[Federal Register Volume 85, Number 117 (Wednesday, June 17, 2020)]
[Notices]
[Pages 36653-36657]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-12987]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-89048; File No. SR-GEMX-2020-14]


Self-Regulatory Organizations; Nasdaq GEMX, LLC; Notice of Filing 
and Immediate Effectiveness of Proposed Rule Change To Amend GEMX's 
Pricing Schedule at Options 7, Sections 3 and 4

June 11, 2020.
    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 1, 2020, Nasdaq GEMX, LLC (``GEMX'' or ``Exchange'') filed with 
the Securities and Exchange Commission (``Commission'') the proposed 
rule change as described in Items I and II 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 GEMX's Pricing Schedule at Options 
7, Section 3, ``Regular Order Fees and Rebates,'' and Options 7, 
Section 4, ``Other Options Fees and Rebates,'' regarding the Market 
Access and Routing Subsidy (``MARS'').
    The text of the proposed rule change is available on the Exchange's 
website at http://nasdaqgemx.cchwallstreet.com/, 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
    GEMX proposes to amend its Pricing Schedule at Options 7, Section 
3, ``Regular Order Fees and Rebates,'' and Options 7, Section 4, 
``Other Options Fees and Rebates,'' regarding the Market Access and 
Routing Subsidy (``MARS''). Specifically, the Exchange proposes to: (1) 
Amend the MARS Payment tiers within Options 7, Section 4B; and (2) pay 
a rebate in connection with MARS within Options 7, Section 3. Each 
change is described below in greater detail.
    By way of background, MARS pays a subsidy to GEMX Members that 
provide certain order routing functionalities to other GEMX Members 
and/or use such functionalities themselves. GEMX pays participating 
GEMX Members to subsidize their costs of providing routing services to 
route orders to GEMX. The Exchange believes that MARS will continue to 
attract higher volumes of equity and ETF options volume to the Exchange 
from non-GEMX market participants as well as GEMX Members.
MARS System Eligibility
    To qualify for MARS, a GEMX Member's order routing functionality is 
required to meet certain criteria. Specifically the Member's routing 
system (hereinafter ``System'') is required to: (1) Enable the 
electronic routing of orders to all of the U.S. options exchanges, 
including GEMX; (2) provide current consolidated market data from the 
U.S. options exchanges; and (3) be capable of interfacing with GEMX's 
API to access current GEMX match engine functionality. The Member's 
System also needs to cause GEMX to be one of the top four default 
destination exchanges for (a) individually executed marketable orders 
if GEMX is at the national best bid or offer (``NBBO''), regardless of 
size or time or (b) orders that establish a new NBBO on GEMX's Order 
Book, but allow any user to manually override GEMX as the default 
destination on an order-by-order basis. Any GEMX Member may apply for 
MARS, provided the above-referenced requirements are met, including a 
robust and reliable System.
MARS Eligible Contracts
    A MARS Payment is paid to GEMX Members that have System Eligibility 
and have routed the requisite number of Eligible Contracts daily in a 
month, which were executed on GEMX. For the purpose of qualifying for 
the MARS Payment, Eligible Contracts include: Non-Nasdaq GEMX Market 
Maker (FarMM); \3\ Firm Proprietary \4\/Broker-Dealer; \5\ and 
Professional Customer \6\ orders that are executed. Eligible Contracts 
do not include qualified contingent cross or ``QCC'' Orders \7\ or

[[Page 36654]]

Price Improvement Mechanism or ``PIM'' Orders.\8\ Options overlying NDX 
are not considered Eligible Contracts.
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    \3\ A ``Non-Nasdaq GEMX Market Maker'' is a market maker as 
defined in Section 3(a)(38) of the Act, as amended, registered in 
the same options class on another options exchange.
    \4\ A ``Firm Proprietary'' order is an order submitted by a 
Member for its own proprietary account.
    \5\ A ``Broker-Dealer'' order is an order submitted by a Member 
for a broker-dealer account that is not its own proprietary account.
    \6\ A ``Professional Customer'' is a person or entity that is 
not a broker/dealer and is not a Priority Customer.
    \7\ A QCC Order is comprised of an originating order to buy or 
sell at least 1000 contracts that is identified as being part of a 
qualified contingent trade, as that term is defined in Supplementary 
Material .01 of GEMX Options 3, Section 7, coupled with a contra-
side order or orders totaling an equal number of contracts. See 
Options 3, Section 7(j).
    \8\ Price Improvement Mechanism (``PIM'') is the Exchange's 
price improvement mechanism for crossing transactions. See Options 
3, Section 13.
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MARS Payment
    GEMX Members that have System Eligibility and have executed the 
requisite number of Eligible Contracts in a month would be paid the 
following per contract rebates:

------------------------------------------------------------------------
                                           Average daily
                  Tiers                       volume       MARS payment
                                             (``ADV'')
------------------------------------------------------------------------
1.......................................          10,000           $0.07
2.......................................          15,000            0.10
3.......................................          20,000            0.13
------------------------------------------------------------------------

    The specified MARS Payment is paid on all executed Eligible 
Contracts that add liquidity, which are routed to GEMX through a 
participating GEMX Member's System and meet the requisite Eligible 
Contracts ADV. No payment will be made with respect to orders that are 
routed to GEMX, but not executed. Also, a GEMX Member will not be 
entitled to receive any other revenue for the use of its System 
specifically with respect to orders routed to GEMX.
Proposal--MARS Payment
    The Exchange proposes to amend the MARS Payment tiers to increase 
each of the 3 tiers by $0.01. Therefore, Tier 1, which requires an 
average daily value (``ADV'') of 10,000 contracts and currently pays a 
rebate of $0.07 per contract, would be amended to pay $0.08 per 
contract. Tier 2, which requires an ADV of 15,000 contracts and 
currently pays a rebate of $0.10 per contract, would be amended to pay 
$0.11 per contract. Tier 3, which requires an ADV of 20,000 contracts 
and currently pays a rebate of $0.13 per contract, would be amended to 
pay $0.14 contract. The Exchange believes that paying a higher rebate 
will attract even higher volumes of equity and ETF options volume to 
the Exchange from non-GEMX market participants as well as GEMX Members. 
The Exchange would continue to pay the MARS Payment on all executed 
Eligible Contracts that add liquidity, which are routed to GEMX through 
a participating GEMX Member's System and meet the requisite Eligible 
Contracts ADV. The Exchange would continue to make no payment with 
respect to orders that are routed to GEMX, but not executed.
Proposal--Rebate
    The Exchange proposes to pay an additional $0.05 per contract 
rebate, in addition to the Tier 1 Maker Rebate in Options 7, Section 3 
for Penny Symbols and SPY, for Non-Nasdaq GEMX Market Maker (FarMM), 
Firm Proprietary/Broker-Dealer and Professional Customer orders that 
qualify as MARS Eligible Contracts,\9\ pursuant to Options 7, Section 
4B, and were routed through a qualifying GEMX Member's routing 
system.\10\ Today, the Exchange pays a Tier 1 Maker Rebate of $0.20 per 
contract for Market Maker, Non-Nasdaq GEMX Market Maker (FarMM), Firm 
Proprietary/Broker-Dealer and Professional Customer orders. Priority 
Customers are paid a $0.25 per contract Tier 1 Maker Rebate. The 
proposed rebate would be in addition to the Tier 1 Maker Rebate for 
Non-Nasdaq GEMX Market Maker (FarMM), Firm Proprietary/Broker-Dealer 
and Professional Customer orders. The additional rebate would not apply 
to Market Maker and Priority Customer orders.
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    \9\ As noted herein, Eligible Contracts do not include QCC 
Orders or PIM Orders. Options overlying NDX are not considered 
Eligible Contracts. See Options 7, Section 4B.
    \10\ As noted herein, to qualify for MARS, a GEMX Member's 
System would be required to: (1) Enable the electronic routing of 
orders to all of the U.S. options exchanges, including GEMX; (2) 
provide current consolidated market data from the U.S. options 
exchanges; and (3) be capable of interfacing with GEMX's API to 
access current GEMX match engine functionality. Further, the 
Member's System would also need to cause GEMX to be the one of the 
top four default destination exchanges for (a) individually executed 
marketable orders if GEMX is at the national best bid or offer 
(``NBBO''), regardless of size or time or (b) orders that establish 
a new NBBO on GEMX's Order Book, but allow any user to manually 
override GEMX as a default destination on an order-by-order basis. 
See Options 7, Section 4B.
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    With this rebate, the Exchange proposes to incentivize Members to 
send order flow to GEMX Members that qualify for MARS and, in turn, 
attract higher volumes of equity and ETF options volume to the 
Exchange. This additional $0.05 per contract rebate, in addition to the 
Tier 1 Maker Rebates, will benefit all market participants who will 
have an opportunity to interact with this order flow.
2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section 
6(b) of the Act,\11\ in general, and furthers the objectives of 
Sections 6(b)(4) and 6(b)(5) of the Act,\12\ 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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    \11\ 15 U.S.C. 78f(b).
    \12\ 15 U.S.C. 78f(b)(4) and (5).
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    The Commission and the courts have repeatedly expressed their 
preference for competition over regulatory intervention in determining 
prices, products, and services in the securities markets. In Regulation 
NMS, while adopting a series of steps to improve the current market 
model, the Commission highlighted the importance of market forces in 
determining prices and SRO revenues and, also, recognized that current 
regulation of the market system ``has been remarkably successful in 
promoting market competition in its broader forms that are most 
important to investors and listed companies.'' \13\
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    \13\ Securities Exchange Act Release No. 51808 (June 9, 2005), 
70 FR 37496, 37499 (June 29, 2005) (``Regulation NMS Adopting 
Release'').
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    Likewise, in NetCoalition v. Securities and Exchange Commission 
\14\ (``NetCoalition'') the D.C. Circuit upheld the Commission's use of 
a market-based approach in evaluating the fairness of market data fees 
against a challenge claiming that Congress mandated a cost-based 
approach.\15\ As the court emphasized, the Commission ``intended in 
Regulation NMS that `market forces, rather than regulatory 
requirements' play a role in determining the market data . . . to be 
made available to investors and at what cost.'' \16\
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    \14\ NetCoalition v. SEC, 615 F.3d 525 (D.C. Cir. 2010).
    \15\ See NetCoalition, at 534-535.
    \16\ Id. at 537.
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    Further, ``[n]o one disputes that competition for order flow is 
`fierce.' . . . As the SEC explained, `[i]n the U.S. national market 
system, buyers and sellers of securities, and the broker-dealers that 
act as their order-routing agents, have a wide range of choices of 
where to route orders for execution'; [and] 'no exchange can afford to 
take its market share percentages for granted' because `no exchange 
possesses a monopoly, regulatory or otherwise, in the execution of 
order flow from broker dealers'. . . .'' \17\ Although the court and 
the SEC were discussing the cash equities markets, the Exchange 
believes that these views apply with equal force to the options 
markets.
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    \17\ Id. at 539 (quoting Securities Exchange Act Release No. 
59039 (December 2, 2008), 73 FR 74770, 74782-83 (December 9, 2008) 
(SR-NYSEArca-2006-21)).
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Proposal--MARS Payment
    The Exchange's proposal to increase the MARS Payments, which are 
currently paid based on certain average daily volumes for Eligible 
Contracts which add liquidity, is reasonable because the Exchange 
believes that the

[[Page 36655]]

MARS program will continue to attract liquidity to GEMX in the form of 
order flow, which will be beneficial for all GEMX Members, in that it 
would generate greater price discovery, increased transparency, and an 
increased opportunity to trade on the Exchange. The increased MARS 
Payments should enhance the competitiveness of the Exchange. Further, 
as is the case today, the proposed tier structure would continue to 
allow GEMX Members to price their services at a level that will enable 
them to attract order flow from market participants who would otherwise 
utilize an existing front-end order entry mechanism instead of 
incurring the cost in time and money to develop their own internal 
systems to be able to deliver orders directly to the Exchange's System. 
The Exchange continues to seek to reward market participants that bring 
a greater amount of order flow to the Exchange by paying higher rebates 
\18\ based on the average daily volume that qualified as Eligible 
Contracts. The Exchange believes that the tiers are reasonable because 
the Exchange is incentivizing GEMX Members to transact a greater amount 
of qualifying volume to earn the rebate. The additional order flow will 
benefit all market participants.
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    \18\ Currently, the Exchange pays a $0.07 per contract rebate to 
qualifying GEMX Members who transact 10,000 ADV; a rebate of $0.10 
per contract to qualifying GEMX Members who transact 15,000 ADV and 
a $0.13 per contact rebate to qualifying GEMX Members who transact 
20,000 ADV. The qualifying ADV is not being amended with this 
proposal. This proposal would increase each of the 3 rebate tiers by 
$0.01 per contract.
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    The Exchange's proposal to increase the MARS Payments, which are 
currently paid based on certain average daily volumes for Eligible 
Contracts which add liquidity, is equitable and not unfairly 
discriminatory because the Exchange will uniformly pay all qualifying 
GEMX Members, that offer market access and connectivity to the Exchange 
and/or utilize such functionality themselves, the proposed rebates 
specified in the proposed MARS Payment tiers, provided the GEMX Member 
has executed the requisite number of Eligible Contracts. Moreover, the 
Exchange believes that the proposed MARS Payments offered by the 
Exchange are equitable and not unfairly discriminatory because any 
qualifying GEMX Member that offers market access and connectivity to 
the Exchange and/or utilizes such functionality themselves may earn the 
MARS Payments for all Eligible Contracts.
Proposal--Rebate
    The Exchange's proposal to pay an additional $0.05 per contract 
rebate, in addition to the Tier 1 Maker Rebates in Options 7, Section 3 
for Penny Symbols and SPY,\19\ for Non-Nasdaq GEMX Market Maker 
(FARMM), Firm Proprietary/Broker-Dealer and Professional Customer 
orders that qualify as MARS Eligible Contracts,\20\ pursuant to Options 
7, Section 4B, and were routed through a qualifying GEMX Member's 
System \21\ is reasonable. The Exchange believes that its proposal will 
incentivize Members to send order flow to GEMX Members that qualify for 
MARS and, in turn, attract higher volumes of equity and ETF options 
volume to the Exchange. The rebate will benefit all market participants 
who will have an opportunity to interact with this order flow.
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    \19\ Today, the Exchange pays a Tier 1 Maker Rebate of $0.20 per 
contract for Market Makers, Non-Nasdaq GEMX Market Maker (FarMM), 
Firm Proprietary/Broker-Dealer and Professional Customer orders. 
Priority Customers are paid a $0.25 per contract Tier 1 Maker 
Rebate.
    \20\ As noted herein, Eligible Contracts do not include QCC 
Orders or PIM Orders. Options overlying NDX are not considered 
Eligible Contracts. See Options 7, Section 4B.
    \21\ As noted herein, to qualify for MARS, a GEMX Member's 
System would be required to: (1) Enable the electronic routing of 
orders to all of the U.S. options exchanges, including GEMX; (2) 
provide current consolidated market data from the U.S. options 
exchanges; and (3) be capable of interfacing with GEMX's API to 
access current GEMX match engine functionality. Further, the 
Member's System would also need to cause GEMX to be the one of the 
top four default destination exchanges for (a) individually executed 
marketable orders if GEMX is at the national best bid or offer 
(``NBBO''), regardless of size or time or (b) orders that establish 
a new NBBO on GEMX's Order Book, but allow any user to manually 
override GEMX as a default destination on an order-by-order basis. 
See Options 7, Section 4B.
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    The Exchange's proposal to pay an additional $0.05 per contract 
rebate, in addition to the Tier 1 Maker Rebate in Options 7, Section 3 
for Penny Symbols and SPY, for Non-Nasdaq GEMX Market Maker (FarMM), 
Firm Proprietary/Broker-Dealer and Professional Customer orders that 
qualify as MARS Eligible Contracts, pursuant to Options 7, Section 4B, 
and were routed through a qualifying GEMX Member's routing system is 
equitable and not unfairly discriminatory. While MARS is only being 
offered to qualifying GEMX Members for Non-Nasdaq GEMX Market Maker 
(FarMM), Firm Proprietary/Broker-Dealer and Professional Customer 
equity option orders, and would not pay an additional rebate for 
Priority Customer or Market Maker \22\ orders, the Exchange believes 
this is equitable and not unfairly discriminatory for the reasons 
below. With respect to Priority Customer orders, the Exchange notes 
that, today, Priority Customer Orders may earn the highest Maker 
Rebates available on GEMX.\23\ The Exchange believes that the 
availability of these aforementioned rebates for Priority Customer 
Orders does not warrant the Exchange paying an additional rebate on 
Priority Customer orders for MARS. With respect to Market Maker orders, 
today the Exchange offers certain Maker Rebates on Market Maker 
orders.\24\ The Exchange believes that these rebates provide ample 
incentive for attracting Market Maker orders to the Exchange and that 
no further subsidy is warranted at this time.\25\ To offer the proposed 
subsidy on Priority Customer or Market Maker orders would require 
funding from some other source, such as raising fees for other 
participants. As a result, the Exchange believes it is appropriate to 
only count Non-Nasdaq GEMX Market Maker (FarMM), Firm Proprietary/
Broker-Dealer and Professional Customer orders toward the Eligible 
Contracts, which unlike Priority Customer and Market Maker orders, are 
not eligible for Maker Rebates today beyond $0.20 per contract on GEMX. 
The Exchange notes that it is commonplace within the options industry 
for exchanges to charge different rates and/or offer different rebates 
depending upon the capacity in which a participant is trading. For 
these reasons, the Exchange believes that the proposal to only count 
certain order flow as Eligible Contracts is equitable and not unfairly 
discriminatory for the reasons mentioned herein.
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    \22\ The term ``Market Makers'' refers to ``Competitive Market 
Makers'' and ``Primary Market Makers'' collectively. See Options 1, 
Section 1(a)(21).
    \23\ See Options 7, Section 3.
    \24\ Id.
    \25\ Market Maker and Priority Customer orders are eligible for 
higher Maker Rebates based on achieving certain volume requirements 
specified in the Table 1 Qualifying Tier Thresholds. See Options 7, 
Section 3.
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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 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 believes its proposal remains competitive 
with other options markets and will offer market participants with 
another choice of where to transact options. The

[[Page 36656]]

Exchange notes that it operates in a highly competitive market in which 
market participants can readily favor competing venues if they deem fee 
levels at a particular venue to be excessive, or rebate opportunities 
available at other venues to be more favorable. In such an environment, 
the Exchange must continually adjust its fees to remain competitive 
with other exchanges that have been exempted from compliance with the 
statutory standards applicable to 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 amendments do not impose an undue burden on 
intramarket competition.
Proposal--MARS Payment
    The Exchange's proposal to increase the MARS Payments, which are 
currently paid based on certain average daily volumes for Eligible 
Contracts which add liquidity, does not impose an undue burden on 
competition because the Exchange will uniformly pay all qualifying GEMX 
Members, that offer market access and connectivity to the Exchange and/
or utilize such functionality themselves, the proposed rebates 
specified in the proposed MARS Payment tiers, provided the GEMX Member 
has executed the requisite number of Eligible Contracts. Moreover, the 
Exchange believes that the proposed MARS Payments offered by the 
Exchange do not impose an undue burden on competition because any 
qualifying GEMX Member that offers market access and connectivity to 
the Exchange and/or utilizes such functionality themselves may earn the 
MARS Payments for all Eligible Contracts.
Proposal--Rebate
    The Exchange's proposal to pay an additional $0.05 per contract 
rebate, in addition to the Tier 1 Maker Rebate in Options 7, Section 3 
for Penny Symbols and SPY,\26\ for Non-Nasdaq GEMX Market Maker 
(FarMM), Firm Proprietary/Broker-Dealer and Professional Customer 
orders that qualify as MARS Eligible Contracts, pursuant to Options 7, 
Section 4B, and were routed through a qualifying GEMX Member's routing 
system, does not impose an undue burden on competition. While MARS is 
only being offered to qualifying GEMX Members for Non-Nasdaq GEMX 
Market Maker (FarMM), Firm Proprietary/Broker-Dealer and Professional 
Customer equity option orders, and would not pay an additional rebate 
for Priority Customer or Market Maker orders, the Exchange believes 
this does not impose an undue burden on competition. With respect to 
Priority Customer orders, the Exchange notes that, today, Priority 
Customer orders may earn the highest Maker Rebates available on 
GEMX.\27\ The Exchange believes that the availability of these rebates 
for Priority Customer orders does not warrant paying an additional 
subsidy on Priority Customer orders for MARS. With respect to Market 
Maker orders, today the Exchange offers certain Maker Rebates on Market 
Maker orders.\28\ To offer the proposed subsidy on Priority Customer or 
Market Maker orders would require funding from some other source, such 
as raising fees for other participants. As a result, the Exchange 
believes it is appropriate to only count Non-Nasdaq GEMX Market Maker 
(FarMM), Firm Proprietary/Broker-Dealer and Professional Customer 
orders toward the Eligible Contracts, which unlike Priority Customer 
and Market Maker orders, are not eligible for Maker Rebates today 
beyond $0.20 per contract on GEMX. The Exchange notes that it is 
commonplace within the options industry for exchanges to charge 
different rates and/or offer different rebates depending upon the 
capacity in which a participant is trading. For these reasons, the 
Exchange believes that the proposal to only count certain order flow as 
Eligible Contracts does not impose an undue burden on competition.
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    \26\ Today, the Exchange pays a Tier 1 Maker Rebate of $0.20 per 
contract for Market Makers, Non-Nasdaq GEMX Market Maker (FarMM), 
Firm Proprietary/Broker-Dealer and Professional Customer orders. 
Priority Customers are paid a $0.25 per contract Tier 1 Maker 
Rebate.
    \27\ See Options 7, Section 3.
    \28\ Id.
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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,\29\ and Rule 19b-4(f)(2) \30\ thereunder. 
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.
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    \29\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \30\ 17 CFR 240.19b-4(f)(2).
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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 (http://www.sec.gov/rules/sro.shtml); or
     Send an email to rule-comments@sec.gov. Please include 
File Number SR-GEMX-2020-14 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-GEMX-2020-14. 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 (http://www.sec.gov/rules/sro.shtml). 
Copies of the submission, all subsequent amendments, all written 
statements with respect to the proposed rule change that are filed with 
the Commission, and all written communications relating to the proposed 
rule change between the Commission and any person, other than those 
that may be withheld from the public in accordance with the provisions 
of 5 U.S.C. 552, will be available for website viewing and printing in 
the Commission's Public Reference Room, 100 F Street NE, Washington, DC 
20549, on official business days between the hours of 10:00 a.m. and 
3:00 p.m. Copies of the filing also will be available for inspection 
and copying at the principal office of the Exchange. All comments

[[Page 36657]]

received will be posted without change. Persons submitting comments are 
cautioned that we do not redact or edit personal identifying 
information from comment submissions. You should submit only 
information that you wish to make available publicly. All submissions 
should refer to File Number SR-GEMX-2020-14 and should be submitted on 
or before July 8, 2020.

    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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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-12987 Filed 6-16-20; 8:45 am]
BILLING CODE 8011-01-P


