Federal Register / Vol. 89, No. 203 / Monday, October 21, 2024 / Notices 84213 

14 17 CFR 200.30–3(a)(31). 

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

2 17 CFR 240.19b–4. 

3See Notice of Filing infra note 4, at 71 FR 597. 

4Securities Exchange Act Release No. 100842 

(August 27, 2024), 71 FR 597 (September 3, 2024) 

(File No. SR–DTC–2024–009) (‘‘Notice of Filing’’). 

5 15 U.S.C. 78s(b)(2)(i). 

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

7 Id. 

8 Id. 

9 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3See Notice of Filing infra note 4, at 71 FR 646. 

4Securities Exchange Act Release No. 100841 

(August 27, 2024), 71 FR 646 (September 3, 2024) 

(File No. SR–NSCC–2024–006) (‘‘Notice of Filing’’). 

5 15 U.S.C. 78s(b)(2)(i). 

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

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 

10:00 a.m. and 3:00 p.m. Copies of such 

filing also will be available for 

inspection and copying at the principal 

office of FICC and on DTCC’s website at 

(https://dtcc.com/legal/sec-rulefilings.aspx). 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–FICC–2024–009 and should 

be submitted on or before November 12, 

2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.14

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–24205 Filed 10–18–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101345; File No. SR–DTC– 

2024–009] 

Self-Regulatory Organizations; 

Depository Trust Company; Notice of 

Designation of Longer Period for 

Commission Action on Proposed Rule 

Change To Adopt the Clearing Agency 

Framework for Certain Requirements 

on Governance and Conflicts of 

Interest 

October 15, 2024. 

On August 15, 2024, the Depository 

Trust Company (‘‘DTC’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change SR–DTC–2024–009 (‘‘Proposed 

Rule Change’’) pursuant to Section 19(b) 

of the Securities Exchange Act of 1934 

(‘‘Exchange Act’’) 1 and Rule 19b–4 2

thereunder to adopt a new framework 

entitled the ‘‘Clearing Agency 

Framework for Certain Requirements on 

Governance and Conflicts of Interest’’ 

(‘‘Framework’’) of DTC and its affiliates, 

the Fixed Income Clearing Corporation 

(‘‘FICC’’) and National Securities 

Clearing Corporation (‘‘NSCC,’’ and 

together with FICC and DTC, the 

‘‘Clearing Agencies’’).3 The Proposed 

Rule Change was published for public 

comment in the Federal Register on 

September 3, 2024.4 The Commission 

has received no comments regarding the 

Proposed Rule Change. 

Section 19(b)(2)(i) of the Exchange 

Act 5 provides that, within 45 days of 

the publication of notice of the filing of 

a proposed rule change, the Commission 

shall either approve the proposed rule 

change, disapprove the proposed rule 

change, or institute proceedings to 

determine whether the proposed rule 

change should be disapproved unless 

the Commission extends the period 

within which it must act as provided in 

Section 19(b)(2)(ii) of the Exchange 

Act.6 Section 19(b)(2)(ii) of the 

Exchange Act allows the Commission to 

designate a longer period for review (up 

to 90 days from the publication of notice 

of the filing of a proposed rule change) 

if the Commission finds such longer 

period to be appropriate and publishes 

its reasons for so finding, or as to which 

the self-regulatory organization 

consents.7

The 45th day after publication of the 

Notice of Filing is October 18, 2024. To 

provide the Commission with sufficient 

time to consider the Proposed Rule 

Change, the Commission finds that it is 

appropriate to designate a longer period 

within which to act on the Proposed 

Rule Change and therefore is extending 

this 45-day time period. 

Accordingly, the Commission, 

pursuant to Section 19(b)(2) of the 

Exchange Act,8 designates December 2, 

2024, as the date by which the 

Commission shall either approve, 

disapprove, or institute proceedings to 

determine whether to disapprove 

proposed rule change SR–DTC–2024– 

009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.9

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–24207 Filed 10–18–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101337; File No. SR– 

NSCC–2024–006] 

Self-Regulatory Organizations; 

National Securities Clearing 

Corporation; Notice of Designation of 

Longer Period for Commission Action 

on Proposed Rule Change To Adopt 

the Clearing Agency Framework for 

Certain Requirements on Governance 

and Conflicts of Interest 

October 15, 2024. 

On August 15, 2024, National 

Securities Clearing Corporation 

(‘‘NSCC’’) filed with the Securities and 

Exchange Commission (‘‘Commission’’) 

the proposed rule change SR–NSCC– 

2024–006 (‘‘Proposed Rule Change’’) 

pursuant to Section 19(b) of the 

Securities Exchange Act of 1934 

(‘‘Exchange Act’’) 1 and Rule 19b–4 2

thereunder to adopt a new framework 

entitled the ‘‘Clearing Agency 

Framework for Certain Requirements on 

Governance and Conflicts of Interest’’ 

(‘‘Framework’’) of NSCC and its 

affiliates, the Depository Trust Company 

(‘‘DTC’’) and Fixed Income Clearing 

Corporation (‘‘FICC,’’ and together with 

NSCC and DTC, the ‘‘Clearing 

Agencies’’).3 The Proposed Rule Change 

was published for public comment in 

the Federal Register on September 3, 

2024.4 The Commission has received no 

comments regarding the Proposed Rule 

Change. 

Section 19(b)(2)(i) of the Exchange 

Act 5 provides that, within 45 days of 

the publication of notice of the filing of 

a proposed rule change, the Commission 

shall either approve the proposed rule 

change, disapprove the proposed rule 

change, or institute proceedings to 

determine whether the proposed rule 

change should be disapproved unless 

the Commission extends the period 

within which it must act as provided in 

Section 19(b)(2)(ii) of the Exchange 

Act.6 Section 19(b)(2)(ii) of the 

Exchange Act allows the Commission to 

designate a longer period for review (up 

to 90 days from the publication of notice 

of the filing of a proposed rule change) 

if the Commission finds such longer 

period to be appropriate and publishes 

its reasons for so finding, or as to which 


lotter on DSK11XQN23PROD with NOTICES1
84214 Federal Register / Vol. 89, No. 203 / Monday, October 21, 2024 / Notices 

7 Id. 

8 Id. 

9 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3A ‘‘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 ISE 

Options 1, Section 1(a)(37). 

4 ‘‘Non-Select Symbols’’ are options overlying all 

symbols excluding Select Symbols. ‘‘Select 

Symbols’’ are options overlying all symbols listed 

on the Exchange that are in the Penny Interval 

Program. 

5 In addition, for Priority Customer orders adding 

liquidity in Non-Select Symbols, there is no fee or 

rebate provided when trading against Priority 

Customer complex orders that leg into the regular 

order book. See Options 7, Section 3, note 18. 

6A ‘‘Crossing Order’’ is an order executed in the 

Exchange’s Facilitation Mechanism, Solicited Order 

Mechanism, Price Improvement Mechanism (PIM) 

or submitted as a Qualified Contingent Cross order. 

For purposes of this Pricing Schedule, orders 

executed in the Block Order Mechanism are also 

considered Crossing Orders. 

7 ‘‘Responses to Crossing Order’’ is any contraside interest submitted after the commencement of 

an auction in the Exchange’s Facilitation 

Mechanism, Solicited Order Mechanism, Block 

Order Mechanism or PIM. 

8 ‘‘Customer Total Consolidated Volume’’ means 

the total national volume cleared at The Options 

Clearing Corporation in the Customer range in 

equity and ETF options in that month. 

9See Options 7, Section 3, note 15. 

10 15 U.S.C. 78f(b). 

11 15 U.S.C. 78f(b)(4) and (5). 

the self-regulatory organization 

consents.7

The 45th day after publication of the 

Notice of Filing is October 18, 2024. To 

provide the Commission with sufficient 

time to consider the Proposed Rule 

Change, the Commission finds that it is 

appropriate to designate a longer period 

within which to act on the Proposed 

Rule Change and therefore is extending 

this 45-day time period. 

Accordingly, the Commission, 

pursuant to Section 19(b)(2) of the 

Exchange Act,8 designates December 2, 

2024, as the date by which the 

Commission shall either approve, 

disapprove, or institute proceedings to 

determine whether to disapprove 

proposed rule change SR–NSCC–2024– 

006. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.9

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–24203 Filed 10–18–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101349; File No. SR–ISE– 

2024–48] 

Self-Regulatory Organizations; Nasdaq 

ISE, LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend the 

Exchange’s Pricing Schedule at 

Options 7, Section 3 

October 15, 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 October 

1, 2024, Nasdaq ISE, LLC (‘‘ISE’’ or 

‘‘Exchange’’) filed with the Securities 

and Exchange Commission (‘‘SEC’’ or 

‘‘Commission’’) the proposed rule 

change as described in Items I, II, and 

III, below, which Items have been 

prepared by the Exchange. The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to amend the 

Exchange’s Pricing Schedule at Options 

7, Section 3. 

The text of the proposed rule change 

is available on the Exchange’s website at 

https://listingcenter.nasdaq.com/ 

rulebook/ise/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 

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 amend the Exchange’s 

Pricing Schedule in Options 7, Section 

3. 

Today, as set forth in Options 7, 

Section 3, the Exchange assesses all 

market participants (except Priority 

Customers) 3 a uniform regular order 

maker fee of $0.70 per contract for NonSelect Symbol 4 executions that add 

liquidity on the Exchange. Priority 

Customers are assessed a $1.00 per 

contract regular order maker rebate in 

Non-Select Symbols.5 Additionally, the 

Exchange also currently offers Members 

an additional rebate of $0.14 per 

contract if they execute more than 

0.10% of Regular Order Non-Select 

Symbol Priority Customer volume 

(excluding Crossing Orders 6 and 

Responses to Crossing Orders) 7

calculated as a percentage of Customer 

Total Consolidated Volume 8 per day in 

a given month (‘‘Note 15 Incentive’’).9

The Note 15 Incentive is designed to 

encourage Members to transact in 

greater regular Non-Select Symbol 

Priority Customer volume on the 

Exchange to receive rebates up to $1.14 

per contract (i.e., the $1.00 base maker 

rebate plus the additional $0.14 Note 15 

Incentive). 

The Exchange now proposes to amend 

the Note 15 Incentive by increasing the 

additional $0.14 rebate to $0.18 per 

contract. The additional rebate 

qualifications are not changing under 

this proposal. Accordingly, Members 

would be eligible to receive higher 

rebates of up to $1.18 per contract (i.e., 

the base $1.00 maker rebate plus the 

proposed additional $0.18 Note 15 

Incentive) under this proposal when 

sending the same amount of regular 

Non-Select Symbol Priority Customer 

volume as they do today. Ultimately, the 

Exchange believes that the proposed 

changes will attract more Priority 

Customer Non-Select Symbol order flow 

to ISE because Members may be 

incentivized to send such order flow to 

ISE to receive the increased rebate. 

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with Section 6(b) 

of the Act,10 in general, and furthers the 

objectives of Sections 6(b)(4) and 6(b)(5) 

of the Act,11 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. 

The Exchange’s proposed changes to 

its Pricing Schedule are reasonable in 

several respects. As a threshold matter, 

the Exchange is subject to significant 

competitive forces in the market for 

options securities transaction services 

that constrain its pricing determinations 

in that market. The fact that this market 

is competitive has long been recognized 

by the courts. In NetCoalition v. 

Securities and Exchange Commission, 

the D.C. Circuit stated as follows: ‘‘[n]o 


lotter on DSK11XQN23PROD with NOTICES1