Self-Regulatory Organizations; Nasdaq MRX, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Exchange's Pricing Schedule at Options 7, Section 3, 67130-67133 [2024-18475]
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Federal Register / Vol. 89, No. 160 / Monday, August 19, 2024 / Notices
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–CboeBZX–2024–072 and should be
submitted on or before September 9,
2024.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.19
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024–18470 Filed 8–16–24; 8:45 am]
BILLING CODE 8011–01–P
Market participant
Maker fee
Tier 1
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Penny Symbols:
Market Maker ............
Priority Customer ......
Non-Penny Symbols:
Market Maker ............
Priority Customer ......
Self-Regulatory Organizations; Nasdaq
MRX, LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Amend the
Exchange’s Pricing Schedule at
Options 7, Section 3
August 13, 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 July 31,
2024, Nasdaq MRX, LLC (‘‘MRX’’ 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 the
Exchange’s Pricing Schedule at Options
7, Section 3. While these amendments
are effective upon filing, the Exchange
has designated the proposed
amendments to be operative on August
1, 2024.
The text of the proposed rule change
is available on the Exchange’s website at
https://listingcenter.nasdaq.com/
Maker fee
Tier 3
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 purpose of the proposed rule
change is to amend the Exchange’s
Pricing Schedule at Options 7, Section
3.
Maker/Taker Pricing
Today, as set forth in Table 1 of
Options 7, Section 3, the Exchange
assesses Market Makers 3 and Priority
Customers 4 the below tiered maker/
taker fees and rebates in Penny and
Non-Penny Symbols that are based on
increasing volume requirements set
forth in Table 3 of Options 7, Section 3.5
Taker
fee/rebate
Tier 1
Maker fee
Tier 4
Taker
fee/rebate
Tier 2
Taker
fee/rebate
Tier 3
Taker
fee/rebate
Tier 4
$0.50
0.00
$0.50
0.00
$0.50
0.00
$0.50
0.00
$0.35
(0.31)
$0.35
(0.36)
$0.35
(0.41)
$0.35
(0.44)
1.25
0.00
1.25
0.00
1.25
0.00
1.25
0.00
1.10
(0.80)
1.10
(0.90)
1.10
(1.00)
1.10
(1.10)
19 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 A ‘‘Market Maker’’ is a market maker as defined
in Nasdaq MRX Rule Options 1, Section 1(a)(21).
4 A ‘‘Priority Customer’’ is a person or entity that
is not a broker/dealer in securities, and does not
place more than 390 orders in listed options per day
1 15
18:07 Aug 16, 2024
[Release No. 34–100721; File No. SR–MRX–
2024–30]
Maker fee
Tier 2
Additionally, for SPY, QQQ, and
IWM, the Exchange currently assesses
$0.00 per contract for Market Maker Tier
1 through Tier 4 Maker Fees and
Priority Customer Tier 1 through Tier 4
Taker Fees/Rebates in Penny Symbols.6
In other words, Market Makers can
provide liquidity in these symbols at no
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rulebook/mrx/rules, at the principal
office of the Exchange, and at the
Commission’s Public Reference Room.
SECURITIES AND EXCHANGE
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cost (instead of paying the $0.50 Tiers
1–4 Maker Fee in Penny Symbols), and
Priority Customers can remove liquidity
in these symbols at no cost (instead of
receiving the Tiers 1–4 Taker Rebates in
Penny Symbols ranging from $0.31–
$0.44 per contract).
The Exchange now proposes to amend
the pricing for SPY, QQQ, and IWM as
described above to begin charging $0.02
per contract for Market Maker Tier 1
through Tier 4 Maker Fees in these
symbols. Further, the Exchange
proposes to begin providing $0.02 per
contract for Priority Customer Tier 1
on average during a calendar month for its own
beneficial account(s), as defined in Nasdaq MRX
Options 1, Section 1(a)(36).
5 The tiered volume requirements are based on
Total Customer ADV. Total Customer ADV is
Priority Customer Total Consolidated Volume
divided by Customer Total Consolidated Volume,
including volume executed by Affiliated Members
or Affiliated Entities. Priority Customer Total
Consolidated Volume is a Member’s total Priority
Customer volume executed on MRX in that month,
including volume executed by Affiliated Members
or Affiliated Entities. All eligible volume from
Affiliated Members or an Affiliated Entity will be
aggregated in determining applicable tiers.
6 See note 6, Options 7, Section 3, Table 1.
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Federal Register / Vol. 89, No. 160 / Monday, August 19, 2024 / Notices
through Tier 4 Taker Rebates in these
symbols. As proposed, note 6 will
provide: ‘‘Market Maker Tier 1 through
Tier 4 Maker Fees in Penny Symbols
will be $0.02 per contract for the
following option symbols: SPY, QQQ
and IWM. Priority Customer Tier 1
through Tier 4 Taker Rebates in Penny
Symbols will be ($0.02) per contract for
the following option symbols: SPY,
QQQ and IWM.’’
The Exchange also proposes to modify
the Priority Customer Tiers 1–4 Taker
Rebates in Penny and Non-Penny
Symbols as described above.
Specifically, the Exchange proposes in
new note 7 of Options 7, Section 3,
Table 1 that Priority Customer orders
will not receive any Taker Rebates in
Penny and Non-Penny Symbols for
trades executed against another Priority
Customer order. Instead, the Priority
Customer order will be assessed $0.00
per contract.
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PIM Break-Up Rebates
Today, as set forth in Options 7,
Section 3.A, the Exchange pays a PIM
break-up rebate to an originating
Priority Customer PIM order that
executes with a response (order or
quote), other than the PIM contra-side
order, of $0.25 per contract in Penny
Symbols and $0.60 per contract in NonPenny Symbols.7 The Exchange also
offers additional break-up rebates in
note 3 of Options 7, Section 3.A for
Members that meet certain volume
requirements or alternatively, that enter
into Affiliated Member 8 or Affiliated
Entity 9 relationships. In particular, note
3 currently provides: ‘‘Break-up Rebates
are provided for an originating Priority
7 Break-up rebates apply only to regular PIM
orders of 500 or fewer contracts and to complex
PIM orders where the largest leg is 500 or fewer
contracts.
8 An ‘‘Affiliated Member’’ is a Member that shares
at least 75% common ownership with a particular
Member as reflected on the Member’s Form BD,
Schedule A.
9 An ‘‘Affiliated Entity’’ is a relationship between
an Appointed Market Maker and an Appointed OFP
for purposes of qualifying for certain pricing
specified in the Pricing Schedule. Market Makers
and OFPs are required to send an email to the
Exchange to appoint their counterpart, at least 3
business days prior to the last day of the month to
qualify for the next month. The Exchange will
acknowledge receipt of the emails and specify the
date the Affiliated Entity is eligible for applicable
pricing, as specified in the Pricing Schedule. Each
Affiliated Entity relationship will commence on the
1st of a month and may not be terminated prior to
the end of any month. An Affiliated Entity
relationship will automatically renew each month
until or unless either party terminates earlier in
writing by sending an email to the Exchange at least
3 business days prior to the last day of the month
to terminate for the next month. Affiliated Members
may not qualify as a counterparty comprising an
Affiliated Entity. Each Member may qualify for only
one (1) Affiliated Entity relationship at any given
time.
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Customer PIM Order that executes with
any response (order or quote) other than
the PIM contra-side order. Members that
are not in an Affiliated Member or
Affiliated Entity relationship and that
execute 0.05% or greater of Customer
Total Consolidated Volume 10 which
adds liquidity in non-PIM Priority
Customer contracts within a month will
receive an additional rebate of: (i) $0.20
per contract in Penny Symbols for
Complex PIM Orders only, (ii) $0.15 per
contract in Penny Symbols for Regular
PIM Orders only, and (iii) $0.45 per
contract in Non-Penny Symbols for both
Regular and Complex PIM Orders.
Alternatively, Affiliated Members or
Affiliated Entities will be eligible to
receive the rebates in this note 3
without any additional volume
requirements. The Exchange will
provide the rebate to the OFP arm of an
Affiliated Member relationship, or the
Appointed OFP arm of an Affiliated
Entity relationship.’’
The Exchange now proposes to
modify the note 3 rebate qualifications
only for those Members that are not in
Affiliated Member or Affiliated Entity
relationships. Under this proposal,
Affiliated Members or Affiliated Entities
will continue to be eligible to receive
the note 3 rebates without any
additional volume requirements.
Specifically, the Exchange proposes to
require Members not in Affiliated
Member or Affiliated Entity
relationships to execute 0.04% or
greater of Customer Total Consolidated
Volume which adds liquidity in nonPIM Priority Customer contracts in
regular orders within a month to receive
the additional rebates in note 3.
2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Act,11 in general, and furthers the
objectives of Sections 6(b)(4) and 6(b)(5)
of the Act,12 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 Exchange’s proposed changes to
its schedule of credits are reasonable in
several respects. As a threshold matter,
the Exchange is subject to significant
competitive forces in the market for
options securities transaction services
10 ‘‘Customer
Total Consolidated Volume’’ means
the total volume cleared at The Options Clearing
Corporation in the Customer range in equity and
ETF options in that month.
11 15 U.S.C. 78f(b).
12 15 U.S.C. 78f(b)(4) and (5).
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67131
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,
the D.C. Circuit stated as follows: ‘‘[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
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’. . . .’’ 13
The Commission and the courts have
repeatedly expressed their preference
for competition over regulatory
intervention in determining prices,
products, and services in the securities
markets. In Regulation NMS, while
adopting a series of steps to improve the
current market model, the Commission
highlighted the importance of market
forces in determining prices and SRO
revenues and, also, recognized that
current regulation of the market system
‘‘has been remarkably successful in
promoting market competition in its
broader forms that are most important to
investors and listed companies.’’ 14
Numerous indicia demonstrate the
competitive nature of this market. For
example, clear substitutes to the
Exchange exist in the market for options
security transaction services. The
Exchange is only one of seventeen
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. As such, the proposal
represents a reasonable attempt by the
Exchange to increase its liquidity and
market share relative to its competitors.
Maker/Taker Pricing
The Exchange believes that the
proposed changes to the maker/taker
pricing for Market Makers and Priority
Customers in the manner described
above are reasonable, equitable and not
unfairly discriminatory for the reasons
that follow.
13 NetCoalition v. SEC, 615 F.3d 525, 539 (D.C.
Cir. 2010) (quoting Securities Exchange Act Release
No. 59039 (December 2, 2008), 73 FR 74770, 74782–
83 (December 9, 2008) (SR–NYSEArca–2006–21)).
14 Securities Exchange Act Release No. 51808
(June 9, 2005), 70 FR 37496, 37499 (June 29, 2005)
(‘‘Regulation NMS Adopting Release’’).
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SPY, QQQ, IWM Pricing
The Exchange believes that it is
reasonable to begin charging $0.02 per
contract for Market Maker Tier 1
through Tier 4 Maker Fees in SPY,
QQQ, and IWM, and to begin providing
$0.02 per contract for Priority Customer
Tier 1 through Tier 4 Taker Rebates in
these symbols. As it relates to Market
Makers, the Exchange notes that it is
only increasing the Tier 1 through Tier
4 Maker Fees by a small amount (i.e.,
from $0.00 to $0.02). Further, Market
Makers will continue to be charged
significantly less for adding liquidity in
SPY, QQQ, and IWM ($0.02) than for
adding liquidity in other Penny
Symbols ($0.50). As it relates to Priority
Customers, the Exchange will begin
providing Tier 1 through Tier 4 Taker
Rebates of $0.02 whereas today, Priority
Customers do not receive any Taker
Rebates for removing liquidity in SPY,
QQQ, and IWM. The Exchange therefore
believes that with the proposed changes,
Market Makers and Priority Customers
will continue to be incentivized to bring
SPY, QQQ, and IWM order flow to
MRX, which benefits all market
participants by providing more trading
opportunities. The Exchange also
believes that assessing different pricing
for SPY, QQQ, and IWM, as compared
to other symbols, is reasonable because
trading in SPY, QQQ, and IWM is
different from trading in other symbols
in that they are more liquid, have higher
volume and competition for executions
is more intense.
The Exchange believes that the
proposed changes to the SPY, QQQ, and
IWM pricing for Market Makers and
Priority Customers are equitable and not
unfairly discriminatory because they
will apply uniformly to similarly
situated market participants (i.e., the
proposed Tier 1 through Tier 4 Maker
Fees in SPY, QQQ, and IWM will apply
uniformly to Market Makers and the
proposed Tier 1 through Tier 4 Taker
Rebates in SPY, QQQ, and IWM will
apply uniformly to Priority Customers).
The Exchange believes that it is
equitable and not unfairly
discriminatory to apply the proposed
changes to only Market Makers and
Priority Customers. As it relates to
Market Makers, the Exchange notes that
they have different requirements and
additional obligations that other market
participants do not (such as quoting
requirements).15 As such, the proposed
Maker Fees of $0.02 per contract (which
continue to be significantly lower than
the $0.50 per contract Market Maker
Maker Fees assessed for other Penny
15 See
Options 2, Section 5.
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Symbols) are designed to continue to
incentivize Market Maker add liquidity
activity in SPY, QQQ, and IWM. As it
relates to Priority Customers, the
Exchange notes that these market
participants have historically received
more favorable pricing on the
Exchange.16 Further, an increase in the
activity of Priority Customers benefits
all market participants by providing
more trading opportunities, which
attracts Market Makers. An increase in
the activity of these market participants,
in turn, facilitates tighter spreads, which
may cause an additional corresponding
increase in order flow from other market
participants, to the benefit of all market
participants.
Priority Customer Taker Pricing
As discussed above, the Exchange
proposes in new note 7 of Options 7,
Section 3, Table 1 that Priority
Customer orders will not receive the
Tier 1 through Tier 4 Taker Rebates in
Penny and Non-Penny Symbols for
trades executed against another Priority
Customer order. Instead, the Priority
Customer order will be assessed $0.00
per contract. The Exchange believes that
its proposal is reasonable because
Priority Customers will continue to
receive more favorable pricing for
removing liquidity in Penny and NonPenny Symbols compared to NonPriority Customers.17 Specifically, as set
forth in Table 1 of Options 7, Section 3,
all Non-Priority Customers currently
pay a $0.35 Taker Fee in Tiers 1–4 for
removing liquidity in Penny Symbols,
and a $1.10 Taker Fee in Tiers 1–4 for
removing liquidity in Non-Penny
Symbols. Additionally, Priority
Customers will continue to receive the
generous Taker Rebates in Penny and
Non-Penny Symbols for trades executed
against Non-Priority Customers. The
Exchange notes that other options
exchanges, including for example its
affiliate Nasdaq GEMX (‘‘GEMX’’),
assess different taker pricing depending
on the counterparty.18
The Exchange believes that its
proposal is equitable and not unfairly
discriminatory because it will apply
uniformly to all Priority Customers. The
Exchange does not believe it is unfairly
discriminatory to apply the proposed
changes to only Priority Customers
16 See, e.g., maker/taker pricing for Priority
Customers in Options 7, Section 3, Table 1; and
complex order fees for Priority Customers in
Options 7, Section 4.
17 ‘‘Non-Priority Customers’’ include Market
Makers, Non-Nasdaq MRX Market Makers
(FarMMs), Firm Proprietary/Broker-Dealers, and
Professional Customers.
18 See GEMX Pricing Schedule at Options 7,
Section 3, note 16.
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because Priority Customers will
continue to receive more favorable
pricing for removing liquidity in Penny
and Non-Penny Symbols compared to
Non-Priority Customers, as discussed
above. The Exchange has historically
provided more favorable pricing to
Priority Customers.19 Furthermore,
Priority Customer order flow enhances
liquidity on the Exchange for the benefit
of all market participants by providing
more trading opportunities, which in
turn attracts Market Makers and other
market participants that may trade with
this order flow.
PIM Break-Up Rebates
The Exchange believes that the
proposed changes to the qualifications
for receiving the additional PIM breakup rebates in note 3 of Options 7,
Section 3.A are reasonable, equitable,
and not unfairly discriminatory for the
reasons that follow. As discussed above,
the Exchange is proposing to require
Members not in Affiliated Member or
Affiliated Entity relationships to execute
0.04% or greater of Customer Total
Consolidated Volume which adds
liquidity in non-PIM Priority Customer
contracts in regular orders within a
month to receive the additional rebates
in note 3. With the proposed changes,
the Exchange is effectively lowering the
volume requirement and narrowing the
scope of the rebate qualifications to
regular orders. The Exchange believes
that the lower volume requirement of
0.04% (versus the current 0.05%) is
reasonable because it will further
incentivize Members to bring liquidity
adding non-PIM regular order flow for
execution on the Exchange for the same
rebate amounts, which the Exchange
believes may result in tighter spreads,
thereby making the Exchange a more
attractive trading venue to the benefit of
all market participants. The Exchange
also believes it is reasonable to narrow
the scope of the rebate qualifications in
note 3 to only non-PIM regular orders
because the Exchange believes that
market participants are already
sufficiently incentivized to bring
Priority Customer non-PIM complex
order flow to MRX through the
Exchange’s existing pricing schedule.20
The Exchange also believes that the
proposed changes to the additional PIM
break-up rebate qualifications are
equitable and not unfairly
discriminatory because the changes will
apply uniformly to all similarly situated
market participants. While the rebates
19 See
supra note 16.
the Exchange does not assess any
complex order fees for Priority Customers today.
See Options 7, Section 4.
20 Specifically,
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will continue to apply only to Priority
Customers, the Exchange believes that
the application of this rebate program is
equitable and not unfairly
discriminatory because the Exchange
has historically provided more favorable
pricing for Priority Customers.21
Furthermore, Priority Customer order
flow benefits all market participants by
providing more trading opportunities,
which attracts Market Makers. An
increase in the activity of these market
participants in turn facilitates tighter
spreads, which may cause an additional
corresponding increase in order flow
from other market participants, to the
benefit of all market participants.
are free to modify their own fees in
response, and because market
participants may readily adjust their
order routing practices, the Exchange
believes that the degree to which fee
changes in this market may impose any
burden on competition is extremely
limited. In sum, if the changes proposed
herein are unattractive to market
participants, it is likely that the
Exchange will lose market share as a
result. Accordingly, the Exchange does
not believe that the proposed changes
will impair the ability of members or
competing order execution venues to
maintain their competitive standing in
the financial markets.
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.
In terms of intra-market competition,
the Exchange does not believe that its
proposal will place any category of
market participants at a competitive
disadvantage. The Exchange believes
that all of the changes proposed above
will incentivize market participants to
direct more order flow to the Exchange,
to the benefit of all market participants
who may interact with this order flow.
While some aspects of the proposal
apply directly to Market Makers
(through the Market Maker Tier 1
through Tier 4 Maker Fees for SPY,
QQQ, and IWM) or Priority Customers
(through the Priority Customer Tier 1
through Tier 4 Taker Rebates for SPY,
QQQ, and IWM; the $0.00 Taker Fee in
Penny and Non-Penny Symbols when
trading against another Priority
Customer order; and the PIM break-up
rebate qualification changes), the
Exchange believes that the proposed
changes taken together will fortify and
encourage activity, especially Market
Maker and Priority Customer activity,
on the Exchange. As discussed above,
all market participants will benefit from
any increase in market activity that the
proposal effectuates.
In terms of inter-market competition,
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 to remain competitive with other
options exchanges. Because competitors
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)(ii) of the Act.22 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.
If the Commission takes such action, the
Commission shall institute proceedings
to determine whether the proposed rule
should be approved or disapproved.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Electronic Comments
• Use the Commission’s internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include file number SR–
MRX–2024–30 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–MRX–2024–30. 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–MRX–2024–30 and should be
submitted on or before September 9,
2024.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.23
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024–18475 Filed 8–16–24; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–100718; File No. SR–IEX–
2024–13]
Self-Regulatory Organizations;
Investors Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Amend the
Exchange’s Fee Schedule Concerning
Transaction Pricing
August 13, 2024.
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934 (the
23 17
21 See
supra note 16.
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U.S.C. 78s(b)(3)(A)(ii).
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]]>Agencies
[Federal Register Volume 89, Number 160 (Monday, August 19, 2024)]
[Notices]
[Pages 67130-67133]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-18475]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-100721; File No. SR-MRX-2024-30]
Self-Regulatory Organizations; Nasdaq MRX, LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Amend the
Exchange's Pricing Schedule at Options 7, Section 3
August 13, 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 July 31, 2024, Nasdaq MRX, LLC (``MRX'' 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.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend the Exchange's Pricing Schedule at
Options 7, Section 3. While these amendments are effective upon filing,
the Exchange has designated the proposed amendments to be operative on
August 1, 2024.
The text of the proposed rule change is available on the Exchange's
website at https://listingcenter.nasdaq.com/rulebook/mrx/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 purpose of the proposed rule change is to amend the Exchange's
Pricing Schedule at Options 7, Section 3.
Maker/Taker Pricing
Today, as set forth in Table 1 of Options 7, Section 3, the
Exchange assesses Market Makers \3\ and Priority Customers \4\ the
below tiered maker/taker fees and rebates in Penny and Non-Penny
Symbols that are based on increasing volume requirements set forth in
Table 3 of Options 7, Section 3.\5\
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\3\ A ``Market Maker'' is a market maker as defined in Nasdaq
MRX Rule Options 1, Section 1(a)(21).
\4\ A ``Priority Customer'' is a person or entity that is not a
broker/dealer in securities, and does not place more than 390 orders
in listed options per day on average during a calendar month for its
own beneficial account(s), as defined in Nasdaq MRX Options 1,
Section 1(a)(36).
\5\ The tiered volume requirements are based on Total Customer
ADV. Total Customer ADV is Priority Customer Total Consolidated
Volume divided by Customer Total Consolidated Volume, including
volume executed by Affiliated Members or Affiliated Entities.
Priority Customer Total Consolidated Volume is a Member's total
Priority Customer volume executed on MRX in that month, including
volume executed by Affiliated Members or Affiliated Entities. All
eligible volume from Affiliated Members or an Affiliated Entity will
be aggregated in determining applicable tiers.
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Taker fee/ Taker fee/ Taker fee/ Taker fee/
Market participant Maker fee Maker fee Maker fee Maker fee rebate rebate rebate rebate
Tier 1 Tier 2 Tier 3 Tier 4 Tier 1 Tier 2 Tier 3 Tier 4
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Penny Symbols:
Market Maker................................ $0.50 $0.50 $0.50 $0.50 $0.35 $0.35 $0.35 $0.35
Priority Customer........................... 0.00 0.00 0.00 0.00 (0.31) (0.36) (0.41) (0.44)
Non-Penny Symbols:
Market Maker................................ 1.25 1.25 1.25 1.25 1.10 1.10 1.10 1.10
Priority Customer........................... 0.00 0.00 0.00 0.00 (0.80) (0.90) (1.00) (1.10)
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Additionally, for SPY, QQQ, and IWM, the Exchange currently
assesses $0.00 per contract for Market Maker Tier 1 through Tier 4
Maker Fees and Priority Customer Tier 1 through Tier 4 Taker Fees/
Rebates in Penny Symbols.\6\ In other words, Market Makers can provide
liquidity in these symbols at no cost (instead of paying the $0.50
Tiers 1-4 Maker Fee in Penny Symbols), and Priority Customers can
remove liquidity in these symbols at no cost (instead of receiving the
Tiers 1-4 Taker Rebates in Penny Symbols ranging from $0.31-$0.44 per
contract).
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\6\ See note 6, Options 7, Section 3, Table 1.
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The Exchange now proposes to amend the pricing for SPY, QQQ, and
IWM as described above to begin charging $0.02 per contract for Market
Maker Tier 1 through Tier 4 Maker Fees in these symbols. Further, the
Exchange proposes to begin providing $0.02 per contract for Priority
Customer Tier 1
[[Page 67131]]
through Tier 4 Taker Rebates in these symbols. As proposed, note 6 will
provide: ``Market Maker Tier 1 through Tier 4 Maker Fees in Penny
Symbols will be $0.02 per contract for the following option symbols:
SPY, QQQ and IWM. Priority Customer Tier 1 through Tier 4 Taker Rebates
in Penny Symbols will be ($0.02) per contract for the following option
symbols: SPY, QQQ and IWM.''
The Exchange also proposes to modify the Priority Customer Tiers 1-
4 Taker Rebates in Penny and Non-Penny Symbols as described above.
Specifically, the Exchange proposes in new note 7 of Options 7, Section
3, Table 1 that Priority Customer orders will not receive any Taker
Rebates in Penny and Non-Penny Symbols for trades executed against
another Priority Customer order. Instead, the Priority Customer order
will be assessed $0.00 per contract.
PIM Break-Up Rebates
Today, as set forth in Options 7, Section 3.A, the Exchange pays a
PIM break-up rebate to an originating Priority Customer PIM order that
executes with a response (order or quote), other than the PIM contra-
side order, of $0.25 per contract in Penny Symbols and $0.60 per
contract in Non-Penny Symbols.\7\ The Exchange also offers additional
break-up rebates in note 3 of Options 7, Section 3.A for Members that
meet certain volume requirements or alternatively, that enter into
Affiliated Member \8\ or Affiliated Entity \9\ relationships. In
particular, note 3 currently provides: ``Break-up Rebates are provided
for an originating Priority Customer PIM Order that executes with any
response (order or quote) other than the PIM contra-side order. Members
that are not in an Affiliated Member or Affiliated Entity relationship
and that execute 0.05% or greater of Customer Total Consolidated Volume
\10\ which adds liquidity in non-PIM Priority Customer contracts within
a month will receive an additional rebate of: (i) $0.20 per contract in
Penny Symbols for Complex PIM Orders only, (ii) $0.15 per contract in
Penny Symbols for Regular PIM Orders only, and (iii) $0.45 per contract
in Non-Penny Symbols for both Regular and Complex PIM Orders.
Alternatively, Affiliated Members or Affiliated Entities will be
eligible to receive the rebates in this note 3 without any additional
volume requirements. The Exchange will provide the rebate to the OFP
arm of an Affiliated Member relationship, or the Appointed OFP arm of
an Affiliated Entity relationship.''
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\7\ Break-up rebates apply only to regular PIM orders of 500 or
fewer contracts and to complex PIM orders where the largest leg is
500 or fewer contracts.
\8\ An ``Affiliated Member'' is a Member that shares at least
75% common ownership with a particular Member as reflected on the
Member's Form BD, Schedule A.
\9\ An ``Affiliated Entity'' is a relationship between an
Appointed Market Maker and an Appointed OFP for purposes of
qualifying for certain pricing specified in the Pricing Schedule.
Market Makers and OFPs are required to send an email to the Exchange
to appoint their counterpart, at least 3 business days prior to the
last day of the month to qualify for the next month. The Exchange
will acknowledge receipt of the emails and specify the date the
Affiliated Entity is eligible for applicable pricing, as specified
in the Pricing Schedule. Each Affiliated Entity relationship will
commence on the 1st of a month and may not be terminated prior to
the end of any month. An Affiliated Entity relationship will
automatically renew each month until or unless either party
terminates earlier in writing by sending an email to the Exchange at
least 3 business days prior to the last day of the month to
terminate for the next month. Affiliated Members may not qualify as
a counterparty comprising an Affiliated Entity. Each Member may
qualify for only one (1) Affiliated Entity relationship at any given
time.
\10\ ``Customer Total Consolidated Volume'' means the total
volume cleared at The Options Clearing Corporation in the Customer
range in equity and ETF options in that month.
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The Exchange now proposes to modify the note 3 rebate
qualifications only for those Members that are not in Affiliated Member
or Affiliated Entity relationships. Under this proposal, Affiliated
Members or Affiliated Entities will continue to be eligible to receive
the note 3 rebates without any additional volume requirements.
Specifically, the Exchange proposes to require Members not in
Affiliated Member or Affiliated Entity relationships to execute 0.04%
or greater of Customer Total Consolidated Volume which adds liquidity
in non-PIM Priority Customer contracts in regular orders within a month
to receive the additional rebates in note 3.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\11\ in general, and furthers the objectives of
Sections 6(b)(4) and 6(b)(5) of the Act,\12\ 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.
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\11\ 15 U.S.C. 78f(b).
\12\ 15 U.S.C. 78f(b)(4) and (5).
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The Exchange's proposed changes to its schedule of credits are
reasonable in several respects. As a threshold matter, the Exchange is
subject to significant competitive forces in the market for options
securities 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, the D.C. Circuit stated as follows: ``[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 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'. . . .'' \13\
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\13\ NetCoalition v. SEC, 615 F.3d 525, 539 (D.C. Cir. 2010)
(quoting Securities Exchange Act Release No. 59039 (December 2,
2008), 73 FR 74770, 74782-83 (December 9, 2008) (SR-NYSEArca-2006-
21)).
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The Commission and the courts have repeatedly expressed their
preference for competition over regulatory intervention in determining
prices, products, and services in the securities markets. In Regulation
NMS, while adopting a series of steps to improve the current market
model, the Commission highlighted the importance of market forces in
determining prices and SRO revenues and, also, recognized that current
regulation of the market system ``has been remarkably successful in
promoting market competition in its broader forms that are most
important to investors and listed companies.'' \14\
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\14\ Securities Exchange Act Release No. 51808 (June 9, 2005),
70 FR 37496, 37499 (June 29, 2005) (``Regulation NMS Adopting
Release'').
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Numerous indicia demonstrate the competitive nature of this market.
For example, clear substitutes to the Exchange exist in the market for
options security transaction services. The Exchange is only one of
seventeen 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. As such, the proposal represents a reasonable attempt by the
Exchange to increase its liquidity and market share relative to its
competitors.
Maker/Taker Pricing
The Exchange believes that the proposed changes to the maker/taker
pricing for Market Makers and Priority Customers in the manner
described above are reasonable, equitable and not unfairly
discriminatory for the reasons that follow.
[[Page 67132]]
SPY, QQQ, IWM Pricing
The Exchange believes that it is reasonable to begin charging $0.02
per contract for Market Maker Tier 1 through Tier 4 Maker Fees in SPY,
QQQ, and IWM, and to begin providing $0.02 per contract for Priority
Customer Tier 1 through Tier 4 Taker Rebates in these symbols. As it
relates to Market Makers, the Exchange notes that it is only increasing
the Tier 1 through Tier 4 Maker Fees by a small amount (i.e., from
$0.00 to $0.02). Further, Market Makers will continue to be charged
significantly less for adding liquidity in SPY, QQQ, and IWM ($0.02)
than for adding liquidity in other Penny Symbols ($0.50). As it relates
to Priority Customers, the Exchange will begin providing Tier 1 through
Tier 4 Taker Rebates of $0.02 whereas today, Priority Customers do not
receive any Taker Rebates for removing liquidity in SPY, QQQ, and IWM.
The Exchange therefore believes that with the proposed changes, Market
Makers and Priority Customers will continue to be incentivized to bring
SPY, QQQ, and IWM order flow to MRX, which benefits all market
participants by providing more trading opportunities. The Exchange also
believes that assessing different pricing for SPY, QQQ, and IWM, as
compared to other symbols, is reasonable because trading in SPY, QQQ,
and IWM is different from trading in other symbols in that they are
more liquid, have higher volume and competition for executions is more
intense.
The Exchange believes that the proposed changes to the SPY, QQQ,
and IWM pricing for Market Makers and Priority Customers are equitable
and not unfairly discriminatory because they will apply uniformly to
similarly situated market participants (i.e., the proposed Tier 1
through Tier 4 Maker Fees in SPY, QQQ, and IWM will apply uniformly to
Market Makers and the proposed Tier 1 through Tier 4 Taker Rebates in
SPY, QQQ, and IWM will apply uniformly to Priority Customers). The
Exchange believes that it is equitable and not unfairly discriminatory
to apply the proposed changes to only Market Makers and Priority
Customers. As it relates to Market Makers, the Exchange notes that they
have different requirements and additional obligations that other
market participants do not (such as quoting requirements).\15\ As such,
the proposed Maker Fees of $0.02 per contract (which continue to be
significantly lower than the $0.50 per contract Market Maker Maker Fees
assessed for other Penny Symbols) are designed to continue to
incentivize Market Maker add liquidity activity in SPY, QQQ, and IWM.
As it relates to Priority Customers, the Exchange notes that these
market participants have historically received more favorable pricing
on the Exchange.\16\ Further, an increase in the activity of Priority
Customers benefits all market participants by providing more trading
opportunities, which attracts Market Makers. An increase in the
activity of these market participants, in turn, facilitates tighter
spreads, which may cause an additional corresponding increase in order
flow from other market participants, to the benefit of all market
participants.
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\15\ See Options 2, Section 5.
\16\ See, e.g., maker/taker pricing for Priority Customers in
Options 7, Section 3, Table 1; and complex order fees for Priority
Customers in Options 7, Section 4.
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Priority Customer Taker Pricing
As discussed above, the Exchange proposes in new note 7 of Options
7, Section 3, Table 1 that Priority Customer orders will not receive
the Tier 1 through Tier 4 Taker Rebates in Penny and Non-Penny Symbols
for trades executed against another Priority Customer order. Instead,
the Priority Customer order will be assessed $0.00 per contract. The
Exchange believes that its proposal is reasonable because Priority
Customers will continue to receive more favorable pricing for removing
liquidity in Penny and Non-Penny Symbols compared to Non-Priority
Customers.\17\ Specifically, as set forth in Table 1 of Options 7,
Section 3, all Non-Priority Customers currently pay a $0.35 Taker Fee
in Tiers 1-4 for removing liquidity in Penny Symbols, and a $1.10 Taker
Fee in Tiers 1-4 for removing liquidity in Non-Penny Symbols.
Additionally, Priority Customers will continue to receive the generous
Taker Rebates in Penny and Non-Penny Symbols for trades executed
against Non-Priority Customers. The Exchange notes that other options
exchanges, including for example its affiliate Nasdaq GEMX (``GEMX''),
assess different taker pricing depending on the counterparty.\18\
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\17\ ``Non-Priority Customers'' include Market Makers, Non-
Nasdaq MRX Market Makers (FarMMs), Firm Proprietary/Broker-Dealers,
and Professional Customers.
\18\ See GEMX Pricing Schedule at Options 7, Section 3, note 16.
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The Exchange believes that its proposal is equitable and not
unfairly discriminatory because it will apply uniformly to all Priority
Customers. The Exchange does not believe it is unfairly discriminatory
to apply the proposed changes to only Priority Customers because
Priority Customers will continue to receive more favorable pricing for
removing liquidity in Penny and Non-Penny Symbols compared to Non-
Priority Customers, as discussed above. The Exchange has historically
provided more favorable pricing to Priority Customers.\19\ Furthermore,
Priority Customer order flow enhances liquidity on the Exchange for the
benefit of all market participants by providing more trading
opportunities, which in turn attracts Market Makers and other market
participants that may trade with this order flow.
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\19\ See supra note 16.
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PIM Break-Up Rebates
The Exchange believes that the proposed changes to the
qualifications for receiving the additional PIM break-up rebates in
note 3 of Options 7, Section 3.A are reasonable, equitable, and not
unfairly discriminatory for the reasons that follow. As discussed
above, the Exchange is proposing to require Members not in Affiliated
Member or Affiliated Entity relationships to execute 0.04% or greater
of Customer Total Consolidated Volume which adds liquidity in non-PIM
Priority Customer contracts in regular orders within a month to receive
the additional rebates in note 3. With the proposed changes, the
Exchange is effectively lowering the volume requirement and narrowing
the scope of the rebate qualifications to regular orders. The Exchange
believes that the lower volume requirement of 0.04% (versus the current
0.05%) is reasonable because it will further incentivize Members to
bring liquidity adding non-PIM regular order flow for execution on the
Exchange for the same rebate amounts, which the Exchange believes may
result in tighter spreads, thereby making the Exchange a more
attractive trading venue to the benefit of all market participants. The
Exchange also believes it is reasonable to narrow the scope of the
rebate qualifications in note 3 to only non-PIM regular orders because
the Exchange believes that market participants are already sufficiently
incentivized to bring Priority Customer non-PIM complex order flow to
MRX through the Exchange's existing pricing schedule.\20\
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\20\ Specifically, the Exchange does not assess any complex
order fees for Priority Customers today. See Options 7, Section 4.
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The Exchange also believes that the proposed changes to the
additional PIM break-up rebate qualifications are equitable and not
unfairly discriminatory because the changes will apply uniformly to all
similarly situated market participants. While the rebates
[[Page 67133]]
will continue to apply only to Priority Customers, the Exchange
believes that the application of this rebate program is equitable and
not unfairly discriminatory because the Exchange has historically
provided more favorable pricing for Priority Customers.\21\
Furthermore, Priority Customer order flow benefits all market
participants by providing more trading opportunities, which attracts
Market Makers. An increase in the activity of these market participants
in turn facilitates tighter spreads, which may cause an additional
corresponding increase in order flow from other market participants, to
the benefit of all market participants.
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\21\ See supra note 16.
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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 not necessary or appropriate in
furtherance of the purposes of the Act.
In terms of intra-market competition, the Exchange does not believe
that its proposal will place any category of market participants at a
competitive disadvantage. The Exchange believes that all of the changes
proposed above will incentivize market participants to direct more
order flow to the Exchange, to the benefit of all market participants
who may interact with this order flow. While some aspects of the
proposal apply directly to Market Makers (through the Market Maker Tier
1 through Tier 4 Maker Fees for SPY, QQQ, and IWM) or Priority
Customers (through the Priority Customer Tier 1 through Tier 4 Taker
Rebates for SPY, QQQ, and IWM; the $0.00 Taker Fee in Penny and Non-
Penny Symbols when trading against another Priority Customer order; and
the PIM break-up rebate qualification changes), the Exchange believes
that the proposed changes taken together will fortify and encourage
activity, especially Market Maker and Priority Customer activity, on
the Exchange. As discussed above, all market participants will benefit
from any increase in market activity that the proposal effectuates.
In terms of inter-market competition, 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 to remain competitive with other
options exchanges. Because competitors are free to modify their own
fees in response, and because market participants may readily adjust
their order routing practices, the Exchange believes that the degree to
which fee changes in this market may impose any burden on competition
is extremely limited. In sum, if the changes proposed herein are
unattractive to market participants, it is likely that the Exchange
will lose market share as a result. Accordingly, the Exchange does not
believe that the proposed changes will impair the ability of members or
competing order execution venues to maintain their competitive standing
in the financial markets.
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)(ii) of the Act.\22\ 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. If the Commission takes such
action, the Commission shall institute proceedings to determine whether
the proposed rule should be approved or disapproved.
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\22\ 15 U.S.C. 78s(b)(3)(A)(ii).
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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-MRX-2024-30 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-MRX-2024-30. 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-MRX-2024-30 and should be
submitted on or before September 9, 2024.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\23\
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\23\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-18475 Filed 8-16-24; 8:45 am]
BILLING CODE 8011-01-P
