Federal Register / Vol. 89, No. 186 / Wednesday, September 25, 2024 / Notices 78357 

53 15 U.S.C. 78s(b)(3)(A). 

54 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6) requires a self-regulatory organization to give 

the Commission written notice of its intent to file 

the proposed rule change, along with a brief 

description and text of 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. 

55 17 CFR 240.19b–4(f)(6). 

56 17 CFR 240.19b–4(f)(6)(iii). 

57For purposes only of waiving the 30-day 

operative delay, the Commission has considered the 

proposed rule’s impact on efficiency, competition, 

and capital formation. See 15 U.S.C. 78c(f). 

58 17 CFR 200.30–3(a)(12). 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

that is not a Current Distributor may 

become a Current Distributor and then 

cancel the product after receiving the 

historical discount. As such, firms that 

are not Current Distributors will have an 

opportunity to pay the same fees for the 

most recent 36 months of historical data 

as Current Distributors. Outside of the 

36 month period, all firms will have the 

opportunity to purchase historical data 

on an ad hoc basis. 

Adding language to clarify the 

definition of Current Distributor will not 

change fees, and will promote 

competition by better informing 

investors. 

C. Self-Regulatory Organization’s 

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 after the date of 

the filing, or such shorter time as the 

Commission may designate if consistent 

with the protection of investors and the 

public interest, it has become effective 

pursuant to Section 19(b)(3)(A) of the 

Act 53 and Rule 19b–4(f)(6) 54

thereunder. 

A proposed rule change filed under 

Rule 19b–4(f)(6) 55 normally does not 

become operative prior to 30 days after 

the date of the filing. However, pursuant 

to Rule 19b–4(f)(6)(iii),56 the 

Commission may designate a shorter 

time if such action is consistent with the 

protection of investors and the public 

interest. The Exchange has asked the 

Commission to waive the 30-day 

operative delay so that the proposed 

rule change may become operative upon 

filing. The Exchange has asked the 

Commission to waive the 30-day 

operative delay so that the proposed 

rule change may become operative upon 

filing. The Exchange states that adding 

the definition of Nasdaq Options Trade 

Profile will provide additional clarity 

and specificity to the Nasdaq rulebook, 

and nothing in the clarification changes 

the product or the way it functions, but 

rather describes the product exactly as 

it exists today. The Exchange also states 

that the fees included in this filing have 

been in effect since July 1, 2024, and 

waiver of the operative delay will allow 

application of those fees to continue 

uninterrupted. For these reasons, the 

Commission believes that waiving the 

30-day operative delay is consistent 

with the protection of investors and the 

public interest. Therefore, the 

Commission hereby waives the 

operative delay and designates the 

proposal operative upon filing.57

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: 

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– 

NASDAQ–2024–055 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–NASDAQ–2024–055. 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–NASDAQ–2024–055 and should be 

submitted on or before October 16, 

2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.58

Vanessa A. Countryman, 

Secretary. 

[FR Doc. 2024–21870 Filed 9–24–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101106; File No. SR– 

NYSEAMER–2024–58] 

Self-Regulatory Organizations; NYSE 

American LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Change To Amend the NYSE American 

Options Proprietary Market Data Fee 

Schedule 

September 19, 2024. 

Pursuant to Section 19(b)(1) 1 of the 

Securities Exchange Act of 1934 

(‘‘Act’’) 2 and Rule 19b–4 thereunder,3

notice is hereby given that, on 

September 16, 2024, NYSE American 

LLC (‘‘NYSE American’’ or the 

‘‘Exchange’’) filed with the Securities 

and Exchange Commission (the 

‘‘Commission’’) the proposed rule 

change as described in Items I, II, and 

III below, which Items have been 


ddrumheller on DSK120RN23PROD with NOTICES1
78358 Federal Register / Vol. 89, No. 186 / Wednesday, September 25, 2024 / Notices 

4The Exchange originally filed to amend the Fee 

Schedule on September 3, 2024 (SR–NYSEAMER– 

2024–53). SR–NYSEAMER–2024–53 was 

subsequently withdrawn and replaced by this filing. 

5See The Nasdaq Stock Market LLC (‘‘Nasdaq’’) 

Equity 7 Pricing Schedule, Section 112(b)(1) and 

Cboe Exchange, Inc. Fees Schedule. 6 15 U.S.C. 78f. 

7 15 U.S.C. 78f(b)(4). 

8 15 U.S.C. 78k–1. 9See note 5, supra. 

prepared by the self-regulatory 

organization. The Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to amend the 

NYSE American Options Proprietary 

Market Data Fee Schedule (‘‘Fee 

Schedule’’) applicable to various market 

data products. The proposed rule 

change is available on the Exchange’s 

website at www.nyse.com, at the 

principal office of the Exchange, and at 

the Commission’s Public Reference 

Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

self-regulatory organization 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 those 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 parts of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and the 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to amend the 

Fee Schedule applicable to various 

market data products. More specifically, 

the Exchange proposes to adopt a free 

trial program for NYSE American 

options market data products, effective 

September 16, 2024.4

The Exchange proposes a one-month 

free trial for any firm that subscribes to 

a particular NYSE American options 

market data product for the first time. 

As proposed, a first-time subscriber 

would be any firm that has not 

previously subscribed to a particular 

NYSE American options market data 

product listed on the Fee Schedule. As 

proposed, a first-time subscriber of a 

particular NYSE American options 

market data product would not be 

charged the Access Fee, Non-Display 

Fee, any applicable Professional and 

Non-Professional User Fee, and 

Redistribution Fee for that product for 

one calendar month. For example, a 

firm that currently subscribes to NYSE 

American Options Complex would be 

eligible to receive a free one-month trial 

of NYSE American Options Product, 

whether in a display-only format or for 

non-display use. On the other hand, a 

firm that currently pays an Access Fee 

and receives NYSE American Options 

Product for non-display use would not 

be eligible to receive a free one-month 

trial of NYSE American Options Product 

in a display-only format. The proposed 

free trial would be for the first full 

calendar month following the date a 

subscriber is approved to receive trial 

access to the particular NYSE American 

Options market data product. The 

Exchange would provide the one-month 

free trial for each particular product to 

each subscriber once. 

The Exchange believes that providing 

a one-month free trial to Exchange realtime market data products listed on the 

Fee Schedule would enable potential 

subscribers to determine whether a 

particular NYSE American options 

market data product provides any 

benefit to their business models before 

fully committing to expend 

development and implementation costs 

related to the receipt of that product, 

and is intended to encourage increased 

use of the Exchange’s market data 

products by defraying some of the 

development and implementation costs 

subscribers would ordinarily have to 

expend before using a product. The 

Exchange notes that other exchanges 

have similar free trial programs.5

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

the objectives of Section 6 of the Act,6

in general, and furthers the objectives of 

Section 6(b)(4),7 in particular, as it is 

designed to provide for the equitable 

allocation of reasonable dues, fees and 

other charges among its members and 

other recipients of Exchange data. In 

addition, the Exchange believes that the 

proposed rule change is consistent with 

Section 11(A) of the Act as it supports 

(i) fair competition among brokers and 

dealers, among exchange markets, and 

between exchange markets and markets 

other than exchange markets, and (ii) 

the availability to brokers, dealers, and 

investors of information with respect to 

quotations for and transactions in 

securities.8

The Exchange believes that the 

proposed rule change to provide 

Exchange real-time market data 

products listed on the Fee Schedule to 

new customers free-of-charge for their 

first subscription month is reasonable 

because it would allow vendors and 

subscribers to become familiar with the 

feeds and determine whether they suit 

their needs without incurring fees. It is 

also intended to incentivize 

Redistributors to enlist more subscribers 

to subscribe to Exchange market data 

products to broaden the products’ 

distribution. Making a new market data 

product available for free for a trial 

period is consistent with offerings of 

other exchanges. As noted above, other 

exchanges offer new subscribers a 

similar waiver of market data fees.9

The Exchange believes the proposal to 

provide Exchange real-time market data 

products listed on the Fee Schedule to 

new customers free-of-charge for their 

first subscription month is equitable 

because the free trial would apply to 

any first-time subscriber, regardless of 

the use they plan to make of the feed. 

As proposed, any first-time subscriber 

would not be charged the Access Fee, 

Non-Display Fee, any applicable 

Professional and Non-Professional User 

Fee, or Redistribution Fee for any of the 

real-time market data products listed on 

the Fee Schedule for one calendar 

month. The Exchange believes it is 

equitable to restrict the availability of 

this one-month free trial to customers 

that have not previously subscribed to 

any Exchange real-time market data 

product, since customers who are 

current or previous subscribers are 

already familiar with the products and 

whether they would suit their needs. 

The Exchange believes that the 

proposed rule change to provide for a 

one-month free trial period to test is not 

unfairly discriminatory because the 

financial benefit of the fee waiver would 

be available to all firms subscribing to 

the Exchange’s real-time market data 

products for the first time on a free-trial 

basis. The Exchange believes there is a 

meaningful distinction between 

customers that are subscribing to a 

market data product for the first time, 

who may benefit from a period within 

which to set up and test use of the 

product before it becomes fee liable, and 

users that are already receiving the 

Exchange’s market data products. The 

Exchange believes that the limited 

period of the free trial would not be 

unfairly discriminatory to other users of 

the Exchange’s market data products 

because it is designed to provide a 

reasonable period of time to set up and 


ddrumheller on DSK120RN23PROD with NOTICES1
Federal Register / Vol. 89, No. 186 / Wednesday, September 25, 2024 / Notices 78359 

10See note 5, supra. 

11 15 U.S.C. 78s(b)(3)(A). 

12 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

test a new market data product. The 

Exchange further believes that providing 

a free trial for one calendar month 

would ease administrative burdens for 

data recipients to subscribe to a new 

data product and eliminate fees for a 

period before such users are able to 

derive any benefit from the data. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change would result 

in any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

Exchange operates in a highly 

competitive environment, and its ability 

to price these data products is 

constrained by competition among 

exchanges that offer similar data 

products to their customers. The 

Exchange believes that the proposed 

free trial program does not put any 

market participants at a relative 

disadvantage compared to other market 

participants. As discussed, the proposed 

trial would apply to first time 

subscribers on an equal and nondiscriminatory basis. Further, the 

Exchange believes that the proposed 

program does not impose a burden on 

competition on other SROs that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

Exchange does not believe that the 

proposal would cause any unnecessary 

or inappropriate burden on intermarket 

competition as other exchanges are free 

to lower their prices or provide a free 

trial to better compete with the 

Exchange’s offering. Indeed, other 

national securities exchanges already 

offer similar free trial programs today.10

The proposed rule change is also 

designed to enhance competition by 

providing an incentive to Redistributors 

to enlist new subscribers to subscribe to 

Exchange’s real-time market data 

products. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were solicited 

or received with respect to the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing rule change has become 

effective upon filing pursuant to Section 

19(b)(3)(A) 11 of the Act and paragraph 

(f) 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. 

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– 

NYSEAMER–2024–58 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–NYSEAMER–2024–58. 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–NYSEAMER–2024–58 and should 

be submitted on or before October 16, 

2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–21877 Filed 9–24–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101100; File No. SR– 

PEARL–2024–41] 

Self-Regulatory Organizations; MIAX 

PEARL LLC; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend the MIAX Pearl 

Equities Fee Schedule 

September 19, 2024. 

Pursuant to the provisions of 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 September 9, 2024, MIAX PEARL, 

LLC (‘‘MIAX Pearl’’ or ‘‘Exchange’’) 

filed with the Securities and Exchange 

Commission (‘‘Commission’’) a 

proposed rule change as described in 

Items I, II, and III 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 Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange is filing a proposal to 

amend the fee schedule (the ‘‘Fee 

Schedule’’) applicable to MIAX Pearl 

Equities, an equities trading facility of 

the Exchange. 

The text of the proposed rule change 

is available on the Exchange’s website at 

https://www.miaxglobal.com/markets/ 

us-equities/pearl-equities/rule-filings, at 

MIAX Pearl’s principal office, and at the 

Commission’s Public Reference Room. 

II. Self-Regulatory Organization’s 

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 


ddrumheller on DSK120RN23PROD with NOTICES1