Document ID: SEC-2021-1719-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: MEMX, LLC
Posted Date: 2021-12-08T05:00Z

[Federal Register Volume 86, Number 233 (Wednesday, December 8, 2021)]
[Notices]
[Pages 69697-69699]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-26529]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-93710 File No. SR-MEMX-2021-17]

Self-Regulatory Organizations; MEMX LLC; Notice of Filing and 
Immediate Effectiveness of a Proposed Rule Change To Make Juneteenth 
National Independence Day a Holiday of the Exchange

December 2, 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 November 22, 2021, 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 self-regulatory organization. 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.
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I. Self-Regulatory Organization's Statement of the Terms of the 
Substance of the Proposed Rule Change

    The Exchange is filing with the Commission a proposal to amend 
Exchange Rule 11.1 (Hours of Trading and Trading Days) to make 
Juneteenth National Independence Day a holiday of the Exchange. 
Juneteenth National Independence Day was designated a legal public 
holiday in June 2021. 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
    The Exchange proposes to amend paragraph (b) of Exchange Rule 11.1 
(Hours of Trading and Trading Days) to make Juneteenth National 
Independence Day a holiday of the Exchange. This rule filing is based 
on a proposal recently submitted by the New York Stock Exchange LLC 
(``NYSE'') and its affiliated exchanges.\3\ On June 17, 2021, 
Juneteenth National Independence Day was designated a legal public 
holiday.\4\ Consistent with industry sentiment,\5\ the approach 
recommended by the Securities Industry and Financial

[[Page 69698]]

Markets Association (``SIFMA''),\6\ and MEMX's own determination that 
MEMX's rules should recognize this important date in American history, 
the Exchange proposes to add ``Juneteenth National Independence Day'' 
to the existing list of holidays in paragraph (b) of MEMX Rule 11.1. As 
a result, the Exchange will not be open for the transaction of business 
on Juneteenth National Independence Day, which falls on June 19 of each 
year. In accordance with paragraph (b) of MEMX Rule 11.1, when any 
holiday observed by the Exchange falls on a Saturday, the Exchange will 
not be open for business on the preceding Friday, and when it falls on 
a Sunday, the Exchange will not be open for business on the following 
Monday, unless otherwise indicated by the Exchange.\7\
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    \3\ See Securities Exchange Act Release No. 93183 (September 30, 
2021), 86 FR 55068 (October 5, 2021) (SR-NYSE-2021-56) (amending 
NYSE Rule 7.2 to include Juneteenth as an exchange holiday).
    \4\ Public Law 117-17.
    \5\ See, e.g., Bank of America Makes Juneteenth a Holiday, 
Joining JPMorgan, Wells Fargo.
    \6\ SIFMA recommends a full market close in observance of 
Juneteenth National Independence Day. See SIFMA Revises 2022 Fixed 
Income Market Close Recommendations in the U.S. to Include Full 
Close for Juneteenth National Independence Day.
    \7\ The Exchange might otherwise indicate if unusual business 
conditions exist such as the ending of a monthly or yearly 
accounting period.
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    Accordingly, as proposed, paragraph (b) of MEMX Rule 11.1 would be 
revised to read as follows (proposed additions below):

    The Exchange will be open for the transaction of business on 
business days. The Exchange will not be open for business on the 
following holidays: New Year's Day, Dr. Martin Luther King Jr. Day, 
Presidents Day, Good Friday, Memorial Day, Juneteenth National 
Independence Day, Independence Day, Labor Day, Thanksgiving Day or 
Christmas. When any holiday observed by the Exchange falls on a 
Saturday, the Exchange will not be open for business on the 
preceding Friday. When any holiday observed by the Exchange falls on 
a Sunday, the Exchange will not be open for business on the 
following Monday, unless otherwise indicated by the Exchange.

    The Exchange also notes that several other national securities 
exchanges have added Juneteenth National Independence Day as an 
exchange holiday as well.\8\
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    \8\ See BOX Exchange LLC Rule 7020(e); Miami International 
Securities Exchange LLC Rule 501; MIAX Emerald, LLC Rule 501; MIAX 
Pearl, LLC Rule 501; NYSE Rule 7.2; NYSE American LLC Rule 7.2E; 
NYSE Arca, Inc. Rules 7.2-E and 7.2-O; NYSE Chicago, Inc. Rule 7.2 
and NYSE National Rule 7.2.
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2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section 
6(b) of the Act,\9\ in general, and furthers the objectives of Section 
6(b)(5) of the Act,\10\ in particular, in that it is designed to 
prevent fraudulent and manipulative 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.
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    \9\ 15 U.S.C. 78f(b).
    \10\ 15 U.S.C. 78f(b)(5).
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    Specifically, the Exchange believes that the proposed change would 
remove impediments to and perfect the mechanism of a free and open 
market and a national market system and, in general, protect investors 
and the public interest because the proposed amended rule would clearly 
state that the Exchange will not be open for business on Juneteenth 
National Independence Day, which is a federal holiday, and would 
address what day would be taken off if June 19 fell on a Saturday or 
Sunday. The change would thereby promote clarity and transparency in 
the Exchange Rules by updating the list of holidays of the Exchange.

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will 
result in any burden on competition that is not necessary or 
appropriate in furtherance of the purposes of the Act. The proposed 
change is not designed to address any competitive issue but rather to 
amend the Exchange rule regarding holidays.

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) of the Act \11\ and Rule 19b-
4(f)(6) thereunder.\12\
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    \11\ 15 U.S.C. 78s(b)(3)(A).
    \12\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii) 
requires a self-regulatory organization 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.
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    A proposed rule change filed under Rule 19b-4(f)(6) \13\ normally 
does not become operative prior to 30 days after the date of the 
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\14\ the Commission 
may designate a shorter time if such action is consistent with the 
protection of investors and the public interest. The Exchange has 
requested that the Commission waive the 30-day operative delay so that 
the proposal may become operative prior to 30 days after the date of 
the filing. The Exchange states that waiver of the operative delay 
would be consistent with the protection of investors and the public 
interest because the proposed rule change, as described above, would 
state that the Exchange will not be open for business on Juneteenth 
National Independence Day, which is a federal holiday, and would 
address what day would be taken off if June 19 fell on a Saturday or 
Sunday. The Exchange further states that the proposed change does not 
raise any new or novel issues. For these reasons, the Commission 
believes that waiver of the 30-day operative delay is consistent with 
the protection of investors and the public interest. Accordingly, the 
Commission hereby waives the operative delay and designates the 
proposed rule change operative upon filing.\15\
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    \13\ 17 CFR 240.19b-4(f)(6).
    \14\ 17 CFR 240.19b-4(f)(6)(iii).
    \15\ For purposes only of waiving the 30-day operative delay, 
the Commission also has 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:

[[Page 69699]]

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include 
File Number SR-MEMX-2021-17 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-2021-17. 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 will also 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-2021-17 and should be submitted on 
or before December 29, 2021.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\16\
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    \16\ 17 CFR 200.30-3(a)(12), (59).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-26529 Filed 12-7-21; 8:45 am]
BILLING CODE 8011-01-P