Federal Register / Vol. 90, No. 14 / Thursday, January 23, 2025 / Notices 8065 

4The 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. 

5 15 U.S.C. 78(b)(3)(A). 

6 17 CFR 240.19b–4(f)(6). 

7 15 U.S.C. 78s(b)(3)(A). 

8 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. 

9 17 CFR 240.19b–4(f)(6). 

10 17 CFR 240.19b–4(f)(6)(iii). 

11For 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). 12Copies 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. 

13 17 CFR 200.30–3(a)(12) and (59). 

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

2 17 CFR 240.19b–4. 

reports selected.4 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 (http://

markets.cboe.com/us/equities/ 

regulation/rule_filings/bzx/), 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-CboeBZX-2025-004. 

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 5 and Rule 19b– 

4(f)(6) 6 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 7 and Rule 19b– 

4(f)(6) 8 thereunder. 

A proposed rule change filed under 

Rule 19b–4(f)(6) 9 normally does not 

become operative prior to 30 days after 

the date of the filing. However, pursuant 

to Rule 19b–4(f)(6)(iii),10 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–CboeBZX–2024–124), which 

would have resulted in an operative 

date of January 13, 2025. The Exchange 

withdrew filing SR–CboeBZX–2024–124 

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.11

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.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-CboeBZX2025-004) or by sending an email to 

rule-comments@sec.gov. Please include 

file number SR–CboeBZX–2025–004 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–CboeBZX–2025– 

004. 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-CboeBZX2025-004). 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–CboeBZX–2025–004 and should be 

submitted on or before February 13, 

2025. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.13

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2025–01620 Filed 1–22–25; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–102237; File No. SR– 

CBOE–2025–003] 

Self-Regulatory Organizations; Cboe 

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 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 


ddrumheller on DSK120RN23PROD with NOTICES1
8066 Federal Register / Vol. 90, No. 14 / Thursday, January 23, 2025 / Notices 

3The Exchange previously submitted the 

proposed rule change on December 13, 2024 (SR– 

Cboe–2024–056). See Securities Exchange Act 

Release No. 102045 (December 27, 2024), 90 FR 

364, (January 3, 2025) (SR–Cboe–2024–056). The 

Exchange is withdrawing SR–Cboe–2024–056 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. 

Copies of the filing also will be available for 

inspection and copying at the principal office of 

SRO. 

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 (https://

www.cboe.com/AboutCBOE/ 

CBOELegalRegulatoryHome.aspx), at 

the Exchange’s Office of the Secretary, 

and on the Commission’s website at 

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

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

003. 

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–Cboe–2024–056), which 

would have resulted in an operative 

date of January 13, 2025. The Exchange 

withdrew filing SR–Cboe–2024–056 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-CBOE-2025- 

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

number SR–CBOE–2025–003 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–CBOE–2025– 

003. 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-CBOE-2025- 

003). 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–CBOE–2025–003 and should be 

submitted on or before February 13, 

2025. 


ddrumheller on DSK120RN23PROD with NOTICES1
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