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[Federal Register Volume 90, Number 26 (Monday, February 10, 2025)]
[Notices]
[Pages 9267-9268]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2025-02387]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-102337; File No. SR-Phlx-2025-05]

Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing 
and Immediate Effectiveness of a Proposed Rule Change To Adopt a New 
OTTO Protocol

February 4, 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 29, 2025, Nasdaq PHLX 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.
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    \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.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to adopt a new protocol, ``Ouch to Trade 
Options'' or ``OTTO'' and establish pricing for this new protocol. The 
Exchange proposes to amend various Phlx Rules in connection

[[Page 9268]]

with this rule change, including: Options 3, Section 7 (Types of Orders 
and Order and Quote Protocols); Options 3, Section 8 (Options Opening 
Process); Options 3, Section 17 (Kill Switch); Options 3, Section 18 
(Detection of Loss of Communication); and Options 7, Section 9 (Other 
Member Fees).
    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/rulefilings and on the 
Commission's website at https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking/national-securities-exchanges?file_number=SR-PHLX-2025-05.

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-organization-rulemaking/national-securities-exchanges?file_number=SR-PHLX-2025-05) or by 
sending an email to [email protected]. Please include file number 
SR-Phlx-2025-05 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-2025-05. 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-organization-rulemaking/national-securities-exchanges?file_number=SR-PHLX-2025-05). 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-2025-05 and should be 
submitted on or before March 3, 2025.
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    \5\ Copies 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.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\6\
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    \6\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-02387 Filed 2-7-25; 8:45 am]
BILLING CODE 8011-01-P
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