86400 Federal Register / Vol. 89, No. 210 / Wednesday, October 30, 2024 / Notices 

15See Securities Exchange Act Release No. 99185 

(December 14, 2023), 88 FR 88182 (December 20, 

2023) (SR–CboeEDGX–2023–072) and Securities 

Exchange Act Release No. 100333 (June14, 2024), 

89 FR 52115 (June 21, 2024) (SR–CboeEDGX–2024– 

034). 

16 15 U.S.C. 78s(b)(3)(A). 

17 17 CFR 240.19b–4(f). 

18 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78f. 

2See Securities Exchange Act Release No. 99614 

(Feb. 27, 2024), 89 FR 15621 (‘‘Notice’’). 

3The public comment file for 24X’s Form 1 (File 

No. 10–242) is available on the Commission’s 

website at: https://www.sec.gov/comments/10-242/ 

10-242.htm. 

Historical Depth Reports available to all 

investors. Potential purchasers may 

request the data at any time if they 

believe it to be valuable or may decline 

to purchase such data. As noted above, 

the Exchange previously adopted 

similar discount programs for other 

historical data products offered by the 

Exchange.15

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 that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

Exchange operates in a highly 

competitive environment in which the 

Exchange must continually adjust its 

fees to remain competitive. Because 

competitors are free to modify their own 

fees in response, including the adoption 

of similar discount to those fees, the 

Exchange believes that the degree to 

which fee changes (including discounts 

and rebates) in this market may impose 

any burden on competition is extremely 

limited. As discussed above, the 

Exchange’s Historical Depth Reports 

offering is subject to direct competition 

from several other options exchanges 

that offer similar data products. 

Moreover, purchase of Historical Depth 

Reports is optional. It is designed to 

help investors understand underlying 

market trends to improve the quality of 

investment decisions, but is not 

necessary to execute a trade. 

The proposed rule changes are 

grounded in the Exchange’s efforts to 

compete more effectively. In this 

competitive environment, potential 

purchasers are free to choose which, if 

any, similar product to purchase to 

satisfy their need for market 

information. As a result, the Exchange 

believes this proposed rule change 

permits fair competition among national 

securities exchanges. Further, the 

Exchange believes that these changes 

will not cause any unnecessary or 

inappropriate burden on intermarket 

competition, as the proposed incentive 

program applies uniformly to any 

purchaser of Historical Depth Reports. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

The Exchange neither solicited nor 

received comments on the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing rule change has become 

effective pursuant to Section 19(b)(3)(A) 

of the Act 16 and paragraph (f) of Rule 

19b–4 17 thereunder. At any time within 

60 days of the filing of the proposed rule 

change, the Commission summarily may 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is necessary or appropriate in the 

public interest, for the protection of 

investors, or otherwise in furtherance of 

the purposes of the Act. If the 

Commission takes such action, the 

Commission will institute proceedings 

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– 

CboeEDGX–2024–068 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–CboeEDGX–2024–068. 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–CboeEDGX–2024–068 and should be 

submitted on or before November 20, 

2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.18

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–25143 Filed 10–29–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release 34–101431; File No. 10–242] 

24X National Exchange LLC; Notice of 

Filing of Amendment No. 2 to an 

Application for Registration as a 

National Securities Exchange Under 

Section 6 of the Securities Exchange 

Act of 1934 

October 24, 2024. 

On February 6, 2024, 24X National 

Exchange LLC (‘‘24X’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) a Form 1 application 

under the Securities Exchange Act of 

1934 (‘‘Act’’) seeking registration as a 

national securities exchange under 

Section 6 of the Act.1 Notice of the 

application was published for comment 

in the Federal Register on March 4, 

2024.2 The Commission received 

comments on the Form 1 3 and a letter 


ddrumheller on DSK120RN23PROD with NOTICES1
Federal Register / Vol. 89, No. 210 / Wednesday, October 30, 2024 / Notices 86401 

4See letter to Secretary, Commission, from David 

Sassoon, General Counsel, 24X, dated May 30, 2024 

(‘‘24X Letter’’). 

5 15 U.S.C. 78s(a)(1)(B). 

6See Securities Exchange Act Release No. 100254 

(May 31, 2024), 89 FR 48466 (Jun. 6, 2024). 

7The public comment file for 24X’s Form 1 (File 

No. 10–242) is available on the Commission’s 

website at: https://www.sec.gov/comments/10-242/ 

10-242.htm. 

8See letter to Secretary, Commission, from David 

Sassoon, General Counsel, 24X, dated Aug. 21, 2024 

(‘‘24X OIP Letter’’). 

9Amendment No. 1 is available on the 

Commission’s website at: https://www.sec.gov/ 

rules-regulations/other-commission-orders-noticesinformation/24x-form-1. 

10See Securities Exchange Act Release No. 

100839 (Aug. 27, 2024), 89 FR 71471 (Sept. 3, 

2024). 

11 15 U.S.C. 78s(a)(1)(B). 

12See Securities Exchange Act Release No. 

100884 (Aug. 30, 2024), 89 FR 72917 (Sept. 6, 

2024). 

13See letters from Patrick Blonien, Instructor of 

Finance, Carnegie Mellon University, and 

Alexander Ober, Ph.D. Candidate in Finance, Rice 

University, undated; John Ramsay, Chief Market 

Policy Officer, Investors’ Exchange LLC, dated Oct. 

9, 2024; Joanna Mallers, Secretary, FIA Principal 

Traders Group, dated Oct. 11, 2024. 

14Amendment No. 2 is available on the 

Commission’s website at: https://www.sec.gov/ 

rules-regulations/other-commission-orders-noticesinformation/24x-form-1. 

15 ‘‘Regular trading hours’’ is defined in 

Commission Rule 600(b)(88) as ‘‘the time between 

9:30 a.m. and 4:00 p.m. Eastern Time.’’ 17 CFR 

242.600(b)(88). 

16 In Amendment No. 2, 24X proposes to revise 

the 24X Rule 1.5(b) definition of ‘‘24X Trading Day’’ 

to mean, ‘‘the 23-hour period commencing at 8:00 

p.m. Eastern Time on one calendar day and ending 

at 7:00 p.m. Eastern Time on the next calendar day 

for the period from Sunday at 8 p.m. Eastern Time 

through Friday at 7:00 p.m. Eastern Time. Subject 

to any trading pauses, halts or suspensions as 

described in these Rules, including the pause in 

trading described in the next sentence, trading will 

be continuous during this period, despite the 

designation of specified times for the Pre-Market 

Session, Core Market Session, Post-Market Session 

and 24X Market Session. For RHO Orders entered 

outside the Core Market Session, or during the Core 

Market Session but prior to the commencement of 

trading, trading for such RHO Orders will 

commence once the security has begun trading on 

the primary listing market on or after 9:30:00 a.m. 

Eastern Time; for all orders eligible to trade in the 

Core Market Session other than such RHO Orders, 

trading will be continuous in the Core Market 

Session, with no pause in trading related to the 

commencement of trading on the primary listing 

market.’’ 

17Specifically, 24X proposes in Amendment No. 

2 to revise the definition of ‘‘24X Market Session’’ 

in 24X Rule 1.5(c) to read, ‘‘(i) the time between 

8:00 p.m. Eastern Time on Sunday and 4:00 a.m. 

Eastern Time on Monday, unless Monday is not a 

U.S. Business Day, (ii) the time between 8:00 p.m. 

Eastern Time on Monday and 4:00 a.m. Eastern 

Time on Tuesday, unless Tuesday is not a U.S. 

Business Day, (iii) the time between 8:00 p.m. 

Eastern Time on Tuesday and 4:00 a.m. Eastern 

Time on Wednesday, unless Wednesday is not a 

U.S. Business Day, (iv) the time between 8:00 p.m. 

Eastern Time on Wednesday and 4:00 a.m. Eastern 

Time on Thursday, unless Thursday is not a U.S. 

Business Day, and (v) the time between 8:00 p.m. 

Eastern Time on Thursday and 4:00 a.m. Eastern 

Time on Friday, unless Friday is not a U.S. 

Business Day; provided, however, it shall not 

include any trading pauses as described in Rule 

11.15(c). For the avoidance of doubt, 

notwithstanding anything to the contrary in these 

Rules, the Exchange shall not commence operation 

of the 24X Market Session unless the Equity Data 

Plans (1) have established a mechanism to collect, 

consolidate, process and disseminate quotation and 

transaction information at all times during the 24X 

Market Session that is equivalent to the mechanism 

established for Exchange Trading Hours other than 

the 24X Market Session, and (2) have provided the 

Exchange with notification that they are prepared 

to collect, consolidate, process and disseminate 

quotation and transaction information to 

accommodate the 24X Market Session. Prior to 

commencing operation during the 24X Market 

Session, the Exchange will file a proposed rule 

change pursuant to Section 19(b) of the Exchange 

Act and the rules thereunder to amend its rules 

confirming that the Exchange is able to comply with 

its obligations under the Exchange Act and the rules 

thereunder during the 24X Market Session and that 

such Equity Data Plans are prepared to collect, 

consolidate, process and disseminate quotation and 

transaction information at all times during the 24X 

Market Session (‘‘24X Market Session Proposed 

Rule Change’’). The 24X Market Session Proposed 

Rule Change must be filed with the SEC within 18 

months of the SEC’s approval of the Exchange’s 

application for registration as a national securities 

exchange. If the 24X Market Session Proposed Rule 

Change is not filed within 18 months of the SEC’s 

approval of the Exchange’s application for 

registration as a national securities exchange, the 

Exchange will promptly file a proposed rule change 

to remove the rules that apply to the 24X Market 

Session.’’ 

18 24X proposes to define ‘‘Equity Data Plans’’ in 

24X Rule 1.5(o) as ‘‘the effective national market 

system plan(s) that govern the collection, 

consolidation, processing and dissemination of 

consolidated equity market data via the exclusive 

securities information processors (‘‘SIPs’’), 

including (1) Consolidated Tape Association Plan 

(‘‘CTA Plan’’), (2) Consolidated Quotation Plan 

(‘‘CQ Plan’’), (3) the Joint Self-Regulatory 

Organization Plan Governing the Collection, 

Consolidation and Dissemination of Quotation and 

Transaction Information for Nasdaq-Listed 

Securities Traded on Exchanges on an Unlisted 

Trading Privileges Basis (‘‘UTP Plan’’), and (4) any 

successor thereto to the named Plan(s).’’ 

19 In particular, in Amendment No. 2, 24X 

proposes to remove subparagraph (2) to 24X Rule 

3.21(i). 

20Specifically, 24X proposes in Amendment No. 

2 to add language to 24X Rule 11.16 to read, ‘‘[t]he 

Exchange will not commence operation of the 24X 

Market Session until a proposed rule change as 

required under 24X Rule 1.5(c) has been approved 

or become otherwise effective under Section 19(b) 

of the Exchange Act and the rules thereunder.’’ 

responding to the comments from 24X.4

On May 31, 2024, the Commission 

instituted proceedings pursuant to 

Section 19(a)(1)(B) of the Act 5 to 

determine whether to grant or deny 

24X’s application for registration as a 

national securities exchange under 

Section 6 of the Act (the ‘‘OIP’’).6 After 

issuance of the OIP, Commission 

received six comment letters 7 and a 

letter responding to the OIP and 

comments from 24X.8 On August 21, 

2024, 24X filed an amendment to its 

Form 1 application (‘‘Amendment No. 

1’’),9 which was published for comment 

in the Federal Register on September 3, 

2024.10 On August 30, 2024, the 

Commission extended, pursuant to 

Section 19(a)(1)(B) of the Exchange 

Act,11 the time period for granting or 

denying 24X’s Form 1 application for an 

additional 90 days, until November 29, 

2024.12 The Commission subsequently 

received three comment letters.13 On 

October 23, 2024, 24X filed a second 

amendment to its Form 1 application 

(‘‘Amendment No. 2’’).14 The 

Commission is publishing this notice in 

order to solicit views of interested 

persons on 24X’s Form 1, as amended 

by Amendment No. 2. 

I. Description of 24X’s Proposed 

Trading System 

As described in the Notice, 24X 

proposes to operate as a national 

securities exchange with expanded 

hours of trading that are outside of 

regular trading hours.15

II. Amendment No. 2 to 24X’s Form 1 

In Amendment No. 2, 24X proposes to 

revise Exhibit B–1 to: (1) modify the 

definition of ‘‘24X Trading Day’’ in 24X 

Rule 1.5(b) to reflect trading over 5 days, 

rather than the 7 days initially 

proposed, and make corresponding 

changes to 24X Rule 11.1; 16 (2) modify 

the definition of ‘‘24X Market Session’’ 

in 24X Rule 1.5(c) to revise the hours of, 

and to expressly condition the operation 

of, the 24X Market Session; 17 (3) add 

subparagraph (o) to 24X Rule 1.5 to 

define the term, ‘‘Equity Data Plans’’; 18

(4) revise 24X Rule 3.21(i) (‘‘Customer 

Disclosures’’) to reflect the proposed 

amendment to the 24X Market 

Session; 19 (5) revise the Time-in-Force 

instructions in 24X Rule 11.6(o)(4) to 

reflect the new operating hours; (6) 

make corresponding changes to 24X 

Rule 11.15(c), governing trading pauses, 

consistent with the new operating 

hours; and (7) modify 24X Rule 11.16 to 

clarify that the Exchange will not 

operate the 24X Market Session until 

the 24X Market Session Proposed Rule 

Change as required under 24X Rule 

1.5(c) has been approved or otherwise 

become effective under Section 19(b) of 

the Act.20

In Amendment No. 2, 24X also 

proposes to revise Exhibit E and Exhibit 

E–1 to make conforming changes to 

reflect the new operating hours of the 

Exchange, and in particular, the 

operating hours of, and conditions for 

commencement of operations of, the 

24X Market Session. 

III. Request for Written Comment 

The Commission requests that 

interested persons provide written 

views and data with respect to 24X’s 


ddrumheller on DSK120RN23PROD with NOTICES1
86402 Federal Register / Vol. 89, No. 210 / Wednesday, October 30, 2024 / Notices 

21 17 CFR 200.30–3(a)(71)(ii). 

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

2 17 CFR 240.19b–4. 

3See Rule 1.5(n) (‘‘Member’’). The term 

‘‘Member’’ shall mean any registered broker or 

dealer that has been admitted to membership in the 

Exchange. A Member will have the status of a 

‘‘member’’ of the Exchange as that term is defined 

in Section 3(a)(3) of the Act. Membership may be 

granted to a sole proprietor, partnership, 

corporation, limited liability company or other 

organization which is a registered broker or dealer 

pursuant to Section 15 of the Act, and which has 

been approved by the Exchange. 

4See, e.g., https://www.nasdaqtrader.com/ 

Trader.aspx?id=DPPriceListOptions#nom; and 

https://www.nyse.com/publicdocs/nyse/data/ 

NYSE_Market_Data_Fee_Schedule.pdf. 

Form 1, as amended by Amendment No. 

2. Comments may be submitted by any 

of the following methods: 

Electronic Comments 

• Use the Commission’s internet 

comment form (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number 10– 

242 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 10–242. 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 (http://www.sec.gov/ 

rules/other.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to 24X’s Form 1, as 

amended, filed with the Commission, 

and all written communications relating 

to the application 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 

10:00 a.m. and 3:00 p.m. All comments 

received will be posted without change. 

Persons submitting comments are 

cautioned that we do not redact or edit 

personal identifying information from 

submissions. You should submit only 

information that you wish to make 

publicly available. 

All submissions should refer to File 

Number 10–242 and should be 

submitted on or before November 14, 

2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.21

J. Matthew DeLesDernier, 

Deputy Secretary. 

[FR Doc. 2024–25170 Filed 10–29–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101427; File No. SR– 

CboeEDGA–2024–041] 

Self-Regulatory Organizations; Cboe 

EDGA Exchange, Inc.; Notice of Filing 

and Immediate Effectiveness of a 

Proposed Rule Change To Amend Its 

Fee Schedule 

October 24, 2024. 

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

Securities Exchange Act of 1934 (the 

‘‘Act’’),1 and Rule 19b–4 thereunder,2

notice is hereby given that on October 

18, 2024, Cboe EDGA Exchange, Inc. 

(the ‘‘Exchange’’ or ‘‘EDGA’’) 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 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 

Cboe EDGA Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘EDGA’’) proposes to 

amend its Fee Schedule. The text of the 

proposed rule change is provided in 

Exhibit 5. 

The text of the proposed rule change 

is also available on the Exchange’s 

website (http://markets.cboe.com/us/ 

equities/regulation/rule_filings/edga/), 

at the Exchange’s Office of the 

Secretary, 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 Exchange proposes to update its 

Fee Schedule to provide a temporary 

20% discount on fees assessed to EDGA 

Members (‘‘Members’’) 3 and nonMembers that purchase $20,000 or more 

of or more of ad hoc purchases of EDGA 

Historical Depth Data (‘‘Historical Depth 

Reports’’), effective October 18, 2024 

through December 31, 2024. 

By way of background, the Exchange 

currently makes available for purchase 

Depth Data, which is a daily archive of 

the Exchange’s depth of book real-time 

feed, which provides depth-of-book 

quotations and execution information 

based on equity orders entered into the 

System. The Exchange also offers 

Historical Depth Data, which offers such 

data on a historical basis, i.e., T+1 or 

later. The Historical Depth Report is a 

completely voluntary product, in that 

the Exchange is not required by any rule 

or regulation to make this data available 

and that potential customers may 

purchase it on an ad-hoc basis only if 

they voluntarily choose to do so. 

Cboe LiveVol, LLC (‘‘LiveVol’’), a 

wholly owned subsidiary of the 

Exchange’s parent company, Cboe 

Global Markets, Inc., makes the 

Historical Depth Report available for 

purchase to Users on the LiveVol 

DataShop website (datashop.cboe.com). 

The Historical Depth Data is available 

for purchase to Members and NonMembers; the Exchange charges a fee 

per month of historical data of $1,000. 

The Historical Depth Report provided 

on a historical basis is only provided to 

data recipients for internal use only, and 

thus, no redistribution will be 

permitted. The Exchange notes that the 

Historical Depth Report is subject to 

direct competition from other 

exchanges, as other exchanges offer 

similar products for a fee.4

The Exchange’s affiliated equities and 

options exchanges (i.e., Cboe Exchange, 

Inc. (‘‘Cboe Options’’), Cboe C2 

Exchange, Inc. (‘‘C2 Options’’), Cboe 


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