104584 Federal Register / Vol. 89, No. 246 / Monday, December 23, 2024 / Notices 

21 15 U.S.C. 78s(b)(3)(A). 22 17 CFR 240.19b–4(f). 23 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3 ‘‘Specialized Quote Feed’’ or ‘‘SQF’’ is an 

interface that allows Market Makers to connect, 

send, and receive messages related to quotes and 

Immediate-or-Cancel Orders into and from the 

Exchange. Features include the following: (1) 

options symbol directory messages (e.g., underlying 

instruments); (2) system event messages (e.g., start 

of trading hours messages and start of opening); (3) 

trading action messages (e.g., halts and resumes); (4) 

execution messages; (5) quote messages; (6) 

Immediate-or-Cancel Order messages; (7) risk 

protection triggers and purge notifications; and (8) 

opening imbalance messages. The SQF Purge 

Interface only receives and notifies of purge 

requests from the Market Maker. Market Makers 

may only enter interest into SQF in their assigned 

options series. Immediate-or-Cancel Orders entered 

into SQF are not subject to the Order Price 

Protection, Market Order Spread Protection, or Size 

Limitation in Options 3, Section 15(a)(1) and (a)(2), 

and (b)(2), respectively. See Options 3, Section 

7(e)(1)(B). 

4The Exchange initially filed this fee proposal as 

SR–NASDAQ–2024–063 on October 18, 2024. On 

December 3, 2024, the Exchange withdrew SR– 

NASDAQ–2024–063 and replaced it with this fee 

change. 

publicly file such comments as an 

Exhibit 2 to this filing, as required by 

Form 19b–4 and the General 

Instructions thereto. 

Persons submitting comments are 

cautioned that, according to Section IV 

(Solicitation of Comments) of the 

Exhibit 1A in the General Instructions to 

Form 19b–4, the Commission does not 

edit personal identifying information 

from comment submissions. 

Commenters should submit only 

information that they wish to make 

available publicly, including their 

name, email address, and any other 

identifying information. 

All prospective commenters should 

follow the Commission’s instructions on 

how to submit comments, available at 

www.sec.gov/regulatory-actions/how-tosubmit-comments. General questions 

regarding the rule filing process or 

logistical questions regarding this filing 

should be directed to the Main Office of 

the Commission’s Division of Trading 

and Markets at tradingandmarkets@

sec.gov or 202–551–5777. 

NSCC reserves the right not to 

respond to any comments 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) 21 of the Act and paragraph 

(f) 22 of Rule 19b–4 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. 

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 (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

NSCC–2024–011 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street NE, 

Washington, DC 20549. 

All submissions should refer to File 

Number SR–NSCC–2024–011. 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 (http://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 NSCC and on DTCC’s website 

(www.dtcc.com/legal/sec-rule-filings). 

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–NSCC–2024–011 

and should be submitted on or before 

January 13, 2025. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.23

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–30527 Filed 12–20–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101943; File No. SR– 

NASDAQ–2024–081] 

Self-Regulatory Organizations; The 

Nasdaq Stock Market LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Amend 

Options 7, Section 3 

December 17, 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, The Nasdaq Stock Market LLC 

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

Securities and Exchange Commission 

(‘‘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 increase 

the Exchange’s port pricing in The 

Nasdaq Options Market LLC (‘‘NOM’’) 

Rules at Options 7, Section 3 for the 

Specialized Quote Feed (‘‘SQF’’) 3 Ports 

and SQF Purge Ports. 

While these amendments are effective 

upon filing, the Exchange has 

designated the proposed amendments to 

be operative on January 1, 2025.4

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 


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Federal Register / Vol. 89, No. 246 / Monday, December 23, 2024 / Notices 104585 

5The term ‘‘NOM Market Maker’’ or (‘‘M’’) is a 

Participant that has registered as a Market Maker on 

NOM pursuant to Options 2, Section 1, and must 

also remain in good standing pursuant to Options 

2, Section 9. In order to receive NOM Market Maker 

pricing in all securities, the Participant must be 

registered as a NOM Market Maker in at least one 

security. See Options 7, Section 1(a). 

6See Securities Exchange Act Release No. 79619 

(December 20, 2016), 81 FR 95250 (December 27, 

2016) (SR–NASDAQ–2016–178). 

7See Securities Exchange Act Release No. 83193 

(May 9, 2018), 83 FR 22539 (May 15, 2018) (SR– 

NASDAQ–2018–036). 

8See https://fred.stlouisfed.org/seriesBeta/ 

PCU51825182#0. 

9See https://www.bls.gov/ppi/overview.htm. 

10See id. 

11NAICS appears in table 5 of the PPI Detailed 

Report and is available at https://data.bls.gov/ 

timeseries/PCU518210518210. 

12See https://www.bls.gov/ppi/factsheets/ 

producer-price-index-for-the-data-processing-andrelated-servicesindustry-naics-518210.htm. 

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 purpose of the proposed rule 

change is to amend Options 7, Section 

9, B to increase the Exchange’s SQF Port 

Fee and SQF Purge Port Fees by 10%. 

Options 7, Section 9, B includes the 

Exchange’s fees that relate to SQF Ports 

and SQF Purge Ports that Market 

Makers 5 use to connect to the Exchange 

to send quotes. Today, NOM assesses 

SQF Ports and SQF Purge Ports a per 

port, per month fee based on a tiered fee 

schedule. Specifically, NOM assesses an 

SQF Port and an SQF Purge Port Fee of 

$1,500 per port, per month for the first 

5 ports (1–5), a $1,000 per port, per 

month fee for the next 15 ports (6–20), 

and a $500 per port, per month fee for 

all ports over 20 ports (21 and above). 

With this proposal, NOM would assess 

Market Makers the following SQF Port 

and an SQF Purge Port Fees: $1,650 per 

port, per month for the first 5 ports (1– 

5), a $1,100 per port, per month fee for 

the next 15 ports (6–20), and a $550 per 

port, per month fee for all ports over 20 

ports (21 and above). The fees represent 

a 10% increase from the current tiered 

fees. 

The proposed SQF Port Fee and SQF 

Purge Port Fee increases would enable 

the Exchange to maintain and improve 

its market technology and services to 

remain competitive with its peers. Over 

the years, customer demand for risk 

protections and capacity has increased. 

The Exchange continues to invest in 

maintaining, improving, and enhancing 

its port protocols like SQF Ports and 

SQF Purge Ports–for the benefit and 

often at the behest of its customers. 

Such enhancements include refreshing 

hardware, upgrading risk protections 

and information security, and offering 

customers additional capacity. 

Nevertheless, the Exchange has not 

increased NOM’s SQF Port Fee since 

2016,6 and has not increased its SQF 

Purge Port Fee since 2018 7 where 

inflation has been roughly 10% since 

1016 and 9% since 2018 as measured 

using the metric described below. As 

such, the Exchange proposes to increase 

its SQF Port Fee and SQF Purge Port 

Fees by 10% with respect to inflation 

that has occurred since 2016 and since 

2018 to align with the foregoing fee 

increases. 

As discussed below, the Exchange 

proposes to adjust its pricing by an 

industry- and product-specific 

inflationary measure. It is reasonable 

and consistent with the Act for the 

Exchange to recoup its investments, at 

least in part, by adjusting its pricing. 

Continuing to operate at pricing frozen 

at 2016 and 2018 levels, respectively, 

impacts the Exchange’s ability to 

enhance its offerings and the interests of 

market participants and investors. 

The pricing increases the Exchange 

proposes are based on an industryspecific Producer Price Index (‘‘PPI’’), 

which is a tailored measure of 

inflation.8 As a general matter, the 

Producer Price Index is a family of 

indexes that measures the average 

change over time in selling prices 

received by domestic producers of 

goods and services. PPI measures price 

change from the perspective of the 

seller. This contrasts with other metrics, 

such as the Consumer Price Index 

(‘‘CPI’’), that measure price change from 

the purchaser’s perspective.9 About 

10,000 PPIs for individual products and 

groups of products are tracked and 

released each month.10 PPIs are 

available for the output of nearly all 

industries in the goods-producing 

sectors of the U.S. economy—mining, 

manufacturing, agriculture, fishing, and 

forestry—as well as natural gas, 

electricity, and construction, among 

others. The PPI program covers 

approximately 69 percent of the service 

sector’s output, as measured by revenue 

reported in the 2017 Economic Census. 

For purposes of this proposal, the 

relevant industry-specific PPI is the 

Data Processing and Related Services 

PPI (‘‘Data PPI’’), which is an industry 

net-output PPI that measures the 

average change in selling prices 

received by companies that provide data 

processing services. The Data PPI was 

introduced in January 2002 by the 

Bureau of Labor Statistics (‘‘BLS’’) as 

part of an ongoing effort to expand 

Producer Price Index coverage of the 

services sector of the U.S. economy and 

is identified as NAICS–518210 in the 

North American Industry Classification 

System.11 According to the BLS ‘‘[t]he 

primary output of NAICS 518210 is the 

provision of electronic data processing 

services. In the broadest sense, 

computer services companies help their 

customers efficiently use technology. 

The processing services market consists 

of vendors who use their own computer 

systems—often utilizing proprietary 

software—to process customers’ 

transactions and data. Companies that 

offer processing services collect, 

organize, and store a customer’s 

transactions and other data for recordkeeping purposes. Price movements for 

the NAICS 518210 index are based on 

changes in the revenue received by 

companies that provide data processing 

services. Each month, companies 

provide net transaction prices for a 

specified service. The transaction is an 

actual contract selected by probability, 

where the price-determining 

characteristics are held constant while 

the service is repriced. The prices used 

in index calculation are the actual 

prices billed for the selected service 

contract.’’ 12

The Exchange believes the Data PPI is 

an appropriate measure to be considered 

in the context of the proposed pricing 

changes because the Exchange uses its 

‘‘own computer systems’’ and 

‘‘proprietary software,’’ i.e., its own data 

center and proprietary matching engine 

software, respectively, to collect, 

organize, store and report customers’ 

transactions in U.S. options securities 

on the Exchange’s proprietary trading 

platform. In other words, the Exchange 

is in the business of data processing and 

related services via its data center and 

proprietary matching engine software. 

For purposes of this proposed rule 

change, with respect to the SQF Port 

Fee, the Exchange examined the Data 


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104586 Federal Register / Vol. 89, No. 246 / Monday, December 23, 2024 / Notices 

13See https://www.usinflationcalculator.com/. 

14See supra discussion of SQF Port and SQF 

Purge Port enhancements. Additionally, other 

exchanges have filed for increases in certain fees, 

based in part on comparisons to inflation. See, e.g., 

Securities Exchange Act Release Nos. 34–100994 

(September 10, 2024), 89 FR 75612 (September 16, 

2024) (SR–NYSEARCA–2024–79); and 34–101519 

(November 5, 2024), 89 FR 89071 (November 12, 

2024) (SR–CboeBYX–2024–039). 

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

16 15 U.S.C. 78f(b)(4) and (5). 

17See https://www.officialdata.org/us/inflation/ 

2015?amount-1. 

18See https://www.officialdata.org/us/inflation/ 

2015?amount-1. 

19Unlike other market participants, Market 

Makers are subject to market making and quoting 

obligations. See Options 2, Sections 4 and 5. 

PPI value for the period from December 

2016 to October 2024 (when the subject 

pricing was adopted). The Data PPI had 

a starting value of 105.600 in December 

2016 and an ending value of 115.902 in 

October 2024, a 10.30% increase. For 

purposes of this proposed rule change, 

with respect to the SQF Purge Port Fee, 

the Exchange examined the Data PPI 

value for the period from May 2018 to 

October 2024 when the subject pricing 

was adopted). The Data PPI had a 

starting value of 107.000 in May 2018 

and an ending value of 115.902 in 

October 2024, a 8.90% increase. This 

data indicates that companies who are 

also in the data storage and processing 

business have generally increased prices 

for a specified service covered under 

NAICS 518210 by an average of 10.30% 

and 8.90%, respectively, during the 

periods noted above. The Exchange 

notes that averaging the 10.30% and 

8.90% yields a percentage of 9.60%. 

The pricing for SQF Ports and SQF 

Purge Ports are intertwined so the 

Exchange is averaging the percentage to 

arrive at 10%. Based on that percentage 

change, the Exchange proposes to make 

a one-time fee increase of 10% for the 

SQF Ports and the SQF Purge Ports, 

which reflects an increase covering the 

entire period since the last price 

adjustments to the SQF Port Fee and the 

SQF Purge Port Fee were made. 

The Exchange further believes the 

Data PPI is an appropriate measure for 

purposes of the proposed rule change on 

the basis that it is a stable metric with 

limited volatility, unlike other 

consumer-side inflation metrics. In fact, 

the Data PPI has not experienced a 

greater than 2.16% increase for any one 

calendar year period since Data PPI was 

introduced into the PPI in January 2002. 

The average calendar year change from 

January 2002 to December 2023 was 

.62%, with a cumulative increase of 

15.67% over this 21-year period. The 

Exchange believes the Data PPI is 

considerably less volatile than other 

inflation metrics such as CPI, which has 

had individual calendar-year increases 

of more than 6.5%, and a cumulative 

increase of over 73% over the same 

period.13

The Exchange believes the Data PPI, 

and significant investments into, and 

enhanced performance of, the Exchange 

support the reasonableness of the 

proposed pricing increases.14

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with Section 6(b) 

of the Act,15 in general, and furthers the 

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

of the Act,16 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. 

This belief is based on two factors. 

First, the current pricing does not 

properly reflect the quality of the SQF 

Ports and SQF Purge Ports, as the 

pricing for these port offerings have 

been static in nominal terms, and 

therefore falling in real terms due to 

inflation. Second, the Exchange believes 

that investments made in enhancing the 

risk protections and capacity of SQF 

Ports and SQF Purge Ports has increased 

the performance of these port offerings. 

The Proposed Rule Change Is 

Reasonable 

As noted above, the Exchange has not 

increased any of the fees included in the 

proposal since 2016 and 2018, 

respectively. However, in the years 

following the last fee increases, the 

Exchange has made significant 

investments in upgrades to its SQF Ports 

and SQF Purge Ports, enhancing the 

quality of its services, as measured by, 

among other things, increased capacity. 

In other words, Exchange customers 

have greatly benefitted, while the 

Exchange’s ability to recoup its 

investments has been hampered. 

Between 2016 and 2024, the inflation 

rate is 3.48% per year, on average, 

producing a cumulative inflation rate of 

31.52%.17 Also, between 2018 and 

2024, the inflation rate is 3.88% per 

year, on average, producing a 

cumulative inflation rate of 25.65%.18

Using the more targeted inflation 

number of Data PPI, the cumulative 

inflation rate was 10.30% between 2016 

and 2024, and 8.90% between 2018 and 

2024. The Exchange believes the Data 

PPI is a reasonable metric to base this 

fee increase on because it is targeted to 

producer-side increases in the data 

processing industry. 

Notwithstanding inflation, as noted 

above, the Exchange has not increased 

its pricing of these port fees for over 

eight and six years, respectively, for the 

subject services. The proposed SQF Port 

Fee and SQF Purge Port Fee represent 

a modest increase from the current SQF 

Port Fee and SQF Purge Port Fee. The 

Exchange believes the proposed SQF 

Port Fee and SQF Purge Port Fee 

increases are reasonable in light of the 

Exchange’s continued expenditure in 

maintaining a robust technology 

ecosystem. Furthermore, the Exchange 

continues to invest in maintaining and 

enhancing its port products—for the 

benefit and often at the behest of its 

customers and global investors. Such 

enhancements include refreshing 

several aspects of the technology 

ecosystem including software, 

hardware, and network while 

introducing new and innovative 

products. The goal of the enhancements 

discussed above, among other things, is 

to provide more modern connectivity to 

the match engine. Accordingly, the 

Exchange continues to expend resources 

to innovate and modernize its 

technology so that it may benefit its 

Participants in offering SQF Ports and 

SQF Purge Ports. 

The Proposed Fees Are Equitably 

Allocated and Not Unfairly 

Discriminatory 

The Exchange believes that the 

proposal represents an equitable 

allocation of reasonable dues, fees and 

other charges because the Exchange 

pricing has fallen in real terms during 

the relevant period. The Exchange also 

believes that the proposed pricing 

increases are equitably allocated and not 

unfairly discriminatory because they 

would apply uniformly to all Market 

Makers that subscribe to the SQF Ports 

and SQF Purge Ports to quote on the 

Exchange. Market Makers are the only 

market participants that are assessed the 

SQF Port Fee and SQF Purge Port Fee 

because they are the only market 

participants that are permitted to quote 

on the Exchange.19 These liquidity 

providers are critical market 

participants in that they are the only 

market participants that provide 

liquidity to the Exchange on a 

continuous basis. SQF Ports and SQF 

Purge Ports are only utilized in a Market 

Maker’s assigned options series. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed pricing changes will 

impose any burden on competition not 


khammond on DSK9W7S144PROD with NOTICES
Federal Register / Vol. 89, No. 246 / Monday, December 23, 2024 / Notices 104587 

20Unlike other market participants, Market 

Makers are subject to market making and quoting 

obligations. See Options 2, Sections 4 and 5. 

21 15 U.S.C. 78s(b)(3)(A)(ii). 

22 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3 ‘‘Specialized Quote Feed’’ or ‘‘SQF’’ is an 

interface that allows Market Makers to connect, 

send, and receive messages related to quotes, 

Immediate-or-Cancel Orders, and auction responses 

into and from the Exchange. Features include the 

following: (1) options symbol directory messages 

(e.g., underlying instruments); (2) system event 

messages (e.g., start of trading hours messages and 

start of opening); (3) trading action messages (e.g., 

halts and resumes); (4) execution messages; (5) 

quote messages; (6) Immediate-or-Cancel Order 

messages; (7) risk protection triggers and purge 

notifications; (8) opening imbalance messages; (9) 

auction notifications; and (10) auction responses. 

The SQF Purge Interface only receives and notifies 

of purge requests from the Market Maker. Market 

Makers may only enter interest into SQF in their 

assigned options series. Immediate-or-Cancel 

Orders entered into SQF are not subject to the Order 

Price Protection, Market Order Spread Protection, 

Continued 

necessary or appropriate in furtherance 

of the purposes of the Act. 

Intra-Market Competition 

The Exchange believes that the 

proposed pricing does not put any 

market participants at a relative 

disadvantage compared to other market 

participants. As noted above, the 

Exchange would apply the proposed 

10% increase to the SQF Port and the 

SQF Purge Port fee to all Market Makers 

uniformly. Market Makers are the only 

market participants that are assessed an 

SQF Port Fee and an SQF Purge Port Fee 

because they are the only market 

participants that are permitted to quote 

on the Exchange.20 These liquidity 

providers are critical market 

participants in that they are the only 

market participants that provide 

liquidity to the Exchange on a 

continuous basis. SQF Ports and SQF 

Purge Ports are only utilized in a Market 

Maker’s assigned options series. 

Intermarket Competition 

The Exchange believes that the 

proposed pricing does not impose an 

undue burden on intermarket 

competition or on other SROs that is not 

necessary or appropriate. In determining 

the proposed pricing, the Exchange 

utilized an objective and stable metric 

with limited volatility. Utilizing Data 

PPI over a specified period of time is a 

reasonable means of recouping the 

Exchange’s investment in maintaining 

and enhancing its port offerings such as 

the SQF Ports and SQF Purge Ports. The 

Exchange believes utilizing Data PPI, a 

tailored measure of inflation, to increase 

the fees for the SQF Port and SQF Purge 

Port to recoup the Exchange’s 

investment in maintaining and 

enhancing such offerings does not 

impose a burden on intermarket 

competition. 

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.21

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 

• Send an email to rule-comments@

sec.gov. Please include file number SR– 

NASDAQ–2024–081 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–2024–081. 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–2024–081 and should be 

submitted on or before January 13, 2025. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.22

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–30521 Filed 12–20–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101942; File No. SR–BX– 

2024–056] 

Self-Regulatory Organizations; Nasdaq 

BX, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend BX Options 7, 

Section 3 

December 17, 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 BX, Inc. (‘‘BX’’ or 

‘‘Exchange’’) filed with the Securities 

and Exchange Commission 

(‘‘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 increase 

the Exchange’s port pricing in Options 

7, Section 3 for the Specialized Quote 

Feed (‘‘SQF’’) 3 Ports and SQF Purge 

Ports. 


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