92726 Federal Register / Vol. 89, No. 226 / Friday, November 22, 2024 / Notices 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 101228 

(Oct. 1, 2024), 89 FR 81592. 

4 15 U.S.C. 78s(b)(2). 

5 Id. 

6 17 CFR 200.30–3(a)(31). 

1The CAT NMS Plan is a national market system 

plan approved by the Commission pursuant to 

Section 11A of the Exchange Act and the rules and 

regulations thereunder. See Securities Exchange Act 

Release No. 79318 (Nov. 15, 2016), 81 FR 84696 

(Nov. 23, 2016). The full text of the CAT NMS Plan 

is available at www.catnmsplan.com. Unless 

otherwise defined herein, capitalized terms used 

herein are defined as set forth in the CAT NMS 

Plan. 

2 15 U.S.C 78k–1(a)(3). 

3 17 CFR 242.608. 

4See Letter from Brandon Becker, CAT NMS Plan 

Operating Committee Chair, to Vanessa 

Countryman, Secretary, Commission, dated August 

2, 2024. 

5See Securities Exchange Act Release No. 100727 

(Aug. 14, 2024), 89 FR 67499 (Aug. 20, 2024) (the 

‘‘Notice’’). 

6 17 CFR 242.608(b)(2)(i). 

7 17 CFR 242.613(j)(9). 

8 17 CFR 242.613(j)(9). 

9 17 CFR 242.600(b)(8). 

10Unstructured verbal or manual 

communications on exchange floors and ‘‘upstairs’’ 

are reportable events under Rule 613 and the CAT 

NMS Plan because firm verbal quotes and orders, 

whether they occur on an exchange floor or 

‘‘upstairs,’’ are reportable to CAT if they are a firm 

bid or offer. See Securities Exchange Act Release 

No. 90405 (Nov. 12, 2020), 85 FR 73544, at 73546– 

547 (Nov. 18, 2020) (‘‘November 2020 Exemptive 

Order’’). 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101646; File No. SR– 

CBOE–2024–042] 

Self-Regulatory Organizations; Cboe 

Exchange, Inc.; Notice of Designation 

of a Longer Period for Commission 

Action on a Proposed Rule Change To 

Amend Its Rules To Permit Orders 

Comprised of Options and Futures 

Legs 

November 18, 2024. 

On September 27, 2024, Cboe 

Exchange, Inc. (‘‘Exchange’’) filed with 

the Securities and Exchange 

Commission (‘‘Commission’’), pursuant 

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

Exchange Act of 1934 (‘‘Act’’),1 and 

Rule 19b–4 thereunder,2 a proposed rule 

change to amend its rules to permit 

orders comprised of options and futures 

legs. The proposed rule change was 

published for comment in the Federal 

Register on October 8, 2024.3 The 

Commission has received no comment 

letters regarding the proposed rule 

change. 

Section 19(b)(2) of the Act 4 provides 

that within 45 days of the publication of 

notice of the filing of a proposed rule 

change, or within such longer period up 

to 90 days as the Commission may 

designate if it finds such longer period 

to be appropriate and publishes its 

reasons for so finding, or as to which the 

self-regulatory organization consents, 

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. The 45th day after 

publication of the notice for this 

proposed rule change is November 22, 

2024. The Commission is extending this 

45-day time period. 

The Commission finds it appropriate 

to designate a longer period within 

which to take action on the proposed 

rule change so that it has sufficient time 

to consider the proposed rule change. 

Accordingly, the Commission, pursuant 

to Section 19(b)(2) of the Act,5

designates January 6, 2025, as the date 

by which the Commission shall either 

approve or disapprove, or institute 

proceedings to determine whether to 

disapprove, the proposed rule change 

(File No. SR–CBOE–2024–042). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.6

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–27351 Filed 11–21–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101648; File No. 4–698] 

Joint Industry Plan; Order Instituting 

Proceedings To Determine Whether To 

Approve or Disapprove an Amendment 

to the National Market System Plan 

Governing the Consolidated Audit Trail 

Regarding Reporting of Certain Verbal 

Activity, Floor and Upstairs Activity 

November 18, 2024. 

I. Introduction 

On August 2, 2024, the Consolidated 

Audit Trail, LLC (‘‘CAT LLC’’), on 

behalf of the following parties to the 

National Market System Plan Governing 

the Consolidated Audit Trail (the ‘‘CAT 

NMS Plan’’ or ‘‘Plan’’):1 BOX Exchange 

LLC, Cboe BYX Exchange, Inc., Cboe 

BZX Exchange, Inc., Cboe EDGA 

Exchange, Inc., Cboe EDGX Exchange, 

Inc., Cboe C2 Exchange, Inc., Cboe 

Exchange, Inc., Financial Industry 

Regulatory Authority, Inc., Investors 

Exchange LLC, Long-Term Stock 

Exchange, Inc., MEMX, LLC, Miami 

International Securities Exchange LLC, 

MIAX Emerald, LLC, MIAX PEARL, 

LLC, Nasdaq BX, Inc., Nasdaq GEMX, 

LLC, Nasdaq ISE, LLC, Nasdaq MRX, 

LLC, Nasdaq PHLX LLC, The NASDAQ 

Stock Market LLC, New York Stock 

Exchange LLC, NYSE American LLC, 

NYSE Arca, Inc., NYSE Chicago, Inc., 

and NYSE National, Inc. (collectively, 

the ‘‘Participants’’)) filed with the 

Securities and Exchange Commission 

(‘‘SEC’’ or ‘‘Commission’’) pursuant to 

Section 11A(a)(3) of the Securities 

Exchange Act of 1934 (‘‘Exchange 

Act’’),2 and Rule 608 thereunder,3 a 

proposed amendment to the CAT NMS 

Plan to amend existing requirements for 

the consolidated audit trail (‘‘CAT’’) 

regarding the reporting of certain verbal 

activity, floor and upstairs activity (the 

‘‘Verbal Quotes Amendment’’).4 Notice 

of the Verbal Quotes Amendment was 

published in the Federal Register on 

August 20, 2024.5

This order institutes proceedings, 

under Rule 608(b)(2)(i) of Regulation 

NMS,6 to determine whether to 

disapprove the Verbal Quotes 

Amendment or to approve the Verbal 

Quotes Amendment with any changes 

or subject to any conditions the 

Commission deems necessary or 

appropriate. 

II. Background 

Rule 613(j)(9) of Regulation NMS and 

Section 1.1 of the CAT NMS Plan define 

the term ‘‘reportable event’’ as 

including, but not limited to, the 

original receipt or origination, 

modification, cancellation, routing, and 

execution (in whole or in part) of an 

order, and receipt of a routed order.7

The term ‘‘order’’ is defined in Rule 

613(j)(8) of Regulation NMS and Section 

1.1 of the CAT NMS Plan as including: 

(i) any order received by a member of 

a national securities exchange or 

national securities association from any 

person; (ii) any order originated by a 

member of a national securities 

exchange or national securities 

association; or (iii) any bid or offer.8

‘‘Bid’’ and ‘‘offer’’ are defined in Rule 

600(b)(16) of Regulation NMS as the bid 

price or offer price communicated by a 

member of an exchange or association to 

any broker-dealer or to any customer, at 

which it is willing to buy or sell one or 

more round lots of an NMS security, as 

principal or agent, but excluding 

indications of interest.9

Rule 613 and the CAT NMS Plan both 

require that the Industry Members and 

the Participants capture and report 

quotes and orders that meet the 

definition of a CAT reportable event, 

with no exclusion for verbal quotes and 

orders.10 The Commission previously 


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