Document ID: SEC-2020-1658-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: MEMX, LLC
Posted Date: 2020-10-19T04:00Z

[Federal Register Volume 85, Number 202 (Monday, October 19, 2020)]
[Notices]
[Pages 66373-66376]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-23011]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-90159; File No. SR-MEMX-2020-12]

Self-Regulatory Organizations; MEMX LLC; Notice of Filing and 
Immediate Effectiveness of a Proposed Rule Change To Extend the Pilot 
Related to the Market-Wide Circuit Breaker in Rule 11.16 and Amend Rule 
11.16(b)(2) Concerning the Resumption of Trading Following a Level 3 
Market-Wide Circuit Breaker Halt

October 13, 2020.
    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 October 9, 2020, MEMX LLC (``MEMX'' or the ``Exchange'') 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 ``non-controversial'' proposed rule change pursuant to Section 
19(b)(3)(A)(iii) of the Act \3\ and Rule 19b-4(f)(6) thereunder.\4\ The 
Commission is publishing this notice to solicit comments on the 
proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A).
    \4\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange is filing with the Commission a proposed rule change 
to: (i) Extend the pilot related to the market-wide circuit breaker in 
Rule 11.16 and (ii) amend Rule 11.16(b)(2) concerning the resumption of 
trading following a Level 3 market-wide circuit breaker halt. The text 
of the proposed rule change is provided in Exhibit 5.

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, the Exchange included statements 
concerning the purpose of and basis for the proposed rule change and 
discussed any comments it received on the proposed rule change. The 
text of these statements may be examined at the 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
Extend the Market-Wide Circuit Breaker Pilot
    The Exchange proposes to extend the effectiveness of the Exchange's 
current rule applicable to market-wide circuit breakers (``MWCB'') to 
the close of business on October 18, 2021. Portions of Rule 11.16, 
explained in further detail below, are currently operating as a pilot 
program which is currently set to expire at the close of business on 
October 18, 2020.\5\
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    \5\ See Exchange Rule 11.16.
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    Rule 11.16 provides a methodology for determining when to halt 
trading in all stocks due to extraordinary market volatility (i.e., 
market-wide circuit breakers). The MWCB mechanism adopted by other 
national securities exchanges was originally approved by the Commission 
to operate on a pilot basis,\6\ the term of which was to coincide with 
the pilot period for the Plan to Address Extraordinary Market 
Volatility Pursuant to Rule 608 of Regulation NMS (the ``LULD 
Plan''),\7\ including any extensions to the pilot period for the LULD 
Plan.\8\ In April 2019, the Commission approved an amendment to the 
LULD Plan for it to operate on a permanent, rather than pilot, 
basis.\9\ In light of the proposal to make the LULD Plan permanent, all 
U.S. equity exchanges and the Financial Industry Regulatory Authority, 
Inc. (``FINRA'') amended their rules to untie the pilot's effectiveness 
from that of the LULD Plan and to extend the pilot's effectiveness to 
the close of business on October 18, 2019.\10\ The pilot's 
effectiveness was subsequently extended for an additional year to the 
close of business on October 18, 2020.\11\ On May 4, 2020, the 
Commission approved MEMX's Form 1 Application to register as a national 
securities exchange with rules including, on a pilot basis expiring on 
October 18, 2020, certain portions of MEMX Rule 11.16.\12\
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    \6\ See, e.g., Securities Exchange Act Release No. 67090 (May 
31, 2012), 77 FR 33531 (June 6, 2012) (SR-NYSE-2011-48).
    \7\ See Securities Exchange Act Release No. 67091 (May 31, 
2012), 77 FR 33498 (June 6, 2012). The LULD Plan provides a 
mechanism to address extraordinary market volatility in individual 
securities.
    \8\ See, e.g., Securities Exchange Act Release Nos. 67090 (May 
31, 2012), 77 FR 33531 (June 6, 2012) (SR-NYSE-2011-48) (Approval 
Order); and 68784 (January 31, 2013), 78 FR 8662 (February 6, 2013) 
(SR-NYSE-2013-10) (Notice of Filing and Immediate Effectiveness of 
Proposed Rule Change Delaying the Operative Date of a Rule Change to 
NYSE Rule 80B).
    \9\ See Securities Exchange Act Release No. 85623 (April 11, 
2019), 84 FR 16086 (April 17, 2019).
    \10\ See, e.g., Securities Exchange Act Release No. 85560 (April 
9, 2019), 84 FR 15247 (April 15, 2019) (SR-NYSE-2019-19).
    \11\ See, e.g., Securities Exchange Act Release No. 87016 
(September 19, 2019), 84 FR 50502 (September 25, 2019) (SR-NYSE-
2019-51).
    \12\ See Securities Exchange Release No. 88806 (May 4, 2020), 85 
FR 27451 (May 8, 2020).
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    The Exchange now proposes to amend Rule 11.16 to extend the pilot 
to the close of business on October 18, 2021. This filing does not 
propose any substantive or additional changes to Rule 11.16 other than 
the proposed change to Rule 11.16(b)(2) concerning the resumption of 
trading following a Level 3 market-wide circuit breaker halt as further 
described below.
    The market-wide circuit breaker under Rule 11.16 provides an 
important, automatic mechanism that is invoked to promote stability and 
investor confidence during a period of significant stress when 
securities markets experience extreme broad-based declines. All U.S. 
equity exchanges and FINRA adopted uniform rules on a pilot basis 
relating to market-wide circuit breakers in 2012, which are designed to 
slow the effects of extreme price movement through coordinated trading 
halts across securities markets when

[[Page 66374]]

severe price declines reach levels that may exhaust market 
liquidity.\13\ Market-wide circuit breakers provide for trading halts 
in all equities and options markets during a severe market decline as 
measured by a single-day decline in the S&P 500 Index.
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    \13\ See Securities Exchange Act Release No. 67090 (May 31, 
2012), 77 FR 33531 (June 6, 2012) (SR-BATS-2011-038; SR-BYX-2011-
025; SR-BX-2011-068; SR-CBOE-2011-087; SR-C2-2011-024; SR-CHX-2011-
30; SR-EDGA-2011-31; SR-EDGX-2011-30; SR-FINRA-2011-054; SR-ISE-
2011-61; SR-NASDAQ-2011-131; SR-NSX-2011-11; SR-NYSE-2011-48; SR-
NYSEAmex-2011-73; SR-NYSEArca-2011-68; SR-Phlx-2011-129) (``MWCB 
Approval Order'').
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    Pursuant to Rule 11.16, a market-wide trading halt will be 
triggered if the S&P 500 Index declines in price by specified 
percentages from the prior day's closing price of that index. 
Currently, the triggers are set at three circuit breaker thresholds: 7% 
(Level 1), 13% (Level 2), and 20% (Level 3). A market decline that 
triggers a Level 1 or Level 2 halt after 9:30 a.m. ET and before 3:25 
p.m. ET would halt market-wide trading for 15 minutes, while a similar 
market decline at or after 3:25 p.m. ET would not halt market-wide 
trading. Under current Rule 11.16, a market decline that triggers a 
Level 3 halt, at any time during the trading day, would halt market-
wide trading until the primary listing market opens the next trading 
day.\14\
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    \14\ As described in further detail below, the Exchange proposes 
to amend this aspect of Rule 11.16 to conform to the rules of other 
exchanges.
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    Since the MWCB pilot was last extended in October 2019, the MWCB 
mechanism has proven itself to be an effective tool for protecting 
markets through turbulent times. In the Spring of 2020, at the outset 
of the worldwide COVID-19 pandemic, U.S. equities markets experienced 
four MWCB Level 1 halts, on March 9, 12, 16, and 18, 2020. In each 
instance, the markets halted as intended upon a 7% drop in the S&P 500 
Index, and resumed as intended 15 minutes later.
    In response to these events, the previously-convened MWCB Taskforce 
(``Taskforce'') reviewed the March 2020 halts and considered whether 
any immediate changes to the MWCB mechanism should be made. The 
Taskforce, consisting of representatives from equities exchanges, 
futures exchanges, FINRA, broker-dealers, and other market 
participants, had been assembled in early 2020 to consider more 
generally potential changes to the MWCB mechanism. The Taskforce held 
ten meetings in the Spring and Summer of 2020 that were attended by 
Commission staff to consider, among other things: (1) Whether to retain 
the S&P 500 Index as the standard for measuring market declines; (2) 
whether halts that occur shortly after the 9:30 a.m. market open cause 
more harm than good; and (3) what additional testing of the MWCB 
mechanism should be done.
    After considering data and anecdotal reports of market 
participants' experiences during the March 2020 MWCB events, the 
Taskforce did not recommend immediate changes be made to the use of the 
S&P 500 Index as the reference price against which market declines are 
measured, or to the current MWCB mechanism which permits halts even 
shortly after the 9:30 a.m. market open. The Taskforce recommended 
creating a process for a backup reference price in the event that the 
S&P 500 Index becomes unavailable, and enhancing functional MWCB 
testing. The Taskforce also asked CME to consider modifying its rules 
to enter into a limit-down state in the futures pre-market after a 7% 
decline instead of 5%.
    On September 17, 2020, the Director of the Division of Trading and 
Markets requested that the equities exchanges and FINRA prepare a more 
complete study of the design and operation of the MWCB mechanism and 
the LULD Plan during the period of volatility in the Spring of 2020. 
Based on the results of that study, the Exchange expects to work with 
the Commission, FINRA, the other exchanges, and market participants to 
determine if any additional changes to the MWCB mechanism should be 
made, including consideration of rules and procedures for the periodic 
testing of the MWCB mechanism with industry participants.
    In addition to the work of the Taskforce, the equities exchanges 
also moved forward in 2019 and 2020 with a plan to normalize their Day 
2 opening procedures after a Level 3 MWCB halt, such that all exchanges 
would reopen on Day 2 with a standard opening auction. Other exchanges 
filed rule changes to that effect in March 2020,\15\ and successfully 
tested the implementation of those changes on September 12, 2020. The 
Exchange proposes to adopt these changes as part of this proposal, as 
further described below.
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    \15\ See, e.g., Securities Exchange Act Release Nos. 88342 
(March 6, 2020), 85 FR 14513 (March 12, 2020) (SR-NASDAQ-2020-003); 
88420 (March 18, 2020), 85 FR 16696 (March 24, 2020) (SR-CboeEDGX-
2020-012); 88402 (March 17, 2020), 85 FR 16436 (March 23, 2020) (SR-
NYSE-2020-20).
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Resumption of Trading Following a Level 3 Market-Wide Circuit Breaker 
Halt
    Today, in the event that a Level 3 market decline occurs, the 
Exchange would halt trading for the remainder of the trading day, and 
would not resume until the primary listing market opens the next 
trading day, which time may currently vary depending on the primary 
listing market. For example, if the primary listing market is the New 
York Stock Exchange (``NYSE''), NYSE would resume trading in its listed 
securities at 9:30 a.m. ET on the next trading day, and the Exchange 
would not be able to resume trading during the Exchange's Pre-Market 
Session.\16\ Alternatively, if the primary listing market is the Nasdaq 
Stock Market LLC (``Nasdaq''), Nasdaq would resume trading in its 
listed securities at 4:00 a.m. ET on the next trading day, and 
therefore, the Exchange would resume trading at the commencement of the 
Pre-Market Session.
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    \16\ See Exchange Rule 1.5(x).
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    Earlier this year, other exchanges adopted rule changes to 
standardize their Day 2 opening procedures following a Level 3 MWCB 
halt.\17\ The Exchange proposes to adopt the standardized approach for 
resuming trading in all NMS Stocks following a Level 3 halt. The 
proposed approach would allow for the opening of all securities the 
next trading day after a Level 3 halt as a regular trading day, and is 
designed to ensure that Level 3 MWCB events are handled in a more 
consistent manner that is transparent for market participants.\18\ As 
proposed, a Level 3 halt would end at the end of the trading day on 
which it is declared. This proposed change would allow for next-day 
trading to resume in all NMS Stocks no differently from any other 
trading day. In other words, an exchange could resume trading in any 
security when it first begins trading under its rules and would not 
need to wait for the primary listing market to reopen trading in a 
security before it could start trading such security. Accordingly, 
under the proposal, the Exchange could begin trading all securities at 
the beginning of the Exchange's Pre-Market Session.
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    \17\ See supra note 15.
    \18\ Of note, the U.S. futures markets, which have similar rules 
for coordinated MWCB halts, normally begin their ``next day'' 
trading session at 6:00 p.m. ET (for CFE and CME) or at 8:00 p.m. ET 
(for ICE).
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    To effect this change, the Exchange proposes to delete the language 
in Rule 11.16(b)(2) requiring the Exchange to wait until the primary 
listing exchange opens the next trading day following a Level 3 market 
decline, and specify that

[[Page 66375]]

the Exchange will halt trading for the remainder of the trading 
day.\19\ The proposed rule change would therefore allow each exchange 
to resume trading in all securities the next trading day following a 
Level 3 halt at whatever time such exchange normally begins trading 
under its rules, which for the Exchange would be at the beginning of 
the Pre-Market Session at 7:00 a.m. ET under its current rules. The 
Exchange notes that the primary listing exchanges have already made and 
tested changes to facilitate this change by sending resume messages to 
the applicable securities information processor (``SIP'') to lift the 
Level 3 trading halt message in all securities. The resumption messages 
will be disseminated after the SIP has started on the next trading day 
and before the start of the earliest pre-market trading session of all 
exchanges. If a security is separately subject to a regulatory halt 
that has not ended, the primary listing exchange would replace the 
Level 3 halt message with the applicable regulatory halt message.
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    \19\ Presently, the Exchange's equities trading day ends at 5:00 
p.m. ET. See Exchange Rule 1.5(w).
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    Having a consistent approach for all securities will make the 
opening process the day after a Level 3 halt more uniform and reduce 
complexity, which the Exchange believes is important after a 
significant market event. Based on industry feedback, the Exchange 
believes that opening in the normal course in all equity securities 
will be beneficial to the marketplace. By allowing trading to resume 
after a Level 3 halt in all securities no differently from any normal 
trading day under the respective rules of each exchange, the proposed 
rule change would provide greater certainty to the marketplace by 
ensuring a familiar experience for all market participants that trade 
NMS Stocks and balances out potential concerns around volatility. While 
the Exchange recognizes that the impact of this proposal is to permit 
all securities to be traded in the Pre-Market Session, which does not 
have certain price protections for volatility such as LULD Bands or 
MWCB protections, the Exchange nonetheless believes that this outcome 
is outweighed by the benefits provided by opening in the Pre-Market 
Session in a manner that is more familiar to the marketplace. Moreover, 
allowing the resumption of trading to occur on the Exchange at the 
beginning of the Pre-Market Session in all NMS Stocks will allow for 
price formation to occur earlier in the trading day, which in turn 
allows market participants to react to news that has developed. As 
such, trading at the beginning of regular hours may be more orderly.
2. Statutory Basis
Extend the Market-Wide Circuit Breaker Pilot
    The Exchange believes that its proposal is consistent with Section 
6(b) of the Act,\20\ in general, and furthers the objectives of Section 
6(b)(5) of the Act,\21\ 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. The market-wide circuit breaker mechanism under Rule 11.16 is 
an important, automatic mechanism that is invoked to promote stability 
and investor confidence during a period of significant stress when 
securities markets experience extreme broad-based declines. Extending 
the market-wide circuit breaker pilot for an additional year would 
ensure the continued, uninterrupted operation of a consistent mechanism 
to halt trading across the U.S. markets while the Exchange and the 
other SROs study the design and operation of the MWCB mechanism and the 
LULD Plan during the period of volatility in the Spring of 2020. Based 
on the results of that study, the Exchange expects to work with the 
Commission, FINRA, the other exchanges, and market participants to 
determine if any additional changes to the MWCB mechanism should be 
made, including consideration of rules and procedures for the periodic 
testing of the MWCB mechanism with industry participants.
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    \20\ 15 U.S.C. 78f(b).
    \21\ 15 U.S.C. 78f(b)(5).
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    The Exchange also believes that the proposed rule change promotes 
just and equitable principles of trade in that it promotes transparency 
and uniformity across markets concerning when and how to halt trading 
in all stocks as a result of extraordinary market volatility. Based on 
the foregoing, the Exchange believes the benefits to market 
participants from the MWCB under Rule 11.16 should continue on a pilot 
basis because the MWCB will promote fair and orderly markets, and 
protect investors and the public interest.
Resumption of Trading Following a Level 3 Market-Wide Circuit Breaker 
Halt
    The Exchange believes that the proposed change to Rule 11.16(b)(2) 
promotes just and equitable principles of trade in that it promotes 
transparency and uniformity across markets concerning when and how to 
halt trading in all stocks as a result of extraordinary market 
volatility, and how the markets will resume trading following a Level 3 
market decline. As described above, the Exchange is seeking to adopt a 
standardized approach related to resuming trading in NMS Stocks after a 
Level 3 MWCB halt; this approach has already been adopted and tested by 
other national securities exchanges and FINRA.\22\ In this regard, the 
Exchange believes that the proposal to resume trading in all securities 
following a Level 3 halt in the same manner that securities would open 
trading on a regular trading day (i.e., with continuous trading on the 
Exchange at the beginning of the Pre-Market Session at 7 a.m. ET) will 
benefit investors, the national market system, Exchange members, and 
the Exchange market by promoting a fair and orderly market and reducing 
confusion during a significant cross-market event. By allowing trading 
to resume after a Level 3 halt in all securities no differently from 
any normal trading day under the respective rules of each exchange, the 
proposed rule changes would provide greater certainty to the 
marketplace by ensuring a familiar experience for all market 
participants that trade NMS Stocks. Based on the foregoing, the 
Exchange believes the benefits to market participants from the MWCB 
under Rule 11.16 with the proposed standardized process for resuming 
trading in all securities following a Level 3 halt will promote fair 
and orderly markets, and protect investors and the public interest.
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    \22\ See supra note 15.
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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 because the proposal would 
ensure the continued, uninterrupted operation of a consistent mechanism 
to halt trading across the U.S. markets while the Exchange and the 
other SROs study the design and operation of the MWCB mechanism and the 
LULD Plan during the period of volatility in the Spring of 2020.
    Further, the Exchange understands that FINRA and other national 
securities exchanges will file proposals to extend their rules 
regarding the market-wide circuit breaker pilot. Thus, the proposed 
rule change will help to ensure consistency across market centers 
without implicating any competitive issues.

[[Page 66376]]

    The Exchange also does not believe that the proposed change to Rule 
11.16(b)(2) will impose any burden on competition not necessary or 
appropriate in furtherance of the purposes of the Act because the 
proposed Level 3 rule change described above would standardize the 
opening process for all securities on the Exchange, which would make 
the opening process the day after a Level 3 halt more uniform and 
reduce complexity. Further, the proposal is based on filings of other 
markets that have already adopted the proposed Level 3 rule change.\23\
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    \23\ See id.
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C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    The Exchange neither solicited nor received comments on the 
proposed rule change.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    The Exchange has designated this rule filing as non-controversial 
under Section 19(b)(3)(A) \24\ of the Act and Rule 19b-4(f)(6) \25\ 
thereunder. 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 and Rule 19b-
4(f)(6) thereunder.\26\
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    \24\ 15 U.S.C. 78s(b)(3)(A).
    \25\ 17 CFR 240.19b-4(f)(6).
    \26\ 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 
filing of the proposed rule change, or such shorter time as 
designated by the Commission. The Commission has waived this 
requirement.
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    A proposed rule change filed under Rule 19b-4(f)(6) \27\ normally 
does not become operative for 30 days after the date of filing. 
However, pursuant to Rule 19b-4(f)(6)(iii),\28\ 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. Extending the pilot for an additional 
year will allow the uninterrupted operation of the existing pilot while 
the Exchange, FINRA, and the other exchanges conduct a study of the 
MWCB mechanism in consultation with market participants and determine 
if any additional changes to the MWCB mechanism should be made, 
including consideration of rules and procedures for the periodic 
testing of the MWCB mechanism with industry participants. With respect 
to the proposed change relating to the resumption of trading after a 
Level 3 halt, the Commission notes that it approved a substantively 
similar proposed rule change submitted by Nasdaq, and waiver of the 
operative delay will ensure consistency across the market centers and 
the timely implementation of the proposed rule change. Therefore, the 
Commission believes that waiving the 30-day operative delay is 
consistent with the protection of investors and the public interest. 
The Commission hereby designates the proposed rule change to be 
operative upon filing.\29\
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    \27\ Id.
    \28\ 17 CFR 240.19b-4(f)(6)(iii).
    \29\ For 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).
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    At any time within 60 days of the filing of the proposed rule 
change, the Commission summarily may temporarily suspend such rule 
change if it appears to the Commission that such action is necessary or 
appropriate in the public interest, for the protection of investors, or 
otherwise in furtherance of the purposes of the Act. If the Commission 
takes such action, the Commission shall institute proceedings to 
determine whether the proposed rule change should be approved or 
disapproved.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act. Comments may be submitted by any of 
the following methods:

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to rule-comments@sec.gov. Please include 
File Number SR-MEMX-2020-12 on the subject line.

Paper Comments

     Send paper comments in triplicate to Secretary, Securities 
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.

All submissions should refer to File Number SR-MEMX-2020-12. 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-MEMX-2020-12 and 
should be submitted on or before November 9, 2020.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\30\
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    \30\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-23011 Filed 10-16-20; 8:45 am]
BILLING CODE 8011-01-P