```

[Federal Register Volume 89, Number 248 (Friday, December 27, 2024)]
[Notices]
[Pages 105669-105673]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-31090]

-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-102014; File No. SR-NYSEAMER-2024-78]

Self-Regulatory Organizations; NYSE American LLC; Notice of 
Filing of Proposed Change To Amend Certain Rules Related to Flexible 
Exchange Options

December 20, 2024.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 
1934 (``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given 
that, on December 13, 2024, NYSE American LLC (``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 self-regulatory organization. The Commission 
is publishing this notice to solicit comments on the proposed rule 
change from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to amend certain rules related to Flexible 
Exchange (``FLEX'') Options to permit FLEX Options on the Grayscale 
Bitcoin Trust (BTC) (``GBTC''). The proposed rule change is available 
on the Exchange's website at www.nyse.com, 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 self-regulatory organization 
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 those 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 parts of such statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and the 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    FLEX Options are customized equity or index contracts that allow 
investors to tailor contract terms for exchange-listed equity and index 
options.\4\
---------------------------------------------------------------------------

    \4\ A ``FLEX Equity Option'' is an option on a specified 
underlying equity security that is subject to the rules of Section 
15. See Rule 900G(b)(10).
---------------------------------------------------------------------------

    GBTC is an Exchange-Traded Fund (or ETF) that holds bitcoin and is 
listed on NYSE Arca, Inc., the Exchange's affiliated equities 
exchange.\5\ Recently, the Commission approved options trading on GBTC 
and, on November 22, 2024, the Exchange began trading GBTC options.\6\ 
The position and exercise

[[Page 105670]]

limits established for GBTC options is 25,000 contracts, the lowest 
limit available in options.\7\ Additionally, GBTC options are currently 
not approved for FLEX trading.\8\ Except for a few enumerated 
exceptions, FLEX Options are not subject to position limits.\9\ The 
Exchange proposes to permit FLEX Equity Options on GBTC (``FLEX GBTC'') 
and to impose position limits on FLEX GBTC. As proposed, FLEX GBTC 
options would have the same 25,000-contract position limit as Non-FLEX 
Options on GBTC, and positions in FLEX GBTC will be aggregated with 
positions in Non-FLEX GBTC. In other words, the position limit for 
options on GBTC--both FLEX GBTX and non-FLEX GBTC--will be 25,000 
contracts.\10\
---------------------------------------------------------------------------

    \5\ On January 11, 2024, GBTC began trading on NYSE Arca after 
the Commission approved rule changes to list and trade shares of 
``Bitcoin-Based Commodity-Based Trust Shares'' pursuant to NYSE Arca 
Rule 8.201-E(c)(1) (Commodity-Based Trust Shares), including GBTC. 
See Securities Exchange Act Release No. 99306 (January 10, 2024) 
(Order Granting Accelerated Approval of Proposed Rule Changes, as 
Modified by Amendments Thereto, to List and Trade Bitcoin-Based 
Commodity-Based Trust Shares and Trust Units), 89 FR 3008 (January 
17, 2024) (SR-NYSEARCA-2021-90).
    \6\ See Securities Exchange Act Release No. 101386 (October 18, 
2024), 89 FR 84960 (October 24, 2024) (SR-NYSEAMER-2024-49) (Order 
approving the listing and trading of options on GBTC, among other 
funds that hold bitcoin, pursuant to Rule 915, Commentary .10(a) 
(the ``GBTC Options Approval Order''). See also Trader Update, 
November 21, 2024 (announcing that on November 22, 2024, the 
Exchange would begin listing and trading options on GBTC, among 
other funds that hold bitcoin), available here, https://www.nyse.com/trader-update/history#110000945911.
    \7\ See Rule 904, Commentary .07(f). The Exchange notes that 
this 25,000-contract exercise and position limit applies to all 
options on ETFs the hold bitcoin. See id.
    \8\ See Rule 903G(a)(1) (excluding GBTC from the general 
principle that the Exchange may approve and open for trading any 
FLEX Equity Options series on any equity security that is eligible 
for Non-FLEX Options trading, ``except those set forth in Commentary 
.10(a) to Rule 915'', which includes GBTC).
    \9\ See Rule 906G(b) (subject to the exceptions enumerated in 
the rule ``there shall be no position limits for FLEX Equity 
options.'')
    \10\ See proposed Rules 903G(a)(1) (excepting GBTC from the 
prohibition of FLEX trading) and 906G(b)(iv) (providing that 
position limits for FLEX GBTC ``will be the same as Non-FLEX Options 
on GBTC, as set forth in Rule 906G, Commentary .07(f), except that 
positions in FLEX GBTC shall be aggregated with positions in Non-
FLEX GBTC for the purpose of calculating position limits.''). The 
Exchange notes there is precedent for aggregating position limits of 
FLEX options with non-FLEX options for purposes of calculating 
position limits. See Rule 906G(b)(iii) (proving that ``FLEX ByRDs 
[Binary Return Derivatives] shall be the same as Non-FLEX ByRDs, as 
set forth in Rule 904ByRDs(a), except that positions in FLEX ByRDs 
shall be aggregated with positions in Non-FLEX ByRDs on the same or 
similar underlying (`comparable Non-FLEX ByRDs') for the purpose of 
calculating position limits.'').
---------------------------------------------------------------------------

    Per the Commission ``rules regarding position and exercise limits 
are intended to prevent the establishment of options positions that can 
be used or might create incentives to manipulate or disrupt the 
underlying market so as to benefit the options positions.'' \11\ For 
this reason, the Commission requires that ``position and exercise 
limits must be sufficient to prevent investors from disrupting the 
market for the underlying security by acquiring and exercising a number 
of options contracts disproportionate to the deliverable supply and 
average trading volume of the underlying security.'' \12\ Based on its 
review of the data and analysis provided by the Exchange, the 
Commission concluded that the 25,000-contract position limit for non-
FLEX GBTC options satisfied these objectives.\13\
---------------------------------------------------------------------------

    \11\ See supra note 6, GBTC Options Approval Order, 89 FR 84971.
    \12\ See id.
    \13\ See id. (noting that the Commission considered and reviewed 
the Exchange's analysis that, based on the number of GBTC shares 
outstanding as of August 30th, ``if 114 market participants had 
25,000 same side positions in options on GBTC, each of them would 
have to simultaneously exercise all of those options to create a 
scenario that may put the underlying security under stress.'').
---------------------------------------------------------------------------

    As proposed, the Exchange will aggregate position (and exercise) 
limits for all GBTC options, thus limiting positions for options on all 
GBTC options--FLEX and non-FLEX--to 25,000 contracts. This proposed 
aggregated limit effectively restricts a market participant from 
holding positions that could result in the receipt of more than 
2,500,000 shares, aggregated for FLEX GBTC and non-FLEX GBTC (if that 
market participant exercised all its GBTC options). The Exchange 
believes that capping the aggregated position limit at 25,000 
contracts, the lowest limit available in options, would be sufficient 
to address concerns related to manipulation and the protection of 
investors. The Exchange notes that this number is conservative for GBTC 
and therefore appropriate given its liquidity.
    While the Exchange proposes an aggregated 25,000-contract position 
limit for all GBTC options, it nonetheless believes that, for the 
reasons set forth below, evidence exists to support a much higher 
position limit.\14\ For example, GBTC currently qualifies for the 
250,000-contract position limit available to other ETFs pursuant to the 
criteria in Rule 904, Commentary .07(a)(i), which requires that, for 
the most recent six-month period, trading volume for the underlying 
security be at least 100,000,000 shares.\15\ As of September 30, 2024, 
GBTC had traded 723,758,100 shares during the six-month period from 
March 30, 2024 to September 30, 2024, well above the requisite minimum 
of 100,000,000 shares necessary to qualify for the 250,000-contract 
position limit. By comparison, other options symbols with six-month 
trading volume less than GBTC are currently eligible and do in fact 
have position and exercise limits of at least 250,000 contracts.\16\
---------------------------------------------------------------------------

    \14\ The Exchange may file a subsequent rule change to increase 
the position and exercise limit for options on GBTC based on 
additional data regarding trading activity, to continue to balance 
any concerns regarding manipulation. A higher position limit would 
allow institutional investors to utilize GBTC options for prudent 
risk management purposes. In this regard, the Exchange would address 
the impact of higher position (and exercise) limits on the proposed 
FLEX GBTC options.
    \15\ Per Commentary .07(a) to Rule 904, to qualify for the 
250,000-contract position limit for options, the underlying security 
must (i) have trading volume of at least 100,000,000 shares during 
the most recent six-month trading period; or (ii) have trading 
volume of at least 75,000,000 shares during the most recent six-
month trading period and have at least 300,000,000 shares currently 
outstanding.
    \16\ See https://www.theocc.com/Market-Data/Market-Data-Reports/Series-and-Trading-Data/Series-Search (including the following 
symbols that have a position limit of 250,000: GLD, IAU, SLV, SIVR, 
SGOL).
---------------------------------------------------------------------------

    Further, the Exchange believes that the share creation and 
redemption process unique to ETFs would mitigate any potential risk of 
manipulation in FLEX trading in GBTC options. The creation and 
redemption process is designed to ensure that an ETF's price closely 
tracks the value of its underlying asset(s). For example, if a market 
participant exercised a long call position for 25,000 contracts and 
purchased 2,500,000 shares of GBTC and this purchase resulted in the 
value of GBTC shares to trade at a premium to the value of the 
(underlying) bitcoin held by GBTC, the Exchange believes that other 
market participants would attempt to arbitrage this price difference by 
selling short GBTC shares while concurrently purchasing bitcoin. Those 
market participants (arbitrageurs) would then deliver cash to GBTC and 
receive shares of GBTC, which would be used to close out any previously 
established short position in GBTC. Thus, this creation and redemptions 
process would significantly reduce the potential risk of price 
dislocation between the value of GBTC shares and the value of bitcoin 
holdings.
    The Exchange understands that FLEX Options on ETFs are currently 
traded in the over-the-counter (``OTC'') market by a variety of market 
participants, e.g., hedge funds, proprietary trading firms, and pension 
funds, to name a few. The Exchange believes there is room for 
significant growth if a comparable product were introduced for trading 
on a regulated market. The Exchange expects that users of these OTC 
products would be among the primary users of FLEX GBTC options. The 
Exchange also believes that the trading of FLEX GBTC options would 
allow these same market participants to better manage the risk 
associated with the volatility of GBTC (the underlying ETF) positions 
given the enhanced liquidity that an exchange-traded product would 
bring.
    Additionally, the Exchange believes that FLEX GBTC options traded 
on the Exchange would have three important

[[Page 105671]]

advantages over the contracts that are traded in the OTC market. First, 
as a result of greater standardization of contract terms, exchange-
traded contracts should develop more liquidity. Second, counter-party 
credit risk would be mitigated by the fact that the contracts are 
issued and guaranteed by The Options Clearing Corporation (``OCC''). 
Finally, the price discovery and dissemination provided by the Exchange 
and its members would lead to more transparent markets. The Exchange 
believes that its ability to offer FLEX GBTC options would aid it in 
competing with the OTC market and at the same time expand the universe 
of products available to interested market participants. The Exchange 
believes that an exchange-traded alternative may provide a useful risk 
management and trading vehicle for market participants and their 
customers.
    The Exchange has analyzed its capacity and represents that it and 
The Options Price Reporting Authority (``OPRA'') have the necessary 
systems capacity to handle the additional traffic associated with the 
listing of FLEX GBTC options. The Exchange believes any additional 
traffic that would be generated from the trading of FLEX GBTC options 
would be manageable. The Exchange believes ATP Holders will not have a 
capacity issue as a result of this proposed rule change. The Exchange 
also represents that it does not believe this proposed rule change will 
cause fragmentation of liquidity. The Exchange will monitor the trading 
volume associated with the additional options series listed as a result 
of this proposed rule change and the effect (if any) of these 
additional series on market fragmentation and on the capacity of the 
Exchange's automated systems.
    The Exchange represents that the same surveillance procedures 
applicable to the Exchange's other options products listed and traded 
on the Exchange, including non-FLEX GBTC options, will apply to FLEX 
GBTC options, and that it has the necessary systems capacity to support 
such options. FLEX options products (and their respective symbols) are 
integrated into the Exchange's existing surveillance system 
architecture and are thus subject to the relevant surveillance 
processes. The Exchange's market surveillance staff (including staff of 
the Financial Industry Regulatory Authority (``FINRA'') who perform 
surveillance and investigative work on behalf of the Exchange pursuant 
a regulatory services agreement) conducts surveillances with respect to 
GBTC (the underlying ETF) and, as appropriate, would review activity in 
GBTC when conducting surveillances for market abuse or manipulation in 
the FLEX GBTC options.\17\ The Exchange does not believe that allowing 
FLEX GBTC options would render the marketplace for non-FLEX GBTC 
options, or equity options in general, more susceptible to manipulative 
practices.
---------------------------------------------------------------------------

    \17\ See supra note 6, GBTC Options Approval Order, 89 FR at 
84966-68 (regarding surveillance procedures applicable to GBTC and 
other funds that hold bitcoin).
---------------------------------------------------------------------------

    The Exchange represents that its existing trading surveillances are 
adequate to monitor the trading in GBTC and subsequent trading of FLEX 
GBTC options on the Exchange. Additionally, the Exchange is a member of 
the Intermarket Surveillance Group (``ISG'') under the Intermarket 
Surveillance Group Agreement. ISG members work together to coordinate 
surveillance and investigative information sharing in the stock, 
options, and futures markets. For surveillance purposes, the Exchange 
would therefore have access to information regarding trading activity 
in the pertinent underlying securities. In addition, and as referenced 
above, the Exchange has a regulatory services agreement with FINRA, 
pursuant to which FINRA conducts certain surveillances on behalf of the 
Exchange. Further, pursuant to a multi-party 17d-2 joint plan, all 
options exchanges allocate regulatory responsibilities to FINRA to 
conduct certain options-related market surveillances.\18\ The Exchange 
will implement any additional surveillance procedures it deems 
necessary to effectively monitor the trading of GBTC options.
---------------------------------------------------------------------------

    \18\ Section 19(g)(1) of the Act, among other things, requires 
every SRO registered as a national securities exchange or national 
securities association to comply with the Act, the rules and 
regulations thereunder, and the SRO's own rules, and, absent 
reasonable justification or excuse, enforce compliance by its 
members and persons associated with its members. See 15 U.S.C. 
78q(d)(1) and 17 CFR 240.17d-2. Section 17(d)(1) of the Act allows 
the Commission to relieve an SRO of certain responsibilities with 
respect to members of the SRO who are also members of another SRO. 
Specifically, Section 17(d)(1) allows the Commission to relieve an 
SRO of its responsibilities to: (i) receive regulatory reports from 
such members; (ii) examine such members for compliance with the Act 
and the rules and regulations thereunder, and the rules of the SRO; 
or (iii) carry out other specified regulatory responsibilities with 
respect to such members.
---------------------------------------------------------------------------

    The proposed rule change is designed to allow investors seeking to 
trade options on GBTC to utilize FLEX GBTC options. The Exchange 
believes that offering innovative products flows to the benefit of the 
investing public. A robust and competitive market requires that 
exchanges respond to member's evolving needs by constantly improving 
their offerings. Such efforts would be stymied if exchanges were 
prohibited from offering innovative products such as the proposed FLEX 
GBTC options. The Exchange believes that introducing FLEX GBTC options 
would further broaden the base of investors that use FLEX Options (and 
options on GBTC in general) to manage their trading and investment 
risk, including investors that currently trade in the OTC market for 
customized options. The proposed rule change is also designed to 
encourage market makers to shift liquidity from the OTC market on the 
Exchange, which, it believes, will enhance the process of price 
discovery conducted on the Exchange through increased order flow.
    Finally, as discussed herein, the Exchange does not believe that 
this proposed rule change raises any unique regulatory concerns because 
the proposal to aggregate FLEX and non-FLEX GBTC options at the (most 
conservative) 25,000-contract limit, which currently applies solely to 
non-FLEX GBTC options, should provide an adequate safeguard.
Implementation
    The Exchange will announce the implementation date by Trader Update 
within sixty (60) days of the rule approval.
2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section 
6(b) of the Securities Exchange Act of 1934 (the ``Act''),\19\ in 
general, and furthers the objectives of Section 6(b)(5) of the Act,\20\ 
in particular, in that it is designed to prevent fraudulent and 
manipulative acts and practices, 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 introducing FLEX GBTC options will increase 
order flow to the Exchange, increase the variety of options products 
available for trading, and provide a valuable tool for investors to 
manage risk. The proposed rule change is designed to allow investors 
seeking to trade options on GBTC to utilize FLEX GBTC options.
---------------------------------------------------------------------------

    \19\ 15 U.S.C. 78f(b).
    \20\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The Exchange believes that the proposal to permit FLEX GBTC options 
would remove impediments to and perfect the mechanism of a free and 
open market. The Exchange believes that offering FLEX GBTC options will 
benefit investors by providing them

[[Page 105672]]

with an additional, relatively lower cost investing tool to gain 
exposure to the price of bitcoin and provide a hedging vehicle to meet 
their investment needs in connection with a bitcoin-related product. 
Moreover, the proposal would broaden the base of investors that use 
FLEX Options to manage their trading and investment risk, including 
investors that currently trade in the OTC market for customized 
options. By trading a product in an exchange-traded environment (that 
is currently being used in the OTC market), the Exchange would be able 
to compete more effectively with the OTC market. The Exchange believes 
the proposed rule change is designed to prevent fraudulent and 
manipulative acts and practices in that it would lead to the migration 
of options currently trading in the OTC market to trading to the 
Exchange. Also, any migration to the Exchange from the OTC market would 
result in increased market transparency and enhance the process of 
price discovery conducted on the Exchange through increased order flow. 
The Exchange also believes that offering FLEX GBTC options may open up 
the market for options on GBTC to more retail investors.
    Additionally, the Exchange believes the proposed rule change is 
designed to remove impediments to and to perfect the mechanism for a 
free and open market and a national market system, and, in general, to 
protect investors and the public interest in that it should create 
greater trading and hedging opportunities and flexibility. The proposed 
rule change should also result in enhanced efficiency in initiating and 
closing out positions and heightened contra-party creditworthiness due 
to the role of OCC as issuer and guarantor of FLEX GBTC options. 
Further, the proposed rule change would result in increased competition 
by permitting the Exchange to offer products that are currently used in 
the OTC market.
    The Exchange does not believe that this proposed rule change raises 
any unique regulatory concerns because the proposal to aggregate FLEX 
and non-FLEX GBTC options at the (most conservative) 25,000-contract 
limit should provide an adequate safeguard. The purpose of position 
limits is to address potential manipulative schemes and adverse market 
impacts surrounding the use of options, such as disrupting the market 
in the security underlying the options. The Exchange believes the 
proposal will benefit investors and public interest because the 
aggregated position limit for all options on GBTC (FLEX and non-FLEX) 
at 25,000 contracts, the lowest limit available in options, would 
address concerns related to manipulation and protection of investors as 
this number is conservative for GBTC and therefore appropriate given 
its liquidity.
    The Exchange believes that offering innovative products flows to 
the benefit of the investing public. A robust and competitive market 
requires that exchanges respond to member's evolving needs by 
constantly improving their offerings. Such efforts would be stymied if 
exchanges were prohibited from offering innovative products such as the 
proposed FLEX GBTC options. The Exchange does not believe that allowing 
FLEX GBTC options would render the marketplace for equity options more 
susceptible to manipulative practices.
    Finally, the Exchange represents that it has an adequate 
surveillance program in place to detect manipulative trading in FLEX 
GBTC options. Regarding the proposed FLEX GBTC options, the Exchange 
would use the same surveillance procedures currently utilized for FLEX 
Options listed on the Exchange (as well as for non-FLEX GBTC options). 
For surveillance purposes, the Exchange would have access to 
information regarding trading activity in GBTC (the underlying 
ETF).\21\ In light of surveillance measures related to both options and 
GBTC (the underlying ETF), the Exchange believes that existing 
surveillance procedures are designed to deter and detect possible 
manipulative behavior which might potentially arise from listing and 
trading the proposed FLEX GBTC options.
---------------------------------------------------------------------------

    \21\ See supra note 6, GBTC Options Approval Order, 89 FR at 
84966-68 (regarding surveillance procedures applicable to GBTC and 
other funds that hold bitcoin).
---------------------------------------------------------------------------

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.
    Intra-market competition. The Exchange does not believe that its 
proposed rule change will impose any burden on intra-market competition 
as all market participants would have the option of utilizing the FLEX 
GBTC options. The proposed rule change is designed to allow investors 
seeking option exposure to bitcoin to trade FLEX GBTC options. 
Moreover, the Exchange believes that the proposal to permit FLEX GBTC 
options would broaden the base of investors that use FLEX Options to 
manage their trading and investment risk, including investors that 
currently trade in the OTC market for customized options.
    Inter-market competition. The Exchange does not believe that its 
proposed rule change will impose any burden on inter-market competition 
as all market participants would have the option of utilizing the FLEX 
GBTC options. The Exchange notes that it operates in a highly 
competitive market in which market participants can readily direct 
order flow to competing venues. The proposed rule change would support 
that intermarket competition by allowing the Exchange to offer 
additional functionality to ATP Holders. The Exchange believes that the 
proposed FLEX GBTC options will increase the variety of options 
products available for trading in general and bitcoin-related products 
in particular and, as such, will provide a valuable tool for investors 
to manage risk.
    As such, the Exchange believes that this proposal does not create 
an undue burden on intermarket competition. Rather, the Exchange 
believes that the proposed rule would bolster intermarket competition 
by promoting fair competition among individual markets. The Exchange 
notes that, upon approval of this proposal, competing options exchanges 
will be free to offer products like the proposed FLEX GBTC options.

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

    Within 45 days of the date of publication of this notice in the 
Federal Register or within such longer period up to 90 days (i) as the 
Commission may designate if it finds such longer period to be 
appropriate and publishes its reasons for so finding or (ii) as to 
which the self-regulatory organization consents, the Commission will:
    (A) by order approve or disapprove the proposed rule change, or
    (B) institute proceedings to determine whether the proposed rule 
change should be 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:

[[Page 105673]]

Electronic Comments

     Use the Commission's internet comment form (https://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include 
file number SR-NYSEAMER-2024-78 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-NYSEAMER-2024-78. 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-NYSEAMER-2024-78 and should 
be submitted on or before January 17, 2025.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\22\
---------------------------------------------------------------------------

    \22\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2024-31090 Filed 12-26-24; 8:45 am]
BILLING CODE 8011-01-P
```