Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Options 7, Section 2, 31293-31296 [2023-10359]
Download as PDF
<![CDATA[
31293
Federal Register / Vol. 88, No. 94 / Tuesday, May 16, 2023 / Notices
D. First-Class Package Service
(Renamed USPS Ground Advantage)
Consistent with the prior order of the
Postal Regulatory Commission in
October of 2022, the Postal Service
intends to implement the enhanced and
expanded First-Class Package Service
(FCPS) product. Beginning on July 9,
2023, FCPS will be extended up to
seventy pounds, will incorporate USPS
Retail Ground (including Limited
Overland Routes) and Parcel Select
Ground (including cubic pricing), and
will be renamed USPS Ground
Advantage. Minor price changes are
planned for FCPS as it transitions to
USPS Ground Advantage in July 2023.
Prices for the Limited Overland Routes
(LOR) will remain unchanged. As the
newly-constituted USPS Ground
Advantage product, customers will see
a 3.2 percent decrease in Retail prices
and 0.7 percent decrease in Commercial
prices for July 2023. To accommodate
mailers’ concerns regarding
programming changes, the Postal
Service will maintain its ounce-based
prices at 15.999 ounces, as well as
including a one-pound price. No other
structural changes are proposed.
F. Domestic Extra Services
Domestic Special Services prices will
remain unchanged for July 2023.
II. International Products
A. International Ancillary Services and
Special Services
Prices for several international
ancillary services will be increased,
with an average overall increase of 6.3
percent.
No other price or classification
changes for International Products are
being made.
Order
The changes in prices and classes set
forth herein shall be effective at 12:01
a.m. on July 9, 2023. We direct the
Secretary to have this decision
published in the Federal Register in
accordance with 39 U.S.C. 3632(b)(2)
and direct management to file with the
Postal Regulatory Commission
appropriate notice of these changes.
United States Postal Service Office of
the Board of Governors
Certification of Governors’ Vote on
Governors’ Decision No. 23–3
Consistent with 39 U.S.C. 3632(a), I
hereby certify that, on May 9, 2023, the
Governors voted on adopting Governors’
Decision No. 23–3, and that a majority
of the Governors then holding office
voted in favor of that Decision.
lotter on DSK11XQN23PROD with NOTICES1
VerDate Sep<11>2014
17:33 May 15, 2023
Date: May 9, 2023,
Michael J. Elston,
Secretary of the Board of Governors.
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.
[FR Doc. 2023–10374 Filed 5–15–23; 8:45 am]
BILLING CODE 7710–12–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–97471; File No. SR–
NASDAQ–2023–011]
Self-Regulatory Organizations; The
Nasdaq Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Amend
Options 7, Section 2
May 10, 2023.
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 May 1,
2023, The Nasdaq Stock Market LLC
(‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘SEC’’ or ‘‘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
2 17
Jkt 259001
Pricing Schedule at Options 7, Section
2.
The text of the proposed rule change
is available on the Exchange’s website at
https://listingcenter.nasdaq.com/
rulebook/nasdaq/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
/s/ lllllllllllllllllll Change
Customer ..........................................................................
Professional .....................................................................
Broker-Dealer ...................................................................
Firm ..................................................................................
Non-NOM Market Maker ..................................................
NOM Market Maker .........................................................
U.S.C. 78s(b)(1).
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
By The Governors:
/s/ lllllllllllllllllll
The Exchange proposes to amend The
Roman Martinez IV,
Nasdaq
Options Market LLC (‘‘NOM’’)
Chairman, Board of Governors.
Tier 1
1 15
solicit comments on the proposed rule
change from interested persons.
PO 00000
($0.20)
(0.20)
(0.10)
(0.10)
(0.10)
(0.20)
Tier 2
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to amend
NOM’s Pricing Schedule at Options 7,
Section 2(1), ‘‘Nasdaq Options Market—
Fees and Rebates.’’ Specifically, the
Exchange proposes to amend note 2
within Options 7, Section 2(1).
Today, NOM Options 7, Section 2(1)
provides for various fees and rebates
applicable to NOM Participants.
Specifically, the Exchange pays the
following Rebates to Add Liquidity in
Penny Symbols:
Tier 3
($0.25)
(0.25)
(0.10)
(0.10)
(0.10)
(0.25)
($0.43)
(0.43)
(0.10)
(0.10)
(0.10)
4 (0.30)
Tier 4
($0.44)
(0.44)
(0.10)
(0.10)
(0.10)
4 (0.32)
CFR 240.19b–4.
Frm 00076
Fmt 4703
Sfmt 4703
E:\FR\FM\16MYN1.SGM
16MYN1
Tier 5
($0.45)
(0.45)
(0.10)
(0.10)
(0.10)
(0.44)
Tier 6
7 ($0.48)
(0.47)
(0.10)
(0.10)
(0.10)
(0.48)
31294
Federal Register / Vol. 88, No. 94 / Tuesday, May 16, 2023 / Notices
Additionally, today, NOM pays and
assesses the following Fees and Rebates
to Add Liquidity in Non-Penny
Symbols:
Customer ..................................
Professional ..............................
Broker-Dealer ...........................
Firm ...........................................
Non-NOM Market Maker ..........
NOM Market Maker ..................
($0.80)
(0.80)
0.45
0.45
0.45
0.35/(0.30)
FINALLY, THE EXCHANGE ASSESSES
THE FOLLOWING FEES TO REMOVE
LIQUIDITY IN PENNY AND NONPENNY SYMBOLS: FEES TO REMOVE
LIQUIDITY IN PENNY AND NONPENNY SYMBOLS
Penny
symbols
Customer ..........
Professional ......
Broker-Dealer ...
Firm ...................
Non-NOM Market Maker ......
NOM Market
Maker ............
Non-penny
symbols
$0.49
0.49
0.50
0.50
$0.85
0.85
1.10
1.10
0.50
1.10
0.50
1.10
Currently, the Non-NOM Market
Makers 3 and NOM Market Makers 4
who remove liquidity in Penny Symbols
and Non-Penny Symbols are subject to
note 2 within NOM Options 7, Section
2(1), which provides,
lotter on DSK11XQN23PROD with NOTICES1
Participants that add 1.30% of Customer,
Professional, Firm, Broker-Dealer or NonNOM Market Maker liquidity in Penny
Symbols and/or Non-Penny Symbols of total
industry customer equity and ETF option
ADV contracts per day in a month will be
subject to the following pricing applicable to
executions: a $0.48 per contract Penny
Symbols Fee for Removing Liquidity when
the Participant is (i) both the buyer and the
seller or (ii) the Participant removes liquidity
from another Participant under Common
Ownership.
Participants that add 1.50% of Customer,
Professional, Firm, Broker-Dealer or NonNOM Market Maker liquidity in Penny
Symbols and/or Non-Penny Symbols of total
industry customer equity and ETF option
ADV contracts per day in a month and meet
or exceed the cap for The Nasdaq Stock
Market Opening Cross during the month will
be subject to the following pricing applicable
3 The term ‘‘Non-NOM Market Maker’’ or (‘‘O’’) is
a registered market maker on another options
exchange that is not a NOM Market Maker. A NonNOM Market Maker must append the proper NonNOM Market Maker designation to orders routed to
NOM. See Options 7, Section 1(a).
4 The term ‘‘NOM Market Maker’’ or (‘‘M’’) is a
Participant that has registered as a Market Maker on
NOM pursuant to Options 2, Section 1, and must
also remain in good standing pursuant to Options
2, Section 9. In order to receive NOM Market Maker
pricing in all securities, the Participant must be
registered as a NOM Market Maker in at least one
security. See Options 7, Section 1(a).
VerDate Sep<11>2014
17:33 May 15, 2023
Jkt 259001
to executions less than 10,000 contracts: a
$0.32 per contract Penny Symbols Fee for
Removing Liquidity when the Participant is
(i) both the buyer and seller or (ii) the
Participant removes liquidity from another
Participant under Common Ownership.
Participants that add 1.75% of Customer,
Professional, Firm, Broker-Dealer or NonNOM Market Maker liquidity in Penny
Symbols and/or Non-Penny Symbols of total
industry customer equity and ETF option
ADV contracts per day in a month will be
subject to the following pricing applicable to
executions less than 10,000 contracts: a $0.32
per contract Penny Symbols Fee for
Removing Liquidity when the Participant is
(i) both the buyer and seller or (ii) the
Participant removes liquidity from another
Participant under Common Ownership.
At this time, the Exchange proposes to
amend note 2 within NOM Options 7,
Section 2(1) to increase the $0.32 per
contract NOM Market Maker and NonNOM Market Maker Penny Symbol and
Non-Penny Symbol Fees to Remove
Liquidity to $0.38 per contract for
executions less than 10,000 contracts
when the Participant is (i) both the
buyer and seller or (ii) the Participant
removes liquidity from another
Participant under Common Ownership.
In order to receive the lower NOM
Market Maker and Non-NOM Market
Maker Penny Symbol and Non-Penny
Symbol Fees to Remove Liquidity of
$0.38 per contract, Participants would
continue to either: (1) add 1.50% of
Customer,5 Professional,6 Firm,7 BrokerDealer 8 or Non-NOM Market Maker
liquidity in Penny Symbols and/or NonPenny Symbols of total industry
customer equity and ETF option ADV
contracts per day in a month and meet
or exceed the cap for The Nasdaq Stock
Market Opening Cross during the
month; or (2) add 1.75% of Customer,
Professional, Firm, Broker-Dealer or
Non-NOM Market Maker liquidity in
Penny Symbols and/or Non-Penny
Symbols of total industry customer
5 The term ‘‘Customer’’ or (‘‘C’’) applies to any
transaction that is identified by a Participant for
clearing in the Customer range at The Options
Clearing Corporation (‘‘OCC’’) which is not for the
account of broker or dealer or for the account of a
‘‘Professional’’ (as that term is defined in Options
1, Section 1(a)(47)). See Options 7, Section 1(a).
6 The term ‘‘Professional’’ or (‘‘P’’) means any
person or entity that (i) is not a broker or dealer in
securities, and (ii) places more than 390 orders in
listed options per day on average during a calendar
month for its own beneficial account(s) pursuant to
Options 1, Section 1(a)(47). All Professional orders
shall be appropriately marked by Participants. See
Options 7, Section 1(a).
7 The term ‘‘Firm’’ applies to any transaction that
is identified by a member or member organization
for clearing in the Firm range at OCC. See Options
7, Section 1(a).
8 The term ‘‘Broker-Dealer’’ or (‘‘B’’) applies to
any transaction which is not subject to any of the
other transaction fees applicable within a particular
category. See Options 7, Section 1(a).
PO 00000
Frm 00077
Fmt 4703
Sfmt 4703
equity and ETF option ADV contracts
per day in a month. The $0.38 per
contract fee is in comparison to the
$0.50 per contract Penny Symbol Fee to
Remove Liquidity for NOM Market
Makers and Non-NOM Market Makers
and the $1.10 per contract Non-Penny
Symbol Fee to Remove Liquidity for
NOM Market Makers and Non-NOM
Market Makers. Customers and
Professionals would continue to pay a
$0.49 per contract Penny Symbols Fee
to Remove Liquidity and an $0.85 per
contract Non-Penny Symbol Fee to
Remove Liquidity. Broker-Dealers and
Firms would continue to pay a $0.50 per
contract Penny Symbols Fee to Remove
Liquidity and an $1.10 per contract
Non-Penny Symbol Fee to Remove
Liquidity. Despite the increase to the
Penny Symbol and Non-Penny Symbol
Fees to Remove Liquidity for NOM
Market Makers and Non-NOM Market
Makers, the Exchange believes the
incentive offered in note 2 within NOM
Options 7, Section 2(1) will continue to
incentivize NOM Participants to direct
liquidity to NOM for an opportunity to
pay lower NOM Market Makers and
Non-NOM Market Makers Penny
Symbol or Non-Penny Symbol Fees to
Remove Liquidity.
2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Act,9 in general, and furthers the
objectives of Sections 6(b)(4) and 6(b)(5)
of the Act,10 in particular, in that it
provides for the equitable allocation of
reasonable dues, fees, and other charges
among members and issuers and other
persons using any facility, and is not
designed to permit unfair
discrimination between customers,
issuers, brokers, or dealers.
The proposed changes to its Pricing
Schedule are reasonable in several
respects. As a threshold matter, the
Exchange is subject to significant
competitive forces in the market for
options transaction services that
constrain its pricing determinations in
that market. The fact that this market is
competitive has long been recognized by
the courts. In NetCoalition v. Securities
and Exchange Commission 11
(‘‘NetCoalition’’), the D.C. Circuit stated,
‘‘[n]o one disputes that competition for
order flow is ‘fierce.’ . . . As the SEC
explained, ‘[i]n the U.S. national market
system, buyers and sellers of securities,
and the broker-dealers that act as their
order-routing agents, have a wide range
9 15
U.S.C. 78f(b).
U.S.C. 78f(b)(4) and (5).
11 NetCoalition v. SEC, 615 F.3d 525 (D.C. Cir.
2010).
10 15
E:\FR\FM\16MYN1.SGM
16MYN1
Federal Register / Vol. 88, No. 94 / Tuesday, May 16, 2023 / Notices
lotter on DSK11XQN23PROD with NOTICES1
of choices of where to route orders for
execution’; [and] ‘no exchange can
afford to take its market share
percentages for granted’ because ‘no
exchange possesses a monopoly,
regulatory or otherwise, in the execution
of order flow from broker
dealers’. . . .’’ 12
Numerous indicia demonstrate the
competitive nature of this market. For
example, clear substitutes to the
Exchange exist in the market for options
transaction services. The Exchange is
only one of sixteen options exchanges to
which market participants may direct
their order flow. Within this
environment, market participants can
freely and often do shift their order flow
among the Exchange and competing
venues in response to changes in their
respective pricing schedules. Within the
foregoing context, the proposal
represents a reasonable attempt by the
Exchange to attract additional order
flow to the Exchange and increase its
market share relative to its competitors.
The Exchange’s proposal to amend
note 2 within NOM Options 7, Section
2(1) to increase the $0.32 per contract
NOM Market Maker and Non-NOM
Market Maker Penny Symbol and NonPenny Symbol Fees to Remove Liquidity
to $0.38 per contract for executions less
than 10,000 contracts when the
Participant is (i) both the buyer and
seller or (ii) the Participant removes
liquidity from another Participant under
Common Ownership and they meet the
requisite order flow requirements 13 is
reasonable because despite the increase
to the NOM Market Maker and NonNOM Market Maker Penny Symbol and
Non-Penny Symbol Fees to Remove
Liquidity, the Exchange believes the
incentive offered in note 2 within NOM
Options 7, Section 2(1) will continue to
incentivize NOM Participants to direct
liquidity to NOM for an opportunity to
pay lower NOM Market Maker and NonNOM Market Maker Penny Symbol and
Non-Penny Symbol Fees to Remove
Liquidity. Participants would continue
12 Id. at 539 (quoting Securities Exchange Act
Release No. 59039 (December 2, 2008), 73 FR
74770, 74782–83 (December 9, 2008) (SR–
NYSEArca-2006–21)).
13 In order to receive the lower fee of $0.38 per
contract proposed in note 2 of Options 7, Section
2(1), Participants would continue to either: (1) add
1.50% of Customer, Professional, Firm, BrokerDealer or Non-NOM Market Maker liquidity in
Penny Symbols and/or Non-Penny Symbols of total
industry customer equity and ETF option ADV
contracts per day in a month and meet or exceed
the cap for The Nasdaq Stock Market Opening Cross
during the month; or (2) add 1.75% of Customer,
Professional, Firm, Broker-Dealer or Non-NOM
Market Maker liquidity in Penny Symbols and/or
Non-Penny Symbols of total industry customer
equity and ETF option ADV contracts per day in a
month.
VerDate Sep<11>2014
17:33 May 15, 2023
Jkt 259001
to be offered an opportunity to lower
NOM Market Maker and Non-NOM
Market Maker Penny Symbol and NonPenny Symbol Fees to Remove
Liquidity, thereby attracting order flow
to the Exchange to the benefit of all
other market participants.
The Exchange’s proposal to amend
note 2 within NOM Options 7, Section
2(1) to increase the $0.32 per contract
NOM Market Maker and Non-NOM
Market Maker Penny Symbol and NonPenny Symbol Fees to Remove Liquidity
to $0.38 per contract for executions less
than 10,000 contracts when the
Participant is (i) both the buyer and
seller or (ii) the Participant removes
liquidity from another Participant under
Common Ownership and they meet the
requisite order flow requirements is
equitable and not unfairly
discriminatory because the Exchange
will uniformly pay the lower Non-NOM
Marker Maker or NOM Market Maker
Penny Symbol or Non-Penny Symbol
Fees for Removing Liquidity to all
qualifying NOM Participants. Offering
these discounts to NOM Market Makers
is equitable and not unfairly
discriminatory because NOM Market
Makers have obligations to the market
and regulatory requirements which do
not apply to other market participants.14
A NOM Market Maker has the
obligation, for example, to make
continuous markets, engage in a course
of dealings reasonably calculated to
contribute to the maintenance of a fair
and orderly market, and not make bids
or offers or enter into transactions that
are inconsistent with a course of
dealings. The proposed differentiation
as between NOM Market Makers and
other market participants recognizes the
differing contributions of NOM Market
Makers. For the above reasons, the
Exchange believes that NOM Market
Makers are entitled to discounted fees,
provided they qualify for the discount.
The Exchange believes it is equitable
and not unfairly discriminatory to offer
the fee discount to Non-NOM Market
Makers because the Exchange is offering
Participants flexibility in the manner in
which they are submitting their orders.
Non-NOM Market Makers have
obligations on other exchanges to
qualify as a market maker. Also, the
Exchange believes that market makers
not registered on NOM will be
encouraged to send orders to NOM as an
away market maker (Non-NOM Market
Maker) with this incentive. Because the
incentive is being offered to both market
makers registered on NOM and those
not registered on NOM, the Exchange
believes that the proposal is equitable
14 See
PO 00000
NOM Options 2, Sections 4 and 5.
Frm 00078
Fmt 4703
Sfmt 4703
31295
and not unfairly discriminatory because
it encourages market makers to direct
liquidity to NOM to the benefit of all
Participants. This proposal recognizes
the overall contributions made by
market makers to a listed options
market.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition not
necessary or appropriate in furtherance
of the purposes of the Act.
Inter-Market Competition
The proposal does not impose an
undue burden on inter-market
competition. The Exchange believes its
proposal remains competitive with
other options markets and will offer
market participants with another choice
of where to transact options. The
Exchange notes that it operates in a
highly competitive market in which
market participants can readily favor
competing venues if they deem fee
levels at a particular venue to be
excessive, or rebate opportunities
available at other venues to be more
favorable. In such an environment, the
Exchange must continually adjust its
fees and rebates to remain competitive
with other exchanges. Because
competitors are free adjust their order
routing practices, the Exchange believes
that the degree to which pricing changes
in this market may impose any burden
on competition is extremely limited.
Intra-Market Competition
The proposed amendments do not
impose an undue burden on intramarket competition. In terms of intramarket competition, the Exchange does
not believe that its proposals will place
any category of market participant at a
competitive disadvantage. The
Exchange’s proposal to amend note 2
within NOM Options 7, Section 2(1) to
increase the $0.32 per contract NOM
Market Maker and Non-NOM Market
Maker Penny Symbol and Non-Penny
Symbol Fees to Remove Liquidity to
$0.38 per contract for executions less
than 10,000 contracts when the
Participant is (i) both the buyer and
seller or (ii) the Participant removes
liquidity from another Participant under
Common Ownership and they meet the
requisite order flow requirements does
not impose an undue burden on
competition because the Exchange will
uniformly pay the lower Non-NOM
Marker Maker or NOM Market Maker
Penny Symbol or Non-Penny Symbol
Fees for Removing Liquidity to all
qualifying NOM Participants. Offering
E:\FR\FM\16MYN1.SGM
16MYN1
31296
Federal Register / Vol. 88, No. 94 / Tuesday, May 16, 2023 / Notices
these discounts to NOM Market Makers
does not impose an undue burden on
competition because NOM Market
Makers have obligations to the market
and regulatory requirements which do
not apply to other market participants.15
A NOM Market Maker has the
obligation, for example, to make
continuous markets, engage in a course
of dealings reasonably calculated to
contribute to the maintenance of a fair
and orderly market, and not make bids
or offers or enter into transactions that
are inconsistent with a course of
dealings. The proposed differentiation
as between NOM Market Makers and
other market participants recognizes the
differing contributions of NOM Market
Makers. For the above reasons, the
Exchange believes that NOM Market
Makers are entitled to discounted fees,
provided they qualify for the discount.
Offering the fee discount to Non-NOM
Market Makers does not impose an
undue burden on competition because
the Exchange is offering Participants
flexibility in the manner in which they
are submitting their orders. Non-NOM
Market Makers have obligations on
other exchanges to qualify as a market
maker. Also, the Exchange believes that
market makers not registered on NOM
will be encouraged to send orders to
NOM as an away market maker (NonNOM Market Maker) with this
incentive. Because the incentive is being
offered to both market makers registered
on NOM and those not registered on
NOM, the Exchange believes that the
proposal does not impose an undue
burden on competition because it
encourages market makers to direct
liquidity to NOM to the benefit of all
Participants. This proposal recognizes
the overall contributions made by
market makers to a listed options
market.
lotter on DSK11XQN23PROD with NOTICES1
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
No written comments were either
solicited or received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act 16 and paragraph (f)(2) of Rule
19b–4 thereunder.17 At any time within
60 days of the filing of the proposed rule
change, the Commission summarily may
temporarily suspend such rule change if
15 See
NOM Options 2, Sections 4 and 5.
U.S.C. 78s(b)(3)(A).
17 17 CFR 240.19b–4(f)(2).
16 15
VerDate Sep<11>2014
17:33 May 15, 2023
Jkt 259001
it appears to the Commission that such
action is: (i) necessary or appropriate in
the public interest; (ii) for the protection
of investors; or (iii) otherwise in
furtherance of the purposes of the Act.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.18
Sherry R. Haywood,
Assistant Secretary.
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:
[FR Doc. 2023–10359 Filed 5–15–23; 8:45 am]
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–
NASDAQ–2023–011 on the subject line.
Self-Regulatory Organizations; Nasdaq
BX, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Amend Its Pricing
Schedule at BX Options 7, Section 2 To
Increase the Taker Fee for Customer
Orders in SPY
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–NASDAQ–2023–011. 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. Do not include
personal identifiable information in
submissions; you should submit only
information that you wish to make
available publicly. We may redact in
part or withhold entirely from
publication submitted material that is
obscene or subject to copyright
protection. All submissions should refer
to File Number SR–NASDAQ–2023–
011, and should be submitted on or
before June 6, 2023.
May 10, 2023.
PO 00000
Frm 00079
Fmt 4703
Sfmt 4703
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–97473; File No. SR–BX–
2023–009]
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 May 1,
2023, Nasdaq BX, Inc. (‘‘BX’’ or
‘‘Exchange’’) filed with the Securities
and Exchange Commission (‘‘SEC’’ or
‘‘Commission’’) the proposed rule
change as described in Items I, II, and
III below, which Items have been
prepared by the Exchange. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend its
Pricing Schedule at BX Options 7,
Section 2 to increase the taker fee for
customer orders in SPY.
The text of the proposed rule change
is available on the Exchange’s website at
https://listingcenter.nasdaq.com/
rulebook/bx/rules, at the principal office
of the Exchange, and at the
Commission’s Public Reference Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange included statements
concerning the purpose of and basis for
the proposed rule change and discussed
any comments it received on the
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below. The
Exchange has prepared summaries, set
18 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
E:\FR\FM\16MYN1.SGM
16MYN1
]]>Agencies
[Federal Register Volume 88, Number 94 (Tuesday, May 16, 2023)]
[Notices]
[Pages 31293-31296]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-10359]
=======================================================================
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-97471; File No. SR-NASDAQ-2023-011]
Self-Regulatory Organizations; The Nasdaq Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend Options 7, Section 2
May 10, 2023.
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 May 1, 2023, The Nasdaq Stock Market LLC (``Nasdaq'' or
``Exchange'') filed with the Securities and Exchange Commission
(``SEC'' or ``Commission'') the proposed rule change as described in
Items I and II below, which Items have been prepared by the Exchange.
The Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend The Nasdaq Options Market LLC
(``NOM'') Pricing Schedule at Options 7, Section 2.
The text of the proposed rule change is available on the Exchange's
website at https://listingcenter.nasdaq.com/rulebook/nasdaq/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
The Exchange proposes to amend NOM's Pricing Schedule at Options 7,
Section 2(1), ``Nasdaq Options Market--Fees and Rebates.''
Specifically, the Exchange proposes to amend note 2 within Options 7,
Section 2(1).
Today, NOM Options 7, Section 2(1) provides for various fees and
rebates applicable to NOM Participants. Specifically, the Exchange pays
the following Rebates to Add Liquidity in Penny Symbols:
----------------------------------------------------------------------------------------------------------------
Tier 1 Tier 2 Tier 3 Tier 4 Tier 5 Tier 6
----------------------------------------------------------------------------------------------------------------
Customer.......................... ($0.20) ($0.25) ($0.43) ($0.44) ($0.45) \7\ ($0.48)
Professional...................... (0.20) (0.25) (0.43) (0.44) (0.45) (0.47)
Broker-Dealer..................... (0.10) (0.10) (0.10) (0.10) (0.10) (0.10)
Firm.............................. (0.10) (0.10) (0.10) (0.10) (0.10) (0.10)
Non-NOM Market Maker.............. (0.10) (0.10) (0.10) (0.10) (0.10) (0.10)
NOM Market Maker.................. (0.20) (0.25) \4\ (0.30) \4\ (0.32) (0.44) (0.48)
----------------------------------------------------------------------------------------------------------------
[[Page 31294]]
Additionally, today, NOM pays and assesses the following Fees and
Rebates to Add Liquidity in Non-Penny Symbols:
------------------------------------------------------------------------
------------------------------------------------------------------------
Customer................................................... ($0.80)
Professional............................................... (0.80)
Broker-Dealer.............................................. 0.45
Firm....................................................... 0.45
Non-NOM Market Maker....................................... 0.45
NOM Market Maker........................................... 0.35/(0.30)
------------------------------------------------------------------------
Finally, the Exchange Assesses the Following Fees To Remove Liquidity in
Penny and Non-Penny Symbols: Fees to Remove Liquidity in Penny and Non-
Penny Symbols
------------------------------------------------------------------------
Penny Non-penny
symbols symbols
------------------------------------------------------------------------
Customer...................................... $0.49 $0.85
Professional.................................. 0.49 0.85
Broker-Dealer................................. 0.50 1.10
Firm.......................................... 0.50 1.10
Non-NOM Market Maker.......................... 0.50 1.10
NOM Market Maker.............................. 0.50 1.10
------------------------------------------------------------------------
Currently, the Non-NOM Market Makers \3\ and NOM Market Makers \4\
who remove liquidity in Penny Symbols and Non-Penny Symbols are subject
to note 2 within NOM Options 7, Section 2(1), which provides,
---------------------------------------------------------------------------
\3\ The term ``Non-NOM Market Maker'' or (``O'') is a registered
market maker on another options exchange that is not a NOM Market
Maker. A Non-NOM Market Maker must append the proper Non-NOM Market
Maker designation to orders routed to NOM. See Options 7, Section
1(a).
\4\ The term ``NOM Market Maker'' or (``M'') is a Participant
that has registered as a Market Maker on NOM pursuant to Options 2,
Section 1, and must also remain in good standing pursuant to Options
2, Section 9. In order to receive NOM Market Maker pricing in all
securities, the Participant must be registered as a NOM Market Maker
in at least one security. See Options 7, Section 1(a).
Participants that add 1.30% of Customer, Professional, Firm,
Broker-Dealer or Non-NOM Market Maker liquidity in Penny Symbols
and/or Non-Penny Symbols of total industry customer equity and ETF
option ADV contracts per day in a month will be subject to the
following pricing applicable to executions: a $0.48 per contract
Penny Symbols Fee for Removing Liquidity when the Participant is (i)
both the buyer and the seller or (ii) the Participant removes
liquidity from another Participant under Common Ownership.
Participants that add 1.50% of Customer, Professional, Firm,
Broker-Dealer or Non-NOM Market Maker liquidity in Penny Symbols
and/or Non-Penny Symbols of total industry customer equity and ETF
option ADV contracts per day in a month and meet or exceed the cap
for The Nasdaq Stock Market Opening Cross during the month will be
subject to the following pricing applicable to executions less than
10,000 contracts: a $0.32 per contract Penny Symbols Fee for
Removing Liquidity when the Participant is (i) both the buyer and
seller or (ii) the Participant removes liquidity from another
Participant under Common Ownership.
Participants that add 1.75% of Customer, Professional, Firm,
Broker-Dealer or Non-NOM Market Maker liquidity in Penny Symbols
and/or Non-Penny Symbols of total industry customer equity and ETF
option ADV contracts per day in a month will be subject to the
following pricing applicable to executions less than 10,000
contracts: a $0.32 per contract Penny Symbols Fee for Removing
Liquidity when the Participant is (i) both the buyer and seller or
(ii) the Participant removes liquidity from another Participant
under Common Ownership.
At this time, the Exchange proposes to amend note 2 within NOM
Options 7, Section 2(1) to increase the $0.32 per contract NOM Market
Maker and Non-NOM Market Maker Penny Symbol and Non-Penny Symbol Fees
to Remove Liquidity to $0.38 per contract for executions less than
10,000 contracts when the Participant is (i) both the buyer and seller
or (ii) the Participant removes liquidity from another Participant
under Common Ownership. In order to receive the lower NOM Market Maker
and Non-NOM Market Maker Penny Symbol and Non-Penny Symbol Fees to
Remove Liquidity of $0.38 per contract, Participants would continue to
either: (1) add 1.50% of Customer,\5\ Professional,\6\ Firm,\7\ Broker-
Dealer \8\ or Non-NOM Market Maker liquidity in Penny Symbols and/or
Non-Penny Symbols of total industry customer equity and ETF option ADV
contracts per day in a month and meet or exceed the cap for The Nasdaq
Stock Market Opening Cross during the month; or (2) add 1.75% of
Customer, Professional, Firm, Broker-Dealer or Non-NOM Market Maker
liquidity in Penny Symbols and/or Non-Penny Symbols of total industry
customer equity and ETF option ADV contracts per day in a month. The
$0.38 per contract fee is in comparison to the $0.50 per contract Penny
Symbol Fee to Remove Liquidity for NOM Market Makers and Non-NOM Market
Makers and the $1.10 per contract Non-Penny Symbol Fee to Remove
Liquidity for NOM Market Makers and Non-NOM Market Makers. Customers
and Professionals would continue to pay a $0.49 per contract Penny
Symbols Fee to Remove Liquidity and an $0.85 per contract Non-Penny
Symbol Fee to Remove Liquidity. Broker-Dealers and Firms would continue
to pay a $0.50 per contract Penny Symbols Fee to Remove Liquidity and
an $1.10 per contract Non-Penny Symbol Fee to Remove Liquidity. Despite
the increase to the Penny Symbol and Non-Penny Symbol Fees to Remove
Liquidity for NOM Market Makers and Non-NOM Market Makers, the Exchange
believes the incentive offered in note 2 within NOM Options 7, Section
2(1) will continue to incentivize NOM Participants to direct liquidity
to NOM for an opportunity to pay lower NOM Market Makers and Non-NOM
Market Makers Penny Symbol or Non-Penny Symbol Fees to Remove
Liquidity.
---------------------------------------------------------------------------
\5\ The term ``Customer'' or (``C'') applies to any transaction
that is identified by a Participant for clearing in the Customer
range at The Options Clearing Corporation (``OCC'') which is not for
the account of broker or dealer or for the account of a
``Professional'' (as that term is defined in Options 1, Section
1(a)(47)). See Options 7, Section 1(a).
\6\ The term ``Professional'' or (``P'') means any person or
entity that (i) is not a broker or dealer in securities, and (ii)
places more than 390 orders in listed options per day on average
during a calendar month for its own beneficial account(s) pursuant
to Options 1, Section 1(a)(47). All Professional orders shall be
appropriately marked by Participants. See Options 7, Section 1(a).
\7\ The term ``Firm'' applies to any transaction that is
identified by a member or member organization for clearing in the
Firm range at OCC. See Options 7, Section 1(a).
\8\ The term ``Broker-Dealer'' or (``B'') applies to any
transaction which is not subject to any of the other transaction
fees applicable within a particular category. See Options 7, Section
1(a).
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\9\ in general, and furthers the objectives of Sections
6(b)(4) and 6(b)(5) of the Act,\10\ in particular, in that it provides
for the equitable allocation of reasonable dues, fees, and other
charges among members and issuers and other persons using any facility,
and is not designed to permit unfair discrimination between customers,
issuers, brokers, or dealers.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78f(b).
\10\ 15 U.S.C. 78f(b)(4) and (5).
---------------------------------------------------------------------------
The proposed changes to its Pricing Schedule are reasonable in
several respects. As a threshold matter, the Exchange is subject to
significant competitive forces in the market for options transaction
services that constrain its pricing determinations in that market. The
fact that this market is competitive has long been recognized by the
courts. In NetCoalition v. Securities and Exchange Commission \11\
(``NetCoalition''), the D.C. Circuit stated, ``[n]o one disputes that
competition for order flow is `fierce.' . . . As the SEC explained,
`[i]n the U.S. national market system, buyers and sellers of
securities, and the broker-dealers that act as their order-routing
agents, have a wide range
[[Page 31295]]
of choices of where to route orders for execution'; [and] `no exchange
can afford to take its market share percentages for granted' because
`no exchange possesses a monopoly, regulatory or otherwise, in the
execution of order flow from broker dealers'. . . .'' \12\
---------------------------------------------------------------------------
\11\ NetCoalition v. SEC, 615 F.3d 525 (D.C. Cir. 2010).
\12\ Id. at 539 (quoting Securities Exchange Act Release No.
59039 (December 2, 2008), 73 FR 74770, 74782-83 (December 9, 2008)
(SR-NYSEArca-2006-21)).
---------------------------------------------------------------------------
Numerous indicia demonstrate the competitive nature of this market.
For example, clear substitutes to the Exchange exist in the market for
options transaction services. The Exchange is only one of sixteen
options exchanges to which market participants may direct their order
flow. Within this environment, market participants can freely and often
do shift their order flow among the Exchange and competing venues in
response to changes in their respective pricing schedules. Within the
foregoing context, the proposal represents a reasonable attempt by the
Exchange to attract additional order flow to the Exchange and increase
its market share relative to its competitors.
The Exchange's proposal to amend note 2 within NOM Options 7,
Section 2(1) to increase the $0.32 per contract NOM Market Maker and
Non-NOM Market Maker Penny Symbol and Non-Penny Symbol Fees to Remove
Liquidity to $0.38 per contract for executions less than 10,000
contracts when the Participant is (i) both the buyer and seller or (ii)
the Participant removes liquidity from another Participant under Common
Ownership and they meet the requisite order flow requirements \13\ is
reasonable because despite the increase to the NOM Market Maker and
Non-NOM Market Maker Penny Symbol and Non-Penny Symbol Fees to Remove
Liquidity, the Exchange believes the incentive offered in note 2 within
NOM Options 7, Section 2(1) will continue to incentivize NOM
Participants to direct liquidity to NOM for an opportunity to pay lower
NOM Market Maker and Non-NOM Market Maker Penny Symbol and Non-Penny
Symbol Fees to Remove Liquidity. Participants would continue to be
offered an opportunity to lower NOM Market Maker and Non-NOM Market
Maker Penny Symbol and Non-Penny Symbol Fees to Remove Liquidity,
thereby attracting order flow to the Exchange to the benefit of all
other market participants.
---------------------------------------------------------------------------
\13\ In order to receive the lower fee of $0.38 per contract
proposed in note 2 of Options 7, Section 2(1), Participants would
continue to either: (1) add 1.50% of Customer, Professional, Firm,
Broker-Dealer or Non-NOM Market Maker liquidity in Penny Symbols
and/or Non-Penny Symbols of total industry customer equity and ETF
option ADV contracts per day in a month and meet or exceed the cap
for The Nasdaq Stock Market Opening Cross during the month; or (2)
add 1.75% of Customer, Professional, Firm, Broker-Dealer or Non-NOM
Market Maker liquidity in Penny Symbols and/or Non-Penny Symbols of
total industry customer equity and ETF option ADV contracts per day
in a month.
---------------------------------------------------------------------------
The Exchange's proposal to amend note 2 within NOM Options 7,
Section 2(1) to increase the $0.32 per contract NOM Market Maker and
Non-NOM Market Maker Penny Symbol and Non-Penny Symbol Fees to Remove
Liquidity to $0.38 per contract for executions less than 10,000
contracts when the Participant is (i) both the buyer and seller or (ii)
the Participant removes liquidity from another Participant under Common
Ownership and they meet the requisite order flow requirements is
equitable and not unfairly discriminatory because the Exchange will
uniformly pay the lower Non-NOM Marker Maker or NOM Market Maker Penny
Symbol or Non-Penny Symbol Fees for Removing Liquidity to all
qualifying NOM Participants. Offering these discounts to NOM Market
Makers is equitable and not unfairly discriminatory because NOM Market
Makers have obligations to the market and regulatory requirements which
do not apply to other market participants.\14\ A NOM Market Maker has
the obligation, for example, to make continuous markets, engage in a
course of dealings reasonably calculated to contribute to the
maintenance of a fair and orderly market, and not make bids or offers
or enter into transactions that are inconsistent with a course of
dealings. The proposed differentiation as between NOM Market Makers and
other market participants recognizes the differing contributions of NOM
Market Makers. For the above reasons, the Exchange believes that NOM
Market Makers are entitled to discounted fees, provided they qualify
for the discount. The Exchange believes it is equitable and not
unfairly discriminatory to offer the fee discount to Non-NOM Market
Makers because the Exchange is offering Participants flexibility in the
manner in which they are submitting their orders. Non-NOM Market Makers
have obligations on other exchanges to qualify as a market maker. Also,
the Exchange believes that market makers not registered on NOM will be
encouraged to send orders to NOM as an away market maker (Non-NOM
Market Maker) with this incentive. Because the incentive is being
offered to both market makers registered on NOM and those not
registered on NOM, the Exchange believes that the proposal is equitable
and not unfairly discriminatory because it encourages market makers to
direct liquidity to NOM to the benefit of all Participants. This
proposal recognizes the overall contributions made by market makers to
a listed options market.
---------------------------------------------------------------------------
\14\ See NOM Options 2, Sections 4 and 5.
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act.
Inter-Market Competition
The proposal does not impose an undue burden on inter-market
competition. The Exchange believes its proposal remains competitive
with other options markets and will offer market participants with
another choice of where to transact options. The Exchange notes that it
operates in a highly competitive market in which market participants
can readily favor competing venues if they deem fee levels at a
particular venue to be excessive, or rebate opportunities available at
other venues to be more favorable. In such an environment, the Exchange
must continually adjust its fees and rebates to remain competitive with
other exchanges. Because competitors are free adjust their order
routing practices, the Exchange believes that the degree to which
pricing changes in this market may impose any burden on competition is
extremely limited.
Intra-Market Competition
The proposed amendments do not impose an undue burden on intra-
market competition. In terms of intra-market competition, the Exchange
does not believe that its proposals will place any category of market
participant at a competitive disadvantage. The Exchange's proposal to
amend note 2 within NOM Options 7, Section 2(1) to increase the $0.32
per contract NOM Market Maker and Non-NOM Market Maker Penny Symbol and
Non-Penny Symbol Fees to Remove Liquidity to $0.38 per contract for
executions less than 10,000 contracts when the Participant is (i) both
the buyer and seller or (ii) the Participant removes liquidity from
another Participant under Common Ownership and they meet the requisite
order flow requirements does not impose an undue burden on competition
because the Exchange will uniformly pay the lower Non-NOM Marker Maker
or NOM Market Maker Penny Symbol or Non-Penny Symbol Fees for Removing
Liquidity to all qualifying NOM Participants. Offering
[[Page 31296]]
these discounts to NOM Market Makers does not impose an undue burden on
competition because NOM Market Makers have obligations to the market
and regulatory requirements which do not apply to other market
participants.\15\ A NOM Market Maker has the obligation, for example,
to make continuous markets, engage in a course of dealings reasonably
calculated to contribute to the maintenance of a fair and orderly
market, and not make bids or offers or enter into transactions that are
inconsistent with a course of dealings. The proposed differentiation as
between NOM Market Makers and other market participants recognizes the
differing contributions of NOM Market Makers. For the above reasons,
the Exchange believes that NOM Market Makers are entitled to discounted
fees, provided they qualify for the discount. Offering the fee discount
to Non-NOM Market Makers does not impose an undue burden on competition
because the Exchange is offering Participants flexibility in the manner
in which they are submitting their orders. Non-NOM Market Makers have
obligations on other exchanges to qualify as a market maker. Also, the
Exchange believes that market makers not registered on NOM will be
encouraged to send orders to NOM as an away market maker (Non-NOM
Market Maker) with this incentive. Because the incentive is being
offered to both market makers registered on NOM and those not
registered on NOM, the Exchange believes that the proposal does not
impose an undue burden on competition because it encourages market
makers to direct liquidity to NOM to the benefit of all Participants.
This proposal recognizes the overall contributions made by market
makers to a listed options market.
---------------------------------------------------------------------------
\15\ See NOM Options 2, Sections 4 and 5.
---------------------------------------------------------------------------
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were either solicited or received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) of the Act \16\ and paragraph (f)(2) of Rule 19b-4
thereunder.\17\ At any time within 60 days of the filing of the
proposed rule change, the Commission summarily may temporarily suspend
such rule change if it appears to the Commission that such action is:
(i) necessary or appropriate in the public interest; (ii) for the
protection of investors; or (iii) otherwise in furtherance of the
purposes of the Act.
---------------------------------------------------------------------------
\16\ 15 U.S.C. 78s(b)(3)(A).
\17\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
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-NASDAQ-2023-011 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-NASDAQ-2023-011. 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. Do not include
personal identifiable information in submissions; you should submit
only information that you wish to make available publicly. We may
redact in part or withhold entirely from publication submitted material
that is obscene or subject to copyright protection. All submissions
should refer to File Number SR-NASDAQ-2023-011, and should be submitted
on or before June 6, 2023.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\18\
---------------------------------------------------------------------------
\18\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-10359 Filed 5-15-23; 8:45 am]
BILLING CODE 8011-01-P
