714 Federal Register / Vol. 90, No. 3 / Monday, January 6, 2025 / Notices 

42For example, OCC’s 2018 model would have 

increased aggregate margin requirements by 80 

percent overnight in response to increased volatility 

observed on February 5, 2018. OCC stated that it 

believed that these margin requirements were 

unreasonable and procyclical. See Notice of Filing, 

89 FR 81960; Securities Exchange Act Release No. 

84879, at 83 FR 67392, 67393. 

43OCC has provided responses to Commission 

requests for backtesting data and analysis as part of 

its confidential Exhibit 3C to File No. SR–OCC– 

2024–014. See Notice of Filing, 89 FR 81962, note 

43. 

44See Standards for Covered Clearing Agencies, 

81 FR 70819. 

45 17 CFR 240.17Ad–22(e)(6). 

46 In approving the Proposed Rule Change, the 

Commission has considered the proposed rule’s 

impact on efficiency, competition, and capital 

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

47 15 U.S.C. 78s(b)(2). 

48 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

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

4 17 CFR 240.19b–4(f). 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 will institute proceedings to determine 

whether the proposed rule change should be 

approved or disapproved. 

5An ‘‘Industry Member’’ is defined as ‘‘a member 

of a national securities exchange or a member of a 

national securities association.’’ See LTSE Rule 

11.610(u). See also Section 1.1 of the CAT NMS 

Plan. Unless otherwise specified, capitalized terms 

used in this rule filing are defined as set forth in 

the CAT NMS Plan and/or the CAT Compliance 

Rule. See Exchange Rule Series 11.600. 

6Copies 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 

SRO. 

requirements.42 The confidential 

backtesting data that OCC provided to 

the Commission has shown that during 

instances of market volatility where 

OCC has employed either the 

idiosyncratic control settings or the 

global control settings, the control 

settings have limited Clearing Member 

margin requirements to be 

commensurate with market risk by 

countering procyclicality effects, while 

still ensuring that OCC is collecting 

appropriate margin to cover its exposure 

to relevant products, portfolios, and 

markets.43 Ensuring that OCC maintains 

processes to counter procyclicality, in 

turn, allows for reduced margin 

requirements that, as described above, 

do not degrade backtesting coverage. 

Therefore, OCC is still able to calculate 

sufficient margin, while limiting the 

need for ‘‘destabilizing, procyclical 

changes.’’ 44 Further, including such 

high-volatility parameter control 

settings reduces the likelihood that 

Clearing Members would be required to 

provide additional financial resources 

unnecessarily, which, in turn, could 

reduce the strain on such Clearing 

Members during stressed market 

conditions. 

Accordingly, the Proposed Rule 

Change is consistent with Rule 17Ad– 

22(e)(6) under the Exchange Act.45

IV. Conclusion 

On the basis of the foregoing, the 

Commission finds that the Proposed 

Rule Change is consistent with the 

requirements of the Exchange Act, and 

in particular, the requirements of 

Section 17A of the Exchange Act 46 and 

the rules and regulations thereunder. 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Exchange Act,47

that the proposed rule change, as 

modified by Partial Amendment No. 1 

(SR–OCC–2024–014), be, and hereby is, 

approved. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.48

Stephanie J. Fouse, 

Assistant Secretary. 

[FR Doc. 2024–31610 Filed 1–3–25; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–102054; File No. SR–LTSE– 

2024–11] 

Self-Regulatory Organizations; LongTerm Stock Exchange, Inc.; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Establish 

Fees for Industry Members Related to 

Reasonably Budgeted CAT Costs of 

the National Market System Plan 

Governing the Consolidated Audit Trail 

for 2025 

December 30, 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 

20, 2024, Long-Term Stock Exchange, 

Inc. (‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Item I below, 

which Item has been substantially 

prepared by the Exchange. The 

Exchange has designated this proposal 

for immediate effectiveness pursuant to 

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

19b–4(f) thereunder.4 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 a rule change 

to establish fees for Industry Members 5

related to reasonably budgeted CAT 

costs of the National Market System 

Plan Governing the Consolidated Audit 

Trail for 2025. 

The proposed rule change, including 

the Exchange’s statement of the purpose 

of, and statutory basis for, the proposed 

rule change, is available on the 

Exchange’s website at https://longterm

stockexchange.com/, at the principal 

office of the Exchange, and on the 

Commission’s website at https://

www.sec.gov/rules-regulations/selfregulatory-organization-rulemaking/ 

national-securities-exchanges?file_

number=SR-LTSE-2024-11. 

II. 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.6

Comments may be submitted 

electronically by using the 

Commission’s internet comment form 

(https://www.sec.gov/rules-regulations/ 

self-regulatory-organizationrulemaking/national-securitiesexchanges?file_number=SR-LTSE-2024- 

11) or by sending an email to rulecomments@sec.gov. Please include file 

number SR–LTSE–2024–11 on the 

subject line. Alternatively, paper 

comments may be sent to Secretary, 

Securities and Exchange Commission, 

100 F Street NE, Washington, DC 

20549–1090. All submissions should 

refer to file number SR–LTSE–2024–11. 

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-regulations/ 

self-regulatory-organizationrulemaking/national-securitiesexchanges?file_number=SR-LTSE-2024- 

11). 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 


khammond on DSK9W7S144PROD with NOTICES
Federal Register / Vol. 90, No. 3 / Monday, January 6, 2025 / Notices 715 

7 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

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

4 17 CFR 240.19b–4(f). 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 will institute proceedings to determine 

whether the proposed rule change should be 

approved or disapproved. 

5An ‘‘Industry Member’’ is defined as ‘‘a member 

of a national securities exchange or a member of a 

national securities association.’’ See Rule 4.5(u). 

See also Section 1.1 of the CAT NMS Plan. Unless 

otherwise specified, capitalized terms used in this 

rule filing are defined as set forth in the CAT NMS 

Plan and/or the CAT Compliance Rule. See Rule 

4.5. 6Copies 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 

SRO. 

7 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

to file number SR–LTSE–2024–11 and 

should be submitted on or before 

January 27, 2025. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.7

Stephanie J. Fouse, 

Assistant Secretary. 

[FR Doc. 2024–31613 Filed 1–3–25; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–102061; File No. SR– 

MEMX–2024–49] 

Self-Regulatory Organizations; MEMX 

LLC; Notice of Filing and Immediate 

Effectiveness of Proposed Rule 

Change To Establish Fees for Industry 

Members Related to Reasonably 

Budgeted CAT Costs of the National 

Market System Plan Governing the 

Consolidated Audit Trail for 2025 

December 31, 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 

20, 2024, MEMX LLC (‘‘Exchange’’) filed 

with the Securities and Exchange 

Commission (‘‘Commission’’) the 

proposed rule change as described in 

Item I below, which Item has been 

substantially prepared by the Exchange. 

The Exchange has designated this 

proposal for immediate effectiveness 

pursuant to Section 19(b)(3)(A) of the 

Act 3 and Rule 19b–4(f) thereunder.4

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 is filing with the 

Commission a proposed rule change to 

establish fees for Industry Members 5

related to reasonably budgeted CAT 

costs of the National Market System 

Plan Governing the Consolidated Audit 

Trail (the ‘‘CAT NMS Plan’’ or ‘‘Plan’’) 

for 2025. These fees would be payable 

to Consolidated Audit Trail, LLC (‘‘CAT 

LLC’’ or the ‘‘Company’’) and referred to 

as CAT Fee 2025–1, and would be 

described in a section of the Exchange’s 

fee schedule entitled ‘‘Consolidated 

Audit Trail Funding Fees.’’ The fee rate 

for CAT Fee 2025–1 would be 

$0.000022 per executed equivalent 

share. CAT Executing Brokers will 

receive their first monthly invoice for 

CAT Fee 2025–1 in February 2025 

calculated based on their transactions as 

CAT Executing Brokers for the Buyer 

(‘‘CEBB’’) and/or CAT Executing 

Brokers for the Seller (‘‘CEBS’’) in 

January 2025. CAT Fee 2025–1 is 

anticipated to be in place for six 

months, and is anticipated to recover 

approximately one-half of the costs set 

forth in the reasonably budgeted CAT 

costs for 2025. CAT LLC intends for 

CAT Fee 2025–1 to replace CAT Fee 

2024–1 (which has a fee rate of 

$0.000035). The text of the proposed 

rule change is attached as Exhibit 5. 

The proposed rule change, including 

the Exchange’s statement of the purpose 

of, and statutory basis for, the proposed 

rule change, is available at the principal 

office of the Exchange, and on the 

Commission’s website at https://

www.sec.gov/rules-regulations/selfregulatory-organization-rulemaking/ 

national-securities-exchanges?file_

number=SR-MEMX-2024-49. 

II. 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.6

Comments may be submitted 

electronically by using the 

Commission’s internet comment form 

(https://www.sec.gov/rules-regulations/ 

self-regulatory-organizationrulemaking/national-securitiesexchanges?file_number=SR-MEMX2024-49) or by sending an email to rulecomments@sec.gov. Please include file 

number SR–MEMX–2024–49 on the 

subject line. Alternatively, paper 

comments may be sent to Secretary, 

Securities and Exchange Commission, 

100 F Street NE, Washington, DC 

20549–1090. All submissions should 

refer to file number SR–MEMX–2024– 

49. 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-regulations/ 

self-regulatory-organizationrulemaking/national-securitiesexchanges?file_number=SR-MEMX2024-49). 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–MEMX–2024–49 and should be 

submitted on or before January 27, 2025. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.7

Stephanie J. Fouse, 

Assistant Secretary. 

[FR Doc. 2024–31767 Filed 1–3–25; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–102069; File No. SR– 

CboeEDGX–2024–088] 

Self-Regulatory Organizations; Cboe 

EDGX Exchange, Inc.; Notice of Filing 

and Immediate Effectiveness of 

Proposed Rule Change To Establish 

Fees for Industry Members Related to 

Reasonably Budgeted CAT Costs of 

the National Market System Plan 

Governing the Consolidated Audit Trail 

for 2025 

December 31, 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 

20, 2024, Cboe EDGX Exchange, Inc. 

(‘‘Exchange’’) filed with the Securities 

and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Item I below, 


khammond on DSK9W7S144PROD with NOTICES