[Federal Register Volume 88, Number 93 (Monday, May 15, 2023)]
[Notices]
[Pages 31083-31087]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-10249]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-97466; File No. SR-NASDAQ-2023-013]


Self-Regulatory Organizations; The Nasdaq Stock Market LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To 
Amend Equity 7, Section 118

May 9, 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 May 2, 2023, The Nasdaq Stock Market LLC (``Nasdaq'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``SEC'' or ``Commission'') the proposed

[[Page 31084]]

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 (i) eliminate various transaction credits 
at Equity 7, Section 118(a); and (ii) amend Equity 7, Section 118(a) 
and Section 118(j) to exclude certain days for purposes of calculating 
Consolidated Volume and trading activity, as described further below.
    The text of the proposed rule change is available on the Exchange's 
website at https://listingcenter.nasdaq.com/rulebook/nasdaq/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 purpose of the proposed rule change is to: (i) eliminate 
various transaction credits at Equity 7, Section 118(a); and (ii) amend 
Equity 7, Section 118(a) and Section 118(j) to exclude certain days for 
purposes of calculating Consolidated Volume and trading activity.\3\
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    \3\ The Exchange initially filed the proposed pricing changes on 
May 1, 2023 (SR-NASDAQ-2023-012). The instant filing replaces SR-
NASDAQ-2023-012, which was withdrawn on May 2, 2023.
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Elimination of Credits
    The Exchange proposes to eliminate 14 credits in its fee schedule 
at Equity 7, Section 118(a), including: (i) six credits currently 
offered to members for displayed quotes/orders (other than Supplemental 
Orders or Designated Retail Orders) that provide liquidity to the 
Exchange; (ii) three supplemental credits currently offered to members 
for displayed quotes/orders (other than Supplemental Orders or 
Designated Retail Orders) that provide liquidity to the Exchange; and 
(iii) five credits currently offered for non-displayed orders (other 
than Supplemental orders) that provide liquidity to the Exchange.
    The Exchange proposes to eliminate the following credits currently 
offered to members for displayed quotes/orders (other than Supplemental 
Orders or Designated Retail Orders) that provide liquidity to the 
Exchange:
     $0.00305 per share executed credit for securities in Tapes 
A, B, and C for a member (i) with shares of liquidity provided in all 
securities through one or more of its Nasdaq Market Center MPIDs that 
represent 1.20% or more of Consolidated Volume; (ii) executes 0.40% or 
more of Consolidated Volume through providing midpoint orders and 
through M-ELO; and (iii) removes at least 1.45% of Consolidated Volume;
     $0.0030 per share executed for securities in Tapes A, B, 
and C for a member with shares of liquidity provided in all securities 
through one or more of its Nasdaq Market Center MPIDs that represent 
1.25% or more of Consolidated Volume, which includes shares of 
liquidity provided with respect to securities that are listed on 
exchanges other than Nasdaq or NYSE that represent 0.40% or more of 
Consolidated Volume;
     $0.00305 per share executed for securities in Tapes A, B, 
and C for a member (i) with shares of liquidity provided in all 
securities through one or more of its Nasdaq Market Center MPIDs that 
represent more than 1.20% of Consolidated Volume, and (ii) with at 
least 0.25% of Consolidated Volume that sets the NBBO;
     $0.0027 per share executed for securities in Tapes A, B, 
and C for a member (i) with shares of liquidity accessed in all 
securities through one or more of its Nasdaq Market Center MPIDs that 
represent more than 0.60% of Consolidated Volume, and (ii) with shares 
of liquidity provided in all securities through one or more of its 
Nasdaq Market Center MPIDs that represent more than 0.25% of 
Consolidated Volume;
     $0.0029 per share executed for securities in Tapes A, B, 
and C for a member with (i) shares of liquidity provided in all 
securities during the month representing more than 0.15% of 
Consolidated Volume, through one or more of its Nasdaq Market Center 
MPIDs, and (ii) Total Volume, as defined in Options 7, Section 2 of The 
Nasdaq Options Market rules, of 0.90% or more of total industry ADV in 
the Customer clearing range for Equity and ETF option contracts per day 
in a month on The Nasdaq Options Market; and
     $0.0027 per share executed for securities in Tapes A, B, 
and C for a member that, through one or more of its Nasdaq Market 
Center MPIDs: (i) provides shares of liquidity in all securities that 
represent equal to or greater than 0.20% of Consolidated Volume; (ii) 
increases the extent to which it provides liquidity in all securities 
as a percentage of Consolidated Volume by 35% or more during the month 
relative to the month of May 2021; and (iii) has a ratio of at least 
60% NBBO liquidity provided (as defined in Equity 7, Section 114(g)) to 
liquidity provided by displayed quotes/orders (other than Supplemental 
Orders or Designated Retail Orders) during the month.
    In addition, the Exchange proposes to eliminate the following 
supplemental credits currently offered to members for displayed quotes/
orders (other than Supplemental Orders or Designated Retail Orders) 
that provide liquidity to the Exchange:
     $0.00005 per share executed for securities in Tape B for a 
member with shares of liquidity provided in all securities through one 
or more of its Nasdaq Market Center MPIDs that represent at least 1.75% 
of Consolidated Volume, including shares of liquidity provided with 
respect to securities that are listed on exchanges other than Nasdaq or 
NYSE that represent at least 0.60% of Consolidated Volume;
     $0.00005 per share executed for securities in Tape A for a 
member with (i) shares of liquidity provided in Tape A securities 
through one or more of its Nasdaq Market Center MPIDs that represent at 
least 0.75% of Consolidated Volume, and (ii) shares of liquidity 
provided in Tape B securities through one or more of its Nasdaq Market 
Center MPIDs that represent at least 0.60% of Consolidated Volume; and
     $0.000025 per share executed for securities in Tapes A and 
C for a member with (i) shares of liquidity provided in Tape A 
securities during the month representing at least 1.40% of Consolidated 
Volume, and (ii) shares of liquidity provided in Tape C representing at 
least 1.40% of Consolidated Volume.
    Finally, the Exchange proposes to eliminate the following credits 
currently offered for non-displayed orders (other than Supplemental 
orders) that provide liquidity to the Exchange:
     $0.00175 per share executed for securities in Tapes A and 
B and

[[Page 31085]]

$0.00125 per share executed for securities in Tape C for other non-
displayed orders if the member (i) provides 0.225% or more of 
Consolidated Volume through non-displayed orders (other than midpoint 
orders) and (ii) provides 0.165% or more of Consolidated Volume through 
midpoint orders;
     $0.0020 per share executed for securities in Tapes A and B 
and $0.0015 per share executed for securities in Tape C for other non-
displayed orders if the member (i) provides 0.275% or more of 
Consolidated Volume through non-displayed orders (other than midpoint 
orders) and (ii) provides 0.175% or more of Consolidated Volume through 
midpoint orders;
     $0.00125 per share executed for securities in Tapes A and 
B and $0.00075 per share executed for securities in Tape C for other 
non-displayed orders if the member, during the month (i) provides 0.30% 
or more of Consolidated Volume through non-displayed orders (other than 
midpoint orders); and (ii) increases providing liquidity through non-
displayed orders (including midpoint orders) by 10% or more relative to 
the member's February 2021 ADV provided through non-displayed orders 
(including midpoint orders);
     $0.00075 per share executed for securities in Tape C for 
other non-displayed orders if the member, during the month (i) provides 
0.90% or more of Consolidated Volume; (ii) increases providing 
liquidity through non-displayed orders (other than midpoint orders) by 
10% or more relative to the member's July 2020 Consolidated Volume 
provided through non-displayed orders (other than midpoint orders) and; 
(iii) provides 0.20% or more of Consolidated Volume through non-
displayed orders (other than midpoint orders); and
     $0.0001 per share executed for securities in Tapes A, B, 
and C if the member, during the month (i) provides at least 10 million 
shares of midpoint liquidity per day during the month; and (ii) 
increases providing liquidity through midpoint orders by 50% or more 
relative to the member's July 2022 Consolidated Volume provided through 
midpoint orders.
    The Exchange proposes to eliminate these credits in order to 
simplify its fee schedule. In its effort to simplify its fee schedule, 
the Exchange proposes to eliminate credits that are not being heavily 
utilized and have not been successful in accomplishing their 
objectives, including the objective to induce members to increase 
liquidity on the Exchange. The Exchange has limited resources to 
allocate to incentives and it must, from time to time, reallocate those 
resources to maximize their net impact on the Exchange, market quality, 
and participants. Going forward, the Exchange plans to reallocate the 
resources to other incentives that it hopes will be more impactful.
    Furthermore, several of the credits that the Exchange proposes to 
eliminate reference baseline months for the growth elements of the 
tiers that are no longer relevant benchmarks. As such, these credits no 
longer provide growth incentives that are aligned with the Exchange's 
needs. Again, the Exchange has limited resources to devote to incentive 
programs, and it is appropriate for the Exchange to reallocate these 
incentives periodically in a manner that best achieves the Exchange's 
overall mix of objectives.
Amendments to Calculation of Consolidated Volume and Trading Activity
    The Exchange also proposes to amend Equity 7, Section 118(a) and 
Section 118(j) to exclude the following from calculations of total 
Consolidated Volume and the member's trading activity for purposes of 
volume calculations for equity pricing tiers/incentives: (1) the dates 
on which stock options, stock index options, and stock index futures 
expire (i.e., the third Friday of March, June, September, and December) 
(``Triple Witch Dates''); (2) the dates on which the MSCI Equity 
Indexes are rebalanced (i.e., on a quarterly basis) (``MSCI Rebalance 
Dates''); (3) the dates on which the S&P 400, S&P 500, and S&P 600 
Indexes are rebalanced (i.e., on a quarterly basis) (``S&P Rebalance 
Dates''); and (4) the date of the annual reconstitution of the Nasdaq-
100 and Nasdaq Biotechnology Indexes (``Nasdaq Reconstitution Date''). 
Currently, the Exchange excludes the date of the annual reconstitution 
of the Russell Investments Indexes from calculations of total 
Consolidated Volume and the member's trading activity for purposes of 
volume calculations for equity pricing tiers/incentives.
    For the same reasons that the Exchange currently excludes the date 
of the annual reconstitution of the Russell Investments Indexes from 
these calculations, the Exchange believes it is appropriate to exclude 
Triple Witch Dates, MSCI Rebalance Dates, S&P Rebalance Dates, and the 
Nasdaq Reconstitution Date from these calculations in the same manner, 
as trading volumes on such days are generally far in excess of volumes 
on other days during the month, and market participants that are not 
otherwise active on the Exchange to a great extent often participate on 
the Exchange on such dates to rebalance holdings, or in the case of 
Triple Witch Dates, to close out or roll over positions prior to 
expiration. The Exchange believes this change to normal activity may 
affect a member's ability to meet the applicable volume thresholds 
under its volume-based tiers. The Exchange notes that the proposed 
exclusion of Triple Witch Dates, MSCI Rebalance Dates, S&P Rebalance 
Dates, and the Nasdaq Reconstitution Date from the relevant 
calculations would be applied in the same manner that the Exchange 
currently excludes the date of the annual reconstitution of the Russell 
Investments Indexes from such calculations.
2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section 
6(b) of the Act,\4\ in general, and furthers the objectives of Sections 
6(b)(4) and 6(b)(5) of the Act,\5\ 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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    \4\ 15 U.S.C. 78f(b).
    \5\ 15 U.S.C. 78f(b)(4) and (5).
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    The Exchange's proposed changes to its schedule of credits are 
reasonable in several respects. As a threshold matter, the Exchange is 
subject to significant competitive forces in the market for equity 
securities 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'. . . .'' \6\
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    \6\ 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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    The Commission and the courts have repeatedly expressed their 
preference

[[Page 31086]]

for competition over regulatory intervention in determining prices, 
products, and services in the securities markets. In Regulation NMS, 
while adopting a series of steps to improve the current market model, 
the Commission highlighted the importance of market forces in 
determining prices and SRO revenues and, also, recognized that current 
regulation of the market system ``has been remarkably successful in 
promoting market competition in its broader forms that are most 
important to investors and listed companies.'' \7\
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    \7\ Securities Exchange Act Release No. 51808 (June 9, 2005), 70 
FR 37496, 37499 (June 29, 2005) (``Regulation NMS Adopting 
Release'').
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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 
equity security transaction services. The Exchange is only one of 
several equity venues to which market participants may direct their 
order flow. Competing equity exchanges offer similar tiered pricing 
structures to that of the Exchange, including schedules of rebates and 
fees that apply based upon members achieving certain volume thresholds.
    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. As such, the 
proposal represents a reasonable attempt by the Exchange to increase 
its liquidity and market share relative to its competitors.
    The Exchange believes it is reasonable, equitable, and not unfairly 
discriminatory to eliminate various of the Exchange's transaction 
credits. As described above, the Exchange seeks to simplify and 
streamline its schedule of credits by eliminating 14 credits in its fee 
schedule at Equity 7, Section 118(a), including: (i) six credits 
currently offered to members for displayed quotes/orders (other than 
Supplemental Orders or Designated Retail Orders) that provide liquidity 
to the Exchange; (ii) three supplemental credits currently offered to 
members for displayed quotes/orders (other than Supplemental Orders or 
Designated Retail Orders) that provide liquidity to the Exchange; and 
(iii) five credits currently offered for non-displayed orders (other 
than Supplemental orders) that provide liquidity to the Exchange.
    The Exchange proposes to eliminate various credits in order to 
simplify its fee schedule. In doing so, the Exchange proposes to 
eliminate credits that have not been successful in accomplishing their 
objectives as well as eliminate several credits that reference baseline 
months for the growth elements of tiers that are no longer relevant 
benchmarks. The proposed changes are designed to better align with the 
Exchange's needs. The Exchange has limited resources to devote to 
incentive programs, and it is appropriate for the Exchange to 
reallocate these incentives periodically in a manner that best achieves 
the Exchange's overall mix of objectives.
    Those participants that are dissatisfied with the eliminations from 
the Exchange's schedule of credits are free to shift their order flow 
to competing venues that provide more generous incentives or less 
stringent qualifying criteria.
    The Exchange also believes it is reasonable, equitable, and not 
unfairly discriminatory to exclude Triple Witch Dates, MSCI Rebalance 
Dates, S&P Rebalance Dates, and the Nasdaq Reconstitution Date from 
calculations of total Consolidated Volume and the member's trading 
activity for purposes of volume calculations for equity pricing tiers/
incentives. As described above, Triple Witch Dates, MSCI Rebalance 
Dates, S&P Rebalance Dates, and the Nasdaq Reconstitution Date 
typically have extraordinarily high and/or abnormally distributed 
trading volumes which, in turn, may affect a member's ability to meet 
the applicable volume thresholds under its transaction pricing tiers/
incentives, and the Exchange believes that excluding such days from the 
relevant calculations for purposes of determining a member's 
qualification for such tiers/incentives would help to avoid penalizing 
members that might otherwise have met the requirements to qualify for 
such tiers/incentives. The proposal would diminish the likelihood of a 
de facto price increase occurring because a member is not able to reach 
a volume percentage on that date that it reaches on other trading days 
during the month. Because trading activity on Triple Witch Dates, MSCI 
Rebalance Dates, S&P Rebalance Dates, and the Nasdaq Reconstitution 
Date will be excluded from determinations of a member's percentage of 
Consolidated Volume, the Exchange believes it will be easier for 
members to determine the volume required to meet a certain percentage 
of participation than would otherwise be the case. To the extent that a 
member has been active on the Exchange at a significant level 
throughout the month, excluding the Triple Witch Dates, MSCI Rebalance 
Dates, S&P Rebalance Dates, and the Nasdaq Reconstitution Date, on 
which its percentage of Consolidated Volume is likely to be lower than 
on other days, will increase its overall percentage for the month. 
Conversely, even if a member was more active on Triple Witch Dates, 
MSCI Rebalance Dates, S&P Rebalance Dates, and the Nasdaq 
Reconstitution Date than on other dates, it is unlikely that its 
activity on one day would be able to increase its overall monthly 
percentage to a meaningful extent. Thus, the Exchange believes that the 
change will benefit members that are in a position to achieve volume 
levels required by the Exchange's pricing schedule but without harming 
the ability of any members to reach such levels. This proposal would 
help to preserve or improve the pricing status that would apply to 
members' trading activity in the absence of Triple Witch Dates, MSCI 
Rebalance Dates, S&P Rebalance Dates, and the Nasdaq Reconstitution 
Date, and therefore will not impact the ability of such members to 
compete. The proposed rule change would apply to all members uniformly, 
in that each member's volume activities for purposes of pricing tiers/
incentives would continue to be calculated in a uniform manner and 
would now exclude Triple Witch Dates, MSCI Rebalance Dates, S&P 
Rebalance Dates, and the Nasdaq Reconstitution Date.

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 Exchange does not believe that its proposal will place any 
category of Exchange participant at a competitive disadvantage.
    The Exchange intends for its proposed changes to eliminate credits 
at Equity 7, Section 118(a) to simplify its fee schedule, eliminate 
unsuccessful rebates, preserve its limited resources for optimized 
effect, and better align the schedule of credits with the Exchange's 
overall mix of objectives. The Exchange intends for its proposed 
changes to amend the calculation of Consolidated Volume and trading 
activity at Equity 7, Section 118(a) and Section 118(j) to avoid 
penalizing members that might otherwise have met the applicable volume 
thresholds to qualify for the Exchange's transaction pricing tiers/
incentives if not for the abnormal trading volumes and market 
conditions typically experienced in the equities markets on the Triple 
Witch Dates, MSCI Rebalance Dates, S&P Rebalance Dates, and the Nasdaq 
Reconstitution Date. The proposed exclusion of such

[[Page 31087]]

dates from the relevant calculations would apply to all members 
uniformly and in the same manner that the Exchange currently excludes 
the date of the annual reconstitution of the Russell Investments 
Indexes from such calculations.
    The Exchange notes that its members are free to trade on other 
venues to the extent they believe that these proposals are not 
attractive. As one can observe by looking at any market share chart, 
price competition between exchanges is fierce, with liquidity and 
market share moving freely between exchanges in reaction to fee and 
credit changes.
Intermarket Competition
    In terms of inter-market competition, 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 credits and fees to remain competitive with 
other exchanges and with alternative trading systems that have been 
exempted from compliance with the statutory standards applicable to 
exchanges. Because competitors are free to modify their own credits and 
fees in response, and because market participants may readily adjust 
their order routing practices, the Exchange believes that the degree to 
which credit or fee changes in this market may impose any burden on 
competition is extremely limited. The proposal is reflective of this 
competition.
    Even as one of the largest U.S. equities exchanges by volume, the 
Exchange has less than 20% market share, which in most markets could 
hardly be categorized as having enough market power to burden 
competition. Moreover, as noted above, price competition between 
exchanges is fierce, with liquidity and market share moving freely 
between exchanges in reaction to fee and credit changes. This is in 
addition to free flow of order flow to and among off-exchange venues, 
which comprises upwards of 50% of industry volume.
    Additionally, the Exchange believes the proposal to exclude certain 
dates from calculating Consolidated Volume and trading activity is not 
concerned with competitive issues, but rather relates to calculation 
methodologies applicable to its pricing tiers/incentives.
    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 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.\8\
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    \8\ 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 (https://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please 
include File Number SR-NASDAQ-2023-013 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-NASDAQ-2023-013. 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. Do 
not include personal identifiable information in submissions; you 
should submit only information that you wish to make available 
publicly. We may redact in part or withhold entirely from publication 
submitted material that is obscene or subject to copyright protection. 
You should submit only information that you wish to make available 
publicly. All submissions should refer to File Number SR-NASDAQ-2023-
013 and should be submitted on or before June 5, 2023.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\9\
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    \9\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-10249 Filed 5-12-23; 8:45 am]
BILLING CODE 8011-01-P