[Federal Register Volume 88, Number 40 (Wednesday, March 1, 2023)]
[Notices]
[Pages 12999-13003]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-04124]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-96968; File No. SR-BX-2023-005]
Self-Regulatory Organizations; Nasdaq BX, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Amend Options 7,
Section 2, BX Options Market-Fees and Rebates
February 23, 2023.
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 February 10, 2023, Nasdaq BX, Inc. (``BX'' or ``Exchange'') filed
with the Securities and Exchange Commission (``SEC'' or ``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 its Pricing Schedule at Options 7,
Section 2.\3\
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\3\ The Exchange originally filed SR-BX-2023-001 on January 3,
2023. On January 12, 2023, the Exchange withdrew SR-BX-2023-001 and
replaced that filing with SR-BX-2023-002. On January 24, 2023, the
Exchange withdrew SR-BX-2023-002 and replaced that filing with SR-
BX-2023-003. On January 30, 2023, the Exchange withdrew SR-BX-2023-
003 and replaced that filing with SR-BX-2023-004. On February 10,
2023, the Exchange is withdrawing SR-BX-2023-004 and replacing it
with the instant filing.
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The text of the proposed rule change is available on the Exchange's
website at https://listingcenter.nasdaq.com/rulebook/bx/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.
[[Page 13000]]
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 BX's Pricing Schedule at Options 7,
Section 2, BX Options Market-Fees and Rebates. BX proposes to adopt
pricing for BX Participants that utilize the Request for PRISM feature.
Today, a BX Participant may elect to utilize FIX \4\ to send a
message and PRISM Order,\5\ as defined within Options 3, Section 13, to
all BX Participants that opt in to receive Requests for PRISM
requesting that it submit the sender's PRISM Order with responder's
Initiating Order,\6\ as defined within Options 3, Section 13, into the
BX Price Improvement Auction (``PRISM''),\7\ pursuant to Options 3,
Section 13 (``Request for PRISM'').\8\ A Request for PRISM permits a BX
Participant to solicit the Initiating Order side of a PRISM Auction
Order.\9\
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\4\ ``Financial Information eXchange'' or ``FIX'' is an
interface that allows members and their Sponsored Customers to
connect, send, and receive messages related to orders and auction
orders and responses to and from the Exchange. Features include the
following: (1) execution messages; (2) order messages; and (3) risk
protection triggers and cancel notifications. See Options 3, Section
7(a)(i)(A).
\5\ A PRISM Order is a one-sided order entered into the PRISM
Auction that represents an agency order on behalf a Public Customer,
broker-dealer of other entity.
\6\ An Initiating Order is one-sided order entered into the
PRISM Auction that represents principal interest or other agency
order.
\7\ A Participant may electronically submit for execution an
order it represents as agent on behalf of a Public Customer, broker
dealer, or any other entity (``PRISM Order'') against principal
interest or against any other order (except as provided in sub-
paragraph (i)(F) to Options 3, Section 13) it represents as agent
(an ``Initiating Order'') provided it submits the PRISM Order for
electronic execution into the PRISM Auction (``Auction'') pursuant
to Options 3, Section 13.
\8\ See Options 3, Section 7(e)(1)(A)(1)(b). The Exchange will
set a certain time period up to one second within which a recipient
of a Request for PRISM may utilize FIX to submit the sender's PRISM
Order, along with an Initiating Order (a ``response'') into the
System for execution into PRISM pursuant to Options 3, Section 13.
The System will permit the first responder to start a PRISM Auction
and will send a reject message to subsequent responders. A response
must match the PRISM Order and may not improve the price, or the
response will be rejected. A response may be configured to improve
the PRISM Order stop price pursuant to Options 3, Section
13(ii)(A)(1)(c); the configuration would apply if this response
initiated a PRISM auction. If no BX Participant responds to the
Request for PRISM, the PRISM Order would be placed on the Order Book
as a Limit Order or cancelled, consistent with the sending
Participant's instruction.
\9\ A PRISM Auction Order is a two-sided order comprised of a
PRISM Order and Initiating Order.
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Defined Terms
The Exchange proposes to define a ``Request for PRISM'' as a
mechanism to submit orders into a PRISM Auction as described within
Options 3, Section 7(e)(1)(A)(1)(b). The Exchange also proposes to
define certain terms related to the PRISM Auction within Options 7,
Section 2(5) pricing. The Exchange proposes to define a ``PRISM Order''
as one-side of a PRISM Auction Order that represents an agency order on
behalf a Public Customer, broker-dealer or other entity which is paired
with an Initiating Order. The Exchange proposes to define an
``Initiating Order'' as one-side of a PRISM Auction Order that
represents principal or other interest which is paired with a PRISM
Order. The Exchange proposes to define a ``PRISM Auction Order'' as a
two-sided, paired order comprised of a PRISM Order and an Initiating
Order. Finally, the Exchange proposes to define a ``PRISM Response'' as
interest that executed against the PRISM Order pursuant to Options 3,
Section 13. The Exchange proposes to amend Options 7, Section 2(5) to
utilize these terms instead of the terms ``Agency Order'' or ``Contra-
Side.'' Also the Exchange proposes to utilize the new term ``PRISM
Auction Order'' instead of ``PRISM Order'' where the Exchange refers to
the paired order entered into PRISM. Finally, the Exchange proposes to
amend the title ``Responded to PRISM Auction'' to ``Response to PRISM
Auction'' within Options 7, Section 2(5) for clarity. The Exchange
believes these defined terms will make the pricing within Options 7,
Section 2(5) more transparent.
Request for PRISM Pricing
At this time, the Exchange proposes to adopt pricing, in lieu of
Options 7, Section 2(5) pricing, for PRISM Auction Orders which
commenced as a Request for PRISM pursuant to Options 3, Section
7(e)(1)(A)(1)(b) and executed in the PRISM Auction. The pricing
described below applies regardless of capacity.
With respect to a PRISM Order, the Exchange proposes to pay a
rebate to a PRISM Order that was submitted as a Request for PRISM
seeking another BX Participant who would respond to the Request for
PRISM Order by submitting the Initiating Order to initiate a PRISM
Auction.\10\ The Exchange would pay a rebate of $0.35 per contract for
a Penny Class and $0.70 per contract for a Non-Penny Class to the PRISM
Order when a BX Participant responds to a Request for PRISM with an
Initiating Order, provided the PRISM Order trades with an Initiating
Order or the PRISM Order trades with a PRISM Response.
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\10\ A recipient of a Request for PRISM may utilize FIX to
submit the sender's PRISM Order, along with an Initiating Order (a
``response'') into the System for execution into PRISM pursuant to
Options 3, Section 13. Requests for PRISM are sent to BX
Participants that ``opt in'' to receive Requests for PRISM. See
Options 3, Section 7(e)(A)(1)(a).
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With respect to an Initiating Order, the Exchange proposes to
assess a fee to the Initiating Order that was submitted in response to
the Request for PRISM along with the PRISM Order. The Exchange would
assess a fee of $0.49 per contract fee for a Penny Class and $0.94 per
contract fee for a Non-Penny Class to the Initiating Order when a BX
Participant responds to a Request for PRISM with an Initiating Order,
provided the PRISM Order traded with an Initiating Order.\11\
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\11\ If the PRISM Order trades entirely with a PRISM Response,
the Initiating Order would not be assessed a fee because the
Initiating Order did not execute as part of the PRISM Order. If the
PRISM Order trades partially with a PRISM Response, the Initiating
Order would be subject to fees only for contracts traded with the
PRISM Order.
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The Exchange proposes to assess responses to a PRISM Auction a fee
of $0.49 per contract for Penny Classes and $0.94 per contract for Non-
Penny Classes.
Today, the Exchange does not assess a fee or pay a rebate to a BX
Participant who submitted a PRISM Order into a Request for PRISM or the
BX Participant who responded with an Initiating Order within the
Request for PRISM mechanism. Today, the fees and rebates for two-sided
orders entered into PRISM are codified within Options 7, Section 2(5).
Pursuant to Options 7, Section 2(5), a BX Participant who entered a
paired PRISM Auction pays no fee if a Customer were on either or both
sides of the PRISM Auction Order, and pays a $0.30 per contract for the
PRISM Order and $0.05 per contract for the Initiating Order for Non-
Customer orders. Responders to a PRISM Auction pay a $0.49 per contract
fee for a Penny Class and a $0.94 per contract fee for a Non-Penny
Class. A Customer PRISM Order that traded with a PRISM Response
receives a rebate of $0.35 per contract for a Penny Class and a $0.70
per contract for a Non-Penny Class. Non-Customer PRISM Orders that
traded with a PRISM Response do not receive a rebate.
The Exchange proposes to incentivize BX Participants to submit
PRISM Orders through the Request for PRISM mechanism. With this
proposal, a PRISM Order that was submitted as a Request for PRISM and
trades with an Initiating Order or a PRISM Response would receive a
rebate of $0.35 per contract for Penny Classes and $0.70 per
[[Page 13001]]
contract for Non-Penny Classes, regardless of capacity, instead of
paying a fee of $0.30 per contract pursuant to Options 7, Section 2(5),
provided the order was for a Non-Customer.\12\ If the PRISM Order was
for a Customer, the rebate of $0.35 per contract for Penny Classes and
$0.70 per contract for Non-Penny Classes remains unchanged pursuant to
Options 7, Section 2(5). The BX Participant submitting an Initiating
Order through the Request for PRISM mechanism would be assessed a fee
of $0.49 per contract for Penny Class and $0.94 per contract for Non-
Penny Classes if the PRISM Order trades with the Initiating Order
instead of a $0.05 per contract fee pursuant to Options 7, Section
2(5), provided the order was for a Non-Customer.\13\
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\12\ Today, Customers pays no PRISM Order fee.
\13\ Today, Customers pays no Initiating Order fee.
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Responders to a PRISM Auction would pay the same fee of $0.49 per
contract fee for Penny Classes and $0.94 per contract fee for Non-Penny
Classes regardless of whether the Request for PRISM mechanism was
utilized to initiate a PRISM Auction or the PRISM Auction Order was
entered directly into the PRISM Auction as a paired order.
The proposed pricing is intended to incentivize BX Participants to
utilize the Request for PRISM feature to obtain liquidity, potential
price improvement for the PRISM Order, as well as a rebate. Any BX
Participant may respond to a PRISM Auction and all BX Participants
benefit from the ability to interact with the PRISM Auction Order. The
proposed fee to Initiating Orders, who respond to a Request for PRISM
and where the PRISM Order traded with an Initiating Order, would enable
the Exchange to offer rebates to attract BX Participants to enter PRISM
Orders as a Request for PRISM. This proposal does not amend pricing for
PRISM Auctions.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\14\ in general, and furthers the objectives of
Sections 6(b)(4) and 6(b)(5) of the Act,\15\ 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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\14\ 15 U.S.C. 78f(b).
\15\ 15 U.S.C. 78f(b)(4) and (5).
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The proposed changes to its Pricing Schedule are reasonable in
several respects. 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 \16\
(``NetCoalition''), the D.C. Circuit stated, ``[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'. . . .'' \17\
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\16\ NetCoalition v. SEC, 615 F.3d 525 (D.C. Cir. 2010).
\17\ Id. at 539 (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. 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. Within the
foregoing context, the proposal represents a reasonable attempt by the
Exchange to attract additional order flow to the Exchange and increase
its market share relative to its competitors.
The Exchange's proposal to define a ``PRISM Order'', an
``Initiating Order'', a ``PRISM Auction Order'', a ``PRISM Response'',
and a ``Request for PRISM'' for the purpose of Options 7, Section 2(5)
pricing and utilize these terms within Options 7, Section 2(5) is
reasonable, equitable and not unfairly discriminatory. The Exchange
believes that these terms, which align more closely to the terms
utilized in Options 3, Section 13 related to PRISM, will make the
Options 7, Section 2(5) PRISM pricing more transparent.
The Exchange's proposal to amend Options 7, Section 2(5) to adopt
specific pricing for BX Participants that utilize the Request for PRISM
mechanism is reasonable because the Exchange believes the proposed
pricing will incentivize BX Participants to utilize the Request for
PRISM feature to obtain liquidity, potential price improvement, as well
as a rebate for the PRISM Order. The proposed pricing for PRISM Auction
Orders which commenced as a Request for PRISM and executed in the PRISM
Auction would apply in lieu of Options 7, Section 2(5) pricing and
regardless of capacity. With respect to a PRISM Order, the Exchange
proposes to pay a rebate to a PRISM Order that was submitted as a
Request for PRISM seeking another BX Participant who would respond to
the Request for PRISM Order by submitting the Initiating Order to
initiate a PRISM Auction.\18\ With this proposal, a PRISM Order that
was submitted as a Request for PRISM and trades with an Initiating
Order or a PRISM Response, would receive a rebate of $0.35 per contract
for Penny Classes and $0.70 per contract for Non-Penny Classes,
regardless of capacity, instead of paying a fee of $0.30 per contract
pursuant to Options 7, Section 2(5), provided the order was for a Non-
Customer.\19\ If the PRISM Order was for a Customer, the rebate of
$0.35 per contract for Penny Classes and $0.70 per contract for Non-
Penny Classes remains unchanged pursuant to Options 7, Section 2(5).
The Exchange believes the proposed PRISM Order rebate is reasonable
because it is intended to attract BX Participants to utilize the
Request for PRISM mechanism. The BX Participant submitting an
Initiating Order through the Request for PRISM mechanism would be
assessed a fee of $0.49 per contract for Penny Class and $0.94 per
contract for Non-Penny Classes if the PRISM Order trades with the
Initiating Order, instead of a $0.05 per contract fee pursuant to
Options 7, Section 2(5), provided the order was for a Non-Customer.\20\
The Exchange believes it is reasonable to assess a higher fee for the
Initiating Order that was submitted with the Request for PRISM
mechanism, where fees are the same as those assessed to responders in
the PRISM Auction, because BX Participants are able to obtain immediate
liquidity. The Request for PRISM mechanism is utilized by Participants
as a liquidity seeking tool that if not available would require a BX
Participant to source liquidity from third parties, expending time and
potential additional cost. The Request for PRISM mechanism offers
Participants the opportunity to
[[Page 13002]]
immediately commence a PRISM Auction without the need to source
liquidity. Liquidity providers that enter orders directly into PRISM
and do not utilize the Request for PRISM mechanism have expended time
sourcing liquidity with third parties outside of the Exchange. The
Exchange believes that BX Participants benefit from the liquidity
seeking mechanism that is being offered by the Exchange to allow
certain market participants to compete with other market participants
whose business model is designed to source liquidity. The proposed fee
for Initiating Orders who respond to a Request for PRISM, when the
PRISM Order trades with an Initiating Order, would enable the Exchange
to offer rebates to BX Participants submitting PRISM Orders into the
Request for PRISM mechanism. The Exchange believes the fees for
responders are reasonable because responders to a PRISM Auction would
pay the same fee of $0.49 per contract fee for Penny Classes and $0.94
per contract fee for Non-Penny Classes regardless of whether the
Request for PRISM mechanism was utilized to initiate a PRISM Auction or
the PRISM Auction Order was entered directly into PRISM as a paired
order.
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\18\ A recipient of a Request for PRISM may utilize FIX to
submit the sender's PRISM Order, along with an Initiating Order (a
``response'') into the System for execution into PRISM pursuant to
Options 3, Section 13. Requests for PRISM are sent to BX
Participants that ``opt in'' to receive Requests for PRISM. See
Options 3, Section 7(e)(A)(1)(a).
\19\ Today, Customers pays no PRISM Order fee.
\20\ Today, Customers pays no Initiating Order fee.
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The Exchange's proposal to amend Options 7, Section 2(5) to adopt
specific pricing for BX Participants that utilize the Request for PRISM
mechanism is equitable and not unfairly discriminatory because any BX
Participant may utilize the Request for PRISM feature. Also, any BX
Participant may respond to a PRISM Auction and all BX Participants
benefit from the ability to interact with additional order flow.\21\
The Request for PRISM mechanism provides greater flexibility for
Participants submitting orders into PRISM, specifically providing an
avenue for BX Participants desiring to send orders to the PRISM
mechanism to locate an Initiating Order to pair their PRISM Order with
and participate in a PRISM Auction. All Participants that enter a PRISM
Order into the Request for PRISM mechanism are uniformly entitled to a
rebate if the PRISM Order trades with the Initiating Order or if the
PRISM Order trades with a PRISM Response. Also, all Participants that
enter Initiating Orders into the Request for PRISM mechanism are
uniformly assessed a fee provided the PRISM Order trades with the
Initiating Order. The proposed fees for an Initiating Order entered
into the Request for PRISM mechanism that trade with a PRISM Response
are equivalent to the pricing for responders pursuant to Options 7,
Section 2(5) because BX Participants benefit from the liquidity seeking
mechanism that is being offered. The mechanism allows certain market
participants to compete with other market participants whose business
model is designed to source liquidity.
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\21\ The identity of the sender and the recipients are not known
to any party.
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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.
Intermarket Competition
The proposal does not impose an undue burden on inter-market
competition. The Exchange believes its proposal remains competitive
with other options markets and will offer market participants with
another choice to initiate a price improvement auction. The Exchange
notes that it operates in a highly competitive market in which market
participants can readily favor competing venues 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 to remain competitive
with other exchanges. Because competitors are free to modify their own
fees in response, and because market participants may readily adjust
their order routing practices, the Exchange believes that the degree to
which fee changes in this market may impose any burden on competition
is extremely limited. The Exchange's Request for PRISM pricing would
allow the Exchange to compete for order flow by incentivizing BX
Participants to utilize the Request for PRISM to seek liquidity.
Intramarket Competition
The Exchange's proposal to define a ``PRISM Order'', an
``Initiating Order'', a ``PRISM Auction Order'', a ``PRISM Response'',
and a ``Request for PRISM'' for the purpose of Options 7, Section 2(5)
pricing and utilize these terms within Options 7, Section 2(5) does not
impose an undue burden on competition because the defined terms will
more closely align the pricing within Options 7, Section 2(5) to the
terms utilized in Options 3, Section 13 related to PRISM.
The Exchange's proposal to amend Options 7, Section 2(5) to adopt
specific pricing for BX Participants that utilize the Request for PRISM
mechanism does not impose an undue burden on competition because any BX
Participant may utilize the Request for PRISM feature. Also, any BX
Participant may respond to a PRISM Auction and all BX Participants
benefit from the ability to interact with additional order flow.\22\
The Request for PRISM mechanism provides greater flexibility for
Participants submitting orders into PRISM, specifically providing an
avenue for BX Participants desiring to send orders to the PRISM
mechanism to locate an Initiating Order to pair their PRISM Order with
and participate in a PRISM Auction. All Participants that enter a PRISM
Order into the Request for PRISM mechanism are uniformly entitled to a
rebate if the PRISM Order trades with the Initiating Order or if the
PRISM Order trades with a PRISM Response. Also, all Participants that
enter Initiating Orders into the Request for PRISM mechanism are
uniformly assessed a fee provided the PRISM Order trades with the
Initiating Order. The proposed fees for an Initiating Order entered
into the Request for PRISM mechanism that trade with a PRISM Response
are equivalent to the pricing for responders pursuant to Options 7,
Section 2(5) because BX Participants benefit from the liquidity seeking
mechanism that is being offered. The mechanism allows certain market
participants to compete with other market participants whose business
model is designed to source liquidity.
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\22\ The identity of the sender and the recipients are not known
to any party.
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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
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act.\23\
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\23\ 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.
[[Page 13003]]
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-BX-2023-005 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-BX-2023-005. 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 (https://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-BX-2023-005 and should be
submitted on or before March 22, 2023.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\24\
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\24\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-04124 Filed 2-28-23; 8:45 am]
BILLING CODE 8011-01-P