91468 Federal Register / Vol. 89, No. 223 / Tuesday, November 19, 2024 / Notices 

28See Securities Exchange Act Release No. 79035 

(October 11, 2016), 81 FR 70207 (October 4, 2016) 

(SR–NASDAQ–2016–124). 

29 15 U.S.C. 78s(b)(3)(A). 

30 17 CFR 240.19b–4(f). 31 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

utilize. 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. 

The Exchange does not believe the 

proposed rule change would cause any 

unnecessary or inappropriate burden on 

intramarket competition. Particularly, 

the proposed fees apply uniformly to 

any purchaser in that the Exchange does 

not differentiate between the different 

Members that may purchase the reports. 

While the Exchange does propose to 

implement tiered pricing for its Missed 

Liquidity Report (similar to the pricing 

used for NASDAQ Trader Insight 

offering),28 the tiered pricing shall apply 

to all Members that wish to purchase 

the Missed Liquidity Report and this 

proposed pricing structure is reflective 

of the specific port usage patterns of the 

Recipient Member. The proposed fees 

are set at a modest level that would 

allow any interested Member to 

purchase such data based on their 

business needs. 

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 29 and paragraph (f) of Rule 

19b–4 30 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– 

CboeBYX–2024–041 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–CboeBYX–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–CboeBYX–2024–041 and should be 

submitted on or before December 10, 

2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.31

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–26867 Filed 11–18–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101616; File No. SR–BX– 

2024–045] 

Self-Regulatory Organizations; Nasdaq 

BX, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend Options 9, 

Section 13, Position Limits, and 

Options 9, Section 15, Exercise Limits, 

Regarding Options on the iShares 

Bitcoin Trust ETF 

November 13, 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 November 

6, 2024, Nasdaq BX, Inc. (‘‘BX’’ or 

‘‘Exchange’’) filed with the Securities 

and Exchange Commission 

(‘‘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 amend 

Options 9, Section 13, Position Limits, 

and Section 15, Exercise Limits. 

The text of the proposed rule change 

is available on the Exchange’s website at 

https://listingcenter.nasdaq.com/ 

rulebook/nasdaq/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. 


ddrumheller on DSK120RN23PROD with NOTICES1
Federal Register / Vol. 89, No. 223 / Tuesday, November 19, 2024 / Notices 91469 

3 In the absence of this proposal, position and 

exercise limits would be governed by BX Options 

9, Section 13(a). 

4See Securities Exchange Act Release No. 101128 

(September 20, 2024), 89 FR 78942 (September 26, 

2024) (SR–ISE–2024–03) (Notice of Filing of 

Amendment Nos. 4 and 5 and Order Granting 

Accelerated Approval of a Proposed Rule Change, 

as Modified by Amendment Nos. 1, 4, and 5, To 

Permit the Listing and Trading of Options on the 

iShares Bitcoin Trust) (‘‘IBIT Approval Order’’). 

5See IBIT Approval Order. 

6 15 U.S.C. 78f(b). 

7 15 U.S.C. 78f(b)(5). 

8The Exchange believes that other exchanges will 

adopt position and exercise limits of 25,000 

contracts for IBIT Option ETPs. All Nasdaq 

affiliated markets have filed to adopt a 25,000 

contract position and exercise limit for IBIT 

options. 

9All Nasdaq affiliated markets have filed to adopt 

a 25,000 contract position and exercise limit for 

IBIT options. 

10 15 U.S.C. 78s(b)(3)(A). 

11 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 satisfied this requirement. 

12 17 CFR 240.19b–4(f)(6)(iii). 

13See supra notes 4 and 5 and accompanying 

text. 

14For purposes only of waiving the 30-day 

operative delay, the Commission has also 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

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

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to amend 

Options 9, Section 13, Position Limits, 

and Options 9, Section 15, Exercise 

Limits, to limit the position and exercise 

limits for options on iShares Bitcoin 

Trust ETF (‘‘IBIT’’) to 25,000 contracts.3

Recently, Nasdaq ISE, LLC (‘‘ISE’’) 

received approval to list options on 

IBIT.4 BX’s Options 4 Rules were 

amended as those Rules are 

incorporated by reference to ISE’s 

Options 4 Rules, so BX has the ability 

to list IBIT options. ISE’s IBIT Approval 

Order 5 stated that the position and 

exercise limits for IBIT options shall be 

25,000 contracts. At this time, the 

Exchange proposes to amend BX Option 

9, Sections 13 and 15 to similarly note 

that IBIT options position and exercise 

limits shall be 25,000 contracts to mirror 

ISE’s position and exercise limits for 

IBIT options. 

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with Section 6(b) 

of the Act,6 in general, and furthers the 

objectives of Section 6(b)(5) of the Act,7

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. 

The Exchange’s proposal to amend 

Options 9, Section 13, Position Limits, 

and Options 9, Section 15, Exercise 

Limits, to provide that the position and 

exercise limits for IBIT options shall be 

25,000 contracts is consistent with the 

Act as it will conform BX’s IBIT options 

position and exercise limits with ISE’s 

IBIT options position and exercise 

limits in order that IBIT options have 

the same position and exercise limits on 

BX and ISE.8

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The proposed rule change does not 

impose any burden on competition that 

is not necessary or appropriate in 

furtherance of the purposes of the Act. 

Amending Options 9, Sections 13 and 

15 to provide that the position and 

exercise limits for IBIT options shall be 

25,000 contracts does not impose an 

undue burden on competition as the 

position and exercise limits will apply 

to all trading for IBIT options on the 

Exchange as well as other exchanges 

that file a similar proposal.9

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 

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 from the date on 

which it was filed, or such shorter time 

as the Commission may designate, it has 

become effective pursuant to Section 

19(b)(3)(A) of the Act 10 and Rule 19b– 

4(f)(6) thereunder.11

A proposed rule change filed 

pursuant to Rule 19b–4(f)(6) under the 

Act normally does not become operative 

for 30 days after the date of its filing. 

However, Rule 19b–4(f)(6)(iii) 12 permits 

the Commission to designate a shorter 

time if such action is consistent with the 

protection of investors and the public 

interest. The Exchange has requested 

that the Commission waive the 30-day 

operative delay so that the proposal may 

become operative immediately upon 

filing. The Commission notes that the 

proposal will conform BX’s IBIT options 

position and exercise limits with ISE’s 

IBIT options position and exercise 

limits and therefore raises no novel legal 

or regulatory issues.13 Thus, the 

Commission believes that waiver of the 

30-day operative delay is consistent 

with the protection of investors and the 

public interest. Accordingly, the 

Commission hereby waives the 30-day 

operative delay and designates the 

proposed rule change operative upon 

filing.14

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. 

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– 

BX–2024–045 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–BX–2024–045. 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 


ddrumheller on DSK120RN23PROD with NOTICES1
91470 Federal Register / Vol. 89, No. 223 / Tuesday, November 19, 2024 / Notices 

15 17 CFR 200.30–3(a)(12), (59). 

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

2 17 CFR 240.19b–4. 

3 In the absence of this proposal, position and 

exercise limits would be governed by Phlx Options 

9, Section 13(a). 

4See Securities Exchange Act Release No. 101128 

(September 20, 2024), 89 FR 78942 (September 26, 

2024) (SR–ISE–2024–03) (Notice of Filing of 

Amendment Nos. 4 and 5 and Order Granting 

Accelerated Approval of a Proposed Rule Change, 

as Modified by Amendment Nos. 1, 4, and 5, To 

Permit the Listing and Trading of Options on the 

iShares Bitcoin Trust) (‘‘IBIT Approval Order’’). 

5See IBIT Approval Order. 

6Phlx Options 8, Section 34 rule text was 

previously amended by two rule changes which are 

effective, but not yet operative. These two prior rule 

changes will be implemented at the same time as 

the rule changes proposed herein. See Securities 

Exchange Act Release Nos. 97658 (June 7, 2023), 88 

FR 38562 (June 13, 2023) (SR–Phlx–2023–22); and 

100321 (June 12, 2024), 89 FR 51580 (June 18, 2024) 

(SR–Phlx–2024–24). Phlx further delayed the 

implementation so that it could implement SR– 

Phlx–2023–22 while also completing an OCC 

industry rule change prior. 

7 15 U.S.C. 78f(b). 

8 15 U.S.C. 78f(b)(5). 

9The Exchange believes that other exchanges will 

adopt position and exercise limits of 25,000 

contracts for IBIT Option ETPs. All Nasdaq 

affiliated markets have filed to adopt a 25,000 

contract position and exercise limit for IBIT 

options. 

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–2024–045 and should be 

submitted on or before December 10, 

2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.15

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–26871 Filed 11–18–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101613; File No. SR–Phlx– 

2024–53] 

Self-Regulatory Organizations; Nasdaq 

PHLX LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend Options 9, 

Section 13, Position Limits, and 

Options 8, Section 34, FLEX Trading, 

Regarding Options on the iShares 

Bitcoin Trust ETF 

November 13, 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 November 

4, 2024, Nasdaq PHLX LLC (‘‘Phlx’’ or 

‘‘Exchange’’) filed with the Securities 

and Exchange Commission 

(‘‘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 amend 

Options 9, Section 13, Position Limits, 

and Options 8, Section 34, FLEX 

Trading. 

The text of the proposed rule change 

is available on the Exchange’s website at 

https://listingcenter.nasdaq.com/ 

rulebook/phlx/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 Exchange proposes to: (1) amend 

Options 9, Section 13, Position Limits, 

to limit the position limits for options 

on iShares Bitcoin Trust ETF (‘‘IBIT’’) to 

25,000 contracts; 3 and (2) except a 

FLEX option on iShares Bitcoin Trust 

ETF from trading as a FLEX option 

contract. 

Options 9, Section 13 

Recently, Nasdaq ISE, LLC (‘‘ISE’’) 

received approval to list options on 

IBIT.4 Phlx’s Options 4 Rules were 

amended as those Rules are 

incorporated by reference to ISE’s 

Options 4 Rules, so Phlx has the ability 

to list IBIT options. ISE’s IBIT Approval 

Order 5 stated that the position and 

exercise limits for IBIT options shall be 

25,000 contracts. At this time, the 

Exchange proposes to amend Phlx 

Option 9, Section 13 to similarly note 

that IBIT options position limits shall be 

25,000 contracts to mirror ISE’s 

Approval Order. Phlx Options 9, 

Section 15(a) provides that the exercise 

limits shall be determined in the 

manner described in Options 9, Section 

13, therefore the exercise limits would 

also be 25,000 contracts. 

Options 8, Section 34 

Today, all options series listed on 

Phlx may trade as a FLEX Order on 

Phlx’s trading floor.6 At this time, the 

Exchange proposes to note within 

Options 8, Section 34(a) that it will not 

authorize for trading a FLEX option on 

iShares Bitcoin Trust ETF (‘‘IBIT’’). The 

Exchange proposes this amendment in 

light of the position and exercise limits 

of 25,000 contracts that were set for IBIT 

options in the IBIT Approval Order. 

Permitting trading a FLEX option on 

IBIT would otherwise establish different 

position and exercise limits than those 

set by the IBIT Approval Order. 

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with Section 6(b) 

of the Act,7 in general, and furthers the 

objectives of Section 6(b)(5) of the Act,8

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. 

The Exchange’s proposal to amend 

Options 9, Section 13, Position Limits, 

to provide that the position and exercise 

limits for IBIT options shall be 25,000 

contracts is consistent with the Act as 

it will conform Phlx’s IBIT options 

position and exercise limits with ISE’s 

IBIT options position and exercise 

limits in order that IBIT options have 

the same position and exercise limits on 

Phlx and ISE.9 Phlx Options 9, Section 

15(a) provides that the exercise limits 

shall be determined in the manner 

described in Options 9, Section 13, 

therefore the exercise limits would also 

be 25,000 contracts and also consistent 

with ISE’s IBIT options exercise limits. 

The Exchange’s proposal to amend 

Options 8, Section 34 to note that it will 


ddrumheller on DSK120RN23PROD with NOTICES1