7762 Federal Register / Vol. 89, No. 24 / Monday, February 5, 2024 / Notices 

31 15 U.S.C. 78s(b)(3)(A)(ii). 32 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3The Exchange initially filed the proposed 

pricing changes on November 28, 2023 (SR–GEMX– 

2023–16) to be effective on December 1, 2023. On 

December 5, 2023, the Exchange withdrew SR– 

GEMX–2023–16 and replaced it with SR–GEMX– 

2023–19. On January 16, 2023, the Exchange 

withdrew SR–GEMX–2023–19 and submitted this 

filing. 

addition to other fees paid by other 

market participants. Providing Market 

Makers a means to cap their cost related 

to quoting and enabling all Market 

Makers to acquire SQF Ports at no cost 

beyond a certain dollar amount enables 

these market participants to provide the 

necessary liquidity to Phlx at lower 

costs. Therefore, because Market Makers 

fulfill a unique role on the Exchange, 

are the only market participant required 

to submit quotes as part of their 

obligations to operate on the Exchange, 

and, in light of that role, they are 

eligible for certain incentives. The 

proposed SQF Fee cap is designed to 

continue to incent Market Makers to 

quote on Phlx, thereby promoting 

liquidity, quote competition, and 

trading opportunities. 

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.31

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– 

Phlx–2024–02 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–2024–02. 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–2024–02 and should be 

submitted on or before February 26, 

2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.32

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–02161 Filed 2–2–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–99446; File No. SR–GEMX– 

2024–03] 

Self-Regulatory Organizations; Nasdaq 

GEMX, LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend Options 7, 

Section 6 

January 30, 2024. 

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

Securities Exchange Act of 1934 

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

notice is hereby given that on January 

16, 2024, Nasdaq GEMX, LLC (‘‘GEMX’’ 

or ‘‘Exchange’’) filed with the Securities 

and Exchange Commission (‘‘SEC’’ or 

‘‘Commission’’) the proposed rule 

change as described in Items I, II, and 

III, below, which Items have been 

prepared by the Exchange. The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to amend its 

Rules at Options 7, Section 6, C, Ports 

and Other Services.3

The text of the proposed rule change 

is available on the Exchange’s website at 

https://listingcenter.nasdaq.com/ 

rulebook/gemx/rules, at the principal 

office of the Exchange, and at the 

Commission’s Public Reference Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

Exchange included statements 

concerning the purpose of and basis for 

the proposed rule change and discussed 

any comments it received on the 

proposed rule change. The text of these 

statements may be examined at the 

places specified in Item IV below. The 

Exchange has prepared summaries, set 

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

the most significant aspects of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to amend 

Options 7, Section 6, C, Ports and Other 

Services. Specifically, the Exchange 


lotter on DSK11XQN23PROD with NOTICES1
Federal Register / Vol. 89, No. 24 / Monday, February 5, 2024 / Notices 7763 

4 ‘‘Specialized Quote Feed’’ or ‘‘SQF’’ is an 

interface that allows Market Makers to connect, 

send, and receive messages related to quotes, 

Immediate-or-Cancel Orders, and auction responses 

to the Exchange. Features include the following: (1) 

options symbol directory messages (e.g., underlying 

instruments); (2) System event messages (e.g., start 

of trading hours messages and start of opening); (3) 

trading action messages (e.g., halts and resumes); (4) 

execution messages; (5) quote messages; (6) 

Immediate-or-Cancel Order messages; (7) risk 

protection triggers and purge notifications; (8) 

opening imbalance messages; (9) auction 

notifications; and (10) auction responses. The SQF 

Purge Interface only receives and notifies of purge 

requests from the Market Maker. Market Makers 

may only enter interest into SQF in their assigned 

options series. Immediate-or-Cancel Orders entered 

into SQF are not subject to the Order Price 

Protection, Market Order Spread Protection, and 

Size Limitation Protection in Options 3, Section 

15(a)(1)(A), (1)(B), and (2)(B) respectively. See 

Supplementary Material .03(c) to Options 3, Section 

7. 

5SQF Purge is a specific port for the SQF 

interface that only receives and notifies of purge 

requests from the Market Maker. Dedicated SQF 

Purge Ports enable Market Makers to seamlessly 

manage their ability to remove their quotes in a 

swift manner. The SQF Purge Port is designed to 

assist Market Makers in the management of, and 

risk control over, their quotes. Market Makers may 

utilize a purge port to reduce uncertainty and to 

manage risk by purging all quotes in their assigned 

options series. Of note, Market Makers may only 

enter interest into SQF in their assigned options 

series. Additionally, the SQF Purge Port may be 

utilized by a Market Maker in the event that the 

Member has a system issue and determines to purge 

its quotes from the order book. 

6The Exchange proposes to add a comma 

between ‘‘per port’’ and ‘‘per month’’ in the Options 

7, Section 6, C, SQF Port and SQF Purge Port Fee 

rule text. The Exchange also proposes to remove an 

extraneous period in Options 7, Section 6, C, in the 

second paragraph. 

7Today, 62% of GEMX Market Makers have 

capped their SQF Ports and SQF Purge Ports on 

GEMX. The Exchange notes that of the Market 

Makers currently registered on GEMX, there is a 

mix of size of Market Makers that cap. 

8For example, a Market Maker may desire to 

utilize multiple SQF Ports for accounting purposes, 

to measure performance, for regulatory reasons or 

other determinations that are specific to that 

Member. 

9 GEMX Market Makers have various regulatory 

requirements as provided for in Options 2, Section 

4. Additionally, GEMX Market Makers have certain 

quoting requirements with respect to their assigned 

options series as provided in Options 2, Section 5. 

SQF Ports are the only quoting protocol available 

on GEMX and only Market Makers may utilize SQF 

Ports. The same is true for SQF Purge Ports. 

10 15 U.S.C. 78f(b). 

11 15 U.S.C. 78f(b)(4) and (5). 

12NetCoalition 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)). 

13Securities Exchange Act Release No. 51808 

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

(‘‘Regulation NMS Adopting Release’’). 

14For example, a Market Maker or may desire to 

utilize multiple SQF Ports for accounting purposes, 

to measure performance, for regulatory reasons or 

other determinations that are specific to that 

Member. 

15 GEMX Market Makers have various regulatory 

requirements as provided for in Options 2, Section 

4. Additionally, GEMX Market Makers have certain 

quoting requirements with respect to their assigned 

options series as provided in Options 2, Section 5. 

SQF Ports are the only quoting protocol available 

on GEMX and only Market Makers may utilize SQF 

Ports. 

proposes to amend the monthly caps for 

SQF Ports 4 and SQF Purge Ports.5

Today, GEMX assesses $1,250 per 

port, per month for an SQF Port as well 

as an SQF Purge Port.6 Also, today, SQF 

Ports and SQF Purge Ports are subject to 

a monthly cap of $17,500, which cap is 

applicable to Market Makers. 

At this time, the Exchange proposes to 

increase the SQF Port and SQF Purge 

Port monthly cap fee of $17,500 per 

month to $27,500 per month.7 The 

Exchange is not amending the $1,250 

per port, per month SQF Port and SQF 

Purge Port. As is the case today, the 

Exchange would not assess a Member an 

SQF Port or SQF Purge Port fee beyond 

the monthly cap once the Member has 

exceeded the monthly cap for the 

respective month. Despite increasing the 

monthly cap for SQF Ports and SQF 

Purge Ports from $17,500 per month to 

$27,500 per month, the Exchange will 

continue to offer Members the 

opportunity to cap their SQF Port and 

SQF Purge Port fees so that they would 

not be assessed these fees beyond the 

cap. Further, a GEMX Market Maker 

requires only one SQF Port to submit 

quotes in its assigned options series into 

GEMX. A GEMX Market Maker may 

submit all quotes through one SQF Port 

and utilize one SQF Purge Port to view 

its purge requests. While a Market 

Maker may elect to obtain multiple SQF 

Ports and SQF Purge Ports to organize 

its business,8 only one SQF Port and 

SQF Purge Port is necessary for a Market 

Maker to fulfill its regulatory quoting 

obligations.9

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with section 6(b) 

of the Act,10 in general, and furthers the 

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

of the Act,11 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 proposed pricing change to 

increase the monthly cap applicable to 

SQF Ports and SQF Purge Ports is 

reasonable in several respects. As a 

threshold matter, the Exchange is 

subject to significant competitive forces 

in the market for options securities 

transaction services that constrain its 

pricing determinations in that market. 

The fact that this market is competitive 

has long been recognized by the courts. 

In NetCoalition v. Securities and 

Exchange Commission, the D.C. Circuit 

stated as follows: ‘‘[n]o one disputes 

that competition for order flow is 

‘fierce.’ . . . As the SEC explained, ‘[i]n 

the U.S. national market system, buyers 

and sellers of securities, and the brokerdealers that act as their order-routing 

agents, have a wide range of choices of 

where to route orders for execution’; 

[and] ‘no exchange can afford to take its 

market share percentages for granted’ 

because ‘no exchange possesses a 

monopoly, regulatory or otherwise, in 

the execution of order flow from broker 

dealers’. . . .’’ 12

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.’’ 13

Numerous indicia demonstrate the 

competitive nature of this market. 

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. 

The proposed pricing change to 

increase the SQF Port and SQF Purge 

Port monthly cap from $17,500 per 

month to $27,500 per month is 

reasonable because despite the increase 

in the monthly cap, the Exchange will 

continue to offer Members the 

opportunity to cap their SQF Port and 

SQF Purge Port fees so that they would 

not be assessed these fees beyond the 

cap. Additionally, a GEMX Market 

Maker requires only one SQF Port to 

submit quotes in its assigned options 

series into GEMX. A GEMX Market 

Maker may submit all quotes through 

one SQF Port and utilize one SQF Purge 

Port to view its purge requests. While a 

Market Maker may elect to obtain 

multiple SQF Ports and SQF Purge Ports 

to organize its business,14 only one SQF 

Port and SQF Purge Port is necessary for 

a Market Maker to fulfill its regulatory 

quoting obligations.15 Additionally, the 


lotter on DSK11XQN23PROD with NOTICES1
7764 Federal Register / Vol. 89, No. 24 / Monday, February 5, 2024 / Notices 

16See Options 2, Sections 4 and 5. 

17See Options 3, Section 8. 

18See Options 7, Section 6, A. 

19See Options 7, Section 6, B. 

20See Securities Exchange Act Release No. 95412 

(June 23, 2022), 87 FR 38786 (June 29, 2022) (SR– 

NYSEArca–2022–36). NYSE Arca proposed to 

increase both the monthly fee per Market Maker 

OTP and the number of issues covered by each 

additional OTP because, among other reasons, the 

number of issues traded on the Exchange has 

increased significantly in recent years. 

21 Id at 38788. 

22 Id at 38790. 

23See Securities Exchange Act Release No. 95412 

(June 23, 2022), 87 FR 38786 (June 29, 2022) (SR– 

NYSEArca–2022–36). 

Exchange believes that the caps are 

reasonable for two reasons. 

First, SQF Ports are a secure method 

for Market Makers to submit quotes into 

the Exchange’s match engine and for the 

Exchange to send messages related to 

those quotes to Market Makers. GEMX 

must manage the security and message 

traffic, among other things, for each 

port. Utilizing the cap to manage a 

Market Maker’s costs while also 

managing the quantity of SQF Ports 

issued on GEMX has led the Exchange 

to select $27,500 as the amended 

monthly cap for SQF Ports and SQF 

Purge Ports. By capping the ports at a 

different level, the Exchange is 

considering the message traffic and 

message rates associated with the 

current number of outstanding ports and 

its ability to process messages. The 

ability to have a cap and amend that cap 

permits the Exchange to scale its needs 

with respect to processing messages in 

an efficient manner. 

Second, the Exchange notes that 

multiple ports are not necessary, 

however, to the extent that some Market 

Makers elect to obtain multiple ports, 

the Exchange is offering to cap their 

total port cost at $27,500 per month. 

GEMX believes the existence of a cap 

allows for efficiencies and permits 

Market Makers to increase their number 

of ports beyond the cap. The cap levels 

the playing field by allowing those 

Market Makers that want to obtain a 

larger number of ports to do so with the 

certainty of a fee cap. Without the cap, 

GEMX Market Makers may pay more to 

obtain multiple ports on GEMX. 

The Exchange’s proposed pricing 

change to increase the SQF Port and 

SQF Purge Port monthly cap from 

$17,500 per month to $27,500 per 

month is equitable and not unfairly 

discriminatory because the Exchange 

would uniformly not assess any Market 

Makers that exceeded the proposed 

monthly cap any SQF Port and SQF 

Purge Port fees for that month beyond 

the cap. Market Makers are the only 

market participants that are assessed 

SQF Port and SQF Purge Port fees 

because they are the only market 

participants that are permitted to quote 

on the Exchange. Unlike other market 

participants, Market Makers are subject 

to market making and quoting 

obligations.16 These liquidity providers 

are critical market participants in that 

they are the only market participants 

that provide liquidity to GEMX on a 

continuous basis. In addition, the 

Exchange notes that Lead Market 

Makers are required to submit quotes in 

the Opening Process to open an options 

series.17 Market Makers are subject to a 

number of fees, unlike other market 

participants. Market Makers pay 

separate Membership Fees,18 and CMM 

Trading Right Fees,19 in addition to 

other fees paid by other market 

participants. Providing Market Makers a 

means to cap their cost related to 

quoting and enabling all Market Makers 

to acquire SQF Ports and SQF Purge 

Ports at no cost beyond a certain dollar 

amount enables these market 

participants to provide the necessary 

liquidity to GEMX at lower costs. 

In 2022, NYSE Arca, Inc. (‘‘NYSE 

Arca’’) proposed to restructure fees 

relating to OTPs for Market Makers.20 In 

that rule change,21 NYSE Arca argued 

that, 

Market Makers serve a unique and 

important function on the Exchange (and 

other options exchanges) given the quotedriven nature of options markets. Because 

options exchanges rely on actively quoting 

Market Makers to facilitate a robust 

marketplace that attracts order flow, options 

exchanges must attract and retain Market 

Makers, including by setting competitive 

Market Maker permit fees. Stated otherwise, 

changes to Market Maker permit fees can 

have a direct effect on the ability of an 

exchange to compete for order flow. The 

Exchange also believes that the number of 

options exchanges on which Market Makers 

can effect option transactions also ensures 

competition in the marketplace and 

constrains the ability of exchanges to charge 

supracompetitive fees for access to its market 

by Market Makers. 

Further, NYSE ARCA noted that,22

The Exchange further believes that its 

ability to set Market Maker permit fees is 

constrained by competitive forces based on 

the fact that Market Makers can, and have, 

chosen to terminate their status as a Market 

Maker if they deem Market Maker permit fees 

to be unreasonable or excessive. Specifically, 

the Exchange notes that a BOX participant 

modified its access to BOX in connection 

with the implementation of a proposed 

change to BOX’s Market Maker permit fees. 

The Exchange has also observed that another 

options exchange group experienced 

decreases in market share following its 

proposed modifications of its access fees 

(including Market Maker trading permit fees), 

suggesting that market participants 

(including Market Makers) are sensitive to 

changes in exchanges’ access fees and may 

respond by shifting their order flow 

elsewhere if they deem the fees to be 

unreasonable or excessive. 

There is no requirement, regulatory or 

otherwise, that any Market Maker connect to 

and access any (or all of) the available 

options exchanges. The Exchange also is not 

aware of any reason why a Market Maker 

could not cease being a permit holder in 

response to unreasonable price increases. 

The Exchange does not assess any 

termination fee for a Market Maker to drop 

its OTP, nor is the Exchange aware of any 

other costs that would be incurred by a 

Market Maker to do so. 

The Exchange likewise believes that 

its ability to cap SQF Port and SQF 

Purge fees is constrained by competitive 

forces and that its proposed 

modifications to the SQF Port and SQF 

Purge Fee cap is reasonably designed in 

consideration of the competitive 

environment in which the Exchange 

operates, by balancing the value of the 

enhanced benefits available to Market 

Makers due to the current level of 

activity on the Exchange with a fee 

structure that will continue to incent 

Market Makers to support increased 

liquidity, quote competition, and 

trading opportunities on the Exchange, 

for the benefit of all market participants. 

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. 

Intermarket Competition 

The proposal does not impose an 

undue burden on intermarket 

competition. The Exchange believes its 

proposal remains competitive with 

other options markets who also offer 

order entry protocols. 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. In such 

an environment, the Exchange must 

continually adjust its fees to remain 

competitive with other 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. Other exchanges 

have been permitted to amend certain 

costs attributed to Market Makers.23

Further, in 2022, MRX proposed a 


lotter on DSK11XQN23PROD with NOTICES1
Federal Register / Vol. 89, No. 24 / Monday, February 5, 2024 / Notices 7765 

24See Securities Exchange Act No. 

96824(February 7, 2023), 88 FR 8975 (February 10, 

2023) (SR–MRX–2023–05) (Notice of Filing and 

Immediate Effectiveness of Proposed Rule Change 

To Amend MRX Options 7, Section 6). 

25 Id at 8976. 

26See Options 2, Sections 4 and 5. 

27See Options 3, Section 8. 

28See Options 7, Section 8, A. 

29See Options 7, Section 8, B. 30 15 U.S.C. 78s(b)(3)(A)(ii). 31 17 CFR 200.30–3(a)(12). 

monthly cap for SQF Ports and SQF 

Purge Ports of 17,500.24 MRX noted in 

its rule change that, ‘‘Only one SQF 

quote protocol is required for an MRX 

Market Maker to submit quotes into 

MRX and to meet its regulatory 

requirements.’’ 25

If the Commission were to apply a 

different standard of review this 

proposal than it applied to other 

exchange fee filings, where Market 

Maker fees were increased and port fee 

caps were established, it would create a 

burden on competition such that it 

would impair GEMX’s ability to 

compete among other options markets. 

Intramarket Competition 

The Exchange’s proposed pricing 

change to increase the SQF Port and 

SQF Purge Port monthly cap from 

$17,500 per month to $27,500 per 

month does not impose an undue 

burden on competition because the 

Exchange would uniformly not assess 

any Market Makers that exceeded the 

proposed monthly cap any SQF Port 

and SQF Purge Port fees for that month 

beyond the cap. Market Makers are the 

only market participants that are 

assessed SQF Port and SQF Purge Port 

fees because they are the only market 

participants that are permitted to quote 

on the Exchange. Unlike other market 

participants, Market Makers are subject 

to market making and quoting 

obligations.26 These liquidity providers 

are critical market participants in that 

they are the only market participants 

that provide liquidity to GEMX on a 

continuous basis. In addition, the 

Exchange notes that Lead Market 

Makers are required to submit quotes in 

the Opening Process to open an options 

series.27 Market Makers are subject to a 

number of fees, unlike other market 

participants. Market Makers pay 

separate permit fees,28 and Streaming 

Quote Trader Fees,29 in addition to 

other fees paid by other market 

participants. Providing Market Makers a 

means to cap their cost related to 

quoting and enabling all Market Makers 

to acquire SQF Ports and SQF Purge 

Ports at no cost beyond a certain dollar 

amount enables these market 

participants to provide the necessary 

liquidity to GEMX at lower costs. 

Therefore, because Market Makers fulfill 

a unique role on the Exchange, are the 

only market participant required to 

submit quotes as part of their 

obligations to operate on the Exchange, 

and, in light of that role, they are 

eligible for certain incentives. The 

proposed SQF Port and SQF Purge Fee 

cap is designed to continue to incent 

Market Makers to quote on GEMX, 

thereby promoting liquidity, quote 

competition, and trading opportunities. 

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.30 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– 

GEMX–2024–03 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–GEMX–2024–03. 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–GEMX–2024–03 and should be 

submitted on or before February 26, 

2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.31

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–02158 Filed 2–2–24; 8:45 am] 

BILLING CODE 8011–01–P 

SMALL BUSINESS ADMINISTRATION 

Reporting and Recordkeeping 

Requirements Under OMB Review 

AGENCY: Small Business Administration. 

ACTION: 30-Day notice. 

SUMMARY: The Small Business 

Administration (SBA) is seeking 

approval from the Office of Management 

and Budget (OMB) for the information 

collection described below. In 

accordance with the Paperwork 

Reduction Act and OMB procedures, 

SBA is publishing this notice to allow 

all interested member of the public an 

additional 30 days to provide comments 

on the proposed collection of 

information. 

DATES: Submit comments on or before 

March 6, 2024. 


lotter on DSK11XQN23PROD with NOTICES1