Federal Register / Vol. 89, No. 174 / Monday, September 9, 2024 / Notices 73145 

33 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

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

4 17 CFR 240.19b–4(f)(6). 

5Capitalized terms not defined herein shall have 

the meaning assigned to such terms in the Rules, 

available at www.dtcc.com/legal/rules-andprocedures. 

6NSCC Procedure XIII defines ‘‘Real-time’’ to 

mean the ‘‘submission of trade data on a trade-bytrade basis promptly after trade execution, in any 

format and by any communication method 

acceptable to [NSCC].’’ See NSCC Procedure XIII, 

supra note 5. 

7NSCC’s UTC system validates and reports equity 

transactions that are submitted to NSCC throughout 

the trading day by an exchange or by a Qualified 

Special Representative that is an NSCC Member. 

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: 

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– 

SAPPHIRE–2024–26 on the subject line. 

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–SAPPHIRE–2024–26. 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–SAPPHIRE–2024–26 and should be 

submitted on or before September 30, 

2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.33

Vanessa A. Countryman, 

Secretary. 

[FR Doc. 2024–20172 Filed 9–6–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–100897; File No. SR– 

NSCC–2024–007] 

Self-Regulatory Organizations; 

National Securities Clearing 

Corporation; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Modify the NSCC 

Rules & Procedures To Accommodate 

Fractional Share Trading Programs 

September 3, 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 August 

21, 2024, National Securities Clearing 

Corporation (‘‘NSCC’’) 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 clearing agency. NSCC filed the 

proposed rule change pursuant to 

Section 19(b)(3)(A) of the Act 3 and Rule 

19b–4(f)(6) thereunder.4 The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. 

I. Clearing Agency’s Statement of the 

Terms of Substance of the Proposed 

Rule Change 

The proposed rule change consists of 

modifications to the NSCC Rules & 

Procedures (‘‘Rules’’) to accommodate 

the Member submission and trade 

recording of certain trades executed in 

connection with fractional share trading 

programs, as described in greater detail 

below.5

II. Clearing Agency’s Statement of the 

Purpose of, and Statutory Basis for, the 

Proposed Rule Change 

In its filing with the Commission, the 

clearing agency 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 

clearing agency has prepared 

summaries, set forth in sections A, B, 

and C below, of the most significant 

aspects of such statements. 

(A) Clearing Agency’s Statement of the 

Purpose of, and Statutory Basis for, the 

Proposed Rule Change 

1. Purpose 

The purpose of this proposed rule 

change is to amend the real-time trade 

submission requirements in NSCC Rule 

7 and Procedure II to accommodate the 

Member submission and trade recording 

of certain trades representing 

transactions from fractional share 

trading programs. The proposed rule 

change is discussed in detail below. 

Background 

NSCC Rule 7, Section 7 requires that 

trade data submitted to NSCC for trade 

recording be submitted in ‘‘Real-time,’’ 6

and on a trade-by-trade basis, in the 

form executed without any form of ‘‘prenetting’’ of such trades prior to their 

submission (collectively, the ‘‘Real-time 

Trade Submission Requirement’’). 

Cleared contract information is then 

reported out to submitting firms by 

NSCC’s Universal Trade Capture 

(‘‘UTC’’) system 7 upon trade 

comparison and validation. The receipt 

of trade data in real-time enables NSCC 

to report to Members trade data as it is 

received, thereby promoting intra-day 

reconciliation of transactions at the 

Member level, and also facilitates 

efficient risk management for both 

NSCC and its Members. 

From an operational perspective, 

NSCC is only able to accept trades for 

clearing in units of full shares. 

Moreover, stocks do not trade on 

exchanges in units of less than one 

share, and trades may only be reported 

to a trade reporting facility in multiples 


ddrumheller on DSK120RN23PROD with NOTICES1
73146 Federal Register / Vol. 89, No. 174 / Monday, September 9, 2024 / Notices 

8See ‘‘Trade Reporting Frequently Asked 

Questions #101.14,’’ Financial Industry Regulatory 

Authority, available at www.finra.org/filingreporting/market-transparency-reporting/tradereporting-faq. 

9See ‘‘Staff Report on Equity and Options Market 

Structure Conditions in Early 2021,’’ SEC, page 7, 

available at www.sec.gov/files/staff-report-equityoptions-market-struction-conditions-early-2021.pdf. 

10See supra note 8. 

11The Correspondent Clearing service allows an 

NSCC Member broker-dealer to use one brokerdealer for an execution and another for clearance 

and settlement. See NSCC Procedure IV, Section C, 

supra note 5. 

12A ‘‘Special Representative’’ is a Member or a 

Registered Clearing Agency which applies to NSCC 

for such status and designates those Members for 

which it will act. Special Representatives may 

submit to NSCC for trade recording trade data on 

any transaction calling for delivery of Cleared 

Securities between it and another person. See NSCC 

Rule 7, Sections 1 and 2(a), supra note 5. 

13See NSCC Rule 7, Section 7, supra note 5. 

NSCC notes that the Real-time Trade Submission 

Requirement in NSCC Rule 7, Section 7 also does 

not apply to transaction data for exchange-traded 

funds submitted pursuant to Section 4(b) of Rule 7. 

14See supra note 11 and associated text. 

15See e.g., Securities Exchange Act Release Nos. 

69890 (June 28, 2013), 78 FR 40538 (July 5, 2013) 

(File No. SR–NSCC–2013–05) and 76462 (Nov. 17, 

2015), 80 FR 73029 (Nov. 23, 2015) (SR–NSCC– 

2015–004). 

of one share.8 Some broker-dealers, 

however, offer programs enabling their 

customers to purchase and sell shares 

on a fractional basis (i.e., less than one 

full share of a stock or other security).9

These programs vary by broker-dealer 

and may involve the broker-dealer using 

its own capital to purchase/sell a full 

share and giving its customer the 

fraction or aggregating customer orders 

together to form full shares. 

Because NSCC cannot operationally 

process fractions of shares, Members 

offering fractional share trading 

programs cannot submit certain 

transactions from fractional share 

trading programs for clearing. Trades in 

fractional shares may be reported to a 

trade reporting facility in multiples of 

one share; however, for fractional shares 

this must be done in accordance with 

certain rounding conventions.10 NSCC 

believes that such trades could be 

similarly aggregated into full shares for 

submission to NSCC as Correspondent 

Clearing transactions.11 Section 2(b) of 

Rule 7 provides that a Special 

Representative 12 may submit to NSCC 

transaction data as to the rights and 

obligations of Members which calls for 

the delivery of Cleared Securities and is 

between Members. This includes 

Correspondent Clearing transactions, 

which allow NSCC Members to move a 

position from an executing broker (or 

Special Representative) account to a 

different clearing broker (i.e., 

correspondent) account. NSCC allows 

exceptions to the Real-time Trade 

Submission Requirement for 

Correspondent Clearing transactions 

submitted under Section 2(b) of Rule 7 

if the trade data is submitted to facilitate 

a position movement between affiliates 

or is between two unaffiliated clearing 

brokers on behalf of a common client for 

custody purposes.13 NSCC believes a 

similar exception would be appropriate 

for certain transactions from fractional 

share trading programs. 

Proposed Changes 

NSCC proposes to revise its Rules to 

allow an exception to the Real-time 

Trade Submission Requirement for 

Correspondent Clearing transactions 

representing aggregated transactions of 

fractional shares. As described above, 

NSCC cannot currently process trades 

on a fractional basis. However, NSCC 

may accept aggregated transactions from 

fractional share trading programs for 

clearing if such transactions are 

submitted in multiples of one share 

based on rounding conventions similar 

to those used for reporting such 

transactions to trade reporting facilities. 

For example, a broker-deal (‘‘Broker 

A’’) may receive an order from a 

customer to purchase 6.5 shares of ABC 

Corp. Broker A may route that order to 

an executing broker (‘‘Broker B’’) to 

purchase 6.5 shares. Broker B then 

executes an order to buy 7 shares of 

ABC Corp. on a trading venue such as 

an exchange or alternative trading 

system, which only offers trading in full 

shares. This transaction clears in realtime at NSCC with Broker B as the buyer 

versus its contra party. Broker B would 

then submit a Correspondent Clearing 

transaction 14 to NSCC for 6 shares of 

ABC Corp., with Broker B as the seller 

and Broker A as the buyer. This 

transaction would also clear in real-time 

at NSCC. To accommodate the fractional 

share, Broker A would set up a fail to 

receive of 0.5 shares of ABC Corp. 

versus Broker B, and Broker B would set 

up fail to deliver of 0.5 shares of ABC 

Corp. versus Broker A. Broker B would 

take principal ownership of the 

remaining 0.5 shares of ABC Corp. This 

position would be held in Broker B’s 

omnibus account at the broker-dealer 

until the account accumulates to at least 

one (1) full share. 

The following day, Broker A may 

receive another order from a customer to 

purchase 6.5 shares of ABC Corp. Broker 

A again routes the order to executing 

Broker B to purchase 6.5 shares. This 

time, Broker B executes an order to buy 

6 shares of ABC Corp. on a trading 

venue. This transaction clears in realtime at NSCC with Broker B as buyer 

versus its contra party. Broker B then 

submits a Correspondent Clearing 

transaction to NSCC for 6 shares of ABC 

Corp. with Broker B as seller and Broker 

A as buyer. This transaction also clears 

in real-time at NSCC. Broker B then 

ultimately submits an additional 

Correspondent Clearing transaction to 

NSCC for 1 share of ABC Corp. with 

Broker B as seller and Broker A as 

buyer. This transaction clears at NSCC, 

and Broker A and Broker B close-out the 

fail to receive/deliver with one another. 

In the example above, the rounding, 

aggregation and submission of 

transactions in fractional shares could 

be interpretated as not satisfying the 

Real-time Trade Submission 

Requirement. For example, the 

Correspondent Clearing transactions 

containing aggregated fractional shares 

may not be submitted promptly after 

execution of the underlying trades 

executed by the executing broker and 

the aggregated shares may not be 

submitted in the form executed. The 

Real-time Trade Submission 

Requirement was not designed, 

however, to prohibit the submission of 

Correspondent Clearing transactions 

necessary to accommodate the clearing 

of fractional shares. NSCC did not 

consider fractional share trading 

programs or the clearing of fractional 

shares when it adopted its Real-time 

Trade Submission Requirement rules 

and subsequently amended those rules 

to address the Correspondent Clearing 

service.15 As a result, NSCC proposes to 

revise Section 7 of NSCC Rule 7 to allow 

an additional exception from the Realtime Trade Submission Requirement for 

Correspondent Clearing transactions 

that represent aggregated transactions of 

fractional shares. In addition, NSCC 

would revise Section 7 of NSCC Rule 7 

to include a requirement that trade data 

representing aggregated transactions of 

fractional shares must be submitted to 

NSCC for trade recording in units of full 

shares and should be submitted as 

promptly as reasonably practical. NSCC 

also proposes to make conforming 

changes to Section A of Procedure II to 

include trade data representing 

aggregated transactions of fractional 

shares in the list of exceptions for the 

Real-time Trade Submission 

Requirement. 

The proposed rule change would not 

require NSCC to make any changes to its 

current operational and risk 

management processes. As described 

above, NSCC would continue to receive 

all transactions in units of full shares, 

and from an operational perspective, 

transactions from fractional share 

trading programs would be recorded 

and processed in the same manner as 


ddrumheller on DSK120RN23PROD with NOTICES1
Federal Register / Vol. 89, No. 174 / Monday, September 9, 2024 / Notices 73147 

16See supra note 13 and associated text. 

17 15 U.S.C. 78q–1(b)(3)(F). 

18 Id. 

19 15 U.S.C. 78q–1(b)(3)(I). 

any other transaction submitted for 

clearing. NSCC also does not believe 

that clearing transactions from fractional 

share trading programs would require 

any changes to its risk management 

processes. While the Correspondent 

Clearing portion of such transactions 

would not be subject to the Real-time 

Trade Submission Requirement, these 

transactions are not expected to 

constitute a significant volume of trades 

relative to NSCC’s total cleared 

transaction volumes. Transactions from 

fractional share trading programs would 

be subject to the same margining and 

risk management practices as other 

equity transactions upon trade recording 

and validation by NSCC, and NSCC 

does not currently plan to make any 

changes to its risk management 

processes in relation to the clearing of 

the aggregated shares received from 

fractional share trading programs. NSCC 

believes that the benefits of bringing 

these transactions into central clearing 

(e.g., their inclusion in Continuous Net 

Settlement (‘‘CNS’’) netting, NSCC risk 

management and NSCC’s trade 

guaranty) would justify the exception 

for such transactions from the Real-time 

Trade Submission Requirement. As 

noted above, NSCC currently permits 

other exceptions to the Real-time Trade 

Submission Requirement for 

Correspondent Clearing transactions, 

such as trade data submitted to facilitate 

a position movement between affiliates 

or between two unaffiliated clearing 

brokers on behalf of a common client for 

custody purposes and transaction data 

concerning creation and redemption 

orders for exchange-traded funds.16

2. Statutory Basis 

NSCC believes the proposed rule 

change is consistent with the 

requirements of the Act and the rules 

and regulations thereunder applicable to 

a registered clearing agency. Section 

17A(b)(3)(F) of the Act 17 requires that 

the rules of a clearing agency are 

designed to promote the prompt and 

accurate clearance and settlement of 

securities transactions, assure the 

safeguarding of securities and funds 

which are in the custody or control of 

the clearing agency or for which it is 

responsible, and remove impediments 

to and perfect the mechanism of a 

national system for the prompt and 

accurate clearance and settlement of 

securities transactions. 

The proposed rule change would 

provide an additional exception from 

the Real-time Trade Submission 

Requirement for Correspondent Clearing 

transactions representing aggregated 

transactions of fractional shares, thereby 

allowing broker-dealers offering or 

participating in fractional share trading 

programs to submit these fractional 

shares, on a rounded and aggregated 

basis, to NSCC for clearance and 

settlement. The proposed rule change 

would not require NSCC to make any 

changes to its current operational and 

risk management processes and would 

enable the prompt and accurate 

clearance and settlement of such 

transactions. The proposed rule change 

would require such transactions to be 

submitted for trade recording in units of 

full shares and as promptly as 

reasonably practical. Moreover, the 

proposed rule change would extend the 

benefit of CNS netting, NSCC’s risk 

management and margining practices, 

and NSCC’s trade guaranty to these 

fractional shares, thereby safeguarding 

the securities and funds associated with 

such transactions. For these reasons, 

NSCC believes the proposed rule change 

would promote the prompt and accurate 

clearance and settlement of securities 

transactions, assure the safeguarding of 

securities and funds which are in the 

custody or control of the clearing agency 

or for which it is responsible, and 

remove impediments to and perfect the 

mechanism of a national system for the 

prompt and accurate clearance and 

settlement of securities transactions in 

accordance with Section 17A(b)(3)(F) of 

the Act.18

(B) Clearing Agency’s Statement on 

Burden on Competition 

Section 17A(b)(3)(I) of the Act 19

requires that the rules of the clearing 

agency do not impose any burden on 

competition not necessary or 

appropriate in furtherance of the Act. 

NSCC does not believe the proposed 

rule change would have any impact or 

burden on competition. The proposed 

rule change would provide an exception 

to the Real-time Trade Submission 

Requirement for fractional shares and 

require that such transactions be 

submitted to NSCC in aggregated units 

of full shares as promptly as reasonably 

practical. The proposed rule change 

would apply to all Members equally and 

would not otherwise impose any 

requirements on the manner in which 

Members operate their fractional shares 

programs. Moreover, NSCC would clear 

and risk manage these aggregated shares 

in the same way as other trades 

submitted for trade recording and 

clearing. The proposed rule change 

would not unfairly inhibit access to 

NSCC’s services by any Member or 

advantage or disadvantage one Member 

in relationship to another. NSCC 

therefore believes the proposed rule 

change would not have any impact or 

burden on competition. 

(C) Clearing Agency’s Statement on 

Comments on the Proposed Rule 

Change Received From Members, 

Participants, or Others 

NSCC has not received or solicited 

any written comments relating to this 

proposal. If any written comments are 

received by NSCC, they will be publicly 

filed as an Exhibit 2 to this filing, as 

required by Form 19b–4 and the General 

Instructions thereto. 

Persons submitting comments are 

cautioned that, according to Section IV 

(Solicitation of Comments) of the 

Exhibit 1A in the General Instructions to 

Form 19b–4, the Commission does not 

edit personal identifying information 

from comment submissions. 

Commenters should submit only 

information that they wish to make 

available publicly, including their 

name, email address, and any other 

identifying information. 

All prospective commenters should 

follow the Commission’s instructions on 

how to submit comments, available at 

https://www.sec.gov/regulatory-actions/ 

how-to-submit-comments. General 

questions regarding the rule filing 

process or logistical questions regarding 

this filing should be directed to the 

Main Office of the Commission’s 

Division of Trading and Markets at 

tradingandmarkets@sec.gov or 202– 

551–5777. 

NSCC reserves the right not to 

respond to any comments 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 19(b)(3)(A) of the 

Act and Rule 19b–4(f)(6) thereunder. 

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. 


ddrumheller on DSK120RN23PROD with NOTICES1
73148 Federal Register / Vol. 89, No. 174 / Monday, September 9, 2024 / Notices 

20 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3 15 U.S.C. 78s(b)(3)(A). A proposed rule change 

may take effect upon filing with the Commission if 

it is designated by the exchange as ‘‘establishing or 

changing a due, fee, or other charge imposed by the 

self-regulatory organization on any person, whether 

or not the person is a member of the self-regulatory 

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

4Securities Exchange Act Release No. 99382 

(January 17, 2024), 89 FR 10658 (February 13, 

2024). 

5See letters from: Edward Weisbaum, Executing 

Broker CBOE Floor, dated February 6, 2024; 

Howard Meyerson, Managing Director, Financial 

Information Forum, to Vanessa Countryman, 

Secretary, Commission, dated March 4, 2024; 

Thomas M. Merritt, Deputy General Counsel, Virtu 

Financial, Inc., to Vanessa Countryman, Secretary, 

Commission, dated March 5, 2024; Ellen Greene, 

Managing Director, Equities & Options Market 

Structure, SIFMA; Joseph Corcoran, Managing 

Director, Associate General Counsel, SIFMA, to 

Vanessa Countryman, Secretary, Commission, dated 

March 5, 2024; Stephen John Berger, Managing 

Director, Global Head of Government & Regulatory 

Policy, Citadel Securities, to Vanessa Countryman, 

Secretary, Commission, dated March 5, 2024; 

Joanna Mallers, Secretary, FIA Principal Traders 

Group, to Vanessa Countryman, Secretary, 

Commission, dated March 9, 2024; and Brandon 

Becker, CAT NMS Plan Operating Committee Chair, 

to Vanessa Countryman, Secretary, Commission, 

dated June 13, 2024. 

6 15 U.S.C. 78s(b)(2). 

7See Securities Exchange Act Release No. 100628 

(Jul. 31, 2024), 89 FR 64010 (Aug. 6, 2024). The 

Commission designated October 10, 2024 as the 

date by it should approve or disapprove the 

proposed rule change. 

8 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3 15 U.S.C. 78s(b)(3)(A). A proposed rule change 

may take effect upon filing with the Commission if 

it is designated by the exchange as ‘‘establishing or 

changing a due, fee, or other charge imposed by the 

self-regulatory organization on any person, whether 

or not the person is a member of the self-regulatory 

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

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– 

NSCC–2024–007 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street NE, 

Washington, DC 20549. 

All submissions should refer to file 

number SR–NSCC–2024–007. 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 NSCC 

and on DTCC’s website (dtcc.com/legal/ 

sec-rule-filings). 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–NSCC–2024–007 

and should be submitted on or before 

September 30, 2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.20

Vanessa A. Countryman, 

Secretary. 

[FR Doc. 2024–20170 Filed 9–6–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–100900; File No. SR– 

PEARL–2024–02] 

Self-Regulatory Organizations; MIAX 

PEARL LLC; Notice of Withdrawal of 

Proposed Rule Change To Establish 

Fees for Industry Members Related to 

Certain Historical Costs of the National 

Market System Plan Governing the 

Consolidated Audit Trail 

September 3, 2024. 

On January 2, 2024, MIAX PEARL 

LLC (the ‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(the ‘‘Commission’’), pursuant to 

Section 19(b)(1) of the Securities 

Exchange Act of 1934 (‘‘Act’’) 1 and Rule 

19b–4 thereunder,2 a proposed rule 

change to establish fees for industry 

members related to certain historical 

costs of the National Market System 

plan governing the Consolidated Audit 

Trail. The proposed rule change was 

immediately effective upon filing with 

the Commission pursuant to Section 

19(b)(3)(A) of the Act.3 On February 13, 

2024, the proposed rule change was 

published in the Federal Register and 

the Commission temporarily suspended 

and instituted proceedings to determine 

whether to approve or disapprove the 

proposed rule change.4 The Commission 

received six comments on the proposed 

rule change and one response to those 

comments.5 On July 31, 2024, pursuant 

to Section 19(b)(2) of the Act,6 the 

Commission designated a longer period 

within which to approve the proposed 

rule change or disapprove the proposed 

rule change.7 On August 23, 2024, the 

Exchange withdrew the proposed rule 

change (SR–PEARL–2024–02). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.8

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–20171 Filed 9–6–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–100893; File No. SR– 

Emerald–2024–01] 

Self-Regulatory Organizations; MIAX 

Emerald, LLC; Notice of Withdrawal of 

Proposed Rule Change To Establish 

Fees for Industry Members Related to 

Certain Historical Costs of the National 

Market System Plan Governing the 

Consolidated Audit Trail 

September 3, 2024. 

On January 2, 2024, MIAX Emerald, 

LLC (the ‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(the ‘‘Commission’’), pursuant to 

Section 19(b)(1) of the Securities 

Exchange Act of 1934 (‘‘Act’’) 1 and Rule 

19b–4 thereunder,2 a proposed rule 

change to establish fees for industry 

members related to certain historical 

costs of the National Market System 

plan governing the Consolidated Audit 

Trail. The proposed rule change was 

immediately effective upon filing with 

the Commission pursuant to Section 

19(b)(3)(A) of the Act.3 On February 13, 

2024, the proposed rule change was 


ddrumheller on DSK120RN23PROD with NOTICES1