78408 Federal Register / Vol. 89, No. 186 / Wednesday, September 25, 2024 / Notices 

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

12 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6)(iii) 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 fulfilled this requirement. 

13 17 CFR 240.19b–4(f)(6). 

14 17 CFR 240.19b–4(f)(6)(iii). 

15For purposes only of accelerating the operative 

date of this proposal, the Commission has 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. 15 

U.S.C. 78c(f). 

16 15 U.S.C. 78s(b)(2)(B). 17 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

19(b)(3)(A)(iii) of the Act 11 and Rule 

19b–4(f)(6)(iii) thereunder.12

A proposed rule change filed under 

Rule 19b–4(f)(6) 13 normally does not 

become operative prior to 30 days after 

the date of the filing. However, pursuant 

to Rule 19b4(f)(6)(iii),14 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 proposal may take effect as soon as 

the technology associated with the 

proposed change is available, which is 

anticipated to be less than 30 days from 

the date of this filing. The Commission 

believes that waiver of the operative 

delay is consistent with the protection 

of investors and the public interest 

because the proposal raises no novel 

issues and would allow use of the MTS 

Modifier with odd lot quantities without 

delay and promote clarity in Exchange 

rules as to the order types that may be 

designated with an MTS Modifier. 

Accordingly, the Commission hereby 

waives the 30-day operative delay and 

designates the proposal operative upon 

filing.15

At any time within 60 days of the 

filing of such 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 

under Section 19(b)(2)(B) 16 of the Act to 

determine whether the proposed rule 

change 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– 

NYSECHX–2024–29 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–NYSECHX–2024–29. 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–NYSECHX–2024–29 and should be 

submitted on or before October 16, 

2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.17

Vanessa A. Countryman, 

Secretary. 

[FR Doc. 2024–21874 Filed 9–24–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101097; File No. SR– 

GEMX–2024–35] 

Self-Regulatory Organizations; Nasdaq 

GEMX, LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Codify the Definition 

of GEMX Open/Close End of Day and 

Intraday Trade Profile 

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, Nasdaq GEMX, LLC 

(‘‘GEMX’’ 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 GEMX Open/Close End of 

Day and Intraday Trade Profile in the 

GEMX rulebook. This filing also 

incorporates previously proposed fee 

changes that: (i) adjusted fees for GEMX 

Open/Close End of Day and Intraday 

Trade Profile; (ii) reduced fees for 36 

months of historical data for current 

customers; and (iii) allowed unlimited 

external distribution of GEMX Open/ 

Close End of Day and Intraday Trade 

Profile 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/gemx/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 

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 


ddrumheller on DSK120RN23PROD with NOTICES1
Federal Register / Vol. 89, No. 186 / Wednesday, September 25, 2024 / Notices 78409 

3The previously introduced fee proposal was 

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

19. On July 15, 2024, that filing was withdrawn and 

refiled as SR–GEMX–2024–24. On July 29, 2024, 

that filing was withdrawn and refiled as SR– 

GEMX–2024–26 On August 12, 2024, that proposal 

was withdrawn and replaced with SR–GEMX– 

2024–28 to incorporate those fees into a filing that 

codifies the definition of GEMX Open/Close Trade 

Profile. On August 23, 2024, SR–GEMX–2024–28 

was withdrawn and replaced with SR–GEMX– 

2024–31 to provide additional information. On 

September 6, 2024, SR–GEMX–2024–31 was 

withdrawn and replaced with the instant filing to 

provide further information. 

4See Securities Exchange Act Release No. 81632 

(September 15, 2017), 82 FR 44235 (September 21, 

2017) (SR–GEMX–2017–42) (setting current fees for 

GEMX Open/Close Trade Profile). 

5Every options series trades as a distinct symbol; 

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

synonyms. 

6A ‘‘Priority Customer’’ is a person or entity that 

is not a broker/dealer in securities, and does not 

place more than 390 orders in listed options per day 

on average during a calendar month for its own 

beneficial account(s), as defined in Nasdaq GEMX 

Options 1, Section 1(a)(36). See Options 7, Section 

1(c). 

7A ‘‘Broker-Dealer’’ order is an order submitted 

by a member for a broker-dealer account that is not 

its own proprietary account. See Options 7 Section 

1(c). 8A ‘‘Firm Proprietary’’ order is an order 

submitted by a member for its own proprietary 

account. See Options 7 Section 1(c). 9A ‘‘Professional Customer’’ is a person or entity 

that is not a broker/dealer and is not a Priority 

Customer. See Options 7 Section 1(c). 10The End of Day report includes a field that 

presents Total Industry Volume for the Series. 11An opening buy is a transaction that creates or 

increases a long position and an opening sell is a 

transaction that creates or increases a short 

position. A closing buy is a transaction made to 

close out an existing position. A closing sell is a 

transaction to reduce or eliminate a long position. 

12Trading volume is the number of contracts 

traded; the number of trades is the number of 

transactions. 

13The degree to which a series is ‘‘in’’ or ‘‘out’’ 

of the ‘‘money’’ is identified according to the 

following five levels of ‘‘moneyness’’: (i) ‘‘Deep in 

the Money’’ means that the strike price of this 

option is more than 12% lower than the price of 

the underlying security if it is a call or more than 

12% higher if it is a put; (ii) ‘‘In the Money’’ means 

that the strike price of this option is within the 

range of 5%–12% lower than the price of the 

underlying security if it is a call or within the range 

of 5%–12% higher if it is a put; (iii) ‘‘At the 

Money’’ means that the strike price of this option 

is within the range of 5% higher or lower than the 

price of the underlying security; (iv) ‘‘Out of the 

Money’’ means that the strike price of this option 

is within the range of 5%–12% higher than the 

price of the underlying security if it is a call or 5%– 

12% lower if it is a put; and (v) ‘‘Deep out of the 

Money’’ means that the strike price of this option 

is more than 12% higher than the price of the 

underlying security if it is a call or more than 12% 

lower if it is a put. 

14 ‘‘Open Interest’’ is the total number of 

outstanding contracts for each series across all 

options exchanges for the trade date of the file. 

15See Securities Exchange Act Release No. 81632 

(September 15, 2017), 82 FR 44235 (September 21, 

2017) (SR–GEMX–2017–42) (setting current fees for 

GEMX Open/Close Trade Profile). 

16See Securities Exchange Act Release No. 80722 

(May 18, 2017), 82 FR 23891 (May 24, 2017) (SR– 

GEMX–2017–13) (establishing fees for historical 

information on GEMX Open/Close Trade Profile). 

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 

GEMX Open/Close Trade Profile in the 

GEMX rulebook. This filing also 

incorporates previously proposed fee 

changes that: (i) adjusted fees for GEMX 

Open/Close End of Day and Intraday 

Trade Profile; (ii) reduced fees for 36 

months of historical data for current 

customers; and (iii) allowed unlimited 

external distribution of GEMX Open/ 

Close End of Day and Intraday Trade 

Profile for a fixed monthly fee.3

GEMX Open/Close Trade Profile 

The GEMX Open/Close Trade Profile 

provides over 80 fields of trading and 

volume data for GEMX-listed options 

that can be used to create and test 

trading models and analytical 

strategies.4 This product is designed to 

provide data to subscribers regarding 

investor sentiment and trading activity. 

The GEMX Open/Close Trade Profile 

provides aggregate quantity and volume 

information for trades on the Exchange 

for all series 5 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 

(Priority Customer,6 Broker-Dealer,7

Firm Proprietary,8 and Professional 

Customer 9), and for Priority Customers 

and Professional Customers, 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 

(Priority Customer, Broker-Dealer, Firm 

Proprietary, and Professional Customer), 

and for Priority Customers and 

Professional Customers, further 

subdivided by trade size buckets. 

GEMX Open/Close Trade Profile End 

of Day also provides opening buy, 

closing buy, opening sell and closing 

sell information, which includes 

underlying close, option close, and 

moneyness. 

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. 

The GEMX Open/Close Trade Profile 

provides proprietary Exchange trade 

data and does not include any intraday 

trade data from any other exchange.10

The information provided, both in End 

of Day and Intraday formats, is not a 

real-time data feed. 

GEMX Open/Close Trade Profile 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. 

This information 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 Profile data includes ‘‘Origin 

Code’’ (the type of trader participating 

in the transaction); opening and closing 

buys and sells; 11 trading volume and 

number of trades categorized by day and 

series; 12 the degree to which a series is 

‘‘in’’ or ‘‘out’’ of the ‘‘money’’; 13 the 

number of days to expiration; an 

indication of the degree to which there 

is ‘‘Open Interest’’ 14 for each series; and 

a comparison of the volume of trading 

at GEMX relative to the industry as a 

whole. 

The End of Day file is updated 

overnight and available for download 

the following morning. 

The Intraday file is captured in 

‘‘snapshots’’ taken every 10 minutes 

throughout the trading day, available to 

subscribers within 2 minutes of the 

conclusion of each period. Subscribers 

receive the first calculation at 9:42 a.m. 

ET, representing data captured from 

9:30 a.m. to 9:39 a.m., and the second 

calculation at 9:52 a.m., representing 

data from both the most recent snapshot 

and previous snapshots, continuing over 

the course of the trading day. 

The End of Day subscription is 

available for $500 per month. The 

Intraday subscription is available for 

$1,000 per month. These fees were set 

in 2017.15

The GEMX Open/Close Trade Profile 

is also available as an historical 

database available upon request.16 This 

data is intended to enhance a 

purchaser’s ability to analyze option 

trade and volume data, evaluate 

historical trends in the trading activity 

of a particular option series, and create 

and test trading models and analytical 


ddrumheller on DSK120RN23PROD with NOTICES1
78410 Federal Register / Vol. 89, No. 186 / Wednesday, September 25, 2024 / Notices 

17See 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). 

18See Nasdaq Stock Market Rules, Options 7, 

Section 4 (Nasdaq Options Market Data Distributor 

Fees). 

19See 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). 

20See, 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). 

21See, 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). 

22See, 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). 

23See, 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). 

24See, 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). 

25The Exchange proposes to define ‘‘Current 

Distributor’’ as any firm that purchases either the 

End of Day Product for the current month, or the 

Intraday Product for the current month in the same 

month that the 36 months of historical End of Day 

or Intraday data is ordered. 

strategies. The historical database 

provides the same fields of information 

available for the Intraday and End of 

Day products, respectively. 

End of Day data is available for $400 

per request per month. Intraday 

information is available in 10-minute 

increments for $750 per request per 

month. Historical data is available 

starting in August 2013. 

Trade Profile 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 information. 

Products similar to Trade Profile have 

been available on multiple exchanges 

for many years and are well-established 

in the market. Such products are 

available from the Nasdaq Phlx LLC 

(‘‘Phlx’’),17 Nasdaq Options Market 

(‘‘NOM’’),18 Nasdaq ISE LLC (‘‘ISE’’),19

Cboe Options Exchange (‘‘Cboe’’),20

NYSE American Options (‘‘NYSE 

American’’),21 NYSE Arca Options 

(‘‘NYSE Arca’’),22 BOX Options Market 

LLC (‘‘BOX’’),23 MIAX Pearl Options 

Exchange (‘‘Pearl’’),24 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 Profile are 

investment banks, market makers, asset 

managers and other buy-side investors. 

Proposed Changes 

Definition of GEMX Open/Close Trade 

Profile 

The Exchange proposes to codify the 

definition of GEMX Open/Close Trade 

Profile. 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: 

GEMX Open/Close Trade Profile 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 (Priority 

Customer, Broker-Dealer, Firm Proprietary, 

and Professional Customer), and for Priority 

Customers and Professional Customers, 

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 (Priority 

Customer, Broker-Dealer, Firm Proprietary, 

and Professional Customer), and for Priority 

Customers and Professional Customers, 

further subdivided by trade size buckets. 

GEMX Open/Close Trade Profile End of 

Day will also provide opening buy, closing 

buy, opening sell and closing sell 

information, which shall include option first 

trade price, underlying close, option close, 

and moneyness. 

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. 

The purpose of the proposed change 

is to add clarity and specificity to the 

GEMX rulebook. 

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 Intraday Product 

from $1,000 to $1,500. 

In addition, the Exchange proposes to 

insert a comma after the phrase ‘‘or the 

Intraday 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 Intraday Product 

for the current month, in the same month 

that the 36 months of historical End of Day 

or Intraday 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 Intraday 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 

Intraday or End of Day Distributors.25

Historical data is currently available for 

$400 per request per month for End of 

Day information, and $750 per request 

per month for Intraday information. The 

Exchange proposes to offer the most 

recent 36 months of historical data for 

current end of day product distributors 

for $4,800, and the most recent 36 

months of historical data for current 

Intraday product distributors for $9,000. 

These changes would substantially 

reduce fees for historical data. Under 

the current fee schedule, 36 months of 

end of day data at $400 per month 

would cost $14,400. The proposal 

would reduce this to $4,800. Thirty-six 

months of intraday data would cost 

$27,000 at the current rate of $750 per 

month. The proposal would reduce this 

to $9,000. Customers would be able to 

purchase historical information that 

exceeds 36 months at the current rates. 

The historical data will continue to 

provide the same categories of 

information available for current 

subscribers under the new proposal. 

Eligibility for the discount will 

depend on the type of current 

subscription. A current purchaser of 

End of Day data would be eligible for 

the historical End of Day product at the 

reduced rate. A current purchaser of the 

Intraday product would similarly be 

able to purchase the historical Intraday 

product at the reduced rate. A purchaser 

of both the current End of Day and 

Intraday products would be entitled to 


ddrumheller on DSK120RN23PROD with NOTICES1
Federal Register / Vol. 89, No. 186 / Wednesday, September 25, 2024 / Notices 78411 

26A 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 

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.). 

27 ‘‘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. 

28See Securities Exchange Act Release No. 93293 

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

(SR–Phlx–2021–58). 

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

30 15 U.S.C. 78f(b)(5). 

31 15 U.S.C. 78f(b). 

32 15 U.S.C. 78f(b)(4) and (5). 

33See 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). 

34See 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). 

35See 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). 

36See, 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). 

37See, 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). 

purchase both types of history at the 

reduced rate. 

The 36-month period will be based on 

the date of purchase of the current 

subscription by a Current Distributor. 

For example, a customer that buys the 

current 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 customer 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 July 

2021 through July 2024 at the 

discounted rate. The same reasoning 

would apply to Intraday customers.26

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, and 

the same would hold true for Intraday 

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 GEMX Open/Close 

Trade Profile. Many customers use 

historical data to test their strategies and 

models, and our discussions with 

current and former 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 GEMX 

Trade Profile for $3,000 per month. 

Derived Data is ‘‘any Information 

generated in whole or in part from 

Exchange Information such that the 

Information generated cannot be reverse 

engineered to recreate Exchange 

Information,27 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 GEMX Trade Profile 

are in addition to fees for the End of Day 

product or the Intraday product, or both, 

as applicable. 

This is a new license; external 

distribution of Derived Data is not 

currently permitted. The proposal, 

based on a similar license offered by the 

Phlx exchange,28 will allow the external 

distribution of analytic products derived 

from GEMX Trade Profile to the general 

investing public. A similar product is 

also being proposed for the Nasdaq 

Options Market and the ISE Exchange. 

Experience with Phlx 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. 

2. Statutory Basis 

The Exchange believes that its 

proposal to codify the definition of 

GEMX Open/Close Trade Profile is 

consistent with Section 6(b) of the 

Act,29 in general, and furthers the 

objectives of Section 6(b)(5) of the Act,30

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 GEMX Open/ 

Close Trade Profile will provide 

additional clarity and specificity to the 

GEMX 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 

GEMX Open/Close Trade Profile, and 

therefore will help protect investors and 

promote the public interest. 

Similarly, clarifying the definition of 

Current Distributor will also add 

specificity to the rulebook without 

changing the underlying fees. This 

additional clarity will help investors 

make better informed decisions about 

GEMX Open/Close Trade Profile, 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,31 in 

general, and furthers the objectives of 

Sections 6(b)(4) and 6(b)(5) of the Act,32

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 

Products similar to Trade Profile have 

been available on multiple exchanges 

for many years and are well-established 

in the market. Such products are 

available from Phlx,33 ISE,34 GEMX,35

Cboe,36 NYSE American,37 NYSE 


ddrumheller on DSK120RN23PROD with NOTICES1
78412 Federal Register / Vol. 89, No. 186 / Wednesday, September 25, 2024 / Notices 

38See, 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). 

39See, 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). 

40See, 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). 

41The 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)). 

42See Securities Exchange Act Release No. 59039 

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

2008) (SR–NYSEArca–2006–21). 

43See id. 

44See Securities Exchange Act Release No. 51808 

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

(‘‘Regulation NMS Adopting Release’’). 

45These 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. 

46See NasdaqTrader.com, ‘‘Options Market 

Statistics,’’ available at https://

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

OptionsVolumeSummary. 

47See MIAX Emerald Options Exchange Fee 

Schedule as of April 18, 2024,’’ available at https:// 

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

schedule-files/MIAX_Emerald_Fee_Schedule_

04182024.pdf. 

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

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

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

49See MIAX Emerald Options Exchange Fee 

Schedule as of April 18, 2024,’’ available at https:// 

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

schedule-files/MIAX_Emerald_Fee_Schedule_

04182024.pdf. 

50See Cboe DataShop, ‘‘Cboe Open-Close Volume 

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

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

Arca,38 BOX,39 MIAX Pearl,40 and 

others. 

Trade outline products offer the same 

categories of data through end of day or 

intraday reports. The information 

provided by one exchange is generally 

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 are not 

necessary to execute a trade. Customers 

can, and do, choose to forego the 

information from Trade Profile 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 Profile. 

As the Commission and courts 41 have 

recognized, ‘‘[i]f competitive forces are 

operative, the self-interest of the 

exchanges themselves will work 

powerfully to constrain unreasonable or 

unfair behavior.’’ 42 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.’’ 43 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.’’ 44

Trade Profile is in direct competition 

with multiple exchanges that offer 

similar products in end of day and 

intraday formats.45

The license to allow the external 

distribution of Derived Data, like the 

purchase of the end of day and intraday 

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, 

intraday 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. 

Comparability of Proposed Fees 

The proposed fees are comparable to 

the fees charged by similarly situated 

exchanges. 

As explained above, the value of 

Trade Profile is determined in part by 

the number of underlying transactions 

reflected in the data. GEMX has a 

market share comparable to Cboe C2 

and MIAX Emerald, at approximately 

3% to 4% during the second quarter of 

2024.46 For intraday products, MIAX 

Emerald charges $2,000 47 and Cboe C2 

charges $1,000.48 The proposed fee of 

$1,500 is within that range. For End of 

Day products, MIAX Emerald charges 

$600,49 and Cboe C2 charges $500.50

The proposed fees of $575 are within 

the range of fees charged by these 

exchanges. 

Nasdaq is not aware of another 

exchange that provides a similar 

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 GEMX fees of $4,800 for 

36 months of historical End of Day data 

and $9,000 for 36 months of Intraday 

data are reasonable in comparison to 

Phlx because GEMX has a much lower 

market share (approximately 9% for 

Phlx and about 3% for GEMX). 

If the Exchange is incorrect in its 

assessment, current and prospective 

customers will elect not to purchase 

Trade Profile. 


ddrumheller on DSK120RN23PROD with NOTICES1
Federal Register / Vol. 89, No. 186 / Wednesday, September 25, 2024 / Notices 78413 

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 

Profile 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 recipient 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 Profile is available to 

all market participants, including 

members and non-members, and all 

market participants receive the same 

information in the Trade Profile 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 $3,000 

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 particular 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 

to the customers of customers 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 that are 

now generally used by sophisticated 

investors. This proposal is therefore not 

unfair discrimination, but rather allows 

for more equitable 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 Profile, 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. 

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 GEMX Open/ 

Close Trade Profile will promote 

competition by helping investors make 

better informed decisions about GEMX 

Open/Close Trade Profile. 

Intermarket Competition 

Nothing in the proposal burdens 

inter-market competition (the 

competition among self-regulatory 

organizations). 

As discussed above, Trade Profile 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 Profile 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 Profile 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 

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. 


ddrumheller on DSK120RN23PROD with NOTICES1
78414 Federal Register / Vol. 89, No. 186 / Wednesday, September 25, 2024 / Notices 

51 15 U.S.C. 78s(b)(3)(A). 

52 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. 

53 17 CFR 240.19b–4(f)(6). 

54 17 CFR 240.19b–4(f)(6)(iii). 

55For 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). 

56 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. 

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 51 and Rule 19b–4(f)(6) 52

thereunder. 

A proposed rule change filed under 

Rule 19b–4(f)(6) 53 normally does not 

become operative prior to 30 days after 

the date of the filing. However, pursuant 

to Rule 19b–4(f)(6)(iii),54 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 GEMX Open/Close 

Trade Profile will provide additional 

clarity and specificity to the GEMX 

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.55

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– 

GEMX–2024–35 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–GEMX–2024–35. 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–GEMX–2024–35 and should be 

submitted on or before October 16, 

2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.56

Vanessa A. Countryman, 

Secretary. 

[FR Doc. 2024–21869 Filed 9–24–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101102; File No. SR– 

NYSENAT–2024–26] 

Self-Regulatory Organizations; NYSE 

National, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend Rule 7.31 

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 9, 2024, NYSE National, Inc. 

(‘‘NYSE National’’ or the ‘‘Exchange’’) 

filed with the Securities and Exchange 

Commission (the ‘‘Commission’’) the 

proposed rule change as described in 

Items I and II below, which Items have 

been 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 

Rule 7.31 regarding the Minimum Trade 

Size Modifier. 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 


ddrumheller on DSK120RN23PROD with NOTICES1