8070 Federal Register / Vol. 90, No. 14 / Thursday, January 23, 2025 / Notices 

reference); 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 Nasdaq PHLX Rule General 7 

(Consolidated Audit Trail Compliance). 

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. 

3The Exchange previously submitted the 

proposed rule change on December 13, 2024 (SR– 

C2–2024–022). See Securities Exchange Act Release 

No. 102046 (December 27, 2024), 90 FR 346, 

(January 3, 2025) (SR–C2–2024–022). The Exchange 

is withdrawing SR–C2–2024–022 and submitting 

this filing to make clarifying, non-substantive 

changes to more clearly reflect the excluded trades 

in the Missed Liquidity Report, which the Exchange 

believes will avoid potential confusion. 

4Orders shall include both complex and simple 

orders. 

5The Exchange plans to submit a separate filing 

with the Commission pursuant to Section 19(b)(1) 

to propose fees for the Missed Liquidity Report and 

Cancels Report. 

6 15 U.S.C. 78(b)(3)(A). 

7 17 CFR 240.19b–4(f)(6). 

8 15 U.S.C. 78s(b)(3)(A). 

9 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6)(iii) requires the Exchange 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. 

10 17 CFR 240.19b–4(f)(6). 

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://

listingcenter.nasdaq.com/rulebook/ 

phlx/rulefilingsa, 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-PHLX-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.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-PHLX-2025- 

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

number SR–PHLX–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–PHLX–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/rules-regulations/

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

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. All submissions should refer 

to file number SR–PHLX–2025–01 and 

should be submitted on or before 

February 13, 2025. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.7

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2025–01554 Filed 1–22–25; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–102238; File No. SR–C2– 

2025–001] 

Self-Regulatory Organizations; Cboe 

C2 Exchange, Inc.; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Adopt Cboe 

Timestamping Service Which Is a 

Market Data Service Comprised of Two 

Distinct Market Data Reports 

January 17, 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 

10, 2025, Cboe C2 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 

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 the 

Cboe Timestamping Service, which is a 

market data service comprised of two 

distinct market data reports.3 The Cboe 

Timestamping Service will provide 

timestamp information for orders,4

quotes and cancels for market 

participants. More specifically, the Cboe 

Timestamping Service reports will 

provide various timestamps relating to 

the message lifecycle throughout the 

exchange system. The first report—the 

Missed Liquidity Report—will cover 

order and quote messages and the 

second report—Cancels Report—will 

cover cancel messages. The proposed 

reports are optional products that will 

be available to all Members and 

Members may opt to choose both 

reports, one report, or neither report. 

Corresponding fees will be assessed 

based on the number of reports 

selected.5

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 (http://

markets.cboe.com/us/options/ 

regulation/rule_filings/ctwo/), at the 

Exchange’s Office of the Secretary, and 

on the Commission’s website at https:// 

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

national-securities-exchanges?file_

number=SR-C2-2025-001. 

II. Date of Effectiveness of the Proposed

Rule Change and Timing for

Commission Action

The Exchange has filed the proposed 

rule change pursuant to Section 

19(b)(3)(A) of the Act 6 and Rule 19b– 

4(f)(6) 7 thereunder. 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; or (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 8 and Rule 19b– 

4(f)(6) 9 thereunder. 

A proposed rule change filed under 

Rule 19b–4(f)(6) 10 normally does not 


ddrumheller on DSK120RN23PROD with NOTICES1
Federal Register / Vol. 90, No. 14 / Thursday, January 23, 2025 / Notices 8071 

11 17 CFR 240.19b–4(f)(6)(iii). 

12For purposes only of waiving the 30-day 

operative delay, the Commission also has 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

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

13Copies 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. 

14 17 CFR 200.30–3(a)(12) and (59). 

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. 

5On December 20, 2024, the Exchange filed to 

amend the Fee Schedule (SR–NYSEAmer–2024– 

Continued 

become operative prior to 30 days after 

the date of the filing. However, pursuant 

to Rule 19b–4(f)(6)(iii),11 the 

Commission may designate a shorter 

time if such action is consistent with 

protection of investors and the public 

interest. The Exchange has asked the 

Commission to waive the 30-day 

operative delay so that the proposed 

rule change may become operative 

immediately upon filing. The 

Commission believes that waving the 

30-day operative delay is consistent 

with the protection of investors and the 

public interest because it will allow the 

Exchange to launch the proposed 

Missed Liquidity Report and Cancels 

Report on January 27, 2025. The 

Commission recognizes that the 

Exchange previously submitted the 

proposed rule change on December 13, 

2024 (SR–C2–2024–022), which would 

have resulted in an operative date of 

January 13, 2025. The Exchange 

withdrew filing SR–C2–2024–022 on 

January 10, 2025, and the Commission 

did not receive any comments related to 

that filing. The Exchange submitted this 

filing to make a clarifying, nonsubstantive change to more clearly 

reflect the excluded trades under the 

Missed Liquidity Report, which the 

Exchange believes will avoid potential 

confusion. Further, this filing does not 

introduce any novel regulatory issues. 

Accordingly, the Commission 

designates the proposed rule change to 

be operative upon filing.12

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. 

III. 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.13

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-C2-2025- 

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

number SR–C2–2025–001 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–C2–2025–001. 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-regulatoryorganization-rulemaking/nationalsecurities-exchanges?file_number=SRC2-2025-001). 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–C2–2025–001 and should be 

submitted on or before February 13, 

2025. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.14

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2025–01615 Filed 1–22–25; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–102241; File No. SR– 

NYSEAMER–2025–04] 

Self-Regulatory Organizations; NYSE 

American LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Change To Amend the NYSE American 

Options Fee Schedule 

January 17, 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 

15, 2025, NYSE American LLC (‘‘NYSE 

American’’ or the ‘‘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 modify the 

NYSE American Options Fee Schedule 

(‘‘Fee Schedule’’) to amend the Floor 

Broker Fixed Cost Prepayment Incentive 

Program (the ‘‘FB Prepay Program’’ or 

‘‘Program’’) by (1) increasing the manual 

and QCC volume required for Floor 

Brokers to earn an additional credit; (2) 

adopting a new additional Floor Broker 

rebate based on Firm Facilitation 

volume; (3) increasing the maximum 

combined Floor Broker credits paid for 

QCC trades and rebates paid through the 

Manual Billable Rebate Program; and (4) 

permitting Floor Brokers that restructure 

while in FB Prepay Program to maintain 

their status in the Program. The 

Exchange proposes to implement the fee 

change effective January 15, 2025.5


ddrumheller on DSK120RN23PROD with NOTICES1