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Federal Register / Vol. 86, No. 172 / Thursday, September 9, 2021 / Notices 13ce to Options 9. The rule citations to Options 9, Section 1 and Options 9, Section are being replaced with General 9, Section 1c. The Exchange previously relocated Options 9, Section 1, Conduct Inconsistent with Just and Equitable Principles of Trade, to General 9, Section 1c.8 Certain citations were missing the Section 1
as well. The Exchange also proposes to make exceed plural within Options 3, Section 13d.
Options 3 Section 26
The Exchange proposes to amend Options 3, Section 26, Message Traffic Mitigation. Specifically, the Exchange proposes to amend Options 3, Section 26a3 which currently provides, The Exchange shall disseminate an updated bid and offer price, together with the size associated with such bid and offer, when:. . . the size associated with the Exchanges bid offer increases by an amount greater than or equal to a percentage never to exceed 20% of the size associated with previously disseminated bid offer. Such percentage, which shall never exceed 20%, shall be determined on an issueby-issue basis by the Exchange and announced to membership via Exchange circular. The Exchange proposes to make some non-substantive amendments to the sentence, such as changing shall to will and moving the phrase by the Exchange. The Exchange also proposes to amend the practice of issuing a circular to announce the percentage specified in Options 3, Section 26a3 to instead posting the percentage on the Exchanges website. The Exchange believes that posting the information on the Exchanges website will provide members and member organizations a reference to the current percentage provided for within Options 3, Section 26a3 without the need to locate a notice that was previously issued.
Further, this practice will continue to provide transparency to members and member organizations.

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2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6b of the Act,9 in general, and furthers the objectives of Section 6b5 of the Act,10
in particular, in that it is designed to 8 See
Securities Exchange Act Release No. 91058
February 4, 2021, 86 FR 8966 February 10, 2021
SR-Phlx-202104 Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Relocate Its PSX Equity and General Rules From Its Current Rulebook Into Its New Rulebook Shell and Make Other Changes to the Phlx Rules.
9 15 U.S.C. 78fb.
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promote just and equitable principles of trade and to protect investors and the public interest.
Options 2, Section 5
The proposed amendment to Options 2, Section 5 is consistent with the Act because it will distinguish LEAPs for options on equities and ETFs, which have an opening month of 9 months, from LEAPS for index options, which have an opening month of 12 months.
This proposal is non-substantive as Options 4A, Section 12b2 already defines a LEAP on an index option. The Exchange is simply conforming Options 2, Section 5c2A to Options 4A, Section 12b2. This amendment will bring greater clarity to the Exchanges rules.
Options 2, Section 10
The Exchanges proposal to correct an improper citation within Options 2, Section 10aiii is consistent with the Act and will bring greater clarity to the Exchanges rules.
Options 3, Section 13
The Exchanges proposal to update rule citations within Options 3, Section 13ce from Options 9 or Options 9, Section 1 to General 9, Section 1c is consistent with the Act and will bring greater clarity to the Exchanges Rulebook.
Options 3 Section 26
The Exchanges proposal to amend Options 3, Section 26a3 to make some non-substantive amendments, such as changing shall to will and moving the phrase by the Exchange and amending the practice of issuing a circular to instead posting the percentage on the Exchanges website are consistent with the Act. The Exchange believes that posting the information on the Exchanges website will provide members and member organizations a reference to the current percentage within Options 3, Section 26a3 without the need to locate a notice that was previously issued.
Further, this practice will continue to provide transparency to members and member organizations.
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.
Options 2, Section 5
The proposed amendment to Options 2, Section 5 does not impose an undue
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burden on competition because the proposal is a non-substantive amendment to add specificity to the rule by distinguishing LEAPs for options on equities and ETFs, which have an opening month of 9 months, from LEAPS for index options, which have an opening month of 12 months. This proposal will conform Options 2, Section 5c2A to Options 4A, Section 12b2.
Options 2, Section 10
The Exchanges proposal to correct an improper citation within Options 2, Section 10aiii does not impose an undue burden on competition, rather it will bring greater clarity to the Exchanges rules.
Options 3, Section 13
The Exchanges proposal to update rule citations within Options 3, Section 13ce from Options 9 or Options 9, Section 1 to General 9, Section 1c does not impose an undue burden on competition, rather the proposal will bring greater clarity to the Exchanges Rulebook.
Options 3 Section 26
The Exchanges proposal to amend Options 3, Section 26a3 to make some non-substantive amendments, such as changing shall to will and moving the phrase by the Exchange and amending the practice of issuing a circular to instead posting the percentage within Options 3, Section 26a3 on the Exchanges website does not impose an undue burden on competition. The Exchange believes that posting the information on the Exchanges website will continue to provide transparency to members and member organizations.
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 11 and 11 15

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U.S.C. 78sb3Aiii.

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