7204 Federal Register / Vol. 90, No. 12 / Tuesday, January 21, 2025 / Notices 

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. 

5Copies 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. 

number SR–SAPPHIRE–2025–01 and should be 

submitted on or before February 11, 2025. 

6 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 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. 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–102182; File No. SR– 

SAPPHIRE–2025–01] 

Self-Regulatory Organizations; MIAX 

Sapphire, LLC; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Adopt Exchange Rule 

2090 To Establish a Virtual Trading 

Floor 

January 14, 2025. 

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 January 3, 

2025, MIAX Sapphire, 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 proposes to adopt 

Exchange Rule 2090 to establish a 

Virtual Trading Floor. 

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://

www.miaxglobal.com/markets/usoptions/miax-sapphire/rule-filings and 

on the Commission’s website at https:// 

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

national-securities-exchanges?file_

number=SR-SAPPHIRE-2025-01. 

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.5

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-SAPPHIRE2025-01) or by sending an email to rulecomments@sec.gov. Please include file 

number SR–SAPPHIRE–2025–01 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–SAPPHIRE– 

2025–01. 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/rulesregulations/self-regulatory-organizationrulemaking/national-securitiesexchanges?file_number=SR-SAPPHIRE2025-01). 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. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.6

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2025–01294 Filed 1–17–25; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–102194; File No. SR–BX– 

2025–002] 

Self-Regulatory Organizations; Nasdaq 

BX, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend the 

Exchange’s Membership Fee at Equity 

7, Section 10 

January 14, 2025. 

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 January 2, 

2025, Nasdaq BX, Inc. (‘‘BX’’ or 

‘‘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 to amend its 

fee schedule to increase the Exchange’s 

Membership Fee at Equity 7, Section 10. 

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://listing

center.nasdaq.com/rulebook/bx/rules, 

and on the Commission’s website at 

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

self-regulatory-organizationrulemaking/national-securitiesexchanges?file_number=SR-BX-2025- 

002. 

II. Solicitation of Comments 

Interested persons are invited to 

submit written data, views and 

arguments concerning the foregoing, 

including whether the proposed rule 


ddrumheller on DSK120RN23PROD with NOTICES1
Federal Register / Vol. 90, No. 12 / Tuesday, January 21, 2025 / Notices 7205 

5Copies 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. 

6 17 CFR 200.30–3(a)(12). 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4 15 U.S.C. 78s(b)(1). 

5 17 CFR 240.19b–4. 

6 IEX will file a separate proposed rule change 

with the Commission pursuant to Section 19 of the 

Act to provide that IEX Options will be operated by 

IEX Options LLC, a Delaware limited liability 

company wholly owned by the Exchange, as a 

facility of the Exchange as that term is defined in 

Section 3(a)(2) of the Act. 

7The IEX Options proposed rules are largely 

based on the rules of other options exchanges, as 

described herein. When a particular proposed rule 

is described as ‘‘substantively identical’’ to a rule(s) 

of another exchanges that means that the substance 

of the proposed IEX Options rule is identical to the 

referenced rule of the other exchange, with 

differences only to reflect terminology and 

numbering. When a particular proposed rule is 

described as ‘‘substantially similar’’ to a rule(s) of 

another exchange this rule filing describes the 

relevant differences. 

change is consistent with the Act.5

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-BX-2025- 

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

number SR–BX–2025–002 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–BX–2025–002. 

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-BX-2025- 

002). 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–BX–2025–002 and should be 

submitted on or before February 11, 

2025. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.6

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2025–01293 Filed 1–17–25; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–102190; File No. SR–IEX– 

2025–02] 

Self-Regulatory Organizations; 

Investors Exchange LLC; Notice of 

Filing of a Proposed Rule Change to 

Adopt Rules to Govern the Trading of 

Options on the Exchange for a New 

Facility Called IEX Options 

January 14, 2025. 

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 January 

10, 2025, the Investors Exchange LLC 

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

Securities and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I and II 

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. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

Pursuant to the provisions of Section 

19(b)(1) under the Act,4 and Rule 19b– 

4 thereunder,5 the Exchange is filing 

with the Commission a rule change 

proposal to adopt rules to govern the 

trading of options on IEX Options LLC, 

a facility of the Exchange that will be 

established in a separate rule filing 

(referred to herein as ‘‘IEX Options’’). As 

proposed, the Exchange will operate IEX 

Options as a fully automated trading 

system built on the core functionality of 

the Exchange’s approved equities 

platform, and in a manner similar to 

that of other options exchanges. In 

addition, IEX Options will utilize a de 

minimis delay on incoming order and 

quote messages designed to enable IEX 

to update its view of the market prior to 

processing orders and quotes, and an 

optional Market Maker quote parameter 

designed to protect Market Makers from 

excessive risk due to execution of stale 

quotes, in addition to other risk 

protections substantially similar to 

those offered by other options 

exchanges. 

The text of the proposed rule change 

is available at the Exchange’s website at 

https://www.iexexchange.io/resources/ 

regulation/rule-filings, 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 the 

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 these statements may be examined at 

the places specified in Item IV below. 

The self-regulatory organization 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 

Overview 

The Exchange proposes to adopt a 

series of rules in connection with IEX 

Options, which will be a facility of the 

Exchange.6 As proposed, the Exchange 

will operate IEX Options as a fully 

automated trading system built on the 

core functionality of the Exchange’s 

approved equities platform, and in a 

manner similar to that of other options 

exchanges.7

As proposed, IEX Options will 

operate an electronic trading system to 

list and trade options issued by the 

Options Clearing Corporation (‘‘Clearing 

Corporation’’ or ‘‘OCC’’). Specifically, 

IEX proposes to operate a fully 

automated, pro-rata priority options 

market in a manner similar to that of 

other options exchanges. In addition, 

IEX Options will utilize a de minimis 

delay on incoming order and quote 

messages designed to enable IEX to 

update its view of the market prior to 

processing orders and quotes, and an 

optional Market Maker quote parameter 

designed to protect Market Makers from 


ddrumheller on DSK120RN23PROD with NOTICES1