[Federal Register Volume 89, Number 125 (Friday, June 28, 2024)]
[Notices]
[Pages 54089-54093]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-14208]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-100405; File No. SR-Phlx-2024-25]


Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing 
and Immediate Effectiveness of Proposed Rule Change To Amend Options 7, 
Sections 4 and 9

June 24, 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 June 12, 2024, Nasdaq PHLX LLC (``Phlx'' or ``Exchange'') filed with 
the Securities and Exchange Commission (``Commission'') the proposed 
rule change as described in Items I, II, and III, below, which Items 
have been prepared by the Exchange. The Commission is publishing this 
notice to solicit comments on the proposed rule change from interested 
persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to amend Options 7, Sections 4 and 9.\3\ The 
Exchange proposes to sunset the amendments to Options 7, Section 4 on 
July 1, 2024. The proposed maximum SQF Port Fee proposed herein in 
Options 7, Section 4 will remain in effect through the month of June 
2024.
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    \3\ The Exchange initially filed the proposed pricing changes on 
November 28, 2023 (SR-Phlx-2023-52) to be effective on December 1, 
2023. On December 5, 2023, the Exchange withdrew SR-Phlx-2023-52 and 
replaced it with SR-Phlx-2023-56. On January 16, 2023, the Exchange 
withdrew SR-Phlx-2023-56 and submitted SR-Phlx-2024-02. On March 7, 
2024, the Exchange withdrew SR-Phlx-2024-02 and submitted SR-Phlx-
2024-10. On May 1, 2024, the Exchange withdrew SR-Phlx-2024-10 and 
submitted SR-Phlx-2024-21. On June 12, 2024, the Exchange withdrew 
SR-Phlx-2024-21 and submitted this 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/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
    The Exchange proposes to amend Options 7, Section 4, Multiply 
Listed Options Fees (Includes options overlying equities, ETFs, ETNs 
and indexes which are Multiply Listed) (Excludes SPY and broad-based 
index options symbols listed within Options 7, Section 5.A). The 
Exchange also proposes a technical amendment to Options 7, Section 9, 
B. The Exchange proposes to sunset the amendments to Options 7, Section 
4 on July 1, 2024. The proposed maximum SQF Port Fee proposed herein in 
Options 7, Section 4 will remain in effect through the month of June 
2024.
    Today, Lead Market Makers and Market Makers are subject to a 
``Monthly Market Maker Cap'' of $500,000 for: (i) electronic Option 
Transaction Charges, excluding surcharges and excluding options 
overlying broad-based index options symbols listed within Options 7, 
Section 5.A; and (ii) QCC Transaction Fees (as defined in Exchange 
Options 3, Section 12 and Floor QCC Orders, as defined in Options 8, 
Section 30(e)).\4\ All dividend, merger, short stock interest, reversal 
and conversion, jelly roll and box spread strategy executions (as 
defined in this Options 7, Section 4) are excluded from the Monthly 
Market Maker Cap. Lead Market Makers or Market Makers that (i) are on 
the contra-side of an electronically-delivered and executed Customer 
order, excluding responses to a PIXL auction; and (ii) have reached the 
Monthly Market Maker Cap are assessed fees $0.05 per contract Fee for 
Adding Liquidity in Penny Symbols, $0.18 per contract Fee for Removing 
Liquidity in Penny Symbols, $0.18 per contract in Non-Penny Symbols, 
and $0.18 per contract in a non-Complex electronic auction, including 
the Quote Exhaust auction and, for purposes of this fee, the opening 
process.\5\ Today, the Monthly

[[Page 54090]]

Market Maker Cap offers Lead Market Makers and Market Makers the 
ability to lower their costs provided they execute a certain amount of 
orders on Phlx.
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    \4\ The trading activity of separate Lead Market Maker and 
Market Maker member organizations is aggregated in calculating the 
Monthly Market Maker Cap if there is Common Ownership between the 
member organizations.
    \5\ A Complex electronic auction includes, but is not limited 
to, the Complex Order Live Auction (``COLA''). Transactions which 
execute against an order for which the Exchange broadcast an order 
exposure alert in an electronic auction will be subject to this fee.
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    At this time, the Exchange proposes to establish an increased SQF 
Fee Cap to Lead Market Makers and Market Makers that do not provide a 
minimum amount of liquidity on Phlx. This proposed increased SQF Fee 
Cap is intended to incentivize Lead Market Makers and Market Makers to 
add liquidity on Phlx for the benefit of other market participants in 
order to lower their fees. Phlx proposes to increase the SQF Port Fees 
cap to $50,000 a month if a Lead Market Maker or Market Maker does not 
transact 0.20% of Total Customer Volume in electronic simple orders 
that adds liquidity in a month.\6\ Today, Phlx assesses $1,250 per 
port, per month up to a maximum of $42,000 per month for an SQF Port 
that receives inbound quotes at any time within that month.\7\ With 
this proposal, the Exchange would not assess Lead Market Makers and 
Market Makers an SQF Port Fee beyond the monthly cap of $50,000, 
instead of $42,000, once the member organization has exceeded the 
proposed port cap for the respective month. Lead Market Makers and 
Market Makers who transacts 0.20% of Total Customer Volume in 
electronic simple orders that adds liquidity in a month will continue 
to be subject to the $42,000 SQF Fee Cap. The Exchange believes that 
Lead Market Makers and Market Makers will add liquidity to Phlx in 
order to decrease their costs of doing business on the Exchange by 
obtaining the benefits of the lower SQF Fee Cap similar to the manner 
in which Lead Market Maker and Market Makers today transact a certain 
quantity of orders to achieve the Monthly Market Maker Cap.
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    \6\ For purposes of this cap, ``Total Customer Volume'' shall be 
defined as a percentage of all cleared customer volume at The 
Options Clearing Corporation in Multiply Listed Equity Options and 
Exchange-Traded Products (``TCV'').
    \7\ An active port shall mean that the port was utilized to 
submit a quote to the System during a given month. See Options 7, 
Section 9, B. The Exchange proposes to add the words ``active port'' 
in parenthesis at the end of the description of SQF Port Fee in 
Options 7, Section 9, B to tie the definition of an active port to 
the description for the port. The Exchange also proposes a technical 
amendment to add a comma between ``per port'' and ``per month'' for 
the SQF Port Fee in Options 7, Section 9, B. Today, member 
organizations are not assessed an active SQF Port Fee for additional 
ports acquired for ten business days for the purpose of 
transitioning technology. The member organization is required to 
provide the Exchange with written notification of the transition and 
all additional ports, provided at no cost, will be removed at the 
end of the ten business days. See Options 7, Section 9, B.
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    Pursuant to Options 3, Section 7(a)(i)(B), Market Makers may only 
enter quotes into SQF in their assigned options series to add liquidity 
on Phlx. Pursuant to Options 3, Section 7(a)(i)(B), the SQF interface 
allows Market Makers to connect, send, and receive messages related to 
quotes, Immediate-or-Cancel Orders, and auction responses to the 
Exchange. While a Phlx Market Maker may elect to obtain multiple SQF 
Ports to organize its business,\8\ only one SQF Port is necessary for a 
Phlx Market Maker to fulfill its regulatory quoting obligations.\9\
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    \8\ For example, a Phlx Market Maker may desire to utilize 
multiple SQF Ports for accounting purposes, to measure performance, 
for regulatory reasons or other determinations that are specific to 
that member organization.
    \9\ Phlx Market Makers have various regulatory requirements as 
provided for in Options 2, Section 4. Additionally, Phlx Market 
Makers have certain quoting requirements with respect to their 
assigned options series as provided in Options 2, Section 5. SQF 
Ports are the only quoting protocol available on Phlx and only 
Market Makers may utilize SQF Ports.
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2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section 
6(b) of the Act,\10\ in general, and furthers the objectives of 
Sections 6(b)(4) and 6(b)(5) of the Act,\11\ 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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    \10\ 15 U.S.C. 78f(b).
    \11\ 15 U.S.C. 78f(b)(4) and (5).
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    The proposed pricing change to increase the SQF Fee Cap for Lead 
Market Makers and Market Makers to $50,000 a month if Lead Market 
Makers or Market Makers do not transact 0.20% of Total Customer Volume 
in electronic simple orders that adds liquidity in a month is 
reasonable because it will incentivize Lead Market Makers and Market 
Makers to add liquidity on Phlx to lower their costs. The Exchange 
believes that the total volume required to achieve the cap is 
reasonable as the Exchange has limited the volume to simple orders, as 
not all Market Makers transact complex orders. Additionally, the 
Exchange has limited the trading volume to electronic volume, as not 
all Market Makers transact business in open outcry and Floor Market 
Makers may enter orders verbally in the trading crowd. Further, 0.20% 
of Total Customer Volume in electronic simple orders that adds 
liquidity in a month is an achievable number for Market Makers who 
currently add volume to the Exchange. Additionally, the Exchange 
believes that an SQF Fee cap of $50,000, in lieu of $42,000, is 
reasonable because Lead Market Makers and Market Makers are obligated, 
among other things, to maintain a two-sided market in those options in 
which the Market Maker is registered to trade, in a manner that 
enhances the depth, liquidity and competitiveness of the market and 
compete with other electronic Market Makers in all options in all 
capacities in which the electronic Market Maker is registered to 
trade.\12\ The Exchange believes that it is reasonable to increase the 
SQF Port Fee Cap to $50,000 for Lead Market Makers and Market Makers 
that do not transact 0.20% of Total Customer Volume in electronic 
simple orders that adds liquidity in a month because the Exchange 
believes that Lead Market Makers and Market Makers that do not 
contribute a minimum amount of liquidity on Phlx should not be subject 
to the same opportunities to lower their costs as those Lead Market 
Makers and Market Makers that do contribute to liquidity and therefore 
provide the ability for other market participants to engage with that 
order flow. The Exchange believes that the increase is modest and would 
serve to encourage Lead Market Makers and Market Makers to submit order 
flow to Phlx in order to lower their cost and would result in 
additional order competition, which also benefits market participants. 
The Exchange believes this proposal promotes liquidity, quote 
competition, and trading opportunities.
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    \12\ See Options 2, Section 5(a)(1) and (3).
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    SQF Ports are utilized by Lead Market Makers and Market Makers to 
quote on Phlx. The SQF Port is the only protocol available for quoting. 
A Phlx Market Maker may submit all quotes through one SQF Port and SQF 
Ports are only utilized in the Market Maker's assigned options series. 
While a Phlx Market Maker may elect to obtain multiple SQF Ports to 
organize its business,\13\ only one SQF Port is necessary for a Phlx 
Market Maker to fulfill its regulatory quoting obligations.\14\ For 
those Market Makers

[[Page 54091]]

that elect to organize themselves by obtaining a greater number of SQF 
Ports, they will be subject to a cap.\15\ For Market Makers that only 
take 1 SQF Port or only a few SQF Ports, their costs would be far below 
the $42,000 or $50,000 threshold for the cap.
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    \13\ For example, a Phlx Market Maker may desire to utilize 
multiple SQF Ports for accounting purposes, to measure performance, 
for regulatory reasons or other determinations that are specific to 
that member organization.
    \14\ Phlx Market Makers have various regulatory requirements as 
provided for in Options 2, Section 4. Additionally, Phlx Market 
Makers have certain quoting requirements with respect to their 
assigned options series as provided in Options 2, Section 5. SQF 
Ports are the only quoting protocol available on Phlx and only 
Market Makers may utilize SQF Ports.
    \15\ The number of ports that member organizations choose to 
purchase varies widely. Today, on Phlx, 2 Market Makers have 1 SQF 
Port, 5 Market Makers have 2-5 SQF Ports, 4 Market Makers have 
between 6-10 SQF Ports, and 11 Market Makers have more than 10 SQF 
Ports. Additionally, today, on Nasdaq GEMX, LLC no Market Makers 
have 1 SQF Port/SQF Purge Port, 1 Market Maker has 2-5 SQF Ports/SQF 
Purge Ports, 4 Market Makers have between 6-10 SQF Ports/SQF Purge 
Ports, and 8 Market Makers have more than 10 SQF Ports/SQF Purge 
Ports. Finally, on Nasdaq MRX LLC (``MRX''), 2 Market Makers have 1 
SQF Ports/SQF Purge Ports, no Market Makers have 2-5 SQF Ports/SQF 
Purge Ports, 2 Market Makers have between 6-10 SQF Ports/SQF Purge 
Ports, and 6 Market Makers have more than 10 SQF Ports/SQF Purge 
Ports.
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    The proposed pricing change to increase the SQF Fee Cap for Lead 
Market Makers and Market Makers to $50,000 a month if Lead Market 
Makers or Market Makers do not transact 0.20% of Total Customer Volume 
in electronic simple orders that adds liquidity in a month is equitable 
and not unfairly discriminatory as all Lead Market Makers and Market 
Makers would be able to cap their SQF Port costs at $42,000, provided 
they transacted the requisite volume, otherwise Lead Market Makers and 
Market Makers would be uniformly subject to the $50,000 SQF Fee Cap. 
The Exchange notes that unlike other market participants, Lead Market 
Makers are obligated to quote in the Opening Process and intra-day.\16\ 
Additionally, Market Makers may enter quotes in the Opening Process to 
open an option series and they are required to quote intra-day.\17\ 
Further, unlike other market participants, Lead Market Makers and 
Market Makers have obligations to the market to maintain a two-sided 
market in those options in which the Market Maker is registered to 
trade, in a manner that enhances the depth, liquidity and 
competitiveness of the market and compete with other electronic Market 
Makers in all options in all capacities in which the electronic Market 
Maker is registered to trade, among other obligations.\18\ Finally, 
unlike other market participants, Lead Market Makers and Market Makers 
incur other costs related to their quoting obligations in addition to 
other fees paid by other market participants. Phlx assesses Streaming 
Quote Trader \19\ Fees based on the number of option class assignments 
to Lead Market Makers and Market Makers.\20\ Additionally, Phlx 
assesses Remote Market Maker \21\ Organization Fees and Remote Lead 
Market Maker Fees.\22\ These liquidity providers are critical market 
participants in that they are the only market participants that provide 
liquidity to Phlx and are necessary for opening the market. Allowing 
Lead Market Makers and Market Makers to manage their costs by capping 
SQF Ports in addition to transaction fees enables these essential 
market participants to manage their business model more effectively and 
better allocate resources to other technologies that are necessary to 
manage risk and capacity to ensure that these market participants 
continue to compete effectively on Phlx. The following chart represents 
the classification of Phlx members and the percentage of Market Makers.
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    \16\ See Options 3, Section 8 and Options 2, Section 5.
    \17\ Id.
    \18\ See Options 2, Section 5(a)(1) and (3).
    \19\ A ``Streaming Quote Trader'' or ``SQT'' means a Market 
Maker who has received permission from the Exchange to generate and 
submit option quotations electronically in options to which such SQT 
is assigned. An SQT may only submit such quotations while such SQT 
is physically present on the trading floor of the Exchange. An SQT 
may only submit quotes in classes of options in which the SQT is 
assigned. See Options 1, Section 1(b)(54).
    \20\ See Options 7, Section 8, B.
    \21\ A ``Remote Streaming Quote Trader'' or ``RSQT'' means a 
Market Maker that is a member affiliated with a Remote Streaming 
Quote Trader Organization with no physical trading floor presence 
who has received permission from the Exchange to generate and submit 
option quotations electronically in options to which such RSQT has 
been assigned. A qualified RSQT may function as a Remote Lead Market 
Maker upon Exchange approval. An RSQT is also known as a Remote 
Market Maker (``RMM'') pursuant to Options 2, Section 11. A Remote 
Streaming Quote Organization (``RSQTO'') or Remote Market Maker 
Organization (``RMO'') are Exchange member organizations that have 
qualified pursuant to Options 2, Section 1. See Options 1, Section 
1(b)(49).
    \22\ See Options 7, Section 8, C and D.
    [GRAPHIC] [TIFF OMITTED] TN28JN24.020
    

[[Page 54092]]


    Phlx believes Lead Market Makers and Market Makers should be 
eligible for certain incentives because they fulfill a unique role on 
the Exchange and are the only market participants required to submit 
quotes to the Exchange. The proposed SQF Port Cap is designed to ensure 
that Lead Market Makers and Market Makers add a certain amount of 
liquidity on Phlx in order to be able to cap their SQF Fees at the 
lower cap of $42,000 as compared to the increased cap of $50,000. The 
Exchange would apply the criteria uniformly when applying the SQF Fee 
Cap to Lead Market Makers and Market Makers.
    Finally, Phlx believes the proposed SQF cap is constrained by 
competitive forces and reasonably designed in consideration of the 
competitive environment in which the Exchange operates. This fee 
structure incents Lead Market Makers and Market Makers to support 
increased liquidity, quote competition, and trading opportunities on 
the Exchange, for the benefit of all market participants.

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 intermarket 
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. The chart below shows the February 2024 market share for 
multiply listed options by exchange. Of the 17 operating options 
exchanges, none currently has more than a 17.6% market share. Customers 
widely distribute their transactions across exchanges according to 
their business needs and the ability of each exchange to meet those 
needs through technology, liquidity and functionality.
[GRAPHIC] [TIFF OMITTED] TN28JN24.021

    Market share is the percentage of volume on a particular exchange 
relative to the total volume across all exchanges and indicates the 
amount of order flow directed to that exchange. High levels of market 
share enhance the value of trading and ports. 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.
Intramarket Competition
    The proposed pricing change to increase the SQF Fee Cap for Lead 
Market Makers and Market Makers to $50,000 a month if Lead Market 
Makers or Market Makers do not transact 0.20% of Total Customer Volume 
in electronic simple orders that adds liquidity in a month does not 
impose an undue burden on competition as all Lead Market Makers and 
Market Makers would be able to cap their SQF Port costs at $42,000, 
provided they transacted the requisite volume, otherwise Lead Market 
Makers and Market Makers would be uniformly subject to the $50,000 SQF 
Fee Cap. The Exchange notes that unlike other market participants, Lead 
Market Makers are obligated to quote in the Opening Process and intra-
day.\23\ Additionally, Market Makers may enter quotes in the Opening 
Process to open an option series and they are required to quote intra-
day.\24\ Further, unlike other market participants, Lead Market Makers 
and Market Makers have obligations to the market to maintain a two-
sided market in those options in which the Market Maker is registered 
to trade, in a manner that enhances the depth, liquidity and 
competitiveness of the market and compete with other electronic Market 
Makers in all options in all capacities in which the electronic Market 
Maker is registered to trade, among other

[[Page 54093]]

obligations.\25\ Finally, unlike other market participants, Lead Market 
Makers and Market Makers incur other costs related to their quoting 
obligations in addition to other fees paid by other market 
participants. Phlx assesses Streaming Quote Trader \26\ Fees based on 
the number of option class assignments to Lead Market Makers and Market 
Makers.\27\ Additionally, Phlx assesses Remote Market Maker \28\ 
Organization Fees and Remote Lead Market Maker Fees.\29\ These 
liquidity providers are critical market participants in that they are 
the only market participants that provide liquidity to Phlx and are 
necessary for opening the market. Allowing Lead Market Makers and 
Market Makers to manage their costs by capping SQF Ports in addition to 
transaction fees enables these essential market participants to manage 
their business model more effectively and better allocate resources to 
other technologies that are necessary to manage risk and capacity to 
ensure that these market participants continue to compete effectively 
on Phlx. The Exchange believes that Lead Market Makers and Market 
Makers should be eligible for certain incentives because they fulfill a 
unique role on the Exchange and are the only market participants 
required to submit quotes to the Exchange. The proposed SQF Port Cap is 
designed to ensure that Lead Market Makers and Market Makers add a 
certain amount of liquidity on Phlx in order to be able to cap their 
SQF Fees at the lower cap of $42,000 as compared to the increased cap 
of $50,000. The Exchange would apply the SQF Fee Cap criteria uniformly 
to Lead Market Makers and Market Makers.
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    \23\ See Options 3, Section 8 and Options 2, Section 5.
    \24\ Id.
    \25\ See Options 2, Section 5(a)(1) and (3).
    \26\ A ``Streaming Quote Trader'' or ``SQT'' means a Market 
Maker who has received permission from the Exchange to generate and 
submit option quotations electronically in options to which such SQT 
is assigned. An SQT may only submit such quotations while such SQT 
is physically present on the trading floor of the Exchange. An SQT 
may only submit quotes in classes of options in which the SQT is 
assigned. See Options 1, Section 1(b)(54).
    \27\ See Options 7, Section 8, B.
    \28\ A ``Remote Streaming Quote Trader'' or ``RSQT'' means a 
Market Maker that is a member affiliated with a Remote Streaming 
Quote Trader Organization with no physical trading floor presence 
who has received permission from the Exchange to generate and submit 
option quotations electronically in options to which such RSQT has 
been assigned. A qualified RSQT may function as a Remote Lead Market 
Maker upon Exchange approval. An RSQT is also known as a Remote 
Market Maker (``RMM'') pursuant to Options 2, Section 11. A Remote 
Streaming Quote Organization (``RSQTO'') or Remote Market Maker 
Organization (``RMO'') are Exchange member organizations that have 
qualified pursuant to Options 2, Section 1. See Options 1, Section 
1(b)(49).
    \29\ See Options 7, Section 8, C and D.
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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.\30\
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    \30\ 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-Phlx-2024-25 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-2024-25. 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-Phlx-2024-25 and should be 
submitted on or before July 19, 2024.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\31\
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    \31\ 17 CFR 200.30-3(a)(12).
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Vanessa A. Countryman,
Secretary.
[FR Doc. 2024-14208 Filed 6-27-24; 8:45 am]
BILLING CODE 8011-01-P