[Federal Register Volume 89, Number 108 (Tuesday, June 4, 2024)]
[Notices]
[Pages 48009-48012]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-12140]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-100239; File No. SR-MEMX-2024-19]


Self-Regulatory Organizations; MEMX LLC; Notice of Filing and 
Immediate Effectiveness of a Proposed Rule Change To Amend the Short 
Term Options Series Program in Rule 19.5, Interpretation and Policy .05

May 29, 2024.
    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 16, 2024, MEMX, LLC (``MEMX'' or ``Exchange'') filed with the 
Securities and Exchange Commission (``Commission'') a proposed rule 
change as described in Items I and II below, which Items have been 
prepared by the Exchange. The Exchange filed the proposal as a ``non-
controversial'' proposed rule change pursuant to section 
19(b)(3)(A)(iii) of the Act \3\ and Rule 19b-4(f)(6) thereunder.\4\ 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.
    \3\ 15 U.S.C. 78s(b)(3)(A).
    \4\ 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 is filing with the Commission a proposed rule change 
to amend the Short Term Options Series Program in Rule 19.5, 
Interpretation and Policy .05. The text of the proposed rule change is 
provided in Exhibit 5.

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, the Exchange included statements 
concerning the purpose of and basis for the proposed rule change and 
discussed any comments it received on the proposed rule change. The 
text of these statements may be examined at the places specified in 
Item IV below. The Exchange has prepared summaries, set forth in 
sections A, B, and C below, of the most significant aspects of such 
statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to amend the Short Term Option Series Program 
in Rule 19.5, Interpretation and Policy .05 (Series of Options 
Contracts Open for Trading). Specifically, the Exchange proposes to 
expand the Short Term Option Series Program to permit the listing and 
trading of options series with Tuesday and Thursday expirations for 
options on iShares Russell 2000 ETF (``IWM''), specifically permitting 
two expiration dates for the proposed Tuesday and Thursday expirations 
in IWM. This is a competitive filing that is based on a proposal 
submitted from Nasdaq ISE, LLC (``Nasdaq ISE'') and recently approved 
by the Commission.\5\
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    \5\ See Securities Exchange Act Release No. 99946 (April 11, 
2024) 89 FR 27471 (April 17, 2024) (Order Approving SR-ISE-2024-06).
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    Currently, Table 1 in Rule 19.5, Interpretation and Policy .05(h), 
specifies each symbol that qualifies as a Short Term Option Daily 
Expiration.\6\ Today, Table 1 permits the listing and trading of Monday 
Short Term Option Daily Expirations and Wednesday Short Term Option 
Daily Expirations for IWM. At this time, the Exchange proposes to 
expand the Short Term Option Series Program to permit the listing and 
trading of no more than a total of two IWM Short Term Option Daily 
Expirations beyond the current week for each of Monday, Tuesday, 
Wednesday, and Thursday expirations at one time.\7\ The listing and 
trading of Tuesday and Thursday Short Term Option Daily Expirations 
would be subject to Rule 19.5, Interpretation and Policy .05.
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    \6\ The Exchange may open for trading on any Thursday or Friday 
that is a business day series of options on that class that expire 
at the close of business on each of the next five Fridays that are 
business days and are not Fridays in which standard expiration 
options series, Monthly Options Series, or Quarterly Options Series. 
Of these series of options, the Exchange may have no more than a 
total of five Short Term Option Expiration Dates. In addition, the 
Exchange may open for trading series of options on certain symbols 
that expire at the close of business on each of the next two 
Mondays, Tuesdays, Wednesdays, and Thursdays, respectively, that are 
business days beyond the current week and are not business days in 
which standard expiration options series, Monthly Options Series, or 
Quarterly Options Series expire (``Short Term Option Daily 
Expirations''). See Rule 19.5, Interpretation and Policy .05.
    \7\ The Exchange would amend the Tuesday and Thursday 
expirations for IWM in Table 1 Rule 19.5, Interpretation and Policy 
.05(h) from ``0'' to ``2'' to permit Tuesday and Thursday 
expirations for options on IWM listed pursuant to the Short Term 
Option Series.
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    Today, Tuesday Short Term Option Daily Expirations in SPDR S&P 500 
ETF Trust (``SPY'') and the INVESCO QQQ Trust, Series 1 (``QQQ'') may 
open for trading on any Monday or Tuesday that is a business day series 
of options on the symbols provided in Table 1 that expire at the close 
of business on each of the next two Tuesdays that are business days and 
are not business days in which standard expiration options series, 
Monthly Options Series, or Quarterly Options Series expire (``Tuesday 
Short Term Option Expiration Date'').\8\ Also, today, Thursday Short 
Term Option Daily Expirations in SPY and QQQ may open for trading on 
any Tuesday or Wednesday that is a business day series of options on 
the symbols provided in Table 1 that expire at the close of business on 
each of the next two Wednesdays that are business days and are not 
business days in which standard expiration options series, Monthly 
Options Series, or Quarterly Options Series expire (``Wednesday Short 
Term Option Expiration Date'').\9\
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    \8\ See Rule 19.5, Interpretation and Policy .05(h).
    \9\ Id.
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    In the event that options on IWM expire on a Tuesday or Thursday 
and that Tuesday or Thursday is a business day in which standard 
expiration options series, Monthly Options Series, or Quarterly Options 
Series expire, the Exchange would skip that week's listing and instead 
list the following week; the two weeks would therefore not be 
consecutive. With this proposal, the Exchange would be able to open for 
trading series of options on IWM that expire at the close of business 
on each of the next two Mondays, Tuesdays, Wednesdays, and Thursdays, 
respectively, that are business days beyond the current week and are 
not business days in which standard expiration options series, Monthly

[[Page 48010]]

Options Series, or Quarterly Options Series expire.\10\
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    \10\ Today, IWM may trade on Mondays and Wednesdays, in addition 
to Fridays, as is the case for all options series.
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    The interval between strike prices for the proposed Tuesday and 
Thursday IWM Short Term Option Daily Expirations will be the same as 
those for Tuesday and Thursday IWM Short Term Option Daily Expirations 
in SPY and QQQ, applicable to the Short Term Option Series Program.\11\ 
Specifically, the Tuesday and Thursday IWM Short Term Option Daily 
Expirations will have a $0.50 strike interval minimum. As is the case 
with other equity options series listed pursuant to the Short Term 
Option Series Program, the Tuesday and Thursday IWM Short Term Option 
Daily Expiration series will be P.M.-settled.
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    \11\ See Rule 19.5, Interpretation and Policy .05(e).
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    Pursuant to Rule 19.5, Interpretation and Policy .05(h), with 
respect to the Short Term Option Series Program, a Tuesday or Thursday 
expiration series shall expire on the first business day immediately 
prior to that Tuesday or Thursday, e.g., Monday or Wednesday of that 
week, respectively, if the Tuesday or Thursday is not a business day.
    Currently, for each option class eligible for participation in the 
Short Term Option Series Program, the Exchange is limited to opening 
thirty (30) series for each expiration date for the specific class.\12\ 
The thirty (30) series restriction does not include series that are 
open by other securities exchanges under their respective weekly rules; 
the Exchange may list these additional series that are listed by other 
options exchanges.\13\ This thirty (30) series restriction would apply 
to Tuesday and Thursday IWM Short Term Option Daily Expiration series 
as well. With this proposal, Tuesday and Thursday IWM Expirations would 
be treated the same as Tuesday and Thursday Expirations in SPY and QQQ. 
With respect to monthly option series, Short Term Option Daily 
Expirations expire in the same week in which monthly option series on 
the same class expire.\14\ Further, as is the case today with other 
Tuesday and Thursday Short Term Option Daily Expirations, the Exchange 
would not permit Tuesday and Thursday Short Term Option Daily 
Expirations to expire on a business day in which monthly options series 
or Quarterly Options Series expire.\15\ Therefore, all Short Term 
Option Daily Expirations would expire at the close of business on each 
of the next two Mondays, Tuesdays, Wednesdays, and Thursdays, 
respectively, that are business days beyond the current week and are 
not business days in which standard expiration options series, Monthly 
Options Series, or Quarterly Options Series expire. The Exchange does 
not believe that any market disruptions will be encountered with the 
introduction of P.M.-settled Tuesday and Thursday IWM Short Term Option 
Daily Expirations. The Exchange has the necessary capacity and 
surveillance programs in place to support and properly monitor trading 
in the proposed Tuesday and Thursday Short Term Option Daily 
Expirations. The Exchange currently trades P.M.-settled Short Term 
Option Series that expire Tuesday and Thursday for SPY and QQQ and has 
not experienced any market disruptions nor issues with capacity. Today, 
the Exchange has surveillance programs in place to support and properly 
monitor trading in Short Term Option Series that expire Tuesday and 
Thursday for SPY and QQQ.
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    \12\ See Rule 19.5, Interpretation and Policy .05(a).
    \13\ See Rule 19.5, Interpretation and Policy .05(a).
    \14\ See Rule 19.5, Interpretation and Policy .05(b).
    \15\ See Rule 19.5, Interpretation and Policy .05(h).
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Impact of Proposal
    The Exchange notes that listings in the Short Term Option Series 
Program comprise a significant part of the standard listing in options 
markets. The below table sets forth the percentage of weekly listings 
as compared to monthly, quarterly, and Long-Term Option Series in 2023 
in the options industry.\16\ The Exchange notes that during this time 
period all options exchanges mitigated weekly strike intervals.
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    \16\ Per Nasdaq ISE, LLC (``Nasdaq ISE''), this information was 
sourced from The Options Clearing Corporation (``OCC''). The 
information includes time averaged data for all 17 options markets 
through December 8, 2023. See Securities Exchange Act Release No. 
99604 (February 26, 2024), 89 FR 15235 (March 1, 2024) (SR-ISE-2024-
06).

                         Number of Strikes--2023
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                                                            Percent of
                       Expiration                          total series
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Monthly.................................................           62.82
Weekly..................................................           17.22
LEAP....................................................           17.77
Quarterly...............................................            2.20
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    Similar to SPY and QQQ, the Exchange would limit the number of 
Short Term Option Daily Expirations for IWM to two expirations for 
Tuesday and Thursday expirations while expanding the Short Term Option 
Series Program to permit Tuesday, and Thursday expirations for IWM. 
Expanding the Short Term Option Series Program to permit the listing of 
Tuesday and Thursday expirations in IWM will account for the addition 
of 6.77% of strikes for IWM.\17\ With respect to the impact to the 
Short Term Option Series Program on IWM overall, the impact would be a 
20% increase in strikes.\18\ With respect to the impact to the Short 
Term Options Series Program overall, the impact would be a 0.1% 
increase in strikes.\19\ Members will continue to be able to expand 
hedging tools because all days of the week would be available to permit 
Members to tailor their investment and hedging needs more effectively 
in IWM.
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    \17\ Nasdaq ISE sourced this information, which are estimates, 
from LiveVol[supreg]. The information includes data for all 17 
options markets as of January 3, 2024. See id.
    \18\ Nasdaq ISE sourced this information, which are estimates, 
from LiveVol[supreg]. The information includes data for all 17 
options markets as of January 3, 2024. See id.
    \19\ Nasdaq ISE sourced this information, which are estimates, 
from LiveVol[supreg]. The information includes data for all 17 
options markets as of January 3, 2024. See id.

                         Number of Strikes--2023
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                                                            Percent of
                       Expiration                          total series
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Monthly.................................................           35.13
Weekly..................................................           48.30
LEAP....................................................           12.87
Quarterly...............................................            3.70
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    Weeklies comprise 48.30% of the total volume of options 
contracts.\20\ The Exchange believes that inner weeklies (first two 
weeks) represent high volume as compared to outer weeklies (the last 
three weeks) and would be more attractive to market participants. The 
introduction of IWM Tuesday and Thursday expirations will, among other 
things, expand hedging tools available to market participants and 
continue the reduction of the premium cost of buying protection. The 
Exchange believes that IWM Tuesday and Thursday expirations will allow 
market participants to purchase IWM options based on their timing as 
needed and allow them to tailor their investment and hedging needs more 
effectively.
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    \20\ This table sets forth industry volume. Weeklies comprise 
48.30% of volume while only comprising 17.22% of the strikes. Nasdaq 
ISE sourced this information from OCC. The information includes data 
for all 17 options markets through December 8, 2023. See Securities 
Exchange Act Release No. 99604 (February 26, 2024), 89 FR 15235 
(March 1, 2024) (SR-ISE-2024-06).
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2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with 
the Securities Exchange Act of 1934 (the ``Act'') and the rules and 
regulations thereunder applicable to the Exchange

[[Page 48011]]

and, in particular, the requirements of section 6(b) of the Act.\21\ 
Specifically, the Exchange believes the proposed rule change is 
consistent with the section 6(b)(5) \22\ requirements that the rules of 
an exchange be designed to prevent fraudulent and manipulative acts and 
practices, 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. 
Additionally, the Exchange believes the proposed rule change is 
consistent with the section 6(b)(5) \23\ requirement that the rules of 
an exchange not be designed to permit unfair discrimination between 
customers, issuers, brokers, or dealers.
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    \21\ 15 U.S.C. 78f(b).
    \22\ 15 U.S.C. 78f(b)(5).
    \23\ Id.
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    The Exchange believes that IWM Tuesday and Thursday Short Term 
Daily Expirations will allow market participants to purchase IWM 
options based on their timing as needed and allow them to tailor their 
investment and hedging needs more effectively. Further, the proposal to 
permit Tuesday and Thursday Short Term Daily Expirations for options on 
IWM listed pursuant to the Short Term Option Series Program, subject to 
the proposed limitation of two nearest expirations, would protect 
investors and the public interest by providing the investing public and 
other market participants more flexibility to closely tailor their 
investment and hedging decisions in IWM options, thus allowing them to 
better manage their risk exposure. In particular, the Exchange believes 
the Short Term Option Series Program has been successful to date and 
that Tuesday and Thursday IWM Short Term Daily Expirations should 
simply expand the ability of investors to hedge risk against market 
movements stemming from economic releases or market events that occur 
throughout the month in the same way that the Short Term Option Series 
Program has expanded the landscape of hedging. Similarly, the Exchange 
believes Tuesday and Thursday IWM Short Term Daily Expirations should 
create greater trading and hedging opportunities and provide customers 
the flexibility to tailor their investment objectives more effectively. 
The Exchange currently lists SPY and QQQ Tuesday and Thursday Short 
Term Daily Expirations.\24\
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    \24\ See Rule 19.5, Interpretation and Policy .05(h).
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    With this proposal, Tuesday and Thursday IWM Expirations would be 
treated similar to existing Tuesday and Thursday SPY and QQQ 
Expirations and would expire in the same week that standard monthly 
options expire on Fridays.\25\ Further, today, Tuesday and Thursday 
Short Term Option Daily Expirations do not expire on a business day in 
which monthly options series or Quarterly Options Series expire.\26\ 
Today, all Short Term Option Daily Expirations expire at the close of 
business on each of the next two Mondays, Tuesdays, Wednesdays, and 
Thursdays, respectively, that are business days and are not business 
days in which monthly options series or Quarterly Options Series 
expire. There are no material differences in the treatment of Tuesday 
and Thursday SPY and QQQ Short Term Daily Expirations as compared to 
the proposed Tuesday and Thursday IWM Short Term Daily Expirations.
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    \25\ See Rule 19.5, Interpretation and Policy .05(b).
    \26\ See Rule 19.5, Interpretation and Policy .05(h).
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    Finally, the Exchange represents that it has an adequate 
surveillance program in place to detect manipulative trading in the 
proposed Tuesday and Thursday IWM Short Term Daily Expirations, in the 
same way that it monitors trading in the current Short Term Option 
Series and trading in Tuesday and Thursday SPY and QQQ Expirations. The 
Exchange also represents that it has the necessary systems capacity to 
support the new options series. Finally, the Exchange does not believe 
that any market disruptions will be encountered with the introduction 
of Tuesday and Thursday IWM Short Term Daily Expirations.
    Finally, the Exchange notes the proposed rule change is 
substantively the same as a rule change proposed by ISE, which the 
Commission recently approved.\27\
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    \27\ See supra note 5.
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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 that is not necessary or appropriate 
in furtherance of the purposes of the Act. Similar to SPY and QQQ 
Tuesday and Thursday Expirations, the introduction of IWM Tuesday and 
Thursday Short Term Daily Expirations does not impose an undue burden 
on competition. The Exchange believes that it will, among other things, 
expand hedging tools available to market participants and continue the 
reduction of the premium cost of buying protection. The Exchange 
believes that IWM Tuesday and Thursday Short Term Daily Expirations 
will allow market participants to purchase IWM options based on their 
timing as needed and allow them to tailor their investment and hedging 
needs more effectively.
    The Exchange does not believe the proposal will impose any burden 
on intermarket competition, as nothing prevents other options exchanges 
from proposing similar rules to list and trade Short-Term Option Series 
with Tuesday and Thursday Short Term Daily Expirations. The Exchange 
notes that having Tuesday and Thursday IWM expirations is not a novel 
proposal, as SPY and QQQ Tuesday and Thursday Expirations are currently 
listed on the Exchange.\28\ Additionally, as noted above, the 
Commission recently approved a substantively identical proposal of 
another exchange.\29\ Further, the Exchange does not believe the 
proposal will impose any burden on intramarket competition, as all 
market participants will be treated in the same manner under this 
proposal
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    \28\ See Rule 19.5, Interpretation and Policy .05(h).
    \29\ 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

    The Exchange neither solicited nor received comments on the 
proposed rule change.

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

    The Exchange has filed the proposed rule change pursuant to section 
19(b)(3)(A)(iii) of the Act \30\ and Rule 19b-4(f)(6) thereunder.\31\ 
Because the foregoing proposed rule change does not: (i) significantly 
affect the protection of investors or the public interest; (ii) impose 
any significant burden on competition; and (iii) become operative for 
30 days from the date on which it was filed, or such shorter time as 
the Commission may designate, it has become effective pursuant to 
section 19(b)(3)(A)(iii) of the Act \32\ and paragraph (f)(6) of Rule 
19b-4 thereunder.\33\
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    \30\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \31\ 17 CFR 240.19b-4(f)(6).
    \32\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \33\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii) 
requires a self-regulatory organization to give the Commission 
written notice of its intent to file the proposed rule change, along 
with a brief description and text of the proposed rule change, at 
least five business days prior to the date of filing of the proposed 
rule change, or such shorter time as designated by the Commission. 
The Exchange has satisfied this requirement.

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[[Page 48012]]

    A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the 
Act \34\ normally does not become operative for 30 days after the date 
of its filing. However, Rule 19b-4(f)(6)(iii) \35\ permits the 
Commission to designate a shorter time if such action is consistent 
with the protection of investors and the public interest. The Exchange 
has requested that the Commission waive the 30-day operative delay to 
permit the Exchange to implement the proposal at the same time as its 
competitor exchanges, thus creating competition among Short Term Option 
Series throughout the industry. The Exchange notes that its proposal is 
substantially similar in all material respects to a proposal submitted 
by Nasdaq ISE that was recently approved by the Commission.\36\ The 
Commission believes that the proposed rule change presents no novel 
issues and that waiver of the 30-day operative delay is consistent with 
the protection of investors and the public interest. Accordingly, the 
Commission hereby waives the operative delay and designates the 
proposed rule change operative upon filing.\37\
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    \34\ 17 CFR 240.19b-4(f)(6).
    \35\ 17 CFR 240.19b-4(f)(6)(iii).
    \36\ See supra note 5.
    \37\ For purposes only of waiving the 30-day operative delay, 
the Commission has also considered the proposed rule's impact on 
efficiency, competition, and capital formation. See 15 U.S.C. 
78c(f).
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    At any time within 60 days of the filing of the proposed rule 
change, the Commission summarily may temporarily suspend such rule 
change if it appears to the Commission that such action is necessary or 
appropriate in the public interest, for the protection of investors, or 
otherwise in furtherance of the purposes of the Act. 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-MEMX-2024-19 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-MEMX-2024-19. 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 
a.m. and 3 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. All 
submissions should refer to file number SR-MEMX-2024-19 and should be 
submitted on or before June 25, 2024.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\38\
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    \38\ 17 CFR 200.30-3(a)(12), (59).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-12140 Filed 6-3-24; 8:45 am]
BILLING CODE 8011-01-P