Document ID: SEC-2021-0979-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: Nasdaq PHLX, LLC
Posted Date: 2021-07-19T04:00Z

[Federal Register Volume 86, Number 135 (Monday, July 19, 2021)]
[Notices]
[Pages 38151-38154]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-15195]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-92393; File No. SR-Phlx-2021-38]

Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing 
and Immediate Effectiveness of Proposed Rule Change To Amend Options 2, 
Section 5, Electronic Market Maker Obligations and Quoting Requirements

July 13, 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 June 30, 2021, 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.
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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 Substance 
of the Proposed Rule Change

    The Exchange proposes to amend Options 2, Section 5, Electronic 
Market Maker Obligations and Quoting Requirements.
    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 amend Phlx Rules at Options 2, Section 5, 
Electronic Market Maker Obligations and Quoting Requirements. 
Currently, the Exchange requires Market Makers \3\ and Lead Maker 
Makers \4\ to enter bids and offers for the options to which they are 
registered, except in an assigned options series listed intra-day on 
the Exchange.\5\ Quotations must meet the legal quote width 
requirements specified in Options 2, Section 4(c).\6\ On a daily basis, 
an electronic Market Maker must make markets consistent with the 
applicable quoting requirements. Market Makers (SQTs and RSQTs) 
associated with the same member organization \7\ are collectively 
required to provide two-sided quotations in 60% of the cumulative 
number of seconds, or such higher percentage as Phlx may announce in 
advance, for which that member organization's assigned options series 
are open for trading.\8\ Notwithstanding the foregoing, a member 
organization is not required to make two-sided markets pursuant to 
Options 2, Section 5(c)(2) in any Quarterly Option Series, any adjusted 
option series,\9\ and any option series with an expiration of nine 
months or greater.\10\ Lead Market Makers (including Remote Lead Market 
Makers), associated with the same member organization, are collectively 
required to provide two-sided quotations in 90% of the cumulative 
number of seconds, or such higher percentage as Phlx may announce in 
advance, for which that member organization's assigned options series 
are open for trading. Lead Market Makers are required to make two-sided 
markets pursuant to Options 2, Section 5 in any Quarterly Option 
Series, any Adjusted Option Series, and any option series with an 
expiration of nine months or greater.\11\ Finally, a Directed SQT or

[[Page 38152]]

RSQT is subject to the requirements within Options 2, Section 
5(c)(2)(C).\12\
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    \3\ A ``Market Maker'' means a Streaming Quote Trader or a 
Remote Streaming Quote Trader who enters quotations for his own 
account electronically into the System. See Options 1, Section 
1(b)(28). A ``Streaming Quote Trader'' or ``SQT'' means a Market 
Maker who has received permission from the Exchange to generate and 
submit option quotations electronically in options to which such SQT 
is assigned. An SQT may only submit such quotations while such SQT 
is physically present on the trading floor of the Exchange. An SQT 
may only submit quotes in classes of options in which the SQT is 
assigned. See Options 1, Section 1(b)(54). A ``Remote Streaming 
Quote Trader'' or ``RSQT'' means a Market Maker that is a member 
affiliated with an Remote Streaming Quote Trader Organization with 
no physical trading floor presence who has received permission from 
the Exchange to generate and submit option quotations electronically 
in options to which such RSQT has been assigned. A qualified RSQT 
may function as a Remote Lead Market Maker upon Exchange approval. 
An RSQT is also known as a Remote Market Maker (``RMM'') pursuant to 
Options 2, Section 11. A Remote Streaming Quote Organization 
(``RSQTO'') or Remote Market Maker Organization (``RMO'') are 
Exchange member organizations that have qualified pursuant to 
Options 2, Section 1. See Options 1, Section 1(b)(49).
    \4\ A ``Lead Market Maker'' means a member who is registered as 
an options Lead Market Maker pursuant to Options 2, Section 12(a). A 
Lead Market Maker includes a Remote Lead Market Maker which is 
defined as a Lead Market Maker in one or more classes that does not 
have a physical presence on an Exchange's trading floor and is 
approved by the Exchange pursuant to Options 2, Section 11. See 
Options 1, Section 1(b)(27).
    \5\ See Options 2, Section 5(c).
    \6\ Options 2, Section 4(c) describes the required bid/ask 
differentials.
    \7\ The term ``member organization'' means a corporation, 
partnership (general or limited), limited liability partnership, 
limited liability company, business trust or similar organization, 
transacting business as a broker or a dealer in securities and which 
has the status of a member organization by virtue of (i) admission 
to membership given to it by the Membership Department pursuant to 
the provisions of General 3, Sections 5 and 10 or the By-Laws or 
(ii) the transitional rules adopted by the Exchange pursuant to 
Section 6-4 of the By-Laws. References herein to officer or partner, 
when used in the context of a member organization, shall include any 
person holding a similar position in any organization other than a 
corporation or partnership that has the status of a member 
organization. See General 1, Section 1(17).
    \8\ Options 2, Section 5(c)(2)(A).
    \9\ An adjusted option series is defined as an option series 
wherein one option contract in the series represents the delivery of 
other than 100 shares of underlying stock or Exchange-Traded Fund 
Shares (``Adjusted Options Series''). See Options 2, Section 
5(c)(2)(A)(i).
    \10\ Options 2, Section 5(c)(2)(A).
    \11\ Options 2, Section 5(c)(2)(B).
    \12\ Directed SQTs and Directed RSQTs, associated with the same 
member organization, are collectively required to provide two-sided 
quotations in 90% of the cumulative number of seconds, or such 
higher percentage as Phlx may announce in advance, for which that 
member organization's assigned options series are open for trading. 
A member organization shall be considered directed in all assigned 
options once the member organization receives a Directed Order in 
any option in which they are assigned and shall be considered a 
Directed SQT or Directed RSQT until such time as the member 
organization notifies the Exchange that they are no longer directed. 
Notwithstanding the foregoing, a member organization is not required 
to make two-sided markets pursuant to this paragraph (c)(2) above in 
any Quarterly Option Series, any Adjusted Option Series, and any 
option series with an expiration of nine months or greater. A 
Directed Order means any order to buy or sell which has been 
directed to a particular Lead Market Maker, RSQT, or SQT by an Order 
Flow Provider. To qualify as a Directed Order, an order must be 
delivered to the Exchange via the System. See also Options 2, 
Section 10(a)(i).
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    A member organization is required to meet each market making 
obligation separately.\13\ Currently, Options 2, Section 5(c) states, 
``An SQT and RSQT \14\ who is also the Lead Market Maker is held to the 
Lead Market Maker obligations in options series in which the Lead 
Market Maker is assigned and will be held to SQT and RSQT obligations 
in all other options series where assigned. An SQT or RSQT who receives 
a Directed Order shall be held to the standard of a Directed SQT or 
Directed RSQT, as appropriate.''
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    \13\ See Options 2, Section 5(c). Today, the Exchange aggregates 
all quotes submitted through the Specialized Quote Feed interface 
from the member organization, regardless of whether the quote was 
submitted by the member organization in its capacity as Lead Market 
Maker or Market Maker.
    \14\ The Exchange notes that pursuant to a restriction within 
Options 2, Section 4(b)(2), only an SQT can simultaneously quote as 
a Lead Market Maker and an SQT. Options 2, Section 4(b)(2) provides, 
``An RSQT may only submit quotations electronically from off the 
floor of the Exchange. An RSQT may not simultaneously quote both as 
RSQT and Remote Lead Market Maker in a particular security. If an 
RSQT is a Remote Lead Market Maker in a particular security, the 
Remote Lead Market Maker must make a market as a Remote Lead Market 
Maker and may not make a market as an RSQT in that particular 
security.'' Because an RSQT cannot also be a Lead Market Maker, the 
Exchange proposes to delete ``an RSQT'' as part of its amendment to 
Options 2, Section 5(c).
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    Today, the Exchange calculates whether a member organization that 
is assigned in an options series as both a Lead Market Maker and a 
Market Maker has met its quoting obligations as Lead Market Maker and 
Market Maker, respectively, by aggregating all quotes submitted through 
the Specialized Quote Feed \15\ interface from the member organization, 
regardless of whether the quote was submitted by the member 
organization in its capacity as Lead Market Maker or Market Maker.
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    \15\ ``Specialized Quote Feed'' or ``SQF'' is an interface that 
allows Lead Market Makers, SQTs and RSQTs to connect, send, and 
receive messages related to quotes, Immediate-or-Cancel Orders, and 
auction responses into and from the Exchange. Features include the 
following: (1) Options symbol directory messages (e.g., underlying 
and complex instruments); (2) system event messages (e.g., start of 
trading hours messages and start of opening); (3) trading action 
messages (e.g., halts and resumes); (4) execution messages; (5) 
quote messages; (6) Immediate-or-Cancel Order messages; (7) risk 
protection triggers and purge notifications; (8) opening imbalance 
messages; (9) auction notifications; and (10) auction responses. The 
SQF Purge Interface only receives and notifies of purge requests 
from the Lead Market Maker, SQT or RSQT. Lead Market Makers, SQTs 
and RSQTs may only enter interest into SQF in their assigned options 
series. See Options 3, Section 7(a)(i)(B).
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    The Exchange proposes to amend its calculation to only consider 
quotes submitted through the Specialized Quote Feed interface utilizing 
badges \16\ and options series \17\ assigned to a Lead Market Maker 
when calculating whether a member organization acting as a Lead Market 
Maker has satisfied the requirements to provide two-sided quotations in 
90% of the cumulative number of seconds, or such higher percentage as 
Phlx may announce for which that member organization's assigned options 
series are open for trading. Similarly, the Exchange proposes to only 
consider quotes submitted through the Specialized Quote Feed interface 
utilizing badges and option series assigned to a Market Maker when 
calculating whether a member organization acting as a Market Maker has 
satisfied the requirements to provide two-sided quotations in 60% of 
the cumulative number of seconds, or such higher percentage as Phlx may 
announce for which that member organization's assigned options series 
are open for trading. With this proposed change, a member organization 
that is a Market Maker (SQT) in an options series where the member 
organization is also assigned as the Lead Market Maker in an options 
series will be held to both the Lead Market Maker and Market Maker 
(SQT) obligations, pursuant to Options 2, Section 5(c), separately, in 
that option series. The Exchange will consider whether a member 
organization, acting as both Lead Market Maker and Market Maker in an 
assigned options series, has complied with each requirement by only 
considering quotes in the respective badges.
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    \16\ The term ``badge'' means an account number, which may 
contain letters and/or numbers, assigned to Lead Market Makers and 
Market Makers. A Lead Market Maker or Market Maker account may be 
associated with multiple badges. See Options 1, Section 1(b)(6).
    \17\ Phlx currently utilizes a badge without an associated 
options series to designate a Lead Market Maker assigned in an 
options series and a badge with an associated options series to 
designate a Market Maker assigned in an option series.
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    The Exchange notes that Floor Market Makers \18\ and Floor Lead 
Market Makers \19\ are not required to quote electronically in any 
designated percentage of series pursuant to Options 8, Section 27(a). 
Options 8, Section 27(f) provides for certain trading requirements 
applicable to Floor Market Makers.
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    \18\ The term ``Floor Market Maker'' is a Market Maker who is 
neither an SQT or an RSQT. A Floor Market Maker may provide a quote 
in open outcry. See Options 8, Section 2(a)(8).
    \19\ The term ``Floor Lead Market Maker'' is a member who is 
registered as an options Lead Market Maker pursuant to Options 2, 
Section 12(a) and has a physical presence on the Exchange's trading 
floor. See Options 8, Section 2(a)(7).
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    By way of example,
    Current Quoting obligation methodology:
    Lead Market Maker firm ABC is assigned five badges: 123A, 123B, 
123C, 123D and 123.
    Badge 123 is designated the Lead Market Maker badge and badge 123A-
D are designated as Market Maker badges.
    Today, all quoting activity from all 5 badges is aggregated in 
determining if Firm 123 [sic] complied with the requirement to provide 
two-sided quotations in 90% of the cumulative number of seconds for 
which that member organization's assigned options series are open for 
trading. The higher of the two obligations is required today.
    Proposed Quoting obligation methodology:
    Lead Market Maker firm ABC is assigned five badges: 123A, 123B, 
123C, 123D and 123.
    Badge 123 is designated the Lead Market Maker badge and badge 123A-
D are designated as Market Maker badges.
    As proposed only quoting activity from badge 123 (and excluding 
badges 123 A-D) would be counted toward the requirement to provide two-
sided quotations in 90% of the cumulative number of seconds for which 
that member organization's assigned options series are open for 
trading.
    All other badges (123 A-D), excluding badge 123, would be counted 
toward the requirement to provide two-sided quotations in 60% of the 
cumulative number of seconds for which that member organization's 
assigned options series are open for trading.
    A member organization may have only one Lead Market Maker badge per 
option series.
    The below example explains how the Exchange aggregates quotes from 
Lead Market Makers, in their assigned options series, to determine 
compliance with quoting requirements, which will not be changing 
pursuant to this proposal. The same calculation applies

[[Page 38153]]

to quotes from Market Makers in their assigned options series.
    Under the proposal, and as is the case today, by way of example, 
assume Lead Market Maker Firm ABC assigned in five symbols across 2 
different badges:
    Badge 123 is assigned in symbols QQQ and SPY.
    Badge 124 is assigned in symbols IBM, GM, and MSFT.
    Quotes submitted through the Specialized Quote Feed interface from 
the Firm ABC's Lead Market Maker badges from all 5 symbols will be 
counted in determining compliance with Firm ABC's requirement to 
provide two-sided quotations in 90% of the cumulative number of seconds 
for which Firm ABC's assigned options series are open for trading.
    If Firm ABC Lead Market Maker badge 123 quotes symbol QQQ at 95% 
and SPY at 90% and Firm ABC Lead Market Maker badge 124 quotes IBM at 
85%, GM at 95%, and MSFT at 90% then Firm ABC will have met requirement 
to provide two-sided quotations in 90% of the cumulative number of 
seconds for which Firm ABC's assigned options series are open for 
trading because the percentage across the 5 symbols is 91%.
Implementation
    The Exchange proposes to implement this rule change on August 2, 
2021. The Exchange has issued an Options Regulatory Alert notifying 
members and member organizations of this change.\20\
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    \20\ See Options Regulatory Alert 2021-36.
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2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section 
6(b) of the Act,\21\ in general, and furthers the objectives of Section 
6(b)(5) of the Act,\22\ in particular, in that it is designed to 
promote just and equitable principles of trade and to protect investors 
and the public interest by requiring Lead Market Makers and Market 
Makers to separately meet quoting requirements as both a Lead Market 
Maker and Market Maker, respectively, when the member organization is 
assigned in both roles in an options series.
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    \21\ 15 U.S.C. 78f(b).
    \22\ 15 U.S.C. 78f(b)(5).
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    The Exchange's proposal to separately calculate Market Maker and 
Lead Market Maker quoting obligations where the member organization is 
assigned as both Lead Market Maker and Market Maker in an options 
series is consistent with the Act. Specifically, the Exchange's 
proposal would only consider quotes submitted through the Specialized 
Quote Feed interface utilizing badges and options series assigned to a 
Lead Market Maker when calculating whether a member organization acting 
as a Lead Market Maker has satisfied the requirements to provide two-
sided quotations in 90% of the cumulative number of seconds, or such 
higher percentage as Phlx may announce for which that member 
organization's assigned options series are open for trading. Similarly, 
the Exchange's proposal would only consider quotes submitted through 
the Specialized Quote Feed interface utilizing badges and option series 
assigned to a Market Maker when calculating whether a member 
organization acting as a Market Maker has satisfied the requirements to 
provide two-sided quotations in 60% of the cumulative number of 
seconds, or such higher percentage as Phlx may announce for which that 
member organization's assigned options series are open for trading.
    The proposed change for calculating the Lead Market Maker 
requirement separate from the Market Maker requirement, where a member 
organization is assigned in both roles in an options series, would 
ensure that the member organization quotes the requisite number of 
seconds in an assigned options series, when acting as both Lead Market 
Maker and Market Maker. This would ensure that a member organization 
adds the requisite amount of liquidity in that assigned options series 
in exchange for certain benefits offered by the Exchange to the member 
organization, such as enhanced Lead Market Maker allocation \23\ and 
favorable pricing,\24\ in addition to the member organization 
fulfilling other market making obligations specified in Options 2, 
Section 5(a).\25\
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    \23\ See Options 3, Section 10(a)(1)(B).
    \24\ See Options 7, Pricing Schedule.
    \25\ In registering as an electronic Market Maker, a member 
organization commits to various obligations. Transactions of an 
electronic Market Maker in its market making capacity must 
constitute a course of dealings reasonably calculated to contribute 
to the maintenance of a fair and orderly market, and those member 
organizations should not make bids or offers or enter into 
transactions that are inconsistent with such course of dealings. 
Electronic Market Makers should not effect purchases or sales except 
in a reasonable and orderly manner. Ordinarily during trading hours, 
an electronic Market Maker must: (1) Maintain a two-sided market in 
those options in which the electronic Market Maker is registered to 
trade, in a manner that enhances the depth, liquidity and 
competitiveness of the market. (2) Engage, to a reasonable degree 
under the existing circumstances, in dealings for its own account 
when there exists, or it is reasonably anticipated that there will 
exist, a lack of price continuity, a temporary disparity between the 
supply of (or demand for) a particular option contract, or a 
temporary distortion of price relationships between option contracts 
of the same class. (3) Compete with other electronic Market Makers 
in all options in all capacities in which the electronic Market 
Maker is registered to trade. (4) Make markets that will be honored 
for the number of contracts entered into the System in all options 
in which the electronic Market Maker is registered to trade. (5) 
Update quotations in response to changed market conditions in all 
options in which the electronic Market Maker is registered to trade. 
(6) Maintain active markets in all options in which the electronic 
Market Maker is registered. (7) Honor all orders attributed to the 
electronic Market Maker that the System routes to away markets 
pursuant to Options 5, Section 4.
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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. Rather, the proposal would 
ensure that member organizations that are assigned in an options series 
as both the Lead Market Maker and Market Maker, respectively, are 
meeting the same quoting obligations as other member organizations who 
are assigned solely as either the Lead Market Maker or Market Maker in 
an option series. Also, this proposal would ensure that a member 
organization quotes the requisite number of seconds in an assigned 
options series, when acting as both Lead Market Maker and Market Maker, 
respectively, thereby adding the requisite amount of liquidity in 
exchange for certain benefits provided by the Exchange such as enhanced 
Lead Market Maker allocation \26\ and favorable pricing,\27\ in 
addition to fulfilling its other market making obligations specified in 
Options 2, Section 5(a).\28\
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    \26\ See Options 3, Section 10(a)(1)(B).
    \27\ See Options 7, Pricing Schedule.
    \28\ See note 25 above.
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C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    No written comments were either solicited or received.

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

    Because the proposed rule change does not: (i) Significantly affect 
the protection of investors or the public interest; (ii) impose any 
significant burden on competition; and (iii) become operative for 30 
days from the date on which it was filed, or such shorter time as the 
Commission may designate, it has become effective pursuant to Section

[[Page 38154]]

19(b)(3)(A) of the Act \29\ and Rule 19b-4(f)(6) thereunder.\30\
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    \29\ 15 U.S.C. 78s(b)(3)(A).
    \30\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii) 
requires the Exchange to give the Commission written notice of its 
intent to file the proposed rule change, along with a brief 
description and text of the proposed rule change, at least five 
business days prior to the date of filing of the proposed rule 
change, or such shorter time as designated by the Commission. The 
Exchange has satisfied this requirement.
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    A proposed rule change filed under Rule 19b-4(f)(6) \31\ normally 
does not become operative for 30 days after the date of filing. 
However, pursuant to Rule 19b-4(f)(6)(iii),\32\ the Commission may 
designate a shorter time if such action is consistent with the 
protection of investors and the public interest. The Exchange has asked 
the Commission to waive the 30-day operative delay so that the proposal 
may become operative upon filing. Waiving the operative delay will 
allow the Exchange to amend, without delay, its rules regarding Market 
Maker quoting obligations to ensure that member organizations assigned 
in an options series as both the Lead Market Maker and Market Maker 
would have the same quoting obligations as member organizations who are 
assigned solely as either Lead Market Maker or Market Maker in an 
option series. The Commission believes that waiving the 30-day 
operative delay is consistent with the protection of investors and the 
public interest and hereby designates the proposed rule change to be 
operative upon filing.\33\
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    \31\ 17 CFR 240.19b-4(f)(6).
    \32\ 17 CFR 240.19b-4(f)(6)(iii).
    \33\ 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.

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-Phlx-2021-38 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-Phlx-2021-38. 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 
20549-1090, on official business days between the hours of 10:00 a.m. 
and 3:00 p.m. Copies of the filing also will be available for 
inspection and copying at the principal office of the Exchange. All 
comments received will be posted without change. Persons submitting 
comments are cautioned that we do not redact or edit personal 
identifying information from comment submissions. You should submit 
only information that you wish to make available publicly. All 
submissions should refer to File Number SR-Phlx-2021-38 and should be 
submitted on or before August 9, 2021.
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    \34\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\34\
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-15195 Filed 7-16-21; 8:45 am]
BILLING CODE 8011-01-P