are proprietary Exchange products. Also, Cboe similarly lists Tuesday
and Thursday options within their non-standard program.\16\ To the
extent that the addition of XND options that expire on Tuesdays and
Thursdays available for trading on the Exchange makes the Exchange a
more attractive marketplace to market participants at other exchanges,
such market participants are free to elect to become market
participants on the Exchange.
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\16\ See supra note 5.
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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
Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period up to 90 days (i) as the
Commission may designate if it finds such longer period to be
appropriate and publishes its reasons for so finding or (ii) as to
which the self-regulatory organization consents, the Commission will:
(A) by order approve or disapprove the proposed rule change, or
(B) institute proceedings to determine whether the proposed rule
change should be 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-Phlx-2022-38 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-Phlx-2022-38. 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-Phlx-2022-38, and should be submitted on
or before November 14, 2022.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\17\
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\17\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022-22838 Filed 10-20-22; 8:45 am]
BILLING CODE 8011-01-P
