85964 Federal Register / Vol. 88, No. 236 / Monday, December 11, 2023 / Notices 

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

2 17 CFR 240.19b–4. 

3References herein to Phlx Rules in the 3000 

Series shall mean rules in Phlx Equity 4. 

4See Securities Exchange Act Release No. 98280 

(Sept. 1, 2023), 88 FR 62129 (‘‘Notice’’). 

5 15 U.S.C. 78s(b)(2). 

6See Securities Exchange Act Release No. 98528, 

88 FR 67846 (Oct. 2, 2023). The Commission 

designated December 7, 2023, as the date by which 

the Commission shall approve or disapprove, or 

institute proceedings to determine whether to 

approve or disapprove, the proposed rule change. 

7 In partial Amendment No. 1, the Exchange (i) 

modified an example that illustrates the operation 

of the CMO order type; (ii) added in Rule 

3301A(7)(B) that a user may enter a CMO using 

OUCH, RASH, and FIX; and (iii) added in Rule 

3301A(8) that FIX, in addition to OUCH and RASH, 

may be used to enter a CMO+PO. When it 

submitted Amendment No. 1, the Exchange also 

submitted it as a comment letter to the filing. See 

Letter from Brett Kitt, Associate Vice President and 

Principal and Associate General Counsel, Nasdaq, 

Inc., to Vanessa Countryman, Secretary, 

Commission, dated November 2, 2023 (‘‘PHLX 

Response Letter’’), available at: https://

www.sec.gov/comments/sr-phlx-2023-40/srphlx

202340-293100-713082.pdf. 

8Comments and the Exchange’s response to 

comments are available at: https://www.sec.gov/ 

comments/sr-phlx-2023-40/srphlx202340-299539- 

740902.pdf. 

9 15 U.S.C. 78s(b)(2)(B). 

10See Notice, supra note 4, at 62130. 

11See id. 

12See id. 

13See id. 

14See id. at 62130 n.4. 

15See id. at 62130. See also Rule 3301A(b)(6). 

16See Notice, supra note 4, at 62130. 

17See id. 

18See id. 

19See id. The Exchange states, as an example, 

that the incoming Order is filled fully by resting 

interest with price/time priority ahead of the resting 

CMO Order, then the System will not remove the 

CMO Order from the Order Book. See id. at 62130 

n.9. 

20See id. at 62130. The Exchange states that in 

this scenario, the Exchange observes that the 

incoming Order has the potential to cause the 

NBBO to shift, such that removal of the CMO will 

be preferable to allowing the CMO to execute at a 

Midpoint price that may be stale. The System will 

then automatically re-submit a new CMO on behalf 

of the user after removing the original CMO. See id. 

21See id. at 62130. The Exchange states that in 

this scenario, the incoming Order may not cause a 

shift in the NBBO, due to its hidden nature, but 

because it is priced aggressively at the far side of 

the NBBO, it still offers a CMO user an opportunity 

for an execution that is more favorable than the 

prevailing midpoint price. CMO functionality 

enables a participant to avail itself of this 

opportunity. See id. 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–99083; File No. SR–PHLX– 

2023–40] 

Self-Regulatory Organizations; Nasdaq 

PHLX LLC; Notice of Filing of Partial 

Amendment No. 1 and Order Instituting 

Proceedings To Determine Whether To 

Approve or Disapprove a Proposed 

Rule Change, as Modified by Partial 

Amendment No. 1, To Amend Equity 4, 

Rules 3301A and 3301B To Establish 

New ‘‘Contra Midpoint Only’’ and 

‘‘Contra Midpoint Only With Post-Only’’ 

Order Types and To Make Other 

Corresponding Changes to the 

Rulebook 

December 5, 2023. 

On August 28, 2023, Nasdaq PHLX 

LLC (‘‘Phlx’’ or ‘‘Exchange’’) filed with 

the Securities and Exchange 

Commission (‘‘Commission’’), pursuant 

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

Exchange Act of 1934 (‘‘Exchange 

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

proposed rule change to amend Equity 

4, Rules 3301A and 3301B3 to establish 

new ‘‘Contra Midpoint Only’’ (‘‘CMO’’) 

and ‘‘Contra Midpoint Only with PostOnly’’ (‘‘CMO+PO’’) order types and to 

make other corresponding changes to 

the Phlx Rulebook. The proposed rule 

change was published for comment in 

the Federal Register on September 8, 

2023.4 On September 26, 2023, pursuant 

to section 19(b)(2) of the Exchange Act,5

the Commission designated a longer 

period within which to approve the 

proposed rule change, disapprove the 

proposed rule change, or institute 

proceedings to determine whether to 

disapprove the proposed rule change.6

On November 2, 2023, the Exchange 

filed partial Amendment No.1 to the 

proposed rule change.7 The Commission 

has received three comment letters on 

the proposed rule change, and the 

Exchange submitted a response to 

comments when it filed partial 

Amendment No. 1.8

The Commission is publishing this 

notice to solicit comments on the 

proposed rule change, as modified by 

partial Amendment No. 1, from 

interested persons and is instituting 

proceedings pursuant to section 

19(b)(2)(B) of the Act 9 to determine 

whether to approve or disapprove the 

proposed rule change, as modified by 

partial Amendment No. 1. 

I. Description of the Proposal, as 

Modified by Partial Amendment No. 1 

The Exchange proposes to amend 

Equity 4, Rule 3301A(b) to establish 

‘‘CMO’’ and ‘‘CMO+PO’’ as new order 

types on the Exchange. The Exchange 

states that a CMO is a Non-Displayed 

Order Type priced at the midpoint 

between the National Best Bid and the 

National Best Offer (the ‘‘NBBO’’ and 

the midpoint of the NBBO, the 

‘‘Midpoint’’).10 The Exchange states it 

will remove a CMO resting on the Order 

Book upon entry of certain types of 

incoming Orders that are likely to result 

in unfavorable executions, including 

because the incoming Orders are likely 

to indicate price movements that would 

be more favorable to the resting CMO 

user than the prevailing price.11

According to the Exchange, the CMO 

provides protection to the resting CMO 

user against executions at the prevailing 

Midpoint price that the user may deem 

unfavorable.12 The Exchange states that 

once the System removes a CMO under 

these circumstances, it would submit a 

new CMO at the then-current Midpoint 

price automatically on behalf of the 

user.13 The Exchange states that when it 

removes a CMO from its Order Book, it 

would not send a cancellation message, 

thus limiting the potential for 

information leakage.14

According to the Exchange, a 

CMO+PO is like a CMO, except that it 

provides for ‘‘post-only’’ functionality, 

meaning that like a Midpoint Peg PostOnly Order,15 a CMO+PO will execute 

upon entry only in circumstances where 

economically beneficial to the party 

entering the Order.16 The Exchange 

states that the CMO and CMO+PO are 

Order Types that it has developed to 

provide market participants with 

options to make their own 

determinations on various trade-offs 

that exist when executing their 

strategies in the markets (e.g., the 

amount of liquidity they can obtain in 

the near term versus the potential for 

market movement relative to the 

Midpoint price).17 The Exchange states 

that some participants may value 

avoiding immediate executions in order 

to wait for a better price while others 

would rather obtain the liquidity 

instead of waiting.18

The Exchange states that a CMO is a 

non-displayed Order Type with the 

Midpoint Pegging Attribute that will be 

priced and ranked in time order at the 

Midpoint and that a user may cancel a 

CMO at any time. According to the 

Exchange, the System will remove a 

CMO Order automatically if a CMO is 

resting at the Midpoint on the Exchange 

Book, an incoming Order is priced 

through the price of the CMO, the CMO 

would otherwise trade against the 

incoming Order,19 and one or more of 

the following conditions apply, which 

the Exchange anticipates are indicative 

of a pending price shift in favor of the 

CMO user: the incoming Order is 

Displayed and its size is greater than 

that of the resting CMO; 20 or the 

incoming Order is not Displayed, it is 

priced at or better than the far side of 

the NBBO, and its size is greater than 

that of the resting CMO.21

The Exchange provides the following 

two examples to illustrate the concept. 

In the first example, the National Best 

Bid is $10.00 and the National Best 


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Federal Register / Vol. 88, No. 236 / Monday, December 11, 2023 / Notices 85965 

22See id. at 62130–31. 

23See PHLX Response Letter, supra note 7, at 7. 

The Exchange further states there also may be 

scenarios where use of CMO might not ultimately 

benefit market participants, such as where the 

amount of price improvement associated with use 

of CMO is outweighed by the fee a participant 

would incur when its CMO is deemed to remove 

liquidity from the Exchange Book. See Notice, 

supra note 4, at 62131 n.10. 

24See Notice, supra note 4, at 62131. 

25See PHLX Response Letter, supra note 7, at 7– 

8. 26See Notice, supra note 4, at 62131. 27See id. 28See id. In addition, the Exchange also proposes 

to amend the Exchange’s Rule governing Midpoint 

Pegging, at Rule 3301B(d), to add language stating 

that ‘‘Orders with Midpoint Pegging will be 

cancelled by the System when a trading halt is 

declared, and any Orders with Midpoint Pegging 

entered during a trading halt will be rejected.’’ The 

Exchange states that such language exists in a 

corresponding rule of the rulebook of the 

Exchange’s sister exchange, the Nasdaq Stock 

Market, LLC (Nasdaq Rule 4703(d)), but was 

mistakenly omitted from Rule 3301B(d). See id. at 

62131 n.13. 

29See id. at 62131. 

30See id. 

31See id. Also like a Midpoint Peg Post-Only 

Order, a CMO+PO may not possess the Discretion 

or Routing Order Attributes, and a CMO+PO must 

be priced at more than $1 per share. See id. 

32See id. 

33See id. 

34See id. According to the Exchange, CMO+PO 

entered prior to the beginning of Market Hours will 

be rejected, and a CMO+PO will be cancelled by the 

System when a trading halt is declared, and any 

CMO+PO entered during a trading halt will be 

rejected. See id. at 62131 n.14. 

35See id. at 62132. 

36See id. The Exchange states that it is committed 

to determining whether there is opportunity or 

prevalence of behavior that is inconsistent with 

normal risk management behavior. The Exchange 

further states that manipulative abuse is subject to 

potential disciplinary action under the Exchange’s 

Rules, and other behavior that is not necessarily 

manipulative but nonetheless frustrates the 

purposes of the CMO or CMO+PO may be subject 

to penalties or other participant requirements to 

discourage such behavior, should it occur. See id. 

In addition, the Exchange states punitive fees or 

other participant requirements tied to CMO and 

CMO+PO usage will be implemented by rule filing 

under section 19(b) of the Act, 15 U.S.C. 78s(b), 

should the Exchange determine that they are 

necessary to maintain a fair and orderly market. See 

id. at 62132 n.15. 

37See id. at 62132. The Exchange states it will 

announce the implementation date by Equity 

Trader Alert. See id. 

38See id. at 62132 n.16. 

39 15 U.S.C. 78s(b)(2)(B). 

Offer is $11.00 and Participant A enters 

Order 1, which is a CMO to buy 100 

shares of X that is priced at $10.50, the 

midpoint of the NBBO. While Order 1 

is resting on the Exchange Book, 

Participant B enters Order 2, which is a 

Displayed Order to sell 200 shares of X 

at $10.40. The Exchange explains that in 

this instance, Order 2 is larger than 

Order 1 and that if Order 1 was not a 

CMO and it had executed against Order 

2 at $10.50, then Participant A would 

have missed out on the favorable impact 

of Order 2 shifting the midpoint of the 

NBBO lower to $10.20. The Exchange 

states that, to avoid the outcome, the 

System would remove Order 1 from the 

Exchange Book and resubmit it as Order 

3, priced at $10.20. If Participant C then 

enters Order 4 to sell 100 shares of X at 

$10.20, Order 3 would execute against 

Order 4 at $10.20, thus providing 

Participant A with price 

improvement.22

The Exchange provides a second 

example, in which the National Best Bid 

is $10.00 and the National Best Offer is 

$11.00, and Participant A again enters 

Order 1, which is a CMO to buy 100 

shares of X that is priced at $10.50. 

While Order 1 is resting on the 

Exchange Book, Participant B enters 

Order 2, which this time is a NonDisplayed Order to sell 200 shares at 

$10.00. CMO functionality would 

activate for Order 1 both because Order 

2 is larger than Order 1 and because 

Order 2 is priced at the far side of the 

NBBO. The System would resubmit 

Order 1 as Order 3, priced at $10.50. 

Order 3 would then execute at $10.00, 

again providing Participant A with price 

improvement relative to the prevailing 

midpoint price. The Exchange states it 

would permit Participant A to receive 

the benefit of Order 2, which is priced 

aggressively at the far side of the NBBO, 

even though Order 2 is a non-displayed 

Order that would not shift the NBBO or 

the midpoint.23

Additionally, the Exchange states that 

because a CMO inherently possesses the 

Midpoint Pegging Attribute, it will 

behave in accordance with Rule 

3301B(d), which governs Orders with 

Midpoint Pegging.24 According to the 

Exchange, a user may enter a CMO (and 

a CMO+PO) using RASH or OUCH or 

FIX.25 Unlike other Orders with the 

Midpoint Pegging Attribute, however, 

CMOs cannot be assigned a Routing 

Attribute, such that provisions of the 

Midpoint Pegging Rule that govern 

Midpoint Pegged Orders with Routing 

do not apply to CMOs.26 The Exchange 

states that a CMO will not be accepted 

outside of Market Hours, and a CMO 

remaining unexecuted at the end of 

Market Hours will be cancelled by the 

System.27 Further, the Exchange states 

that the System will cancel CMOs when 

a trading halt is declared, and the 

System will reject any CMOs entered 

during a trading halt.28

A CMO user may opt to apply the 

Minimum Quantity, Trade Now, or 

Discretion Order Attributes and a TimeIn-Force to a CMO.29 The Exchange 

states that CMO+PO will possess all the 

characteristics and attributes of a CMO, 

as well as those of a Managed Midpoint 

Peg Post-Only Order, as set forth in Rule 

3301A(b)(6), with certain exceptions.30

Like a Midpoint Peg Post-Only Order, a 

CMO+PO is a Non-Displayed Order that 

is priced at the Midpoint and executes 

upon entry only in circumstances where 

economically beneficial to the party 

entering the Order, and the price of the 

CMO+PO will be updated repeatedly to 

equal the midpoint between the NBBO, 

provided, however, that the CMO+PO 

will not be priced higher (lower) than its 

limit price.31 According to the 

Exchange, if the Midpoint between the 

NBBO becomes higher than (lower than) 

the limit price of a CMO+PO to buy 

(sell), the price of the CMO+PO will 

stop updating and the CMO+PO will 

post (with a Non-Display Attribute) at 

its limit price, but will resume updating 

if the Midpoint becomes lower than 

(higher than) the limit price of the 

CMO+PO to buy (sell).32 Similarly, if a 

CMO+PO is on the Exchange Book and 

subsequently the NBBO is crossed, or if 

there is no NBBO, the Order will be 

removed from the Exchange Book and 

will be re-entered at the new Midpoint 

once there is a valid NBBO that is not 

crossed.33 The Exchange states that 

CMO+PO receives a new timestamp 

each time its price is changed, and 

CMO+POs will be cancelled if they 

remain on the Exchange Book at the end 

of Market Hours.34

The Exchange states that CMO and 

CMO+PO executions will be reported to 

Securities Information Processors and 

provided in the Exchange’s proprietary 

data feed without any new or special 

indication.35 Further, as part of the 

surveillance the Exchange currently 

performs, CMOs and CMO+POs will be 

subject to real-time surveillance to 

determine if they are being abused by 

market participants.36 The Exchange 

states that it plans to implement CMO 

and CMO+PO within thirty days after 

Commission approval of the proposal 

and will make the CMO and CMO+PO 

available to all members and to all 

securities upon implementation.37 The 

Exchange plans to propose a fee 

structure for the CMO and CMO+PO in 

a subsequent Commission rule filing.38

II. Proceedings To Determine Whether 

To Approve or Disapprove SR–PHLX– 

2023–40, as Modified by Partial 

Amendment No. 1, and Grounds for 

Disapproval Under Consideration 

The Commission is instituting 

proceedings pursuant to section 

19(b)(2)(B) of the Act 39 to determine 

whether the proposed rule change, as 

modified by partial Amendment No.1, 

should be approved or disapproved. 


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85966 Federal Register / Vol. 88, No. 236 / Monday, December 11, 2023 / Notices 

40 Id. 

41See supra note 7. 

42See Letter from John Ramsay, Chief Market 

Policy Officer, Investors Exchange LLC, dated 

September 28, 2023 (‘‘IEX Letter’’) at 2–3. 

43See Letter from Joanna Mallers, Secretary, FIA 

Principal Traders Group, dated November 17, 2023 

at 2. This commenter states that the originator of the 

CMO order knows that the contra side order is 

larger than the CMO order because trades occurred 

that would have executed against the resting CMO 

order had the size of the contra side order been 

equal to or smaller than the resting CMO order’s 

size. See id. The commenter expresses concern that 

CMO order sender could discern that the opposing, 

unexecuted order exists, and profit from that 

information without the need to trade with it. See 

id. See also Letter from Joseph Saluzzi, Partner, 

Themis Trading LLC, dated September 29, 2023 at 

2 (stating that the Exchange needs to provide a more 

detailed explanation of how it plans on removing 

CMO orders without leaking information, as 

according to the commenter, the originator of the 

CMO order is still going to need to be notified that 

its order was removed). 

44See IEX Letter at 3–4. The commenter provides 

the following example where a CMO to buy 100 

shares is resting at the midpoint, when the NBBO 

for that stock is at $10.00–$11.00. If the exchange 

reports an execution, to which the user is not a 

party, for 100 shares at $10.00, the CMO user can 

deduce that an order in that symbol larger than its 

own has arrived (otherwise, it would have traded 

with the order). It can also compare the size of the 

execution to the size of its CMO order to determine 

that the order has a remaining size that has not been 

executed on the exchange. The commenter further 

states that the user will receive this information as 

quickly as it could have received a cancelation 

message and that this is information that no other 

participant is in a position to have (other than 

possibly another CMO user with an order in the 

same symbol at the same time). See id. 

45See PHLX Response Letter, supra note 7, at 2. 

46See id. at 1. 

47See id. at 1–2 (stating, as an example, that 

minimum quantity orders also enable users to avoid 

trading with incoming orders when they are too 

small and NYSE Arca Inc.’s Passive Liquidity Select 

Order, which the Commission approved, did not 

interact with an incoming order that was larger than 

the size of the Passive Liquidity Select Order). The 

commenter also states that IEX’s D-Limit and D-Peg 

order types avoid trading when its system believes 

that market prices will shift via a complex formula 

that attempts to predict pending price movements. 

See id. at 1. 

48See id. at 3 (stating that the Commission 

already permits the Exchange and Nasdaq to engage 

in the same process of informal order removal and 

resubmission without dissemination of cancellation 

messages, for example, in handling Managed 

Midpoint Peg Post-Only Orders and Midpoint 

Extended Life Order and Imbalance-Only order 

types). 

49See id. at 3 (providing examples of Nasdaq’s 

late Limit on Close and Imbalance-Only order 

types). 

50See id. 

51See id. 

52 15 U.S.C. 78f(b)(5). 

53 15 U.S.C. 78f(b)(8). 

54Section 19(b)(2) of the Act, as amended by the 

Securities Acts Amendments of 1975, Public Law 

94–29 (June 4, 1975), grants the Commission 

flexibility to determine what type of proceeding— 

either oral or notice and opportunity for written 

comments—is appropriate for consideration of a 

particular proposal by a self-regulatory 

organization. See Securities Acts Amendments of 

1975, Senate Comm. on Banking, Housing & Urban 

Institution of proceedings is appropriate 

at this time in view of the legal and 

policy issues raised by the proposed 

rule change and the comments received 

thereon. Institution of proceedings does 

not indicate that the Commission has 

reached any conclusions with respect to 

any of the issues involved. Rather, the 

Commission seeks and encourages 

interested persons to provide additional 

comment on the proposed rule change, 

as modified by partial Amendment No. 

1, to inform the Commission’s analysis 

of whether to approve or disapprove the 

proposed rule change, as modified by 

partial Amendment No. 1. 

Pursuant to section 19(b)(2)(B) of the 

Act,40 the Commission is providing 

notice of the grounds for possible 

disapproval under consideration. As 

noted above, the Commission received 

three comments on the proposal and the 

Exchange simultaneously filed a 

response to comments along with partial 

Amendment No. 1.41 Of note, one 

commenter raises unfair discrimination 

concerns, stating that the commenter is 

not aware of another exchange order 

type that would discriminate against 

orders to access liquidity in the specific 

way the CMO and CMO+PO order types 

do and that CMO would introduce a 

new form of segmentation without any 

indication that investors would stand to 

benefit.42 Another commenter states 

that it is troubled by the asymmetric 

information provided to the CMO order 

sender, as non-public information is 

provided to the CMO order sender when 

the CMO order is removed that no other 

participant will have.43 Similarly, 

another commenter states that CMO 

provides ample opportunities for 

information leakage, particularly when a 

user is able to detect the presence of a 

large order by observing executions on 

the exchange while the CMO order is on 

the order book.44

The Exchange replied to these 

comments with its own comment letter 

and by filing partial Amendment No. 

1.45 The Exchange states, among other 

things, that CMO is not intended to 

benefit market makers at the expense of 

large incoming institutional investors’ 

orders, and instead, it is designed to 

encourage market participants, 

including institutional investors, to rest 

and seek midpoint liquidity on the 

Exchange, rather than off-exchange, by 

reducing the probability of trading when 

market prices are likely to shift.46 The 

Exchange further states that there is 

ample precedent for order types like 

CMO.47 The Exchange refutes the 

comments that it would be novel for the 

exchange to alter orders without 

sending corresponding messages of such 

alterations.48 Further, the Exchange 

states that precedents exists for the 

Commission permitting an exchange to 

utilize proprietary data to determine the 

behavior of one of its order types.49

Regarding the information leakage 

concerns, the Exchange states that when 

the CMO fails execute, it does not reveal 

the details of the incoming order, 

including its size, its time-in-force, or 

whether the order is still available after 

the trade, and any information to be 

gleaned from this scenario would be 

knowable to all market participants at 

the time it is published on the SIP and 

the other market data feeds.50 Therefore, 

the Exchange states CMO user would 

have no information advantage over the 

rest of the market.51

The Commission is instituting 

proceedings to allow for additional 

analysis of, and input from commenters 

with respect to, the consistency of the 

proposal, as modified by partial 

Amendment No. 1, with sections 

6(b)(5) 52 and 6(b)(8) of the Exchange 

Act.53 section 6(b)(5) of the Exchange 

Act requires that the rules of a national 

securities exchange be designed, among 

other things, to promote just and 

equitable principles of trade, 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, and not be designed to 

permit unfair discrimination between 

customers, issuers, brokers, or dealers. 

section 6(b)(8) of the Exchange Act 

requires that the rules of a national 

securities exchange not impose any 

burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. 

III. Procedure: Request for Written 

Comments 

The Commission requests that 

interested persons provide written 

submissions of their views, data, and 

arguments with respect to the issues 

identified above, as well as any other 

concerns they may have with the 

proposal. In particular, the Commission 

invites the written views of interested 

persons concerning whether the 

proposal is consistent with sections 

6(b)(5) and section 6(b)(8), or any other 

provision of the Exchange Act, and the 

rules and regulations thereunder. 

Although there do not appear to be any 

issues relevant to approval or 

disapproval that would be facilitated by 

an oral presentation of views, data, and 

arguments, the Commission will 

consider, pursuant to Rule 19b–4, any 

request for an opportunity to make an 

oral presentation.54


lotter on DSK11XQN23PROD with NOTICES1
Federal Register / Vol. 88, No. 236 / Monday, December 11, 2023 / Notices 85967 

Affairs, S. Rep. No. 75, 94th Cong., 1st Sess. 30 

(1975). 55 17 CFR 200.30–3(a)(57). 

Interested persons are invited to 

submit written data, views, and 

arguments regarding whether the 

proposed rule change should be 

approved or disapproved by January 2, 

2024. Any person who wishes to file a 

rebuttal to any other person’s 

submission must file that rebuttal by 

January 16, 2024. 

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– 

PHLX–2023–40 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–PHLX–2023–40. 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–PHLX–2023–40 and should be 

submitted on or before January 2, 2024. 

Rebuttal comments should be submitted 

by January 16, 2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.55

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–27064 Filed 12–8–23; 8:45 am] 

BILLING CODE 8011–01–P 

SMALL BUSINESS ADMINISTRATION 

[Disaster Declaration #20012 and #20013; 

New York Disaster Number NY–20000] 

Administrative Declaration of a 

Disaster for the State of New York 

AGENCY: Small Business Administration. 

ACTION: Notice. 

SUMMARY: This is a notice of an 

Administrative declaration of a disaster 

for the State of New York dated 12/04/ 

2023. 

Incident: Severe Storms and Flooding. 

Incident Period: 09/28/2023 through 

09/30/2023. 

DATES: Issued on 12/04/2023. 

Physical Loan Application Deadline 

Date: 02/02/2024. 

Economic Injury (EIDL) Loan 

Application Deadline Date: 09/04/2024. 

ADDRESSES: Visit the MySBA Loan 

Portal at https://lending.sba.gov to 

apply for a disaster assistance loan. 

FOR FURTHER INFORMATION CONTACT: 

Alan Escobar, Office of Disaster 

Recovery & Resilience, U.S. Small 

Business Administration, 409 3rd Street 

SW, Suite 6050, Washington, DC 20416, 

(202) 205–6734. 

SUPPLEMENTARY INFORMATION: Notice is 

hereby given that as a result of the 

Administrator’s disaster declaration, 

applications for disaster loans may be 

submitted online using the MySBA 

Loan Portal https://lending.sba.gov or 

other locally announced locations. 

Please contact the SBA disaster 

assistance customer service center by 

email at disastercustomerservice@

sba.gov or by phone at 1–800–659–2955 

for further assistance. 

The following areas have been 

determined to be adversely affected by 

the disaster: 

Primary Counties: Kings, Nassau 

Contiguous Counties: 

New York: New York, Queens, 

Richmond, Suffolk 

The Interest Rates are: 

Percent 

For Physical Damage: 

Percent 

Homeowners with Credit Available Elsewhere ...................... 5.000 

Homeowners without Credit 

Available Elsewhere .............. 2.500 

Businesses with Credit Available Elsewhere ...................... 8.000 

Businesses without Credit 

Available Elsewhere .............. 4.000 

Non-Profit Organizations with 

Credit Available Elsewhere ... 2.375 

Non-Profit Organizations without Credit Available Elsewhere ..................................... 2.375 

For Economic Injury: 

Business and Small Agricultural 

Cooperatives without Credit 

Available Elsewhere .............. 4.000 

Non-Profit Organizations without Credit Available Elsewhere ..................................... 2.375 

The number assigned to this disaster 

for physical damage is 200126 and for 

economic injury is 200130. 

The States which received an EIDL 

Declaration are Connecticut, New 

Jersey, New York. 

(Catalog of Federal Domestic Assistance 

Number 59008) 

Isabella Guzman, 

Administrator. 

[FR Doc. 2023–27054 Filed 12–8–23; 8:45 am] 

BILLING CODE 8026–09–P 

DEPARTMENT OF TRANSPORTATION 

Federal Aviation Administration 

[Docket No. 2020–0488] 

Agency Information Collection 

Activities: Requests for Comments; 

Clearance of Renewed Approval of 

Information Collection: Survey of 

Unmanned-Aircraft-Systems Operators 

AGENCY: Federal Aviation 

Administration (FAA), DOT. 

ACTION: Notice and request for 

comments. 

SUMMARY: In accordance with the 

Paperwork Reduction Act of 1995, FAA 

invites public comments about our 

intention to request the Office of 

Management and Budget (OMB) 

approval to renew an information 

collection. The Federal Register Notice 

with a 60-day comment period soliciting 

comments on the following collection of 

information was published on October 

02, 2022. The collection involves a 

survey of uncrewed-aircraft-systems 

(UAS) operators within the United 

States. The information gathered 

through the survey’s questionnaire on 

flight behavior and fleet characteristics 

is used to inform UAS rule making and 


lotter on DSK11XQN23PROD with NOTICES1