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Federal Register / Vol. 86, No. 161 / Tuesday, August 24, 2021 / Notices 19b3Aiii of the Act 20 and subparagraph f6 of Rule 19b4
thereunder.21
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 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:

For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.22
Jill M. Peterson, Assistant Secretary.

Electronic Comments
FR Doc. 202118117 Filed 82321; 8:45 am
Use the Commissions internet comment form http www.sec.gov/
rules/sro.shtml; or Send an email to rule-comments@
sec.gov. Please include File Number SR
Phlx202145 on the subject line.

BILLING CODE 801101P

Paper Comments Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 205491090.
All submissions should refer to File Number SRPhlx202145. 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 Commissions 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 lotter on DSK11XQN23PROD with NOTICES1

available for website viewing and printing in the Commissions Public Reference Room, 100 F Street NE, Washington, DC 20549 on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of the filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change.
Persons submitting comments are cautioned that we do not redact or edit personal identifying information from comment submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SRPhlx202145 and should be submitted on or before September 14, 2021.

20 15

U.S.C. 78sb3Aiii.
21 17 CFR 240.19b4f6. In addition, Rule 19b 4f6 requires a self-regulatory organization to give the Commission written notice of its intent to file the proposed rule change at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. The Exchange has satisfied this requirement.

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SECURITIES AND EXCHANGE
COMMISSION
Release No. 3492697; File No. SR
NASDAQ2021063

Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Options 3, Section 17 Kill Switch August 18, 2021.

Pursuant to Section 19b1 1 of the Securities Exchange Act of 1934
Act 2 and Rule 19b4 thereunder,3
notice is hereby given that on August 9, 2021, The Nasdaq Stock Market LLC
Nasdaq 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.
I. Self-Regulatory Organizations Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to decommission the Exchanges quote removal Kill Switch functionality at Options 3, Section 17.
22 17

CFR 200.303a12.
U.S.C. 78sb1.
2 15 U.S.C. 78a.
3 17 CFR 240.19b4.
1 15

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II. Self-Regulatory Organizations 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 Organizations Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to amend Options 3, Section 17 to decommission the Exchanges quote removal Kill Switch functionality, which is an optional tool that allows Market Makers to initiate a message or messages 4 to the System 5 to promptly remove their quotes from the market. Market Makers may submit a request to the System to remove quotes based on certain identifiers on either a user or group level Identifier.6 If quotes are cancelled by the Market Maker using Kill Switch, it will result in the removal of all quotes requested for the Identifiers. The Market Maker will be unable to enter any additional quotes for the affected Identifiers until the Market Maker sends a re-entry request to the Exchange.7
Due to the lack of demand for the quote removal Kill Switch by Market Makers, the Exchange proposes to decommission this optional tool by the end of Q4 2021.8 The Exchange will provide market participants with prior notice of the decommission. With the 4 Today, Market Makers can log into an interface to send a message to the Exchange to initiate the Kill Switch.
5 The term System means the automated system for order execution and trade reporting owned and operated by The Nasdaq Options Market LLC
NOM. See Options 1, Section 1a59.
6 Identifiers include Exchange accounts, ports, and/or badges or mnemonics. Thus, a Market Maker using Kill Switch may elect to remove quotes for an individual Identifier e.g., badge or any group of Identifiers e.g., all badges within one Market Maker firm. Permissible groups must reside within a single member firm.
7 See Options 3, Section 17. The Kill Switch tool also currently allows NOM Participants to cancel open orders and prevent new order submission. The Exchange is not proposing to decommission the order cancellation portion of the Kill Switch tool at this time.
8 No Market Makers have used the Kill Switch for quote removal in 2021.

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