[Federal Register Volume 89, Number 209 (Tuesday, October 29, 2024)]
[Notices]
[Pages 86003-86007]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-25050]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-101411; File No. SR-BX-2024-041]


Self-Regulatory Organizations; Nasdaq BX, Inc.; Notice of Filing 
and Immediate Effectiveness of Proposed Rule Change To Allow Unlimited 
External Distribution of Derived Data From BX Options Trade Outline

October 23, 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 9, 2024, Nasdaq BX, Inc. (``BX'' or ``Exchange'') filed with 
the Securities and Exchange Commission (``Commission'') a proposed rule 
change as described in Items I, II, and III below, which Items have 
been prepared by the Exchange. The Commission is publishing this notice 
to solicit comments on the proposed rule change from interested 
persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to amend the Exchange's fees to allow 
unlimited external distribution of Derived Data from BX Options Trade 
Outline.
    The text of the proposed rule change is available on the Exchange's 
website at https://listingcenter.nasdaq.com/rulebook/bx/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

[[Page 86004]]

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 allow unlimited 
external distribution of Derived Data from BX Options Trade Outline for 
a monthly fee of $3,000.\3\
---------------------------------------------------------------------------

    \3\ This proposal was initially filed on September 27, 2024, as 
SR-BX-2024-039. On October 9, 2024, that filing was withdrawn and 
replaced with the instant filing to provide further clarification.
---------------------------------------------------------------------------

BX Options Trade Outline
    BX Options Trade Outline provides aggregate quantity and volume 
information for trades on the Exchange for all series \4\ during a 
trading session.\5\ Information is provided on an End of Day, Intra-
Day, and historical basis in the following categories: (i) total 
exchange volume for Intra-Day information and total exchange and 
industry volume for End of Day information for each reported series; 
(ii) open interest for the series; (iii) aggregate quantity of trades 
and aggregate trade volume effected to open a position,\6\ 
characterized by origin type (Customers,\7\ Broker-Dealers,\8\ BX 
Options Market Makers,\9\ Firms,\10\ and Professionals \11\); and (iv) 
aggregate quantity of trades and aggregate trade volume effected to 
close a position,\12\ characterized by origin type (Customers, Broker-
Dealers, BX Options Market Makers, Firms, and Professionals).\13\
---------------------------------------------------------------------------

    \4\ Every options series trades as a distinct symbol; the terms 
``series'' and ``symbol'' are therefore synonyms.
    \5\ See Securities Exchange Act Release No. 100792 (August 21, 
2024), 89 FR 68676 (August 27, 2024) (SR-BX-2024-028).
    \6\ This would include the aggregate number of ``opening 
purchase transactions,'' defined as a BX Options Transaction that 
creates or increases a long position in an options contract, see 
Options 1, Section 1(a)(35), and the aggregate number of ``opening 
writing transactions,'' defined as a BX Options Transaction that 
creates or increases a short position in an options contract. See 
Options 1, Section 1(a)(36).
    \7\ The term ``Customer'' applies to any transaction that is 
identified by a Participant for clearing in the Customer range at 
The Options Clearing Corporation (``OCC'') which is not for the 
account of broker or dealer or for the account of a ``Professional'' 
(as that term is defined in Options 1, Section 1(a)(48)). See 
Options 7, Section 1(a).
    \8\ The term ``Broker-Dealer'' applies to any transaction which 
is not subject to any of the other transaction fees applicable 
within a particular category. See Options 7, Section 1(a).
    \9\ The term ``BX Options Market Maker'' is a Participant that 
has registered as a Market Maker on BX Options pursuant to Options 
2, Section 1, and must also remain in good standing pursuant to 
Options 2, Section 9. In order to receive Market Maker pricing in 
all securities, the Participant must be registered as a BX Options 
Market Maker in at least one security. See Options 7, Section 1(a).
    \10\ The term ``Firm'' applies to any transaction that is 
identified by a Participant for clearing in the Firm range at OCC. 
See Options 7, Section 1(a).
    \11\ The term ``Professional'' means any person or entity that 
(i) is not a broker or dealer in securities, and (ii) places more 
than 390 orders in listed options per day on average during a 
calendar month for its own beneficial account(s) pursuant to Options 
1, Section 1(a)(48). All Professional orders shall be appropriately 
marked by Participants. See Options 7, Section 1(a).
    \12\ This would include the aggregate number of ``closing 
purchase transactions'' in the affected series, defined as a BX 
Options Transaction that reduces or eliminates a short position in 
an options contract, see Options 1, Section 1(a)(19), and the 
aggregate number of ``closing writing transactions,'' defined as a 
BX Options Transaction that reduces or eliminates a long position in 
an options contract. See Options 1, Section 1(a)(20).
    \13\ These are the same types of information available on PHOTO, 
and the other trade outline products offered by Nasdaq exchanges.
---------------------------------------------------------------------------

End of Day Information
    The BX Trade Outline End of Day file provides opening buy, closing 
buy, opening sell and closing sell information, including option first 
trade price, option high trade price, option low trade price, and 
option last trade price. The End of Day file is updated during an 
overnight process with additional fields \14\ and is available the 
following morning, providing aggregate data for the entire trading 
session.
---------------------------------------------------------------------------

    \14\ The additional fields are: First Trade Price, High Trade 
Price, Low Trade Price, Last Trade Price, Underlying Close, 
Moneyness, Total Exchange volume, Total Industry Volume for the 
Series, and Open Interest.
---------------------------------------------------------------------------

Intra-Day Information
    Intra-Day information is released in scheduled ``snapshots'' 
available every 10 minutes for all options series over the course of 
the trading day. These snapshots are updated to reflect whatever 
activity occurred, or to indicate that no activity occurred.\15\
---------------------------------------------------------------------------

    \15\ Subscribers will receive the first snapshot at 9:42 a.m. 
ET, representing data captured from 9:30 a.m. to 9:40 a.m., and the 
second calculation at 9:52 a.m., representing data from both the 
most recent snapshot and previous snapshots, and continuing over the 
course of the trading day. The final Intra-Day snapshot will be 
distributed at 4:15 p.m.
---------------------------------------------------------------------------

Historical Information
    Historical data is available through ad hoc requests for 
information in both End of Day and Intra-Day formats for all option 
series traded for every calendar month after December 2014, based on 
specific request.\16\
---------------------------------------------------------------------------

    \16\ Market participants generally use historical files for 
model testing and research, and the period of time required by a 
particular market participant will depend on its unique testing and 
research needs as well as whether it is using End of Day or Intra-
Day information. Some customers, for example, may request years of 
data, while others only months, or even a single month. The same 
principle applies to End of Day vs. Intra-Day information.
---------------------------------------------------------------------------

    BX Options Trade Outline includes proprietary Exchange trading data 
and does not disseminate any intra-day trading data from any other 
exchange.\17\
---------------------------------------------------------------------------

    \17\ The End of Day report includes a field that presents Total 
Industry Volume for the Series.
---------------------------------------------------------------------------

    The information provided, both in End of Day and Intra-Day formats, 
is not a real-time data feed.
    BX Options Trade Outline is a completely voluntary product in that 
the Exchange is not required by any rule or regulation to make this 
data available and potential subscribers may purchase it only if they 
voluntarily choose to do so.
    Nasdaq's experience is that investment banks, market makers, asset 
managers and other buy-side investors purchase trade outline products.
Proposed Fees
    The Exchange proposes to allow unlimited external distribution of 
Derived Data from BX Options Trade Outline for a monthly fee of $3,000. 
This will encourage Distributors to create and sell analytic products 
to the general investing public. External distribution of Derived Data 
is not currently permitted. The same Derived Data license is also 
offered by the Nasdaq PHLX, LLC (``Phlx''),\18\ Nasdaq ISE, LLC 
(``ISE''),\19\ and Nasdaq GEMX, LLC (``GEMX'') \20\ exchanges and the 
Nasdaq Stock Market LLC (``Nasdaq Options Market'' or ``NOM'').\21\ A 
Derived Data license is also being proposed for the MRX exchange 
concurrently with this proposal.
---------------------------------------------------------------------------

    \18\ See Securities Exchange Act Release No. 93293 (October 12, 
2021), 86 FR 57716 (October 18, 2021) (SR-Phlx-2021-58).
    \19\ See ISE Options 7, Section 10(A).
    \20\ See GEMX Options 7, Section 7(D).
    \21\ See Nasdaq Options 7, Section 4.
---------------------------------------------------------------------------

    Derived Data is ``any information generated in whole or in part 
from Exchange Information \22\ such that the information generated 
cannot be reverse engineered to recreate Exchange Information, or be 
used to create other data that is recognizable as a reasonable 
substitute for such Exchange Information.''
---------------------------------------------------------------------------

    \22\ ``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 re-engineered from the processed information.

---------------------------------------------------------------------------

[[Page 86005]]

    Fees for external distribution of Derived Data from BX Options 
Trade Outline are in addition to fees for the End of Day product or the 
Intraday product, or both, as applicable.
    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 sentiment indicators and other products. 
The proposal will spur competition among not only exchanges, but 
vendors as well, thereby promoting innovation and improving the 
dissemination of information to the general investing public.
2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section 
6(b) of the Act,\23\ in general, and furthers the objectives of 
Sections 6(b)(4) and 6(b)(5) of the Act,\24\ 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.
---------------------------------------------------------------------------

    \23\ 15 U.S.C. 78f(b).
    \24\ 15 U.S.C. 78f(b)(4) and (5).
---------------------------------------------------------------------------

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 profile 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 Outline are offered by many exchanges, 
including Nasdaq affiliates such as Phlx,\25\ ISE,\26\ GEMX,\27\ and 
NOM,\28\ and options markets not affiliated with Nasdaq such as Cboe 
Options Exchange (``Cboe''),\29\ NYSE American Options (``NYSE 
American''),\30\ NYSE Arca Options (``NYSE Arca''),\31\ BOX Options 
Market LLC (``BOX''),\32\ and MIAX Pearl Options Exchange 
(``Pearl'').\33\
---------------------------------------------------------------------------

    \25\ See 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).
    \26\ See 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).
    \27\ See 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).
    \28\ See Nasdaq Rules, Options 7, Section 4 (Nasdaq Options 
Trade Outline (``NOTO'')).
    \29\ See, 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).
    \30\ See, 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).
    \31\ See, 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).
    \32\ See, 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).
    \33\ See, 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).
---------------------------------------------------------------------------

    All of the trade outline products offered by the Nasdaq-affiliated 
exchanges include a license for the unlimited external distribution of 
Derived Data.\34\ As noted above, MRX will be proposing the same 
license together with this proposal. All of these Derived Data licenses 
are direct substitutes.
---------------------------------------------------------------------------

    \34\ See supra notes 24-27.
---------------------------------------------------------------------------

    The underlying trade outline data 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 among trade outline 
products depends on the volume of transactions on a given exchange; the 
greater the volume of transactions, the greater the value of the data. 
Customers generally 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. Because customers can substitute 
trade outline products among exchanges, customers can also substitute 
the proposed Derived Data license for BX with the Derived Data licenses 
of any of its affiliates.
    The proposed Derived Data license is also subject to potential 
competition from exchanges not affiliated with Nasdaq. Although the 
Exchange is not aware of any exchanges offering a Derived Data license 
for trade outline other than its own affiliates, 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.
    All trade outline products are optional. Customers can, and do, 
choose to forego the information from Trade Outline or any of its 
competitor products when making a trade, and the same holds for Derived 
Data from trade outline products.
    As the Commission and courts \35\ have recognized, ``[i]f 
competitive forces are operative, the self-interest of the exchanges 
themselves will work powerfully to constrain unreasonable or unfair 
behavior.'' \36\ 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.'' \37\ 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

[[Page 86006]]

broader forms that are most important to investors and listed 
companies.'' \38\
---------------------------------------------------------------------------

    \35\ The 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)).
    \36\ See Securities Exchange Act Release No. 59039 (December 2, 
2008), 73 FR 74770 (December 9, 2008) (SR-NYSEArca-2006-21).
    \37\ See id.
    \38\ See Securities Exchange Act Release No. 51808 (June 9, 
2005), 70 FR 37496, 37499 (June 29, 2005) (``Regulation NMS Adopting 
Release'').
---------------------------------------------------------------------------

    Because the proposed Derived Data license is currently subject to 
competition from other Nasdaq exchanges, and potentially subject to 
competition from other exchanges, the Exchange will be limited in what 
it is able to charge for the license, and the proposed fee is therefore 
a reasonable allocation of dues, fees and other charges.
Comparability
    The proposed fees for the Derived Data license are comparable to 
the fees charged by similarly situated exchanges for the same license.
    All of the Nasdaq-affiliated exchanges offer a Derived Data license 
for their trade outline products. As explained above, the value of any 
trade outline product is determined in part by the number of underlying 
transactions reflected in the data.
    The proposed fees for the Derived Data license are the same as the 
fees charged by similarly situated exchanges. BX has a market share of 
approximately 2 percent, similar to that of GEMX (at approximately 3 
percent).\39\ The proposed monthly fee of $3,000 for the unlimited 
external distribution of Derived Data is identical to the fee charged 
by GEMX.\40\
---------------------------------------------------------------------------

    \39\ See NasdaqTrader.com, ``Options Market Statistics,'' 
available at https://www.nasdaqtrader.com/Trader.aspx?id=OptionsVolumeSummary.
    \40\ See GEMX Options 7, Section 7(D).
---------------------------------------------------------------------------

    The volume of trading on the BX exchange is also similar to that on 
the MRX exchange, which has a market share of approximately 4 
percent.\41\ Together with this filing, MRX will propose the same 
monthly fee of $3,000 as BX for the unlimited external distribution of 
Derived Data.
---------------------------------------------------------------------------

    \41\ See supra note 38.
---------------------------------------------------------------------------

    The Nasdaq-affiliated exchanges with larger market shares have 
comparably higher fees for the unlimited external distribution of 
Derived Data. Nasdaq Options Market, with a market share of 
approximately 5 percent,\42\ has a fee of $4,000 per month for the 
unlimited external distribution of Derived Data.\43\ ISE, with a market 
share of approximately 7 percent,\44\ has a fee of $4,500 per month for 
the unlimited external distribution of Derived Data.\45\ PHLX, with a 
market share of approximately 9 percent,\46\ has a fee of $5,000 per 
month for the unlimited external distribution of Derived Data.\47\
---------------------------------------------------------------------------

    \42\ See id.
    \43\ See Nasdaq Options 7, Section 4.
    \44\ See supra note 38.
    \45\ See ISE Options 7, Section 10(A).
    \46\ See supra note 38.
    \47\ See PHLX Options 7, Section 10.
---------------------------------------------------------------------------

    The proposed fees are therefore comparable to those charged by 
similarly situated exchanges and consistent with the fees for Derived 
Data licenses in the market overall. If the Exchange is wrong in its 
assessment of fees, it will lose sales as a result.
The Proposal Does Not Permit Unfair Discrimination
    The proposed Derived Data license is available to all market 
participants, including members and non-members, and all current and 
potential distributors, on the same terms. Nothing in the proposal 
treats any category of market participant any differently from any 
other category.
    It is reasonable and not unfair discrimination to charge an 
external distributor of Derived Data a $3,000 licensing fee that is not 
charged for internal usage. External distribution is fundamentally 
different than internal use. Vendors 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. It is not unfair discrimination to charge a 
licensing fee for a product that generates downstream revenue.
    It is also not unfair discrimination to allow the redistribution of 
Derived Data, but not the underlying information. 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.
    The proposed licensing structure provides an incentive for vendors 
to innovate with new compelling and varied analytic products for the 
general investing public that will provide access to market sentiment 
insights currently available only to sophisticated investors.

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.
Intermarket Competition
    Nothing in the proposal burdens inter-market competition (the 
competition among self-regulatory organizations). As discussed above, 
BX Trade Outline is subject to direct competition from other options 
exchanges that offer similar products. Any of these exchanges can 
replicate this proposal in full or in part, and nothing in the proposal 
would interfere with the ability of any exchange to do so.
Intra-Market Competition
    Nothing in the proposal burdens intra-market competition (the 
competition among consumers of exchange data). Trade Outline is 
available to any customer under the same fee schedule as any other 
customer, and any market participant that wishes to purchase a license 
to distribute Derived Data can do so on a non-discriminatory basis.
    Indeed, the proposal is designed to foster competition for vendors 
as well as exchanges by creating an incentive for market data vendors 
to identify, develop, and sell analytic indicators to help investors 
inform their investments strategies and analytic models.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    No written comments were either solicited or received.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    The foregoing rule change has become effective pursuant to Section 
19(b)(3)(A)(ii) of the Act.\48\
---------------------------------------------------------------------------

    \48\ 15 U.S.C. 78s(b)(3)(A)(ii).

---------------------------------------------------------------------------

[[Page 86007]]

    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: (i) 
necessary or appropriate in the public interest; (ii) for the 
protection of investors; or (iii) 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

    <bullet> Use the Commission's internet comment form (https://www.sec.gov/rules/sro.shtml); or
    <bullet> Send an email to <a href="/cdn-cgi/l/email-protection#3f4d4a535a125c5052525a514b4c7f4c5a5c11585049"><span class="__cf_email__" data-cfemail="7301061f165e101c1e1e161d0700330016105d141c05">[email protected]</span></a>. Please include 
file number SR-BX-2024-041 on the subject line.

Paper Comments

    <bullet> 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-BX-2024-041. 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-BX-2024-041 and should be 
submitted on or before November 19, 2024.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\49\
---------------------------------------------------------------------------

    \49\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-25050 Filed 10-28-24; 8:45 am]
BILLING CODE 8011-01-P


</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body>
</html>