[Federal Register Volume 90, Number 113 (Friday, June 13, 2025)]
[Notices]
[Pages 25103-25107]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2025-10745]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-103209; File No. SR-MEMX-2025-13]
Self-Regulatory Organizations; MEMX LLC; Notice of Filing and
Immediate Effectiveness of a Proposed Rule Change To Amend the
Exchange's Fee Schedule To Extend the Sunset Provision Related to the
Options Regulatory Fee (ORF)
June 9, 2025.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on May 30, 2025, MEMX LLC (``MEMX'' or the ``Exchange'') filed
with the Securities and Exchange Commission (the ``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 is filing with the Commission a proposed rule change
to amend the Exchange's fee schedule applicable to Members \3\ and non-
Members of the Exchange (the ``Fee Schedule'') pursuant to Exchange
Rules 15.1(a) and (c) to extend the current sunset date of May 31, 2025
applicable to the Options Regulatory Fee (``ORF'') to December 31,
2025. The Exchange proposes to implement the changes to the Fee
Schedule pursuant to this proposal on June 1, 2025. The text of the
proposed rule change is provided in Exhibit 5.
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\3\ See Exchange Rule 1.5(p).
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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 its Options Fee Schedule related to
the ORF to extend the current sunset date of May 31, 2025 to December
31, 2025, and thus continue charging the previously established ORF in
the amount of $0.0015 per contract side through December 31, 2025. As
discussed herein, the ORF sunset date was initially proposed to provide
time for the Exchange to discuss alternative ORF models with its
Members. However, those discussions have made clear that there is there
is not yet consensus among market participants on a path forward that
would address industry concerns in a manner that would effect change
broadly across all U.S. options exchanges. Further, certain of the
Exchange's competitors have recently filed proposals with the
Commission which indicate that they are still working towards
establishing a new, unified ORF model.\4\ Thus, the
[[Page 25104]]
Exchange proposes to extend the automatic sunset date of May 31, 2025
until December 31, 2025, in order to provide it additional time to
inform its approach to the ORF after the sunset date while continuing
to fund a portion of its regulatory program via ORF, so that it may
operate on equal footing with each of the seventeen (17) other options
exchanges that charge similar regulatory fees in amounts that far
exceed the relatively modest amounts collected by the Exchange.
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\4\ Proposals have been filed for each of the six options
markets operated by Nasdaq OMX and affiliates (collectively, the
``Nasdaq Proposals''); see, e.g., Securities Exchange Act Release
No. 103005 (May 8, 2025), 90 FR 20532 (May 14, 2025) (SR-NASDAQ-
2025-035) (notice of filing and immediate effectiveness of a
proposed rule change to decrease the Options Regulatory Fee (ORF)
and discontinue the ORF model scheduled to be implemented in June
2025). See also Securities Exchange Act Release No. 102883 (April
17, 2025), 90 FR 17099 (April 23, 2025) (SR-CBOE-2025-028) (notice
of filing and immediate effectiveness of a proposed rule change to
increase Cboe's Options Regulatory Fee until December 31 2025)).
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As background, MEMX previously filed a proposal to establish an ORF
in the amount of $0.0015 per contract side that would automatically
sunset on September 30, 2024 (the ``Initial ORF Filing'').\5\ The
Initial ORF Filing was published for comment in the Federal Register on
October 4, 2023.\6\ The Commission received no comments on the Initial
ORF Filing before November 24, 2023. On that date, the Commission
issued a Suspension of and Order Instituting Proceedings to Determine
whether to Approve or Disapprove a Proposed Rule Change to Amend its
Fee Schedule to Establish an Options Regulatory Fee (the ``OIP'') and
requested public comment and additional information on various aspects
of the Initial ORF Filing.\7\ To date, the Commission has received no
comment letters in response to the OIP. The Exchange withdrew the
Initial ORF Filing on December 1, 2023 and submitted a new proposal for
immediate effectiveness (``Second ORF Filing'').\8\
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\5\ See Securities Exchange Act Release No. 98585 (September 28,
2023), 88 FR 68692 (October 4, 2023) (SR-MEMX-2023-25).
\6\ See supra note 5.
\7\ See Securities Exchange Act Release No. 99017 (November 24,
2023), 88 FR 83590 (November 30, 2023) (SR-MEMX-2023-25).
Additionally, on November 24, 2023, solely for the purposes of
consistent billing for the entire month of November 2023, the
Exchange filed SR-MEMX-2023-31 with the Commission, which proposed
to keep the Initial ORF rate of $0.0015 per contract side that had
been charged since September 27th in place for November 24 through
November 30, 2023. See Securities Exchange Act Release No. 99112
(December 7, 2023), 88 FR 86417 (SR-MEMX-2023-31).
\8\ See SR-MEMX-2023-33. In order to make certain clarifying
changes, the Exchange withdrew the Second ORF Filing on December 13,
2023, and submitted a third proposal for immediate effectiveness
(``Third ORF Filing''). See SR-MEMX-2023-34. Again, in order to make
certain clarifying changes, the Exchange withdrew the Third ORF
Filing on December 19, 2023, and submitted a fourth proposal for
immediate effectiveness (``Fourth ORF Filing''). See SR-MEMX-2023-
36. On December 20, 2023, in order to correct an inadvertent
administrative error, the Exchange withdrew the Fourth ORF Filing
and submitted a fifth proposal for immediate effectiveness (``Fifth
ORF Filing'' and together with the Third ORF Filing and Fourth ORF
Filing, the ``Subsequent Filings''). See Securities Exchange Act
Release No. 99259 (January 2, 2024), 89 FR 965 (January 8, 2024) SR-
MEMX-2023-38.
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The Second Filing and Subsequent Filings proposed the same fee as
in the Initial ORF Filing, but with a modified sunset date of May 31,
2024, which was four months prior to the proposed sunset date in the
Initial ORF Filing. On May 1, 2024, the Exchange proposed to remove the
automatic sunset date of May 31, 2024 altogether,\9\ however, the
Exchange withdrew that filing and replaced it with a new filing that
proposed a new sunset date of October 31, 2024 in order to provide more
time to attempt to reach a consensus on ORF moving forward, while also
operating on a level playing field with incumbent options exchanges
that are allowed to recoup a portion of their regulatory costs via the
ORF.\10\ In order to make certain clarifying changes, on May 23, 2024,
the Exchange withdrew that proposal and replaced it with SR-MEMX-2024-
22, which was replaced on May 28, 2024 with SR-MEMX-2024-23 in order to
correct an inadvertent error.\11\ On October 31, 2024, the Exchange
then filed SR-MEMX-2024-42,\12\ which proposed a new sunset date of May
31, 2025. Accordingly, the Exchange's collection of ORF is currently
scheduled to sunset on May 31, 2025. The Exchange proposes to extend
the existing sunset to December 31, 2025, for the reasons described
herein.
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\9\ See SR-MEMX-2024-17.
\10\ See SR-MEMX-2024-20.
\11\ See Securities Exchange Act Release No. 100253 (May 31,
2024), 89 FR 48473 (June 6, 2024) (SR-MEMX-2024-23).
\12\ See Securities Exchange Act Release No. 101588 (November
12, 2024), 89 FR 90791 (November 18, 2024) (SR-MEMX-2024-42).
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The ORF is designed to recover a material portion of the costs to
the Exchange of the supervision and regulation of Members' customer
options business, including performing routine surveillances and
investigations, as well as policy, rulemaking, interpretive and
enforcement activities. The Exchange believes that revenue generated
from the ORF, when combined with all of the Exchange's other regulatory
fees and fines, will cover a material portion, but not all, of the
Exchange's regulatory costs. Currently, all other registered options
exchanges impose ORF on their members, and those exchanges also charge
ORF for executions occurring on MEMX Options cleared by their
customers.\13\
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\13\ See Securities Exchange Act Release Nos. 58817 (October 20,
2008), 73 FR 63744 (October 27, 2008) (SR-CBOE-2008-05) (notice of
filing and immediate effectiveness of Cboe Exchange, Inc. (``CBOE'')
adopting an ORF applicable to transactions across all options
exchanges); 61133 (December 9, 2009), 74 FR 66715 (December 16,
2009) (SR-Phlx-2009-100) (notice of filing and immediate
effectiveness of Nasdaq PHLX LLC (``Phlx'') adopting an ORF
applicable to transactions across all options exchanges); 61154
(December 11, 2009), 74 FR 67278 (December 18, 2009) (SR-ISE-2009-
105) (notice of filing and immediate effectiveness of Nasdaq ISE,
LLC (``ISE'') adopting an ORF applicable to transactions across all
options exchanges); 61388 (January 20, 2010), 75 FR 4431 (January
27, 2010) (SR-BX-2010-001) (notice of filing and immediate
effectiveness of Nasdaq OMX BX, Inc. (``BX'') adopting an ORF
applicable to transactions across all options exchanges); 70200
(August 14, 2013) 78 FR 51242 (August 20, 2013) (SR-Topaz-2013-01))
(notice of filing and immediate effectiveness of Nasdaq GEMX, LLC
(``GEMX''), formerly known as ISE Gemini and Topaz Exchange,
adopting an ORF applicable to transactions across all options
exchanges); 64400 (May 4, 2011), 76 FR 27118 (May 10, 2011) (SR-
NYSEAmex-2011-27) (notice of filing and immediate effectiveness of
NYSE Amex LLC (``NYSE AMEX'') adopting an ORF applicable to
transactions across all options exchanges); 64399 (May 4, 2011), 76
FR 27114 (May 10, 2011) (SR-NYSEArca-2011-20) (notice of filing and
immediate effectiveness of NYSE Arca, Inc. (``NYSE Arca'') adopting
an ORF applicable to transactions across all options exchanges);
65913 (December 8, 2011), 76 FR 77883 (December 14, 2011) (SR-
NASDAQ-2011-163) (notice of filing and immediate effectiveness of
Nasdaq Options Market (``NOM'') adopting an ORF applicable to
transactions across all options exchanges); 66979 (May 14, 2012), 77
FR 29740 (May 18, 2012) (SR-BOX-2012-002) (notice of filing and
immediate effectiveness of BOX Options Exchange LLC (``BOX'')
adopting an ORF applicable to transactions across all options
exchanges); 67596 (August 6, 2012), 77 FR 47902 (August 10, 2012)
(SR-C2-2012-023) (notice of filing and immediate effectiveness of C2
Options Exchange, Inc. (``C2'') adopting an ORF applicable to
transactions across all options exchanges); 68711 (January 23, 2013)
78 FR 6155 (January 29, 2013) (SR-MIAX-2013-01) (notice of filing
and immediate effectiveness of Miami International Securities
Exchange LLC (``MIAX'') adopting an ORF applicable to transactions
across all options exchanges); 74214 (February 5, 2015), 80 FR 7665
(February 11, 2015) (SR-BATS-2015-08) (notice of filing and
immediate effectiveness of Cboe BZX Exchange, Inc. (``BZX'')
formerly known as BATS, adopting an ORF applicable to transactions
across all options exchanges); 80025 (February 13, 2017) 82 FR 11081
(February 17, 2017) (SR-BatsEDGX-2017-04) (notice of filing and
immediate effectiveness of Cboe EDGX Exchange, Inc. (``EDGX'')
formerly known as Bats EDGX Exchange, Inc., adopting an ORF
applicable to transactions across all options exchanges); 80875
(June 7, 2017) 82 FR 27096 (June 13, 2017) (SR-PEARL-2017-26)
(notice of filing and immediate effectiveness of MIAX Pearl, LLC
(``MIAX Pearl'') adopting an ORF applicable to transactions across
all options exchanges); 85127 (February 13, 2019) 84 FR 5173
(February 20, 2019) (SR-MRX-2019-03) (notice of filing and immediate
effectiveness of Nasdaq MRX, LLC (``MRX'') adopting an ORF
applicable to transactions across all options exchanges); 85251
(March 6, 2019) 84 FR 8931 (March 12, 2019) (SR-EMERALD-2019-01)
(notice of filing and immediate effectiveness of MIAX Emerald LLC
(``MIAX Emerald'') adopting an ORF applicable to transactions across
all options exchanges).
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[[Page 25105]]
The Exchange notes that in 2019, the Commission issued suspensions
of and orders instituting proceedings to determine whether to approve
or disapprove a proposed rule change to modify the Options Regulatory
Fee of NYSE American, NYSE Arca, MIAX, MIAX Pearl, MIAX Emerald, Cboe,
Cboe EDGX Options, and C2.\14\ Each of those exchanges had filed to
increase their ORF, and the Commission indicated that each of those
filings lacked detail and specificity, signaling that more information
was needed to speak to whether the proposed increased ORFs were
reasonable, equitably allocated and not unfairly discriminatory,
particularly given that the ORF is assessed on transactions that clear
in the ``customer'' range and regardless of the exchange on which the
transaction occurs. The Commission also noted that the filings provided
only broad general statements regarding options transaction volume and
did not provide any information on those exchanges' historic or
projected options regulatory costs (including the costs of regulating
activity that cleared in the ``customer'' range and the costs of
regulating activity that occurred off exchange), the amount of
regulatory revenue they had generated and expected to generate from the
ORF as well as other sources, or the ``material portion'' of options
regulatory expenses that they sought to recover from the ORF. Each of
those exchanges withdrew their filings, but continue charging ORF today
as discussed above. Since that time, MEMX Options launched and
commenced operations and as noted previously, its Initial ORF Filing
was also suspended.\15\ Unlike its competitors noted above, however,
the Exchange did not have a previously implemented ORF to continue
charging notwithstanding said suspensions. As such, the Exchange
proposed to establish an ORF but has maintained a sunset date, in order
to allow it time to inform its approach to the ORF moving forward.
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\14\ See Securities Exchange Act Release No. 87168 (September
30, 2019), 84 FR 53210 (October 4, 2019) (SR-Emerald-2019-29);
Securities Exchange Act Release No. 87167 (September 30, 2019), 84
FR 53189 (October 4, 2019) (SR-PEARL-2019-23); Securities Exchange
Act Release No. 87169 (September 30, 2019), 84 FR 53195 (October 4,
2019) (SR-MIAX-2019-35); Securities Exchange Act Release No. 87170
(September 30, 2019), 84 FR 53213 (October 4, 2019) (SR-CBOE-2019-
040); Securities Exchange Act Release No. 87172 (September 30, 2019)
84 FR 53192 (October 4, 2019) (SR-CboeEDGX-2019-051); Securities
Exchange Act Release No 87171 (September 30, 2019), 84 FR 53200
(October 4, 2019) (SR-C2-2019-018); Securities Exchange Act Release
No. 86832 (August 30, 2019), 84 FR 46980 (September 6, 2019) (SR-
NYSEArca-2019-49); Securities Exchange Act Release No. 86833 (August
30, 2019) 84 FR 47029 (September 6, 2019) (SR-NYSEAMER-2019-27).
\15\ See supra note 7.
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MEMX is a new exchange operator founded by a diverse group of
market participants to bring competition to the U.S. securities
markets. Over the past year, the Exchange has engaged with retail
brokers, market makers, and other options market participants on
potential paths to address industry concerns about existing ORF
practices. The result of those efforts have made clear that there is
not yet consensus among market participants on a path forward that
would address their stated concerns in a manner that would effect
change broadly across all U.S. options exchanges. As such, the Exchange
proposes additional time to work towards a permanent ORF solution by
gathering relevant data internally as well from other industry
participants, while continuing to charge as other options exchanges
currently do, until December 31, 2025, at which time its ORF will
automatically sunset.
The Exchange notes that if, during the proposed sunset period of
June 1, 2025 through December 31, 2025, a viable alternative
methodology for the ORF presents itself, including the possibility that
the Exchange proposes to implement a model based on what Cboe and/or
the Nasdaq Exchanges have indicated they plan to propose, or an
alternative to such proposals, the Exchange would endeavor to implement
said alternative prior to the proposed sunset date. In other words, the
existence of the sunset date of December 31, 2025, for the Exchange's
current ORF would not preclude the Exchange from filing to modify its
ORF methodology prior to that date, if applicable.
As a new exchange, not having the opportunity to fund a portion of
its regulatory program through the same regulatory fee charged by every
other options exchange would place an undue disadvantage upon the
Exchange's regulatory program and options business as a whole. Further,
the Exchange emphasizes that other exchanges will be charging ORF for
transactions occurring on MEMX Options, and as such, it follows that
the Exchange that is primarily responsible for monitoring those
transactions should also be able to charge the ORF for activity
occurring on its own market, as well as transactions it surveils on
away markets. Again, the Exchange is committed to facilitating and
joining efforts to revamp the ORF, however, it must be afforded
additional time to gather data and analysis both internally and
externally, while recouping a portion of its regulatory costs via the
ORF as all other options exchanges currently do.
2. Statutory Basis
The Exchange believes that its proposal to amend its Fee Schedule
is consistent with Section 6(b) of the Act \16\ in general, and
furthers the objectives of Section 6(b)(4) of the Act \17\ in
particular, in that it is an equitable allocation of reasonable dues,
fees, and other charges among its members and issuers and other persons
using its facilities. The Exchange also believes the proposal furthers
the objectives of Section 6(b)(5) of the Act \18\ in that it is
designed to promote just and equitable principles of trade, 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 and is not designed to permit unfair discrimination
between customers, issuers, brokers and dealers.
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\16\ 15 U.S.C. 78f(b).
\17\ 15 U.S.C. 78f(b)(4).
\18\ 15 U.S.C. 78f(b)(5).
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The ORF is designed to recover a material portion of the costs of
supervising and regulating Members' customer options business including
performing routine surveillances and investigations, as well as policy,
rulemaking, interpretive, and enforcement activities. Extending the
current ORF sunset date to December 31, 2025 is reasonable because
continued collection of ORF will serve to balance the Exchange's
regulatory revenue against the anticipated regulatory costs, thereby
ensuring proper regulatory funding. Moreover, the Exchange's ORF rate
is significantly lower than the amount of ORF assessed by other
exchange groups.\19\
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\19\ See, e.g., NYSE Arca Options Fees and Charges, Options
Regulatory Fee (``ORF'') and NYSE American Options Fees Schedule,
Section VII(A), which provide that ORF is assessed at a rate of
$0.0038 per contract for each respective exchange. See also Nasdaq
PHLX, Options 7 Pricing Schedule, Section 6(D), which provides for
an ORF rate of $0.0034 per contract, Cboe Options Fee Schedule,
which provides an ORF rate of $0.0023 per contract, BOX Options Fee
Schedule Section II(C), which provides an ORF rate of $0.00295 per
contract, MIAX Options Fee Schedule, Section 2(b), which provides an
ORF rate of $0.0019 per contract, and the MIAX Pearl Fee Schedule,
Section 2(b), which provides an ORF rate of $0.0018 per contract.
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The Exchange notes that while certain individual options exchanges
do charge a lower ORF than that currently charged by the Exchange, each
of these options exchanges is part of an exchange ``group'' (i.e.,
affiliated with other options exchanges). In turn, each of these
exchange groups charges more than two (2) to five (5) times the amount
of ORF as a group when compared to
[[Page 25106]]
the Exchange's ORF rate.\20\ While each additional options exchange is
its own legal entity with regulatory obligations under the Act to
regulate its members, there is significant scale that can be achieved
for an exchange group that operates multiple exchanges, including with
respect to regulation, and this scale allows such options exchanges to
operate with a lower assessment of ORF. In other words, the initial
fixed costs associated with implementing an exchange group's options
regulatory program are scalable as additional options exchanges are
launched by that exchange group.
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\20\ Each of MIAX Emerald, MIAX Sapphire Cboe BZX Options, Cboe
C2 Options, Cboe EDGX Options, Nasdaq Options Exchange, Nasdaq MRX
Options, Nasdaq ISE Gemini, Nasdaq ISE and Nasdaq BX Options charges
a lower rate than $0.0015 per contract, which is the rate proposed
by the Exchange. However, the Cboe exchanges, comprised of four
options exchanges, charges an aggregate ORF rate of $0.0027 per
contract (more than the Exchange's current rate), the MIAX
exchanges, comprised of four options exchanges, charges an aggregate
ORF rate of $0.0056 per contract (nearly 4 times the Exchange's
current rate); and the Nasdaq exchanges, comprised of six options
exchanges, charges an aggregate ORF rate of $0.0091 per contract
(nearly 6 times the Exchange's current rate). The Exchange notes
that the NYSE exchanges, comprised of two options exchanges, charges
an aggregate ORF rate of $0.0076 per contract (over 5 times the
Exchange's current rate).
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Extending the sunset date is also reasonable because doing so would
allow the Exchange additional time to inform its approach to ORF moving
forward while recouping a portion of its regulatory expenses via the
ORF as other options exchanges do. If the Exchange were not allowed to
charge an ORF during this additional time period, then after the sunset
date of May 31, 2025, it would be forced to pay for its regulatory
program solely out of business revenues while working towards an
alternative ORF solution, unlike every other competing exchange, each
of which would continue to assess an ORF, including on transactions
executed on MEMX Options, indefinitely. This would impact MEMX's
ability to assure adequate funding of its regulatory program.
Extending the ORF sunset date to December 31, 2025, is also
equitable and not unfairly discriminatory because prior to the proposed
sunset date, the ORF would continue to be objectively allocated to
Members in a manner that is consistent with the ORF currently imposed
by the other seventeen (17) options exchanges. The Exchange will
continue to monitor the amount of revenue collected from the ORF to
ensure that it, in combination with its other regulatory fees and
fines, does not exceed the Exchange's total regulatory costs. The
Exchange has designed the ORF to generate revenues that, when combined
with all of the Exchange's other regulatory fees, will be less than 75%
of the Exchange's regulatory costs, which is consistent with the
Exchange's by-laws that state in Section 17.4(b): ``[a]ny Regulatory
Funds shall not be used for non-regulatory purposes or distributed,
advanced or allocated to any Company Member, but rather, shall be
applied to fund regulatory operations of the Company (including
surveillance and enforcement activities) . . .'' \21\
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\21\ See MEMX LLC--LLC Agreement at https://info.memxtrading.com/regulation/governance/.
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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. This proposal will not
create an unnecessary or inappropriate intra-market burden on
competition because the Exchange's ORF is designed to enable the
Exchange to recover a material portion of the Exchange's cost related
to its regulatory activities. This proposal will not create an
unnecessary or inappropriate inter-market burden on competition because
it will be a regulatory fee that supports regulation and customer
protection in furtherance of the purposes of the Act. The Exchange is
obligated to ensure that the amount of regulatory revenue collected
from the ORF, in combination with its other regulatory fees and fines,
does not exceed regulatory costs.
The Exchange's ORF, as described herein, is lower than or
comparable to fees charged by other options exchanges (though as noted
above, some exchange groups do have options exchanges operating with a
lower ORF on a standalone basis).
The Exchange notes that while it does not believe that its ORF will
impose any burden on inter-market competition, the Exchange being
precluded from charging an ORF after May 31, 2025, while other options
exchanges are permitted to continue to charge ORF would, in-fact,
significantly burden the Exchange's ability to assure adequate funding
of its regulatory program. As noted above, the Exchange is a new
entrant in the highly competitive environment for equity options
trading. As also noted above, all seventeen (17) other registered
options exchanges currently impose the ORF on their members, and such
ORF fees imposed by other options exchanges currently do and will
continue to extend to executions occurring on the Exchange. The
Exchange believes that it is possible that it and other exchanges may
adopt ORF fees based on a newly proposed model during the proposed
sunset period, and the Exchange is not precluded from adopting said
alternative during the proposed sunset period. However, in order to be
treated similarly to these exchanges, it must, in fact, impose an ORF
on its Members during this additional sunset period, and the inability
to do so would result in an unfair disadvantage to the Exchange.
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 foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act \22\ and Rule 19b-4(f)(2) \23\ thereunder.
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\22\ 15 U.S.C. 78s(b)(3)(A)(ii).
\23\ 17 CFR 240.19b-4(f)(2).
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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 change 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-2025-13 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.
[[Page 25107]]
All submissions should refer to file number SR-MEMX-2025-13. 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-2025-13 and should be
submitted on or before July 7, 2025.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\24\
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\24\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-10745 Filed 6-12-25; 8:45 am]
BILLING CODE 8011-01-P