8011-01p
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-100493; File No. SR-GEMX-2024-17]
Self-Regulatory Organizations; Nasdaq GEMX, LLC; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change to Amend Options 7, Section 6
July 10, 2024.
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 July 1, 2024, Nasdaq GEMX, LLC (“GEMX”
or “Exchange”) filed with the Securities and Exchange Commission (“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.
I.

Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed
Rule Change
The Exchange proposes to amend its Rules at Options 7, Section 6, C, Ports and Other

Services.
The text of the proposed rule change is available on the Exchange’s Website at
https://listingcenter.nasdaq.com/rulebook/gemx/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

15 U.S.C. 78s(b)(1).

17 CFR 240.19b-4.

Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below,
of the most significant aspects of such statements.
A.

Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis
for, the Proposed Rule Change
1.

Purpose

The Exchange proposes to amend Options 7, Section 6, C, Ports and Other Services.
Specifically, the Exchange proposes to amend the monthly caps for SQF Ports3 and SQF Purge
Ports.4
Today, GEMX assesses $1,250 per port, per month for an SQF Port as well as an SQF
Purge Port.5 Also, today, SQF Ports and SQF Purge Ports are subject to a monthly cap of
$17,500, which cap is applicable to Market Makers.
At this time, the Exchange proposes to increase the monthly maximum SQF Port and
SQF Purge Port Fee Cap of $17,500 for Market Makers based on the size of the Market Maker
on GEMX. The Exchange is determining the size of the Market Maker based on the amount of
transactional volume executed on GEMX in a given month. The Exchange proposes to take each
Market’s Maker’s electronic monthly transactional volume via SQF on GEMX and divide that

“Specialized Quote Feed” or “SQF” is an interface that allows Market Makers to connect, send, and receive
messages related to quotes, Immediate-or-Cancel Orders, and auction responses to the Exchange. Features
include the following: (1) options symbol directory messages (e.g., underlying instruments); (2) System
event messages (e.g., start of trading hours messages and start of opening); (3) trading action messages
(e.g., halts and resumes); (4) execution messages; (5) quote messages; (6) Immediate-or-Cancel Order
messages; (7) risk protection triggers and purge notifications; (8) opening imbalance messages; (9) auction
notifications; and (10) auction responses. The SQF Purge Interface only receives and notifies of purge
requests from the Market Maker. Market Makers may only enter interest into SQF in their assigned options
series. Immediate-or-Cancel Orders entered into SQF are not subject to the Order Price Protection, Market
Order Spread Protection, and Size Limitation Protection in Options 3, Section 15(a)(1)(A), (1)(B), and
(2)(B) respectively. See Supplementary Material .03(c) to Options 3, Section 7.

SQF Purge is a specific port for the SQF interface that only receives and notifies of purge requests from the
Market Maker. Dedicated SQF Purge Ports enable Market Makers to seamlessly manage their ability to
remove their quotes in a swift manner. The SQF Purge Port is designed to assist Market Makers in the
management of, and risk control over, their quotes. Market Makers may utilize a purge port to reduce
uncertainty and to manage risk by purging all quotes in their assigned options series. Of note, Market
Makers may only enter interest into SQF in their assigned options series. Additionally, the SQF Purge Port
may be utilized by a Market Maker in the event that the Member has a system issue and determines to
purge its quotes from the order book.

The Exchange proposes to add a comma between “per port” and “per month” in the Options 7, Section 6,
C, SQF Port and SQF Purge Port Fee rule text. The Exchange also proposes to remove an extraneous
period in Options 7, Section 6, C, in the second paragraph.

number by the sum of all Market Maker electronic monthly transactional volume via SQF on
GEMX (“Transactional Volume”). All SQF interest would be considered. Each Market Maker
would then be classified on GEMX, for the purpose of the SQF Port Fee and SQF Purge Port
Cap, as a “small,” “medium,” or “large” Market Maker based on their Transactional Volume on
GEMX to determine the applicable cap in a given month. Market Makers that qualify as “small”
would be subject to an increased SQF Port and SQF Purge Port monthly cap of $22,500. Market
Makers that qualify as “medium” would be subject to an increased monthly cap of $25,000 for
SQF Port and SQF Purge Port Fees. Finally, Market Makers that qualify as “large” would be
subject to an increased monthly cap of $27,500 for SQF Port and SQF Purge Port Fees.
As is the case today, the Exchange would not assess a Market Maker an SQF Port and
SQF Purge Port Fee beyond the monthly cap once the Market Maker has exceeded the monthly
cap for the respective month. Despite increasing the maximum SQF Port and SQF Purge Port
Fee Cap for Market Makers that qualify as “small,” “medium” and “large,” the Exchange will
continue to offer all Market Makers the opportunity to cap their SQF Port and SQF Purge Port
Fees to limit their costs as they would not be assessed an SQF Port or SQF Purge Port Fee
beyond the applicable cap each month.
A GEMX Market Maker requires only one SQF Port to submit quotes in its assigned
options series into GEMX. An SQF Purge is a specific port for the SQF interface that only
receives and notifies of purge requests from the Market Maker. A GEMX Market Maker may
submit all quotes through one SQF Port and utilize one SQF Purge Port to view its purge
requests. While a Market Maker may elect to obtain multiple SQF Ports and SQF Purge Ports to
organize its business,6 only one SQF Port and SQF Purge Port is necessary for a Market Maker
to fulfill its regulatory quoting obligations.7

For example, a Market Maker may desire to utilize multiple SQF Ports for accounting purposes, to measure
performance, for regulatory reasons or other determinations that are specific to that Member.

GEMX Market Makers have various regulatory requirements as provided for in Options 2, Section 4.
Additionally, GEMX Market Makers have certain quoting requirements with respect to their assigned

2.

Statutory Basis

The Exchange believes that its proposal is consistent with Section 6(b) of the Act,8 in
general, and furthers the objectives of Sections 6(b)(4) and 6(b)(5) of the Act,9 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.
The proposed pricing change to increase the SQF Port Fee and SQF Purge Port Fee Cap
for Market Makers that qualify as “small,” from $17,500 to $22,500, to increase the SQF Port
Fee and SQF Purge Port Fee Cap for Market Makers that qualify as “medium” from $27,500 to
$25,000 per month, and to increase the SQF Port Fee and SQF Purge Port Fee Cap for Market
Makers that qualify as “large” from $42,000 to $50,000 per month, is reasonable because despite
the increase in the maximum SQF Port Fee and SQF Purge Port Fee Cap, the Exchange will
continue to offer all Market Makers the opportunity to cap their SQF Port Fees each month to
limit their cost as they would not be assessed an SQF Port or SQF Purge Port Fee Cap Fees
beyond the cap.
A GEMX Market Maker requires only one SQF Port to submit quotes in its assigned
options series into GEMX. A GEMX Market Maker may submit all quotes through one SQF
Port and utilize one SQF Purge Port to view its purge requests. While a Market Maker may elect
to obtain multiple SQF Ports and SQF Purge Ports to organize its business,10 only one SQF Port
and SQF Purge Port is necessary for a Market Maker to fulfill its regulatory quoting
obligations.11 Members may choose a greater number of SQF Ports or SQF Purge Ports, beyond

options series as provided in Options 2, Section 5. SQF Ports are the only quoting protocol available on
GEMX and only Market Makers may utilize SQF Ports. The same is true for SQF Purge Ports.
15 U.S.C. 78f(b).

15 U.S.C. 78f(b)(4) and (5).

For example, a Market Maker or may desire to utilize multiple SQF Ports for accounting purposes, to
measure performance, for regulatory reasons or other determinations that are specific to that Member.

GEMX Market Makers have various regulatory requirements as provided for in Options 2, Section 4.
Additionally, GEMX Market Makers have certain quoting requirements with respect to their assigned

one port, depending on that Member’s particular business model. Additionally, the Exchange
believes that the caps are reasonable for two reasons.
First, SQF Ports are a secure method for Market Makers to submit quotes into the
Exchange’s match engine and for the Exchange to send messages related to those quotes to
Market Makers. GEMX must manage the security and message traffic, among other things, for
each port. Utilizing the various caps based on the “size” of the Market Maker as determined by
Transactional Volume, provides every Market Maker the ability to manage cost. Additionally,
the Exchange would have the ability to manage the quantity of SQF Ports and SQF Purge Ports
issued by the Exchange. The various SQF Port and SQF Purge Port Fee Caps were determined
based on the level of Transactional Volume on GEMX in 2024 for Market Makers. The
Exchange assessed each level of Market Maker an increased fee based on size, as reflected by
Transactional Volume, to reflect the various sizes of Market Makers present on the Exchange at
this time. By capping the SQF Ports and SQF Purge Ports at different levels based on “size,” the
Exchange is considering the message traffic and message rates generated by the various “sizes”
of Market Makers and the Exchange’s ability to process messages from all SQF Ports and SQF
Purge Ports. The SQF Port and SQF Purge Port Fee Cap would allow the Exchange to scale its
needs with respect to processing messages in an efficient manner. The Exchange notes that Cboe
Exchange, Inc. (“Cboe”) limits usage on each port and assesses fees for incremental usage.12
Second, the Exchange notes that multiple ports are not necessary, however, to the extent
that some Market Makers elect to obtain multiple SQF Ports and SQF Purge Ports, the Exchange
is offering to cap their total port cost. GEMX believes the existence of a cap based on the “size”
of the Market Maker will level the playing field. The Exchange believes that this approach

options series as provided in Options 2, Section 5. SQF Ports are the only quoting protocol available on
GEMX and only Market Makers may utilize SQF Ports.
Each Cboe Binary Order Entry (“BOE”) or FIX Logical Port incur the logical port fee indicated when used
to enter up to 70,000 orders per trading day per logical port as measured on average in a single month. For
each incremental usage of up to 70,000 per day per logical port will incur an additional logical port fee of
$800 per month. BOE or FIX Logical Ports provide users the ability to enter order/quotes. See Cboe’s
Fees Schedule.

enables various types of Market Makers to effectively limit costs based on their executed
Transactional Volume on the Exchange. Further, the existence of an SQF Port and SQF Purge
Port Fee Cap allows for efficiencies and permits Market Makers to increase their number of ports
beyond the cap. The cap levels the playing field by allowing various types of Market Makers
that want to obtain a larger number of ports to do so with the certainty of a fee cap. Without the
SQF Port and SQF Purge Port Fee Cap, Market Makers may pay more to obtain multiple SQF
Port and SQF Purge Ports on the Exchange. Other markets tier port fees. BOX Exchange LLC
(“BOX”) assesses $1,000 per month for all SAIL Ports for Market Making and $500 per month
per port up to 5 ports for order entry and $150 per month for each additional port.13 Miami
International Securities Exchange, LLC’s (“MIAX”) MIAX Express Interface (“MEI”) Fee
levels are based on a tiered fee structure based on the Market Maker’s total monthly executed
volume during the relevant month.14
The proposed pricing change to increase the SQF Port Fee and SQF Purge Port Fee Cap
for Market Makers that qualify as “small,” from $17,500 to $22,500, to increase the SQF Port
Fee and SQF Purge Port Fee Cap for Market Makers that qualify as “medium” from $27,500 to
$25,000 per month, and to increase the SQF Port Fee and SQF Purge Port Fee Cap for Market
Makers that qualify as “large” from $42,000 to $50,000 per month, is equitable and not unfairly
discriminatory because the Exchange is offering different sizes of Market Makers, based on
Transactional Volume executed on the Exchange, the ability to cap their costs at different levels
and potentially obtain some SQF Ports and SQF Purge Ports at no cost. The proposal recognizes
that some Market Makers may be deemed “small” and may not be able to achieve the same cap
as other Market Makers. To this end, the Exchange proposes to increase SQF Port and SQF

See BOX’s Fee Schedule.

MEI is a connection to MIAX systems that enables Market Makers to submit simple and complex
electronic quotes to MIAX. MIAX caps its MEI Ports. For these Monthly MIAX MEI Fees levels, if the
Market Maker’s total monthly executed volume during the relevant month is less than 0.060% of the total
monthly executed volume reported by OCC in the market maker account type for MIAX-listed option
classes for that month, then the fee will be $14,500 instead of the fee otherwise applicable to such level.
See MIAX’s Fee Schedule.

Purge Port Fee Cap from $17,500 to $22,500 per month for Market Makers that qualify as
“small.” To the extent that a Market Maker qualifies in a given month as a “medium” Market
Maker the Exchange proposes to increase the cap from $17,500 to $25,000 per month. This fee
presumes to place a Market Maker that qualifies as “medium” on equal footing with a Market
Maker that qualifies as a “small” Market Maker in terms of the cap by setting different fee caps
for each group. The proposal presumes that based on Transactional Volume, these Market
Makers that qualify as “medium” have a greater ability to obtain a greater amount of SQF Ports
and SQF Purge Ports as compared to Market Makers that qualify as “small.” Finally, to the
extent that a Market Maker qualifies in a given month as a “large” Market Maker the Exchange
proposes to increase the cap from $17,500 to $27,500 per month. This fee presumes to place a
Market Maker that qualifies as “large” on equal footing with a Market Maker that qualifies as a
“small” Market Maker, and a Market Maker that qualifies as “medium” in terms of the cap by
setting different fee caps for each group. The proposal presumes that based on Transactional
Volume these Market Makers that qualify as “large” have the ability to obtain the largest amount
of SQF Ports and SQF Purge Ports. The Exchange would uniformly apply the appropriate
Market Maker cap to each Market Maker group based on the same volume calculation. Also,
Market Makers who exceed their applicable cap would uniformly not be assessed any fee for
SQF Ports and SQF Purge Ports beyond the applicable maximum amount.
Market Makers are the only market participants that are assessed SQF Port and SQF
Purge Port fees because they are the only market participants that are permitted to quote on the
Exchange. SQF Ports and SQF Purge Ports are only utilized in the Market Maker’s assigned
options series. Unlike other market participants, Market Makers are subject to market making
and quoting obligations.15 These liquidity providers are critical market participants in that they
are the only market participants that provide liquidity to GEMX on a continuous basis. In

See Options 2, Sections 4 and 5.

addition, the Exchange notes that Lead Market Makers are required to submit quotes in the
Opening Process to open an options series.16 Market Makers are subject to a number of fees,
unlike other market participants. Market Makers pay separate Membership Fees,17 and CMM
Trading Right Fees,18 in addition to other fees paid by other market participants. Providing
Market Makers a means to cap their cost related to quoting at a rate that reflects their “size” and
enabling all Market Makers to acquire SQF Ports and SQF Purge Ports at no cost beyond the
applicable cap enables these market participants to provide the necessary liquidity to GEMX at
lower costs. Therefore, because Market Makers fulfill a unique role on the Exchange, are the
only market participant required to submit quotes as part of their obligations to operate on the
Exchange, and, in light of that role, they are eligible for certain incentives. The proposed SQF
Port and SQF Purge Fee cap is designed to continue to incent Market Makers to quote on
GEMX, thereby promoting liquidity, quote competition, and trading opportunities.
In 2022, NYSE Arca, Inc. (“NYSE Arca”) proposed to restructure fees relating to OTPs
for Market Makers.19 In that rule change,20 NYSE Arca argued that,
Market Makers serve a unique and important function on the Exchange (and other
options exchanges) given the quote-driven nature of options markets. Because
options exchanges rely on actively quoting Market Makers to facilitate a robust
marketplace that attracts order flow, options exchanges must attract and retain
Market Makers, including by setting competitive Market Maker permit fees.
Stated otherwise, changes to Market Maker permit fees can have a direct effect on
the ability of an exchange to compete for order flow. The Exchange also believes
that the number of options exchanges on which Market Makers can effect option
transactions also ensures competition in the marketplace and constrains the ability
of exchanges to charge supracompetitive fees for access to its market by Market
Makers.

See Options 3, Section 8.

See Options 7, Section 6, A.

See Options 7, Section 6, B.

See Securities Exchange Act Release No. 95412 (June 23, 2022), 87 FR 38786 (June 29, 2022) (SRNYSEArca-2022-36). NYSE Arca proposed to increase both the monthly fee per Market Maker OTP and
the number of issues covered by each additional OTP because, among other reasons, the number of issues
traded on the Exchange has increased significantly in recent years.

Id at 38788.

Further, NYSE ARCA noted that,21
The Exchange further believes that its ability to set Market Maker permit fees is
constrained by competitive forces based on the fact that Market Makers can, and
have, chosen to terminate their status as a Market Maker if they deem Market
Maker permit fees to be unreasonable or excessive. Specifically, the Exchange
notes that a BOX participant modified its access to BOX in connection with the
implementation of a proposed change to BOX's Market Maker permit fees. The
Exchange has also observed that another options exchange group experienced
decreases in market share following its proposed modifications of its access fees
(including Market Maker trading permit fees), suggesting that market participants
(including Market Makers) are sensitive to changes in exchanges’ access fees and
may respond by shifting their order flow elsewhere if they deem the fees to be
unreasonable or excessive.
There is no requirement, regulatory or otherwise, that any Market Maker connect
to and access any (or all of) the available options exchanges. The Exchange also
is not aware of any reason why a Market Maker could not cease being a permit
holder in response to unreasonable price increases. The Exchange does not assess
any termination fee for a Market Maker to drop its OTP, nor is the Exchange
aware of any other costs that would be incurred by a Market Maker to do so.
The Exchange likewise believes that its ability to cap SQF Port and SQF Purge Port fees
is constrained by competitive forces and that its proposed modifications to the SQF Port and
SQF Purge Fee cap is reasonably designed in consideration of the competitive environment in
which the Exchange operates, by balancing the value of the enhanced benefits available to
Market Makers, based on their transactional volume and presumed “size.” At the same time, the
Exchange believes the proposed fees will incent Market Makers to support increased liquidity,
quote competition, and trading opportunities on the Exchange, for the benefit of all market
participants.
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

Id at 38790.

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. In
such an environment, the Exchange must continually adjust its fees to remain competitive with
other 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 pricing change to increase the SQF Port Fee and SQF Purge Port Fee Cap
for Market Makers that qualify as “small,” from $17,500 to $22,500, to increase the SQF Port
Fee and SQF Purge Port Fee Cap for Market Makers that qualify as “medium” from $27,500 to
$25,000 per month and to increase the SQF Port Fee and SQF Purge Port Fee Cap for Market
Makers that qualify as “large” from $42,000 to $50,000 per month does not impose an undue
burden on competition because the Exchange is offering different sizes of Market Makers, based
on Transactional Volume executed on the Exchange, the ability to cap their costs at different
levels and potentially obtain some SQF Ports and SQF Purge Ports at no cost. The proposal
recognizes that some Market Makers may be deemed “small” and may not be able to achieve the
same cap as other Market Makers. To this end, the Exchange proposes to increase SQF Port and
SQF Purge Port Fee Cap from $17,500 to $22,500 per month for Market Makers that qualify as
“small.” To the extent that a Market Maker qualifies in a given month as a “medium” Market
Maker the Exchange proposes to increase the cap from $17,500 to $25,000 per month. This fee
presumes to place a Market Maker that qualifies as “medium” on equal footing with a Market
Maker that qualifies as a “small” Market Maker in terms of the cap by setting different fee caps
for each group. The proposal presumes that based on Transactional Volume these Market
Makers that qualify as “medium” have a greater ability to obtain a greater amount of SQF Ports
and SQF Purge Ports as compared to Market Makers that qualify as “small.” Finally, to the

extent that a Market Maker qualifies in a given month as a “large” Market Maker the Exchange
proposes to increase the cap from $17,500 to $27,500 per month. This fee presumes to place a
Market Maker that qualifies as “large” on equal footing with a Market Maker that qualifies as a
“small” Market Maker, and a Market Maker that qualifies as “medium” in terms of the cap by
setting different fee caps for each group. The proposal presumes that based on Transactional
Volume these Market Makers that qualify as “large” have the ability to obtain the largest amount
of SQF Ports and SQF Purge Ports. The Exchange would uniformly apply the appropriate
Market Maker cap to each Market Maker group based on the same volume calculation. Also,
Market Makers who exceed their applicable cap would uniformly not be assessed any fee for
SQF Ports and SQF Purge Ports beyond the applicable maximum amount.
Market Makers are the only market participants that are assessed SQF Port and SQF
Purge Port fees because they are the only market participants that are permitted to quote on the
Exchange. SQF Ports and SQF Purge Ports are only utilized in the Market Maker’s assigned
options series. Unlike other market participants, Market Makers are subject to market making
and quoting obligations.22 These liquidity providers are critical market participants in that they
are the only market participants that provide liquidity to GEMX on a continuous basis. In
addition, the Exchange notes that Lead Market Makers are required to submit quotes in the
Opening Process to open an options series.23 Market Makers are subject to a number of fees,
unlike other market participants. Market Makers pay separate Membership Fees,24 and CMM
Trading Right Fees,25 in addition to other fees paid by other market participants. Providing
Market Makers a means to cap their cost related to quoting at a rate that reflects their “size” and
enabling all Market Makers to acquire SQF Ports and SQF Purge Ports at no cost beyond the
applicable cap enables these market participants to provide the necessary liquidity to GEMX at
See Options 2, Sections 4 and 5.

See Options 3, Section 8.

See Options 7, Section 6, A.

See Options 7, Section 6, B.

lower costs. Therefore, because Market Makers fulfill a unique role on the Exchange, are the
only market participant required to submit quotes as part of their obligations to operate on the
Exchange, and, in light of that role, they are eligible for certain incentives. The proposed SQF
Port and SQF Purge Fee cap is designed to continue to incent Market Makers to quote on
GEMX, thereby promoting liquidity, quote competition, and trading opportunities.
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.26 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.
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 rule-comments@sec.gov. Please include file number
SR-GEMX-2024-17 on the subject line.

15 U.S.C. 78s(b)(3)(A)(ii).

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-2024-17. This file number
should be included on the subject line if email is used. To help the Commission process and
review your comments more efficiently, please use only one method. The Commission will post
all comments on the Commission’s internet website (https://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written statements with respect to the
proposed rule change that are filed with the Commission, and all written communications
relating to the proposed rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be
available for website viewing and printing in the Commission’s Public Reference Room, 100 F
Street NE, Washington, DC 20549, on official business days between the hours of 10 a.m. and 3
p.m. Copies of the filing also will be available for inspection and copying at the principal office
of the Exchange. Do not include personal identifiable information in submissions; you should
submit only information that you wish to make available publicly. We may redact in part or
withhold entirely from publication submitted material that is obscene or subject to copyright
protection. All submissions should refer to file number SR-GEMX-2024-17 and should be
submitted on or before [INSERT DATE 21 DAYS AFTER DATE OF PUBLICATION IN THE
FEDERAL REGISTER].
For the Commission, by the Division of Trading and Markets, pursuant to delegated
authority.27

17 CFR 200.30-3(a)(12).

Vanessa A. Countryman,
Secretary.

[FR Doc. 2024-15507 Filed: 7/15/2024 8:45 am; Publication Date: 7/16/2024]