[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'')
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1....................................... 10,000 $0.07
2....................................... 15,000 0.10
3....................................... 20,000 0.13
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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 [email protected]. 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