[Federal Register Volume 84, Number 224 (Wednesday, November 20, 2019)]
[Notices]
[Pages 64136-64140]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-25103]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-87537; File No. SR-Phlx-2019-48]
Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing
and Immediate Effectiveness of a Proposed Rule Change To Amend the
Customer Rebate Program
November 14, 2019.
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 November 1, 2019, Nasdaq PHLX LLC (``Phlx'' or ``Exchange'') filed
with the Securities and Exchange Commission (``Commission'') the
proposed rule change as described in Items I, II, and III, 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 the Exchange's Customer Rebate
Program, as set forth in the Pricing Schedule at Options 7, Section 1,
Part B.
The text of the proposed rule change is available on the Exchange's
website at http://nasdaqphlx.cchwallstreet.com/, 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 purpose of the proposed rule change is to amend the Exchange's
Customer Rebate Program, as set forth in the Pricing Schedule at
Options 7, Section 1, Part B. As described in greater detail below, the
Exchange proposes to adopt an alternative method for members or member
organizations (hereinafter, ``members'') to qualify for the program's
Tier 2 rebates based on the member meeting a certain percentage
threshold of total national Customer \3\ volume in multiply-listed
options classes, reaching the Monthly Firm Fee Cap,\4\ and meeting the
[[Page 64137]]
Exchange's Market Access and Routing Subsidy (``MARS'') System
Eligibility \5\ requirements. With the proposed changes, the Exchange
seeks to attract additional liquidity and order flow to the Exchange,
which will benefit all market participants from increased opportunities
for price improvement.
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\3\ The term ``Customer'' applies to any transaction that is
identified by a member for clearing in the Customer range at The
Options Clearing Corporation (``OCC'') which is not for the account
of a broker or dealer or for the account of a ``Professional'' (as
that term is defined in Rule 1000(b)(14)). See Options 7, Section 1.
\4\ Firms are subject to a maximum fee of $75,000 (``Monthly
Firm Fee Cap''). Firm Floor Option Transaction Charges and QCC
Transaction Fees, as set forth in Options 7, Section 4, in the
aggregate, for one billing month will not exceed the Monthly Firm
Fee Cap per member organization when such members are trading in
their own proprietary account. All dividend, merger, and short stock
interest strategy executions (as defined in this Options 7, Section
4) will be excluded from the Monthly Firm Fee Cap. NDX and NDXP
Options Transactions will be excluded from the Monthly Firm Fee Cap.
Reversal and conversion, jelly roll and box spread strategy
executions (as defined in this Options 7, Section 4) will be
included in the Monthly Firm Fee Cap. QCC Transaction Fees are
included in the calculation of the Monthly Firm Fee Cap. See Options
7, Section 4.
\5\ To qualify for MARS, a Phlx member's routing system
(hereinafter ``System'') would be required to: (1) Enable the
electronic routing of orders to all of the U.S. options exchanges,
including Phlx; (2) provide current consolidated market data from
the U.S. options exchanges; and (3) be capable of interfacing with
Phlx's API to access current Phlx match engine functionality.
Further, the member's System would also need to cause Phlx to be the
one of the top five default destination exchanges for individually
executed marketable orders if Phlx is at the national best bid or
offer (``NBBO''), regardless of size or time, but allow any user to
manually override Phlx as a default destination on an order-by-order
basis. Notwithstanding the above, with respect to Complex Orders a
Phlx member's routing system would not be required to enable the
electronic routing of orders to all of the U.S. options exchanges or
provide current consolidated market data from the U.S. options
exchanges. Any Phlx member would be permitted to avail itself of
this arrangement, provided that its order routing functionality
incorporates the features described above and satisfies Phlx that it
appears to be robust and reliable. The member remains solely
responsible for implementing and operating its system. See Options
7, Section 6, Part E.
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Background
Options 7, Section 4 sets forth a Monthly Firm Fee Cap that limits,
or caps, at $75,000 per month the Firm \6\ Floor Option Transaction
Charges and Firm QCC Transaction Fees incurred by members trading in
their own proprietary account.\7\ The Monthly Firm Fee Cap is designed
to provide an incentive for members to bring additional Firm floor and
QCC order flow to the Exchange.
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\6\ The term ``Firm'' applies to any transaction that is
identified by a member or member organization for clearing in the
Firm range at OCC. See Options 7, Section 1.
\7\ The Firm Floor Option Transaction Charges and QCC
Transaction Fees are set forth in Options 7, Section 4. QCC
Transaction Fees apply to both electronic and floor QCC orders.
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Options 7, Section 6, Part E sets forth the Exchange's MARS
program, which provides rebates to qualifying members with System
Eligibility and that execute the requisite number of Eligible Contracts
\8\ in a month. MARS is designed to attract electronic equity and ETF
options volume to the Exchange, particularly electronic Firm, Broker-
Dealer,\9\ JBO \10\ and Professional \11\ order flow.
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\8\ Eligible Contracts include the following: Firm, Broker-
Dealer, Joint Back Office or ``JBO'' or Professional equity option
orders that are electronically delivered and executed. Eligible
Contracts do not include floor-based orders, qualified contingent
cross or ``QCC'' orders, price improvement or ``PIXL'' orders, Mini
Option orders or Singly Listed Orders. Options overlying NDX and
NDXP are not considered Eligible Contracts. See Options 7, Section
6, Part E.
\9\ The term ``Broker-Dealer'' applies to any transaction which
is not subject to any of the other transaction fees applicable
within a particular category.
\10\ The term ``Joint Back Office'' or ``JBO'' applies to any
transaction that is identified by a member or member organization
for clearing in the Firm range at OCC and is identified with an
origin code as a JBO. A JBO will be priced the same as a Broker-
Dealer. A JBO participant is a member, member organization or non-
member organization that maintains a JBO arrangement with a clearing
broker-dealer (``JBO Broker'') subject to the requirements of
Regulation T Section 220.7 of the Federal Reserve System as further
discussed at Exchange Rule 703.
\11\ The term ``Professional'' applies to transactions for the
accounts of Professionals, as defined in Exchange Rule 1000(b)(14)
means any person or entity that (i) is not a broker or dealer in
securities, and (ii) places more than 390 orders in listed options
per day on average during a calendar month for its own beneficial
account(s).
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As set forth in Options 7, Section 1, Part B, the Exchange
presently offers a Customer Rebate Program that is designed to attract
electronic Customer order flow to the Exchange. In particular, the
program consists of the following five tiers that pay Customer rebates
on four Categories, A,\12\ B,\13\ C,\14\ D,\15\ of transactions: \16\
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\12\ The Category A Rebate is paid to members executing
electronically-delivered Customer Simple Orders in Penny Pilot
Options and Customer Simple Orders in Non-Penny Pilot Options in
Options 7, Section 4 symbols.
\13\ The Category B Rebate is paid on Customer PIXL Orders in
Options 7, Section 4 symbols that execute against non-Initiating
Order interest. In the instance where member qualify for Tier 4 or
higher in the Customer Rebate Program, Customer PIXL Orders that
execute against a PIXL Initiating Order are paid a rebate of $0.14
per contract. Rebates on Customer PIXL Orders are capped at 4,000
contracts per order for Simple PIXL Orders.
\14\ The Category C Rebate is paid to members executing
electronically-delivered Customer Complex Orders in Penny Pilot
Options in Options 7, Section 4 symbols. Rebates are paid on
Customer PIXL Complex Orders in Options 7, Section 4 symbols that
execute against non-Initiating Order interest. Customer Complex PIXL
Orders that execute against a Complex PIXL Initiating Order are not
paid a rebate under any circumstances. The Category C Rebate is not
paid when an electronically-delivered Customer Complex Order,
including Customer Complex PIXL Order, executes against another
electronically-delivered Customer Complex Order.
\15\ The Category D Rebate is paid to members executing
electronically-delivered Customer Complex Orders in Non-Penny Pilot
Options in Options 7, Section 4 symbols. Rebates are paid on
Customer PIXL Complex Orders in Options 7, Section 4 symbols that
execute against non-Initiating Order interest. Customer Complex PIXL
Orders that execute against a Complex PIXL Initiating Order are not
paid a rebate under any circumstances. The Category D Rebate is not
paid when an electronically-delivered Customer Complex Order,
including Customer Complex PIXL Order, executes against another
electronically-delivered Customer Complex Order.
\16\ Rebates are not paid on NDX or NDXP contracts in any
Category; however, NDX and NDXP contracts count toward the volume
requirement to qualify for a Customer Rebate Tier.
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Percentage Thresholds of National
Customer Volume in Multiply-Listed
Customer Rebate Tiers Equity and ETF Options Classes, Category A Category B Category C Category D
excluding SPY Options (monthly)
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Tier 1......................................... 0.00%-0.60%............................ $0.00 $0.00 $0.00 $0.00
Tier 2......................................... Above 0.60%-1.10%...................... 0.10 0.10 0.16 0.21
Tier 3......................................... Above 1.10%-1.60%...................... 0.15 0.12 0.18 0.22
Tier 4......................................... Above 1.60%-2.50%...................... 0.20 0.16 0.22 0.26
Tier 5......................................... Above 2.50%............................ 0.21 0.17 0.22 0.27
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A Phlx member qualifies for a particular Customer Rebate Tier based
on the percentage of total national Customer volume in multiply-listed
options that it transacts monthly on the Exchange. Specifically, the
Exchange totals Customer volume in multiply listed options (including
SPY) that is electronically-delivered and executed, except volume
associated with electronic QCC Orders, as defined in Exchange Rule
1080(o), and calculates this as a percentage of total national customer
volume in multiply-listed equity and ETF options classes, excluding
SPY. Members under
[[Page 64138]]
Common Ownership \17\ may aggregate their Customer volume for purposes
of calculating the Customer Rebate Tiers and receiving rebates.
Affiliated Entities \18\ may aggregate their Customer volume for
purposes of calculating the Customer Rebate Tiers and receiving
rebates.
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\17\ The term ``Common Ownership'' shall mean members or member
organizations under 75% common ownership or control. See Options 7,
Section 1.
\18\ The term ``Affiliated Entity'' is a relationship between an
Appointed MM and an Appointed OFP for purposes of qualifying for
certain pricing specified in the Pricing Schedule. Members under
Common Ownership may not qualify as a counterparty comprising an
Affiliated Entity. Each member may qualify for only one (1)
Affiliated Entity relationship at any given time. See Options 7,
Section 1.
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Proposal
The Exchange now proposes to adopt an alternative method for
members to qualify for the applicable Tier 2 rebates described above.
As discussed above, the proposed alternative will be based on the
member meeting a certain percentage threshold of total national
Customer volume in multiply-listed options classes, reaching the
Monthly Firm Fee Cap, and meeting the MARS System Eligibility
requirements. Specifically, the Exchange proposes to add the following
language at the end of Options 7, Section 1, Part B: ``The Exchange
will pay the applicable Tier 2 rebates to qualifying members or member
organizations, qualifying affiliates under Common Ownership, or
qualifying Affiliated Entities, provided they: (1) Execute a Percentage
Threshold of National Customer Volume in Multiply-Listed Equity and ETF
Options Classes, excluding SPY Options (monthly), of above 0.25%; (2)
reach the Monthly Firm Fee Cap as defined in Options 7, Section 4; and
(3) meet the MARS System Eligibility requirements as provided in
Options 7, Section 6, Part E.''
Applicability to and Impact on Participants
The proposed change is designed to incentivize members who reach
the Monthly Firm Fee Cap and have MARS System Eligibility to increase
their electronic Customer volume to qualify for the applicable Tier 2
rebates. The proposal may correspondingly encourage members to qualify
for the Monthly Firm Fee Cap and the MARS System Eligibility
requirements (which should increase Firm floor volume and Firm QCC
volume as well as electronic Firm, Broker-Dealer, JBO and Professional
volume). The Exchange notes that all market participants stand to
benefit from increased volume, which facilitates tighter spreads and
enhances price discovery, and may lead to a corresponding increase in
order flow from other market participants.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\19\ in general, and furthers the objectives of
Sections 6(b)(4) and 6(b)(5) of the Act,\20\ in particular, in that it
provides for the equitable allocation of reasonable dues, fees and
other charges among members and issuers and other persons using any
facility, and is not designed to permit unfair discrimination between
customers, issuers, brokers, or dealers.
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\19\ 15 U.S.C. 78f(b).
\20\ 15 U.S.C. 78f(b)(4) and (5).
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The Proposal is Reasonable
The Exchange believes that the proposed alternative method to
qualify for the applicable Tier 2 rebates in the Customer Rebate
Program is reasonable for several reasons. As a threshold matter, the
Exchange is subject to significant competitive forces in the market for
options transaction services that constrain its pricing determinations
in that market. The fact that this market is competitive has long been
recognized by the courts. In NetCoalition v. Securities and Exchange
Commission, the D.C. Circuit stated as follows: ``[n]o one disputes
that competition for order flow is `fierce.' . . . As the SEC
explained, `[i]n the U.S. national market system, buyers and sellers of
securities, and the broker-dealers that act as their order-routing
agents, have a wide range of choices of where to route orders for
execution'; [and] `no exchange can afford to take its market share
percentages for granted' because `no exchange possesses a monopoly,
regulatory or otherwise, in the execution of order flow from broker
dealers'. . . .'' \21\
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\21\ NetCoalition v. SEC, 615 F.3d 525, 539 (D.C. Cir. 2010)
(quoting Securities Exchange Act Release No. 59039 (December 2,
2008), 73 FR 74770, 74782-83 (December 9, 2008) (SR-NYSEArca-2006-
21)).
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Numerous indicia demonstrate the competitive nature of this market.
For example, clear substitutes to the Exchange exist in the market for
options transaction services. The Exchange is only one of sixteen
options exchanges to which market participants may direct their order
flow. Competing options exchanges offer similar tiered pricing
structures to that of the Exchange, including tiered rebates that apply
based upon members achieving certain volume thresholds.\22\ Within this
environment, market participants can freely and often do shift their
order flow among the Exchange and competing venues in response to
changes in their respective pricing schedules.
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\22\ See, e.g., NYSE American Options Fee Schedule, Section I.E
(setting forth the American Customer Engagement (``ACE'') Program
that provides tiered customer credits on customer electronic volume,
provided the member achieves certain total industry customer equity
and ETF option average daily volume percentage thresholds), Section
I.H (setting forth the Professional Step-Up Incentive that provides
discounted rates or credits, as applicable, to professional
customer, broker-dealer, non-NYSE American Options market maker, and
firm ranges, and also ties some of these benefits to the ACE
Program), and Section I.I (setting forth the Firm Monthly Fee Cap
that caps at $100,000 per month the fees associated with Firm Manual
transactions, and also lowers the firm fee cap for members that
achieve the applicable ACE Program tiers).
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Within the foregoing context, the proposal represents a reasonable
attempt by the Exchange to increase its liquidity and market share
relative to its competitors. The Exchange's proposal is designed to
attract additional liquidity and order flow to the Exchange, similar to
other exchange programs with competitive pricing programs,\23\ thereby
promoting market depth, price discovery and improvement, and enhancing
order execution opportunities for market participants. As discussed
above, the proposed changes provide an additional opportunity for
members to earn the applicable Tier 2 Customer rebates if they execute
a percentage threshold of national Customer volume in multiply-listed
equity and ETF options classes, excluding SPY options, of above 0.25%
on the Exchange, reach the Monthly Firm Fee Cap, and have MARS System
Eligibility. Today, the Exchange provides the same Tier 2 rebates to
members that execute a percentage threshold of national Customer volume
in multiply-listed equity and ETF options classes, excluding SPY
options, of above 0.60% to 1.10% on the Exchange. This proposal would
offer members an alternative route to earn the same Tier 2 rebates,
provided they meet the lower percentage threshold of above 0.25% and
also qualify for both the Monthly Firm Fee Cap and the MARS System
Eligibility requirements. The Exchange believes that the proposed
percentage threshold is set at an appropriate level that would
encourage members to bring more Customer order flow to the Exchange to
qualify for the applicable Tier 2 rebates. While the Exchange cannot
predict with certainty whether any members would avail themselves of
the proposed incentive
[[Page 64139]]
given that this incentive is new, assuming historical behavior can be
predictive of future behavior, the Exchange believes that at present
participation rates, almost 30% of active firms on the Exchange have
comparable trading volume in the Customer category. The Exchange also
believes that the proposed lower percentage threshold (i.e., above
0.25% versus the current Tier 2 threshold of above 0.60% to 1.10%) is
reasonable because members must meet additional qualifications (i.e.,
reach the Monthly Firm Fee Cap and have MARS System Eligibility) under
the proposed alternative method to receive the Tier 2 rebates on
Customer transactions.
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\23\ Id.
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Furthermore, the Exchange believes that its proposal will encourage
members to increase the amount of Customer order flow directed to the
Exchange. In addition, because members will also be required to reach
the Monthly Firm Fee Cap and have MARS System Eligibility to receive
the applicable Tier 2 Customer rebates, the proposed program may
encourage members to direct Firm floor and QCC order flow as well as
electronic Firm, Broker-Dealer, JBO and Professional order flow, in
addition to electronic Customer order flow. The Exchange notes that all
market participants stand to benefit from increased order flow--whether
Customer, Firm, Broker-Dealer, JBO or Professional, and whether floor
or electronic--as such increase promotes market depth, facilitates
tighter spreads, enhances price discovery, and may lead to an increase
in order flow from other market participants that would not otherwise
qualify for the proposed alternative route to the Tier 2 Customer
rebates.
The Proposal Is an Equitable Allocation of Rebates
The Exchange believes that its proposal is an equitable allocation
of the applicable Tier 2 rebates. The proposal is based on the amount
and type of business transacted on the Exchange, and members can opt to
avail themselves of these rebates or not. Furthermore, this proposal is
designed to encourage members to bring and execute their order flow
(particularly electronic Customer volume and, in turn, Firm floor, QCC,
and electronic Firm, Broker-Dealer, JBO and Professional volume) to the
Exchange. To the extent at the proposed changes attract such additional
volume to the Exchange, this increased order flow would continue to
make the Exchange a more competitive venue for, among other things,
order execution. Thus, the Exchange believes the proposed changes would
improve market quality for all market participants on the Exchange, and
increase its attractiveness to existing and prospective members.
The Proposal Is Not Unfairly Discriminatory
The Exchange believes that its proposal is not unfairly
discriminatory. As an initial matter, the Exchange believes that
nothing about its volume-based tiered pricing model is inherently
unfair; instead, it is a rational pricing model that is well-
established and ubiquitous in today's economy among firms in various
industries--from co-branded credit cards to grocery stores to cellular
telephone data plans--that use it to reward the loyalty of their best
customers that provide high levels of business activity and incent
other customers to increase the extent of their business activity. It
is also a pricing model that the Exchange and its competitors have long
employed with the assent of the Commission. It is fair because it
incentivizes customer activity that increases liquidity, enhances price
discovery, and improves the overall quality of the options market.
As discussed above, the proposal is based on the amount and type of
business transacted on the Exchange, and members are not obligated to
try to achieve the proposed alternative route to the Tier 2 Customer
rebates. Rather, the proposal is designed to encourage these members to
bring additional order flow (particularly electronic Customer volume
and, in turn, Firm floor, QCC, and electronic Firm, Broker-Dealer, JBO
and Professional volume) to the Phlx market, improving market quality
and price discovery. The Exchange believes that the proposed
qualification for the Tier 2 Customer rebates is not unfairly
discriminatory because to the extent the proposed changes attract more
volume to the Exchange, this increased order flow would continue to
make the Exchange a more competitive venue for order execution, among
other things. As noted above, all market participants stand to benefit
from increased order flow--whether Customer, Firm, Broker-Dealer, JBO
or Professional, and whether floor or electronic--as such increase
promotes market depth, facilitates tighter spreads, enhances price
discovery, and may lead to an increase in order flow from other market
participants that would not otherwise qualify for the proposed
alternative route to the Tier 2 Customer rebates. Thus, the Exchange
believes the proposed changes will help to improve market quality and
the attractiveness of the Exchange's options market to all existing and
prospective members.
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.
Intramarket Competition
The proposed amendments to the Exchange's Customer Rebate Program
described above do not impose an undue burden on intra-market
competition. By fortifying participation in this program, the proposed
changes are designed to attract additional order flow (particularly
electronic Customer volume and, in turn, Firm floor, QCC, and
electronic Firm, Broker-Dealer, JBO and Professional volume) to the
Exchange. The Exchange believes that its proposal would incentivize
market participants to direct additional volume to the Exchange. As
noted above, all market participants stand to benefit from increased
order flow as such increase promotes market depth, facilitates tighter
spreads, enhances price discovery, and may attract additional liquidity
and volume to the Exchange. For these reasons, the Exchange does not
believe that its proposal will place any category of Exchange market
participant at a competitive disadvantage.
Inter-Market Competition
The Exchange operates in a highly competitive market in which
market participants can readily favor one of 16 competing options
exchanges if they deem fee levels at a particular venue to be
excessive, or rebate opportunities available at other venues to be more
favorable. In such an environment, the Exchange must continually adjust
its fees and rebates to remain competitive with other exchanges and to
attract order flow to the Exchange. Because competitors are free to
modify their own fees and rebates in response, the Exchange believes
that the degree to which pricing changes in this market may impose any
burden on competition is extremely limited.
Moreover, as noted above, price competition between exchanges is
fierce, with liquidity and market share moving freely between exchanges
in reaction to fee and rebate changes. In sum, if the changes proposed
herein are unattractive to market participants, it is likely that the
Exchange will lose market share as a result. Accordingly, the Exchange
does not believe that the proposed changes will impair the ability of
members or competing order execution venues to maintain their
[[Page 64140]]
competitive standing in the financial markets.
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
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act.\24\
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\24\ 15 U.S.C. 78s(b)(3)(A)(ii).
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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: (i)
Necessary or appropriate in the public interest; (ii) for the
protection of investors; or (iii) otherwise in furtherance of the
purposes of the Act. If the Commission takes such action, the
Commission shall institute proceedings to determine whether the
proposed rule should be approved or disapproved.
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 [email protected]. Please include
File Number SR-Phlx-2019-48 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-2019-48. 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-2019-48 and should be submitted on
or before December 11, 2019.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\25\
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\25\ 17 CFR 200.30-3(a)(12).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019-25103 Filed 11-19-19; 8:45 am]
BILLING CODE 8011-01-P