Federal Register / Vol. 89, No. 232 / Tuesday, December 3, 2024 / Notices 95851 

17 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3See SR–ISE–2024–054 (not yet noticed). 

4See Securities Exchange Act Release No. 101720 

(November 22, 2024), (SR–ISE–2024–12) (not yet 

noticed). This rule change is approved, but not yet 

implemented. 

5 Id. 

6See Securities Exchange Act Release No. 101387 

(October 18, 2024), 89 FR 84948 (October 24, 2024) 

(SR–Cboe–2024–035) (Notice of Filing of 

Amendment Nos. 2 and 3 and Order Granting 

Accelerated Approval of a Proposed Rule Change, 

as Modified by Amendment Nos. 2 and 3, To Permit 

the Listing and Trading of Options on Bitcoin 

Exchange-Traded Funds) (‘‘Cboe Approval Order’’). 

7See Securities Exchange Act Release No. 101386 

(October 18, 2024), 89 FR 84960 (October 24, 2024) 

(SR–NYSEAMER–2024–49) (Notice of Filing of 

Amendment No. 3 and Order Granting Accelerated 

Approval of a Proposed Rule Change, as Modified 

by Amendment No. 3, To Permit the Listing and 

Trading of Options on Bitcoin Exchange-Traded 

Funds) (‘‘NYSE American Approval Order’’). 

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

9 15 U.S.C. 78f(b)(5). 

10See supra note 5. 

11See supra note 6. 

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–C2–2024–021 and should be 

submitted on or before December 24, 

2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.17

Stephanie J. Fouse, 

Assistant Secretary. 

[FR Doc. 2024–28342 Filed 12–2–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101765; File No. SR–ISE– 

2024–55] 

Self-Regulatory Organizations; Nasdaq 

ISE, LLC; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend FLEX Options 

Listing 

November 26, 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 

25, 2024, Nasdaq ISE LLC (‘‘ISE’’ 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 [sic] to amend Options 

3A, Section 3, FLEX Options Listings. 

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 Exchange proposes to amend 

Options 3A, Section 3, FLEX Options 

Listings, to reflect the addition of the 

listing of options on: (1) the Fidelity 

Wise Origin Bitcoin Fund; (2) the 

ARK21Shares Bitcoin ETF; (3) the 

Grayscale Bitcoin Trust (BTC); (4) the 

Grayscale Bitcoin Mini Trust BTC; (5) 

and the Bitwise Bitcoin ETF 

(collectively ‘‘Bitcoin Trusts’’). 

Specifically, ISE proposes to except 

FLEX Options on the Bitcoin Trusts 

from trading as a [sic] FLEX Options 

contracts. ISE separately filed a rule 

proposal to list and trade the options on 

the Bitcoin Trusts.3

ISE recently received approval to list 

and trade Flexible Exchange Options 

(‘‘FLEX Options’’) on the Exchange’s 

electronic market.4 At this time, the 

Exchange proposes to amend Options 

3A, Section 3, FLEX Options Listings, to 

specify that ISE will not authorize for 

trading a FLEX Option on each of the 

Bitcoin Trusts. For clarity, this 

exclusion will apply to both physicallysettled and cash-settled FLEX ETF 

options, such that options on the 

Bitcoin Trusts will be excluded from 

being eligible to trade as a physicallysettled or a cash-settled FLEX ETF 

option. Options 3A, Section 3 currently 

provides that the Exchange will not 

authorize FLEX Options on shares of the 

iShares Bitcoin Trust ETF.5 The 

Exchange proposes this amendment in 

light of the position and exercise limits 

of 25,000 contracts that were set for the 

Fidelity Wise Origin Bitcoin Fund, the 

ARK21Shares Bitcoin ETF, the 

Grayscale Bitcoin Trust (BTC), the 

Grayscale Bitcoin Mini Trust BTC, and 

the Bitwise Bitcoin ETF in the Cboe 

Approval Order 6 and the NYSE 

American Approval Order,7

respectively. If the Exchange determines 

to allow FLEX Options on the Bitcoin 

Trusts at a later date, it will do so by 

submitting a 19b–4 rule change with the 

Commission. 

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with Section 6(b) 

of the Act,8 in general, and furthers the 

objectives of Section 6(b)(5) of the Act,9

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 3A, Section 3, FLEX Options 

Listings, to note that it will not 

authorize for trading a FLEX Option on 

each of the Bitcoin Trusts is consistent 

with the spirit of the Cboe Approval 

Order 10 and the NYSE American 

Approval Order,11 respectively, that 

limited the position and exercise limits 

for each of the Bitcoin Trusts to 25,000 

contracts. The proposal will protect 

investors and the general public because 

without this prohibition, trading a FLEX 

Option on the Bitcoin Trusts would 

otherwise establish different position 

and exercise limits than those set by the 

aforementioned approval orders. For 

clarity, this exclusion will apply to both 

physically-settled and cash-settled 

FLEX ETF options, such that options on 

the Bitcoin Trusts will be excluded from 


lotter on DSK11XQN23PROD with NOTICES1
95852 Federal Register / Vol. 89, No. 232 / Tuesday, December 3, 2024 / Notices 

12See e.g. Cboe Rule 4.20 and NYSE American 

Rule 903G(a)(1). 

13 15 U.S.C. 78s(b)(3)(A). 

14 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 Commission 

waives this requirement. 

15 17 CFR 240.19b–4(f)(6)(iii). 

16See supra notes 6 and 7. 

17See supra note 12. 

18For 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). 19 17 CFR 200.30–3(a)(12), (59). 

being eligible to trade as a physicallysettled or a cash-settled FLEX ETF 

option. 

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. 

The Exchange’s proposal to amend 

Options 3A, Section 3 to specify that it 

will not authorize for trading a FLEX 

Option on any of the Bitcoin Trusts does 

not impose an intra-market burden on 

competition as no ISE Member will be 

able to transact a FLEX Option on any 

of Bitcoin Trusts. 

The proposal does not impose intermarket burden on competition because 

other exchanges have not authorized 

FLEX Options on the Bitcoin Trusts.12

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 13 and Rule 19b– 

4(f)(6) thereunder.14

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) 15 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 asked the 

Commission to waive the 30-day 

operative delay so that the proposal may 

become operative immediately upon 

filing. The Exchange states that the not 

authorizing FLEX options on the Bitcoin 

Trusts will maintain the 25,000-contract 

position and exercise limits established 

for options on the Bitcoin Trusts in the 

Cboe Approval Order and the NYSE 

American Approval Order because 

FLEX options would be subject to 

different position and exercise limits.16

The Exchange states that the exclusion 

will apply to both physically-settled and 

cash-settled FLEX ETF options, such 

that options on the Bitcoin Trusts will 

be excluded from being eligible to trade 

as a physically-settled or a cash-settled 

FLEX ETF option. As discussed above, 

the rules of other option exchanges 

currently prohibit the listing of FLEX 

options on the Bitcoin Trusts.17 The 

proposal will align the Exchange’s rules 

with the rules of these exchanges and 

will ensure that all options listed on the 

Bitcoin Trusts are subject to position 

and exercise limits of 25,000 contracts. 

The proposal does not raise new or 

novel regulatory issues. Therefore, 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.18

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– 

ISE–2024–55 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–ISE–2024–55. 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–ISE–2024–55 and should be 

submitted on or before December 24, 

2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.19

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–28259 Filed 12–2–24; 8:45 am] 

BILLING CODE 8011–01–P 


lotter on DSK11XQN23PROD with NOTICES1