[Federal Register Volume 87, Number 173 (Thursday, September 8, 2022)]
[Notices]
[Pages 55055-55058]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-19412]



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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-95664; File No. SR-MRX-2022-11]


Self-Regulatory Organizations; Nasdaq MRX, LLC; Notice of Filing 
of Proposed Rule Change To Adopt Rules Related to ISO Functionality

September 2, 2022.

    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 August 18, 2022, Nasdaq MRX, LLC (``MRX'' 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 adopt rules related to Intermarket Sweep 
Order (``ISO'') functionality.
    The text of the proposed rule change is available on the Exchange's 
website at https://listingcenter.nasdaq.com/rulebook/mrx/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 adopt ISO functionality in Options 3, 
Section 11 that permits Members to submit ISOs in the Exchange's 
Facilitation Mechanism (``Facilitation ISO''), and Solicited Order 
Mechanism (``Solicitation ISO'').\3\
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    \3\ This functionality is currently offered on the Exchange, so 
the proposed rule change codifies existing functionality in the 
Exchange's rules.
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    As set forth in Options 3, Section 11(b), the Facilitation 
Mechanism is a process wherein the Electronic Access Member seeks to 
facilitate a block-size order it represents as agent, and/or a 
transaction wherein the Electronic Access Member solicited interest to 
execute against a block-size order it represents as agent. Electronic 
Access Members must be willing to execute the entire size of orders 
entered into the Facilitation Mechanism. As set forth in Options 3, 
Section 11(d), the Solicited Order Mechanism is a process by which an 
Electronic Access Member can attempt to execute orders of 500 or more 
contracts it represents as agent against contra orders it solicited. 
Each order entered into the Solicited Order Mechanism shall be 
designated as all-or-none.
    An ISO is defined in Options 3, Section 7(b)(5) as a limit order 
that meets the requirements of Options 5, Section 1(h) and trades at 
allowable prices on the Exchange without regard to the ABBO. 
Simultaneously with the routing of the ISO to the Exchange, one or more 
additional ISOs, as necessary, are routed to execute against the full 
displayed size of any Protected Bid, in the case of a limit order to 
sell, or any Protected Offer, in the case of a limit order to buy, for 
the options series with a price that is superior to the limit price of 
the ISO.\4\ A Member may submit an ISO to the Exchange only if it has 
simultaneously routed one or more additional ISOs to execute against 
the full displayed size of any Protected Bid, in the case of a limit 
order to sell, or Protected Offer, in the case of a limit order to buy, 
for an options series with a price that is superior to the limit price 
of the ISO.
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    \4\ ``Protected Bid'' or ``Protected Offer'' means a Bid or 
Offer in an options series, respectively, that: (a) is disseminated 
pursuant to the Options Order Protection and Locked/Crossed Market 
Plan; and (b) is the Best Bid or Best Offer, respectively, displayed 
by an Eligible Exchange. See Options 5, Section 1(o).
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    As discussed further below, none of the proposed rule changes will 
amend current functionality. Rather, these changes are designed to 
bring greater transparency around certain order types currently 
available on the Exchange. The Exchange notes that the Facilitation ISO 
and Solicitation ISO \5\ are functionally similar to the Exchange's 
Price Improvement Mechanism \6\ ISO (``PIM ISO'') as set forth in 
Supplementary Material .08 to Options 3, Section 13, as further 
discussed below.\7\
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    \5\ The Exchange notes that it has an ISO trade through 
surveillance in place that will identify and capture when a Member 
marks a Facilitation or Solicitation ISO and the order possibly 
trades through a Protected Bid or Protected Offer price at an away 
exchange. The Exchange will monitor the NBBO prior to and after the 
order trades on the Exchange to detect potential trade through 
violations.
    \6\ The Price Improvement Mechanism (``PIM'') is a process that 
allows an Electronic Access Member to provide price improvement 
opportunities for a transaction wherein the Electronic Access Member 
seeks to facilitate an order it represents as agent, and/or a 
transaction wherein the Electronic Access Member solicited interest 
to execute against an order it represents as agent. See Options 3, 
Section 13(a).
    \7\ The Exchange also notes that its affiliates, Nasdaq BX 
(``BX'') and Nasdaq Phlx (``Phlx''), currently allow ISOs to be 
entered into BX's Price Improvement Mechanism (``PRISM'') and Phlx's 
Price Improvement XL (``PIXL''), respectively. See BX Options 3, 
Section 13(ii)(K) (describing PRISM ISOs) and Phlx Options 3, 
Section 13(b)(11) (describing PIXL ISOs). Other options exchanges 
similarly allow ISOs to be entered into their auction mechanisms. 
See e.g., Cboe Rules 5.37(b)(4)(A) (allowing ISOs to be entered into 
Cboe's Automated Improvement Mechanism (``AIM ISOs'') and 5.39(b)(4) 
(allowing ISOs to be entered into Cboe's Solicitation Auction 
Mechanism (``SAM ISOs'')).
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Facilitation ISO
    Today, the Exchange allows the submission of ISOs into its 
Facilitation Mechanism as Facilitation ISOs. To promote transparency, 
the Exchange proposes to memorialize Facilitation ISOs as an order type 
in Supplementary Material .06 to Options 3, Section 11. Specifically, 
the Exchange proposes:

    A Facilitation ISO order (``Facilitation ISO'') is the 
transmission of two orders for crossing pursuant to paragraph (b) 
above without regard for better priced Protected Bids or Protected 
Offers (as defined in Options 5, Section 1) because the Member 
transmitting the Facilitation ISO to the Exchange has, 
simultaneously with the routing of the Facilitation ISO, routed one 
or more ISOs, as necessary, to execute against the full displayed 
size of any Protected Bid or Protected Offer that is superior to the 
starting Facilitation auction price. Any execution(s) resulting from 
such sweeps shall accrue to the Agency order.

    Today, the Exchange will accept a Facilitation ISO provided the 
order adheres to the current order entry requirements for the 
Facilitation Mechanism as set forth in Options 3, Section 11(b)(1),\8\ 
but without regard to

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the ABBO (similar to a regular ISO in Options 3, Section 7(b)(5)). 
Therefore, Facilitation ISOs must be entered at a price that is equal 
to or better than the Exchange best bid or offer on the same side of 
the market as the agency order unless there is a Priority Customer 
order on the same side Exchange best bid or offer, in which case the 
Facilitation ISO must be entered at an improved price. The Exchange 
does not check the Exchange best bid or offer on the opposite side of 
the Facilitation ISO because the underlying Facilitation Mechanism 
similarly does not check the opposite side Exchange best bid or offer. 
As discussed above, the Facilitation Mechanism only requires that the 
opposite side of the Facilitation order be equal to or better than the 
ABBO.\9\ The Facilitation Mechanism does not check the opposite side 
Exchange best bid or offer because any interest that is available on 
the opposite side of the market would allocate against the Facilitation 
agency order and provide price improvement. As an example:
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    \8\ Specifically, Options 3, Section 11(b)(1) provides that 
orders must be entered into the Facilitation Mechanism at a price 
that is (A) equal to or better than the NBBO on the same side of the 
market as the agency order unless there is a Priority Customer order 
on the same side Exchange best bid or offer, in which case the order 
must be entered at an improved price; and (B) equal to or better 
than the ABBO on the opposite side. Orders that do not meet these 
requirements are not eligible for the Facilitation Mechanism and 
will be rejected.
    \9\ Id.
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    Assume the following market:

Exchange BBO: 1 x 2 (also NBBO)
CBOE: 0.75. x 2.25 (next best exchange quote)
Facilitation order is entered to buy 50 contracts @2.05
No Responses are received.

    The Facilitation order executes with resting 50 lot quote @2. In 
this instance, the Facilitation order is able to begin crossed with the 
contra side Exchange BBO because in execution, the resting 50 lot quote 
@2 is able to provide price improvement to the facilitation order.
    Given that the Facilitation ISO is accepted so long as it adheres 
to the order entry requirements of the underlying Facilitation 
Mechanism, but without regard to the ABBO, the Exchange believes that 
it is appropriate and logical to align the order entry checks of the 
Facilitation ISO in the manner discussed above.
    The Exchange processes the Facilitation ISO in the same manner that 
it processes any other Facilitation orders, except that it will 
initiate a Facilitation auction without protecting prices away. 
Instead, the Member entering the Facilitation ISO will bear the 
responsibility to clear all better priced interest away simultaneously 
with submitting the Facilitation ISO to the Exchange. The Exchange 
believes that offering this order type is beneficial for Members as it 
provides them with an efficient method to initiate a Facilitation 
auction while preventing trade-throughs.
    The Exchange notes that the Facilitation ISO is similar to the PIM 
ISO that is currently described in Supplementary Material .08 to 
Options 3, Section 13.\10\ Similar to the Facilitation ISO, the PIM ISO 
must meet the order entry requirements for PIM in Options 3, Section 
13(b) but does not consider the ABBO.\11\ Further, the Exchange 
processes a PIM ISO order the same way as any other PIM order except 
the Exchange will initiate a PIM auction without protecting away 
prices. As with Facilitation ISOs, the Member entering the PIM ISO 
bears responsibility to clear all better priced interest away 
simultaneously with submitting the PIM ISO to the Exchange.
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    \10\ Supplementary Material .08 to Options 3, Section 13 defines 
PIM ISO as the transmission of two orders for crossing pursuant to 
this Rule without regard for better priced Protected Bids or 
Protected Offers (as defined in Options 5, Section 1) because the 
Member transmitting the PIM ISO to the Exchange has, simultaneously 
with the routing of the PIM ISO, routed one or more ISOs, as 
necessary, to execute against the full displayed size of any 
Protected Bid or Protected Offer that is superior to the starting 
PIM auction price and has swept all interest in the Exchange's book 
priced better than the proposed auction starting price. Any 
execution(s) resulting from such sweeps shall accrue to the PIM 
order.
    \11\ Unlike the Facilitation Mechanism, PIM requires an opposite 
side NBBO check, which would include the Exchange best bid or offer. 
As discussed above, the Facilitation order entry checks only require 
that the opposite side of the Facilitation order be equal to or 
better than the ABBO (i.e., there is no opposite side local book 
check). For PIM, the order must be entered at one minimum price 
improvement increment better than the NBBO on the opposite side of 
the market if the Agency Order is for less than 50 option contracts 
and if the difference between the NBBO is $0.01. If the Agency Order 
is for 50 option contracts or more, or if the difference between the 
NBBO is greater than $0.01, the PIM order must be entered at a price 
that is equal to or better than the NBBO on the opposite side. See 
Options 3, Section 13(b)(1) and (2). As such, PIM ISOs additionally 
require the entering Member to sweep all interest in the Exchange's 
book priced better than the proposed auction starting price (unlike 
Facilitation ISO which does not have a similar sweep requirement).
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    The following example illustrates how Facilitation ISO operates:
    Assume:

ABBO: 1 x 1.20
MRX BBO: 0.90 x 1.30
Member enters Facilitation ISO with Agency side to buy 50 @1.25
Facilitation ISO auction period concludes with no responses arriving
Facilitation ISO executes with contra side 50 @1.25
Solicitation ISO
    Today, the Exchange allows the submission of ISOs into its 
Solicited Order Mechanism as Solicitation ISOs. To promote 
transparency, the Exchange proposes to memorialize Solicitation ISOs as 
an order type in Supplementary Material .07 to Options 3, Section 11. 
Specifically, the Exchange proposes:

    A Solicitation ISO order (``Solicitation ISO'') is the 
transmission of two orders for crossing pursuant to paragraph (d) 
above without regard for better priced Protected Bids or Protected 
Offers (as defined in Options 5, Section 1) because the Member 
transmitting the Solicitation ISO to the Exchange has, 
simultaneously with the routing of the Solicitation ISO, routed one 
or more ISOs, as necessary, to execute against the full displayed 
size of any Protected Bid or Protected Offer that is superior to the 
starting Solicitation auction price and has swept all interest in 
the Exchange's book priced better than the proposed auction starting 
price. Any execution(s) resulting from such sweeps shall accrue to 
the Agency order.

    Today, the Exchange will accept a Solicitation ISO provided the 
order adheres to the current order entry requirements for the Solicited 
Order Mechanism as set forth in Options 3, Section 11(d)(1),\12\ but 
without regard to the ABBO (similar to a regular ISO in Options 3, 
Section 7(b)(5)). Therefore, Solicitation ISOs must be entered at a 
price that is equal to or better than the Exchange best bid or offer on 
both sides of the market; provided that, if there is a Priority 
Customer order on the Exchange best bid or offer, the Solicitation ISO 
must be entered at an improved price.
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    \12\ Specifically, Options 3, Section 11(d)(1) provides that 
orders must be entered into the Solicited Order Mechanism at a price 
that is equal to or better than the NBBO on both sides of the 
market; provided that, if there is a Priority Customer order on the 
Exchange best bid or offer, the order must be entered at an improved 
price. Orders that do not meet these requirements are not eligible 
for the Solicited Order Mechanism and will be rejected.
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    The Exchange processes the Solicitation ISO in the same manner that 
it processes other orders entered in the Solicited Order Mechanism, 
except that it will initiate a Solicited Order auction without 
protecting away prices. Instead, the Member entering the Solicitation 
ISO will bear the responsibility to clear all better priced interest 
away simultaneously with submitting the Solicitation ISO to the 
Exchange. Similar to the Facilitation ISO discussed above, the Exchange 
believes that offering this order type is beneficial for Members as it 
provides them with an efficient method to initiate an auction in the 
Solicited Order Mechanism while preventing trade-throughs. Furthermore, 
Solicitation ISOs are similar to PIM ISOs in the manner described above 
for Facilitation ISOs.\13\ In addition, another options

[[Page 55057]]

exchange currently offers a substantially similar order type as the 
Exchange's Solicitation ISO.\14\
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    \13\ The Exchange notes that similar to the PIM ISO, but unlike 
Facilitation ISO, the Solicitation ISO requires entering Members to 
sweep all interest in the Exchange's book priced better than the 
proposed auction starting price. The order entry checks for the 
Solicited Order Mechanism, similar to PIM, requires an opposite side 
NBBO check, which would include the Exchange best bid or offer. See 
supra notes 11-12.
    \14\ In addition, Cboe currently offers a SAM ISO order type, 
which is defined as the submission of two orders for crossing in a 
SAM Auction without regard for better-priced Protected Quotes (as 
defined in Cboe Rule 5.65) because the Initiating TPH routed an 
ISO(s) simultaneously with the routing of the SAM ISO to execute 
against the full displayed size of any Protected Quote that is 
better than the stop price and has swept all interest in the Book 
with a price better than the stop price. Any execution(s) resulting 
from these sweeps accrue to the SAM Agency Order. See Cboe Rule 
5.39(b)(4). See also Securities Exchange Act Release No. 87192 
(October 1, 2019), 84 FR 53525 (October 7, 2019) (SR-CBOE-2019-063) 
(Notice of Filing and Immediate Effectiveness of a Proposed Rule 
Change related to the SAM Auction, including to adopt the SAM ISO).
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    The following example illustrates how the Solicitation ISO 
operates:
    Assume:

ABBO: 1 x 1.20
MRX BBO: 0.90 x 1.30
Member enters Solicitation ISO with Agency side to buy 500 @1.25
Solicitation ISO auction period concludes with no responses arriving
Solicitation ISO executes with contra side 500 @1.25
Intermarket Sweep Orders
    In light of the changes proposed above to adopt the Facilitation 
ISO and Solicitation ISO into its Rulebook, the Exchange proposes to 
make related amendments to the ISO rule in Options 3, Section 7(b)(5) 
to add that ``ISOs may be entered on the single leg order book or into 
the Facilitation Mechanism, Solicited Order Mechanism, or Price 
Improvement Mechanism, pursuant to Supplementary Material .06 and .07 
to Options 3, Section 11, and Supplementary Material .08 to Options 3, 
Section 13.''
    The proposed rule text will be similar to BX's current ISO rule in 
BX Options 3, Section 7(a)(6), except the Exchange's ISO rule will 
refer to Exchange functionality that BX does not have today. 
Specifically, BX does not currently offer Facilitation ISOs or 
Solicitation ISOs. PIM ISOs are currently codified in Supplementary 
Material .08 to Options 3, Section 13, so the proposed rule text herein 
is a non-substantive amendment to add a cross-reference to the PIM ISO 
rule. The proposed language does not amend the current ISO 
functionality but rather is intended to add more granularity and more 
closely align the ISO rule with BX's ISO rule.
2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section 
6(b) of the Act,\15\ in general, and furthers the objectives of Section 
6(b)(5) of the Act,\16\ in particular, 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.
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    \15\ 15 U.S.C. 78f(b).
    \16\ 15 U.S.C. 78f(b)(5).
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Facilitation and Solicitation ISOs
    The Exchange believes that the proposal to adopt Facilitation ISOs 
and Solicitation ISOs in Supplementary Material .06 and .07 to Options 
3, Section 11 is consistent with the Act. The proposal will codify 
current functionality, thereby promoting transparency in the Exchange's 
rules and reducing any potential confusion. As it relates to 
Solicitation ISOs, the Exchange believes that the proposed rule change 
promotes fair competition. Specifically, the proposal allows the 
Exchange to offer Members an order type that is already offered by 
another options exchange.\17\
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    \17\ See supra note 14.
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    In addition, offering the Facilitation ISO and Solicitation ISO 
benefits market participants and investors because this functionality 
provides an additional and efficient method to initiate a Facilitation 
or Solicited Order auction while preventing trade-throughs. As 
discussed above, the Exchange processes the Facilitation and 
Solicitation ISO in the same manner as it processes any other order 
entered into the Facilitation and Solicited Order Mechanism, except the 
Exchange will initiate a Facilitation auction or Solicited Order 
auction without protecting away prices (similar to a regular ISO in 
Options 3, Section 7(b)(5)). Instead, the entering Member, simultaneous 
with the routing of the Facilitation ISO or Solicitation ISO to the 
Exchange, remains responsible for routing one or more ISOs, as 
necessary, to execute against the full displayed size of any Protected 
Bid or Protected Offer that is superior to the starting Facilitation or 
Solicitation auction price, and for Solicitation ISO, has swept all 
interest in the Exchange's book priced better than the proposed auction 
starting price.\18\ As discussed above, these order types operate in a 
similar manner to the PIM ISO that is currently described in 
Supplementary Material .08 to Options 3, Section 13.\19\
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    \18\ See supra note 13.
    \19\ See supra notes 11 and 13.
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Intermarket Sweep Orders
    The Exchange believes that the proposed changes to the definition 
of ISOs in Options 3, Section 7(b)(5) are consistent with the Act. As 
discussed above, the proposed changes are intended to add more 
granularity and more closely align the level of detail in the ISO rule 
with BX's ISO rule in BX Options 3, Section 7(a)(6) by specifying how 
ISOs may be submitted. As such, the Exchange believes that its proposal 
will promote transparency in the Exchange's rules and consistency 
across the rules of the Nasdaq affiliated options exchanges. While the 
proposed changes to the Exchange's ISO rule generally track BX's ISO 
rule, the proposed language will refer to certain Exchange 
functionality that BX does not have today (i.e., Facilitation ISOs or 
Solicitation ISOs).

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. Offering Facilitation and 
Solicitation ISOs does not impose an undue burden on competition 
because it enables the Exchange to provide market participants with an 
additional and efficient method to initiate a Facilitation or Solicited 
Order auction while preventing trade-throughs, as discussed above. In 
addition, all Members may submit a Facilitation ISO or Solicitation 
ISO. As it relates to the Solicitation ISO, the Exchange believes that 
the proposed rule change will promote fair competition among options 
exchanges as it will allow the Exchange to compete with other markets 
that already allow ISOs in their solicitation auction mechanisms.\20\
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    \20\ See supra note 14.
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    The Exchange further believes that the proposed changes to its ISO 
rule do not impose an undue burden on competition. As discussed above, 
the proposed changes are intended to add more granularity and more 
closely align the level of detail in the ISO rule with BX's ISO rule in 
BX Options 3, Section 7(a)(6) by specifying how ISOs may be submitted, 
except the Exchange's ISO rule will refer to Exchange functionality 
that BX does not have today (i.e., Facilitation and Solicitation ISOs). 
With the proposed changes, the Exchange believes that its proposal will 
promote

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transparency in the Exchange's rules and consistency across the rules 
of the Nasdaq affiliated options exchanges.

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

    Within 45 days of the date of publication of this notice in the 
Federal Register or within such longer period up to 90 days of such 
date (i) as the Commission may designate if it finds such longer period 
to be appropriate and publishes its reasons for so finding or (ii) as 
to which the Exchange consents, the Commission shall: (a) by order 
approve or disapprove such proposed rule change, or (b) institute 
proceedings to determine whether the proposed rule change should be 
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 (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include 
File Number SR-MRX-2022-11 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-MRX-2022-11. 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 
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-MRX-2022-11 and should be submitted on 
or before September 29, 2022.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\21\
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    \21\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022-19412 Filed 9-7-22; 8:45 am]
BILLING CODE 8011-01-P


