Federal Register / Vol. 88, No. 179 / Monday, September 18, 2023 / Notices 63999 

15 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 97985 

(July 25, 2023), 88 FR 49508. 

4 15 U.S.C. 78s(b)(2). 

5 Id. 

6 17 CFR 200.30–3(a)(31). 

1 15 U.S.C. 78s(b)(1). 

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

withhold entirely from publication 

submitted material that is obscene or 

subject to copyright protection. All 

submissions should refer to file number 

SR–MIAX–2023–33 and should be 

submitted on or before October 10, 

2023. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.15

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–20082 Filed 9–15–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98366; File No. SR– 

NASDAQ–2023–022] 

Self-Regulatory Organizations; The 

Nasdaq Stock Market LLC; Notice of 

Designation of a Longer Period for 

Commission Action on a Proposed 

Rule Change To Create a New, NonTrading Limited Membership Class and 

Impose Related Requirements for 

Principal Underwriting Activity 

September 12, 2023. 

On July 12, 2023, The Nasdaq Stock 

Market LLC (‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’), pursuant to Section 

19(b)(1) of the Securities Exchange Act 

of 1934 (‘‘Act’’) 1 and Rule 19b–4 

thereunder,2 a proposed rule change to 

create a new, non-trading limited 

membership class and impose related 

requirements for principal underwriting 

activity. The proposed rule change was 

published for comment in the Federal 

Register on July 31, 2023.3

Section 19(b)(2) of the Act 4 provides 

that, within 45 days of the publication 

of notice of the filing of a proposed rule 

change, or within such longer period up 

to 90 days as the Commission may 

designate if it finds such longer period 

to be appropriate and publishes its 

reasons for so finding, or as to which the 

self-regulatory organization consents, 

the Commission shall either approve the 

proposed rule change, disapprove the 

proposed rule change, or institute 

proceedings to determine whether the 

proposed rule change should be 

disapproved. The 45th day after 

publication of the notice for this 

proposed rule change is September 14, 

2023. The Commission is extending this 

45-day time period. 

The Commission finds that it is 

appropriate to designate a longer period 

within which to take action on the 

proposed rule change so that it has 

sufficient time to consider the proposed 

rule change. Accordingly, the 

Commission, pursuant to Section 

19(b)(2) of the Act,5 designates October 

29, 2023, as the date by which the 

Commission shall either approve or 

disapprove, or institute proceedings to 

determine whether to disapprove, the 

proposed rule change (File No. SR– 

NASDAQ–2023–022). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.6

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–20086 Filed 9–15–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Sunshine Act Meetings 

TIME AND DATE: Notice is hereby given, 

pursuant to the provisions of the 

Government in the Sunshine Act, Public 

Law 94–409, that the Securities and 

Exchange Commission will hold an 

Open Meeting on Wednesday, 

September 20, 2023 at 10:00 a.m. 

PLACE: The meeting will be held in 

Auditorium LL–002 at the 

Commission’s headquarters, 100 F 

Street NE, Washington, DC 20549 and 

will be simultaneously webcast on the 

Commission’s website at www.sec.gov. 

STATUS: This meeting will begin at 10:00 

a.m. (ET) and will be open to the public. 

Seating will be on a first-come, firstserved basis. Visitors will be subject to 

security checks. The meeting will be 

webcast on the Commission’s website at 

www.sec.gov. 

MATTERS TO BE CONSIDERED: 

1. The Commission will consider 

whether to adopt amendments to the 

rule under the Investment Company Act 

of 1940 that addresses investment 

company names that are likely to 

mislead investors about an investment 

company’s investments and risks. The 

amendments the Commission will 

consider also include enhanced 

prospectus disclosure requirements for 

terminology used in investment 

company names, as well as public 

reporting regarding compliance with the 

new names-related requirements. 

CONTACT PERSON FOR MORE INFORMATION: 

For further information and to ascertain 

what, if any, matters have been added, 

deleted or postponed, please contact 

Vanessa A. Countryman from the Office 

of the Secretary at (202) 551–5400. 

Authority: 5 U.S.C. 552b. 

Dated: September 13, 2023. 

Vanessa A. Countryman, 

Secretary. 

[FR Doc. 2023–20181 Filed 9–14–23; 11:15 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98365; File No. SR– 

CboeEDGA–2023–014] 

Self-Regulatory Organizations; Cboe 

EDGA Exchange, Inc.; Notice of Filing 

and Immediate Effectiveness of a 

Proposed Rule Change To Amend Its 

Fee Schedule 

September 12, 2023. 

Pursuant to Section 19(b)(1) 1 of the 

Securities Exchange Act of 1934 (the 

‘‘Act’’) 2 and Rule 19b–4 thereunder,3

notice is hereby given that, on August 

31, 2023, Cboe EDGA Exchange, Inc. 

(the ‘‘Exchange’’ or ‘‘EDGA’’) filed with 

the Securities and Exchange 

Commission (the ‘‘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 

Cboe EDGA Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘EDGA’’) proposes to 

amend its Fee Schedule. The text of the 

proposed rule change is provided in 

Exhibit 5. 

The text of the proposed rule change 

is also available on the Exchange’s 

website (http://markets.cboe.com/us/ 

equities/regulation/rule_filings/edga/), 

at the Exchange’s Office of the 

Secretary, and at the Commission’s 

Public Reference Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and the 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

Exchange included statements 

concerning the purpose of and basis for 


lotter on DSK11XQN23PROD with NOTICES1
64000 Federal Register / Vol. 88, No. 179 / Monday, September 18, 2023 / Notices 

4See Cboe Global Markets, U.S. Equities Market 

Volume Summary, Month-to-Date (August 24, 

2023), available at https://www.cboe.com/us/ 

equities/market_statistics/. 

5See EDGA Equities Fee Schedule, Standard 

Rates. 

6 Id. 

7Fee code I is appended to orders routed to 

EDGX. 

8Fee code P is appended to orders routed to 

EDGX, including pre and post market, that add 

liquidity. 

9Fee code BY is appended to orders routed to 

BYX using Destination Specific (‘‘DIRC’’), ROUC, 

ROBB or ROCO routing strategy. 

10Fee code RR is appended to orders routed to 

EDGX using DIRC routing strategy. 

11Fee code AX is appended to orders routed to 

EDGX using ALLB routing strategy. 

12Fee code AY is appended to orders routed to 

BYX using ALLB routing strategy. 

13Fee code RY is appended to orders routed to 

BYX that add liquidity. 

14Fee code RZ is appended to orders routed to 

BZX that add liquidity. 

15See EDGX Equities Fee Schedule, Standard 

Rates. 

16See BYX Equities Fee Schedule, Standard 

Rates. 

17See EDGX Equities Fee Schedule, Standard 

Rates; BZX Equities Fee Schedule, Standard Rates. 

18See BYX Equities Fee Schedule, Standard 

Rates. 

19 15 U.S.C. 78f(b). 

20 15 U.S.C. 78f(b)(5). 

21 Id. 

22 15 U.S.C. 78f(b)(4) 

23Supra notes 15–18. 

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 the 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to amend its 

Fee Schedule applicable to its equities 

trading platform (‘‘EDGA Equities’’) by 

modifying the rates associated with 

certain fee codes. The Exchange 

proposes to implement these changes 

effective September 1, 2023. 

The Exchange first notes that it 

operates in a highly competitive market 

in which market participants can 

readily direct order flow to competing 

venues if they deem fee levels at a 

particular venue to be excessive or 

incentives to be insufficient. More 

specifically, the Exchange is only one of 

16 registered equities exchanges, as well 

as a number of alternative trading 

systems and other off-exchange venues 

that do not have similar self-regulatory 

responsibilities under the Securities 

Exchange Act of 1934 (the ‘‘Act’’), to 

which market participants may direct 

their order flow. Based on publicly 

available information,4 no single 

registered equities exchange has more 

than 14% of the market share. Thus, in 

such a low-concentrated and highly 

competitive market, no single equities 

exchange possesses significant pricing 

power in the execution of order flow. 

The Exchange in particular operates a 

‘‘Taker-Maker’’ model whereby it pays 

credits to members that remove 

liquidity and assesses fees to those that 

add liquidity. The Exchange’s Fee 

Schedule sets forth the standard rebates 

and rates applied per share for orders 

that remove and provide liquidity, 

respectively. Currently, for orders in 

securities priced at or above $1.00, the 

Exchange provides a standard rebate of 

$0.00180 [sic] per share for orders that 

remove liquidity and assesses a fee of 

$0.0030 per share for orders that add 

liquidity.5 For orders in securities 

priced below $1.00, the Exchange does 

not assess any fees or provide any 

rebates for orders that add or remove 

liquidity.6 Additionally, in response to 

the competitive environment, the 

Exchange also offers tiered pricing 

which provides Members opportunities 

to qualify for higher rebates or reduced 

fees where certain volume criteria and 

thresholds are met. Tiered pricing 

provides an incremental incentive for 

Members to strive for higher tier levels, 

which provides increasingly higher 

benefits or discounts for satisfying 

increasingly more stringent criteria. 

The Exchange currently offers various 

fee codes for orders routed away from 

the Exchange. The Exchange is 

proposing to modify the routing fees 

associated with fee codes I,7 P,8 BY,9

RR,10 AX,11 AY,12 RY,13 and RZ14 to 

match the base add or remove rate for 

the associated market center to which 

the order is routed. The fees associated 

with fee codes I, RR, and AX will be 

revised to $0.0030 per share in 

securities priced above $1.00.15 The fee 

associated with fee code RY will be 

revised to $0.0020 per share in 

securities priced above $1.00.16 The 

rebates associated with fee codes P and 

RZ will be revised to $0.00160 per share 

in securities priced above $1.00.17 The 

rebates associated with fee codes BY 

and AY will be revised to $0.00020 per 

share in securities priced above $1.00.18

There are no changes to the fees or 

rebates associated with securities priced 

below $1.00. 

2. Statutory Basis 

The Exchange believes the proposed 

rule change is consistent with the Act 

and the rules and regulations 

thereunder applicable to the Exchange 

and, in particular, the requirements of 

Section 6(b) of the Act.19 Specifically, 

the Exchange believes the proposed rule 

change is consistent with the Section 

6(b)(5) 20 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) 21 requirement that 

the rules of an exchange not be designed 

to permit unfair discrimination between 

customers, issuers, brokers, or dealers as 

well as Section 6(b)(4) 22 as it is 

designed to provide for the equitable 

allocation of reasonable dues, fees and 

other charges among its Members and 

other persons using its facilities. 

As described above, the Exchange 

operates in a highly competitive market 

in which market participants can 

readily direct order flow to competing 

venues if they deem fee levels at a 

particular venue to be excessive or 

incentives to be insufficient. The 

Exchange believes its proposed changes 

to the routing fee codes are reasonable 

as these changes do not represent a 

significant departure from the 

Exchange’s general pricing structure. 

Specifically, the proposed changes to 

fee codes I, P, BY, RR, AX, AY, RY, and 

RZ are intended to match the base add 

or remove rates on the Exchange’s 

affiliates.23 The Exchange also believes 

that the proposal represents an equitable 

allocation of fees and rebates and is not 

unfairly discriminatory because all 

Members will be eligible to receive the 

revised fees or rebates associated with 

fee codes I, P, BY, RR, AX, AY, RY, and 

RZ. 

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. Rather, as 

discussed above, the Exchange believes 

that the proposed changes would 

encourage the submission of additional 


lotter on DSK11XQN23PROD with NOTICES1
Federal Register / Vol. 88, No. 179 / Monday, September 18, 2023 / Notices 64001 

24Supra note 4. 

25See Securities Exchange Act Release No. 51808 

(June 9, 2005), 70 FR 37496, 37499 (June 29, 2005). 

26NetCoalition 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)). 

27 15 U.S.C. 78s(b)(3)(A). 

28 17 CFR 240.19b–4(f). 

order flow to a public exchange, thereby 

promoting market depth, execution 

incentives and enhanced execution 

opportunities, as well as price discovery 

and transparency for all Members. As a 

result, the Exchange believes that the 

proposed changes further the 

Commission’s goal in adopting 

Regulation NMS of fostering 

competition among orders, which 

promotes ‘‘more efficient pricing of 

individual stocks for all types of orders, 

large and small.’’ 

The Exchange believes the proposed 

rule changes do not impose any burden 

on intramarket competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

proposed fees and rebates associated 

with fee codes I, P, BY, RR, AX, AY, RY, 

and RZ will apply to all Members 

equally in that all Members would be 

subject to the same base fee or rebate 

when routing an order away from the 

Exchange to the venues identified by the 

relevant fee code. All fee codes are 

available to all Members on an equal 

and non-discriminatory basis. As a 

result, any Member can decide to use (or 

not use) the Exchange’s routing 

functionality as part of their decision to 

submit order flow to the Exchange. 

Next, the Exchange believes the 

proposed rule changes does not impose 

any burden on intermarket competition 

that is not necessary or appropriate in 

furtherance of the purposes of the Act. 

As previously discussed, the Exchange 

operates in a highly competitive market. 

Members have numerous alternative 

venues that they may participate on and 

direct their order flow, including other 

equities exchanges, off-exchange 

venues, and alternative trading systems. 

Additionally, the Exchange represents a 

small percentage of the overall market. 

Based on publicly available information, 

no single equities exchange has more 

than 14% of the market share.24

Therefore, no exchange possesses 

significant pricing power in the 

execution of order flow. Indeed, 

participants can readily choose to send 

their orders to other exchange and offexchange venues if they deem fee levels 

at those other venues to be more 

favorable. Moreover, the Commission 

has repeatedly expressed its preference 

for competition over regulatory 

intervention in determining prices, 

products, and services in the securities 

markets. Specifically, in Regulation 

NMS, 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.’’ 25 The 

fact that this market is competitive has 

also 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 brokerdealers 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’ . . .’’.26 Accordingly, the 

Exchange does not believe its proposed 

fee change imposes any burden on 

competition that is not necessary or 

appropriate in furtherance of the 

purposes of the Act. 

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 foregoing rule change has become 

effective pursuant to Section 19(b)(3)(A) 

of the Act 27 and paragraph (f) of Rule 

19b–4 28 thereunder. 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 will institute proceedings 

to determine whether the proposed rule 

change 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– 

CboeEDGA–2023–014 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–CboeEDGA–2023–014. 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–CboeEDGA–2023–014 and should 

be submitted on or before October 10, 

2023. 


lotter on DSK11XQN23PROD with NOTICES1
64002 Federal Register / Vol. 88, No. 179 / Monday, September 18, 2023 / Notices 

29 17 CFR 200.30–3(a)(12). 

1 15 U.S.C.78s(b)(1). 

2 17 CFR 240.19b–4. 

3The term ‘‘Member’’ means an individual or 

organization approved to exercise the trading rights 

associated with a Trading Permit. Members are 

deemed ‘‘members’’ under the Exchange Act. See 

Exchange Rule 100. 4See Securities Exchange Act Release No. 95445 

(August 8, 2022), 87 FR 49894 (August 12, 2022) 

(SR–MEMX–2022–10) (Notice of Filing of 

Amendment No. 1 and Order Granting Accelerated 

Approval of a Proposed Rule Change, as Modified 

by Amendment No. 1, to Adopt Rules to Govern the 

Trading of Options on the Exchange for a New 

Facility Called MEMX Options). 

5See Exchange Rule 510(c). 

6See Cboe U.S. Options Fee Schedules, BZX 

Options, ‘‘Fee Codes and Associated Fees,’’ at 

https://www.cboe.com/us/options/membership/fee_

schedule/bzx/(last visited September 6, 2023). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.29

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–20085 Filed 9–15–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98363; File No. SR– 

PEARL–2023–43] 

Self-Regulatory Organizations; MIAX 

PEARL, LLC; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend the Fee 

Schedule 

September 12, 2023. 

Pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 (the 

‘‘Act’’) 1 and Rule 19b–4 thereunder,2

notice is hereby given that, on 

September 6, 2023, MIAX PEARL, LLC 

(‘‘MIAX Pearl’’ or ‘‘Exchange’’) filed 

with the Securities and Exchange 

Commission (the ‘‘Commission’’) the 

proposed rule change as described in 

Items I, II, and III below, which Items 

have been prepared by the selfregulatory 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 is filing a proposal to 

amend the MIAX Pearl Options Fee 

Schedule (‘‘Fee Schedule’’). 

The text of the proposed rule change 

is available on the Exchange’s website at 

https://www.miaxglobal.com/markets/ 

us-options/pearl-options/rule-filings at 

MIAX Pearl’s principal office, and at the 

Commission’s Public Reference Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

Exchange included statements 

concerning the purpose of and basis for 

the proposed rule change and discussed 

any comments it received on the 

proposed rule change. The text of these 

statements may be examined at the 

places specified in Item IV below. The 

Exchange has prepared summaries, set 

forth in sections A, B, and C below, of 

the most significant aspects of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to amend the 

exchange grouping of options exchanges 

within the routing fee table in Section 

1)b) of the Fee Schedule, Fees for 

Customer Orders Routed to Another 

Options Exchange, to add applicable 

Member 3 orders routed to MEMX LLC 

(‘‘MEMX’’), in anticipation of the launch 

of MEMX Options, the new options 

trading facility of MEMX.4 The 

Exchange originally filed this proposal 

on August 31, 2023 (SR–PEARL–2023– 

40). On September 6, 2023, the 

Exchange withdrew SR–PEARL–2023– 

40 and refiled this proposal. The 

proposed changes are immediately 

effective. 

Currently, the Exchange assesses 

routing fees based upon (i) the origin 

type of the order; (ii) whether or not it 

is an order for standard option classes 

in the Penny Interval Program 5 (‘‘Penny 

classes’’) or an order for standard option 

classes which are not in the Penny 

Interval Program (‘‘Non-Penny classes’’) 

(or other explicitly identified classes); 

and (iii) to which away market it is 

being routed. This assessment practice 

is identical to the routing fees 

assessment practice currently utilized 

by the Exchange’s affiliates, Miami 

International Securities Exchange, LLC 

(‘‘MIAX Options’’) and MIAX Emerald, 

LLC (‘‘MIAX Emerald’’). This is also 

similar to the methodology utilized by 

the Cboe BZX Exchange, Inc. (‘‘Cboe 

BZX Options’’), a competing options 

exchange, in assessing routing fees. 

Cboe BZX Options has exchange 

groupings in its fee schedule, similar to 

those of the Exchange, whereby several 

exchanges are grouped into the same 

category, dependent upon the order’s 

origin type and whether it is a Penny or 

Non-Penny class.6

As a result of the anticipated launch 

of the options trading facility of MEMX 

in the third quarter of 2023, the 

Exchange has determined to amend the 

exchange groupings of options 

exchanges within the routing fee table to 

include MEMX and the anticipated 

associated costs of routing customer 

orders to MEMX for execution. 

The impact of this proposed change 

will be increased routing options for 

Members. The Exchange notes that 

routing through the Exchange is 

optional and that Members will 

continue to be able to choose where to 

route applicable Member orders. Under 

this proposed change, the Exchange will 

not amend the fees associated with the 

exchange groupings. This proposal 

merely seeks to add MEMX to the 

exchange groupings as described in the 

routing fee table below. 

According, with the proposed change, 

the routing fee table will be as follows: 

Description Fees 

Routed, Priority Customer, Penny Program, to: NYSE American, BOX, Cboe, Cboe EDGX Options, MIAX, Nasdaq PHLX (except SPY) ......................................................................................................................................................................................... $0.15 

Routed, Priority Customer, Penny Program, to: Nasdaq MRX ........................................................................................................... 0.30 

Routed, Priority Customer, Penny Program, to: NYSE Arca Options, Cboe BZX Options, Cboe C2, Nasdaq GEMX, Nasdaq ISE, 

NOM, Nasdaq PHLX (SPY only), MIAX Emerald, Nasdaq BX Options, MEMX ............................................................................ 0.65 

Routed, Priority Customer, Non-Penny Program, to: NYSE American, BOX, Cboe, Cboe EDGX Options, Nasdaq ISE, MIAX, 

Nasdaq PHLX .................................................................................................................................................................................. 0.15 

Routed, Priority Customer, Non-Penny Program, to: Nasdaq MRX ................................................................................................... 0.50 

Routed, Priority Customer, Non-Penny Program, to: NYSE Arca Options, Cboe BZX Options, Cboe C2, Nasdaq GEMX, NOM, 

MIAX Emerald, Nasdaq BX Options, MEMX ................................................................................................................................... 1.00 


lotter on DSK11XQN23PROD with NOTICES1