[Federal Register Volume 89, Number 151 (Tuesday, August 6, 2024)]
[Notices]
[Pages 64005-64006]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-17280]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-100622; File No. 4-443]


Joint Industry Plan; Notice of Filing and Immediate Effectiveness 
of Amendment to the Plan for the Purpose of Developing and Implementing 
Procedures Designed To Facilitate the Listing and Trading of 
Standardized Options To Add MIAX Sapphire, LLC as a Plan Sponsor

July 31, 2024.
    Pursuant to Section 11A(a)(3) of the Securities Exchange Act of 
1934 (``Act'') \1\ and Rule 608 thereunder,\2\ notice is hereby given 
that on July 26, 2024, MIAX Sapphire, LLC (``MIAX Sapphire'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``Commission'') an amendment to the Plan for the Purpose of Developing 
and Implementing Procedures Designed to Facilitate the Listing and 
Trading of Standardized Options (``OLPP'' or ``Plan'').\3\ The 
Commission approved the application of MIAX Sapphire to register as a 
national securities exchange on July 15, 2024.\4\ One of the conditions 
of the Commission's approval of MIAX Sapphire was the requirement for 
the Exchange to join the OLLP.\5\ The amendment adds MIAX Sapphire as a 
Plan Sponsor \6\ of the OLPP.\7\ The Commission is publishing this 
notice to solicit comments on the amendment from interested persons.
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    \1\ 15 U.S.C. 78k-1(a)(3).
    \2\ 17 CFR 242.608.
    \3\ On July 6, 2001, the Commission approved the OLPP, which was 
proposed by the American Stock Exchange LLC (``Amex'') (n/k/a NYSE 
American, LLC (``NYSE American'')), Chicago Board Options Exchange, 
Incorporated (``Cboe''), International Securities Exchange LLC 
(``ISE'') (n/k/a Nasdaq ISE, LLC (``Nasdaq ISE'')), Options Clearing 
Corporation (``OCC''), Philadelphia Stock Exchange, Inc. (``Phlx'') 
(n/k/a Nasdaq Phlx LLC (Nasdaq Phlx)), and Pacific Exchange, Inc. 
(``PCX'') (n/k/a NYSE Arca, Inc. (``NYSE Arca'')). See Securities 
Exchange Act Release No. 44521, 66 FR 36809 (July 13, 2001). See 
also Securities Exchange Act Release Nos. 49199 (Feb. 5, 2004), 69 
FR 7030 (Feb. 12, 2004) (adding Boston Stock Exchange, Inc. as a 
Sponsor to the OLPP); 57546 (Mar. 21, 2008), 73 FR 16393 (Mar. 27, 
2008) (adding Nasdaq Stock Market, LLC (``Nasdaq'') as a Sponsor to 
the OLPP); 61528 (Feb. 17, 2010), 75 FR 8415 (Feb. 24, 2010) (adding 
BATS Exchange, Inc. (``BATS'') (n/k/a Cboe BZX Exchange, Inc. 
(``Cboe BZX'')) as a Sponsor to the OLPP); 63162 (Oct. 22, 2010), 75 
FR 66401 (Oct. 28, 2010) (adding C2 Options Exchange Incorporated 
(``C2'') (n/k/a Cboe C2 Exchange, Inc. (``Cboe C2'')) as a sponsor 
to the OLPP); 66952 (May 9, 2012), 77 FR 28641 (May 15, 2012) 
(adding BOX Options Exchange LLC (``BOX'') as a Sponsor to the 
OLPP); 67327 (June 29, 2012), 77 FR 40125 (July 6, 2012) (adding 
Nasdaq OMX BX, Inc. (``BX'') (n/k/a Nasdaq BX, Inc. (``Nasdaq BX'')) 
as a Sponsor to the OLPP); 70765 (Oct. 28, 2013), 78 FR 65739 (Nov. 
1, 2013) (adding Topaz Exchange, LLC as a Sponsor to the OLPP 
(``Topaz'') (n/k/a Nasdaq GEMX, LLC (``Nasdaq GEMX''); 70764 (Oct. 
28, 2013), 78 FR 65733 (Nov. 1, 2013) (adding Miami International 
Securities Exchange, LLC (``MIAX'') as a Sponsor to the OLPP); 76822 
(Jan. 1, 2016), 81 FR 1251 (Jan. 11, 2016) (adding EDGX Exchange, 
Inc. (``EDGX'') (n/k/a Cboe EDGX Exchange, Inc. (``Cboe EDGX'')) as 
a Sponsor to the OLPP); 77323 (Mar. 8, 2016), 81 FR 13433 (Mar. 14, 
2016) (adding ISE Mercury, LLC (``ISE Mercury'') (n/k/a Nasdaq MRX, 
LLC (``Nasdaq MRX'')) as a Sponsor to the OLPP); 79897 (Jan. 30, 
2017), 82 FR 9263 (Feb. 3, 2017) (adding MIAX PEARL, LLC (``MIAX 
PEARL'') as a Sponsor to the OLPP), 85228 (Mar. 1, 2019), 84 FR 8355 
(Mar. 7, 2019) (adding MIAX Emerald, LLC (``MIAX Emerald'') as a 
Sponsor to the OLPP), and 98388 (Sept. 14, 2023), 88 FR 64963 (Sept. 
20, 2023)(adding MEMX LLC (``MEMX'') as a Sponsor to the OLPP).
    \4\ See Securities and Exchange Act Release No. 100539 (July 15, 
2024), 89 FR 58848 (July 19, 2024) (File No. 10-240) (order granting 
registration as a national securities exchange for MIAX Sapphire).
    \5\ See id. at 58866.
    \6\ A ``Plan Sponsor'' is an Eligible Exchange whose 
participation in the OLPP has become effective pursuant to Section 7 
of the OLPP.
    \7\ See Letter from Gregory P. Ziegler, Vice President, Senior 
Counsel, MIAX Sapphire, to Vanessa Countryman, Secretary, 
Commission, dated July 26, 2024 (``Amendment'').
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I. Description and Purpose of the Amendment

    The OLPP establishes procedures designed to facilitate the listing 
and trading of standardized options contracts on the options exchanges. 
The amendment to the OLPP adds MIAX Sapphire as a Sponsor. The other 
OLPP Sponsors are BOX, Cboe, Cboe BZX, Cboe C2, Cboe EDGX, MEMX, MIAX, 
MIAX Emerald, MIAX PEARL, Nasdaq, Nasdaq BX, Nasdaq GEMX, Nasdaq ISE, 
Nasdaq MRX, Nasdaq Phlx, NYSE American, NYSE Arca, and OCC. MIAX 
Sapphire has submitted an executed copy of the OLPP to the Commission 
in accordance with the procedures set forth in the OLPP regarding new 
Plan Sponsors. Section 7 of the OLPP provides for the entry of new Plan 
Sponsors to the OLPP. Specifically, Section 7 of the OLPP provides that 
an Eligible Exchange \8\ may become a Plan Sponsor of the OLPP by: (i) 
executing a copy of the OLPP, as then in effect; (ii) providing each 
then-current Plan Sponsor with a copy of such executed OLPP; and (iii) 
effecting an amendment to the OLPP, as specified in Section 7(ii) of 
the OLPP.\9\
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    \8\ The OLPP defines an ``Eligible Exchange'' as ``a national 
securities exchange registered with the [Commission] in accordance 
with Section 6(a) of the [Act] that (1) has effective rules for the 
trading of options contracts issued and cleared by OCC approved in 
accordance with the provisions of the [Act] and the rules and 
regulations thereunder; and (2) is a party to the Plan for Reporting 
Consolidated Options Last Sale Reports and Quotation Information 
(the ``OPRA Plan'').'' See OLPP Section 7(i). MIAX Sapphire has 
represented that it has met both the requirements for being 
considered an Eligible Exchange. See Amendment, supra note 7 at 2.
    \9\ MIAX Sapphire has represented that it has executed a copy of 
the current Plan, amended to include MIAX Sapphire as a Plan Sponsor 
in Section 9 of the Plan, and has provided each current Plan Sponsor 
with a copy of the executed and amended Plan. See Amendment, supra 
note 7 at 2.

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[[Page 64006]]

    Section 7(ii) of the OLPP sets forth the process by which an 
Eligible Exchange may effect an amendment to the OLPP to become a Plan 
Sponsor. Specifically, an Eligible Exchange must: (a) execute a copy of 
the OLPP as then in effect with the only change being the addition of 
the new Plan Sponsor's name in Section 9 of the OLPP; \10\ and (b) 
submit the executed OLPP to the Commission. The OLPP then provides that 
such an amendment will be effective when the amendment is approved by 
the Commission or otherwise becomes effective pursuant to Section 11A 
of the Act and Rule 608 thereunder.
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    \10\ The list of Plan Sponsors is set forth in Section 9 of the 
OLPP.
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II. Effectiveness of the OLPP Amendment

    The foregoing OLPP amendment has become effective pursuant to Rule 
608(b)(3)(iii) \11\ because it has been designated by the sponsors as 
involving solely technical or ministerial matters. At any time within 
sixty days of the filing of the amendment, the Commission may summarily 
abrogate the amendment and require that it be refiled pursuant to 
paragraph (a)(1) of Rule 608,\12\ if it appears to the Commission that 
such action is necessary or appropriate in the public interest, for the 
protection of investors, or the maintenance of fair and orderly 
markets, to remove impediments to, and perfect the mechanisms of, a 
national market system or otherwise in furtherance of the purposes of 
the Act.
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    \11\ 17 CFR 242.608(b)(3)(iii).
    \12\ 17 CFR 242.608(a)(1).
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III. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the amendment is 
consistent with the Act and the rules thereunder. 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 4-443 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 4-443. 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 plan that are filed with the Commission, 
and all written communications relating to the plan 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 4-
443 and should be submitted on or before August 27, 2024.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\13\
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    \13\ 17 CFR 200.30-3(a)(85).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-17280 Filed 8-5-24; 8:45 am]
BILLING CODE 8011-01-P