[Federal Register Volume 87, Number 118 (Tuesday, June 21, 2022)]
[Notices]
[Pages 36902-36906]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-13148]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-95100; File No. SR-Phlx-2022-22]


Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing 
of Proposed Rule Change To Permit the Listing and Trading of P.M.-
Settled Nasdaq-100 Index Options That Expire on Tuesday or Thursday 
Under Its Nonstandard Expirations Pilot Program

June 14, 2022.
    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 June 2, 2022, Nasdaq PHLX LLC (``Phlx'' 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.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to permit P.M.-settled Nasdaq-100 
Index[supreg] (``NDX'') options that expire on Tuesday or Thursday 
under its Nonstandard Expirations Pilot Program.
    The Exchange also proposes to make technical amendments within 
Options 5, Section 2, Order Protection; Options 8, Section 2, 
Definitions; and Options 8, Section 30, Crossing, Facilitation and 
Solicited Orders.
    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

[[Page 36903]]

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 4A, Section 12(b)(5), which 
governs its Nonstandard Expirations Pilot Program (``Pilot Program''), 
to permit P.M.-settled Nasdaq-100 Index (``NDXP'') options that expire 
on Tuesday or Thursday. Under the existing Pilot Program, the Exchange 
is permitted to list P.M.-settled options on broad-based indexes that 
expire on: (1) any Monday, Wednesday, or Friday (``Weekly 
Expirations'') and (2) the last trading day of the month (``End of 
Month Expirations'' or ``EOMs'').\3\ Today, Cboe Exchange, Inc. 
(``Cboe'') is permitted to list P.M.-settled S&P 500 Index options that 
expire on Tuesday or Thursday under its Nonstandard Expirations Pilot 
Program.\4\
---------------------------------------------------------------------------

    \3\ See Options 4A, Section 12(b)(5).
    \4\ See Securities Exchange Act Release No. 94682 (April 12, 
2022), 87 FR 22993 (April 18, 2022) (SR-CBOE-2022-005) (Notice of 
Filing of Amendment No. 1 and Order Granting Accelerated Approval of 
a Proposed Rule Change, as Modified by Amendment No. 1, To Expand 
the Nonstandard Expirations Pilot Program To Include P.M.-Settled 
S&P 500 Index Options That Expire on Tuesday or Thursday).
---------------------------------------------------------------------------

    Specifically, the proposed rule change amends Options 4A, Section 
12(b)(5)(A) to add NDXP options (P.M.-settled) that expire on Tuesday 
or Thursday as permissible Weekly Expirations under the Pilot Program 
(currently set to expire on November 4, 2022). The Exchange notes that 
permitting NDXP options with Tuesday and Thursday expirations, as 
proposed, is in addition to the NDXP options with Monday, Wednesday and 
Friday expirations that the Exchange may (and does) already list, as 
they are permissible Weekly Expirations for options on a broad-based 
index (e.g., NDX) pursuant to Options 4A, Section 12(b)(5)(A). The 
Pilot Program for Weekly Expirations will apply to NDXP options with 
Tuesday and Thursday expirations in the same manner as it currently 
applies to P.M.-settled broad-based index options with Monday, 
Wednesday and Friday expirations. That is, as proposed, Options 4A, 
Section 12(b)(5)(A) provides that the Exchange may open for trading 
Weekly Expirations on any broad-based index eligible for standard 
options trading to expire on any Monday, Wednesday, or Friday (other 
than the third Friday-of-the-month or days that coincide with an EOM 
expiration). In addition, the Exchange may also open for trading Weekly 
Expirations on NDX options to expire on any Tuesday or Thursday (other 
than days that coincide with the third Friday-of-the-month or an EOM 
expiration).\5\
---------------------------------------------------------------------------

    \5\ In the event that the third Friday of a given month is a 
holiday and the Exchange is not open for trading, the Exchange would 
not list both an A.M.-settled NDX option as well as P.M.-settled 
NDXP.
---------------------------------------------------------------------------

    Monday, Wednesday and Friday weekly expirations are subject to all 
provisions of Options 4A, Section 12(b)(5)(A) as would be the proposed 
Tuesday and Thursday expirations. Additionally, the Monday, Wednesday 
and Friday weekly expirations are treated the same as options on the 
same underlying index that expire on the third Friday of the expiration 
month as would be the proposed Tuesday and Thursday expirations; 
provided, however, that Weekly Expirations (including the new Tuesday 
and Thursday expirations) shall be P.M.-settled and new series in 
Weekly Expirations may be added up to and including on the expiration 
date for an expiring Weekly Expiration. The maximum number of 
expirations that may be listed for each Weekly Expiration (i.e., a 
Monday expiration, Tuesday expiration, Wednesday expiration, Thursday 
expiration, or Friday expiration, as applicable) in a given class is 
the same as the maximum number of expirations permitted in Options 4A, 
Section 12(b)(5)(A) for standard options on the same broad-based index 
(which is 12 for NDXP options).
    Weekly Expirations need not be for consecutive Monday, Tuesday, 
Wednesday, Thursday, or Friday expirations as applicable; however, the 
expiration date of a non-consecutive expiration may not be beyond what 
would be considered the last expiration date if the maximum number of 
expirations were listed consecutively. Weekly Expirations that are 
first listed in a given class may expire up to four weeks from the 
actual listing date. If the Exchange lists EOMs and Weekly Expirations 
as applicable in a given class, the Exchange will list an EOM instead 
of a Weekly Expiration that expires on the same day in the given 
class.\6\ Other expirations in the same class are not counted as part 
of the maximum number of Weekly Expirations for an applicable \7\ 
broad-based index class.
---------------------------------------------------------------------------

    \6\ Given that each trading day of the week, as proposed, could 
be the last trading day of the month and the day in which a Weekly 
Expiration expires, the Exchange updates this rule text to 
streamline the language.
    \7\ The Exchange updates the rule text for additional clarity.
---------------------------------------------------------------------------

    If the Exchange is not open for business on a respective Monday, 
the normally Monday expiring Weekly Expirations will expire on the 
following business day. If the Exchange is not open for business on a 
respective Tuesday, Wednesday, Thursday, or Friday, the normally 
Tuesday, Wednesday, Thursday, or Friday expiring Weekly Expirations 
will expire on the previous business day.
    The proposed rule change also adds that, if two different Weekly 
Expirations on NDX options would expire on the same day because the 
Exchange is not open for business on a certain weekday, the Exchange 
will list only one of such Weekly Expirations. The Exchange believes it 
is appropriate to clarify in the rule text that the Exchange will list 
just one Weekly Expiration in such a case, as the two Weekly 
Expirations would essentially be the same options contract. For 
example, if the Exchange listed NDXP options with proposed Thursday 
expirations and Friday expirations and the Exchange was closed for 
business on a Friday then, pursuant to current Options 4A, Section 
12(b)(5)(A), the normally expiring Friday expiration would expire on 
the previous business day--essentially making it an NDXP option with a 
Thursday expiration. Thus, expiring NDXP options in this case will 
always have the same weekday expiration (per the example, it is an NDXP 
option with a Thursday expiration, whether it was listed as an NDXP 
with a Thursday expiration or a Friday expiration). As such, for the 
sake of clarity in the rules and to mitigate any confusion regarding 
the listing of NDXP options when the Exchange is closed for business, 
the proposed rule change provides that the Exchange will list just one 
Weekly Expiration if two Weekly Expirations would expire on the same 
day due to the Exchange being closed for business. Transactions in 
Weekly Expirations may be effected on the Exchange between the hours of 
9:30 a.m. (Eastern Time) and 4:15 p.m. (Eastern Time), except that on 
the last trading day, transactions in expiring Weekly Expirations may 
be effected on the Exchange between the hours of 9:30

[[Page 36904]]

a.m. (Eastern time) and 4:00 p.m. (Eastern time).
    The Exchange believes that that the introduction of NDXP options 
with Tuesday and Thursday expirations will expand hedging tools 
available to market participants while also providing greater trading 
opportunities. By offering NDXP options with Tuesday and Thursday 
expirations along with the current Monday, Wednesday and Friday 
expirations, the proposed rule change will allow market participants to 
purchase NDXP options in a manner more aligned with specific timing 
needs and more effectively tailor their investment and hedging 
strategies and manage their portfolios.
    In particular, the proposed rule change will allow market 
participants to roll their positions on more trading days, thus with 
more precision, spread risk across more trading days and incorporate 
daily changes in the markets, which may reduce the premium cost of 
buying protection. The Exchange proposes to abide by the same reporting 
requirements for the trading of NDXP options that expire on any Tuesday 
or Thursday that it does for the trading of P.M.-settled options on 
broad-based indexes that expire on any Monday, Wednesday, or Friday 
pursuant to the Pilot Program.
Pilot Report
    The Exchange intends to submit a rule change proposing permanency 
of the Nonstandard Pilot to the Commission and would include data 
regarding NDXP options that expire on Tuesdays or Thursdays as it does 
for current Weekly Expirations on any broad-based index option either 
by providing additional data in such proposal or in an annual report 
regarding NDXP options that expire on each trading day of the week, as 
proposed. The Exchange would continue to provide the Commission with 
ongoing data regarding NDXP options that expire on Tuesdays or 
Thursdays unless and until the Nonstandard Pilot is made permanent or 
discontinued.
    As provided in the Pilot Program Approval Order,\8\ the annual 
report will contain an analysis of volume, open interest and trading 
patterns. In addition, for series that exceed certain minimum open 
interest parameters, the annual report will provide analysis of index 
price volatility and, if needed, share trading activity.\9\ 
Additionally, the Exchange will provide the Commission with any 
additional data or analyses the Commission requests because it deems 
such data or analyses necessary to determine whether the Pilot Program, 
including NDXP options with Tuesday and Thursday expirations as 
proposed, is consistent with the Exchange Act. As it does for current 
Pilot Program products, the Exchange will make public on its website 
all data and analyses in connection with NDXP options with Tuesday and 
Thursday expirations it submits to the Commission under the Pilot 
Program. Going forward, the Exchange will include the same areas of 
analysis for NDXP options with Tuesday and Thursday expirations. The 
Exchange also proposes to include the following market quality data, 
over sample periods determined by the Exchange and the Commission, for 
NDXP options (NDXP and standard NDX options) as part of the annual 
reports going forward: (1) time-weighted relative quoted spreads; (2) 
relative effective spreads; and (3) time-weighted bid and offer sizes.
---------------------------------------------------------------------------

    \8\ See Securities Exchange Act Release No. 82341 (December 15, 
2017), 82 FR 60651 (December 21, 2017) (approving SR-Phlx-2017-79) 
(Order Approving a Proposed Rule Change, as Modified by Amendment 
No. 1 and Granting Accelerated Approval of Amendment No. 2, of a 
Proposed Rule Change To Establish a Nonstandard Expirations Pilot 
Program).
    \9\ Specifically, for all Weekly Expirations and EOM series, the 
annual report will contain the following volume and open interest 
data for each broad-based index overlying Weekly Expiration and EOM 
options: (1) Monthly volume aggregated for all Weekly Expiration and 
EOM series, (2) Volume in Weekly Expiration and EOM series 
aggregated by expiration date, (3) Month-end open interest 
aggregated for all Weekly Expiration and EOM series, (4) Month-end 
open interest for EOM series aggregated by expiration date and open 
interest for Weekly Expiration series aggregated by expiration date, 
(5) Ratio of monthly aggregate volume in Weekly Expiration and EOM 
series to total monthly class volume, and (6) Ratio of month-end 
open interest in EOM series to total month-end class open interest 
and ratio of open interest in each Weekly Expiration series to total 
class open interest. In addition, the annual report will contain the 
information noted above for standard Expiration Friday, AM-settled 
series, if applicable, for the period covered in the pilot report as 
well as for the six-month period prior to the initiation of the 
pilot. See Pilot Program Approval Order at 60652 and 60653.
---------------------------------------------------------------------------

    The Exchange believes there is sufficient investor interest and 
demand in NDXP options with Tuesday and Thursday expirations to warrant 
inclusion in the Pilot Program and that the Pilot Program, as amended, 
will continue to provide investors with additional means of managing 
their risk exposures and carrying out their investment objectives.\10\ 
The Exchange notes that during the Pilot Program's 4 year tenure, the 
Exchange has not observed any significant adverse market effects or 
identified any regulatory concerns as a result of the Pilot Program, 
nor does it believe that additional expirations listed under the Pilot 
Program would result in any such impact or regulatory concerns. Based 
on a study conducted by Commission staff on the pilot data (including 
quarterly, weekly, EOM and third Friday expirations for P.M.-settled 
NDX options),\11\ there is no evidence of any significant adverse 
economic impact to the futures, index, or underlying index component 
securities markets as a result of the quantity of P.M.-settled NDX 
options that settle at the close or the amount of expiring open 
interest in P.M.-settled NDX options.\12\
---------------------------------------------------------------------------

    \10\ The Exchange additionally notes that it already allows NDXP 
options to expire on Tuesdays for normally Monday or Wednesday 
expiring NDXP options when the Exchange is not open for business on 
a respective Monday or Wednesday (as applicable), and already allows 
NDXP options to expire on Thursdays for normally Friday expiring 
NDXP options when the Exchange is not open for business on a 
respective Friday.
    \11\ See Securities and Exchange Commission, Division of 
Economic Risk and Analysis, Memorandum, Cornerstone Analysis of PM 
Cash-Settled Index Option Pilots (February 2, 2021) (``DERA Staff PM 
Pilot Memo''), available at: https://www.sec.gov/dera/staff-papers/studies-and-reports/analysis-of-pm-cash-settled-index-option-pilots.
    \12\ See DERA Staff PM Pilot Memo at 3. For example, the largest 
settlement event that occurred during the time period of the study 
(a settlement of $100.4 billion of notional on December 29, 2017) 
had an estimated impact on the futures price of only approximately 
0.02% (a predicted impact of $0.54 relative to a closing futures 
price of $2,677).
---------------------------------------------------------------------------

    With regard to the impact of this proposal on System capacity, the 
Exchange has analyzed its capacity and represents that it believes that 
the Exchange and OPRA have the necessary systems capacity to handle any 
potential additional traffic associated with trading of NDXP options 
with Tuesday and Thursday expirations. The Exchange does not believe 
that its members or member organizations will experience any capacity 
issues as a result of this proposal and represents that it will monitor 
the trading volume associated with any possible additional options 
series listed as a result of this proposal and the effect (if any) of 
these additional series on market fragmentation and on the capacity of 
the Exchange's automated systems. While this proposal may increase the 
number of strike intervals listed on Phlx, the amount of additional 
strike intervals added should be insignificant.
Technical Amendments
    The Exchange also proposes to amend Options 5, Section 2, Order 
Protection. The Exchange proposes to remove a citation to paragraph (c) 
within Options 5, Section 2(a). This rule has not paragraph (c).

[[Page 36905]]

    The Exchange proposes to amend Options 8, Section 2, Definitions, 
to update an incorrect citation to Rule 1(z). The proper citation is to 
General 1, Section 1(23).
    Finally, the Exchange proposes to amend Options 8, Section 30, 
Crossing, Facilitation and Solicited Orders to remove the stray word 
``Rule.''
Implementation
    Provided this rule change is approved, the Exchange proposes to 
implement this rule change on or before August 1, 2022. The Exchange 
will issue an Options Trader Alert to notify members and member 
organizations of the implementation date.
2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section 
6(b) of the Act,\13\ in general, and furthers the objectives of Section 
6(b)(5) of the Act,\14\ in particular, 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. Specifically, the Exchange believes the proposed rule change 
is consistent with the Section 6(b)(5) \15\ 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 
facilitation 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. 
Additionally, the Exchange believes the proposed rule change is 
consistent with the Section 6(b)(5) \16\ requirement that the rules of 
an exchange not be designed to permit unfair discrimination between 
customers, issuers, brokers, or dealers.
---------------------------------------------------------------------------

    \13\ 15 U.S.C. 78f(b).
    \14\ 15 U.S.C. 78f(b)(5).
    \15\ 15 U.S.C. 78f(b)(5).
    \16\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    In particular, the Exchange does not believe that the addition of 
NDXP options with Tuesday and Thursday expirations to the Pilot Program 
will raise any prohibitive regulatory concerns, nor adversely impact 
fair and orderly markets on expiration days. The Exchange has not 
experienced any meaningful regulatory concerns, nor adverse impact on 
fair and orderly markets, in connection with the Pilot Program that has 
permitted the listing and trading of NDXP options with Monday, 
Wednesday and Friday expirations since 2018. Particularly, and as 
described above, the Exchange does not believe increases in the number 
P.M.-settled NDX options series will have any significant adverse 
economic impact on the futures, index, or underlying index component 
securities markets. The Exchange believes that the proposed rule change 
will provide investors with greater trading and hedging opportunities 
and flexibility, allowing them to transact in NDXP options in a manner 
more aligned with specific timing needs and more effectively tailor 
their investment and hedging objectives by listing NDXP options that 
expire each trading day of the week.
    The Exchange notes also that it will include analysis in connection 
with NDXP options that expire on Tuesdays and Thursdays, in the same 
manner that it currently does for other Pilot Program products, as well 
as the additional market quality data as described above, in either a 
permanency proposal or in an annual report it submits to the 
Commission, and will provide the Commission with any additional data or 
analyses that it may request if it deems such data or analyses 
necessary to determine whether the Pilot Program, including NDXP 
options with Tuesday and Thursday expirations as proposed, is 
consistent with the Exchange Act.
    The Exchange represents that it believes that it has the necessary 
systems capacity to support any additional traffic associated with 
trading of NDXP options with Tuesday and Thursday expirations and does 
not believe that its members and member organizations will experience 
any capacity issues as a result of this proposal. The Exchange will 
monitor the trading volume associated with any possible additional 
options series listed and the effect (if any) of these additional 
series on market fragmentation and on the capacity of the Exchange's 
automated systems. The Exchange again notes that, as a result of an 
NDXP options strike mitigation initiative recently implemented by the 
Exchange, the number of NDXP options series listed on the Exchange once 
Tuesday and Thursday expirations become available will be less than the 
number of such series that were listed prior to the implementation of 
the strike mitigation initiative.
Technical Amendments
    The proposed amendments to Options 5, Section 2, Order Protection; 
Options 8, Section 2, Definitions; and Options 8, Section 30, Crossing, 
Facilitation and Solicited Orders are non-substantive technical 
amendments.

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 does not 
believe that the proposed rule change will impose any burden on intra-
market competition that is not necessary or appropriate in furtherance 
of the purposes of the Act because NDXP options with Tuesday and 
Thursday expirations will be available to all market participants. By 
listing NDXP options that expire Tuesdays and Thursdays, the proposed 
rule change will provide all investors that participate in the NDX 
options market greater trading and hedging opportunities and 
flexibility to meet their investment and hedging needs.
    Additionally, Tuesday and Thursday expiring NDXP options will trade 
in the same manner as Weekly Expirations currently trade. The Exchange 
does not believe that the proposal to list NDXP options with Tuesday 
and Thursday expirations will impose any burden on inter-market 
competition that is not necessary or appropriate in furtherance of the 
purposes of the Act because NDX options (including NDXP options) are 
proprietary Exchange products. Also, Cboe similarly lists Tuesday and 
Thursday options within their non-standard program.\17\ To the extent 
that the addition of NDXP options that expire on Tuesdays and Thursdays 
available for trading on the Exchange makes the Exchange a more 
attractive marketplace to market participants at other exchanges, such 
market participants are free to elect to become market participants on 
the Exchange.
---------------------------------------------------------------------------

    \17\ See supra note 4.
---------------------------------------------------------------------------

Technical Amendments
    The proposed amendments to Options 5, Section 2, Order Protection; 
Options 8, Section 2, Definitions; and Options 8, Section 30, Crossing, 
Facilitation and Solicited Orders are non-substantive technical 
amendments.

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.

[[Page 36906]]

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 the 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

    <bullet> Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
    <bullet> Send an email to <a href="/cdn-cgi/l/email-protection#2e5c5b424b034d4143434b405a5d6e5d4b4d00494158"><span class="__cf_email__" data-cfemail="493b3c252c642a2624242c273d3a093a2c2a672e263f">[email protected]</span></a>. Please include 
File Number SR-Phlx-2022-22 on the subject line.

Paper Comments

    <bullet> 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-2022-22. 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-Phlx-2022-22, and should be submitted on 
or before July 12, 2022.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\18\
---------------------------------------------------------------------------

    \18\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-13148 Filed 6-17-22; 8:45 am]
BILLING CODE 8011-01-P


</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body>
</html>