Federal Register / Vol. 89, No. 186 / Wednesday, September 25, 2024 / Notices 78351 

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

2 17 CFR 240.19b–4. 

U.S.C. 3642, 39 CFR part 3030, and 39 

CFR part 3040, subpart B. For request(s) 

that the Postal Service states concern 

Competitive product(s), applicable 

statutory and regulatory requirements 

include 39 U.S.C. 3632, 39 U.S.C. 3633, 

39 U.S.C. 3642, 39 CFR part 3035, and 

39 CFR part 3040, subpart B. Comment 

deadline(s) for each request appear in 

section II. 

II. Docketed Proceeding(s) 

1. Docket No(s).: MC2024–701 and 

CP2024–710; Filing Title: USPS Request 

to Add Priority Mail Express, Priority 

Mail & USPS Ground Advantage 

Contract 353 to Competitive Product 

List and Notice of Filing Materials 

Under Seal; Filing Acceptance Date: 

September 18, 2024; Filing Authority: 39 

U.S.C. 3642, 39 CFR 3040.130 through 

3040.135, and 39 CFR 3035.105; Public 

Representative: Samuel Robinson; 

Comments Due: September 26, 2024. 

2. Docket No(s).: MC2024–702 and 

CP2024–711; Filing Title: USPS Request 

to Add Priority Mail Express, Priority 

Mail & USPS Ground Advantage 

Contract 354 to Competitive Product 

List and Notice of Filing Materials 

Under Seal; Filing Acceptance Date: 

September 18, 2024; Filing Authority: 39 

U.S.C. 3642, 39 CFR 3040.130 through 

3040.135, and 39 CFR 3035.105; Public 

Representative: Samuel Robinson; 

Comments Due: September 26, 2024. 

3. Docket No(s).: MC2024–703 and 

CP2024–712; Filing Title: USPS Request 

to Add Priority Mail Express, Priority 

Mail & USPS Ground Advantage 

Contract 355 to Competitive Product 

List and Notice of Filing Materials 

Under Seal; Filing Acceptance Date: 

September 18, 2024; Filing Authority: 39 

U.S.C. 3642, 39 CFR 3040.130 through 

3040.135, and 39 CFR 3035.105; Public 

Representative: Gregory S. Stanton; 

Comments Due: September 26, 2024. 

4. Docket No(s).: MC2024–704 and 

CP2024–713; Filing Title: USPS Request 

to Add Priority Mail Express, Priority 

Mail & USPS Ground Advantage 

Contract 356 to Competitive Product 

List and Notice of Filing Materials 

Under Seal; Filing Acceptance Date: 

September 18, 2024; Filing Authority: 39 

U.S.C. 3642, 39 CFR 3040.130 through 

3040.135, and 39 CFR 3035.105; Public 

Representative: Gregory S. Stanton; 

Comments Due: September 26, 2024. 

5. Docket No(s).: MC2024–705 and 

CP2024–714; Filing Title: USPS Request 

to Add Priority Mail Express, Priority 

Mail & USPS Ground Advantage 

Contract 357 to Competitive Product 

List and Notice of Filing Materials 

Under Seal; Filing Acceptance Date: 

September 18, 2024; Filing Authority: 39 

U.S.C. 3642, 39 CFR 3040.130 through 

3040.135, and 39 CFR 3035.105; Public 

Representative: Jennaca D. Upperman; 

Comments Due: September 26, 2024. 

6. Docket No(s).: MC2024–706 and 

CP2024–715; Filing Title: USPS Request 

to Add Priority Mail & USPS Ground 

Advantage Contract 354 to Competitive 

Product List and Notice of Filing 

Materials Under Seal; Filing Acceptance 

Date: September 18, 2024; Filing 

Authority: 39 U.S.C. 3642, 39 CFR 

3040.130 through 3040.135, and 39 CFR 

3035.105; Public Representative: 

Samuel Robinson; Comments Due: 

September 26, 2024. 

7. Docket No(s).: MC2024–707 and 

CP2024–716; Filing Title: USPS Request 

to Add Priority Mail Express, Priority 

Mail & USPS Ground Advantage 

Contract 358 to Competitive Product 

List and Notice of Filing Materials 

Under Seal; Filing Acceptance Date: 

September 18, 2024; Filing Authority: 39 

U.S.C. 3642, 39 CFR 3040.130 through 

3040.135, and 39 CFR 3035.105; Public 

Representative: Gregory S. Stanton; 

Comments Due: September 26, 2024. 

This Notice will be published in the 

Federal Register. 

Erica A. Barker, 

Secretary. 

[FR Doc. 2024–21851 Filed 9–24–24; 8:45 am] 

BILLING CODE 7710–FW–P 

POSTAL SERVICE 

Sunshine Act Meetings 

TIME AND DATE: Monday, September 30, 

2024, at 3 p.m. EST. 

PLACE: Washington, DC, at U.S. Postal 

Service Headquarters, 475 L’Enfant 

Plaza, SW. 

STATUS: Closed. 

MATTERS TO BE CONSIDERED: 

Meeting of the Board of Governors 

Monday, September 30, 2024, at 3 p.m. 

EST 

1. Strategic and Financial Matters. 

2. Administrative Items. 

General Counsel Certification: The 

General Counsel of the United States 

Postal Service has certified that the 

meeting may be closed under the 

Government in the Sunshine Act. 

CONTACT PERSON FOR MORE INFORMATION: 

Michael J. Elston, Secretary of the Board 

of Governors, U.S. Postal Service, 475 

L’Enfant Plaza SW, Washington, DC 

20260–1000. Telephone: (202) 268– 

4800. 

Michael J. Elston, 

Secretary. 

[FR Doc. 2024–22039 Filed 9–23–24; 11:15 am] 

BILLING CODE 7710–12–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101098; File No. SR– 

NASDAQ–2024–055] 

Self-Regulatory Organizations; The 

Nasdaq Stock Market LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Codify the 

Definition of Nasdaq Options Trade 

Outline 

September 19, 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 

September 6, 2024, The Nasdaq Stock 

Market LLC (‘‘Nasdaq’’ or ‘‘Exchange’’) 

filed with the Securities and Exchange 

Commission (‘‘SEC’’ or ‘‘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 Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to codify the 

definition of Nasdaq Options Trade 

Outline in the Nasdaq rulebook. This 

filing also incorporates previously 

proposed fee changes that: (i) adjusted 

fees for Nasdaq Options Trade Outline 

for both the End of Day and Intra-Day 

product; (ii) reduced fees for 36 months 

of historical data for current customers; 

and (iii) allowed unlimited external 

distribution of Nasdaq Options Trade 

Outline for a fixed monthly fee. 

The text of the proposed rule change 

is available on the Exchange’s website at 

https://listingcenter.nasdaq.com/ 

rulebook/nasdaq/rules, 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 

Exchange included statements 


ddrumheller on DSK120RN23PROD with NOTICES1
78352 Federal Register / Vol. 89, No. 186 / Wednesday, September 25, 2024 / Notices 

3The previously introduced fee proposal was 

initially filed on July 1, 2024, as SR–Nasdaq–2024– 

034. On July 15, 2024, that filing was withdrawn 

and refiled as SR–Nasdaq–2024–040. On July 29, 

2024, that filing was withdrawn and refiled as SR– 

Nasdaq–2024–043. On August 12, 2024, that 

proposal was withdrawn and replaced with SR– 

Nasdaq–2024–046 to incorporate those fees into a 

filing that codifies the definition of Nasdaq Options 

Trade Outline. On August 23, 2024, SR–Nasdaq– 

2024–046 was withdrawn and replaced with SR– 

Nasdaq–2024–051 to provide additional 

information and to clarify language associated with 

fees for historical data. On September 6, 2024, SR– 

Nasdaq–2024–051 was withdrawn and replaced 

with the instant filing to provide further 

information. 

4Every options series trades as a distinct symbol; 

the terms ‘‘series’’ and ‘‘symbol’’ are therefore 

synonyms. 

5See Securities Exchange Act Release No. 65587 

(October 18, 2011), 76 FR 65765 (October 24, 2011) 

(SR–Nasdaq–2011–144) (establishing Nasdaq 

Options Trade Outline as a product); Securities 

Exchange Act Release No. 65836 (November 28, 

2011), 76 FR 75593 (December 2, 2011) (SR– 

Nasdaq–2011–153) (establishing fees for Nasdaq 

Options Trade Outline). 

6An opening purchase transaction is an Exchange 

options transaction in which the purchaser’s 

intention is to create or increase a long position in 

the series of options involved in such transaction. 

Nasdaq Options Trade Outline will also provide 

subscribers with the aggregate number of ‘‘opening 

writing transactions.’’ An opening writing 

transaction is an Exchange options transaction in 

which the seller’s (writer’s) intention is to create or 

increase a short position in the series of options 

involved in such transaction. 

7The term ‘‘Customer’’ applies to any transaction 

that is identified by a Participant for clearing in the 

Customer range at The Options Clearing 

Corporation (‘‘OCC’’) which is not for the account 

of broker or dealer or for the account of a 

‘‘Professional’’ (as that term is defined in Options 

1, Section 1(a)(47)). See Options 7, Section 1(a). 8The term ‘‘Broker-Dealer’’ applies to any 

transaction which is not subject to any of the other 

transaction fees applicable within a particular 

category. See Options 7, Section 1(a). 9The term ‘‘NOM Market Maker’’ is a Participant 

that has registered as a Market Maker on NOM 

pursuant to Options 2, Section 1, and must also 

remain in good standing pursuant to Options 2, 

Section 9. In order to receive NOM Market Maker 

pricing in all securities, the Participant must be 

registered as a NOM Market Maker in at least one 

security. See Options 7, Section 1(a). 10The term ‘‘Firm’’ applies to any transaction that 

is identified by a Participant for clearing in the Firm 

range at OCC. See Options 7, Section 1(a). 11The term ‘‘Professional’’ means any person or 

entity that (i) is not a broker or dealer in securities, 

and (ii) places more than 390 orders in listed 

options per day on average during a calendar month 

for its own beneficial account(s) pursuant to 

Options 1, Section 1(a)(47). See Options 7, Section 

1(a). 

12A closing purchase transaction is an Exchange 

options transaction in which the purchaser’s 

intention is to reduce or eliminate a short position 

in the series of options involved in such 

transaction. Nasdaq Options Trade Outline will also 

provide subscribers with the aggregate number of 

‘‘closing sale transactions.’’ A closing sale 

transaction is an Exchange options transaction in 

which the seller’s intention is to reduce or 

eliminate a long position in the series of options 

involved in such transaction. 

13The End of Day report includes a field that 

presents Total Industry Volume for the Series. 

14See Securities Exchange Act Release No. 65836 

(November 28, 2011), 76 FR 75593 (December 2, 

2011) (SR–Nasdaq–2011–153) (establishing fees for 

Nasdaq Options Trade Outline). 

15See id. 

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. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The purpose of the proposed rule 

change is to codify the definition of 

Nasdaq Options Trade Outline in the 

Nasdaq rulebook. This filing also 

incorporates previously proposed fee 

changes that: (i) adjusted fees for 

Nasdaq Options Trade Outline for both 

the End of Day and Intra-Day product; 

(ii) reduced fees for 36 months of 

historical data for current customers; 

and (iii) allowed unlimited external 

distribution of Nasdaq Options Trade 

Outline for a fixed monthly fee.3

Nasdaq Options Trade Outline 

Nasdaq Options Trade Outline 

(‘‘NOTO’’ or ‘‘Trade Outline’’) provides 

aggregate quantity and volume 

information for trades on the Exchange 

for all series 4 during a trading session.5

Information is provided in the following 

categories: (i) total exchange volume for 

Intra-Day information and total 

exchange and industry volume for End 

of Day information for each reported 

series; (ii) open interest for the series; 

(iii) aggregate quantity of trades and 

aggregate trade volume effected to open 

a position,6 characterized by origin type 

(Customer,7 Broker-Dealer,8 Market 

Maker,9 Firm,10 and Professional 11), 

and for Customers and Professionals, 

further subdivided by trade size 

buckets; and (iv) aggregate quantity of 

trades and aggregate trade volume 

effected to close a position,12

characterized by origin type, (Customer, 

Broker-Dealer, Market Maker, Firm and 

Professional), and for Customers and 

Professionals, further subdivided by 

trade size buckets. 

NOTO will also provide opening buy, 

closing buy, opening sell and closing 

sell information, which shall include 

option first trade price, option high 

trade price, option low trade price, and 

option last trade price. 

End of Day information is available 

the next business day. Intra-Day 

information is updated at 10-minute 

intervals over the course of the trading 

day. Historical information is available 

upon request. 

Trade Outline provides proprietary 

Exchange trade data and does not 

include any intraday trade data from 

any other exchange.13 The information 

provided, both in End of Day and 

Intraday formats, is not a real-time data 

feed. 

Trade Outline is a completely 

voluntary product in that the Exchange 

is not required by any rule or regulation 

to make this data available and potential 

subscribers may purchase it only if they 

voluntarily choose to do so. 

Trade Outline is available to all 

market participants, including both 

members and non-members, for all 

series and symbols in End of Day, IntraDay, and historical files (upon request). 

Trade Outline is designed to enhance 

the ability of customers to understand 

market sentiment on the Exchange and 

to create and test trading models and 

analytical strategies useful in both 

options and equities markets. It is not 

necessary to execute a trade, but it 

supplies the customer with information 

about underlying market trends 

designed to improve the quality of that 

customer’s investment decisions. 

Customers can, and often do, elect to 

forego this type of information. 

The End of Day product includes 

aggregate data representing the entire 

trading session. It is calculated during 

an overnight process with the additional 

fields described above after each trading 

session and is available to subscribers 

for download the following morning at 

approximately 7 a.m., ET. The monthly 

subscriber fee for the End of Day 

product subscribers is currently $500. 

This fee was established in 2011 and 

has not been changed since.14

The Intra-Day product provides 

periodic, cumulative data for a 

particular trading session. The Intra-Day 

product is produced and updated every 

ten minutes during the trading day. Data 

is captured in ‘‘snapshots’’ taken every 

10 minutes throughout the trading day 

and is available to subscribers within 2 

minutes of the conclusion of each 10 

minute period. Each update will 

represent the aggregate data captured 

from the current ‘‘snapshot’’ and all 

previous ‘‘snapshots.’’ The monthly 

subscriber fee for the Intra-Day product 

is $750. This fee was established in 

2011 and has not been changed since 

then.15

Historic data is also available on a 

calendar month basis. This data is 

intended to enhance a purchaser’s 

ability to analyze option trade and 


ddrumheller on DSK120RN23PROD with NOTICES1
Federal Register / Vol. 89, No. 186 / Wednesday, September 25, 2024 / Notices 78353 

16See Securities Exchange Act Release No. 62887 

(September 10, 2010), 75 FR 57092 (September 17, 

2010) (SR–Phlx–2010–121) (introducing PHOTO on 

September 1, 2010). 

17See Nasdaq ISE Rules, Options 7, Section 10(A) 

and (B) (Nasdaq ISE Open/Close Trade Profile End 

of Day; Nasdaq ISE Open/Close Trade Profile IntraDay). 

18See Nasdaq GEMX Rules, Options 7, Sections 

7(D) (Nasdaq GEMX Open/Close End of Day Trade 

Profile) and 7(E) (Nasdaq GEMX Open/Close IntraDay Trade Profile). 

19See, e.g., Securities Exchange Act Release No. 

94913 (May 13, 2022), 87 FR 30534 (May 19, 2022) 

(SR–Cboe–2022–023) (describing End of Day and 

Intra-Day Open-Close Data as a summary of trading 

activity on the exchange at the option level by 

origin, side of the market, price and transaction 

type). 

20See, e.g., Securities Exchange Act Release No. 

93803 (December 16, 2021, 86 FR 72647 (December 

22, 2021) (SR–NYSEAMER–2021–46) (describing 

the NYSE Options Open-Close Volume Summary as 

a volume summary of trading activity on the 

exchange at the option level by origin, side of the 

market, contract volume and transaction type). 

21See, e.g., Securities Exchange Act Release No. 

93132 (September 27, 2021), 86 FR 54499 (October 

1, 2021) (SR–NYSEArca–2021–82) (describing the 

NYSE Options Open-Close Volume Summary as a 

volume summary of trading activity on the 

exchange at the option level by origin, side of the 

market, contract volume and transaction type). 

22See, e.g., Securities Exchange Act Release No. 

97174 (March 21, 2023), 88 FR 18201 (March 27, 

2023) (SR–BOX–2023–09) (describing the BOX 

exchange Open-Close Data report as providing 

volume by origin, buying/selling, and opening/ 

closing criteria). 

23See, e.g., Securities Exchange Act Release No. 

91964 (May 21, 2021), 86 FR 28667 (May 27, 2021) 

(SR–PEARL–2021–24) (introducing the Open-Close 

Report). 

24A ‘‘Current Distributor’’ is any firm that 

purchases either the End of Day Product for the 

current month, or the Intra-Day Product for the 

current month in the same month that the 36 

months of historical End of Day or Intra-Day data 

is ordered. 

25A customer may use the proposed historical 

data discount more than once. For example, a 

Current Distributor that purchases 36 months of 

historical data at a discount, but later terminates 

that subscription, would be eligible to purchase 

another 36 months of historical data (based on the 

Continued 

volume data, evaluate historical trends 

in the trading activity of a particular 

option series, and create and test trading 

models and analytical strategies. 

Historical files provide the same fields 

of information as the End of Day and 

Intraday files, respectively. Historical 

data is available starting in November 

2011. 

Products similar to Trade Outline 

have been available on multiple 

exchanges for many years and are wellestablished in the market. Such 

products are available from the Nasdaq 

Phlx LLC (‘‘Phlx’’),16 Nasdaq ISE LLC 

(‘‘ISE’’),17 Nasdaq GEMX LLC 

(‘‘GEMX’’),18 Cboe Options Exchange 

(‘‘Cboe’’),19 NYSE American Options 

(‘‘NYSE American’’),20 NYSE Arca 

Options (‘‘NYSE Arca’’),21 BOX Options 

Market LLC (‘‘BOX’’),22 MIAX Pearl 

Options Exchange (‘‘Pearl’’),23 and 

others. In general, the relative value of 

these products depends on the volume 

of transactions included; the greater the 

volume of transactions, the greater the 

value of the data. The current 

purchasers of Trade Outline are 

investment banks, market makers, asset 

managers and other buy-side investors. 

Proposed Changes 

Definition of Nasdaq Options Trade 

Outline 

The Exchange proposes to codify the 

definition of NOTO. Nothing in this 

codification is intended to change the 

product in any way, but rather is 

intended to describe the product exactly 

as it exists. Specifically, the Exchange 

proposes the following definition: 

Nasdaq Options Trade Outline provides 

aggregate quantity and volume information 

for trades on the Exchange for all series 

during a trading session. Information is 

provided in the following categories: (i) total 

exchange volume for Intra-Day information 

and total exchange and industry volume for 

End of Day information for each reported 

series; (ii) open interest for the series; (iii) 

aggregate quantity of trades and aggregate 

trade volume effected to open a position, 

characterized by origin type (Customer, 

Broker-Dealer, Market Maker, Firm, and 

Professional), and for Customers and 

Professionals, further subdivided by trade 

size buckets; and (iv) aggregate quantity of 

trades and aggregate trade volume effected to 

close a position, characterized by origin type 

(Customer, Broker-Dealer, Market Maker, 

Firm, and Professional), and for Customers 

and Professionals, further subdivided by 

trade size buckets. 

Nasdaq Options Trade Outline End of Day 

will also provide opening buy, closing buy, 

opening sell and closing sell information, 

which shall include option first trade price, 

option high trade price, option low trade 

price, and option last trade price. 

End of Day information will be available 

the next business day. Intra-Day information 

is updated at 10-minute intervals over the 

course of the trading day. Historical 

information will be available upon request. 

Previously Introduced Fee Changes 

Fee Changes for End of Day and IntraDay Products 

The Exchange proposes to increase 

the fee for the End of Day product from 

$500 to $575, and the Intra-Day Product 

from $750 to $2,000. 

In addition, the Exchange proposes to 

insert a comma after the phrase ‘‘or the 

Intra-Day Product for the current 

month’’ into the definition of Current 

Distributor. The revised sentence will 

read as follows: 

A ‘‘Current Distributor’’ is any firm that 

purchases either the End of Day Product for 

the current month, or the Intra-Day Product 

for the current month, in the same month 

that the 36 months of historical End of Day 

or Intra-Day data is ordered. 

The change is designed to clarify that 

the phrase ‘‘the same month that the 36 

months of historical End of Day or IntraDay data is ordered’’ applies to both 

firms that purchase End of Day data in 

the current month and firms that 

purchase Intra-Day data for the current 

month. The clarification will not change 

how the fee is charged. 

Discount for Historical Data 

The Exchange proposes to offer a 

discount for historical data for Current 

Distributors.24 Specifically, the 

Exchange proposes to offer the most 

recent 36 months of historical data for 

current end of day product distributors 

for $3,000, and the most recent 36 

months of historical data for current 

intra-day product distributors for 

$6,000. Ad-hoc requests for historical 

data will be at the proposed current 

rates of $575 per month for End of Day 

data and $2,000 per month for Intra-Day 

data. Historical data is currently 

available from the Exchange; the 

proposal will simply initiate a discount 

for the most recent 36 months of that 

data for Current Distributors. 

Historical data, including the 

discounted historical data, will continue 

to provide the same categories of 

information available for current 

subscribers. 

Eligibility for the discount will 

depend on the type of current 

subscription. A Current Distributor of 

End of Day data would be eligible for 

the historical End of Day product at the 

reduced rate. A Current Distributor of 

the Intra-Day product would be able to 

purchase the historical Intra-Day 

product at the reduced rate. A Current 

Distributor of both the current End of 

Day and Intra-Day products would be 

entitled to purchase both types of 

history at the reduced rate. 

The 36-month period will be based on 

the date of purchase of the 36 months 

of data by a Current Distributor. For 

example, a Current Distributor that buys 

the End of Day product for the first time 

in July 2024 would also be able to 

purchase historical End of Day data for 

the period July 2021 through July 2024 

(inclusive) at the discounted rate. 

Similarly, a Current Distributor with an 

existing End of Day subscription that is 

current in July 2024 would be able to 

purchase the historical End of Day data 

from September 2021 through 

September 2024 at the discounted rate. 

The same reasoning would apply to 

Intra-Day Current Distributors.25 As 


ddrumheller on DSK120RN23PROD with NOTICES1
78354 Federal Register / Vol. 89, No. 186 / Wednesday, September 25, 2024 / Notices 

date of purchase) upon renewing that subscription. 

(Current Distributors that never terminate would 

have no need for a second purchase, as they would 

already possess the most recent months of historical 

data.). 

26 ‘‘Exchange Information’’ is any data or 

information that has been collected, validated, 

processed and/or recorded by the Exchange and 

made available for transmission relating to: (i) 

Eligible securities or other financial instruments, 

markets, products, vehicles, indicators, or devices; 

(ii) activities of the Exchange; or (iii) other 

information or data from the Exchange. Information 

includes, but is not limited to, any element of 

information used or processed in such a way that 

Exchange Information or a substitute for such 

Information can be identified, recalculated or reengineered from the processed information. 

27See Securities Exchange Act Release No. 93293 

(October 12, 2021), 86 FR 57716 (October 18, 2021) 

(SR–Phlx–2021–58). 

28 15 U.S.C. 78f(b). 

29 15 U.S.C. 78f(b)(5). 

30 15 U.S.C. 78f(b). 

31 15 U.S.C. 78f(b)(4) and (5). 

32See Securities Exchange Act Release No. 62887 

(September 10, 2010), 75 FR 57092 (September 17, 

2010) (SR–Phlx–2010–121) (introducing PHOTO on 

September 1, 2010), 

33See Nasdaq ISE Rules, Options 7, Section 10(A) 

and (B) (Nasdaq ISE Open/Close Trade Profile End 

of Day; Nasdaq ISE Open/Close Trade Profile IntraDay). 

34See Nasdaq GEMX Rules, Options 7, Sections 

7(D) (Nasdaq GEMX Open/Close End of Day Trade 

Profile) and 7(E) (Nasdaq GEMX Open/Close IntraDay Trade Profile) 

35See, e.g., Securities Exchange Act Release No. 

94913 (May 13, 2022), 87 FR 30534 (May 19, 2022) 

(SR–Cboe–2022–023) (describing End of Day and 

Intra-Day Open-Close Data as a summary of trading 

activity on the exchange at the option level by 

origin, side of the market, price and transaction 

type). 

36See, e.g., Securities Exchange Act Release No. 

93803 (December 16, 2021, 86 FR 72647 (December 

22, 2021) (SR–NYSEAMER–2021–46) (describing 

the NYSE Options Open-Close Volume Summary as 

a volume summary of trading activity on the 

exchange at the option level by origin, side of the 

market, contract volume and transaction type). 

37See, e.g., Securities Exchange Act Release No. 

93132 (September 27, 2021), 86 FR 54499 (October 

1, 2021) (SR–NYSEArca–2021–82) (describing the 

NYSE Options Open-Close Volume Summary as a 

volume summary of trading activity on the 

exchange at the option level by origin, side of the 

market, contract volume and transaction type). 

38See, e.g., Securities Exchange Act Release No. 

97174 (March 21, 2023), 88 FR 18201 (March 27, 

2023) (SR–BOX–2023–09) (describing the BOX 

exchange Open-Close Data report as providing 

volume by origin, buying/selling, and opening/ 

closing criteria). 

39See, e.g., Securities Exchange Act Release No. 

91964 (May 21, 2021), 86 FR 28667 (May 27, 2021) 

(SR–PEARL–2021–24) (introducing the Open-Close 

Report). 

noted, ad-hoc requests for historical 

data will be at the proposed current 

rates of $575 per month for End of Day 

data and $2,000 per month for Intra-Day 

data. The fees for historical data are 

linked to the current product because 

effective historical testing requires a 

comparison of similar products. 

Effective testing of the End of Day 

product, for example, requires End of 

Day historical data. The same would 

hold true for Intra-Day data. 

Historical data is useful in analyzing 

option trade and volume data, 

evaluating historical trends in the 

trading activity of a particular option 

series, and creating and testing trading 

models and analytical strategies, and is 

often purchased concurrently with a 

new subscription to the Trade Outline 

service. Many customers use historical 

data to test their strategies and models, 

and our discussions with current and 

past customers and experience indicate 

that 36 months of data is sufficient for 

most customer needs, and is an effective 

baseline for review. 

External Distribution of Derived Data 

The Exchange proposes to offer a 

license for the unlimited external 

distribution of Derived Data from NOTO 

for $4,000 per month. Derived Data is 

‘‘any information 26 generated in whole 

or in part from Exchange 

Information such that the information 

generated cannot be reverse engineered 

to recreate Exchange Information, or be 

used to create other data that is 

recognizable as a reasonable substitute 

for such Exchange Information.’’ 

Fees for external distribution of 

Derived Data from NOTO are in 

addition to fees for the End of Day 

product or the Intra-Day product, or 

both, as applicable. 

This is a new license to be offered by 

the Exchange; external distribution of 

Derived Data is not currently permitted. 

The proposal, based on a similar license 

offered by the Phlx exchange,27 will 

allow the external distribution of 

analytic products derived from NOTO to 

the general investing public. A similar 

product is also being proposed for the 

Nasdaq Options Market and the ISE 

Exchange. 

Experience with the Phlx Exchange 

indicates that this license provides an 

effective mechanism for market data 

vendors to identify, develop, and sell 

derived market data products, such as 

sentiment indicators, harnessing the 

power of the competitive marketplace to 

promote innovation. The Exchange 

expects that this product will have the 

greatest utility for the general investing 

public through broader dissemination of 

products with this information. 

2. Statutory Basis 

The Exchange believes that its 

proposal to codify the definition of 

Nasdaq Options Trade Outline is 

consistent with Section 6(b) of the 

Act,28 in general, and furthers the 

objectives of Section 6(b)(5) of the Act,29

in particular, in that it is designed to 

promote just and equitable principles of 

trade, to remove impediments to and 

perfect the mechanism of a free and 

open market and a national market 

system, and, in general to protect 

investors and the public interest. 

Adding the definition of Nasdaq 

Options Trade Outline will provide 

additional clarity and specificity to the 

Nasdaq rulebook. Nothing in this 

codification is intended to change the 

product or the way it functions, but 

rather is intended to describe the 

product exactly as it exists today. 

Providing additional clarity about an 

exchange product will help investors 

make better informed decisions about 

NOTO, and therefore will help protect 

investors and promote the public 

interest. 

Similarly, clarifying the definition of 

Current Distributor will also add clarity 

and specificity to the rulebook without 

changing the underlying fees. This 

additional clarity will help investors 

make better informed decisions about 

NOTO, and thereby help protect 

investors and promote the public 

interest. 

The Exchange also believes that its 

proposal to change fees is consistent 

with Section 6(b) of the Act,30 in 

general, and furthers the objectives of 

Sections 6(b)(4) and 6(b)(5) of the Act,31

in particular, in that it provides for the 

equitable allocation of reasonable dues, 

fees and other charges among members 

and issuers and other persons using any 

facility, and is not designed to permit 

unfair discrimination between 

customers, issuers, brokers, or dealers. 

Equitable Allocation of Reasonable 

Dues, Fees and Other Charges 

The proposed changes are an 

equitable allocation of reasonable dues, 

fees and other charges because: (i) the 

trade outline products offered by 

multiple exchanges are substitutes, and 

customers are free to choose which 

product they purchase; and (ii) the 

proposed fees are comparable to the fees 

charged by other exchanges, and 

customers are free to purchase other 

products if the Exchange has mistaken 

the value of its product. 

Substitution 

As noted above, products similar to 

Trade Outline have been available on 

multiple exchanges for many years and 

are well-established in the market. They 

are available from the Phlx,32 ISE,33

GEMX,34 Cboe,35 NYSE American,36

NYSE Arca,37 BOX,38 MIAX Pearl,39

and others. 

Trade outline products offer the same 

categories of data through end of day or 

intra-day reports. The information 

provided by one exchange is generally 


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40The decision of the United States Court of 

Appeals for the District of Columbia Circuit in 

NetCoalition v. SEC, 615 F.3d 525 (D.C. Cir. 2010) 

upheld the Commission’s reliance upon 

competitive markets to set reasonable and equitably 

allocated fees for market data. ‘‘In fact, the 

legislative history indicates that the Congress 

intended that the market system evolve through the 

interplay of competitive forces as unnecessary 

regulatory restrictions are removed and that the SEC 

wield its regulatory power in those situations where 

competition may not be sufficient, such as in the 

creation of a consolidated transactional reporting 

system.’’ NetCoalition I, at 535 (quoting H.R. Rep. 

No. 94–229, at 92 (1975), as reprinted in 1975 

U.S.C.C.A.N. 321, 323) (internal quotation marks 

omitted). The court agreed with the Commission’s 

conclusion that ‘‘Congress intended that 

competitive forces should dictate the services and 

practices that constitute the U.S. national market 

system for trading equity securities.’’ Id. (quoting 

Securities Exchange Act Release No. 59039 

(December 2, 2008), 73 FR 74770, 74771 (December 

9, 2008) (SR–NYSEArca–2006–21)). 

41See Securities Exchange Act Release No. 59039 

(December 2, 2008), 73 FR 74770 (December 9, 

2008) (SR–NYSEArca–2006–21). 

42See id. 

43See Securities Exchange Act Release No. 51808 

(June 9, 2005), 70 FR 37496, 37499 (June 29, 2005) 

(‘‘Regulation NMS Adopting Release’’). 

44These substitute products include NOTO, ISE 

Trade Profile, GEMX Trade Profile data; open-close 

data from Cboe C1, C2, BZX, and EDGX; and Open 

Close Reports from MIAX Options, Pearl, and 

Emerald. 

45See NasdaqTrader.com, ‘‘Options Market 

Statistics,’’ available at https://

www.nasdaqtrader.com/Trader.aspx?id=

OptionsVolumeSummary. 

46See MIAX Options Exchange, ‘‘Fee Schedule as 

of April 23, 2024,’’ available at https://

www.miaxglobal.com/sites/default/files/fee_

schedule-files/MIAX_Options_Fee_Schedule_

04232024.pdf. 

47See BOX Exchange, ‘‘Fee Schedule as of June 

18, 2024,’’ available at https://boxexchange.com/ 

assets/BOX-Fee-Schedule-as-of-June-18-2024.pdf. 

48See Cboe DataShop, ‘‘Cboe Open-Close Volume 

Summary,’’ available at https://datashop.cboe.com/ 

cboe-options-open-close-volume-summary. 

49See MIAX Pearl Options Exchange, ‘‘Fee 

Schedule as of April 15, 2024,’’ available at https:// 

www.miaxglobal.com/sites/default/files/fee_

schedule-files/MIAX_Pearl_Options_Fee_Schedule_

04152024.pdf. 

50BOX Exchange, ‘‘Fee Schedule as of June 18, 

2024,’’ available at https://boxexchange.com/assets/ 

BOX-Fee-Schedule-as-of-June-18-2024.pdf. 

51See Cboe DataShop, ‘‘Cboe Open-Close Volume 

Summary,’’ available at https://datashop.cboe.com/ 

cboe-options-open-close-volume-summary. 

52See Securities Exchange Act Release No. 65836 

(November 28, 2011), 76 FR 75593 (December 2, 

2011) (SR–Nasdaq–2011–153) (establishing fees for 

Nasdaq Options Trade Outline). 

similar to that provided by other 

exchanges because order flow can move 

from one exchange to another, and 

market sentiment trends that appear on 

one exchange are likely to be similar to 

the sentiment trends on other 

exchanges. The key differentiator in the 

quality of the data depends on the 

volume of transactions on a given 

exchange; the greater the volume of 

transactions, the greater the value of the 

data. Customers can choose not to 

purchase the trade outline product of 

one exchange and substitute it for that 

of another exchange. 

Customers can also choose not to 

purchase a trade outline product at all. 

Trade outline products are designed to 

help investors understand underlying 

market trends to improve the quality of 

investment decisions, but is not 

necessary to execute a trade. Customers 

can, and do, choose to forego the 

information from Trade Outline or any 

of its competitor products when making 

a trade. 

Nasdaq and its affiliates have 

observed that customers purchase 

sufficient data to provide a view of the 

market, but not more, as the value of 

data from each additional exchange 

yields diminishing returns. As a result, 

all exchanges are limited in what they 

will be able to charge for trade outline. 

As the Commission and courts 40 have 

recognized, ‘‘[i]f competitive forces are 

operative, the self-interest of the 

exchanges themselves will work 

powerfully to constrain unreasonable or 

unfair behavior.’’ 41 Accordingly, ‘‘the 

existence of significant competition 

provides a substantial basis for finding 

that the terms of an exchange’s fee 

proposal are equitable, fair, reasonable, 

and not unreasonably or unfairly 

discriminatory.’’ 42 The Commission 

and the courts have repeatedly 

expressed their preference for 

competition over regulatory 

intervention in determining prices, 

products, and services in the securities 

markets. In Regulation NMS, while 

adopting a series of steps to improve the 

current market model, the Commission 

highlighted the importance of market 

forces in determining prices and SRO 

revenues, and also recognized that 

current regulation of the market system 

‘‘has been remarkably successful in 

promoting market competition in its 

broader forms that are most important to 

investors and listed companies.’’ 43

Trade Outline is in direct competition 

with multiple exchanges that offer 

similar products in end of day and intraday formats.44

The license to allow the external 

distribution of Derived Data, like the 

purchase of the end of day and intra-day 

licenses, is also subject to competition. 

Any exchange that wishes to allow 

distribution of a Derived Data product 

based on options trading information 

would be able to do so with an 

immediately effective fee filing similar 

to this proposal. 

Moreover, as explained above, the 

proposal is designed to promote the 

dissemination of a variety of analytical 

insights—generally used only by 

investment banks, market makers, asset 

managers and other buy-side investors— 

to the general investing public by 

creating an incentive for market data 

vendors to identify, develop, and sell 

such indicators. As such, the proposal 

will spur competition among not only 

exchanges, but vendors as well. 

The discounted fees for historical 

data, like the purchase of the end of day, 

intra-day and Derived Data licenses, is 

also subject to competition. Any 

exchange that wishes to provide 

discounts for historical data would be 

able to do so with an immediately 

effective fee filing in response. Limiting 

the discount to the most recent 36 

months of information for Current 

Distributors is reasonable because our 

discussions with current and past 

customers and experience indicate that 

36 months of data is sufficient for most 

customer needs and is an effective 

baseline for review. Other market 

participants will continue to have 

access to the data through ad-hoc 

requests. Because the sale of historical 

data is subject to competition, other 

trading venues are free to formulate 

different discounts. 

Comparability of Proposed Fees 

The proposed fees are comparable to 

the fees charged by similarly situated 

exchanges. 

As explained above, the value of 

Trade Outline is determined in part by 

the number of underlying transactions 

reflected in the data. The Nasdaq 

Options Market has a market share 

comparable to MIAX Pearl, BOX 

Exchange and Cboe BZX, at 

approximately 5% to 6% during the 

second quarter of 2024.45 For intra-day 

products, fees range from $1,500 to 

$2,000 for these exchanges. MIAX Pearl 

charges $2,000,46 BOX Exchange 

charges $1,500,47 and Cboe BZX charges 

$1,500.48 The proposed fee of $2,000 

per month for NOTO Intra-Day data is 

comparable to that of its competitors. 

For End of day products, fees range 

from $500 to $600 for comparable 

exchanges. MIAX Pearl charges $600,49

BOX Exchange charges $500,50 and 

Cboe BZX charges $500.51 The proposed 

fee of $575 for NOTO Intra-Day data is 

comparable to that of its competitors. 

These fees also reflect the increasing 

value of the Trade Outline product over 

time. The number of transactions 

executed on options exchanges has 

increased significantly over that time, 

while fees for Trade Outline have 

remained unchanged in nominal 

terms.52

Nasdaq is not aware of another 

exchange that provides a similar 


ddrumheller on DSK120RN23PROD with NOTICES1
78356 Federal Register / Vol. 89, No. 186 / Wednesday, September 25, 2024 / Notices 

discount for historical data other than 

its own affiliates. The Phlx exchange, 

which is affiliated with Nasdaq, offers 

the most recent 36 months of historical 

End of Day data to Current Distributors 

for $6,000, and the most recent 36 

months of Intraday data for $12,000. 

The proposed Nasdaq Options Market 

fees of $3,000 for 36 months of 

historical End of Day data and $6,000 

for 36 months of Intraday data are 

reasonable in comparison to Phlx 

because Nasdaq Options Market has a 

much lower market share 

(approximately 9% for Phlx and about 

6% for Nasdaq Options Market). 

If the Exchange is incorrect in its 

assessment of the marketplace, current 

and prospective customers will elect not 

to purchase Trade Outline. 

As noted above, clarifying the 

definition of Current Distributor will not 

change fees, and therefore will not 

impact the equitable allocation of 

reasonable dues, fees and other charges. 

The Proposal Does Not Permit Unfair 

Discrimination 

Nothing in the proposal treats any 

category of market participant any 

differently from any other category of 

market participant. On the contrary, the 

proposal expands distribution of Trade 

Outline information beyond investment 

banks, market makers, asset managers 

and other buy-side investors to market 

data vendors and the general investing 

public. Allowing the distribution of 

Derived Data to the general investing 

public will broaden the availability of 

such information while not treating any 

current recipients of the product 

differently in any way. The new fee 

structure, which modifies fees to reflect 

current market value and offers 

historical data at a discount, applies 

equally to all current and potential 

distributors. 

Trade Outline is available to all 

market participants, including members 

and non-members, and all market 

participants receive the same 

information in the Trade Outline data 

feed. 

With respect to the specific fee 

changes, it is reasonable and not unfair 

discrimination to charge an external 

distributor of Derived Data a $4,000 

licensing fee. Vendors will ordinarily 

charge a fee to their downstream 

customers for this service, and, even if 

the vendor is not charging a specific fee 

for this service, Derived Data products 

from the Exchange will be part of a suite 

of offerings that generally promote sales. 

External distribution is fundamentally 

different than internal use, in that the 

former generates revenue from external 

sales while the latter does not. It is not 

unfair discrimination to charge a 

licensing fee for a product that generates 

downstream revenue. 

Nor is it unfair discrimination to 

allow the redistribution of Derived Data, 

but not the underlying information, to 

the general investing public. As 

explained above, neither exchanges nor 

vendors ordinarily allow redistribution 

of analytic products—such products are 

typically designed solely for the use of 

direct customers, not for redistribution 

in the manner of a data feed. Allowing 

the redistribution of Derived Data 

provides an incentive for vendors to 

innovate with new compelling and 

varied analytic products for the general 

investing public that will provide access 

to market sentiment insights currently 

available only to sophisticated 

investors. This proposal is therefore not 

unfair discrimination, but rather allows 

for greater access to market sentiment 

information for the general investing 

public. 

It is also not unfair discrimination to 

provide a discount for 36 months of 

historical data to Current Distributors, 

but not former distributors or firms that 

have never purchased the product. Any 

firm would be able to become a Current 

Distributor at any time by subscribing to 

Trade Outline, and would be able to 

cancel the subscription at any time after 

receiving the 36 months of historical 

data for the proposed discounted fee. 

More specifically, a firm that is not a 

Current Distributor may obtain access to 

the 36 months of historical data at a 

discount by becoming a Current 

Distributor for a limited time and then 

terminating the subscription. 

It is not unfair discrimination to limit 

the historical data discount to Current 

Distributors. Historical information is 

generally used by Current Distributors 

to test their strategies and trading 

models, and Current Distributors are 

therefore in the best position to benefit 

from the historical data. Outside of the 

36 month period, all firms will have the 

opportunity to purchase historical data 

on an ad hoc basis. As noted, ad-hoc 

requests for historical data will be at the 

proposed current rates of $575 per 

month for End of Day data and $2,000 

per month for Intra-Day data. 

For all of these reasons, the proposal 

does not permit unfair discrimination. 

B. Self-Regulatory Organization’s 

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. In terms of 

inter-market competition, the Exchange 

notes that it operates in a highly 

competitive market in which market 

participants can readily favor competing 

venues if they deem fee levels at a 

particular venue to be excessive, or 

rebate opportunities available at other 

venues to be more favorable. In such an 

environment, the Exchange must 

continually adjust its fees to remain 

competitive with other exchanges and 

with alternative trading systems that 

have been exempted from compliance 

with the statutory standards applicable 

to exchanges. Because competitors are 

free to modify their own fees in 

response, and because market 

participants may readily adjust their 

order routing practices, the Exchange 

believes that the degree to which fee 

changes in this market may impose any 

burden on competition is extremely 

limited. 

Adding the definition of Nasdaq 

Options Trade Outline will promote 

competition by helping investors make 

better informed decisions about NOTO. 

Nothing about the addition of a 

definition will impact inter-market 

competition or intra-market competition 

negatively. 

Intermarket Competition 

Nothing in the proposal burdens 

inter-market competition (the 

competition among self-regulatory 

organizations). 

As discussed above, Trade Outline is 

subject to direct competition from other 

options exchanges that offer substitutes. 

Any of these exchanges can replicate 

this proposal in full or in part, and 

nothing in the proposal would interfere 

with the ability of any exchange to do 

so. 

Intra-Market Competition 

Nothing in the proposal burdens 

intra-market competition (the 

competition among consumers of 

exchange data). Trade Outline is 

available to any customer under the 

same fee schedule as any other 

customer, and any market participant 

that wishes to purchase these products 

can do so on a non-discriminatory basis. 

Indeed, the proposal will foster 

competition by expanding 

dissemination of data to vendors and 

the general investing public, and by 

encouraging more market participants to 

use Trade Outline data to help inform 

their investments strategies and analytic 

models. 

Offering the 36 months of historical 

data to Current Distributors, but not 

former distributors or firms that have 

never purchased the product, will not 

burden competition because nonsubscribers are free to purchase a 

current subscription. Moreover, a firm 


ddrumheller on DSK120RN23PROD with NOTICES1
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