Federal Register / Vol. 88, No. 238 / Wednesday, December 13, 2023 / Notices 86417 

30 15 U.S.C. 78s(b)(3)(A). 

31 17 CFR 240.19b–4(f)(6). 

32 In addition, Rule 19b–4(f)(6) requires a selfregulatory organization to give the Commission 

written notice of its intent to file the proposed rule 

change at least five business days prior to the date 

of filing of the proposed rule change, or such 

shorter time as designated by the Commission. The 

Exchange has satisfied this requirement. 

33 17 CFR 240.19b–4(f)(6)(iii). 

34See supra note 5. 

35For purposes only of waiving the 30-day 

operative delay, the Commission has also 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

15 U.S.C. 78c(f). 

36 17 CFR 200.30–3(a)(12), (59). 

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

2 17 CFR 240.19b–4. 

3See Exchange Rule 1.5(p). 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Pursuant to section 19(b)(3)(A) of the 

Act 30 and Rule 19b–4(f)(6) 31

thereunder, the Exchange has 

designated this proposal as one that 

effects a change that: (i) does not 

significantly affect the protection of 

investors or the public interest; (ii) does 

not impose any significant burden on 

competition; and (iii) by its terms, does 

not become operative for 30 days after 

the date of the filing, or such shorter 

time as the Commission may designate 

if consistent with the protection of 

investors and the public interest.32

A proposed rule change filed 

pursuant to Rule 19b–4(f)(6) under the 

Act normally does not become operative 

for 30 days after the date of its filing. 

However, Rule 19b–4(f)(6)(iii) 33 permits 

the Commission to designate a shorter 

time if such action is consistent with the 

protection of investors and the public 

interest. The Exchange requested that 

the Commission waive the 30-day 

operative delay so that the proposal may 

become operative immediately upon 

filing. The Commission notes it has 

approved a proposed rule change 

substantially identical to the one 

proposed by the Exchange.34 The 

proposed change raises no novel legal or 

regulatory issues. Therefore, the 

Commission believes that waiver of the 

30-day operative delay is consistent 

with the protection of investors and the 

public interest. Accordingly, the 

Commission hereby waives the 30-day 

operative delay and designates the 

proposed rule change operative upon 

filing.35

At any time within 60 days of the 

filing of the proposed rule change, the 

Commission summarily may 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is necessary or appropriate in the 

public interest, for the protection of 

investors, or otherwise in furtherance of 

the purposes of the Act. If the 

Commission takes such action, the 

Commission shall institute proceedings 

to determine whether the proposed rule 

should be approved or disapproved. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s internet 

comment form (https://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include file number 

SR–CBOE–2023–065 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–CBOE–2023–065. 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–CBOE–2023–065 and should be 

submitted on or before January 3, 2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.36

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–27262 Filed 12–12–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–99112; File No. SR–MEMX– 

2023–31] 

Self-Regulatory Organizations; MEMX 

LLC; Notice of Filing and Immediate 

Effectiveness of a Proposed Rule 

Change To Amend the Exchange’s Fee 

Schedule To Adopt a Temporary 

Options Regulatory Fee 

December 7, 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 November 

24, 2023, MEMX LLC (‘‘MEMX’’ or the 

‘‘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 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 is filing with the 

Commission a proposed rule change to 

amend the Exchange’s fee schedule 

applicable to Members 3 (the ‘‘Fee 

Schedule’’) pursuant to Exchange Rules 

15.1(a) and (c) relating to the Options 

Regulatory Fee. The Exchange proposes 

to implement the changes to the Fee 

Schedule pursuant to this proposal on 

November 24, 2023. The text of the 

proposed rule change is provided in 

Exhibit 5. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

Exchange included statements 

concerning the purpose of and basis for 

the proposed rule change and discussed 

any comments it received on the 

proposed rule change. The text of these 

statements may be examined at the 


khammond on DSKJM1Z7X2PROD with NOTICES
86418 Federal Register / Vol. 88, No. 238 / Wednesday, December 13, 2023 / Notices 

4The Exchange takes into account any CMTA 

transfers when determining the ultimate clearing 

firm for a transaction. CMTA or Clearing Member 

Trade Assignment is a form of ‘‘give up’’ whereby 

the position will be assigned to a specific clearing 

firm at the OCC. 

5Throughout this filing, ‘‘executing clearing 

firm’’ means the clearing firm through which the 

entering broker indicated that the transaction would 

be cleared at the time it entered the original order 

which executed, and that clearing firm could be a 

designated ‘‘give up’’, if applicable. The executing 

clearing firm may be the ultimate clearing firm if 

no CMTA transfer occurs. If a CMTA transfer 

occurs, however, the ultimate clearing firm would 

be the clearing firm that the position was 

transferred to for clearing via CMTA. 

6To clarify, as stated previously, the Exchange 

will assess and collect the ORF for each customer 

options transaction that is cleared by a Member of 

the Exchange, regardless of where the transaction 

occurs. As such, transactions may fall into this 

category that originated from customer orders 

entered on the Exchange that were routed to and 

executed on an away market pursuant to the 

Options Linkage Plan. However, the Exchange will 

not assess the ORF in this instance on the original 

entering broker on MEMX Options, which would 

result in a potential double billing. Instead, the 

Exchange will only assess and collect from the 

ultimate clearing firm, and only if the ultimate 

clearing firm or the executing clearing firm is a 

MEMX Options Member (because the transaction 

ultimately occurs on an away market). 

7See Exchange Regulatory Notice 23–22, located 

at: https://info.memxtrading.com/category/alertsnotices/reg/. 

8On August 8, 2022, the Commission approved 

SR–MEMX–2022–10, which proposed rules for the 

trading of options on the Exchange. See Securities 

Exchange Act Release No. 95445 (August 8, 2022), 

87 FR 49894 (August 12, 2022) (SR–MEMX–2022– 

010). The Exchange launched MEMX Options on 

September 27, 2023. 

9See Securities Exchange Act Release No. 98585 

(September 28, 2023), 88 FR 68692 (October 4, 

2023) (SR–MEMX–2023–25). 

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 

Fee Schedule to revise the ORF charged 

solely for the dates of November 24 

through November 30, 2023. 

Background 

By way of background, the percontract ORF is collected by the Options 

Clearing Corporation (‘‘OCC’’) on behalf 

of the Exchange for each options 

transaction, cleared or ultimately 

cleared by an Exchange member in the 

‘‘customer’’ range, regardless of the 

exchange on which the transaction 

occurs. The ORF is collected from 

either: (1) a Member that was the 

ultimate clearing firm 4 for the 

transaction; or (2) a non-Member that 

was the ultimate clearing firm where a 

Member was the executing clearing 

firm 5 for the transaction. 

To illustrate how the ORF is assessed 

and collected, the Exchange provides 

the following set of examples. 

1. For all transactions executed on the 

Exchange, if the ultimate clearing firm 

is a Member of the Exchange, the ORF 

is assessed to and collected from that 

Member. If the ultimate clearing firm is 

not a Member of the Exchange, the ORF 

is collected from that non-Member 

clearing firm but assessed to the 

executing clearing firm. 

2. If the transaction is executed on an 

away exchange, the ORF is only 

assessed and collected if either the 

executing clearing firm or ultimate 

clearing firm are Members of the 

Exchange. If the ultimate clearing firm 

is a Member of the Exchange, the ORF 

is assessed to and collected from that 

ultimate clearing firm. If the ultimate 

clearing firm is not a Member of the 

Exchange, the ORF is assessed to the 

executing clearing firm (again, only if 

that executing clearing firm is a Member 

of the Exchange), and collected from the 

ultimate clearing firm. Thus, to reiterate, 

if neither the executing clearing firm nor 

the ultimate clearing firm are members 

of the Exchange, no ORF is assessed or 

collected. 

Finally, the Exchange will not assess 

the ORF on outbound linkage trades. 

‘‘Linkage trades’’ are tagged in the 

Exchange’s system, so the Exchange can 

distinguish them from other trades. A 

customer order routed to another 

exchange results in the appearance of 

two customer trades, one from the 

originating exchange and one from the 

recipient exchange. Charging ORF on 

both trades could result in doublebilling of ORF for a single customer 

order, thus the Exchange will not assess 

ORF on outbound linkage trades in a 

linkage scenario.6

The ORF is designed to recover a 

material portion of the costs to the 

Exchange of the supervision and 

regulation of Members’ customer 

options business, including performing 

routine surveillances and investigations, 

as well as policy, rulemaking, 

interpretive and enforcement activities. 

The Exchange believes that revenue 

generated from the ORF, when 

combined with all of the Exchange’s 

other regulatory fees and fines, will 

cover a material portion, but not all, of 

the Exchange’s regulatory costs. 

Regulatory costs include direct 

regulatory expenses and certain indirect 

expenses for work allocated in support 

of the regulatory function. The direct 

expenses include in-house and thirdparty service provider costs to support 

the day-to-day regulatory work such as 

surveillance, investigations and 

examinations. The indirect expenses 

include support from personnel in such 

areas as human resources, legal, 

information technology, facilities and 

accounting as well as shared costs 

necessary to operate the Exchange and 

to carry out its regulatory function, such 

as hardware, data center costs and 

connectivity. The Exchange 

acknowledges that these indirect 

expenses are also allocated towards 

other business operations, such as 

providing connectivity and market data 

services, for which the Exchange has 

also conducted a cost-based analysis. As 

such, when analyzing the indirect 

expenses associated with its regulatory 

program, the Exchange did not doublecount any expenses, but instead, 

allocated a portion of the cost not 

already allocated to other fees imposed 

by the Exchange. Indirect expenses are 

anticipated to be approximately 24% of 

the total regulatory costs for 2023 and 

2024. Thus, direct expenses are 

anticipated to be approximately 76% of 

the total regulatory costs for 2023 and 

2024. 

The Exchange monitors the amount of 

revenue collected from the ORF to 

ensure that it, in combination with its 

other regulatory fees and fines, does not 

exceed the Exchange’s total regulatory 

costs. More specifically, the Exchange 

will ensure that revenue generated from 

ORF not exceed more than 75% of total 

annual regulatory costs. The Exchange 

will monitor regulatory costs and 

revenues at a minimum on a semiannual basis. If the Exchange 

determines regulatory revenues exceed 

or are insufficient to cover a material 

portion of its regulatory costs, the 

Exchange will adjust the ORF by 

submitting a fee change filing to the 

Commission. The Exchange will also 

notify Members of adjustments to the 

ORF via regulatory circular, including 

for the change being proposed herein.7

In preparation for the launch of the 

Exchange’s options market (‘‘MEMX 

Options’’),8 the Exchange proposed to 

establish an ORF in the amount of 

$0.0015 per contract side, effective 

September 27, 2023.9 The amount of the 

proposed fee was based on historical 

industry volume, projected volumes on 

the Exchange, and projected Exchange 

regulatory costs. Additionally, the 

Exchange proposed that the ORF would 

automatically sunset on September 30, 

2024. 


khammond on DSKJM1Z7X2PROD with NOTICES
Federal Register / Vol. 88, No. 238 / Wednesday, December 13, 2023 / Notices 86419 

10See Securities Exchange Act Release No. 99017 

(November 24, 2023) (SR–MEMX–2023–25). 

11This proposal is not intended to be responsive 

to any issues that may be raised in the OIP, but to 

instead address the immediate issue of billing for 

November 24–30th. 

12 15 U.S.C. 78f(b). 

13 15 U.S.C. 78f(b)(4). 

14 15 U.S.C. 78f(b)(5). 

15See MEMX LLC—LLC Agreement at https://

info.memxtrading.com/regulation/governance/. 

OIP and Current Proposal 

As noted above, on September 27, 

2023, the Exchange filed to establish an 

ORF in the amount of $0.0015 per 

contract side (the ‘‘initial ORF filing’’) 

and began assessing and collecting the 

ORF as proposed in the initial ORF 

filing. However, on November 24, 2023, 

the Commission issued the Suspension 

of and Order Instituting Proceedings to 

Determine whether to Approve or 

Disapprove a Proposed Rule Change to 

Amend its Fee Schedule to Establish an 

Options Regulatory Fee (‘‘the OIP’’).10

As a result of the OIP, on November 24, 

2023, the Exchange would revert back to 

not charging the ORF. 

To ensure consistency of ORF 

assessments for the full month of 

November 2023, the Exchange proposes 

to modify the Fee Schedule to specify 

that the amount of the ORF that will be 

collected by the Exchange through 

November 30, 2023 (i.e., the last trading 

day of the month of November), will be 

$0.0015 per contract side (the ‘‘Initial 

ORF Rate’’).11 The Exchange believes 

that revenue generated from the ORF as 

adopted on September 27, 2023 will 

continue to cover a material portion, but 

not all, of the Exchange’s regulatory 

costs. 

In general, the Exchange endeavors to 

notify Members of any change in the 

amount of the ORF at least 30 calendar 

days prior to the effective date of the 

change via regulatory notice; however, 

the Exchange notes that as a result of the 

OIP, such notice in this instance could 

not be given 30 days in advance. Lastly, 

since the proposed ORF will only be 

charged up through November 30, 2023, 

the Exchange proposes to delete the 

bullet point on the Fee Schedule that 

indicates that the ORF will 

automatically sunset on September 30, 

2024, given that this sunset provision no 

longer applies and conflicts with the 

proposal herein. 

2. Statutory Basis 

The Exchange believes that its 

proposal to amend its Fee Schedule is 

consistent with section 6(b) of the Act 12

in general, and furthers the objectives of 

section 6(b)(4) of the Act 13 in particular, 

in that it is an equitable allocation of 

reasonable dues, fees, and other charges 

among its members and issuers and 

other persons using its facilities. The 

Exchange also believes the proposal 

furthers the objectives of section 6(b)(5) 

of the Act 14 in that it is designed 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 is 

not designed to permit unfair 

discrimination between customers, 

issuers, brokers and dealers. 

The Proposal Is Reasonable 

The Exchange believes that the 

proposed Initial ORF Rate of $0.0015 is 

reasonable because it would help 

maintain fair and orderly markets and 

benefit investors and the public interest 

because it would ensure transparency 

and consistency of the ORF for the 

entire month of November 2023. 

Specifically, the proposal would ensure 

that the amount of ORF collected by the 

Exchange for the trading days of 

November 24th, 27th, 28th, 29th, and 

30th, 2023 will be the same rate 

collected on every other trading day 

since the ORF was implemented. The 

Exchange’s by-laws state in Section 

17.4(b): ‘‘[a]ny Regulatory Funds shall 

not be used for non-regulatory purposes 

or distributed, advanced or allocated to 

any Company Member, but rather, shall 

be applied to fund regulatory operations 

of the Company (including surveillance 

and enforcement activities) . . .’’.15 In 

this regard, the Exchange believes that 

the amount of the fee is reasonable. The 

Exchange also believes the proposal to 

delete the bullet point in the Fee 

Schedule that indicates the ORF will 

automatically sunset on September 24, 

2024 is reasonable because such sunset 

provision is no longer applicable and 

conflicts with the proposal herein that 

the ORF apply up through November 

30, 2023. 

The Proposed Fee Is an Equitable 

Allocation of Fees 

The Exchange believes its proposal is 

an equitable allocation of fees among its 

market participants. The Exchange 

believes that the proposed Initial ORF 

Rate would not place certain market 

participants at an unfair disadvantage 

because all options transactions must 

clear via a clearing firm. Such clearing 

firms can then choose to pass through 

all, a portion, or none of the cost of the 

ORF to its customers, i.e., the entering 

firms. Because the ORF is collected from 

Member clearing firms by the OCC on 

behalf of the Exchange, the Exchange 

believes that using options transactions 

in the Customer range serves as a proxy 

for how to apportion regulatory costs 

among such Members. In addition, the 

Exchange notes that the regulatory costs 

relating to monitoring Members with 

respect to Customer trading activity are 

generally higher than the regulatory 

costs associated with Members that do 

not engage in Customer trading activity, 

which tends to be more automated and 

less labor-intensive. By contrast, 

regulating Members that engage in 

Customer trading activity is generally 

more labor intensive and requires a 

greater expenditure of human and 

technical resources as the Exchange 

needs to review not only the trading 

activity on behalf of Customers, but also 

the Member’s relationship with its 

Customers via more labor-intensive 

exam-based programs. As a result, the 

costs associated with administering the 

customer component of the Exchange’s 

overall regulatory program are 

materially higher than the costs 

associated with administering the noncustomer component (e.g., Member 

proprietary transactions) of its 

regulatory program. Thus, the Exchange 

believes the Initial ORF Rate would be 

equitably allocated in that it is charged 

to all Members on all their transactions 

that clear in the Customer range at the 

OCC. 

The Proposed Fee Is Not Unfairly 

Discriminatory 

The Exchange believes that the 

proposal is not unfairly discriminatory. 

The Exchange believes that the Initial 

ORF Rate would not place certain 

market participants at an unfair 

disadvantage because all options 

transactions must clear via a clearing 

firm. Such clearing firms can then 

choose to pass through all, a portion, or 

none of the cost of the ORF to its 

customers, i.e., the entering firms. 

Because the ORF is collected from 

Member clearing firms by the OCC on 

behalf of the Exchange, the Exchange 

believes that using options transactions 

in the Customer range serves as a proxy 

for how to apportion regulatory costs 

among such Members. In addition, the 

Exchange notes that the regulatory costs 

relating to monitoring Members with 

respect to Customer trading activity are 

generally higher than the regulatory 

costs associated with Members that do 

not engage in Customer trading activity, 

which tends to be more automated and 

less labor-intensive. By contrast, 

regulating Members that engage in 

Customer trading activity is generally 

more labor intensive and requires a 

greater expenditure of human and 

technical resources as the Exchange 

needs to review not only the trading 


khammond on DSKJM1Z7X2PROD with NOTICES
86420 Federal Register / Vol. 88, No. 238 / Wednesday, December 13, 2023 / Notices 

16 15 U.S.C. 78s(b)(3)(A)(ii). 

17 17 CFR 240.19b–4(f)(2). 

18 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

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

4 17 CFR 240.19b–4(f)(6). 

activity on behalf of Customers, but also 

the Member’s relationship with its 

Customers via more labor-intensive 

exam-based programs. As a result, the 

costs associated with administering the 

customer component of the Exchange’s 

overall regulatory program are 

materially higher than the costs 

associated with administering the noncustomer component (e.g., Member 

proprietary transactions) of its 

regulatory program. Thus, the Exchange 

believes the Initial ORF Rate (like the 

rate assessed for every other day since 

the ORF was implemented), is not 

unfairly discriminatory because it is 

charged to all Members on all their 

transactions that clear in the Customer 

range at the OCC. 

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 believes the proposed 

change will change will not impose an 

undue burden on competition as it is 

charged to all Members on all their 

transactions that clear in the Customer 

range at the OCC; thus, the amount of 

ORF imposed is based on the amount of 

Customer volume transacted. The 

Exchange believes that the proposed 

ORF would not place certain market 

participants at an unfair disadvantage 

because all options transactions must 

clear via a clearing firm. Such clearing 

firms can then choose to pass through 

all, a portion, or none of the cost of the 

ORF to its customers, i.e., the entering 

firms. In addition, because the ORF is 

collected from Member clearing firms by 

the OCC on behalf of the Exchange, the 

Exchange believes that using options 

transactions in the Customer range 

serves as a proxy for how to apportion 

regulatory costs among such Members. 

Intermarket Competition 

The proposed fee change is not 

designed to address any competitive 

issues. Rather, the proposed change is 

designed to help the Exchange 

adequately fund its regulatory activities 

while seeking to ensure that total 

regulatory revenues do not exceed total 

regulatory costs. 

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)(ii) of the Act 16 and Rule 

19b–4(f)(2) 17 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 shall 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– 

MEMX–2023–31 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street NE, 

Washington, DC 20549–1090. 

All submissions should refer to file 

number SR–MEMX–2023–31. This file 

number should be included on the 

subject line if email is used. To help the 

Commission process and review your 

comments more efficiently, please use 

only one method. The Commission will 

post all comments on the Commission’s 

internet website (https://www.sec.gov/ 

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

provisions of 5 U.S.C. 552, will be 

available for website viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street NE, 

Washington, DC 20549 on official 

business days between the hours of 10 

a.m. and 3 p.m. Copies of the filing also 

will be available for inspection and 

copying at the principal office of the 

Exchange. Do not include personal 

identifiable information in submissions; 

you should submit only information 

that you wish to make available 

publicly. We may redact in part or 

withhold entirely from publication 

submitted material that is obscene or 

subject to copyright protection. All 

submissions should refer to file number 

SR–MEMX–2023–31 and should be 

submitted on or before January 3, 2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.18

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–27261 Filed 12–12–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–99114; File No. SRCboeBZX–2023–100] 

Self-Regulatory Organizations; Cboe 

BZX Exchange, Inc.; Notice of Filing 

and Immediate Effectiveness of a 

Proposed Rule Change To Adopt a 

Low Priced Stock Strike Price Interval 

Program 

December 7, 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 December 

4, 2023, Cboe BZX Exchange, Inc. 

(‘‘Exchange’’) filed with the Securities 

and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I and II 

below, which Items have been prepared 

by the Exchange. The Exchange filed the 

proposal as a ‘‘non-controversial’’ 

proposed rule change pursuant to 

Section 19(b)(3)(A)(iii) of the Act 3 and 

Rule 19b–4(f)(6) thereunder.4 The 


khammond on DSKJM1Z7X2PROD with NOTICES