Federal Register / Vol. 89, No. 244 / Thursday, December 19, 2024 / Notices 103907 

17 15 U.S.C. 78s(b)(3)(A). 18 17 CFR 240.19b–4(f)(6). 19 15 U.S.C. 78s(b)(2)(B). 

20 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

Written comments were neither 

solicited nor received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The Exchange has designated this rule 

filing as non-controversial under 

Section 19(b)(3)(A) 17 of the Act and 

Rule 19b–4(f)(6) 18 thereunder. Because 

the 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 and Rule 19b– 

4(f)(6) thereunder. 

The Exchange believes that the 

proposed rule change would not 

adversely affect investors or the public 

interest. In fact, the Exchange believes 

that the proposed amendments to the 

Group Bylaws operate to enhance 

investor protection and the public 

interest by providing clarity and 

transparency into the roles, 

responsibilities and obligations of Board 

Observers. The proposed amendments 

thus fulfill the purposes of Section 

6(b)(1) of the Act, which requires that 

‘‘. . . [s]uch exchange is so organized 

and has the capacity to be able to carry 

out the purposes of this chapter and to 

comply, and (subject to any rule or 

order of the Commission pursuant to 

section 78q(d) or 78s(g)(2) of this title) 

to enforce compliance by its members 

and persons associated with its 

members, with the provisions of this 

chapter, the rules and regulations 

thereunder, and the rules of the 

exchange.’’ Additionally, as discussed 

in the Purpose and Statutory Basis 

sections, this rule change proposal is 

not novel; at least two other exchanges, 

BOX and MEMX, also allow non-voting 

board observers to participate in board 

meetings, subject to similar 

confidentiality requirements to IEX’s 

proposal. 

The Exchange further believes that the 

proposed rule change would not impose 

a burden on competition because it is 

not intended to address competitive 

issues but rather is concerned solely 

with the corporate governance of Group, 

the Exchange’s parent corporation. 

Accordingly, for the foregoing reasons, 

this rule filing qualifies for immediate 

effectiveness as a ‘‘non-controversial’’ 

rule change under paragraph (f)(6) of 

Rule 19b–4. 

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 shall institute proceedings 

under Section 19(b)(2)(B) 19 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– 

IEX–2024–28 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–IEX–2024–28. 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 

10:00 a.m. and 3:00 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–IEX–2024–28, and 

should be submitted on or before 

January 9, 2025. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.20

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–30160 Filed 12–18–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101911; File No. SR–ISE– 

2024–58] 

Self-Regulatory Organizations; Nasdaq 

ISE, LLC; Notice of Filing of Proposed 

Rule Change To Decommission QCC 

With Stock Orders and Complex QCC 

With Stock Orders 

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, 2024, Nasdaq ISE, LLC (‘‘ISE’’ or 

‘‘Exchange’’) filed with the Securities 

and Exchange Commission (‘‘SEC’’ or 

‘‘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 to decommission 

Qualified Contingent Cross (‘‘QCC’’) 


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103908 Federal Register / Vol. 89, No. 244 / Thursday, December 19, 2024 / Notices 

3A QCC with Stock Order is a Qualified 

Contingent Cross Order, as defined in Options 3, 

Section 7(j), entered with a stock component to be 

communicated to a designated broker-dealer for 

execution pursuant to Options 3, Section 12(e). 

QCC with Stock Orders may only be entered 

through FIX and Precise. See Options 3, Section 

7(t). 

4A Complex QCC with Stock Order is a Qualified 

Contingent Cross Complex Order, as defined in 

subparagraph (b)(6), entered with a stock 

component to be communicated to a designated 

broker-dealer for execution pursuant to Options 3, 

Section 12(f). See Options 3, Section 14(b)(15). 

5A QCC with Stock Order is a Qualified 

Contingent Cross Order, as defined in Options 3, 

Section 7(j), entered with a stock component to be 

communicated to a designated broker-dealer for 

execution pursuant to Options 3, Section 12(e). 

QCC with Stock Orders may only be entered 

through FIX and Precise. See Options 3, Section 

7(t). 

6A Complex QCC with Stock Order is a Qualified 

Contingent Cross Complex Order, as defined in 

subparagraph (b)(6), entered with a stock 

component to be communicated to a designated 

broker-dealer for execution pursuant to Options 3, 

Section 12(f). See Options 3, Section 14(b)(15). 

7A Qualified Contingent Cross (‘‘QCC’’) Order is 

comprised of an originating order to buy or sell at 

least 1,000 contracts that is identified as being part 

of a qualified contingent trade, as that term is 

defined in Supplementary Material .01 below, 

coupled with a contra-side order or orders totaling 

an equal number of contracts. QCC Orders will 

trade in accordance with Options 3, Section 12(c). 

See Options 3, Section 7(j). 

8There have been no trades utilizing QCC with 

Stock functionality in 2024 to date. There were less 

than 5 trades utilizing QCC with Stock functionality 

in the three prior years. 

9See Securities Exchange Act Release Nos. 57620 

(April 4, 2008), 73 FR 19271 (April 9, 2008) (‘‘QCT 

Exemptive Order’’). See also Securities Exchange 

Act Release No. 54389 (August 31, 2006), 71 FR 

52829 (September 7, 2006). The QCT Exemption 

applies to trade-throughs caused by the execution 

of an order involving one or more NMS stocks that 

are components of a ‘‘qualified contingent trade.’’ 

As described more fully in the QCT Exemptive 

Order, a qualified contingent trade is a transaction 

consisting of two or more component orders, 

executed as principal or agent, where: (1) At least 

one component order is an NMS stock; (2) all 

components are effected with a product or price 

contingency that either has been agreed to by the 

respective counterparties or arranged for by a 

broker-dealer as principal or agent; (3) the 

execution of one component is contingent upon the 

execution of all other components at or near the 

same time; (4) the specific relationship between the 

component orders (e.g., the spread between the 

prices of the component orders) is determined at 

the time the contingent order is placed; (5) the 

component orders bear a derivative relationship to 

with Stock Orders 3 and Complex QCC 

with Stock Orders.4

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 

decommission QCC with Stock Orders 5

and Complex QCC with Stock Orders.6

Background 

Today, ISE Members are able to 

transact QCC with Stock Orders and 

Complex QCC with Stock Orders subject 

to the provisions of Options 3, Section 

12(e) and (f), respectively. The QCC 

with Stock Order (and Complex QCC 

with Stock Order) is a piece of 

functionality that facilitates the 

execution of the stock component of 

qualified contingent trades in 

connection with the execution of a QCC 

Order on the Exchange. Specifically, a 

QCC with Stock Order is defined as a 

QCC Order 7 entered with a stock 

component to be communicated to a 

designated broker-dealer for execution 

pursuant to Options 3, Section 12(e). A 

Complex QCC with Stock Order is 

defined as a QCC Complex Order 

entered with a stock component to be 

communicated to a designated brokerdealer for execution pursuant to Options 

3, Section 12(f). Today, ISE Members 

desiring to execute an order with stock 

or an ETF component are required to 

enter into a brokerage agreement with a 

broker-dealer designated by the 

Exchange and are permitted to enter 

into such an agreement with one or 

more other broker-dealers to which the 

Exchange is able to route stock orders 

(this is also the case for a Complex QCC 

with Stock Order). Options 3, Section 

12(e) and (f) describe how the stock 

component of QCC with Stock Orders 

and Complex QCC with Stock Orders, 

respectively, are executed on ISE. Since 

QCC Orders represent one component of 

a qualified contingent trade, each QCC 

Order must be paired with a stock 

transaction. When a Member enters a 

QCC Order, the Member is responsible 

for executing the associated stock 

component of the qualified contingent 

trade within a reasonable period of time 

after the QCC Order is executed. 

QCC with Stock Order functionality is 

a voluntary piece of functionality that 

provides Members with an automated 

means of executing the stock component 

of a qualified contingent trade. 

Specifically, when a Member enters a 

QCC with Stock Order (or a Complex 

QCC with Stock Order), a QCC Order is 

entered on the Exchange. That QCC 

Order is automatically executed upon 

entry provided that the conditions of 

Options 3, Section 12(e) or (f), as 

applicable, are met. If the QCC Order (or 

Complex QCC Order) is executed, the 

Exchange will automatically 

communicate the stock component to 

the Member’s designated broker-dealer 

for execution. Currently, Members that 

execute the options component of a 

qualified contingent trade entered as a 

QCC with Stock Order (or Complex QCC 

with Stock Order) remain responsible 

for the execution of the stock 

component if they do not receive an 

execution from their designated brokerdealer. Although QCC Orders (and 

Complex QCC Orders) are eligible for 

automatic execution, it is possible that 

the QCC Order (or Complex QCC Order) 

may not be executable based on market 

prices at the time the order is entered. 

If the QCC Order (or Complex QCC 

Order) is not capable of being executed, 

the entire QCC with Stock Order, 

including both the stock and options 

components, is cancelled. 

Proposal 

At this time, the Exchange proposes to 

no longer offer Members the ability to 

execute QCC with Stock Orders or 

Complex QCC with Stock Orders on ISE. 

The Exchange was offering this 

functionality to Members on a voluntary 

basis to assist in their execution of 

qualified contingent trades. The 

Exchange notes that there has not been 

Member interest in this functionality for 

some time.8 There is no requirement 

that Members utilize QCC with Stock 

functionality, and Members will 

continue to be able to enter regular QCC 

Orders and Complex QCC Orders where 

the Exchange does not assist with the 

execution of the stock component of the 

trade and the Members do so 

themselves. After the Exchange 

decommissions the QCC with Stock 

functionality, Members would continue 

to be able to execute QCC Orders and 

Complex QCC Orders on the Exchange, 

provided that the Member would be 

responsible for executing the associated 

stock component of the qualified 

contingent trade in compliance with the 

requirements of the QCT exemption. 

The Exchange surveils for compliance 

with the QCT exemption.9 The 


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Federal Register / Vol. 89, No. 244 / Thursday, December 19, 2024 / Notices 103909 

one another, represent different classes of shares of 

the same issuer, or involve the securities of 

participants in mergers or with intentions to merge 

that have been announced or since cancelled; and 

(6) the Exempted NMS Stock Transaction is fully 

hedged (without regard to any prior existing 

position) as a result of the other components of the 

contingent trade. 

10See Options Trader Update #2024–65. 

11 15 U.S.C. 78f(b). 

12 15 U.S.C. 78f(b)(5). 13See supra note 9. 

14 15 U.S.C. 78s(b)(3)(A)(iii). 15 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6) 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. 

16 17 CFR 240.19b–4(f)(6). 17 17 CFR 240.19b–4(f)(6)(iii). 18See supra note 9 and accompanying text. 19See supra note 8. 20See supra note 10 and accompanying text. 21For purposes only of waiving the 30-day 

operative delay, the Commission has also 

Continued 

Exchange provided Members notice of 

its intent to decommission this 

functionality.10 There have been no 

concerns from Members with respect to 

the decommission. 

The Exchange proposes to remove 

rule text related to QCC with Stock 

Orders and Complex QCC with Stock 

Orders in Options 3, Section 7(t); 

Supplementary Material to Options 3, 

Section 7(d)(3); Options 3, Section 12(e) 

and (f); and Options 3, Section 

14(b)(15). 

The Exchange proposes to add a space 

after Supplementary Material .02 to 

Options 3, Section 7 before the title 

‘‘Time in Force.’’ This is a technical 

amendment. 

Implementation 

The Exchange intends to begin 

implementation of the proposed rule 

change on or before February 15, 2025. 

The Exchange will announce the date of 

the decommission to Members in an 

Options Technical Update. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

Section 6(b) of the Act,11 in general, and 

furthers the objectives of Section 6(b)(5) 

of the Act,12 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. 

Specifically, the Exchange believes 

that the proposed rule change is 

consistent with the protection of 

investors and the public interest 

because QCC with Stock Orders and 

Complex QCC with Stock functionality 

are currently offered to Members on a 

voluntary basis to assist in their 

execution of qualified contingent trades. 

Furthermore, Members that execute the 

options component of a Qualified 

Contingent Trade entered as a QCC with 

Stock Order or Complex QCC with 

Stock Order remain responsible for the 

execution of the stock component if 

they do not receive an execution from 

their designated broker-dealer. There is 

no requirement that Members utilize 

QCC with Stock or Complex QCC with 

Stock Order functionality, and Members 

will continue to be able to enter regular 

QCC Orders and Complex QCC Orders 

where the Exchange does not assist with 

the execution of the stock component of 

the trade and the Members do so 

themselves. The Exchange surveils for 

compliance with the QCT exemption.13

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 that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. 

Decommissioning QCC with Stock 

Orders or Complex QCC with Stock 

Orders does not impose an undue 

burden on intra-market competition. No 

market participant would be able to 

submit a QCC with Stock Order or 

Complex QCC with Stock Order on ISE. 

There is no requirement that Members 

utilize QCC with Stock functionality, 

and Members will continue to be able to 

enter regular QCC Orders and Complex 

QCC Orders. Moreover, Members will 

still be able to execute QCC Orders and 

Complex QCC Orders on the Exchange 

using other means to ensure the 

execution of the stock component of 

those qualified contingent trades. The 

Exchange believes that it will continue 

to remain competitive with other 

options markets despite not offering this 

functionality. 

Decommissioning QCC with Stock 

Orders or Complex QCC with Stock 

Orders does not impose an undue 

burden on inter-market competition as 

other options markets may offer this 

functionality to their Members. 

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 prior to 30 days from the date 

on which it was filed, or such shorter 

time as the Commission may designate, 

if consistent with the protection of 

investors and the public interest, the 

proposed rule change has become 

effective pursuant to Section 

19(b)(3)(A)(iii) of the Act 14 and Rule 

19b–4(f)(6) thereunder.15

A proposed rule change filed under 

Rule 19b–4(f)(6) 16 normally does not 

become operative prior to 30 days after 

the date of the filing. However, pursuant 

to Rule 19b–4(f)(6)(iii),17 the 

Commission may 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 waiver of the 

operative delay would permit the 

Exchange to decommission QCC with 

Stock Orders and Complex QCC with 

Stock Orders prior to the year’s end so 

that the Exchange can discontinue 

maintaining the infrastructure 

associated with the functionality. The 

Exchange states that after it 

decommissions the QCC with Stock 

functionality, Members will continue to 

be able to execute QCC Orders and 

Complex QCC Orders on the Exchange, 

provided that the Member would be 

responsible for executing the associated 

stock component of the qualified 

contingent trade in compliance with the 

requirements of the QCT exemption. 

The Exchange surveils for compliance 

with the QCT exemption.18 The 

Exchange states that neither QCC with 

Stock Orders nor Complex QCC with 

Stock Orders has been utilized in 

2024.19 The Exchange further states that 

it provided Members notice of its 

intention to decommission the 

functionality, and that Members raised 

no concerns with respect to the 

decommissioning.20 For these reasons, 

and because the proposal does not raise 

any new or novel issues, the 

Commission believes that waiver of the 

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 proposal 

operative upon filing.21


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103910 Federal Register / Vol. 89, No. 244 / Thursday, December 19, 2024 / Notices 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

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

22 15 U.S.C. 78s(b)(2)(B). 

23 17 CFR 200.30–3(a)(12), (59). 1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3A QCC with Stock Order is a Qualified 

Contingent Cross Order, as defined in subparagraph 

(j), entered with a stock component to be 

communicated to a designated broker-dealer for 

execution pursuant to Options 3, Section 12(e). 

QCC with Stock Orders may only be entered 

through FIX. See Options 3, Section 7(t). 4A Complex QCC with Stock Order is a Qualified 

Contingent Cross Complex Order, as defined in 

subparagraph (b)(6), entered with a stock 

component to be communicated to a designated 

broker-dealer for execution pursuant to Options 3, 

Section 12(f). See Options 3, Section 14(b)(15). 

5A QCC with Stock Order is a Qualified 

Contingent Cross Order, as defined in Options 3, 

Section 7(j), entered with a stock component to be 

communicated to a designated broker-dealer for 

execution pursuant to Options 3, Section 12(e). 

QCC with Stock Orders may only be entered 

through FIX. See Options 3, Section 7(t). 

6A Complex QCC with Stock Order is a Qualified 

Contingent Cross Complex Order, as defined in 

subparagraph (b)(6), entered with a stock 

component to be communicated to a designated 

broker-dealer for execution pursuant to Options 3, 

Section 12(f). See Options 3, Section 14(b)(15). 

7A Qualified Contingent Cross (‘‘QCC’’) Order is 

comprised of an originating order to buy or sell at 

least 1000 contracts that is identified as being part 

of a qualified contingent trade, as that term is 

defined in Supplementary Material .01 below, 

coupled with a contra-side order or orders totaling 

an equal number of contracts. QCC Orders will 

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 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– 

ISE–2024–58 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–2024–58. 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–2024–58 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. 2024–30166 Filed 12–18–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101912; File No. SR–MRX– 

2024–47] 

Self-Regulatory Organizations; Nasdaq 

MRX, LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Decommission QCC 

With Stock Orders and Complex QCC 

With Stock Orders 

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, 2024, Nasdaq MRX, LLC (‘‘MRX’’ or 

‘‘Exchange’’) filed with the Securities 

and Exchange Commission (‘‘SEC’’ or 

‘‘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 

decommission Qualified Contingent 

Cross (‘‘QCC’’) with Stock Orders 3 and 

Complex QCC with Stock Orders.4

The text of the proposed rule change 

is available on the Exchange’s website at 

https://listingcenter.nasdaq.com/ 

rulebook/mrx/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 

decommission QCC with Stock Orders 5

and Complex QCC with Stock Orders.6

Background 

Today, MRX Members are able to 

transact QCC with Stock Orders and 

Complex QCC with Stock Orders subject 

to the provisions of Options 3, Section 

12(e) and (f), respectively. The QCC 

with Stock Order (and Complex QCC 

with Stock Order) is a piece of 

functionality that facilitates the 

execution of the stock component of 

qualified contingent trades in 

connection with the execution of a QCC 

Order on the Exchange. Specifically, a 

QCC with Stock Order is defined as a 

QCC Order 7 entered with a stock 


lotter on DSK11XQN23PROD with NOTICES1