[Federal Register Volume 87, Number 203 (Friday, October 21, 2022)]
[Notices]
[Pages 64119-64122]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-22838]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-96090; File No. SR-Phlx-2022-38]


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

October 17, 2022.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that 
on October 4, 2022, Nasdaq PHLX LLC (``Phlx'' or ``Exchange'') filed 
with the Securities and Exchange Commission (``Commission'') the 
proposed rule change as described in Items I and II below, which Items 
have been prepared by the Exchange. The Commission is publishing this 
notice to solicit comments on the proposed rule change from interested 
persons.
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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 permit Phlx to open for trading Weekly 
Expirations on Nasdaq 100 Micro Index Options (``XND'') that expire on 
any Tuesday or Thursday within the Nonstandard Expirations Pilot 
Program.
    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
    Phlx proposes to amend its Options 4A, Section 12(b)(5) which 
governs its Nonstandard Expirations Pilot Program to permit Phlx to 
open for trading Weekly Expirations on Nasdaq 100 Micro Index Options 
(``XND'') that expire on any Tuesday or Thursday within the Nonstandard 
Expirations Pilot Program.
    Phlx's Nonstandard Expirations Pilot Program permits the listing 
and trading of P.M.-settled options on broad-based indexes with 
nonstandard expirations dates.\3\ Under the Nonstandard Expirations 
Pilot Program the Exchange may open for trading Weekly Expirations on 
the Nasdaq-100 Index options (``NDX'') to expire on any Tuesday or 
Thursday (other than days that coincide with the third Friday-of-the-
month or an End of Month (``EOM'') expiration).\4\ Additionally, the 
Exchange may open for trading EOMs on any broad-based index eligible 
for standard options trading to expire on last trading day of the 
month.\5\
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    \3\ See Securities Exchange Act Release No. 82341 (December 15, 
2017), 82 FR 60651 (December 21, 2017) (approving SR-Phlx-2017-79) 
(Order Approving a Proposed Rule Change, as Modified by Amendment 
No. 1 and Granting Accelerated Approval of Amendment No. 2, of a 
Proposed Rule Change To Establish a Nonstandard Expirations Pilot 
Program) (``Nonstandard Expirations Pilot Program Approval Order'').
    \4\ See Options 4A, Section 12(b)(5)(A). Further, Cboe is 
permitted to list P.M.-settled S & P 500 Index options and Mini-S&P 
500 Index options that expire on Tuesday or Thursday under its 
Nonstandard Expirations Pilot Program. See Securities Exchange Act 
Release No. 94682 (April 12, 2022), 87 FR 22993 (April 18, 2022) 
(SR-CBOE-2022-005) (Notice of Filing of Amendment No. 1 and Order 
Granting Accelerated Approval of a Proposed Rule Change, as Modified 
by Amendment No. 1, To Expand the Nonstandard Expirations Pilot 
Program To Include P.M.-Settled S&P 500 Index Options That Expire on 
Tuesday or Thursday). See also Securities Exchange Act Release No. 
95795 (September 15, 2022), 87 FR 57745 (September 21, 2022 (SR-
CBOE-2022-039) (Order Approving a Proposed Rule Change To Expand the 
Nonstandard Expirations Pilot Program To Include P.M.-Settled 
Options on the Mini-S&P 500 Index That Expire on Tuesday or 
Thursday).
    \5\ See Options 4A, Section 12(b)(5)(B).
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    At this time, the Exchange proposes to permit Phlx to open for 
trading Weekly Expirations on XND options \6\ that expire on Tuesday or 
Thursday within the Nonstandard Expirations Pilot Program. XND options 
that expire on Tuesday or Thursday would be listed under the 
Nonstandard Expirations Pilot Program. The Exchange notes that 
permitting XND options with Tuesday and Thursday expirations, as 
proposed, would be in addition to the XND options with Monday, 
Wednesday and Friday expirations that the Exchange may (and does) 
already list, as they are permissible Weekly Expirations for options on 
a broad based index (e.g., the Nasdaq-100 Index) pursuant to Options 
4A, Section 12(b)(5)(A). Specifically, with this proposal, the Exchange 
may open for trading Weekly Expirations on XND options to expire on any 
Tuesday or Thursday (other than days that coincide with the third 
Friday-of-the-month or an EOM expiration), similar to options on the 
Nasdaq-100 Index.
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    \6\ XND options trade independently of and in addition to NDX 
options, and the XND options are subject to the same rules that 
presently govern the trading of index options based on the Nasdaq-
100 Index, including sales practice rules, margin requirements, 
trading rules, and position and exercise limits. Similar to NDX, XND 
options are European-style and cash-settled, and have a contract 
multiplier of 100. The contract specifications for XND options 
mirror in all respects those of the NDX options contract already 
listed on the Exchange, except that XND options are based on 1/100th 
of the value of the Nasdaq-100 Index, and are P.M.-settled pursuant 
to Options 4A, Section 12(f)(i). Similar to other broad-based, the 
Exchange may open for trading Weekly Expirations on XND options to 
expire on any Monday, Wednesday, or Friday (other than the third 
Friday-of-the-month or days that coincide with an EOM expiration).
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    The Nonstandard Expirations Pilot Program will apply to XND options 
with Tuesday and Thursday expirations in the same manner as it 
currently applies to all other P.M.-settled broad-based index options 
with Monday, Wednesday, and Friday expirations and to Nasdaq-100 Index 
options with Tuesday and Thursday expirations. Specifically, the 
proposed rule change amends Options 4A, Section 12(b)(5)(A) to add XND 
options (P.M.-settled) that expire on Tuesday or Thursday as 
permissible Weekly Expirations. Options with Tuesday and Thursday 
expirations, including the proposed XND Tuesday and Thursday 
expirations, would be subject to all provisions within Options 4A, 
Section 12(b)(5) and treated the same as options on the same underlying 
index that

[[Page 64120]]

expire on the third Friday of the expiration month; provided, however, 
that Weekly Expirations are P.M.-settled, and new series in Weekly 
Expirations may be added up to and including on the expiration date for 
an expiring Weekly Expiration.
    The maximum number of XND options expirations that may be listed 
for each Weekly Expiration (i.e., a Monday expiration, Tuesday 
expiration, Wednesday expiration, Thursday expiration, or Friday 
expiration, as applicable) in a given class is the same as the maximum 
number of expirations permitted in Options 4A, Section 12(a)(4) \7\ for 
standard options on the same broad-based index.
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    \7\ Options 4A, Section 12(a)(4) provides, ``Index options 
contracts may expire at three (3)-month intervals or in consecutive 
weeks or months. The Exchange may list: (i) up to six (6) standard 
monthly expirations at any one time in a class, but will not list 
index options that expire more than twelve (12) months out; (ii) up 
to 12 standard monthly expirations at any one time for any class 
that the Exchange (as the Reporting Authority) uses to calculate a 
volatility index; and (iii) up to 12 standard (monthly) expirations 
in NDX options.''
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    Weekly Expirations need not be for consecutive Monday, Tuesday, 
Wednesday, Thursday, or Friday expirations as applicable; however, the 
expiration date of a non-consecutive expiration may not be beyond what 
would be considered the last expiration date if the maximum number of 
expirations were listed consecutively. Weekly Expirations that are 
initially listed in a given class may expire up to four weeks from the 
actual listing date. If the Exchange lists EOMs and Weekly Expirations 
as applicable in a given class, the Exchange will list an EOM instead 
of a Weekly Expiration that expires on the same day in the given class. 
Other expirations in the same class are not counted as part of the 
maximum number of Weekly Expirations for an applicable broad-based 
index class.
    If the Exchange is not open for business on a respective Monday, 
the normally Monday expiring Weekly Expirations will expire on the 
following business day. If the Exchange is not open for business on a 
respective Tuesday, Wednesday, Thursday, or Friday, the normally 
Tuesday, Wednesday, Thursday, or Friday expiring Weekly Expirations 
will expire on the previous business day. If two different Weekly 
Expirations on XND options would expire on the same day because the 
Exchange is not open for business on a certain weekday, the Exchange 
will list only one of such Weekly Expirations. The Exchange will list 
just one Weekly Expiration in such a case, as the two Weekly 
Expirations would essentially be the same options contract. For 
example, if the Exchange listed XND options with proposed Thursday 
expirations and Friday expirations and the Exchange was closed for 
business on a Friday then, pursuant to current Options 4A, Section 
12(b)(5)(A) the normally expiring Friday expiration would expire on the 
previous business day--essentially making it an XND option with a 
Thursday expiration. Thus, expiring XND options in this case will 
always have the same weekday expiration (per the example, it is an XND 
option with a Thursday expiration, whether it was listed as an XND with 
a Thursday expiration or a Friday expiration). As such, when the 
Exchange is closed for business, the Exchange will list just one Weekly 
Expiration if two Weekly Expirations would expire on the same day due 
to the Exchange being closed for business.
    Transactions in Weekly Expirations may be effected on the Exchange 
between the hours of 9:30 a.m. (Eastern Time) and 4:15 p.m. (Eastern 
Time), except that that on the last trading day, transactions in 
expiring p.m.-settled broad-based index options may be effected on the 
Exchange between the hours of 9:30 a.m. (Eastern time) and 4:00 p.m. 
(Eastern time).\8\
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    \8\ See Options 4A, Section 12(b)(5)(D).
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    The Exchange believes that that the introduction of XND options 
with Tuesday and Thursday expirations will expand hedging tools 
available to market participants while also providing greater trading 
opportunities. By offering XND options with Tuesday and Thursday 
expirations along with the current Monday, Wednesday and Friday 
expirations, the proposed rule change will allow market participants to 
purchase XND options in a manner more aligned with specific timing 
needs and more effectively tailor their investment and hedging 
strategies and manage their portfolios. In particular, the proposed 
rule change will allow market participants to roll their positions on 
more trading days, thus with more precision, spread risk across more 
trading days and incorporate daily changes in the markets, which may 
reduce the premium cost of buying protection.
    The Exchange proposes to abide by the same reporting requirements 
for the trading of XND options that expire on any Tuesday or Thursday 
that it does for the trading of P.M.-settled options on broad-based 
indexes that expire on any Monday, Wednesday, or Friday and for Nasdaq-
100 Index options that expire on Tuesday or Thursday pursuant to the 
Nonstandard Expirations Pilot Program.
Pilot Report
    The Exchange intends to submit a rule change proposing permanency 
of the Nonstandard Expirations Pilot Program to the Commission and 
would include data regarding XND options that expire on Tuesdays or 
Thursdays as it does for current Weekly Expirations on any broad-based 
index option either by providing additional data in such proposal or in 
an annual report regarding XND options that expire on each trading day 
of the week, as proposed. The Exchange would continue to provide the 
Commission with ongoing data regarding XND options that expire on 
Tuesdays or Thursdays unless and until the Nonstandard Expirations 
Pilot Program is made permanent or discontinued.
    As provided in the Nonstandard Expirations Pilot Program Approval 
Order,\9\ the annual report will contain an analysis of volume, open 
interest and trading patterns. In addition, for series that exceed 
certain minimum open interest parameters, the annual report will 
provide analysis of index price volatility and, if needed, share 
trading activity.\10\ Additionally, the Exchange will provide the 
Commission with any additional data or analyses the Commission requests 
because it deems such data or analyses necessary to determine whether 
the Nonstandard Expirations Pilot Program, including XND options with 
Tuesday and Thursday expirations as proposed, is consistent with the 
Exchange Act. As it does for current Nonstandard Expirations Pilot 
Program products, the Exchange will make public on its website all data 
and analyses in connection with XND options with Tuesday and Thursday 
expirations it submits to the Commission under the

[[Page 64121]]

Nonstandard Expirations Pilot Program. Going forward, the Exchange will 
include the same areas of analysis for XND options with Tuesday and 
Thursday expirations. The Exchange also proposes to include the 
following market quality data, over sample periods determined by the 
Exchange and the Commission, for XND options (XND and standard NDX 
options) as part of the annual reports going forward: (1) time-weighted 
relative quoted spreads; (2) relative effective spreads; and (3) time-
weighted bid and offer sizes.
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    \9\ See supra note 3.
    \10\ Specifically, for all Weekly Expirations and EOM series, 
the annual report will contain the following volume and open 
interest data for each broad-based index overlying Weekly Expiration 
and EOM options: (1) Monthly volume aggregated for all Weekly 
Expiration and EOM series, (2) Volume in Weekly Expiration and EOM 
series aggregated by expiration date, (3) Month-end open interest 
aggregated for all Weekly Expiration and EOM series, (4) Month-end 
open interest for EOM series aggregated by expiration date and open 
interest for Weekly Expiration series aggregated by expiration date, 
(5) Ratio of monthly aggregate volume in Weekly Expiration and EOM 
series to total monthly class volume, and (6) Ratio of month-end 
open interest in EOM series to total month-end class open interest 
and ratio of open interest in each Weekly Expiration series to total 
class open interest. In addition, the annual report will contain the 
information noted above for standard Expiration Friday, AM-settled 
series, if applicable, for the period covered in the pilot report as 
well as for the six-month period prior to the initiation of the 
pilot. See Nonstandard Expirations Pilot Program Approval Order at 
60652 and 60653.
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    The Exchange believes there is sufficient investor interest and 
demand in XND options with Tuesday and Thursday expirations to warrant 
inclusion in the Nonstandard Expirations Pilot Program and that the 
Nonstandard Expirations Pilot Program, as amended, will continue to 
provide investors with additional means of managing their risk 
exposures and carrying out their investment objectives. The Exchange 
notes that during the Nonstandard Expirations Pilot Program's 4 year 
tenure, the Exchange has not observed any significant adverse market 
effects or identified any regulatory concerns as a result of the 
Nonstandard Expirations Pilot Program, nor does it believe that 
additional expirations listed under the Nonstandard Expirations Pilot 
Program would result in any such impact or regulatory concerns. Based 
on a study conducted by Commission staff on the pilot data (including 
quarterly, weekly, EOM and third Friday expirations for P.M.-settled 
NDX options),\11\ there is no evidence of any significant adverse 
economic impact to the futures, index, or underlying index component 
securities markets as a result of the quantity of P.M.-settled NDX 
options that settle at the close or the amount of expiring open 
interest in P.M.-settled NDX options.\12\
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    \11\ See Securities and Exchange Commission, Division of 
Economic Risk and Analysis, Memorandum, Cornerstone Analysis of PM 
Cash-Settled Index Option Pilots (February 2, 2021) (``DERA Staff PM 
Pilot Memo''), available at: https://www.sec.gov/dera/staff-papers/studies-and-reports/analysis-of-pm-cash-settled-index-option-pilots.
    \12\ See DERA Staff PM Pilot Memo at 3. For example, the largest 
settlement event that occurred during the time period of the study 
(a settlement of $100.4 billion of notional on December 29, 2017) 
had an estimated impact on the futures price of only approximately 
0.02% (a predicted impact of $0.54 relative to a closing futures 
price of $2,677).
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    With regard to the impact of this proposal on System capacity, the 
Exchange has analyzed its capacity and represents that it believes that 
the Exchange and OPRA have the necessary systems capacity to handle any 
potential additional traffic associated with trading of XND options 
with Tuesday and Thursday expirations. The Exchange does not believe 
that its members or member organizations will experience any capacity 
issues as a result of this proposal and represents that it will monitor 
the trading volume associated with any possible additional options 
series listed as a result of this proposal and the effect (if any) of 
these additional series on market fragmentation and on the capacity of 
the Exchange's automated systems. While this proposal may increase the 
number of strike intervals listed on Phlx, the amount of additional 
strike intervals added should be insignificant.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with the provisions of Section 6 of the Act,\13\ in general, and with 
Section 6(b)(5) of the Act,\14\ in that it is designed 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; and is not designed to 
permit unfair discrimination between customers, issuers, brokers, or 
dealers, or to regulate by virtue of any authority conferred by the Act 
matters not related to the purposes of the Act or the administration of 
the Exchange. The Exchange believes that the proposed rule change is 
also consistent with Section 6(b)(8) of the Act \15\ in that it does 
not impose any burden on competition not necessary or appropriate in 
furtherance of the purposes of the Act.
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    \13\ 15 U.S.C. 78f.
    \14\ 15 U.S.C. 78f(b)(5).
    \15\ 15 U.S.C. 78f(b)(8).
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    In particular, the Exchange believes that the proposed rule change 
will 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 by providing investors with greater 
trading and hedging opportunities and flexibility, allowing them to 
transact in XND options in a manner more aligned with specific timing 
needs and more effectively tailor their investment and hedging 
objectives by listing XND options that expire each trading day of the 
week. The Exchange does not believe that the addition of XND options 
with Tuesday and Thursday expirations to the Nonstandard Expirations 
Pilot Program will raise any prohibitive regulatory concerns or 
adversely impact fair and orderly markets on expiration days. The 
Exchange has not experienced any meaningful regulatory concerns, nor 
adverse impact on fair and orderly markets, in connection with the 
listing of XND options with Monday, Wednesday and Friday expirations or 
the listing and trading of Nasdaq-100 Index options with Tuesday and 
Thursday expirations. Particularly, the Exchange does not believe 
increases in the number P.M.-settled XND options series will have any 
significant adverse economic impact on the futures, index, or 
underlying index component securities markets.
    The Exchange believes that the proposed rule change will provide 
investors with greater trading and hedging opportunities and 
flexibility, allowing them to transact in XND options in a manner more 
aligned with specific timing needs and more effectively tailor their 
investment and hedging objectives by listing XND options that expire 
each trading day of the week.
    The Exchange represents that it believes that it has the necessary 
systems capacity to support any additional traffic associated with 
trading of XND options with Tuesday and Thursday expirations and does 
not believe that its Members will experience any capacity issues as a 
result of this proposal. The Exchange will monitor the trading volume 
associated with any possible additional options series listed and the 
effect (if any) of these additional series on market fragmentation and 
on the capacity of the Exchange's automated systems. The Exchange again 
notes that, as a result of an options strike mitigation initiative 
recently implemented by the Exchange, the number of XND options series 
listed on the Exchange once Tuesday and Thursday expirations become 
available will be less than the number of such series that were listed 
prior to the implementation of the strike mitigation initiative.
    The Exchange will include analysis in connection with XND options 
that expire on Tuesdays and Thursdays in its rule change proposing 
permanency of the Nonstandard Expirations Pilot Program to the 
Commission and would include data regarding XND options that expire on 
Tuesdays or Thursdays as it does for current Weekly Expirations on any 
broad-based index option either by providing additional data in such

[[Page 64122]]

proposal or in an annual report regarding XND options that expire on 
each trading day of the week, as proposed. The Exchange also will 
provide the Commission with any additional data or analyses that it may 
request if it deems such data or analyses necessary to determine 
whether the Nonstandard Expirations Pilot Program, including XND 
options with Tuesday and Thursday expirations as proposed, is 
consistent with the Exchange Act.

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.
    The Exchange does not believe that the proposed rule change will 
impose any burden on intra-market competition that is not necessary or 
appropriate in furtherance of the purposes of the Act because XND 
options with Tuesday and Thursday expirations will be available to all 
market participants. By listing XND options that expire Tuesdays and 
Thursdays, the proposed rule change will provide all investors that 
participate in the NDX options market greater trading and hedging 
opportunities and flexibility to meet their investment and hedging 
needs. Additionally, Tuesday and Thursday expiring XND options will 
trade in the same manner as Weekly Expirations currently trade.
    The Exchange does not believe that the proposal to list XND options 
with Tuesday and Thursday expirations will impose any burden on inter-
market competition that is not necessary or appropriate in furtherance 
of the purposes of the Act because NDX options (including XND options) 
are proprietary Exchange products. Also, Cboe similarly lists Tuesday 
and Thursday options within their non-standard program.\16\ To the 
extent that the addition of XND options that expire on Tuesdays and 
Thursdays available for trading on the Exchange makes the Exchange a 
more attractive marketplace to market participants at other exchanges, 
such market participants are free to elect to become market 
participants on the Exchange.
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    \16\ See supra note 5.
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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

    Within 45 days of the date of publication of this notice in the 
Federal Register or within such longer period up to 90 days (i) as the 
Commission may designate if it finds such longer period to be 
appropriate and publishes its reasons for so finding or (ii) as to 
which the self-regulatory organization consents, the Commission will:
    (A) by order approve or disapprove the proposed rule change, or
    (B) institute proceedings to determine whether the proposed rule 
change should be disapproved.

IV. Solicitation of Comments

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

Electronic Comments

     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-2022-38 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-2022-38. 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 on official business days between the hours of 10:00 a.m. and 
3:00 p.m. Copies of the filing also will be available for inspection 
and copying at the principal office of the Exchange. All comments 
received will be posted without change. Persons submitting comments are 
cautioned that we do not redact or edit personal identifying 
information from comment submissions. You should submit only 
information that you wish to make available publicly. All submissions 
should refer to File Number SR-Phlx-2022-38, and should be submitted on 
or before November 14, 2022.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\17\
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    \17\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022-22838 Filed 10-20-22; 8:45 am]
BILLING CODE 8011-01-P