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Federal Register / Vol. 86, No. 121 / Monday, June 28, 2021 / Notices Bid/Ask Differentials The Exchanges proposal to amend Options 2, Section 4b4i and Options 4A, Section 12bi to centralize the bid/ask differentials is consistent with the Act. Currently, MRX
Options 4 and Options 4A rules are incorporated by reference to ISE. The Exchange recently filed a rule change 25
to amend ISE Options 4 and Options 4A
rules to relocate text concerning bid/ask differentials for long-term option series from ISE Options 4, Section 8a and ISE
Options 4A, Section 12bi. The ISE
Rule Change added citations to Options 2, Section 4b4i to ISE Options 4, Section 8a and ISE Options 4A, Section 12bi. MRX believes centralizing the bid/ask differentials within new Options 2, Section 4b4i will provide Primary Market Makers and Competitive Market Makers with centralized information regarding their bid/ask differential requirements.
Business Continuity and Disaster Recovery Plan The Exchanges proposal to relocate Supplementary Material .02 to Options 2, Section 4, concerning business continuity and disaster recovery plans, to General 2, Section 12, which is currently reserved, is consistent with the Act. This rule text will harmonize MRXs rules with that of Phlx, Nasdaq BX, Inc. and The Nasdaq Stock Market LLC which all have business continuity and disaster recovery plans located within General 2, Section 12 of their respective rulebooks.26 Harmonizing the rule locations of the rules of the Nasdaq affiliated markets will make it easier for market participants to review and compare the rules of each Nasdaq market. The Exchange also proposes to reserve Sections 710 and 1322 within General 2. These changes are nonsubstantive as the rule text is not being amended.
Technical Amendments Adding Options 4C and reserving it is a non-substantive amendment which will harmonize MRXs Rulebook structure to Phlxs Rulebook Structure.27

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B. Self-Regulatory Organizations 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.
supra note 12.
supra note 15.
27 See supra note 16.

Options 2, Section 4a The Exchanges proposal to remove certain rule text from Options 2, Section 4a that refrains Market Makers from purchasing a call option or a put option at a price more than $0.25 below parity does not impose an undue burden on competition. The Exchange desires to remove this restriction on Market Makers which does not exist on Cboe or other Nasdaq affiliated markets.28 The proposed rule text is currently waived on MRX pursuant to Options 2, Section 4a2. Market Makers are relied upon to provide liquidity on MRX, which benefits other Members who have the opportunity to interact with the order flow. The Exchange believes that the obligation to refrain from purchasing a call option or a put option at a price more than $0.25 below parity places yet another obligation on MRX Market Makers that is not required on Cboe or other Nasdaq markets. The Exchange believes that this additional obligation is not necessary to maintain fair and orderly markets and notes the Exchange has waived this obligation.
Bid/Ask Differentials The Exchanges proposal to amend Options 2, Section 4b4 and Options 4A, Section 12bi to relocate text concerning bid/ask differentials for long-term option series does not impose an undue burden on competition. The Exchanges proposal will centralize the bid/ask differentials within new Options 2, Section 4b4iii and add a sentence to both Options 4, Section 8a and Options 4A, Section 12bi that cites to Options 2, Section 4b4iii for information on bid/ask differentials for the various products. The Exchange believes that this relocation will provide Primary Market Makers and Competitive Market Makers with centralized information regarding their bid/ask differential requirements.
Business Continuity and Disaster Recovery Plan The Exchanges proposal to relocate Supplementary Material .02 to Options 2, Section 4, concerning business continuity and disaster recovery plans, to General 2, Section 12, which is currently reserved, does not impose an undue burden on competition. This rule text will harmonize MRXs rules with that of Phlx, Nasdaq BX, Inc. and The Nasdaq Stock Market LLC which all have business continuity and disaster recovery plans located within General 2, Section 12 of their respective rulebooks.29 Harmonizing the rule
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locations of the rules of the Nasdaq affiliated markets will make it easier for market participants to review and compare the rules of each Nasdaq market. This change is non-substantive as the rule text is not being amended.
Technical Amendments Adding Options 4C and reserving it is a non-substantive amendment which will harmonize MRXs Rulebook structure to Phlxs Rulebook Structure.30
C. Self-Regulatory Organizations 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 Because the foregoing proposed rule change does not: i Significantly affect the protection of investors or the public interest; ii impose any significant burden on competition; and iii become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, it has become effective pursuant to Section 19b3Aiii of the Act 31 and subparagraph f6 of Rule 19b4
thereunder.32
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:
30 See
supra note 16.
U.S.C. 78sb3Aiii.
32 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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