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Federal Register / Vol. 86, No. 171 / Wednesday, September 8, 2021 / Notices 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 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
NYSE202142 on the subject line.
Paper Comments
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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 SRNYSE202142. 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 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 SRNYSE202142, and should be submitted on or before September 29, 2021.
For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.9

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J. Matthew DeLesDernier, Assistant Secretary.
FR Doc. 202119292 Filed 9721; 8:45 am
SECURITIES AND EXCHANGE
COMMISSION
Release No. 3492844; File No. SRMEMX
202110

Self-Regulatory Organizations; MEMX
LLC; Notice of Filing of a Proposed Rule Change To Establish a Retail Midpoint Liquidity Program September 1, 2021.

Pursuant to Section 19b1 of the Securities Exchange Act of 1934 the Act,1 and Rule 19b4 thereunder,2
notice is hereby given that on August 18, 2021, MEMX LLC MEMX or the Exchange filed with the Securities and Exchange Commission the 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 is filing with the Commission a proposed rule change to establish a Retail Midpoint Liquidity Program. The text of the proposed rule change is provided in Exhibit 5.
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.

9 17

CFR 200.303a12.
U.S.C. 78sb1.
2 17 CFR 240.19b4.
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A. Self-Regulatory Organizations Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change Purpose
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Background The Exchange proposes to adopt new Exchange Rule 11.22 to establish a Retail Midpoint Liquidity Program the RML Program. As proposed, the RML
Program is designed to provide retail investors with meaningful price improvement opportunities by executing at the midpoint of the national best bid and offer NBBO
such that Users 3 will be incentivized to direct additional orders designed to execute at the midpoint of the NBBO
the Midpoint Price to the Exchange to interact with orders that originate from retail investors that are also designed to execute at the Midpoint Price.
As former Commission Chairman Jay Clayton noted in a 2018 speech, fortythree million U.S. households hold a retirement or brokerage account, with $3.6 trillion in balance sheet assets in 128 million customer accounts serviced by more than 2,800 registered brokerdealers.4 He also noted the importance of continued broad, long-term retail participation in our capital markets, and that retail investors count on the capital markets to fund major life events such as paying for their childrens higher education or funding their own retirements.5
Against this backdrop, the RML
Program is designed to provide retail investors with access to a pool of midpoint liquidity on the Exchange by introducing a new mechanism for retailoriented liquidity provision, thereby providing enhanced opportunities for meaningful price improvement at the Midpoint Price for retail investors. The Exchange believes that introducing the RML Program could provide retail investors with a competitive alternative to existing exchange and over-thecounter OTC retail programs, by 3 As defined in Exchange Rule 1.5jj, a User is a member of the Exchange Member or sponsored participant of a Member who is authorized to obtain access to the System pursuant to Exchange Rule 11.3. The term System refers to the electronic communications and trading facility designated by the Board through which securities orders of Users are consolidated for ranking, execution and, when applicable, routing. See Exchange Rule 1.5gg.
4 See The Evolving Market for Retail Investment Services and Forward-Looking RegulationAdding Clarity and Investor Protection while Ensuring Access and Choice, Chairman Jay Clayton, Commission May 2, 2018, available at https
www.sec.gov/news/speech/speech-clayton-2018-0502.
5 Id.

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