Federal Register / Vol. 88, No. 200 / Wednesday, October 18, 2023 / Notices 71891 

1See Docket No. RM2018–3, Order Adopting 

Final Rules Relating to Non-Public Information, 

June 27, 2018, Attachment A at 19–22 (Order No. 

4679). 

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

2 17 CFR 240.19b–4. 

3Retail Orders shall mean an order type with a 

Non-Display Order Attribute submitted to the 

Exchange by a Retail Member Organization (as 

defined in Rule 4780). A Retail Order must be an 

agency Order, or riskless principal Order that 

satisfies the criteria of FINRA Rule 5320.03. The 

Retail Order must reflect trading interest of a 

natural person with no change made to the terms 

of the underlying order of the natural person with 

respect to price (except in the case of a market order 

that is changed to a marketable limit order) or side 

of market and that does not originate from a trading 

algorithm or any other computerized methodology. 

See Rule 4702(b)(6). 

4Retail Price Improving (‘‘RPI’’) Orders shall 

mean an Order Type with a Non-Display Order 

Attribute that is held on the Exchange Book in order 

to provide liquidity at a price at least $0.001 better 

than the NBBO through a special execution process 

described in Rule 4780. A Retail Price Improving 

Order may be entered in price increments of $0.001. 

RPI Orders collectively may be referred to as ‘‘RPI 

Interest.’’ See Rule 4702(b)(5). 

the interests of the general public in the 

proceeding, pursuant to 39 U.S.C. 505 

(Public Representative). Section II also 

establishes comment deadline(s) 

pertaining to each request. 

The public portions of the Postal 

Service’s request(s) can be accessed via 

the Commission’s website (http://

www.prc.gov). Non-public portions of 

the Postal Service’s request(s), if any, 

can be accessed through compliance 

with the requirements of 39 CFR 

3011.301.1

The Commission invites comments on 

whether the Postal Service’s request(s) 

in the captioned docket(s) are consistent 

with the policies of title 39. For 

request(s) that the Postal Service states 

concern Market Dominant product(s), 

applicable statutory and regulatory 

requirements include 39 U.S.C. 3622, 39 

U.S.C. 3642, 39 CFR part 3030, and 39 

CFR part 3040, subpart B. For request(s) 

that the Postal Service states concern 

Competitive product(s), applicable 

statutory and regulatory requirements 

include 39 U.S.C. 3632, 39 U.S.C. 3633, 

39 U.S.C. 3642, 39 CFR part 3035, and 

39 CFR part 3040, subpart B. Comment 

deadline(s) for each request appear in 

section II. 

II. Docketed Proceeding(s) 

1. Docket No(s).: MC2024–7 and 

CP2024–7; Filing Title: USPS Request to 

Add Priority Mail Express International, 

Priority Mail International & First-Class 

Package International Service Contract 

28 to Competitive Product List and 

Notice of Filing Materials Under Seal; 

Filing Acceptance Date: October 12, 

2023; Filing Authority: 39 U.S.C. 3642, 

39 CFR 3040.130 through 3040.135, and 

39 CFR 3035.105; Public Representative: 

Katalin K. Clendenin; Comments Due: 

October 20, 2023. 

2. Docket No(s).: MC2024–8 and 

CP2024–8; Filing Title: USPS Request to 

Add Priority Mail & USPS Ground 

Advantage Contract 73 to Competitive 

Product List and Notice of Filing 

Materials Under Seal; Filing Acceptance 

Date: October 12, 2023; Filing Authority: 

39 U.S.C. 3642, 39 CFR 3040.130 

through 3040.135, and 39 CFR 3035.105; 

Public Representative: Christopher C. 

Mohr; Comments Due: October 20, 2023. 

3. Docket No(s).: MC2024–9 and 

CP2024–9; Filing Title: USPS Request to 

Add Priority Mail & USPS Ground 

Advantage Contract 74 to Competitive 

Product List and Notice of Filing 

Materials Under Seal; Filing Acceptance 

Date: October 12, 2023; Filing Authority: 

39 U.S.C. 3642, 39 CFR 3040.130 

through 3040.135, and 39 CFR 3035.105; 

Public Representative: Jennaca D. 

Upperman; Comments Due: October 20, 

2023. 

4. Docket No(s).: MC2024–10 and 

CP2024–10; Filing Title: USPS Request 

to Add Priority Mail & USPS Ground 

Advantage Contract 75 to Competitive 

Product List and Notice of Filing 

Materials Under Seal; Filing Acceptance 

Date: October 12, 2023; Filing Authority: 

39 U.S.C. 3642, 39 CFR 3040.130 

through 3040.135, and 39 CFR 3035.105; 

Public Representative: Jennaca D. 

Upperman; Comments Due: October 20, 

2023. 

This Notice will be published in the 

Federal Register. 

Erica A. Barker, 

Secretary. 

[FR Doc. 2023–22974 Filed 10–17–23; 8:45 am] 

BILLING CODE 7710–FW–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98731; File No. SR–BX– 

2023–024] 

Self-Regulatory Organizations; Nasdaq 

BX, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend Its Transaction 

Fees at Equity 7, Section 118(e) 

October 12, 2023. 

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

Securities Exchange Act of 1934 

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

notice is hereby given that, on 

September 29, 2023, Nasdaq BX, Inc. 

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

Securities and Exchange Commission 

(‘‘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 transaction fees at Equity 7, 

Section 118(e), as described further 

below. 

While these amendments are effective 

upon filing, the Exchange has 

designated the proposed amendments to 

be operative on October 1, 2023. 

The text of the proposed rule change 

is available on the Exchange’s website at 

https://listingcenter.nasdaq.com/ 

rulebook/bx/rules, at the principal office 

of the Exchange, and at the 

Commission’s Public Reference Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

Exchange included statements 

concerning the purpose of and basis for 

the proposed rule change and discussed 

any comments it received on the 

proposed rule change. The text of these 

statements may be examined at the 

places specified in Item IV below. The 

Exchange has prepared summaries, set 

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 operates on the ‘‘takermaker’’ model, whereby it generally 

pays credits to members that take 

liquidity and charges fees to members 

that provide liquidity. Currently, the 

Exchange has a schedule, at Equity 7, 

Section 118(e), which consists of several 

different credits and fees for Retail 

Orders 3 and Retail Price Improvement 

Orders 4 under Rule 4780 (Retail Price 

Improvement Program). 

The purpose of the proposed rule 

change is to amend the Exchange’s 

schedule of fees at Equity 7, Section 

118(e). Specifically, the Exchange 

proposes to amend the qualifying 

criteria for two existing fees for RPI 

Orders and update a related sunset date 

for one of the aforementioned fees. 

Currently, the Exchange charges a 

$0.0018 per share executed fee for RPI 

Orders entered by a member that 


ddrumheller on DSK120RN23PROD with NOTICES1
71892 Federal Register / Vol. 88, No. 200 / Wednesday, October 18, 2023 / Notices 

5The proposed $0.0020 per share executed fee 

would be available through October 31, 2023 but 

would not be available thereafter. For example, as 

of November 1, 2023, the Exchange would no longer 

offer the incentive as proposed. 

6 15 U.S.C. 78f(b). 

7 15 U.S.C. 78f(b)(4) and (5). 

8NetCoalition 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)). 

9Securities Exchange Act Release No. 51808 

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

(‘‘Regulation NMS Adopting Release’’). 

provides liquidity through RPI Orders 

equal to or exceeding an average daily 

volume of 2,500,000 shares. The 

Exchange proposes to amend the 

qualifying criteria for the $0.0018 fee. 

Under the proposed change, a member 

could qualify for the $0.0018 per share 

executed fee for RPI Orders if the 

member provides liquidity through RPI 

Orders equal to or exceeding 0.02% of 

total Consolidated Volume during a 

month (rather than an average daily 

volume of 2,500,000 shares, as the 

current Rule provides). 

The Exchange believes that by 

modifying the qualifying criteria for the 

$0.0018 per share executed fee to 

require that a member provides liquidity 

through RPI Orders equal to or 

exceeding 0.02% of total Consolidated 

Volume during a month rather than an 

average daily volume of 2,500,000 

shares in order to qualify, the criteria 

would be more representative of the 

overall volume trading in the market. In 

a fluctuating volume environment, the 

change to the qualifying criteria would 

ease the burden to qualify for the fee. 

The Exchange hopes that modifying the 

qualifying criteria for the $0.0018 fee as 

described above will encourage 

members to increase liquidity providing 

activity in RPI Orders on the Exchange. 

If the proposal is effective in achieving 

this purpose, then the quality of the 

Exchange’s market will improve, 

particularly with respect to RPI and 

Retail Orders to the benefit of all 

participants, especially those who 

submit RPI and Retail Orders. 

Currently, the Exchange charges a 

$0.0020 per share executed fee for RPI 

Orders entered by a member that (i) 

quotes RPI Orders in at least 1,200 

symbols on average per day; (ii) 

provides liquidity through RPI Orders 

equal to or exceeding an average daily 

volume of 1,000,000 shares; and (iii) 

increases its average daily volume of 

liquidity provided in RPI Orders at least 

10% relative to the month of March 

2023. This fee is applicable through 

September 30, 2023. The Exchange 

proposes to amend the qualifying 

criteria for the $0.0020 fee. First, the 

Exchange proposes to revise the criteria 

to require that a member provides 

liquidity through RPI Orders equal to or 

exceeding 0.01% of total Consolidated 

Volume during a month instead of the 

current criteria that a member provides 

liquidity through RPI Orders equal to or 

exceeding an average daily volume of 

1,000,000 shares. Second, the Exchange 

proposes to revise the criteria that a 

customer increases its average daily 

volume of liquidity provided in RPI 

Orders at least 10% relative to the 

month of March 2023 by modifying the 

reference month from March 2023 to 

April 2023. Additionally, the Exchange 

proposes to offer the fee through 

October 31, 2023. Specifically, the 

Exchange proposes to charge a $0.0020 

per share executed fee for RPI Orders 

entered by a member that (i) quotes RPI 

Orders in at least 1,200 symbols on 

average per day; (ii) provides liquidity 

through RPI Orders equal to or 

exceeding 0.01% of total Consolidated 

Volume during a month (rather than an 

average daily volume of 1,000,000 

shares); and (iii) increases its average 

daily volume of liquidity provided in 

RPI Orders at least 10% relative to the 

month of April 2023 (rather than March 

2023). The proposed rule change 

provides that such fee is applicable 

through October 31, 2023. 

The Exchange believes that by 

modifying the qualifying criteria for the 

$0.0020 per share executed fee to 

require that a member provides liquidity 

through RPI Orders equal to or 

exceeding 0.01% of total Consolidated 

Volume during a month rather than an 

average daily volume of 1,000,000 

shares in order to qualify, the criteria 

would be more representative of the 

overall volume trading in the market. In 

a fluctuating volume environment, the 

change to the qualifying criteria would 

ease the burden to qualify for the fee. 

Additionally, the Exchange hopes that 

the proposed revision to the qualifying 

criteria to a more recent reference 

month, together with the change to 

require RPI Orders equal to or exceeding 

0.01% of total Consolidated Volume, 

will encourage members to increase 

liquidity providing activity in RPI 

Orders on the Exchange relative to April 

2023. If the proposal is effective in 

achieving this purpose, then the quality 

of the Exchange’s market will improve, 

particularly with respect to RPI and 

Retail Orders to the benefit of all 

participants, especially those who 

submit RPI and Retail Orders. 

At this time, the Exchange proposes to 

amend the sunset date for the proposed 

fee of $0.0020 per share executed. The 

fee will be available through October 31, 

2023.5 By revising the reference month 

in the qualifying criteria and extending 

the sunset date, the Exchange intends to 

continue to encourage members to earn 

lower fees by increasing liquidity 

providing activity in RPI Orders on the 

Exchange. The Exchange will continue 

to evaluate the appropriate parameters 

going forward to encourage increasing 

liquidity providing activity in RPI 

Orders on the Exchange. 

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with section 6(b) 

of the Act,6 in general, and furthers the 

objectives of sections 6(b)(4) and 6(b)(5) 

of the Act,7 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 

equity 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’. . . .’’ 8

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.’’ 9

Numerous indicia demonstrate the 

competitive nature of this market. For 


ddrumheller on DSK120RN23PROD with NOTICES1
Federal Register / Vol. 88, No. 200 / Wednesday, October 18, 2023 / Notices 71893 

example, clear substitutes to the 

Exchange exist in the market for equity 

security transaction services. The 

Exchange is only one of several equity 

venues to which market participants 

may direct their order flow. Competing 

equity exchanges offer similar tiered 

pricing structures to that of the 

Exchange, including schedules of 

rebates and fees that apply based upon 

members achieving certain volume 

thresholds. 

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. 

The Exchange believes it is reasonable 

and equitable to amend the qualifying 

criteria for the $0.0018 per share 

executed fee for RPI Orders by requiring 

that a member provides liquidity 

through RPI Orders equal to or 

exceeding 0.02% of total Consolidated 

Volume during a month rather than 

requiring an average daily volume of 

2,500,000 shares. Similarly, the 

Exchange believes it is reasonable and 

equitable to amend the qualifying 

criteria for the $0.0020 per share 

executed fee for RPI Orders by requiring 

that a member provides liquidity 

through RPI Orders equal to or 

exceeding 0.01% of total Consolidated 

Volume rather than requiring an average 

daily volume of 1,000,000 shares. The 

Exchange’s goal is to make the criteria 

more representative of the overall 

volume trading in the market and 

increase liquidity adding activity in RPI 

Orders on its platform. It is reasonable 

and equitable to address this need by 

modifying the qualification 

requirements as an incentive for 

members to increase their liquidity 

activity in RPI Orders on the Exchange. 

If the proposal is effective in achieving 

this purpose, then the quality of the 

Exchange’s market will improve, 

particularly with respect to RPI and 

Retail Orders to the benefit of all 

participants, especially those who 

submit RPI and Retail Orders. 

The Exchange also believes it is 

reasonable and equitable to amend the 

reference date in the qualifying criteria 

for the $0.0020 per share executed fee 

for RPI Orders, to provide, in part, that 

in order to qualify for such fee, a 

member must increase its average daily 

volume of liquidity provided in RPI 

Orders at least 10% relative to the 

month of April 2023 (instead of March 

2023). The Exchange’s goal is to 

continue to encourage an increase in 

liquidity adding activity in RPI Orders 

on its platform. It is reasonable and 

equitable to address this need by 

updating the requirement for a member 

to increase its average daily volume of 

liquidity provided in RPI Orders at least 

10% relative to the month of April 2023, 

instead of March 2023, as an incentive 

for members to increase their liquidity 

activity in RPI Orders on the Exchange 

relative to a more current reference 

month. If the proposal is effective in 

achieving this purpose, then the quality 

of the Exchange’s market will improve, 

particularly with respect to RPI and 

Retail Orders to the benefit of all 

participants, especially those who 

submit RPI and Retail Orders. 

The Exchange’s proposal to sunset the 

$0.0020 fee at the end of October 2023 

is also reasonable because the Exchange 

is updating the reference month in the 

qualifying criteria as discussed above 

and the Exchange believes that despite 

only offering this fee for a limited time, 

the incentive may continue to encourage 

members to earn lower fees by 

increasing liquidity providing activity 

in RPI Orders on the Exchange. 

The Exchange believes that the 

proposal is not unfairly discriminatory. 

As an initial matter, the Exchange 

believes that nothing about its volumebased tiered pricing model is inherently 

unfair; instead, it is a rational pricing 

model that is well-established and 

ubiquitous in today’s economy among 

firms in various industries—from cobranded credit cards to grocery stores to 

cellular telephone data plans—that use 

it to reward the loyalty of their best 

customers that provide high levels of 

business activity and incent other 

customers to increase the extent of their 

business activity. It is also a pricing 

model that the Exchange and its 

competitors have long employed with 

the assent of the Commission. It is fair 

because it incentivizes customer activity 

that increases liquidity, enhances price 

discovery, and improves the overall 

quality of the equity markets. 

The Exchange intends for its proposal 

to improve market quality for all 

members that submit RPI and Retail 

Orders on the Exchange and by 

extension attract more liquidity to the 

market, improving market wide quality 

and price discovery. Although net 

adders of liquidity for RPI Orders will 

benefit most from the proposal, this 

result is fair insofar as increased 

liquidity adding activity in RPI Orders 

will help to improve market quality and 

the attractiveness of the Exchange to all 

existing and prospective retail 

participants. The Exchange’s proposal to 

sunset the $0.0020 fee incentive at the 

end of October 2023 is equitable and not 

unfairly discriminatory because the fee 

will be available to all members during 

the month it is offered. 

Any participant that is dissatisfied 

with the proposal is free to shift their 

order flow to competing venues that 

provide more generous pricing or less 

stringent qualifying criteria. 

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. 

Intramarket Competition 

The Exchange does not believe that its 

proposal will place any category of 

Exchange participant at a competitive 

disadvantage. As described above, the 

proposal modifies the qualification 

requirements for the $0.0018 per share 

executed fee and the $0.0020 per share 

executed fee for RPI Orders and revises 

the sunset date for the $0.0020 per share 

executed fee. Members may modify 

their businesses so that they can meet 

the required threshold and pay lower 

charges. As noted above, all members of 

the Exchange will benefit from any 

increase in market activity that the 

proposal effectuates. The Exchange’s 

proposal to sunset the fee at the end of 

October does not impose an undue 

burden on competition because any 

member can qualify for the fee during 

the month it is offered. Moreover, 

members are free to trade on other 

venues to the extent they believe that 

the fees assessed, and credits provided, 

are not attractive. As one can observe by 

looking at any market share chart, price 

competition between exchanges is 

fierce, with liquidity and market share 

moving freely between exchanges in 

reaction to fee and credit changes. 

Intermarket Competition 

The Exchange believes that its 

proposed modifications to its schedule 

of fees will not impose a burden on 

competition because the Exchange’s 

execution services are completely 

voluntary and subject to extensive 

competition both from the other live 

exchanges and from off-exchange 

venues, which include alternative 

trading systems that trade national 

market system stock. 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 


ddrumheller on DSK120RN23PROD with NOTICES1
71894 Federal Register / Vol. 88, No. 200 / Wednesday, October 18, 2023 / Notices 

10 15 U.S.C. 78s(b)(3)(A)(ii). 

11 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3The proposed fee change is based on a recent 

proposal by Nasdaq Phlx LLC (‘‘Phlx’’) to adopt fees 

for purge ports. See Securities Exchange Act 

Release No. 97825 (June 30, 2023), 88 FR 43405 

(July 7, 2023) (SR–Phlx–2023–28). 

continually adjust its fees to remain 

competitive with other exchanges and 

with alternative trading systems that 

have been exempted from compliance 

with the statutory standards applicable 

to 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. 

The proposed change is reflective of 

this competition because, as a threshold 

issue, the Exchange is a relatively small 

market so its ability to burden 

intermarket competition is limited. In 

this regard, even the largest U.S. 

equities exchange by volume has less 

than 20% market share, which in most 

markets could hardly be categorized as 

having enough market power to burden 

competition. Moreover, as noted above, 

price competition between exchanges is 

fierce, with liquidity and market share 

moving freely between exchanges in 

reaction to fee and credit changes. This 

is in addition to free flow of order flow 

to and among off-exchange venues 

which comprises more than 40% of 

industry volume. 

In sum, the Exchange intends for the 

proposed changes to its fees to increase 

member incentives to engage in the 

addition of liquidity on the Exchange. 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.10

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–BX–2023–024 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–BX–2023–024. 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–BX–2023–024 and should be 

submitted on or before November 8, 

2023. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.11

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–22926 Filed 10–17–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98734; File No. SR– 

EMERALD–2023–26] 

Self-Regulatory Organizations; MIAX 

Emerald, LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend the Fee 

Schedule for Purge Ports 

October 12, 2023. 

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

Securities Exchange Act of 1934 

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

notice is hereby given that on 

September 29, 2023, MIAX Emerald, 

LLC (‘‘MIAX Emerald’’ or ‘‘Exchange’’) 

filed with the Securities and Exchange 

Commission (‘‘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 

MIAX Emerald Options Exchange Fee 

Schedule (the ‘‘Fee Schedule’’) to 

amend fees for Purge Ports.3

The text of the proposed rule change 

is available on the Exchange’s website at 

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

us-options/emerald-options/rule-filings, 

at MIAX’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 


ddrumheller on DSK120RN23PROD with NOTICES1