103902 Federal Register / Vol. 89, No. 244 / Thursday, December 19, 2024 / Notices 

17See note 10, supra. 

18See note 11, supra. 

19See note 6, supra. 

20 15 U.S.C. 78s(b)(3)(A). 

21 17 CFR 240.19b–4(f)(2). 22 15 U.S.C. 78s(b)(2)(B). 

23 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

deem fee levels at a particular venue to 

be excessive. Based on publiclyavailable information, and excluding 

index-based options, no single exchange 

currently has more than 16% of the 

market share of executed volume of 

multiply-listed equity and ETF options 

trades.17 Therefore, no exchange 

currently possesses significant pricing 

power in the execution of multiplylisted equity and ETF options order 

flow. More specifically, in October 

2024, the Exchange had 12.55% market 

share of executed volume of multiplylisted equity and ETF options trades.18

The Exchange believes that the 

proposed rule change reflects this 

competitive environment because it 

modifies the Exchange’s fees to be more 

closely aligned with fees charged by at 

least one other market with a Trading 

Floor for similar transactions.19 The 

Exchange also believes that the 

proposed change would continue to 

promote competition between the 

Exchange and other execution venues 

because continued Market Maker 

activity on the Trading Floor would 

encourage liquidity, thereby 

maintaining market quality on the 

Exchange and encouraging orders to be 

sent to the Exchange for execution. To 

the extent that this purpose is achieved, 

all the Exchange’s market participants 

should benefit from the improved 

market quality and increased 

opportunities for price improvement. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were solicited 

or received with respect to the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing rule change is effective 

upon filing pursuant to Section 

19(b)(3)(A) 20 of the Act and 

subparagraph (f)(2) of Rule 19b–4 21

thereunder, because it establishes a due, 

fee, or other charge imposed by the 

Exchange. 

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. If the 

Commission takes such action, the 

Commission shall institute proceedings 

under Section 19(b)(2)(B) 22 of the Act 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– 

NYSEARCA–2024–111 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–NYSEARCA–2024–111. 

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–NYSEARCA–2024–111 and should 

be submitted on or before January 9, 

2025. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.23

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–30165 Filed 12–18–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101906; File No. SR– 

NASDAQ–2024–080] 

Self-Regulatory Organizations; The 

Nasdaq Stock Market LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Amend the 

Exchange’s Transaction Pricing 

Schedule of Supplemental Credits at 

Equity 7, Section 118(a) 

December 13, 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 December 

2, 2024, The Nasdaq Stock Market LLC 

(‘‘Nasdaq’’ or ‘‘Exchange’’) 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 

The Exchange proposes to amend the 

Exchange’s schedule of credits, at 

Equity 7, Section 118(a). Specifically, 

the Exchange proposes to amend the 

Supplemental Credit to member for 

displayed quotes/orders (other than 

Supplemental Orders or Designated 

Retail Orders) that provide liquidity. 

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. 


lotter on DSK11XQN23PROD with NOTICES1
Federal Register / Vol. 89, No. 244 / Thursday, December 19, 2024 / Notices 103903 

3 15 U.S.C. 78f(b). 

4 15 U.S.C. 78f(b)(4) and (5). 5 15 U.S.C. 78s(b)(3)(A)(ii). 

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 purpose of the proposed rule 

change is to amend the Exchange’s 

schedule of credits, at Equity 7, Section 

118(a). Specifically, the Exchange 

proposes to amend the Supplemental 

Credit to member for displayed quotes/ 

orders (other than Supplemental Orders 

or Designated Retail Orders) that 

provide liquidity. Currently, members 

that execute a combined volume of at 

least 5 million shares average daily 

volume (ADV) through midpoint orders 

and M–ELO orders during the month are 

eligible to receive $0.00015 credit per 

share executed. The rule also states that 

this credit cannot be combined with M– 

ELO Supplemental Credit A. 

The proposed amendment seeks to 

further clarify that M–ELO 

Supplemental Credit B cannot be 

combined with QMM Tier 2 Program 

$0.0029 discounted remove fee as 

defined in Equity 7, Section 114(e). The 

revised language would state that 

‘‘$0.00015 (may not be combined with 

M–ELO Supplemental Credit A or with 

the QMM Tier 2 Program $0.0029 

discounted remove fee set forth in 

Section 114(e)). 

This proposed change will apply to 

Tapes A, B, and C. The Exchange 

periodically reviews its fee and credit 

structures to ensure clarity and 

alignment with its overall pricing 

strategy. The purpose of the proposed 

amendment is to avoid confusion 

regarding whether members can receive 

M–ELO Supplemental Credit B and M– 

ELO Supplemental Credit A or QMM 

Tier 2 Program $0.0029 discounted 

remove fee set forth in Section 114(e). 

The Exchange has never intended for 

participants to receive both the M–ELO 

Supplemental Credit B and either M– 

ELO Supplemental Credit A or QMM 

Tier 2 Program $0.0029 discounted 

remove fee simultaneously. Instead, 

members have been required to choose 

the credit for which they qualify, based 

on the applicable conditions outlined in 

the fee schedule. 

The proposed rule change does not 

alter the current operation of the fee 

program but instead codifies the 

Exchange’s existing interpretation, 

ensuring clarity and consistency in the 

application of its rules. This 

codification is part of the Exchange’s 

commitment to maintaining a 

transparent and straightforward fee 

schedule and reducing potential 

misunderstandings among market 

participants. Further, the amendment 

aims to eliminate potential overlap 

between the M–ELO Supplemental 

Credit B and the QMM Tier 2 Program 

$0.0029 discounted remove fee. With 

this clarification, the Exchange intends 

to maintain a fair and balanced credit 

program. The amendment is also 

designed to ensure that the Exchange’s 

credit programs remain competitive and 

equitable while avoiding unnecessary 

complexity in its application. 

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with Section 6(b) 

of the Act,3 in general, and furthers the 

objectives of Sections 6(b)(4) and 6(b)(5) 

of the Act,4 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. 

The proposed amendment furthers 

these objectives by clarifying the 

application of the M–ELO Supplemental 

Credit B. The amendment avoids 

confusion regarding whether members 

can receive both the M–ELO 

Supplemental Credit B and either M– 

ELO Supplemental Credit A or QMM 

Tier 2 Program $0.0029 discounted 

remove fee set forth in Section 114(e). 

This clarification ensures that the credit 

program operates fairly and promotes 

equitable principles that does not 

unfairly discriminate against market 

participants. 

Additionally, the Exchange notes that 

it has not interpreted its fee schedule to 

permit members to combine the credits 

mentioned above. This proposed 

amendment simply codifies this existing 

interpretation, ensuring that the fee 

schedule accurately reflects the 

Exchange’s intent. By codifying this 

interpretation, the Exchange reduces the 

risk of misinterpretation and provides 

clear guidance to market participants, 

supporting just and 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. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange believes that the 

proposed amendment will not impose 

any burden on competition that’s 

unnecessary or inappropriate in 

furtherance of the purposes of the Act. 

The amendment is administrative in 

nature and does not alter the substantive 

requirements for earning the M–ELO 

Supplemental Credit B. As a result, the 

change ensures consistency and fairness 

in the application of the Exchange’s 

credit program and does not 

disadvantage any specific group of 

market participants. 

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.5

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 

• Use the Commission’s internet 

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

rules/sro.shtml); or 


lotter on DSK11XQN23PROD with NOTICES1
103904 Federal Register / Vol. 89, No. 244 / Thursday, December 19, 2024 / Notices 

6 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

• Send an email to rule-comments@

sec.gov. Please include file number SR– 

NASDAQ–2024–080 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–NASDAQ–2024–080. 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–NASDAQ–2024–080 and should be 

submitted on or before January 9, 2025. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.6

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–30161 Filed 12–18–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Investment Company Act Release No. 

35417; 812–15666] 

Coatue CTEK Fund and Coatue 

Management, L.L.C. 

December 13, 2024. 

AGENCY: Securities and Exchange 

Commission (‘‘Commission’’ or ‘‘SEC’’). 

ACTION: Notice. 

Notice of an application under section 

6(c) of the Investment Company Act of 

1940 (the ‘‘Act’’) for an exemption from 

sections 18(a)(2), 18(c) and 18(i) of the 

Act, under sections 6(c) and 23(c) of the 

Act for an exemption from rule 23c–3 

under the Act, and for an order pursuant 

to section 17(d) of the Act and rule 17d– 

1 under the Act. 

SUMMARY OF APPLICATION: Applicants 

request an order to permit certain 

registered closed-end investment 

companies to issue multiple classes of 

shares and to impose asset-based 

distribution and/or service fees and 

early withdrawal charges. 

APPLICANTS: Coatue CTEK Fund and 

Coatue Management, L.L.C. 

FILING DATES: The application was filed 

on December 5, 2024. 

HEARING OR NOTIFICATION OF HEARING: An 

order granting the requested relief will 

be issued unless the Commission orders 

a hearing. Interested persons may 

request a hearing on any application by 

emailing the SEC’s Secretary at 

Secretarys-Office@sec.gov and serving 

the Applicants with a copy of the 

request by email, if an email address is 

listed for the relevant Applicant below, 

or personally or by mail, if a physical 

address is listed for the relevant 

Applicant below. Hearing requests 

should be received by the Commission 

by 5:30 p.m. on January 7, 2025, and 

should be accompanied by proof of 

service on the Applicants, in the form 

of an affidavit, or, for lawyers, a 

certificate of service. Pursuant to rule 0– 

5 under the Act, hearing requests should 

state the nature of the writer’s interest, 

any facts bearing upon the desirability 

of a hearing on the matter, the reason for 

the request, and the issues contested. 

Persons who wish to be notified of a 

hearing may request notification by 

emailing the Commission’s Secretary. 

ADDRESSES: The Commission: 

Secretarys-Office@sec.gov. Applicants: 

Philippe Laffont, Coatue CTEK Fund, 

compliance@coatue.com, with copies to 

Nicole M. Runyan, P.C., Kirkland & Ellis 

LLP, nicole.runyan@kirkland.com and 

Jessica L. Patrick, Kirkland & Ellis LLP, 

jessica.patrick@kirkland.com. 

FOR FURTHER INFORMATION CONTACT: 

Trace W. Rakestraw, Senior Special 

Counsel, at (202) 551–6825 (Division of 

Investment Management, Chief 

Counsel’s Office). 

SUPPLEMENTARY INFORMATION: For 

Applicants’ representations, legal 

analysis, and conditions, please refer to 

Applicants’ application, dated 

December 5, 2024, which may be 

obtained via the Commission’s website 

by searching for the file number at the 

top of this document, or for an 

Applicant using the Company name 

search field on the SEC’s EDGAR 

system. The SEC’s EDGAR system may 

be searched at https://www.sec.gov/ 

edgar/searchedgar/legacy/ 

companysearch.html. You may also call 

the SEC’s Public Reference Room at 

(202) 551–8090. 

For the Commission, by the Division of 

Investment Management, under delegated 

authority. 

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–30068 Filed 12–18–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101905; File No. SR–IEX– 

2024–28] 

Self-Regulatory Organizations; 

Investors Exchange LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Amend the 

Bylaws of the Exchange’s Parent 

Corporation To Add Provisions 

Permitting the Board of Directors, in Its 

Sole Discretion, To Invite One or More 

Observers To Attend and Participate in 

Board Meetings in a Non-Voting 

Capacity and to Make a Conforming 

Change to the Bylaws 

December 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 December 

3, 2025, the Investors Exchange LLC 

(‘‘IEX’’ or the ‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(‘‘SEC’’ or ‘‘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. 


lotter on DSK11XQN23PROD with NOTICES1