Federal Register / Vol. 90, No. 14 / Thursday, January 23, 2025 / Notices 8067 

14 17 CFR 200.30–3(a)(12) and (59). 

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– 

CboeEDGX–2024–082). The Exchange is 

withdrawing SR–CboeEDGX–2024–082 and 

submitting this filing to make clarifying, nonsubstantive 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). 

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. 

Continued 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.14

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2025–01624 Filed 1–22–25; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–102240; File No. SR– 

CboeEDGX–2025–002] 

Self-Regulatory Organizations; Cboe 

EDGX Exchange, Inc.; Notice of Filing 

and Immediate Effectiveness of a 

Proposed Rule Change To Amend Rule 

21.15(b) (Exchange Data Products) 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 EDGX 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 amend 

Rule 21.15(b) (Exchange Data Products) 

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 text of the 

proposed rule change is provided in 

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 on the 

Exchange’s website at https://

markets.cboe.com/us/options/ 

regulation/rule_filings/edgx/, 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-CboeEDGX-2025-002. 

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 

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–CboeEDGX–2024–082), which 

would have resulted in an operative 

date of January 13, 2025. The Exchange 

withdrew filing SR–CboeEDGX–2024– 

082 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, non-substantive 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


ddrumheller on DSK120RN23PROD with NOTICES1
8068 Federal Register / Vol. 90, No. 14 / Thursday, January 23, 2025 / Notices 

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. 

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

of a national securities exchange or a member of a 

national securities association.’’ See Nasdaq Rule 

General 7(u) (ISE General 7 incorporates The 

Nasdaq Stock Market LLC Rule General 7 by 

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. Nasdaq ISE 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). 

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-CboeEDGX2025-002) or by sending an email to 

rule-comments@sec.gov. Please include 

file number SR–CboeEDGX–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–CboeEDGX– 

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/rulesregulations/self-regulatory-organizationrulemaking/national-securitiesexchanges?file_number=SR-CboeEDGX2025-002). 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–CboeEDGX–2025–002 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. 2025–01622 Filed 1–22–25; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–102210; File No. SR–ISE– 

2025–01] 

Self-Regulatory Organizations; Nasdaq 

ISE, 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 

January 16, 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 ISE, LLC (‘‘ISE’’ or 

‘‘Exchange’’) filed with the Securities 

and Exchange Commission (‘‘SEC’’ or 

‘‘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://

listingcenter.nasdaq.com/rulebook/ise/ 

rulefilings, at the principal office of the 

Exchange, and on the Commission’s 

website at https://www.sec.gov/rulesregulations/self-regulatory-organizationrulemaking/national-securitiesexchanges?file_number=SR-ISE-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-ISE-2025- 

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

number SR–ISE–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–ISE–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-regulatoryorganization-rulemaking/nationalsecurities-exchanges?file_number=SRISE-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–ISE–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. 2025–01552 Filed 1–22–25; 8:45 am] 

BILLING CODE 8011–01–P 


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