Federal Register / Vol. 90, No. 26 / Monday, February 10, 2025 / Notices 9259 

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. 

5See Securities and Exchange Act Release No. 

101891 (Dec. 12, 2024), 89 FR 103017 (Dec. 18, 

2024) (SR–MRX–2024–45) (Notice of Filing and 

Immediate Effectiveness of Proposed Rule Change 

To Adopt a New Approach to the Options 

Regulatory Fee (ORF) in 2025). 

6On January 13, 2025, the Exchange filed SR– 

MRX–2025–03. The Exchange withdrew SR–MRX– 

2025–03 on January 28, 2025 and replaced it with 

this filing. 

7Copies 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. 

8 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 101620 

(Nov. 14, 2024), 89 FR 91853 (‘‘Notice’’). The 

Commission has received no comment letters on the 

proposed rule change. 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–102342; File No. SR–MRX– 

2025–05] 

Self-Regulatory Organizations; Nasdaq 

MRX, LLC; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Delay the 

Implementation of the New Options 

Regulatory Fee (ORF) and ORF 

Methodology Proposed in SR–MRX– 

2024–45 

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 

28, 2025, Nasdaq MRX, LLC (‘‘MRX’’ 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 delay the 

implementation of SR–MRX–2024–45,5

which amended MRX’s Options 

Regulatory Fee (‘‘ORF’’). Specifically, 

the Exchange proposes to delay the new 

ORF and methodology therein which 

now will be implemented on June 1, 

2025 and sunset on December 1, 2025.6

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/ 

MRX/rulefilings and on the 

Commission’s website at https://

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

national-securities-exchanges?file_

number=SR-MRX-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.7

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-MRX-2025- 

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

number SR–MRX–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–MRX–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-organizationrulemaking/national-securitiesexchanges?file_number=SR-MRX-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–MRX–2025–05 and 

should be submitted on or before March 

3, 2025. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.8

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2025–02385 Filed 2–7–25; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–102336; File No. SR– 

NASDAQ–2024–065] 

Self-Regulatory Organizations; The 

Nasdaq Stock Market LLC; Order 

Granting Approval of a Proposed Rule 

Change To Amend Equity 4 To 

Establish Halt Cross Price Protections 

and Make Other Related Changes 

February 4, 2025. 

I. Introduction 

On November 6, 2024, The Nasdaq 

Stock Market LLC (‘‘Nasdaq’’ or 

‘‘Exchange’’) filed with the Securities 

and Exchange Commission 

(‘‘Commission’’), pursuant to Section 

19(b)(1) of the Securities Exchange Act 

of 1934 (‘‘Act’’) 1 and Rule 19b–4 

thereunder,2 a proposed rule change to 

amend Equity 4 to establish halt cross 

price protections and make other related 

changes. The proposed rule change was 

published for comment in the Federal 

Register on November 20, 2024.3 This 

order grants approval of the proposed 

rule change. 

II. Description of the Proposed Rule 

Change 

The Exchange proposes to amend its 

rules to implement halt cross 

protections to prevent clearly erroneous 

executions after the reopening of trading 

and ensure that securities are priced 

within reasonable levels from their 

halted price. In addition, the Exchange 

proposes to establish a ‘‘Hybrid Closing 

Cross’’ and introduce related price 

protections. To implement the proposed 

price protections, the Exchange 

proposes to modify Equity 4 by: (i) 

adding the proposed halt cross 

protections to Equity 4, Section 4120, 

replacing the prior procedures; (ii) 

adding information about dissemination 

of Auction Reference Prices and 

Auction Collars in Nasdaq Rule 

4753(a)(3); and (iii) adding rules for a 


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