51402 Federal Register / Vol. 86, No. 176 / Wednesday, September 15, 2021 / Notices 

23 15 U.S.C. 78s(b)(3)(A). 

24 17 CFR 240.19b–4(f)(2). 

25 15 U.S.C. 78s(b)(2)(B). 

26 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). 

5The Arca early trading session begins at 4:00 

a.m. Eastern Time. 

6The term ‘‘Early Trading Session’’ shall mean 

the time between 4:00 a.m. and 8:00 a.m. Eastern 

Time. See EDGX Rule 1.5(ii). 

7The term ‘‘Pre-Opening Session’’ shall mean the 

time between 8:00 a.m. and 9:30 a.m. Eastern Time. 

See EDGX Rule 1.5(s). 

8The term ‘‘Regular Trading Hours’’ shall mean 

the time between 9:30 a.m. and 4:00 p.m. Eastern 

Time. See EDGX Rule 1.5(y). 

19(b)(3)(A) 23 of the Act and 

subparagraph (f)(2) of Rule 19b–4 24

thereunder, because it establishes a due, 

fee, or other charge imposed by the 

Exchange. 

At any time within 60 days of the 

filing of such 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 

under Section 19(b)(2)(B) 25 of the Act 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 (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

NYSEArca–2021–79 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–NYSEArca–2021–79. 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–NYSEArca–2021–79, and 

should be submitted on or before 

October 6, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.26

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–19862 Filed 9–14–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92914; File No. SR– 

CboeEDGX–2021–037] 

Self-Regulatory Organizations; Cboe 

EDGX Exchange, Inc.; Notice of Filing 

and Immediate Effectiveness of a 

Proposed Rule Change To Amend 

EDGX Rule 11.1(a)(1) To Begin 

Accepting Orders at 2:30 a.m. Eastern 

Time 

September 9, 2021. 

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 August 

31, 2021, Cboe EDGX Exchange, Inc. 

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

the Securities and Exchange 

Commission (the ‘‘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 ‘‘noncontroversial’’ proposed rule change 

pursuant to Section 19(b)(3)(A)(iii) of 

the Act 3 and Rule 19b–4(f)(6) 

thereunder.4 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 

Cboe EDGX Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘EDGX’’) proposes to 

amend EDGX Rule 11.1(a)(1) to begin 

accepting orders at 2:30 a.m. Eastern 

Time. The text of the proposed rule 

change is provided in Exhibit 5. 

The text of the proposed rule change 

is also available on the Exchange’s 

website (http://markets.cboe.com/us/ 

options/regulation/rule_filings/edgx/), 

at the Exchange’s Office of the 

Secretary, 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 

EDGX Rule 11.1 (Hours of Trading and 

Trading Days) to begin accepting orders 

at 2:30 a.m. Eastern Time rather than 

3:30 a.m. Eastern Time. The proposal is 

substantially similar to NYSE Arca, LLC 

(‘‘Arca’’) Rule 7.34–E(a)(1) that provides 

Arca may accept orders 90 minutes 

before its early trading session begins.5

Currently EDGX Rule 11.1(a)(1) 

provides that orders may be entered into 

the System from 3:30 a.m. until 8:00 

p.m. Eastern Time. The rule provides 

that orders entered between 3:30 a.m. 

and 4:00 a.m. Eastern Time are not 

eligible for execution until the start of 

the Early Trading Session,6 Pre-Opening 

Session 7 or Regular Trading Hours,8

depending on the time in force selected 


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Federal Register / Vol. 86, No. 176 / Wednesday, September 15, 2021 / Notices 51403 

9The term ‘‘User’’ shall mean any Member or 

Sponsored Participant who is authorized to obtain 

access to the System pursuant to Rule 11.3. See 

EDGX Rule 1.5(ee). 

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

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

12 15 U.S.C. 78s(b)(3)(A)(iii). 

13 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6) requires a self-regulatory 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. 

14 17 CFR 240.19b–4(f)(6). 

15 17 CFR 240.19b–4(f)(6). 

16See Arca Rule 7.34–E(a)(1). See also Securities 

and Exchange Act No. 92657 (August 12, 2021) 86 

FR 46296 (August 18, 2021) (SR–NYSEArca–2021– 

71). 

17For purposes only of waiving the 30-day 

operative delay, the Commission also has 

considered the proposed rule’s impact on 

Continued 

by the User.9 The rule further provides 

that at the commencement of the Early 

Trading Session, orders entered between 

3:30 a.m. and 4 a.m. Eastern Time will 

become eligible for execution (‘‘4:00 

a.m. Start’’), unless designated as 

eligible for execution during the Early 

Trading Session beginning at 7:00 a.m. 

Eastern Time (‘‘7:00 a.m. Start’’). Orders 

with a 7:00 a.m. Start designation may 

be entered between 3:30 a.m. and 7:00 

a.m. Eastern Time. 

The Exchange proposes to amend 

Rule 11.1(a)(1) to provide that the 

Exchange would begin accepting orders 

at 2:30 a.m. Eastern Time. The Exchange 

proposes to begin accepting earlier 

orders to compete with non-exchange 

trading venues that begin accepting 

orders before 3:30 a.m. Eastern Time. By 

moving the Exchange’s order acceptance 

time earlier, Members that route orders 

to multiple venues before 3:30 a.m. 

Eastern Time would be able to include 

the Exchange in their early morning 

routing determinations. The Exchange 

does not propose to change the time 

when the Early Trading Session would 

begin or many any other rule changes. 

Because of the technology changes 

required to implement this change, 

subject to effectiveness of this proposed 

rule change, the Exchange will notify 

Members when the Exchange would 

begin accepting orders at 2:30 a.m. 

Eastern Time, which the Exchange 

anticipates would be in September 

2021. 

2. Statutory Basis 

The Exchange believes the proposed 

rule change is consistent with the 

Securities Exchange Act of 1934 (the 

‘‘Act’’) and the rules and regulations 

thereunder applicable to the Exchange 

and, in particular, the requirements of 

Section 6(b) of the Act.10 Specifically, 

the Exchange believes the proposed rule 

change is consistent with the Section 

6(b)(5) 11 requirements that the rules of 

an exchange be designed to prevent 

fraudulent and manipulative acts and 

practices, to promote just and equitable 

principles of trade, to foster cooperation 

and coordination with persons engaged 

in regulating, clearing, settling, 

processing information with respect to, 

and facilitating transactions in 

securities, 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. 

The Exchange believes that the 

proposed rule change would remove 

impediments to and perfect the 

mechanism of a free and open market 

and a national market system because it 

would not change any trading functions 

on the Exchange and would only move 

up the time when the Exchange would 

begin accepting order flow for trading in 

the Early Trading Session. In addition, 

a Member that opts to send in orders 

during this earlier time period could, as 

today, designate which trading session 

such orders would be eligible to trade, 

including per Rule 11.1(a)(1), a 4:00 

a.m. Start or a 7:00 a.m. Start. The 

Exchange further believes that the 

proposed rule change would promote 

competition among the exchanges and 

non-exchange venues because it would 

allow Members that currently route to 

non-exchange trading venues prior to 

3:30 a.m. Eastern Time to include the 

Exchange in their early morning routing 

determinations. 

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 that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

Exchange believes that the proposed 

rule change would promote intermarket 

competition between the Exchange and 

non-exchange trading venues that 

accept order flow before 3:30 a.m. 

Eastern Time. Further, the Exchange 

believes the proposed rule change 

would impose no burden on intramarket 

competition as all Members could 

submit order flow to the Exchange 

beginning at 2:30 a.m. Eastern Time. 

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 

Because the foregoing 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)(iii) of the Act 12 and 

subparagraph (f)(6) of Rule 19b–4 

thereunder.13

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. 

A proposed rule change filed under 

Rule 19b–4(f)(6) 14 normally does not 

become operative prior to 30 days after 

the date of the filing. However, pursuant 

to Rule 19b–4(f)(6)(iii),15 the 

Commission may designate a shorter 

time if such action is consistent with 

protection of investors and the public 

interest. The Exchange has asked the 

Commission to waive the 30-day 

operative delay so that the proposed 

rule change may become operative upon 

filing. According to the Exchange, the 

technology supporting the proposed 

rule change would be available less than 

30 days after filing, and the Exchange 

would be able to implement the change 

before the 30-day operative delay ends. 

The Exchange also states that the 

proposed rule change would promote 

competition by providing Members that 

route orders to non-exchange venues or 

another exchange that accepts order 

flow before 3:30 a.m. Eastern Time 16 the 

opportunity to include the Exchange on 

its early morning routing 

determinations. The Commission 

believes that the Exchange’s proposal 

does not raise any new or novel issues 

and that waiver of the 30-day operative 

delay is consistent with the protection 

of investors and the public interest. 

Accordingly, the Commission 

designates the proposed rule change to 

be operative on upon filing.17


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51404 Federal Register / Vol. 86, No. 176 / Wednesday, September 15, 2021 / Notices 

efficiency, competition, and capital formation. See 

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

18 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3 17 CFR 240.19b–4(f)(6). 

4 If the Exchange seeks to provide additional 

temporary relief from the rule requirements 

identified in this proposed rule change beyond 

December 31, 2021, the Exchange will submit a 

separate rule filing to further extend the temporary 

extension of time. The amended Exchange rules 

will revert to their original form at the conclusion 

of the temporary relief period and any extension 

thereof. 

5See Securities Exchange Act Release No. 92685 

(August 17, 2021), No. 92685 (August 17, 2021), 86 

FR 47169 (August 23, 2021) (SR–FINRA–2021–019) 

(‘‘FINRA Filing’’). The Exchange notes that the 

FINRA Filing also proposed to temporarily amend 

FINRA Rules 9261, 9524, and 9830, which govern 

hearings in connection with appeals of disciplinary 

actions, eligibility proceedings, and temporary and 

permanent cease and desist orders. The Exchange’s 

Rules 9261, 9524, and 9830 incorporate by 

reference The Nasdaq Stock Market LLC rules, 

which are the subject of a separate filing. See SR– 

NASDAQ–2021–067 (August 30, 2021). Therefore, 

the Exchange is not proposing to adopt that aspect 

of the FINRA Filing. 

6See Securities Exchange Act Release No. 91766 

(May 4, 2021), 86 FR 25014 (May 10, 2021) (Notice 

of Filing and Immediate Effectiveness of File No. 

SR–Phlx–2021–027); see also Securities Exchange 

Act Release No. 90758 (December 21, 2020), 85 FR 

85782 (December 29, 2020) (Notice of Filing and 

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– 

CboeEDGX–2021–037 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–CboeEDGX–2021–037. 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–CboeEDGX–2021–037 and 

should be submitted on or before 

October 6, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.18

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–19859 Filed 9–14–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92906; File No. SR–Phlx– 

2021–49] 

Self-Regulatory Organizations; Nasdaq 

PHLX LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Extend the Expiration 

Date of the Temporary Amendments 

Concerning Video Conference 

Hearings 

September 9, 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 August 

31, 2021, Nasdaq PHLX LLC (‘‘Phlx’’ or 

‘‘Exchange’’) filed with the Securities 

and Exchange Commission (‘‘SEC’’ or 

‘‘Commission’’) the proposed rule 

change as described in Items I and II 

below, which Items have been prepared 

by the Exchange. The Exchange has 

designated the proposed rule change as 

constituting a ‘‘non-controversial’’ rule 

change under paragraph (f)(6) of Rule 

19b–4 under the Act,3 which renders 

the proposal effective upon receipt of 

this filing by the Commission. 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 extend the 

expiration date of the temporary 

amendments in SR–Phlx–2020–53 from 

August 31, 2021, to December 31, 2021.4

The proposed rule change would not 

make any changes to the text of the 

Exchange rules. 

The text of the proposed rule change 

is available on the Exchange’s website at 

https://listingcenter.nasdaq.com/ 

rulebook/phlx/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 continue to 

harmonize Exchange Rule General 3, 

Section 16 with recent changes by the 

Financial Industry Regulatory 

Authority, Inc. (‘‘FINRA’’) to its Rule 

1015 in response to the COVID–19 

global health crisis and the 

corresponding need to restrict in-person 

activities.5 The Exchange originally 

filed proposed rule change SR–Phlx– 

2020–53, which allows the Exchange 

Review Council (‘‘ERC’’) to conduct 

hearings in connection with appeals of 

Membership Application Program 

decisions, on a temporary basis, by 

video conference, if warranted by the 

current COVID–19-related public health 

risks posed by an in-person hearing. In 

April 2021, the Exchange filed a 

proposed rule change, SR–Phlx–2021– 

027, to extend the expiration date of the 

temporary amendments in SR–Phlx– 

2020–53 from April 30, 2021, to August 

31, 2021.6 While there are signs of 


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