Self-Regulatory Organizations; MEMX LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Short Term Options Series Program in Rule 19.5, Interpretation and Policy .05, 48009-48012 [2024-12140]
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Federal Register / Vol. 89, No. 108 / Tuesday, June 4, 2024 / Notices
a.m. and 3 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–NYSEARCA–2024–42 and should be
submitted on or before June 25, 2024.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.20
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024–12149 Filed 6–3–24; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–100239; File No. SR–
MEMX–2024–19]
Self-Regulatory Organizations; MEMX
LLC; Notice of Filing and Immediate
Effectiveness of a Proposed Rule
Change To Amend the Short Term
Options Series Program in Rule 19.5,
Interpretation and Policy .05
May 29, 2024.
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 16,
2024, MEMX, LLC (‘‘MEMX’’ or
‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’) a proposed rule change
as described in Items I and II below,
which Items have been prepared by the
Exchange. The Exchange filed the
proposal as a ‘‘non-controversial’’
proposed rule change pursuant to
section 19(b)(3)(A)(iii) of the Act 3 and
Rule 19b–4(f)(6) thereunder.4 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 is filing with the
Commission a proposed rule change to
amend the Short Term Options Series
Program in Rule 19.5, Interpretation and
20 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
4 17 CFR 240.19b–4.
1 15
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Policy .05. The text of the proposed rule
change is provided in Exhibit 5.
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 the
Short Term Option Series Program in
Rule 19.5, Interpretation and Policy .05
(Series of Options Contracts Open for
Trading). Specifically, the Exchange
proposes to expand the Short Term
Option Series Program to permit the
listing and trading of options series with
Tuesday and Thursday expirations for
options on iShares Russell 2000 ETF
(‘‘IWM’’), specifically permitting two
expiration dates for the proposed
Tuesday and Thursday expirations in
IWM. This is a competitive filing that is
based on a proposal submitted from
Nasdaq ISE, LLC (‘‘Nasdaq ISE’’) and
recently approved by the Commission.5
Currently, Table 1 in Rule 19.5,
Interpretation and Policy .05(h),
specifies each symbol that qualifies as a
Short Term Option Daily Expiration.6
Today, Table 1 permits the listing and
trading of Monday Short Term Option
Daily Expirations and Wednesday Short
5 See Securities Exchange Act Release No. 99946
(April 11, 2024) 89 FR 27471 (April 17, 2024)
(Order Approving SR–ISE–2024–06).
6 The Exchange may open for trading on any
Thursday or Friday that is a business day series of
options on that class that expire at the close of
business on each of the next five Fridays that are
business days and are not Fridays in which
standard expiration options series, Monthly
Options Series, or Quarterly Options Series. Of
these series of options, the Exchange may have no
more than a total of five Short Term Option
Expiration Dates. In addition, the Exchange may
open for trading series of options on certain
symbols that expire at the close of business on each
of the next two Mondays, Tuesdays, Wednesdays,
and Thursdays, respectively, that are business days
beyond the current week and are not business days
in which standard expiration options series,
Monthly Options Series, or Quarterly Options
Series expire (‘‘Short Term Option Daily
Expirations’’). See Rule 19.5, Interpretation and
Policy .05.
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48009
Term Option Daily Expirations for IWM.
At this time, the Exchange proposes to
expand the Short Term Option Series
Program to permit the listing and
trading of no more than a total of two
IWM Short Term Option Daily
Expirations beyond the current week for
each of Monday, Tuesday, Wednesday,
and Thursday expirations at one time.7
The listing and trading of Tuesday and
Thursday Short Term Option Daily
Expirations would be subject to Rule
19.5, Interpretation and Policy .05.
Today, Tuesday Short Term Option
Daily Expirations in SPDR S&P 500 ETF
Trust (‘‘SPY’’) and the INVESCO QQQ
Trust, Series 1 (‘‘QQQ’’) may open for
trading on any Monday or Tuesday that
is a business day series of options on the
symbols provided in Table 1 that expire
at the close of business on each of the
next two Tuesdays that are business
days and are not business days in which
standard expiration options series,
Monthly Options Series, or Quarterly
Options Series expire (‘‘Tuesday Short
Term Option Expiration Date’’).8 Also,
today, Thursday Short Term Option
Daily Expirations in SPY and QQQ may
open for trading on any Tuesday or
Wednesday that is a business day series
of options on the symbols provided in
Table 1 that expire at the close of
business on each of the next two
Wednesdays that are business days and
are not business days in which standard
expiration options series, Monthly
Options Series, or Quarterly Options
Series expire (‘‘Wednesday Short Term
Option Expiration Date’’).9
In the event that options on IWM
expire on a Tuesday or Thursday and
that Tuesday or Thursday is a business
day in which standard expiration
options series, Monthly Options Series,
or Quarterly Options Series expire, the
Exchange would skip that week’s listing
and instead list the following week; the
two weeks would therefore not be
consecutive. With this proposal, the
Exchange would be able to open for
trading series of options on IWM that
expire at the close of business on each
of the next two Mondays, Tuesdays,
Wednesdays, and Thursdays,
respectively, that are business days
beyond the current week and are not
business days in which standard
expiration options series, Monthly
7 The Exchange would amend the Tuesday and
Thursday expirations for IWM in Table 1 Rule 19.5,
Interpretation and Policy .05(h) from ‘‘0’’ to ‘‘2’’ to
permit Tuesday and Thursday expirations for
options on IWM listed pursuant to the Short Term
Option Series.
8 See Rule 19.5, Interpretation and Policy .05(h).
9 Id.
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Federal Register / Vol. 89, No. 108 / Tuesday, June 4, 2024 / Notices
Options Series, or Quarterly Options
Series expire.10
The interval between strike prices for
the proposed Tuesday and Thursday
IWM Short Term Option Daily
Expirations will be the same as those for
Tuesday and Thursday IWM Short Term
Option Daily Expirations in SPY and
QQQ, applicable to the Short Term
Option Series Program.11 Specifically,
the Tuesday and Thursday IWM Short
Term Option Daily Expirations will
have a $0.50 strike interval minimum.
As is the case with other equity options
series listed pursuant to the Short Term
Option Series Program, the Tuesday and
Thursday IWM Short Term Option Daily
Expiration series will be P.M.-settled.
Pursuant to Rule 19.5, Interpretation
and Policy .05(h), with respect to the
Short Term Option Series Program, a
Tuesday or Thursday expiration series
shall expire on the first business day
immediately prior to that Tuesday or
Thursday, e.g., Monday or Wednesday
of that week, respectively, if the
Tuesday or Thursday is not a business
day.
Currently, for each option class
eligible for participation in the Short
Term Option Series Program, the
Exchange is limited to opening thirty
(30) series for each expiration date for
the specific class.12 The thirty (30)
series restriction does not include series
that are open by other securities
exchanges under their respective weekly
rules; the Exchange may list these
additional series that are listed by other
options exchanges.13 This thirty (30)
series restriction would apply to
Tuesday and Thursday IWM Short Term
Option Daily Expiration series as well.
With this proposal, Tuesday and
Thursday IWM Expirations would be
treated the same as Tuesday and
Thursday Expirations in SPY and QQQ.
With respect to monthly option series,
Short Term Option Daily Expirations
expire in the same week in which
monthly option series on the same class
expire.14 Further, as is the case today
with other Tuesday and Thursday Short
Term Option Daily Expirations, the
Exchange would not permit Tuesday
and Thursday Short Term Option Daily
Expirations to expire on a business day
in which monthly options series or
Quarterly Options Series expire.15
Therefore, all Short Term Option Daily
Expirations would expire at the close of
10 Today, IWM may trade on Mondays and
Wednesdays, in addition to Fridays, as is the case
for all options series.
11 See Rule 19.5, Interpretation and Policy .05(e).
12 See Rule 19.5, Interpretation and Policy .05(a).
13 See Rule 19.5, Interpretation and Policy .05(a).
14 See Rule 19.5, Interpretation and Policy .05(b).
15 See Rule 19.5, Interpretation and Policy .05(h).
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business on each of the next two
Mondays, Tuesdays, Wednesdays, and
Thursdays, respectively, that are
business days beyond the current week
and are not business days in which
standard expiration options series,
Monthly Options Series, or Quarterly
Options Series expire. The Exchange
does not believe that any market
disruptions will be encountered with
the introduction of P.M.-settled Tuesday
and Thursday IWM Short Term Option
Daily Expirations. The Exchange has the
necessary capacity and surveillance
programs in place to support and
properly monitor trading in the
proposed Tuesday and Thursday Short
Term Option Daily Expirations. The
Exchange currently trades P.M.-settled
Short Term Option Series that expire
Tuesday and Thursday for SPY and
QQQ and has not experienced any
market disruptions nor issues with
capacity. Today, the Exchange has
surveillance programs in place to
support and properly monitor trading in
Short Term Option Series that expire
Tuesday and Thursday for SPY and
QQQ.
Impact of Proposal
The Exchange notes that listings in
the Short Term Option Series Program
comprise a significant part of the
standard listing in options markets. The
below table sets forth the percentage of
weekly listings as compared to monthly,
quarterly, and Long-Term Option Series
in 2023 in the options industry.16 The
Exchange notes that during this time
period all options exchanges mitigated
weekly strike intervals.
NUMBER OF STRIKES—2023
Percent of
total series
Expiration
Monthly .................................
Weekly ..................................
LEAP .....................................
Quarterly ...............................
62.82
17.22
17.77
2.20
Similar to SPY and QQQ, the
Exchange would limit the number of
Short Term Option Daily Expirations for
IWM to two expirations for Tuesday and
Thursday expirations while expanding
the Short Term Option Series Program
to permit Tuesday, and Thursday
expirations for IWM. Expanding the
Short Term Option Series Program to
permit the listing of Tuesday and
16 Per Nasdaq ISE, LLC (‘‘Nasdaq ISE’’), this
information was sourced from The Options Clearing
Corporation (‘‘OCC’’). The information includes
time averaged data for all 17 options markets
through December 8, 2023. See Securities Exchange
Act Release No. 99604 (February 26, 2024), 89 FR
15235 (March 1, 2024) (SR–ISE–2024–06).
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Thursday expirations in IWM will
account for the addition of 6.77% of
strikes for IWM.17 With respect to the
impact to the Short Term Option Series
Program on IWM overall, the impact
would be a 20% increase in strikes.18
With respect to the impact to the Short
Term Options Series Program overall,
the impact would be a 0.1% increase in
strikes.19 Members will continue to be
able to expand hedging tools because all
days of the week would be available to
permit Members to tailor their
investment and hedging needs more
effectively in IWM.
NUMBER OF STRIKES—2023
Expiration
Monthly .................................
Weekly ..................................
LEAP .....................................
Quarterly ...............................
Percent of
total series
35.13
48.30
12.87
3.70
Weeklies comprise 48.30% of the total
volume of options contracts.20 The
Exchange believes that inner weeklies
(first two weeks) represent high volume
as compared to outer weeklies (the last
three weeks) and would be more
attractive to market participants. The
introduction of IWM Tuesday and
Thursday expirations will, among other
things, expand hedging tools available
to market participants and continue the
reduction of the premium cost of buying
protection. The Exchange believes that
IWM Tuesday and Thursday expirations
will allow market participants to
purchase IWM options based on their
timing as needed and allow them to
tailor their investment and hedging
needs more effectively.
2. Statutory Basis
The Exchange believes the proposed
rule change is consistent with the
Securities Exchange Act of 1934 (the
‘‘Act’’) and the rules and regulations
thereunder applicable to the Exchange
17 Nasdaq ISE sourced this information, which are
estimates, from LiveVol®. The information includes
data for all 17 options markets as of January 3, 2024.
See id.
18 Nasdaq ISE sourced this information, which are
estimates, from LiveVol®. The information includes
data for all 17 options markets as of January 3, 2024.
See id.
19 Nasdaq ISE sourced this information, which are
estimates, from LiveVol®. The information includes
data for all 17 options markets as of January 3, 2024.
See id.
20 This table sets forth industry volume. Weeklies
comprise 48.30% of volume while only comprising
17.22% of the strikes. Nasdaq ISE sourced this
information from OCC. The information includes
data for all 17 options markets through December
8, 2023. See Securities Exchange Act Release No.
99604 (February 26, 2024), 89 FR 15235 (March 1,
2024) (SR–ISE–2024–06).
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Federal Register / Vol. 89, No. 108 / Tuesday, June 4, 2024 / Notices
and, in particular, the requirements of
section 6(b) of the Act.21 Specifically,
the Exchange believes the proposed rule
change is consistent with the section
6(b)(5) 22 requirements that the rules of
an exchange be designed to prevent
fraudulent and manipulative acts and
practices, to promote just and equitable
principles of trade, to foster cooperation
and coordination with persons engaged
in regulating, clearing, settling,
processing information with respect to,
and facilitating transactions in
securities, to remove impediments to
and perfect the mechanism of a free and
open market and a national market
system, and, in general, to protect
investors and the public interest.
Additionally, the Exchange believes the
proposed rule change is consistent with
the section 6(b)(5) 23 requirement that
the rules of an exchange not be designed
to permit unfair discrimination between
customers, issuers, brokers, or dealers.
The Exchange believes that IWM
Tuesday and Thursday Short Term
Daily Expirations will allow market
participants to purchase IWM options
based on their timing as needed and
allow them to tailor their investment
and hedging needs more effectively.
Further, the proposal to permit Tuesday
and Thursday Short Term Daily
Expirations for options on IWM listed
pursuant to the Short Term Option
Series Program, subject to the proposed
limitation of two nearest expirations,
would protect investors and the public
interest by providing the investing
public and other market participants
more flexibility to closely tailor their
investment and hedging decisions in
IWM options, thus allowing them to
better manage their risk exposure. In
particular, the Exchange believes the
Short Term Option Series Program has
been successful to date and that
Tuesday and Thursday IWM Short Term
Daily Expirations should simply expand
the ability of investors to hedge risk
against market movements stemming
from economic releases or market events
that occur throughout the month in the
same way that the Short Term Option
Series Program has expanded the
landscape of hedging. Similarly, the
Exchange believes Tuesday and
Thursday IWM Short Term Daily
Expirations should create greater trading
and hedging opportunities and provide
customers the flexibility to tailor their
investment objectives more effectively.
The Exchange currently lists SPY and
QQQ Tuesday and Thursday Short Term
Daily Expirations.24
With this proposal, Tuesday and
Thursday IWM Expirations would be
treated similar to existing Tuesday and
Thursday SPY and QQQ Expirations
and would expire in the same week that
standard monthly options expire on
Fridays.25 Further, today, Tuesday and
Thursday Short Term Option Daily
Expirations do not expire on a business
day in which monthly options series or
Quarterly Options Series expire.26
Today, all Short Term Option Daily
Expirations expire at the close of
business on each of the next two
Mondays, Tuesdays, Wednesdays, and
Thursdays, respectively, that are
business days and are not business days
in which monthly options series or
Quarterly Options Series expire. There
are no material differences in the
treatment of Tuesday and Thursday SPY
and QQQ Short Term Daily Expirations
as compared to the proposed Tuesday
and Thursday IWM Short Term Daily
Expirations.
Finally, the Exchange represents that
it has an adequate surveillance program
in place to detect manipulative trading
in the proposed Tuesday and Thursday
IWM Short Term Daily Expirations, in
the same way that it monitors trading in
the current Short Term Option Series
and trading in Tuesday and Thursday
SPY and QQQ Expirations. The
Exchange also represents that it has the
necessary systems capacity to support
the new options series. Finally, the
Exchange does not believe that any
market disruptions will be encountered
with the introduction of Tuesday and
Thursday IWM Short Term Daily
Expirations.
Finally, the Exchange notes the
proposed rule change is substantively
the same as a rule change proposed by
ISE, which the Commission recently
approved.27
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 that is not
necessary or appropriate in furtherance
of the purposes of the Act. Similar to
SPY and QQQ Tuesday and Thursday
Expirations, the introduction of IWM
Tuesday and Thursday Short Term
Daily Expirations does not impose an
undue burden on competition. The
Exchange believes that it will, among
other things, expand hedging tools
24 See
Rule 19.5, Interpretation and Policy .05(h).
Rule 19.5, Interpretation and Policy .05(b).
26 See Rule 19.5, Interpretation and Policy .05(h).
27 See supra note 5.
21 15
U.S.C. 78f(b).
22 15 U.S.C. 78f(b)(5).
23 Id.
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48011
available to market participants and
continue the reduction of the premium
cost of buying protection. The Exchange
believes that IWM Tuesday and
Thursday Short Term Daily Expirations
will allow market participants to
purchase IWM options based on their
timing as needed and allow them to
tailor their investment and hedging
needs more effectively.
The Exchange does not believe the
proposal will impose any burden on
intermarket competition, as nothing
prevents other options exchanges from
proposing similar rules to list and trade
Short-Term Option Series with Tuesday
and Thursday Short Term Daily
Expirations. The Exchange notes that
having Tuesday and Thursday IWM
expirations is not a novel proposal, as
SPY and QQQ Tuesday and Thursday
Expirations are currently listed on the
Exchange.28 Additionally, as noted
above, the Commission recently
approved a substantively identical
proposal of another exchange.29 Further,
the Exchange does not believe the
proposal will impose any burden on
intramarket competition, as all market
participants will be treated in the same
manner under this proposal
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
The Exchange neither solicited nor
received comments on the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The Exchange has filed the proposed
rule change pursuant to section
19(b)(3)(A)(iii) of the Act 30 and Rule
19b–4(f)(6) thereunder.31 Because the
foregoing proposed rule change does
not: (i) significantly affect the protection
of investors or the public interest; (ii)
impose any significant burden on
competition; and (iii) become operative
for 30 days from the date on which it
was filed, or such shorter time as the
Commission may designate, it has
become effective pursuant to section
19(b)(3)(A)(iii) of the Act 32 and
paragraph (f)(6) of Rule 19b–4
thereunder.33
28 See
Rule 19.5, Interpretation and Policy .05(h).
supra note 5.
30 15 U.S.C. 78s(b)(3)(A)(iii).
31 17 CFR 240.19b–4(f)(6).
32 15 U.S.C. 78s(b)(3)(A)(iii).
33 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires a self-regulatory organization to
give the Commission written notice of its intent to
file the proposed rule change, along with a brief
29 See
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A proposed rule change filed
pursuant to Rule 19b–4(f)(6) under the
Act 34 normally does not become
operative for 30 days after the date of its
filing. However, Rule 19b–4(f)(6)(iii) 35
permits the Commission to designate a
shorter time if such action is consistent
with the protection of investors and the
public interest. The Exchange has
requested that the Commission waive
the 30-day operative delay to permit the
Exchange to implement the proposal at
the same time as its competitor
exchanges, thus creating competition
among Short Term Option Series
throughout the industry. The Exchange
notes that its proposal is substantially
similar in all material respects to a
proposal submitted by Nasdaq ISE that
was recently approved by the
Commission.36 The Commission
believes that the proposed rule change
presents no novel issues and that waiver
of the 30-day operative delay is
consistent with the protection of
investors and the public interest.
Accordingly, the Commission hereby
waives the operative delay and
designates the proposed rule change
operative upon filing.37
At any time within 60 days of the
filing of the proposed rule change, the
Commission summarily may
temporarily suspend such rule change if
it appears to the Commission that such
action is necessary or appropriate in the
public interest, for the protection of
investors, or otherwise in furtherance of
the purposes of the Act. If the
Commission takes such action, the
Commission shall institute proceedings
to determine whether the proposed rule
should be approved or disapproved.
IV. Solicitation of Comments
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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:
description and text of the proposed rule change,
at least five business days prior to the date of filing
of the proposed rule change, or such shorter time
as designated by the Commission. The Exchange
has satisfied this requirement.
34 17 CFR 240.19b–4(f)(6).
35 17 CFR 240.19b–4(f)(6)(iii).
36 See supra note 5.
37 For purposes only of waiving the 30-day
operative delay, the Commission has also
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
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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–
MEMX–2024–19 on the subject line.
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549–1090.
All submissions should refer to file
number SR–MEMX–2024–19. This file
number should be included on the
subject line if email is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
internet website (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for website viewing and
printing in the Commission’s Public
Reference Room, 100 F Street NE,
Washington, DC 20549, on official
business days between the hours of 10
a.m. and 3 p.m. Copies of 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–MEMX–2024–19 and should be
submitted on or before June 25, 2024.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.38
Sherry R. Haywood,
Assistant Secretary.
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–100243; File No. SR–
NYSENAT–2024–16]
Self-Regulatory Organizations; NYSE
National, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Amend the
Connectivity Fee Schedule
May 29, 2024.
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934
(‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that on May 17,
2024, NYSE National, Inc. (‘‘NYSE
National’’ or the ‘‘Exchange’’) filed with
the Securities and Exchange
Commission (the ‘‘Commission’’) the
proposed rule change as described in
Items I and II below, which Items have
been prepared by the self-regulatory
organization. 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 the
Connectivity Fee Schedule (‘‘Fee
Schedule’’) to make clarifying changes
with respect to the wireless connections
to third party data in co-location. The
proposed rule change is available on the
Exchange’s website at www.nyse.com, at
the principal office of the Exchange, and
at the Commission’s Public Reference
Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
self-regulatory organization 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 those 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 parts of such
statements.
[FR Doc. 2024–12140 Filed 6–3–24; 8:45 am]
BILLING CODE 8011–01–P
1 15
U.S.C. 78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19b–4.
2 15
38 17
PO 00000
CFR 200.30–3(a)(12), (59).
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]]>Agencies
[Federal Register Volume 89, Number 108 (Tuesday, June 4, 2024)]
[Notices]
[Pages 48009-48012]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-12140]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-100239; File No. SR-MEMX-2024-19]
Self-Regulatory Organizations; MEMX LLC; Notice of Filing and
Immediate Effectiveness of a Proposed Rule Change To Amend the Short
Term Options Series Program in Rule 19.5, Interpretation and Policy .05
May 29, 2024.
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 16, 2024, MEMX, LLC (``MEMX'' or ``Exchange'') filed with the
Securities and Exchange Commission (``Commission'') a proposed rule
change as described in Items I and II below, which Items have been
prepared by the Exchange. The Exchange filed the proposal as a ``non-
controversial'' proposed rule change pursuant to section
19(b)(3)(A)(iii) of the Act \3\ and Rule 19b-4(f)(6) thereunder.\4\ 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.
\3\ 15 U.S.C. 78s(b)(3)(A).
\4\ 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 is filing with the Commission a proposed rule change
to amend the Short Term Options Series Program in Rule 19.5,
Interpretation and Policy .05. The text of the proposed rule change is
provided in Exhibit 5.
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 the Short Term Option Series Program
in Rule 19.5, Interpretation and Policy .05 (Series of Options
Contracts Open for Trading). Specifically, the Exchange proposes to
expand the Short Term Option Series Program to permit the listing and
trading of options series with Tuesday and Thursday expirations for
options on iShares Russell 2000 ETF (``IWM''), specifically permitting
two expiration dates for the proposed Tuesday and Thursday expirations
in IWM. This is a competitive filing that is based on a proposal
submitted from Nasdaq ISE, LLC (``Nasdaq ISE'') and recently approved
by the Commission.\5\
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\5\ See Securities Exchange Act Release No. 99946 (April 11,
2024) 89 FR 27471 (April 17, 2024) (Order Approving SR-ISE-2024-06).
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Currently, Table 1 in Rule 19.5, Interpretation and Policy .05(h),
specifies each symbol that qualifies as a Short Term Option Daily
Expiration.\6\ Today, Table 1 permits the listing and trading of Monday
Short Term Option Daily Expirations and Wednesday Short Term Option
Daily Expirations for IWM. At this time, the Exchange proposes to
expand the Short Term Option Series Program to permit the listing and
trading of no more than a total of two IWM Short Term Option Daily
Expirations beyond the current week for each of Monday, Tuesday,
Wednesday, and Thursday expirations at one time.\7\ The listing and
trading of Tuesday and Thursday Short Term Option Daily Expirations
would be subject to Rule 19.5, Interpretation and Policy .05.
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\6\ The Exchange may open for trading on any Thursday or Friday
that is a business day series of options on that class that expire
at the close of business on each of the next five Fridays that are
business days and are not Fridays in which standard expiration
options series, Monthly Options Series, or Quarterly Options Series.
Of these series of options, the Exchange may have no more than a
total of five Short Term Option Expiration Dates. In addition, the
Exchange may open for trading series of options on certain symbols
that expire at the close of business on each of the next two
Mondays, Tuesdays, Wednesdays, and Thursdays, respectively, that are
business days beyond the current week and are not business days in
which standard expiration options series, Monthly Options Series, or
Quarterly Options Series expire (``Short Term Option Daily
Expirations''). See Rule 19.5, Interpretation and Policy .05.
\7\ The Exchange would amend the Tuesday and Thursday
expirations for IWM in Table 1 Rule 19.5, Interpretation and Policy
.05(h) from ``0'' to ``2'' to permit Tuesday and Thursday
expirations for options on IWM listed pursuant to the Short Term
Option Series.
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Today, Tuesday Short Term Option Daily Expirations in SPDR S&P 500
ETF Trust (``SPY'') and the INVESCO QQQ Trust, Series 1 (``QQQ'') may
open for trading on any Monday or Tuesday that is a business day series
of options on the symbols provided in Table 1 that expire at the close
of business on each of the next two Tuesdays that are business days and
are not business days in which standard expiration options series,
Monthly Options Series, or Quarterly Options Series expire (``Tuesday
Short Term Option Expiration Date'').\8\ Also, today, Thursday Short
Term Option Daily Expirations in SPY and QQQ may open for trading on
any Tuesday or Wednesday that is a business day series of options on
the symbols provided in Table 1 that expire at the close of business on
each of the next two Wednesdays that are business days and are not
business days in which standard expiration options series, Monthly
Options Series, or Quarterly Options Series expire (``Wednesday Short
Term Option Expiration Date'').\9\
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\8\ See Rule 19.5, Interpretation and Policy .05(h).
\9\ Id.
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In the event that options on IWM expire on a Tuesday or Thursday
and that Tuesday or Thursday is a business day in which standard
expiration options series, Monthly Options Series, or Quarterly Options
Series expire, the Exchange would skip that week's listing and instead
list the following week; the two weeks would therefore not be
consecutive. With this proposal, the Exchange would be able to open for
trading series of options on IWM that expire at the close of business
on each of the next two Mondays, Tuesdays, Wednesdays, and Thursdays,
respectively, that are business days beyond the current week and are
not business days in which standard expiration options series, Monthly
[[Page 48010]]
Options Series, or Quarterly Options Series expire.\10\
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\10\ Today, IWM may trade on Mondays and Wednesdays, in addition
to Fridays, as is the case for all options series.
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The interval between strike prices for the proposed Tuesday and
Thursday IWM Short Term Option Daily Expirations will be the same as
those for Tuesday and Thursday IWM Short Term Option Daily Expirations
in SPY and QQQ, applicable to the Short Term Option Series Program.\11\
Specifically, the Tuesday and Thursday IWM Short Term Option Daily
Expirations will have a $0.50 strike interval minimum. As is the case
with other equity options series listed pursuant to the Short Term
Option Series Program, the Tuesday and Thursday IWM Short Term Option
Daily Expiration series will be P.M.-settled.
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\11\ See Rule 19.5, Interpretation and Policy .05(e).
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Pursuant to Rule 19.5, Interpretation and Policy .05(h), with
respect to the Short Term Option Series Program, a Tuesday or Thursday
expiration series shall expire on the first business day immediately
prior to that Tuesday or Thursday, e.g., Monday or Wednesday of that
week, respectively, if the Tuesday or Thursday is not a business day.
Currently, for each option class eligible for participation in the
Short Term Option Series Program, the Exchange is limited to opening
thirty (30) series for each expiration date for the specific class.\12\
The thirty (30) series restriction does not include series that are
open by other securities exchanges under their respective weekly rules;
the Exchange may list these additional series that are listed by other
options exchanges.\13\ This thirty (30) series restriction would apply
to Tuesday and Thursday IWM Short Term Option Daily Expiration series
as well. With this proposal, Tuesday and Thursday IWM Expirations would
be treated the same as Tuesday and Thursday Expirations in SPY and QQQ.
With respect to monthly option series, Short Term Option Daily
Expirations expire in the same week in which monthly option series on
the same class expire.\14\ Further, as is the case today with other
Tuesday and Thursday Short Term Option Daily Expirations, the Exchange
would not permit Tuesday and Thursday Short Term Option Daily
Expirations to expire on a business day in which monthly options series
or Quarterly Options Series expire.\15\ Therefore, all Short Term
Option Daily Expirations would expire at the close of business on each
of the next two Mondays, Tuesdays, Wednesdays, and Thursdays,
respectively, that are business days beyond the current week and are
not business days in which standard expiration options series, Monthly
Options Series, or Quarterly Options Series expire. The Exchange does
not believe that any market disruptions will be encountered with the
introduction of P.M.-settled Tuesday and Thursday IWM Short Term Option
Daily Expirations. The Exchange has the necessary capacity and
surveillance programs in place to support and properly monitor trading
in the proposed Tuesday and Thursday Short Term Option Daily
Expirations. The Exchange currently trades P.M.-settled Short Term
Option Series that expire Tuesday and Thursday for SPY and QQQ and has
not experienced any market disruptions nor issues with capacity. Today,
the Exchange has surveillance programs in place to support and properly
monitor trading in Short Term Option Series that expire Tuesday and
Thursday for SPY and QQQ.
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\12\ See Rule 19.5, Interpretation and Policy .05(a).
\13\ See Rule 19.5, Interpretation and Policy .05(a).
\14\ See Rule 19.5, Interpretation and Policy .05(b).
\15\ See Rule 19.5, Interpretation and Policy .05(h).
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Impact of Proposal
The Exchange notes that listings in the Short Term Option Series
Program comprise a significant part of the standard listing in options
markets. The below table sets forth the percentage of weekly listings
as compared to monthly, quarterly, and Long-Term Option Series in 2023
in the options industry.\16\ The Exchange notes that during this time
period all options exchanges mitigated weekly strike intervals.
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\16\ Per Nasdaq ISE, LLC (``Nasdaq ISE''), this information was
sourced from The Options Clearing Corporation (``OCC''). The
information includes time averaged data for all 17 options markets
through December 8, 2023. See Securities Exchange Act Release No.
99604 (February 26, 2024), 89 FR 15235 (March 1, 2024) (SR-ISE-2024-
06).
Number of Strikes--2023
------------------------------------------------------------------------
Percent of
Expiration total series
------------------------------------------------------------------------
Monthly................................................. 62.82
Weekly.................................................. 17.22
LEAP.................................................... 17.77
Quarterly............................................... 2.20
------------------------------------------------------------------------
Similar to SPY and QQQ, the Exchange would limit the number of
Short Term Option Daily Expirations for IWM to two expirations for
Tuesday and Thursday expirations while expanding the Short Term Option
Series Program to permit Tuesday, and Thursday expirations for IWM.
Expanding the Short Term Option Series Program to permit the listing of
Tuesday and Thursday expirations in IWM will account for the addition
of 6.77% of strikes for IWM.\17\ With respect to the impact to the
Short Term Option Series Program on IWM overall, the impact would be a
20% increase in strikes.\18\ With respect to the impact to the Short
Term Options Series Program overall, the impact would be a 0.1%
increase in strikes.\19\ Members will continue to be able to expand
hedging tools because all days of the week would be available to permit
Members to tailor their investment and hedging needs more effectively
in IWM.
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\17\ Nasdaq ISE sourced this information, which are estimates,
from LiveVol[supreg]. The information includes data for all 17
options markets as of January 3, 2024. See id.
\18\ Nasdaq ISE sourced this information, which are estimates,
from LiveVol[supreg]. The information includes data for all 17
options markets as of January 3, 2024. See id.
\19\ Nasdaq ISE sourced this information, which are estimates,
from LiveVol[supreg]. The information includes data for all 17
options markets as of January 3, 2024. See id.
Number of Strikes--2023
------------------------------------------------------------------------
Percent of
Expiration total series
------------------------------------------------------------------------
Monthly................................................. 35.13
Weekly.................................................. 48.30
LEAP.................................................... 12.87
Quarterly............................................... 3.70
------------------------------------------------------------------------
Weeklies comprise 48.30% of the total volume of options
contracts.\20\ The Exchange believes that inner weeklies (first two
weeks) represent high volume as compared to outer weeklies (the last
three weeks) and would be more attractive to market participants. The
introduction of IWM Tuesday and Thursday expirations will, among other
things, expand hedging tools available to market participants and
continue the reduction of the premium cost of buying protection. The
Exchange believes that IWM Tuesday and Thursday expirations will allow
market participants to purchase IWM options based on their timing as
needed and allow them to tailor their investment and hedging needs more
effectively.
---------------------------------------------------------------------------
\20\ This table sets forth industry volume. Weeklies comprise
48.30% of volume while only comprising 17.22% of the strikes. Nasdaq
ISE sourced this information from OCC. The information includes data
for all 17 options markets through December 8, 2023. See Securities
Exchange Act Release No. 99604 (February 26, 2024), 89 FR 15235
(March 1, 2024) (SR-ISE-2024-06).
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2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Securities Exchange Act of 1934 (the ``Act'') and the rules and
regulations thereunder applicable to the Exchange
[[Page 48011]]
and, in particular, the requirements of section 6(b) of the Act.\21\
Specifically, the Exchange believes the proposed rule change is
consistent with the section 6(b)(5) \22\ requirements that the rules of
an exchange be designed to prevent fraudulent and manipulative acts and
practices, to promote just and equitable principles of trade, to foster
cooperation and coordination with persons engaged in regulating,
clearing, settling, processing information with respect to, and
facilitating transactions in securities, to remove impediments to and
perfect the mechanism of a free and open market and a national market
system, and, in general, to protect investors and the public interest.
Additionally, the Exchange believes the proposed rule change is
consistent with the section 6(b)(5) \23\ requirement that the rules of
an exchange not be designed to permit unfair discrimination between
customers, issuers, brokers, or dealers.
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\21\ 15 U.S.C. 78f(b).
\22\ 15 U.S.C. 78f(b)(5).
\23\ Id.
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The Exchange believes that IWM Tuesday and Thursday Short Term
Daily Expirations will allow market participants to purchase IWM
options based on their timing as needed and allow them to tailor their
investment and hedging needs more effectively. Further, the proposal to
permit Tuesday and Thursday Short Term Daily Expirations for options on
IWM listed pursuant to the Short Term Option Series Program, subject to
the proposed limitation of two nearest expirations, would protect
investors and the public interest by providing the investing public and
other market participants more flexibility to closely tailor their
investment and hedging decisions in IWM options, thus allowing them to
better manage their risk exposure. In particular, the Exchange believes
the Short Term Option Series Program has been successful to date and
that Tuesday and Thursday IWM Short Term Daily Expirations should
simply expand the ability of investors to hedge risk against market
movements stemming from economic releases or market events that occur
throughout the month in the same way that the Short Term Option Series
Program has expanded the landscape of hedging. Similarly, the Exchange
believes Tuesday and Thursday IWM Short Term Daily Expirations should
create greater trading and hedging opportunities and provide customers
the flexibility to tailor their investment objectives more effectively.
The Exchange currently lists SPY and QQQ Tuesday and Thursday Short
Term Daily Expirations.\24\
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\24\ See Rule 19.5, Interpretation and Policy .05(h).
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With this proposal, Tuesday and Thursday IWM Expirations would be
treated similar to existing Tuesday and Thursday SPY and QQQ
Expirations and would expire in the same week that standard monthly
options expire on Fridays.\25\ Further, today, Tuesday and Thursday
Short Term Option Daily Expirations do not expire on a business day in
which monthly options series or Quarterly Options Series expire.\26\
Today, all Short Term Option Daily Expirations expire at the close of
business on each of the next two Mondays, Tuesdays, Wednesdays, and
Thursdays, respectively, that are business days and are not business
days in which monthly options series or Quarterly Options Series
expire. There are no material differences in the treatment of Tuesday
and Thursday SPY and QQQ Short Term Daily Expirations as compared to
the proposed Tuesday and Thursday IWM Short Term Daily Expirations.
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\25\ See Rule 19.5, Interpretation and Policy .05(b).
\26\ See Rule 19.5, Interpretation and Policy .05(h).
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Finally, the Exchange represents that it has an adequate
surveillance program in place to detect manipulative trading in the
proposed Tuesday and Thursday IWM Short Term Daily Expirations, in the
same way that it monitors trading in the current Short Term Option
Series and trading in Tuesday and Thursday SPY and QQQ Expirations. The
Exchange also represents that it has the necessary systems capacity to
support the new options series. Finally, the Exchange does not believe
that any market disruptions will be encountered with the introduction
of Tuesday and Thursday IWM Short Term Daily Expirations.
Finally, the Exchange notes the proposed rule change is
substantively the same as a rule change proposed by ISE, which the
Commission recently approved.\27\
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\27\ See supra note 5.
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B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. Similar to SPY and QQQ
Tuesday and Thursday Expirations, the introduction of IWM Tuesday and
Thursday Short Term Daily Expirations does not impose an undue burden
on competition. The Exchange believes that it will, among other things,
expand hedging tools available to market participants and continue the
reduction of the premium cost of buying protection. The Exchange
believes that IWM Tuesday and Thursday Short Term Daily Expirations
will allow market participants to purchase IWM options based on their
timing as needed and allow them to tailor their investment and hedging
needs more effectively.
The Exchange does not believe the proposal will impose any burden
on intermarket competition, as nothing prevents other options exchanges
from proposing similar rules to list and trade Short-Term Option Series
with Tuesday and Thursday Short Term Daily Expirations. The Exchange
notes that having Tuesday and Thursday IWM expirations is not a novel
proposal, as SPY and QQQ Tuesday and Thursday Expirations are currently
listed on the Exchange.\28\ Additionally, as noted above, the
Commission recently approved a substantively identical proposal of
another exchange.\29\ Further, the Exchange does not believe the
proposal will impose any burden on intramarket competition, as all
market participants will be treated in the same manner under this
proposal
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\28\ See Rule 19.5, Interpretation and Policy .05(h).
\29\ 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
The Exchange neither solicited nor received comments on the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The Exchange has filed the proposed rule change pursuant to section
19(b)(3)(A)(iii) of the Act \30\ and Rule 19b-4(f)(6) thereunder.\31\
Because the foregoing proposed rule change does not: (i) significantly
affect the protection of investors or the public interest; (ii) impose
any significant burden on competition; and (iii) become operative for
30 days from the date on which it was filed, or such shorter time as
the Commission may designate, it has become effective pursuant to
section 19(b)(3)(A)(iii) of the Act \32\ and paragraph (f)(6) of Rule
19b-4 thereunder.\33\
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\30\ 15 U.S.C. 78s(b)(3)(A)(iii).
\31\ 17 CFR 240.19b-4(f)(6).
\32\ 15 U.S.C. 78s(b)(3)(A)(iii).
\33\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change, along
with a brief description and text of the proposed rule change, at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
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[[Page 48012]]
A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the
Act \34\ normally does not become operative for 30 days after the date
of its filing. However, Rule 19b-4(f)(6)(iii) \35\ permits the
Commission to designate a shorter time if such action is consistent
with the protection of investors and the public interest. The Exchange
has requested that the Commission waive the 30-day operative delay to
permit the Exchange to implement the proposal at the same time as its
competitor exchanges, thus creating competition among Short Term Option
Series throughout the industry. The Exchange notes that its proposal is
substantially similar in all material respects to a proposal submitted
by Nasdaq ISE that was recently approved by the Commission.\36\ The
Commission believes that the proposed rule change presents no novel
issues and that waiver of the 30-day operative delay is consistent with
the protection of investors and the public interest. Accordingly, the
Commission hereby waives the operative delay and designates the
proposed rule change operative upon filing.\37\
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\34\ 17 CFR 240.19b-4(f)(6).
\35\ 17 CFR 240.19b-4(f)(6)(iii).
\36\ See supra note 5.
\37\ For purposes only of waiving the 30-day operative delay,
the Commission has also considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings to
determine whether the proposed rule should be approved or disapproved.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's internet comment form (https://www.sec.gov/rules/sro.shtml); or
Send an email to [email protected]. Please include
file number SR-MEMX-2024-19 on the subject line.
Paper Comments
Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to file number SR-MEMX-2024-19. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (https://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for website viewing and
printing in the Commission's Public Reference Room, 100 F Street NE,
Washington, DC 20549, on official business days between the hours of 10
a.m. and 3 p.m. Copies of 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-MEMX-2024-19 and should be
submitted on or before June 25, 2024.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\38\
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\38\ 17 CFR 200.30-3(a)(12), (59).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-12140 Filed 6-3-24; 8:45 am]
BILLING CODE 8011-01-P
