Federal Register / Vol. 86, No. 142 / Wednesday, July 28, 2021 / Notices 40671 

20 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

the unexecuted LOC Orders after the 

Closing Cross concludes, or by also 

selecting a time-in-force of ‘‘Closing 

Cross/Extended Hours,’’ which will 

cause the unexecuted LOC Orders to 

commence After Hours Trading 

immediately after the Closing Cross 

ends, and bypass the Extended Trading 

Close. Participants may also modify or 

cancel their ETC Eligible Orders during 

the Extended Trading Close. 

Nasdaq believes that it is appropriate 

to limit participation in the Extended 

Trading Close to orders in Nasdaq-listed 

securities. As a primary listing market, 

Nasdaq is committed to investing in and 

enhancing the Closing Cross process for 

Nasdaq-listed issuers, their 

shareholders, investors, and all 

Participants involved in the robust price 

discovery and liquidity process that the 

Closing Cross serves. Moreover, the vast 

majority of Participants looking to trade 

at the closing price participate in the 

primary listing market’s closing auction 

and do not route orders to non-primary 

market listing destinations. 

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 

Within 45 days of the date of 

publication of this notice in the Federal 

Register or within such longer period 

up to 90 days (i) as the Commission may 

designate if it finds such longer period 

to be appropriate and publishes its 

reasons for so finding or (ii) as to which 

the self-regulatory organization 

consents, the Commission will: 

(A) By order approve or disapprove 

such proposed rule change, or 

(B) institute proceedings to determine 

whether the proposed rule change 

should be 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 (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

NASDAQ–2021–040 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–NASDAQ–2021–040. 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 (http://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 

10:00 a.m. and 3:00 p.m. Copies of the 

filing also will be available for 

inspection and copying at the principal 

office of the Exchange. All comments 

received will be posted without change. 

Persons submitting comments are 

cautioned that we do not redact or edit 

personal identifying information from 

comment submissions. You should 

submit only information that you wish 

to make available publicly. All 

submissions should refer to File 

Number SR–NASDAQ–2021–040 and 

should be submitted on or before 

August 18, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.20

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–15991 Filed 7–27–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92470; File No. SR–BX– 

2021–031] 

Self-Regulatory Organizations; Nasdaq 

BX, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend Options 2 at 

Section 4, Obligations of Market 

Makers and Lead Market Makers and 

Section 5, Market Maker Quotations 

July 22, 2021. 

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 July 19, 

2021, Nasdaq BX, Inc. (‘‘BX’’ or 

‘‘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 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 

Options 2 at Section 4, Obligations of 

Market Makers and Lead Market 

Makers, and Section 5, Market Maker 

Quotations. The Exchange also proposes 

a technical amendment to Options 1, 

Section 1, Definitions. 

The text of the proposed rule change 

is available on the Exchange’s website at 

https://listingcenter.nasdaq.com/ 

rulebook/bx/rules, at the principal office 

of the Exchange, and at the 

Commission’s Public Reference Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

Exchange included statements 

concerning the purpose of and basis for 

the proposed rule change and discussed 

any comments it received on the 

proposed rule change. The text of these 

statements may be examined at the 

places specified in Item IV below. The 

Exchange has prepared summaries, set 

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

the most significant aspects of such 

statements. 


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3The term ‘‘BX Options Market Maker’’ or 

‘‘Options Market Maker’’ means an Options 

Participant registered with the Exchange for the 

purpose of making markets in options contracts 

traded on the Exchange and that is vested with the 

rights and responsibilities specified in Options 2 of 

these Rules. See Options 1, Section 1(a)(10). 4Approved BX Options Market Makers may 

become Lead Market Makers. Only one Lead Market 

Maker may be allocated to an options class. See 

Options 2, Section 3(A). 5Options 2, Section 4(j) and Options 2, Section 

5(d)(1). 6Options 2, Section 4(f)(4) and Options 2, Section 

5(d)(2) describe the required bid/ask differentials 

for Lead Market Makers and Market Makers, 

respectively. 

7The term ‘‘Options Participant’’ or ‘‘Participant’’ 

mean a firm, or organization that is registered with 

the Exchange pursuant to Options 2A of these Rules 

for purposes of participating in options trading on 

BX Options as a ‘‘BX Options Order Entry Firm’’ 

or ‘‘BX Options Market Maker.’’ See Options 1, 

Section 1(a)(40). 

8Options 2, Section 5(d)(1)(A). 

9An adjusted option series is defined as an option 

series wherein one option contract in the series 

represents the delivery of other than 100 shares of 

underlying stock or Exchange-Traded Fund Shares 

(‘‘Adjusted Options Series’’). See Options 2, Section 

4(j)(1)(a) and Options 2, Section 5(d)(1)(A)(i). 

10Options 2, Section 4(j)(1) and Options 2, 

Section 5(d)(1)(A). 

11Options 2, Section 4(j)(1). 

12 Directed Market Makers, associated with the 

same Options Participant, are collectively required 

to provide two-sided quotations in 90% of the 

cumulative number of seconds, or such higher 

percentage as BX may announce in advance, for 

which that Options Participant’s assigned options 

series are open for trading. An Options Participant 

shall be considered directed in all assigned options 

once the Options Participant receives a Directed 

Order in any option in which they are assigned and 

shall be considered a Directed Market Maker until 

such time as an Options Participant notifies the 

Exchange that they are no longer directed. 

Notwithstanding the foregoing, an Options 

Participant shall not be required to make two-sided 

markets in any Quarterly Option Series, any 

Adjusted Option Series, and any option series with 

an expiration of nine months or greater. 

Notwithstanding the obligations specified herein, a 

Directed Market Maker may still receive a 

participation entitlement in such series if it elects 

to quote in any Quarterly Option Series, any 

Adjusted Option Series, and any option series with 

an expiration of nine months or greater series and 

otherwise satisfies the requirements of Options 3, 

Section 10. 

13See Options 2, Section 5(d)(1). Today, the 

Exchange aggregates all quotes submitted through 

the Specialized Quote Feed interface from the 

Participant, regardless of whether the quote was 

submitted by the Participant in its capacity as Lead 

Market Maker or Market Maker. 

14 ‘‘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 

into and from 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. See Options 3, Section 

7(e)(1)(B). 

15The term ‘‘badge’’ means an account number, 

which may contain letters and/or numbers, 

assigned to BX Market Makers. A BX Market Maker 

account may be associated with multiple badges. 

See Options 1, Section 1(a)(6). 

16BX currently utilizes a badge with an 

associated options series to designate a Lead Market 

Maker assigned in an options series and a badge 

with an associated options series to designate a 

Market Maker assigned in an option series. 

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 BX 

Options 2 at Section 4, Obligations of 

Market Makers and Lead Market 

Makers, and Section 5, Market Maker 

Quotations. Currently, the Exchange 

requires Market Makers 3 and Lead 

Market Makers 4 to enter bids and offers 

for the options to which they are 

registered, except in an assigned options 

series listed intra-day on the Exchange.5

Quotations must meet the legal quote 

width requirements specified in Options 

2, Section 4(f)(4) and Options 2, Section 

5(d)(2).6 On a daily basis, a Market 

Maker must make markets consistent 

with the applicable quoting 

requirements. Market Makers associated 

with the same Options Participant 7 are 

collectively required to provide twosided quotations in 60% of the 

cumulative number of seconds, or such 

higher percentage as BX may announce 

in advance, for which that Options 

Participant’s assigned options series are 

open for trading.8 Notwithstanding the 

foregoing, a Market Maker is not 

required to make two-sided markets 

pursuant to Options 2, Section 5(d)(1) in 

any Quarterly Option Series, any 

adjusted option series,9 and any option 

series with an expiration of nine months 

or greater.10 Lead Market Makers 

associated with the same Options 

Participant, are collectively required to 

provide two-sided quotations in 90% of 

the cumulative number of seconds, or 

such higher percentage as BX may 

announce in advance, for which that 

Option Participant’s assigned options 

series are open for trading. Lead Market 

Makers are required to make two-sided 

markets pursuant to Options 2, Section 

5 in any Quarterly Option Series, any 

Adjusted Option Series, and any option 

series with an expiration of nine months 

or greater.11 Finally, a Directed Market 

Maker is subject to the requirements 

within Options 2, Section 10(a)(3)(A).12

An Options Participant is required to 

meet each market making obligation 

separately.13 Currently, Options 2, 

Section 5(d)(1) states, ‘‘A Market Maker 

who is also the Lead Market Maker, 

pursuant to Options 2, Section 4, will be 

held to the Lead Market Maker 

obligations in options series in which 

the Lead Market Maker is assigned and 

will be held to Market Maker obligations 

in all other options series where 

assigned. A Market Maker who receives 

a Directed Order, as described in 

Options 3, Section 10, shall be held to 

the standard of a Directed Market Maker 

as described in Options 2, Section 10.’’ 

Also, Options 2, Section 4(j), applicable 

to Lead Market Makers, provides, ‘‘A 

Market Maker who is also the Lead 

Market Maker, pursuant to Options 2, 

Section 4, will be held to the Lead 

Market Maker obligations in options 

series in which the Lead Market Maker 

is assigned and will be held to Market 

Maker obligations in all other options 

series where assigned pursuant to 

Options 2, Section 5(d).’’ 

Today, the Exchange calculates 

whether a Participant that is assigned in 

an options series as both a Lead Market 

Maker and a Market Maker has met its 

quoting obligations as Lead Market 

Maker and Market Maker, respectively, 

by aggregating all quotes submitted 

through the Specialized Quote Feed 14

interface from the Participant, whether 

the quote was submitted by the 

Participant in its capacity as Lead 

Market Maker or Market Maker. 

The Exchange proposes to amend its 

calculation to only consider quotes 

submitted through the Specialized 

Quote Feed interface utilizing badges 15

and options series 16 assigned to a Lead 

Market Maker when calculating whether 

a Participant acting as a Lead Market 

Maker has satisfied the requirements to 

provide two-sided quotations in 90% of 

the cumulative number of seconds, or 

such higher percentage as BX may 

announce for which that Participant’s 

assigned options series are open for 

trading. Similarly, the Exchange 

proposes to only consider quotes 

submitted through the Specialized 

Quote Feed interface utilizing badges 

and options series assigned to a Market 

Maker when calculating whether a 

Participant acting as a Market Maker has 

satisfied the requirements to provide 

two-sided quotations in 60% of the 

cumulative number of seconds, or such 

higher percentage as BX may announce 

for which that Participant’s assigned 

options series are open for trading. With 

this proposed change, an Options 

Participant that is a Market Maker in an 

options series where the Options 

Participant is also assigned as the Lead 

Market Maker, pursuant to Options 2, 

Section 4, in an options series will be 


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17See Options Regulatory Alert 2021–36. 

18 15 U.S.C. 78f(b). 

19 15 U.S.C. 78f(b)(5). 

20See Options 3, Section 10(a)(1)(C)(1)(b) and 

Options 3, Section 10(a)(1)(C)(2)(ii). 

21See Options 7, Pricing Schedule. 

22 In registering as a Market Maker, an Options 

Participant commits himself to various obligations. 

Transactions of a Market Maker in its market 

making capacity must constitute a course of 

dealings reasonably calculated to contribute to the 

maintenance of a fair and orderly market, and 

Market Makers should not make bids or offers or 

enter into transactions that are inconsistent with 

such course of dealings. Ordinarily, Market Makers 

are expected to: (1) During trading hours, a Market 

Continued 

held to both the Lead Market Maker and 

Market Maker obligations, pursuant to 

Options 2, Section 5(d), separately, in 

that options series. The Exchange will 

consider whether an Options 

Participant, acting as both Lead Market 

Maker and Market Maker in an assigned 

options series, has complied with each 

requirement by only considering quotes 

in the respective badges. 

By way of example, 

Current Quoting obligation 

methodology: 

Lead Market Maker firm 123 is 

assigned five badges: 123A, 123B, 123C, 

123D and 123E. 

Badge 123A is designated the Lead 

Market Maker badge and badge 123B–E 

are designated as Market Maker badges. 

Today, all quoting activity from all 5 

badges is aggregated in determining if 

Firm 123 complied with the 

requirement to provide two-sided 

quotations in 90% of the cumulative 

number of seconds for which that 

Participant’s assigned options series are 

open for trading. The higher of the two 

obligations is required today. 

Proposed Quoting obligation 

methodology: 

Lead Market Maker firm 123 is 

assigned five badges: 123A, 123B, 123C, 

123D and 123E. 

Badge 123A is designated the Lead 

Market Maker badge and badge 123B–E 

are designated as Market Maker badges. 

As proposed only quoting activity 

from badge 123A (and excluding badges 

123B–E) would be counted toward the 

requirement to provide two-sided 

quotations in 90% of the cumulative 

number of seconds for which that 

Participant’s assigned options series are 

open for trading. 

All other badges (123B–E), excluding 

badge 123A, would be counted toward 

the requirement to provide two-sided 

quotations in 60% of the cumulative 

number of seconds for which that 

Participant’s assigned options series are 

open for trading. 

An Options Participant may have only 

one Lead Market Maker badge per 

option series. 

The below example explains how the 

Exchange aggregates quotes from Lead 

Market Makers, in their assigned 

options series, to determine compliance 

with quoting requirements, which will 

not be changing pursuant to this 

proposal. The same calculation applies 

to quotes from Market Makers in their 

assigned options series. 

Under the proposal, and as is the case 

today, by way of example, assume Lead 

Market Maker Firm ABC is assigned in 

five symbols across 2 different badges: 

Badge 123A and B is assigned in 

symbols QQQ and SPY, respectively. 

Badge 124A, B and C is assigned in 

symbols IBM, GM, and MSFT, 

respectively. 

Quotes submitted through the 

Specialized Quote Feed interface from 

the Firm ABC’s Lead Market Maker 

badges from all 5 symbols will be 

counted in determining compliance 

with Firm ABC’s requirement to provide 

two-sided quotations in 90% of the 

cumulative number of seconds for 

which Firm ABC’s assigned options 

series are open for trading. 

If Firm ABC Lead Market Maker badge 

123A quotes symbol QQQ at 95% and 

badge 123B quotes symbol SPY at 90% 

and Firm ABC Lead Market Maker 

badge 124A quotes IBM at 85%, badge 

124B quotes GM at 95%, and badge 

124C quotes MSFT at 90% then Firm 

ABC will have met its requirement to 

provide two-sided quotations in 90% of 

the cumulative number of seconds for 

which Firm ABC’s assigned options 

series are open for trading because the 

percentage across the 5 symbols is 91%. 

Technical Amendments 

The Exchange proposes a technical 

amendment to Options 1, Section 1, 

Definitions. Specifically, the Exchange 

proposes to amend Options 1, Section 

1(a)(10) which contains the term ‘‘BX 

Options Market Maker’’ or ‘‘Options 

Market Maker.’’ The Exchange proposes 

to amend the term ‘‘mean’’ to ‘‘means.’’ 

Also, the Exchange proposes to 

amend Options 2, Section 4(j) to correct 

an inaccurate citation to Options 2, 

Section 4 subsection (f)(4)–(6). 

Subsections (f)(5) and (6) do not exist. 

The Exchange proposes to amend the 

citation to Options 2, Section 4 

subsection (f)(4) which contains intraday bid/ask differentials. 

Implementation 

The Exchange proposes to implement 

this rule change on August 2, 2021. The 

Exchange has issued an Options 

Regulatory Alert notifying Options 

Participants of this change.17

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with Section 6(b) 

of the Act,18 in general, and furthers the 

objectives of Section 6(b)(5) of the Act,19

in particular, in that it is designed to 

promote just and equitable principles of 

trade and to protect investors and the 

public interest by requiring Lead Market 

Makers and Market Makers to separately 

meet quoting requirements as both a 

Lead Market Maker and Market Maker 

respectively, when the Options 

Participant is assigned in both roles in 

an options series. 

The Exchange’s proposal to separately 

calculate Market Maker and Lead 

Market Maker quoting obligations where 

the Participant is assigned as both Lead 

Market Maker and Market Maker in an 

options series is consistent with the Act. 

Specifically, the Exchange’s proposal 

would only consider quotes submitted 

through the Specialized Quote Feed 

interface utilizing badges and options 

series assigned to a Lead Market Maker 

when calculating whether a Participant 

acting as a Lead Market Maker has 

satisfied the requirements to provide 

two-sided quotations in 90% of the 

cumulative number of seconds, or such 

higher percentage as BX may announce 

for which that Participant’s assigned 

options series are open for trading. 

Similarly, the Exchange’s proposal 

would only consider quotes submitted 

through the Specialized Quote Feed 

interface utilizing badges and option 

series assigned to a Market Maker when 

calculating whether a Participant acting 

as a Market Maker has satisfied the 

requirements to provide two-sided 

quotations in 60% of the cumulative 

number of seconds, or such higher 

percentage as BX may announce for 

which that Participant’s assigned 

options series are open for trading. 

The proposed change for calculating 

the Lead Market Maker requirement 

separate from the Market Maker 

requirement, where a Participant is 

assigned in both roles in an options 

series, would ensure that the Participant 

quotes the requisite number of seconds 

in an assigned options series, when 

acting as both Lead Market Maker and 

Market Maker. This would ensure that 

an Options Participant adds the 

requisite amount of liquidity in that 

assigned options series in exchange for 

certain benefits offered by the Exchange 

to the Options Participant, such as 

enhanced Lead Market Maker 

allocation 20 and favorable pricing,21 in 

addition to the Options Participant 

fulfilling other market making 

obligations specified in Options 2, 

Section 4(a) and (b).22


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Maker must maintain a two-sided market, pursuant 

to Section 5(d)(1) of Options 2, in those options in 

which the Market Maker is registered to trade, in 

a manner that enhances the depth, liquidity and 

competitiveness of the market. (2) Engage, to a 

reasonable degree under the existing circumstances, 

in dealings for their own accounts when there 

exists, or it is reasonably anticipated that there will 

exist, a lack of price continuity, a temporary 

disparity between the supply of (or demand for) a 

particular option contract, or a temporary distortion 

of the price relationships between option contracts 

of the same class. (3) Compete with other Market 

Makers in all options in which the Market Maker 

is registered to trade. (4) Make markets that will be 

honored for the number of contracts entered into 

BX Options’ System in all options in which the 

Market Maker is registered to trade. (5) Update 

quotations in response to changed market 

conditions in all options in which the Market 

Maker is registered to trade. (6) Maintain active 

markets in all options in which the Market Maker 

is registered. (7) Honor all orders that the Trading 

System routes to away markets pursuant to Options 

5 of these Rules. Options Market Makers should not 

effect purchases or sales on BX Options except in 

a reasonable and orderly manner. See Options 2, 

Section 4(a) and (b). 

23See note 20 above. 

24See note 21 above. 

25See note 22 above. 

26 15 U.S.C. 78s(b)(3)(A). 

27 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6)(iii) requires the Exchange to give the 

Commission written notice of its intent to file the 

proposed rule change, along with a brief description 

and text of 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. 

28 17 CFR 240.19b–4(f)(6). 

29 17 CFR 240.19b–4(f)(6)(iii). 

30For 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). 

Technical Amendments 

The Exchange’s proposal to amend 

Options 1, Section 1(a)(10), which 

contains the term ‘‘BX Options Market 

Maker’’ or ‘‘Options Market Maker,’’ to 

amend the term ‘‘mean’’ to ‘‘means’’ is 

a non-substantive amendment. Also, the 

Exchange’s proposal to amend Options 

2, Section 4(j) to correct an inaccurate 

citation is a non-substantive 

amendment. Correcting these technical 

amendments will bring greater clarity to 

BX’s Rules. 

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. Rather, the 

proposal would ensure that Options 

Participants that are assigned in an 

options series as both the Lead Market 

Maker and Market Maker, respectively, 

are meeting the same quoting 

obligations as other Options Participants 

who are assigned solely as either the 

Lead Market Maker or Market Maker in 

an option series. Also, this proposal 

would ensure that an Options 

Participant quotes the requisite number 

of seconds in an assigned options series, 

when acting as both Lead Market Maker 

and Market Maker, respectively, thereby 

adding the requisite amount of liquidity 

in exchange for certain benefits 

provided by the Exchange such as 

enhanced Lead Market Maker 

allocation 23 and favorable pricing,24 in 

addition to fulfilling its other market 

making obligations specified in Options 

2, Section 4(a) and (b).25

Technical Amendments 

The Exchange’s proposal to amend 

Options 1, Section 1(a)(10), which 

contains the term ‘‘BX Options Market 

Maker’’ or ‘‘Options Market Maker,’’ to 

amend the term ‘‘mean’’ to ‘‘means’’ is 

a non-substantive amendment. Also, the 

Exchange’s proposal to amend Options 

2, Section 4(j) to correct an inaccurate 

citation is a non-substantive 

amendment. Amending these rules does 

not impose an undue burden on 

competition because the corrections will 

bring greater clarity to BX’s Rules. 

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 

Because the proposed rule change 

does not: (i) Significantly affect the 

protection of investors or the public 

interest; (ii) impose any significant 

burden on competition; and (iii) become 

operative for 30 days from the date on 

which it was filed, or such shorter time 

as the Commission may designate, it has 

become effective pursuant to Section 

19(b)(3)(A) of the Act 26 and Rule 19b– 

4(f)(6) thereunder.27

A proposed rule change filed under 

Rule 19b–4(f)(6) 28 normally does not 

become operative for 30 days after the 

date of filing. However, pursuant to 

Rule 19b–4(f)(6)(iii),29 the Commission 

may designate a shorter time if such 

action is consistent with the protection 

of investors and the public interest. The 

Exchange has asked the Commission to 

waive the 30-day operative delay so that 

the proposal may become operative 

upon filing. Waiving the operative delay 

will allow the Exchange to amend, 

without delay, its rules regarding 

Market Maker quoting obligations to 

ensure that member organizations 

assigned in an options series as both the 

Lead Market Maker and Market Maker 

would have the same quoting 

obligations as member organizations 

who are assigned solely as either Lead 

Market Maker or Market Maker in an 

option series. In addition, such waiver 

will permit technical amendments, 

which bring greater clarity to BX’s rules, 

to be effective without undue delay. The 

Commission believes that waiving the 

30-day operative delay is consistent 

with the protection of investors and the 

public interest and hereby designates 

the proposed rule change to be operative 

upon filing.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 necessary or appropriate in the 

public interest, for the protection of 

investors, or otherwise in furtherance of 

the purposes of the Act. 

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 (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

BX–2021–031 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street NE, 

Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–BX–2021–031. 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 (http://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 


khammond on DSKJM1Z7X2PROD with NOTICES
Federal Register / Vol. 86, No. 142 / Wednesday, July 28, 2021 / Notices 40675 

31 17 CFR 200.30–3(a)(12). 

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 20549–1090, on official 

business days between the hours of 

10:00 a.m. and 3:00 p.m. Copies of the 

filing also will be available for 

inspection and copying at the principal 

office of the Exchange. All comments 

received will be posted without change. 

Persons submitting comments are 

cautioned that we do not redact or edit 

personal identifying information from 

comment submissions. You should 

submit only information that you wish 

to make available publicly. All 

submissions should refer to File 

Number SR–BX–2021–031 and should 

be submitted on or before August 18, 

2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.31

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–15994 Filed 7–27–21; 8:45 am] 

BILLING CODE 8011–01–P 

SMALL BUSINESS ADMINISTRATION 

[Disaster Declaration #17043 and #17044; 

Florida Disaster Number FL–00168] 

Administrative Declaration of a 

Disaster for the State of Florida 

AGENCY: U.S. Small Business 

Administration. 

ACTION: Notice. 

SUMMARY: This is a notice of an 

Administrative declaration of a disaster 

for the State of Florida dated 07/22/ 

2021. 

Incident: Tropical Storm Elsa. 

Incident Period: 07/08/2021. 

DATES: Issued on 07/22/2021. 

Physical Loan Application Deadline 

Date: 09/20/2021. 

Economic Injury (EIDL) Loan 

Application Deadline Date: 04/22/2022. 

ADDRESSES: Submit completed loan 

applications to: U.S. Small Business 

Administration, Processing and 

Disbursement Center, 14925 Kingsport 

Road, Fort Worth, TX 76155. 

FOR FURTHER INFORMATION CONTACT: A. 

Escobar, Office of Disaster Assistance, 

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 

filed at the address listed above or other 

locally announced locations. 

The following areas have been 

determined to be adversely affected by 

the disaster: 

Primary Counties: Alachua. 

Contiguous Counties: 

Florida: Bradford, Columbia, 

Gilchrist, Levy, Marion, Putnam, 

Union. 

The Interest Rates are: 

Percent 

For Physical Damage: 

Homeowners with Credit Available Elsewhere .................... 3.250 

Homeowners without Credit 

Available Elsewhere ............ 1.625 

Businesses with Credit Available Elsewhere .................... 5.760 

Businesses without Credit 

Available Elsewhere ............ 2.880 

Non-Profit Organizations with 

Credit Available Elsewhere 2.000 

Non-Profit Organizations without Credit Available Elsewhere ................................... 2.000 

For Economic Injury: 

Businesses & Small Agricultural Cooperatives without 

Credit Available Elsewhere 2.880 

Non-Profit Organizations without Credit Available Elsewhere ................................... 2.000 

The number assigned to this disaster 

for physical damage is 17043 8 and for 

economic injury is 17044 0. 

The State which received an EIDL 

Declaration # is Florida. 

(Catalog of Federal Domestic Assistance 

Number 59008) 

Isabella Guzman, 

Administrator. 

[FR Doc. 2021–15997 Filed 7–27–21; 8:45 am] 

BILLING CODE 8026–03–P 

OFFICE OF THE UNITED STATES 

TRADE REPRESENTATIVE 

[Docket Number USTR–2020–0037] 

Determination on Action and Ongoing 

Monitoring: Vietnam’s Acts, Policies, 

and Practices Related to Currency 

Valuation 

AGENCY: Office of the United States 

Trade Representative. 

ACTION: Notice. 

SUMMARY: Based on an agreement 

reached between the Department of the 

Treasury (Treasury) and the State Bank 

of Vietnam (SBV) regarding Vietnam’s 

currency practices, the U.S. Trade 

Representative has determined that no 

action under the Section 301 

investigation is warranted at this time 

because Vietnam’s agreement with 

Treasury provides a satisfactory 

resolution of the matter subject to this 

investigation. The U.S. Trade 

Representative, in coordination with 

Treasury, will monitor Vietnam’s 

implementation of its commitments 

under the agreement and associated 

measures. 

FOR FURTHER INFORMATION CONTACT: For 

questions concerning the investigation, 

contact Michael T. Gagain, Assistant 

General Counsel, 202–395–9529, or 

Marta M. Prado, Acting Assistant U.S. 

Trade Representative for Southeast Asia 

and the Pacific, 202–395–6216. 

SUPPLEMENTARY INFORMATION: 

I. Proceedings in the Investigation 

The U.S. Trade Representative 

initiated an investigation of Vietnam’s 

acts, policies, and practices related to 

the valuation of its currency pursuant to 

Section 302(b)(1)(A) of the Trade Act of 

1974, as amended (the Trade Act), on 

October 2, 2020. See 85 FR 63637 (Oct. 

8, 2020) (notice of initiation). On the 

same date, USTR requested 

consultations with Vietnam. 

Consultations were held on December 

23, 2020. The Section 301 Committee 

solicited public comments, and held a 

public hearing on December 29, 2020. 

See 85 FR 75397 (Nov. 25, 2020). 

On January 15, 2021, in consultation 

with Treasury, based on the information 

obtained during the investigation, and 

taking account of public comments and 

the advice of the Section 301 Committee 

and Advisory Committees, the U.S. 

Trade Representative determined that 

Vietnam’s acts, policies, and practices 

related to currency valuation, including 

excessive foreign exchange market 

interventions and other related actions, 

taken in their totality, are actionable 

under Sections 301(b)(1)(A) and 304(a) 

of the Trade Act. See 86 FR 6732 (Jan. 

22, 2021) (actionability notice). The U.S. 

Trade Representative’s determination 

was accompanied by a comprehensive 

public report (the Report). The Report is 

posted on the USTR website at https:// 

ustr.gov/sites/default/files/enforcement/ 

301Investigations/Vietnam_Currency_

301_Actionability_Report_Jan_15_

21.pdf. 

In particular, the U.S. Trade 

Representative determined: 

1. Vietnam’s acts, policies, and 

practices with respect to currency 

valuation, including excessive foreign 

exchange market interventions and 

other related actions, taken in their 

totality and as discussed in further 


khammond on DSKJM1Z7X2PROD with NOTICES