Document ID: SEC-2022-0392-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: The Nasdaq Stock Market, LLC
Posted Date: 2022-03-23T04:00Z

[Federal Register Volume 87, Number 56 (Wednesday, March 23, 2022)]
[Notices]
[Pages 16521-16525]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-06092]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-94451; File No. SR-NASDAQ-2022-025]

Self-Regulatory Organizations; The Nasdaq Stock Market LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To 
Amend the Exchange's Transaction Fees and Credits at Equity 7, Sections 
114 and 118 March 17, 2022

March 17, 2022.
    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 March 9, 2022, The Nasdaq Stock Market LLC (``Nasdaq'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``SEC'' or ``Commission'') the proposed rule change as described in 
Items I, II, and III, below, which Items have been prepared by the 
Exchange. 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.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to amend the Exchange's transaction credits 
at Equity 7, Section 118, as described further below.
    The text of the proposed rule change is available on the Exchange's 
website at https://listingcenter.nasdaq.com/rulebook/nasdaq/rules, at 
the principal office of the Exchange, and at the Commission's Public 
Reference Room.

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, the Exchange included statements 
concerning the purpose of and basis for the proposed rule change and 
discussed any comments it received on the proposed rule change. The 
text of these statements may be examined at the places specified in 
Item IV below. The Exchange has prepared summaries, set forth in 
sections A, B, and C below, of the most significant aspects of such 
statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The purpose of the proposed rule change is to amend the Exchange's 
schedule of fees and credits, at Equity 7, Sections 114 and 118 to 
establish pricing for orders executed in the new Extended Trading Close 
or ``ETC,'' which the Commission approved earlier this year.\3\ The 
proposed fee will be effective coincident with the commencement of the 
ETC, which the Exchange intends to occur on March 7, 2022.
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    \3\ See Securities Exchange Act Release No. 34-94038 (January 
24, 2022), 87 FR 4683 (January 28, 2022) (order approving SR-Nasdaq-
2021-40, as amended).
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    As set forth in Rule 4755, the Extended Trading Close will allow 
Participants an additional opportunity to access liquidity in Nasdaq-
listed securities at the Nasdaq Official Closing Price for a five 
minute period of time after the Nasdaq Closing Cross \4\ or the LULD 
Closing Cross,\5\ (collectively, the

[[Page 16522]]

``Closing Cross'') concludes. During this five minute period, the 
System will continuously match and execute ``ETC Eligible Orders''--
which include ``ETC Orders'' and ``ETC Eligible LOC Orders'' (discussed 
below)--at the Nasdaq Official Closing Price, as determined by the 
Closing Cross, unless the System suspends executions in two scenarios. 
First, the System will suspend executions of matched orders in a 
Nasdaq-listed security in the ETC if and when it detects an order in 
the security resting on the Nasdaq Continuous Book in After Hours 
Trading \6\ with an After Hours Trading bid (offer) price that is 
higher (lower) than the Nasdaq Official Closing Price. Second, the 
System will suspend executions of matched orders in a Nasdaq-listed 
security in the ETC if and when the last sale price during After Hours 
Trading, or the best After Hours Trading bid (offer) price, of the 
security, other than on the Nasdaq Continuous Book, is higher (lower) 
than the Nasdaq Official Closing Price by the greater of 0.5% or $0.01. 
The Exchange will cancel any portion of an ETC Eligible Order that 
remains unexecuted at the conclusion of the ETC, or for which the 
System has suspended execution, where that suspension remains active as 
of the conclusion of the ETC. The ETC will not occur for a security on 
any day when insufficient interest exists in the System to conduct the 
Closing Cross for that security or when the Exchange invokes 
contingency procedures due to a disruption that prevents execution of 
the Closing Cross.
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    \4\ The ``Nasdaq Closing Cross'' refers to Nasdaq's process for 
determining the price at which it will execute orders at the close 
and for executing those orders, as set forth in Rule 4754.
    \5\ The ``LULD Closing Cross'' refers to Nasdaq's modified 
process for determining the price at which it will execute orders at 
the close, following a Trading Pause, as set forth in Rule 4120(a), 
which exists at or after 3:50 p.m. and before 4:00 p.m., as well as 
the process for executing those orders, as set forth in Rule 
4754(b)(6).
    \6\ For purposes of the ETC, the term ``After Hours Trading'' 
refers to trading in a Nasdaq-listed security that commences 
immediately following the conclusion of the Nasdaq Closing Cross or 
the LULD Closing Cross, during Post-Market Hours, as that term is 
defined in Equity 1, Section 1(a)(9).
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    As noted above, two types of orders may participate in the ETC: (1) 
ETC Eligible Limit-on-Close (``LOC'') Orders; and (2) Extended Trading 
Close (``ETC'') Orders. As set forth in Rule 4702(b)(12), ETC Eligible 
LOC Orders are LOC Orders that are eligible to, and by default are 
designated to participate in the ETC \7\ to the extent that such LOC 
Orders are entered through RASH or FIX and remain unexecuted, in whole 
or part, in the Closing Cross. An ETC Order, meanwhile, is an order in 
a Nasdaq-listed security that that is eligible for entry and execution 
exclusively during the ETC, at the Nasdaq Official Closing Price, as 
determined by the Closing Cross.
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    \7\ By default, all LOC Orders in Nasdaq-listed securities will 
be set to participate in the Extended Trading Close in the event 
that the LOC Orders are not fully executed during the Closing Cross. 
However, a Participant may opt to exclude its LOC Orders from 
participating in the Extended Trading Close. When ETC eligibility is 
disabled, the System will simply cancel LOC Orders in Nasdaq-listed 
securities that remain unexecuted after the Closing Cross occurs. 
Also, if Participants select a time-in-force for their LOC Orders in 
Nasdaq-listed securities that continues after the Closing Cross 
occurs, then if such LOC Orders remain unexecuted after the Closing 
Cross, the Exchange will cause the remaining unexecuted shares to 
bypass the Extended Trading Close and participate in After Hours 
Trading.
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    The Exchange now proposes to amend Equity 7, Section 118 to adopt 
fees for ETC Eligible LOC Orders and ETC Orders that execute in the 
ETC. In short, the Exchange proposes to charge the same fees to execute 
ETC Eligible Orders as it does to execute ordinary LOC Orders (and 
Market on Close (``MOC'') Orders) in the Closing Cross.
    Equity 7, Section 118(d) governs pricing for orders executed in the 
Nasdaq Closing Cross. It provides for a system of tiered fees for MOC 
and LOC Orders executed in the Closing Cross. These tiers are as 
follows:

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             Tiers                            Volume                         Price per executed share
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Tier A.........................  Shares of liquidity provided in  $0.0008 per executed share.
                                  all securities through one or
                                  more of its Nasdaq Market
                                  Center MPIDs that represent
                                  above 1.75% of Consolidated
                                  Volume \8\ or MOC/LOC volume
                                  above 0.50% of Consolidated
                                  Volume.
Tier B.........................  Shares of liquidity provided in  $0.0011 per executed share.
                                  all securities through one or
                                  more of its Nasdaq Market
                                  Center MPIDs that represent
                                  above 0.80% to 1.75% of
                                  Consolidated Volume or MOC/LOC
                                  volume above 0.30% to 0.50% of
                                  Consolidated Volume.
Tier C.........................  Shares of liquidity provided in  $0.0012 per executed share.
                                  all securities through one or
                                  more of its Nasdaq Market
                                  Center MPIDs that represent
                                  above 0.50% to 0.80% of
                                  Consolidated Volume or MOC/LOC
                                  volume above 0.10% to 0.30% of
                                  Consolidated Volume.
Tier D.........................  Shares of liquidity provided in  $0.00135 per executed share.
                                  all securities through one or
                                  more of its Nasdaq Market
                                  Center MPIDs that represent
                                  above 0.30% to 0.50% of
                                  Consolidated Volume.
Tier E.........................  Shares of liquidity provided in  $0.00145 per executed share.
                                  all securities through one or
                                  more of its Nasdaq Market
                                  Center MPIDs that represent
                                  above 0.015% to 0.30% of
                                  Consolidated Volume.
Tier F.........................  Shares of liquidity provided in  $0.0016 per executed share.
                                  all securities through one or
                                  more of its Nasdaq Market
                                  Center MPIDs that represent
                                  0.00% to 0.015% of
                                  Consolidated Volume.
Tier G.........................  member adds Nasdaq Options       $0.0010 per executed share.
                                  Market Customer and/or
                                  Professional liquidity in
                                  Penny Pilot Options and/or Non-
                                  Penny Pilot Options of 0.80%
                                  or more of national customer
                                  volume in multiply-listed
                                  equity and ETF options classes
                                  in a month.
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    The Exchange proposes to amend this tier schedule so that its fees 
also apply to executions of ETC Eligible LOC Orders and ETC Orders in 
the ETC. For example, if at the end of a month, a member provides 
liquidity on Nasdaq that represents 1.20% of Consolidated Volume and/or 
provides MOC or LOC volume in the Nasdaq Closing Cross amounting to 
0.40% of Consolidated Volume, then the member would qualify for Tier B 
pricing of $0.0011 per share executed for both its LOC and MOC Orders 
executed in the Nasdaq Closing Cross and its ETC Eligible LOC Orders 
and ETC Orders executed in the ETC.
     
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    \8\ Pursuant to Equity 7, Section 118(a), the term 
``Consolidated Volume'' means the total consolidated volume reported 
to all consolidated transaction reporting plans by all exchanges and 
trade reporting facilities during a month in equity securities, 
excluding executed orders with a size of less than one round lot. 
For purposes of calculating Consolidated Volume and the extent of a 
member's trading activity the date of the annual reconstitution of 
the Russell Investments Indexes is excluded from both total 
Consolidated Volume and the member's trading activity. For the 
purposes of calculating the extent of a member's trading activity 
during the month on Nasdaq and determining the charges and credits 
applicable to such member's activity, all M-ELO Orders that a member 
executes on Nasdaq during the month will count as liquidity-adding 
activity on Nasdaq.
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    Under the proposal, shares in ETC Eligible LOC Orders and ETC 
Orders will not count towards determining a participant's qualification 
for any of the fee or credit tiers in Section 118(a) or 118(d). 
Likewise, the Exchange proposes to amend Equity 7, Section 114(a) to

[[Page 16523]]

specify that, to the extent that any of the market quality incentive 
programs described in Section 114 \9\ prescribe pricing tiers for which 
eligibility depends upon a participant achieving certain threshold 
volumes in LOC or MOC shares, then ETC Eligible LOC Orders and ETC 
Orders will not count towards such eligibility determinations.
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    \9\ These market quality incentive programs are the Qualified 
Market Maker Program, the NBBO Program, the Designated Liquidity 
Provider Program, and the Nasdaq Growth Program.
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    The Exchange's proposal is reasonable to adopt the same execution 
fees for ETC Eligible LOC Orders and ETC Orders that execute in the ETC 
as it charges for ordinary LOC and MOC Orders that execute in the 
Nasdaq Closing Cross because the ETC will act as an extension of the 
Closing Cross. That is, ordinary LOC Orders which do not execute fully 
in the Nasdaq Closing Cross will become eligible automatically for 
participation in the ETC as an ETC Eligible LOC Order (unless a member 
opts out of such participation), and if such ETC Eligible LOC Orders 
execute in the ETC, then they will do so at the Nasdaq Official Closing 
Price, as determined by the Nasdaq Closing Cross. Given the close 
relationship between LOC Orders that execute in the Nasdaq Closing 
Cross, and those that execute in the ETC, the Exchange believes that it 
is logical for the same fee structure to apply to each of them. The 
Exchange also believes that this same price structure is appropriate 
for ETC Orders that execute in the ETC because this structure is simple 
for participants and properly calibrates incentives to participate in 
the ETC so that they are neither too high nor too low. The Exchange 
does not wish for ETC Order execution fees to be too high, lest it will 
discourage participation in the ETC in favor of competing on- and off-
exchange mechanisms that also allow for participants to execute orders 
at the Nasdaq Closing Cross price. The Exchange also does not wish for 
the fees to be too low, lest it may discourage participation in the 
Nasdaq Closing Cross.
    Similarly, the Exchange believes it is reasonable to exclude ETC 
Eligible LOC and ETC Orders from determining a participant's 
qualification for any of the MOC or LOC based fee tiers in Equity 7, 
Sections 114, 118(a), and 118(d). Again, the Exchange does not wish to 
provide undue incentives to participate in the ETC that might occur at 
the expense of participation in the Nasdaq Closing Cross.
    The Exchange notes that those participants that are dissatisfied 
with the proposed fees are free to shift their order flow to competing 
on- and off-exchange venues that also enable participants to execute 
their orders at the Nasdaq Closing Cross price or to simply opt against 
participating in the ETC.
2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section 
6(b) of the Act,\10\ in general, and furthers the objectives of 
Sections 6(b)(4) and 6(b)(5) of the Act,\11\ in particular, in that it 
provides for the equitable allocation of reasonable dues, fees and 
other charges among members and issuers and other persons using any 
facility, and is not designed to permit unfair discrimination between 
customers, issuers, brokers, or dealers. The proposal is also 
consistent with Section 11A of the Act relating to the establishment of 
the national market system for securities.
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    \10\ 15 U.S.C. 78f(b).
    \11\ 15 U.S.C. 78f(b)(4) and (5).
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The Proposal Is Reasonable
    The Exchange's proposal is reasonable in several respects. As a 
threshold matter, the Exchange is subject to significant competitive 
forces in the market for equity securities transaction services that 
constrain its pricing determinations in that market. The fact that this 
market is competitive has long been recognized by the courts. In 
NetCoalition v. Securities and Exchange Commission, the D.C. Circuit 
stated as follows: ``[n]o one disputes that competition for order flow 
is `fierce.' . . . As the SEC explained, `[i]n the U.S. national market 
system, buyers and sellers of securities, and the broker-dealers that 
act as their order-routing agents, have a wide range of choices of 
where to route orders for execution'; [and] `no exchange can afford to 
take its market share percentages for granted' because `no exchange 
possesses a monopoly, regulatory or otherwise, in the execution of 
order flow from broker dealers'. . . .'' \12\
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    \12\ NetCoalition v. SEC, 615 F.3d 525, 539 (D.C. Cir. 2010) 
(quoting Securities Exchange Act Release No. 59039 (December 2, 
2008), 73 FR 74770, 74782-83 (December 9, 2008) (SR-NYSEArca-2006-
21)).
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    The Commission and the courts have repeatedly expressed their 
preference for competition over regulatory intervention in determining 
prices, products, and services in the securities markets. In Regulation 
NMS, while adopting a series of steps to improve the current market 
model, the Commission highlighted the importance of market forces in 
determining prices and SRO revenues and, also, recognized that current 
regulation of the market system ``has been remarkably successful in 
promoting market competition in its broader forms that are most 
important to investors and listed companies.'' \13\
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    \13\ Securities Exchange Act Release No. 51808 (June 9, 2005), 
70 FR 37496, 37499 (June 29, 2005) (``Regulation NMS Adopting 
Release'').
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    Numerous indicia demonstrate the competitive nature of this market. 
For example, clear substitutes to the Exchange exist in the market for 
equity security transaction services. The Exchange is only one of 
several equity venues to which market participants may direct their 
order flow. Competing equity exchanges offer similar tiered pricing 
structures to that of the Exchange, including schedules of rebates and 
fees that apply based upon members achieving certain volume thresholds.
    The Exchange believes it reasonable to adopt the same execution 
fees for ETC Eligible LOC Orders and ETC Orders that execute in the ETC 
as it charges for ordinary LOC and MOC Orders that execute in the 
Nasdaq Closing Cross because the ETC will act as an extension of the 
Closing Cross. That is, ordinary LOC Orders which do not execute fully 
in the Nasdaq Closing Cross will become eligible automatically for 
participation in the ETC as an ETC Eligible LOC Order (unless a member 
opts out of such participation), and if such ETC Eligible LOC Orders 
execute in the ETC, then they will do so at the Nasdaq Official Closing 
Price, as determined by the Nasdaq Closing Cross. Given the close 
relationship between LOC Orders that execute in the Nasdaq Closing 
Cross, and those that execute in the ETC, the Exchange believes that it 
is logical for the same fee structure to apply to each of them. The 
Exchange also believes that this same price structure is appropriate 
for ETC Orders that execute in the ETC because this structure is simple 
for participants and properly calibrates incentives to participate in 
the ETC so that they are neither too high nor too low. The Exchange 
does not wish for ETC Order execution fees to be too high, lest it will 
discourage participation in the ETC in favor of competing on- and off-
exchange mechanisms that also allow for participants to execute orders 
at the Nasdaq Closing Cross price. The Exchange also does not wish for 
the fees to be too low, lest it may discourage participation in the 
Nasdaq Closing Cross.
    Similarly, the Exchange believes it is reasonable to exclude ETC 
Eligible LOC and ETC Orders from determining a participant's 
qualification for any of the

[[Page 16524]]

MOC or LOC based fee tiers in Equity 7, Sections 114, 118(a), and 
118(d). Again, the Exchange does not wish to provide undue incentives 
to participate in the ETC that might occur at the expense of 
participation in the Nasdaq Closing Cross.
    The Exchange notes that those participants that are dissatisfied 
with the proposed fees are free to shift their order flow to competing 
on- and off-exchange venues that also enable participants to execute 
their orders at the Nasdaq Closing Cross price or to simply opt against 
participating in the ETC.
The Proposal Is an Equitable Allocation of Fees
    The Exchange believes its proposal will allocate its charges and 
credits fairly among its market participants.
    The Exchange believes that its proposed fees for ETC executions is 
an equitable allocation. The proposed fees are consistent with those it 
presently charges for MOC and LOC Orders that execute in the Nasdaq 
Closing Cross. Given the close relationship between LOC Orders that 
execute in the Nasdaq Closing Cross, and those that execute in the ETC, 
the Exchange believes that it is logical for the same fee structure to 
apply to each of them. The Exchange also believes that this same price 
structure is appropriate for ETC Orders that execute in the ETC because 
this structure is simple for participants and properly calibrates 
incentives to participate in the ETC so that they are neither too high 
nor too low. The Exchange does not wish for ETC Order execution fees to 
be too high, lest it will discourage participation in the ETC. The 
Exchange also does not wish for the fees to be too low, lest it may 
discourage participation in the Nasdaq Closing Cross.
    For similar reasons, it is equitable to exclude ETC Eligible LOC 
and ETC Orders from determining a participant's qualification for any 
of the MOC or LOC based fee tiers in Equity 7, Sections 114, 118(a), 
and 118(d). Again, the Exchange does not wish to provide undue 
incentives to participate in the ETC that might occur at the expense of 
participation in the Nasdaq Closing Cross.
    The Exchange notes that those participants that are dissatisfied 
with the proposed fees are free to shift their order flow to competing 
on- and off-exchange venues that also enable participants to execute 
their orders at the Nasdaq Closing Cross price or to simply opt against 
participating in the ETC.
The Proposal Is Not Unfairly Discriminatory
    The Exchange believes that its proposal is not unfairly 
discriminatory. As an initial matter, the Exchange believes that 
nothing about its volume-based tiered pricing model is inherently 
unfair; instead, it is a rational pricing model that is well-
established and ubiquitous in today's economy among firms in various 
industries--from co-branded credit cards to grocery stores to cellular 
telephone data plans--that use it to reward the loyalty of their best 
customers that provide high levels of business activity and incent 
other customers to increase the extent of their business activity. It 
is also a pricing model that the Exchange and its competitors have long 
employed with the assent of the Commission. It is fair because it 
enhances price discovery and improves the overall quality of the equity 
markets.
    The Exchange also believes that its proposal is not unfairly 
discriminatory because the proposed tiered ETC execution fees already 
apply to members that execute MOC and LOC Orders in the Nasdaq Closing 
Cross, and thus are familiar and understood. Moreover, the fee tiers 
are accessible to any Nasdaq member that engages in qualifying activity 
on Nasdaq or that chooses to grow the extent of that activity to 
qualify for a more favorable tier.
    Again, any participants that are dissatisfied with the proposed 
fees are free to shift their order flow to competing on- and off-
exchange venues that also enable participants to execute their orders 
at the Nasdaq Closing Cross price or to simply opt against 
participating in the ETC.

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will 
impose any burden on competition not necessary or appropriate in 
furtherance of the purposes of the Act.
Intramarket Competition
    The Exchange does not believe that its proposal will place any 
category of Exchange participant at a competitive disadvantage.
    As noted above, the Exchange's proposed pricing for ETC executions 
is intended to be consistent with its pricing for LOC and MOC Closing 
Cross executions due to similarities in the two mechanisms and the 
desire to properly calibrate incentives to spur member participation in 
each of them. The Exchange notes that its members are free to trade on 
other venues, or to not participate in the ETC, to the extent they 
believe that the proposed fees are not attractive.
Intermarket Competition
    In terms of inter-market competition, the Exchange notes that it 
operates in a highly competitive market in which market participants 
can readily favor competing venues if they deem fee levels at a 
particular venue to be excessive, or rebate opportunities available at 
other venues to be more favorable. In such an environment, the Exchange 
must continually adjust its credits and fees to remain competitive with 
other exchanges and with alternative trading systems that have been 
exempted from compliance with the statutory standards applicable to 
exchanges. Because competitors are free to modify their own credits and 
fees in response, and because market participants may readily adjust 
their order routing practices, the Exchange believes that the degree to 
which credit or fee changes in this market may impose any burden on 
competition is extremely limited. The proposal is reflective of this 
competition. Any participant that is dissatisfied with the proposal is 
free to shift their order flow to competing on- and off-exchange venues 
that also enable participants to execute their orders at the Nasdaq 
Closing Cross price or to simply opt against participating in the ETC.
    Even as one of the largest U.S. equities exchanges by volume, the 
Exchange has less than 20% market share, which in most markets could 
hardly be categorized as having enough market power to burden 
competition. Moreover, as noted above, price competition between 
exchanges is fierce, with liquidity and market share moving freely 
between exchanges in reaction to fee and credit changes. This is in 
addition to free flow of order flow to and among off-exchange venues 
which comprises upwards of 50% of industry volume.
    In sum, if the change proposed herein is unattractive to market 
participants, it is likely that the Exchange will lose market share as 
a result. Accordingly, the Exchange does not believe that the proposed 
change will impair the ability of members or competing order execution 
venues to maintain their competitive standing in the financial markets.

[[Page 16525]]

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    No written comments were either solicited or received.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    The foregoing rule change has become effective pursuant to Section 
19(b)(3)(A)(ii) of the Act.\14\
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    \14\ 15 U.S.C. 78s(b)(3)(A)(ii).
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    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: (i) 
Necessary or appropriate in the public interest; (ii) for the 
protection of investors; or (iii) otherwise in furtherance of the 
purposes of the Act. If the Commission takes such action, the 
Commission shall institute proceedings to determine whether the 
proposed rule should be approved or disapproved.

IV. 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. Comments may be submitted by any of 
the following methods:

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include 
File Number SR-NASDAQ-2022-025 on the subject line.

Paper Comments

     Send paper comments in triplicate to Secretary, Securities 
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.

All submissions should refer to File Number SR-NASDAQ-2022-025. This 
file number should be included on the subject line if email is used. 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 (http://www.sec.gov/rules/sro.shtml). 
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 10:00 a.m. and 
3:00 p.m. Copies of the filing also will be available for inspection 
and copying at the principal office of the Exchange. All comments 
received will be posted without change. Persons submitting comments are 
cautioned that we do not redact or edit personal identifying 
information from comment submissions. You should submit only 
information that you wish to make available publicly. All submissions 
should refer to File Number SR-NASDAQ-2022-025 and should be submitted 
on or before April 13, 2022.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\15\
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    \15\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-06092 Filed 3-22-22; 8:45 am]
BILLING CODE 8011-01-P