[Federal Register Volume 88, Number 93 (Monday, May 15, 2023)]
[Notices]
[Pages 31077-31081]
[FR Doc No: 2023-10246]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-97462; File No. SR-MEMX-2023-08]

Self-Regulatory Organizations; MEMX LLC; Notice of Filing and
Immediate Effectiveness of a Proposed Rule Change To Amend the
Exchange's Fee Schedule

May 9, 2023.
    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 April 28, 2023, 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\ (the
``Fee Schedule'') pursuant to Exchange Rules 15.1(a) and (c). The
Exchange proposes to implement the changes to the Fee Schedule pursuant
to this proposal on May 1, 2023. 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 purpose of the proposed rule change is to amend the Fee
Schedule to:

(i) modify the Liquidity Provision Tiers; and (ii) modify the required
criteria under the Displayed Liquidity Incentive (``DLI'') Tiers.
    The Exchange first notes that it operates in a highly competitive
market in which market participants can readily direct order flow to
competing venues if they deem fee levels at a particular venue to be
excessive or incentives to be insufficient. More specifically, the
Exchange is only one of 16 registered equities exchanges, as well as a
number of alternative trading systems and other off-exchange venues, to
which market participants may direct their order flow. Based on
publicly available information, no single registered equities exchange
currently has more than approximately 15% of the total market share of
executed volume of equities trading.\4\ Thus, in such a low-
concentrated and highly competitive market, no single equities exchange
possesses significant pricing power in the execution of order flow, and
the Exchange currently represents approximately 3% of the overall
market share.\5\ The Exchange in particular operates a ``Maker-Taker''
model whereby it provides rebates to Members that add liquidity to the
Exchange and charges fees to Members that remove liquidity from the
Exchange. The Fee Schedule sets forth the standard rebates and fees
applied per share for orders that add and remove liquidity,
respectively. Additionally, in response to the competitive environment,
the Exchange also offers tiered pricing, which provides Members with
opportunities to qualify for higher rebates or lower fees where certain
volume criteria and thresholds are met. Tiered pricing provides an
incremental incentive for Members to strive for higher tier levels,
which provides increasingly higher benefits or discounts for satisfying
increasingly more stringent criteria.
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    \4\ Market share percentage calculated as of April 28, 2023. The
Exchange receives and processes data made available through
consolidated data feeds (i.e., CTS and UTDF).
    \5\ Id.
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Liquidity Provision Tiers
    The Exchange currently provides a base rebate of $0.0018 per share
for executions of Added Displayed Volume.\6\ The Exchange also
currently offers Liquidity Provision Tiers 1-5 under which a Member may
receive an enhanced rebate for executions of Added Displayed Volume by
achieving the corresponding required volume criteria for each such
tier. The Exchange now proposes to modify the Liquidity Provision Tiers
by modifying the required criteria under such tiers, as further
described below.
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    \6\ The base rebate for executions of Added Displayed Volume is
referred to by the Exchange on the Fee Schedule under the existing
description ``Added displayed volume'' with a Fee Code of ``B'',
``D'' or ``J'', as applicable, on execution reports.
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    With respect to Liquidity Provision Tier 2, the Exchange currently
provides an enhanced rebate of $0.00325 per share for executions of
Added Displayed Volume for Members that qualify for such tier by
achieving: (1) an ADAV \7\ that is equal to or greater than 0.25% of
the TCV; \8\ and (2) a Non-Displayed ADAV \9\ that is equal to or
greater than 4,000,000 shares.\10\ The Exchange now proposes to modify
the required criteria such that a Member would now qualify for such
tier by achieving: (1) an ADAV (excluding Retail Orders \11\) that is
equal to or greater than 0.25% of the TCV; and (2) a Non-Displayed ADAV
that is equal to or greater than 4,000,000 shares. The Exchange is not
proposing to change the rebate for executions under such tier but
rather is proposing to exclude Retail Orders from the ADAV component of
the first criteria.
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    \7\ As set forth on the Fee Schedule, ``ADAV'' means the average
daily added volume calculated as the number of shares added per day,
which is calculated on a monthly basis, and ``Displayed ADAV'' means
ADAV with respect to displayed orders.
    \8\ As set forth on the Fee Schedule, ``TCV'' means total
consolidated volume calculated as the volume reported by all
exchanges and trade reporting facilities to a consolidated
transaction reporting plan for the month for which the fees apply.
    \9\ As set forth on the Fee Schedule, ``Non-Displayed ADAV''
means ADAV with respect to non-displayed orders (including orders
subject to Display-Price Sliding that receive price improvement when
executed and Midpoint Peg orders).
    \10\ The pricing for Liquidity Provision Tier 2 is referred to
by the Exchange on the Fee Schedule under the existing description
``Added displayed volume, Liquidity Provision Tier 2'' with a Fee
Code of ``B2'', ``D2'' or ``J2'', as applicable, to be provided by
the Exchange on the monthly invoices provided to Members.
    \11\ As set forth in Exchange Rule 11.21(a), a ``Retail Order''
means an agency or riskless principal order that meets the criteria
of FINRA Rule 5320.03 that originates from a natural person and is
submitted to the Exchange by a Retail Member Organization, provided
that no change is made to the terms of the order with respect to
price or side of market and the order does not originate from a
trading algorithm or any other computerized methodology.
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    With respect to Liquidity Provision Tier 4, the Exchange currently
provides an enhanced rebate of $0.0029 per share for executions of
Added Displayed Volume for Members that qualify for such tier by
achieving: (1) an ADAV that is equal to or greater than 0.15% of the
TCV. The Exchange now proposes to modify the required criteria such
that a Member would now qualify for such tier by achieving an ADAV that
is equal to or greater than 0.15% of the TCV, or (2) a Displayed ADAV
that is greater than or equal to 2,000,000 shares and a Step-Up
Displayed ADAV \12\ from April 2023 that is greater than or equal to
50% of the Member's April 2023 Displayed ADAV.\13\ Thus, such proposed
change would keep the existing criteria intact and add an alternative
criteria that includes a Displayed ADAV and a Step-Up Displayed ADAV
threshold, which are designed to encourage the submission of additional
liquidity-adding order flow to the Exchange. Additionally, the Exchange
is proposing that criteria (2) of Liquidity Provision Tier 4 will
expire no later than October 31, 2023, and the Exchange will indicate
this in a note under the Liquidity Provision Tiers pricing table on the
Fee Schedule. The Exchange is not proposing to change the rebate
provided under such tier.
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    \12\ As set forth on the Fee Schedule, ``Step-Up Displayed
ADAV'' means Displayed ADAV in the relevant baseline month
subtracted from current Displayed ADAV.
    \13\ The pricing for Liquidity Provision Tier 4 is referred to
by the Exchange on the Fee Schedule under the existing description
``Added displayed volume, Liquidity Provision Tier 4'' with a Fee
Code of ``B4'', ``D4'' or ``J4'', as applicable, to be provided by
the Exchange on the monthly invoices provided to Members.
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    With respect to Liquidity Provision Tier 5, the Exchange currently
provides an enhanced rebate of $0.0027 per share for executions of
Added Displayed Volume for Members that qualify for such tier by
achieving: (1) an ADAV that is equal to or greater than 0.075% of the
TCV; or (2) a Displayed ADAV (excluding Retail Orders) that is equal to
or greater than 750,000 shares and a Step-Up Displayed ADAV (excluding
Retail Orders) from October 2022 that is equal to or greater than 30%
of the Member's October 2022 Displayed ADAV (excluding Retail
Orders).\14\ The Exchange now proposes to modify the required criteria
under Liquidity Provision Tier 5 such that a Member would qualify for
such tier only by achieving an ADAV that is equal to or greater than
0.075% of the TCV. Thus, such proposed change would keep the first of
the two existing alternative criteria intact and eliminate the second
of the two existing alternative criteria (based on a Displayed ADAV
threshold and a Step-Up ADAV from October 2022 threshold). The Exchange
is not

proposing to change the rebate provided under such tier.
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    \14\ The pricing for Liquidity Provision Tier 5 is referred to
by the Exchange on the Fee Schedule under the existing description
``Added displayed volume, Liquidity Provision Tier 5'' with a Fee
Code of ``B5'', ``D5'' or ``J5'', as applicable, to be provided by
the Exchange on the monthly invoices provided to Members.
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    The tiered pricing structure for executions of Added Displayed
Volume under the Liquidity Provision Tiers provides an incremental
incentive for Members to strive for higher volume thresholds to receive
higher enhanced rebates for such executions and, as such, is intended
to encourage Members to maintain or increase their order flow,
primarily in the form of liquidity-adding volume, to the Exchange,
thereby contributing to a deeper and more liquid market to the benefit
of all Members and market participants. The Exchange believes that the
Liquidity Provision Tiers, as modified by the proposed changes
described above, reflect a reasonable and competitive pricing structure
that is right-sized and consistent with the Exchange's overall pricing
philosophy of encouraging added and/or displayed liquidity.
Specifically, the Exchange believes that, after giving effect to the
proposed changes described above, the rebate for executions of Added
Displayed Volume provided under each of the Liquidity Provision Tiers
1-5 remains commensurate with the corresponding required criteria under
each such tier and is reasonably related to the market quality benefits
that each such tier is designed to achieve.
DLI Tiers
    The Exchange currently offers DLI Tiers 1 and 2 under which a
Member may receive an enhanced rebate for executions of Added Displayed
Volume by achieving the corresponding required criteria for each such
tier. The DLI Tiers are designed to encourage Members, through the
provision of an enhanced rebate for executions of Added Displayed
Volume, to promote price discovery and market quality by quoting at the
NBBO for a significant portion of each day (i.e., through the
applicable quoting requirement \15\) in a broad base of securities
(i.e., through the applicable securities requirements \16\), thereby
benefitting the Exchange and investors by providing improved trading
conditions for all market participants through narrower bid-ask spreads
and increased depth of liquidity available at the NBBO in a broad base
of securities and committing capital to support the execution of
orders.\17\ Now, the Exchange proposes to modify the required criteria
under DLI Tier 2.
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    \15\ As set forth on the Fee Schedule, the term ``quoting
requirement'' means the requirement that a Member's NBBO Time be at
least 25%, and the term ``NBBO Time'' means the aggregate of the
percentage of time during regular trading hours during which one of
a Member's market participant identifiers (``MPIDs'') has a
displayed order of at least one round lot at the national best bid
or the national best offer.
    \16\ As set forth on the Fee Schedule, the term ``securities
requirement'' means the requirement that a Member meets the quoting
requirement in the applicable number of securities per trading day.
Currently, each of DLI Tiers 1 and 2 has a securities requirement
that may be achieved by a Member meeting the quoting requirement in
the specified number of securities traded on the Exchange.
    \17\ See the Exchange's Fee Schedule (available at https://info.memxtrading.com/fee-schedule/) for additional details regarding
the Exchange's DLI Tiers. See also Securities Exchange Act Release
No. 92150 (June 10, 2021), 86 FR 32090 (June 16, 2021) (SR-MEMX-
2021-07) (notice of filing and immediate effectiveness of fee
changes adopted by the Exchange, including the adoption of DLI).
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    Currently, a Member qualifies for DLI Tier 2 by achieving an NBBO
Time of at least 25% in an average of least 400 securities per trading
day during the month. Now, the Exchange proposes to increase the
securities requirement under DLI Tier 2 such that a Member would now
qualify for DLI Tier 2 by achieving an NBBO Time of at least 25% in an
average of 500 (i.e., increased from 400) securities per trading day
during the month. This proposed increase in the securities requirement
under DLI Tier 2 is designed to achieve the DLI's market quality
benefits described above in a broader base of securities under such
tier. The Exchange is not proposing to change the rebate for executions
under such tier.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with the provisions of Section 6 of the Act,\18\ in general, and with
Sections 6(b)(4) and 6(b)(5) of the Act,\19\ in particular, in that it
provides for the equitable allocation of reasonable dues, fees and
other charges among its Members and other persons using its facilities
and is not designed to permit unfair discrimination between customers,
issuers, brokers, or dealers.
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    \18\ 15 U.S.C. 78f.
    \19\ 15 U.S.C. 78f(b)(4) and (5).
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    As discussed above, the Exchange operates in a highly fragmented
and competitive market in which market participants can readily direct
order flow to competing venues if they deem fee levels at a particular
venue to be excessive or incentives to be insufficient, and the
Exchange represents only a small percentage of the overall market. 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,
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.'' \20\
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    \20\ Securities Exchange Act Release No. 51808 (June 9, 2005),
70 FR 37496, 37499 (June 29, 2005).
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    The Exchange believes that the ever-shifting market share among the
exchanges from month to month demonstrates that market participants can
shift order flow or discontinue to reduce use of certain categories of
products, in response to new or different pricing structures being
introduced into the market. Accordingly, competitive forces constrain
the Exchange's transaction fees and rebates, and market participants
can readily trade on competing venues if they deem pricing levels at
those other venues to be more favorable. The Exchange believes the
proposal reflects a reasonable and competitive pricing structure
designed to incentivize market participants to direct additional order
flow to the Exchange, which the Exchange believes would promote price
discovery and enhance liquidity and market quality on the Exchange to
the benefit of all Members and market participants.
    The Exchange notes that volume-based incentives and discounts (such
as tiers) have been widely adopted by exchanges (including the
Exchange), and are reasonable, equitable and not unfairly
discriminatory because they are open to all members on an equal basis
and provide additional benefits or discounts that are reasonably
related to the value to an exchange's market quality associated with
higher levels of market activity, such as higher levels of liquidity
provision and/or growth patterns, and the introduction of higher
volumes of orders into the price and volume discovery process. The
Exchange believes that the Liquidity Provision Tiers 2, 4, and 5, and
the DLI Tier 2, each as modified by the changes proposed herein, are
reasonable, equitable and not unfairly discriminatory for these same
reasons, as such tiers would provide Members with an incremental
incentive to achieve certain volume thresholds on the Exchange, are
available to all Members on an equal basis, and, as described above,
are reasonably designed to encourage Members to maintain or increase
their order flow, including in the various forms of liquidity-adding
and liquidity-removing volume under the required criteria, as
applicable, to the Exchange, which the

Exchange believes would promote price discovery, enhance liquidity and
market quality, and contribute to a more robust and well-balanced
market ecosystem on the Exchange to the benefit of all Members and
market participants.
    The Exchange also believes that such tiers reflect a reasonable and
equitable allocation of fees and rebates, as the Exchange believes
that, after giving effect to the changes proposed herein, the enhanced
rebates for executions of Added Displayed Volume under each such tier
is commensurate with the corresponding required criteria under each
such tier and is reasonably related to the market quality benefits that
each such tier is designed to achieve, as described above.
    With respect to the proposed change to increase the securities
requirement under DLI Tier 2 from 400 securities to 500 securities, the
Exchange believes the proposed change is reasonable, equitable and not
unfairly discriminatory because it will apply to all Members equally,
in that all Members will continue to have the opportunity to achieve
the required criteria under such tier, and this proposed increase is
intended to enhance market quality in a broader range of securities on
the Exchange to the benefit of all Members.
    For the reasons discussed above, the Exchange submits that the
proposal satisfies the requirements of Sections 6(b)(4) and 6(b)(5) of
the Act \21\ in that it provides for the equitable allocation of
reasonable dues, fees and other charges among its Members and other
persons using its facilities and is not designed to unfairly
discriminate between customers, issuers, brokers, or dealers. As
described more fully below in the Exchange's statement regarding the
burden on competition, the Exchange believes that its transaction
pricing is subject to significant competitive forces, and that the
proposed fees and rebates described herein are appropriate to address
such forces.
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    \21\ 15 U.S.C. 78f(b)(4) and (5).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposal will result in any
burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act. Instead, as discussed above,
the proposal is intended to incentivize market participants to direct
additional order flow to the Exchange, which the Exchange believes
would promote price discovery and enhance liquidity and market quality
on the Exchange to the benefit of all Members and market participants.
As a result, the Exchange believes the proposal would enhance its
competitiveness as a market that attracts actionable orders, thereby
making it a more desirable destination venue for its customers. For
these reasons, the Exchange believes that the proposal furthers the
Commission's goal in adopting Regulation NMS of fostering competition
among orders, which promotes ``more efficient pricing of individual
stocks for all types of orders, large and small.'' \22\
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    \22\ See supra note 20.
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Intramarket Competition
    As discussed above, the Exchange believes that the proposal would
maintain a tiered pricing structure that is still consistent with the
Exchange's overall pricing philosophy of encouraging added and/or
displayed liquidity and would incentivize market participants to direct
additional order flow to the Exchange through volume-based tiers,
thereby enhancing liquidity and market quality on the Exchange to the
benefit of all Members, as well as enhancing the attractiveness of the
Exchange as a trading venue, which the Exchange believes, in turn,
would continue to encourage market participants to direct additional
order flow to the Exchange. Greater liquidity benefits all Members by
providing more trading opportunities and encourages Members to send
additional orders to the Exchange, thereby contributing to robust
levels of liquidity, which benefits all market participants.
    The Exchange does not believe that the proposed changes would
impose any burden on intramarket competition because such changes will
incentivize members to submit additional order flow, thereby
contributing to a more robust and well-balanced market ecosystem on the
Exchange to the benefit of all Members as well as enhancing the
attractiveness of the Exchange as a trading venue, which the Exchange
believes, in turn, would continue to encourage market participants to
direct additional order flow to the Exchange. Greater liquidity
benefits all Members by providing more trading opportunities and
encourages Members to send additional orders to the Exchange, thereby
contributing to robust levels of liquidity, which benefits all market
participants. The opportunity to qualify for the modified Liquidity
Provision Tiers and the DLI Tiers, and thus receive the corresponding
enhanced rebates or discounted fees, as applicable, would be available
to all Members that meet the associated volume requirements in any
month. As described above, the Exchange believes that the required
criteria under each such tier are commensurate with the corresponding
rebate under such tier and are reasonably related to the enhanced
liquidity and market quality that such tier is designed to promote. For
the foregoing reasons, the Exchange believes the proposed changes would
not impose any burden on intramarket competition that is not necessary
or appropriate in furtherance of the purposes of the Act.
Intermarket Competition
    As noted above, the Exchange operates in a highly competitive
market in which market participants can readily direct order flow to
competing venues if they deem fee levels at a particular venue to be
excessive or incentives to be insufficient. Members have numerous
alternative venues that they may participate on and direct their order
flow to, including 15 other equities exchanges and numerous alternative
trading systems and other off-exchange venues. As noted above, no
single registered equities exchange currently has more than
approximately 15% of the total market share of executed volume of
equities trading. Thus, in such a low-concentrated and highly
competitive market, no single equities exchange possesses significant
pricing power in the execution of order flow. Moreover, the Exchange
believes that the ever-shifting market share among the exchanges from
month to month demonstrates that market participants can shift order
flow or discontinue to reduce use of certain categories of products, in
response to new or different pricing structures being introduced into
the market. Accordingly, competitive forces constrain the Exchange's
transaction fees and rebates and market participants can readily choose
to send their orders to other exchange and off-exchange venues if they
deem fee levels at those other venues to be more favorable. As
described above, the proposed changes represent a competitive proposal
through which the Exchange is seeking to incentivize market
participants to direct additional order flow to the Exchange through
volume-based tiers, which have been widely adopted by exchanges,
including the Exchange. Accordingly, the Exchange believes the proposal
would not burden, but rather promote, intermarket competition by
enabling it to better compete with other exchanges that offer similar
pricing structures and incentives to market participants.

    Additionally, the Commission has repeatedly expressed its
preference for competition over regulatory intervention in determining
prices, products, and services in the securities markets. Specifically,
in Regulation NMS, 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.'' \23\ The fact
that this market is competitive has also long been recognized by the
courts. In NetCoalition v. SEC, the D.C. Circuit stated as follows:
``[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'. . . .''.\24\ Accordingly, the Exchange does not believe its
proposed pricing changes impose any burden on competition that is not
necessary or appropriate in furtherance of the purposes of the Act.
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    \23\ See supra note 20.
    \24\ NetCoalition v. SEC, 615 F.3d 525, 539 (D.C. Cir. 2010)
(quoting Securities Exchange Act Release No. 59039 (December 2,
2008), 73 FR 74770, 74782-83 (December 9, 2008) (SR-NYSE-2006-21)).
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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 \25\ and Rule 19b-4(f)(2) \26\ thereunder.
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    \25\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \26\ 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-2023-08 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-MEMX-2023-08. 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
10:00 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. 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-2023-08 and should
be submitted on or before June 5, 2023.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\27\
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    \27\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-10246 Filed 5-12-23; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 84, Number 182 (Thursday, September 19, 2019)]
[Notices]
[Pages 49376-49377]
[FR Doc No: 2019-20237]

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DEPARTMENT OF TRANSPORTATION

Federal Motor Carrier Safety Administration

[Docket No. FMCSA-2018-0347]

Commercial Driver's License Standards: Application for Exemption;
Navistar, Inc. (Navistar)

AGENCY: Federal Motor Carrier Safety Administration (FMCSA), DOT.

ACTION: Notice of application for exemption; request for comments.

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SUMMARY: FMCSA announces that Navistar, Inc. (Navistar) has requested
an exemption for five commercial motor vehicles (CMVs) drivers from the
Federal requirement to hold a U.S. commercial driver's license (CDL).
The requested exemption will cover five Swedish Project Engineers who
will test-drive commercial motor vehicles (CMVs) for Navistar within
the United States. All five engineers work for Scania AB in Sweden
(part of the Volkswagen Group), which is partnering with Navistar to
develop improved fuel economy and emissions reductions. The Scania
drivers all hold valid Swedish commercial licenses and need to test-
drive Navistar vehicles on U.S. roads to better understand product
requirements in ``real world'' environments and to verify results.
Navistar believes the requirements for a Swedish commercial license
ensure that operation under the exemption will likely achieve a level
of safety equivalent to or greater than the level that would be
obtained in the absence of the exemption. FMCSA requests public
comments on Navistar's application for exemption.

DATES: Comments must be received on or before October 21, 2019.

ADDRESSES: You may submit comments bearing the Federal Docket
Management System (FDMS) Docket ID FMCSA-2018-0347 using any of the
following methods:
     Federal eRulemaking Portal: www.regulations.gov. Follow
the online instructions for submitting comments.
     Mail: Docket Management Facility, U.S. Department of
Transportation, 1200 New Jersey Avenue SE, West Building, Ground Floor,
Room W12-140, Washington, DC 20590-0001.
     Hand Delivery or Courier: West Building, Ground Floor,
Room W12-140, 1200 New Jersey Avenue SE, between 9 a.m. and 5 p.m.,
Monday through Friday, except Federal holidays.
     Fax: 1-202-493-2251.
    Each submission must include the Agency name and the docket number
for this notice. Note that DOT posts all comments received without
change to www.regulations.gov, including any personal information
included in a comment. Please see the Privacy Act heading below.
    Docket: For access to the docket to read background documents or
comments, go to www.regulations.gov at any time or visit Room W12-140
on the ground level of the West Building, 1200 New Jersey Avenue SE,
Washington, DC, between 9 a.m. and 5 p.m., ET, Monday through Friday,
except Federal holidays. The on-line FDMS is available 24 hours each
day, 365 days each year.
    Privacy Act: In accordance with 5 U.S.C. 553(c), DOT solicits
comments from the public to better inform its rulemaking process. DOT
posts these comments, without edit, including any personal information
the commenter provides, to www.regulations.gov, as described in the
system of records notice (DOT/ALL-14 FDMS), which can be reviewed at
www.dot.gov/privacy.

FOR FURTHER INFORMATION CONTACT: Mr. Richard Clemente, FMCSA Driver and
Carrier Operations Division; Office of Carrier, Driver and Vehicle
Safety Standards; Telephone:<PHONE_NUMBER>. Email<EMAIL_ADDRESS>If you
have questions on viewing or submitting material to the docket, contact
Docket Services, telephone<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:

I. Public Participation and Request for Comments

    FMCSA encourages you to participate by submitting comments and
related materials.

Submitting Comments

    If you submit a comment, please include the docket number for this
notice (FMCSA-2018-0347), indicate the specific section of this
document to which the comment applies, and provide a reason for
suggestions or recommendations. You may submit your comments and
material online or by fax, mail, or hand delivery, but please use only
one of these means. FMCSA recommends that you include your name and a
mailing address, an email address, or a phone number in the body of
your document so the Agency can contact you if it has questions
regarding your submission.
    To submit your comment online, go to www.regulations.gov and put
the docket number, ``FMCSA-2018-0347'' in the ``Keyword'' box, and
click ``Search.'' When the new screen appears, click on ``Comment
Now!'' button and type your comment into the text box in the following
screen. Choose whether you are submitting your comment as an

individual or on behalf of a third party and then submit. If you submit
your comments by mail or hand delivery, submit them in an unbound
format, no larger than 8\1/2\ by 11 inches, suitable for copying and
electronic filing. If you submit comments by mail and would like to
know that they reached the facility, please enclose a stamped, self-
addressed postcard or envelope. FMCSA will consider all comments and
material received during the comment period and may grant or not grant
this application based on your comments.

II. Legal Basis

    FMCSA has authority under 49 U.S.C. 31136(e) and 31315 to grant
exemptions from the Federal Motor Carrier Safety Regulations. FMCSA
must publish a notice of each exemption request in the Federal Register
(49 CFR 381.315(a)). The Agency must provide the public an opportunity
to inspect the information relevant to the application, including any
safety analyses that have been conducted. The Agency must provide an
opportunity for public comment on the request.
    The Agency reviews the safety analyses and the public comments, and
determines whether granting the exemption would likely achieve a level
of safety equivalent to, or greater than, the level that would be
achieved by the current regulation (49 CFR 381.305). The decision of
the Agency must be published in the Federal Register (49 CFR
381.315(b)) with the reason for the grant or denial and, if granted,
the specific person or class of persons receiving the exemption, and
the regulatory provision or provisions from which exemption is granted.
The notice must specify the effective period of the exemption (up to 5
years), and explain the terms and conditions of the exemption. The
exemption may be renewed (49 CFR 381.300(b)).

III. Request for Exemption

    Navistar has applied for an exemption for five drivers from 49 CFR
383.23, which prescribes licensing requirements for drivers operating
CMVs in interstate or intrastate commerce. Navistar requests the
exemption because these drivers are all citizens of Sweden and
therefore cannot apply for a CDL in any of the U.S. States due to their
lack of residency in this country. A copy of the individual
applications is in Docket No. FMCSA-2018-0347.
    The exemption would allow five drivers to operate CMVs in
interstate or intrastate commerce as part of Navistar field tests
designed to meet future vehicle safety and environmental requirements
and to promote the development of new and advanced emissions reduction
systems and fuel efficiency improvements. According to Navistar, the
drivers will typically drive for no more than 8 hours per day for 2
consecutive days, and that 50 percent of the test driving will be on
two-lane State highways, while 50 percent will be on interstate
highways. The driving for each driver will consist of no more than 300
miles per day, and in all cases the drivers will be accompanied by a
holder of a U.S. CDL who is familiar with the routes to be traveled.
    The drivers are Jonas Hellstrom, Sofie Svanstrom, Erik Holma, Jonas
Udd, and Mikael Oun. The drivers hold valid Swedish commercial licenses
and, as explained by Navistar in its exemption request, the
requirements for that license ensure that, operating under the
exemption, the drivers would likely achieve a level of safety
equivalent to, or greater than, the level that would be achieved by the
current regulation. Navistar requests that the exemptions cover a five-
year period for each driver.
    Copies of Navistar's applications for exemption for these five
drivers are available in the docket for this notice.

    Issued on: September 10, 2019.
Larry W. Minor,
Associate Administrator for Policy.
[FR Doc. 2019-20237 Filed 9-18-19; 8:45 am]
 BILLING CODE 4910-EX-P


[Federal Register Volume 88, Number 200 (Wednesday, October 18, 2023)]
[Notices]
[Pages 71923-71924]
[FR Doc No: 2023-22935]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

Notice of Availability of a Final Programmatic Environmental
Assessment and Finding of No Significant Impact/Record of Decision

AGENCY: Federal Aviation Administration (FAA), Department of
Transportation (DOT).

ACTION: Notice of availability.

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SUMMARY: The Federal Aviation Administration announces the availability
of a Final Programmatic Environmental Assessment and Finding of No
Significant Impact/Record of Decision for the Bipartisan Infrastructure
Law-funded Airport Traffic Control Tower Replacement Program.

FOR FURTHER INFORMATION CONTACT: For technical questions concerning
this notice, contact Aaron W. Comrov, Environmental Team Lead, FAA CSA
ES EOSH Center (AJW-2C16E), 2300 East Devon Avenue, Room 450, Des
Plaines, IL 60018; telephone:<PHONE_NUMBER>; email:
[email protected].

SUPPLEMENTARY INFORMATION: The Final Programmatic Environmental
Assessment (PEA) considers the conditions and potential environmental
impacts from the Proposed Action to replace numerous FAA-owned airport
traffic control towers (ATCT) with modern facilities under the
Bipartisan Infrastructure Law (BIL)-funded ATCT Replacement Program.
Many existing ATCTs at municipal or general aviation airports are
outdated and operating past their design life. The purpose and need for
the proposed program is to replace select FAA-owned ATCTs with modern
ATCTs while providing uninterrupted air traffic control services. The
FAA has prepared the Final PEA and Finding of No Significant Impact
(FONSI)/Record of Decision (ROD) in conformance with the requirements
of the National Environmental Policy Act of 1969 (NEPA) and FAA Order
1050.1F, Environmental Impacts: Policies and Procedures. The Final PEA
analyzes the potential environmental impacts that may result from
construction and operation of the proposed new ATCTs and
decommissioning and removal of the existing ATCTs (the Proposed
Action), as well as the No Action Alternative (i.e., not constructing
and operating the proposed new ATCTs). The Final PEA reflects
consideration of comments received during the public comment period for
the Draft PEA, which was open from June 28, 2023 through July 31, 2023.
    The Proposed Action would provide for modern, operationally
efficient ATCTs, which would be designed to meet the energy and
sustainability requirements of FAA's Terminal Facilities Design
Standard while adhering to the Council on Environmental Quality's
Guiding Principles for Sustainable Federal Buildings and Associated
Instructions. The proposed replacement ATCTs would enable the
installation of modern air traffic control equipment, provide adequate
space and an enhanced work environment for FAA personnel, lower
operating costs, and improve environmental performance resulting in
energy savings, water efficiency, reduced carbon emissions, and
improved indoor air quality while meeting applicable FAA requirements.
    Based on this analysis, the FAA determined there will not be a
significant impact to the human environment from implementation of the
Proposed Action and an Environmental Impact Statement (EIS) is not
required. The FAA intends for

this PEA to create efficiencies by establishing a ``tiering''
framework, where appropriate, to project-specific actions that require
additional analysis. As decisions on specific project sites are made,
to the extent additional NEPA analysis is required, environmental
reviews would be conducted to supplement the analysis set forth in the
PEA.
    The Final PEA and FONSI/ROD are available on the project website
(http://www.faa.gov/air_traffic_atf).

    Issued in Des Plaines, Illinois, on October 12, 2023.
Aaron W. Comrov,
Environmental Team Lead, FAA CSA ES EOSH Center, AJW-216E.
[FR Doc. 2023-22935 Filed 10-17-23; 8:45 am]
BILLING CODE 4910-13-P


[Federal Register Volume 81, Number 9 (Thursday, January 14, 2016)]
[Proposed Rules]
[Page 1935]
[FR Doc No: 2016-00560]

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ENVIRONMENTAL PROTECTION AGENCY

40 CFR Part 52

[EPA-R06-OAR-2015-0647; FRL-9941-20-Region 6]

Approval and Promulgation of Air Quality Implementation Plans;
Arkansas; Crittenden County Base Year Emission Inventory

AGENCY: Environmental Protection Agency (EPA).

ACTION: Proposed rule.

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SUMMARY: The Environmental Protection Agency (EPA) is proposing to
approve a revision to the Arkansas State Implementation Plan (SIP)
submitted to meet the Clean Air Act (CAA) emissions inventory (EI)
requirement for the Crittenden County ozone nonattainment area. EPA is
approving the SIP revision because it satisfies the CAA EI requirement
for Crittenden County under the 2008 8-hour ozone National Ambient Air
Quality Standards (NAAQS). The inventory includes emission data for
Nitrogen Oxides (NOx) and Volatile Organic Compounds (VOCs). EPA is
approving the revisions pursuant to section 110 and part D of the CAA
and EPA's regulations.

DATES: Written comments should be received on or before February 16,
2016.

ADDRESSES: Comments may be mailed to Ms. Mary Stanton, Chief, State
Implementation B, Ozone and Infrastructure Section (6MM-AB),
Environmental Protection Agency, 1445 Ross Avenue, Suite 1200, Dallas,
Texas 75202-2733. Comments may also be submitted electronically or
through hand delivery/courier by following the detailed instructions in
the ADDRESSES section of the direct final rule located in the rules
section of this Federal Register.

FOR FURTHER INFORMATION CONTACT: Colin Schwartz,<PHONE_NUMBER>,
<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: In the final rules section of this Federal
Register, the EPA is approving the State's SIP submittal as a direct
rule without prior proposal because the Agency views this as
noncontroversial submittal and anticipates no adverse comments. A
detailed rationale for the approval is set forth in the direct final
rule. If no relevant adverse comments are received in response to this
action no further activity is contemplated. If the EPA receives
relevant adverse comments, the direct final rule will be withdrawn and
all public comments received will be addressed in a subsequent final
rule based on this proposed rule. The EPA will not institute a second
comment period. Any parties interested in commenting on this action
should do so at this time.
    For additional information, see the direct final rule which is
located in the rules section of this Federal Register.

    Dated: December 30, 2015.
Samuel Coleman,
Acting Regional Administrator, Region 6.
[FR Doc. 2016-00560 Filed 1-13-16; 8:45 am]
 BILLING CODE 6560-50-P


[Federal Register: September 13, 2007 (Volume 72, Number 177)]
[Notices]
[Page 52399-52400]
[DOCID:fr13se07-86]

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SECURITIES AND EXCHANGE COMMISSION

Submission for OMB Review; Comment Request

Upon Written Request, Copies Available From: Securities and Exchange
Commission, Office of Investor Education and Advocacy, Washington, DC
20549-0213.

Extension:
    Rule 6h-1, SEC File No. 270-497, OMB Control No. 3235-0555.

    Notice is hereby given that pursuant to the Paperwork Reduction Act
of 1995 (44 U.S.C. 3501 et seq.), the Securities and Exchange
Commission (``Commission'') has submitted to the Office of Management
and Budget a request for extension of the previously approved
collection of information discussed below.
    The Securities Exchange Act of 1934 (15 U.S.C. 78a) (``Act'')
requires national securities exchanges and national securities
associations that trade security futures products to establish listing
standards that, among other things, require: (1) Trading in such
products not be readily susceptible to price manipulation; and (2) the
market trading a security futures product to have in place procedures
to coordinate trading halts with the listing market for the security or
securities underlying the security futures product. Rule 6h-1 under the
Act (17 CFR 240.6h-1) implements these statutory requirements and
requires national securities exchanges and national securities
associations that trade security futures products: (1) To use final
settlement prices for cash-settled security futures that fairly reflect
the opening price of the underlying security or securities; and (2) to
have rules providing that the trading of a security futures product
based on a single security shall be halted at all times that a
regulatory halt has been instituted for

the underlying security, and that the trading of a security futures
product based on a narrow-based security index shall be halted at all
times that a regulatory halt has been instituted for one or more of the
underlying securities that constitute 50 percent or more of the market
capitalization of the narrow-based security index.
    It is estimated that approximately seventeen respondents will incur
an average burden of ten hours per year to comply with this rule, for a
total burden of 170 hours. At an average cost per hour of approximately
$197, the resultant total cost of compliance for the respondents is
$33,490 per year (seventeen entities x ten hours/entity x $197/hour =
$33,490).
    An agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information unless it displays a
currently valid control number.
    Comments should be directed to (i) Desk Officer for the Securities
and Exchange Commission, Office of Information and Regulatory Affairs,
Office of Management and Budget, Room 10102, New Executive Office
Building, Washington, DC 20503 or by sending an e-mail to:
<EMAIL_ADDRESS>and (ii) R. Corey Booth, Director/Chief

Information Officer, Securities and Exchange Commission, c/o Shirley
Martinson, 6432 General Green Way, Alexandria, VA 22312 or send an e-
mail to<EMAIL_ADDRESS>Comments must be submitted within 30
days of this notice.

    Dated: September 6, 2007.
Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E7-18081 Filed 9-12-07; 8:45 am]

BILLING CODE 8010-01-P