Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Options 9, Section 13, Position Limits, and Options 9, Section 15, Exercise Limits, Regarding Options on the iShares Bitcoin Trust ETF, 91450-91451 [2024-26872]
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<![CDATA[
91450
Federal Register / Vol. 89, No. 223 / Tuesday, November 19, 2024 / Notices
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 (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include file number SR–
CboeBZX–2024–111 on the subject line.
ddrumheller on DSK120RN23PROD with NOTICES1
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–CboeBZX–2024–111. 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 (https://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
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. 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–2024–111 and should be
submitted on or before December 10,
2024.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.31
Sherry R. Haywood,
Assistant Secretary.
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–101617; File No. SR–
NASDAQ–2024–062]
Self-Regulatory Organizations; The
Nasdaq Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Amend
Options 9, Section 13, Position Limits,
and Options 9, Section 15, Exercise
Limits, Regarding Options on the
iShares Bitcoin Trust ETF
November 13, 2024.
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 November
4, 2024, The Nasdaq Stock Market LLC
(‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I and II
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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend The
Nasdaq Options Market LLC (‘‘NOM’’)
Options 9, Section 13, Position Limits,
and Section 15, Exercise Limits.
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.
[FR Doc. 2024–26868 Filed 11–18–24; 8:45 am]
BILLING CODE 8011–01–P
1 15
31 17
CFR 200.30–3(a)(12).
VerDate Sep<11>2014
17:42 Nov 18, 2024
2 17
Jkt 265001
PO 00000
U.S.C. 78s(b)(1).
CFR 240.19b–4.
Frm 00138
Fmt 4703
Sfmt 4703
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to amend
Options 9, Section 13, Position Limits,
and Options 9, Section 15, Exercise
Limits, to limit the position and exercise
limits for options on iShares Bitcoin
Trust ETF (‘‘IBIT’’) to 25,000 contracts.3
Recently, Nasdaq ISE, LLC (‘‘ISE’’)
received approval to list options on
IBIT.4 NOM’s Options 4 Rules were
amended as those Rules are
incorporated by reference to ISE’s
Options 4 Rules, so NOM has the ability
to list IBIT options. ISE’s IBIT Approval
Order 5 stated that the position and
exercise limits for IBIT options shall be
25,000 contracts. At this time, the
Exchange proposes to amend NOM
Option 9, Sections 13 and 15 to
similarly note that IBIT options position
and exercise limits shall be 25,000
contracts to mirror ISE’s position and
exercise limits for IBIT options.
Additionally, the Exchange proposes
to amend a grammatical error in Options
3, Section 15(a)(1) to change ‘‘exceed’’
to ‘‘exceeded’’.
2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Act,6 in general, and furthers the
objectives of Section 6(b)(5) of the Act,7
in particular, in that it is designed to
promote just and equitable principles of
trade, to remove impediments to and
perfect the mechanism of a free and
open market and a national market
system, and, in general to protect
investors and the public interest.
The Exchange’s proposal to amend
Options 9, Section 13, Position Limits,
and Options 9, Section 15, Exercise
Limits, to provide that the position and
exercise limits for IBIT options shall be
25,000 contracts is consistent with the
Act as it will conform NOM’s IBIT
options position and exercise limits
with ISE’s IBIT options position and
exercise limits in order that IBIT options
3 In the absence of this proposal, position and
exercise limits would be governed by NOM Options
9, Section 13(a).
4 See Securities Exchange Act Release No. 101128
(September 20, 2024), 89 FR 78942 (September 26,
2024) (SR–ISE–2024–03) (Notice of Filing of
Amendment Nos. 4 and 5 and Order Granting
Accelerated Approval of a Proposed Rule Change,
as Modified by Amendment Nos. 1, 4, and 5, To
Permit the Listing and Trading of Options on the
iShares Bitcoin Trust) (‘‘IBIT Approval Order’’).
5 See IBIT Approval Order.
6 15 U.S.C. 78f(b)
7 15 U.S.C. 78f(b)(5).
E:\FR\FM\19NON1.SGM
19NON1
Federal Register / Vol. 89, No. 223 / Tuesday, November 19, 2024 / Notices
have the same position and exercise
limits on NOM and ISE.8
Amending ‘‘exceed’’ to ‘‘exceeded’’ in
Options 3, Section 15(a)(1) is a nonsubstantive change.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The proposed rule change does not
impose any burden on competition that
is not necessary or appropriate in
furtherance of the purposes of the Act.
Amending Options 9, Sections 13 and
15 to provide that the position and
exercise limits for IBIT options shall be
25,000 contracts does not impose an
undue burden on competition as the
position and exercise limits will apply
to all trading for IBIT options on the
Exchange as well as other exchanges
that file a similar proposal.9 Amending
‘‘exceed’’ to ‘‘exceeded’’ in Options 3,
Section 15(a)(1) is a non-substantive
change.
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
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; and (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 10 and Rule 19b–
4(f)(6) thereunder.11
A proposed rule change filed
pursuant to Rule 19b–4(f)(6) under the
Act normally does not become operative
for 30 days after the date of its filing.
However, Rule 19b–4(f)(6)(iii) 12 permits
the Commission to designate a shorter
ddrumheller on DSK120RN23PROD with NOTICES1
8 The
Exchange believes that other exchanges will
adopt position and exercise limits of 25,000
contracts for IBIT Option ETPs. All Nasdaq
affiliated markets have filed to adopt a 25,000
contract position and exercise limit for IBIT
options.
9 All Nasdaq affiliated markets have filed to adopt
a 25,000 contract position and exercise limit for
IBIT options.
10 15 U.S.C. 78s(b)(3)(A).
11 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires a self-regulatory organization 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.
12 17 CFR 240.19b–4(f)(6)(iii).
VerDate Sep<11>2014
17:42 Nov 18, 2024
Jkt 265001
time if such action is consistent with the
protection of investors and the public
interest. The Exchange has requested
that the Commission waive the 30-day
operative delay so that the proposal may
become operative immediately upon
filing. The Commission notes that the
proposal will conform NOM’s IBIT
options position and exercise limits
with ISE’s IBIT options position and
exercise limits and will correct a
grammatical error and therefore raises
no novel legal or regulatory issues.13
Thus, the Commission believes that
waiver of the 30-day operative delay is
consistent with the protection of
investors and the public interest.
Accordingly, the Commission hereby
waives the 30-day operative delay and
designates the proposed rule change
operative upon filing.14
At any time within 60 days of the
filing of such 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.
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 (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include file number SR–
NASDAQ–2024–062 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–2024–062. 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 (https://www.sec.gov/
13 See
supra notes 4 and 5 and accompanying
text.
14 For purposes only of waiving the 30-day
operative delay, the Commission has also
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
PO 00000
Frm 00139
Fmt 4703
Sfmt 4703
91451
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
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. 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–NASDAQ–2024–062 and should be
submitted on or before December 10,
2024.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.15
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024–26872 Filed 11–18–24; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–101625; File No. 4–820]
Options Price Reporting Authority;
Order Disapproving a Proposed
Amendment To Modify the OPRA Plan
Relating to Dissemination of Exchange
Proprietary Market Data Information
November 14, 2024.
I. Introduction
On November 8, 2023, the Cboe
Exchange, Inc. (‘‘Cboe Options’’), Cboe
C2 Exchange, Inc. (‘‘C2’’), Cboe BZX
Exchange, Inc. (‘‘BZX’’), and Cboe EDGX
Exchange, Inc. (‘‘EDGX’’) (collectively,
‘‘Cboe’’) 1 filed with the Securities and
Exchange Commission (‘‘Commission’’)
a proposal (the ‘‘Proposed
Amendment’’) to amend the plan of the
Options Price Reporting Authority
15 17
CFR 200.30–3(a)(12), (59).
Global Markets, Inc. operates Cboe
Options, C2, BZX, and EDGX. See https://
www.cboe.com/us/options/overview.
1 Cboe
E:\FR\FM\19NON1.SGM
19NON1
]]>Agencies
[Federal Register Volume 89, Number 223 (Tuesday, November 19, 2024)]
[Notices]
[Pages 91450-91451]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-26872]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-101617; File No. SR-NASDAQ-2024-062]
Self-Regulatory Organizations; The Nasdaq Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend Options 9, Section 13, Position Limits, and Options 9, Section
15, Exercise Limits, Regarding Options on the iShares Bitcoin Trust ETF
November 13, 2024.
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 November 4, 2024, The Nasdaq Stock Market LLC (``Nasdaq'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I and
II 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.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend The Nasdaq Options Market LLC
(``NOM'') Options 9, Section 13, Position Limits, and Section 15,
Exercise Limits.
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 Exchange proposes to amend Options 9, Section 13, Position
Limits, and Options 9, Section 15, Exercise Limits, to limit the
position and exercise limits for options on iShares Bitcoin Trust ETF
(``IBIT'') to 25,000 contracts.\3\
---------------------------------------------------------------------------
\3\ In the absence of this proposal, position and exercise
limits would be governed by NOM Options 9, Section 13(a).
---------------------------------------------------------------------------
Recently, Nasdaq ISE, LLC (``ISE'') received approval to list
options on IBIT.\4\ NOM's Options 4 Rules were amended as those Rules
are incorporated by reference to ISE's Options 4 Rules, so NOM has the
ability to list IBIT options. ISE's IBIT Approval Order \5\ stated that
the position and exercise limits for IBIT options shall be 25,000
contracts. At this time, the Exchange proposes to amend NOM Option 9,
Sections 13 and 15 to similarly note that IBIT options position and
exercise limits shall be 25,000 contracts to mirror ISE's position and
exercise limits for IBIT options.
---------------------------------------------------------------------------
\4\ See Securities Exchange Act Release No. 101128 (September
20, 2024), 89 FR 78942 (September 26, 2024) (SR-ISE-2024-03) (Notice
of Filing of Amendment Nos. 4 and 5 and Order Granting Accelerated
Approval of a Proposed Rule Change, as Modified by Amendment Nos. 1,
4, and 5, To Permit the Listing and Trading of Options on the
iShares Bitcoin Trust) (``IBIT Approval Order'').
\5\ See IBIT Approval Order.
---------------------------------------------------------------------------
Additionally, the Exchange proposes to amend a grammatical error in
Options 3, Section 15(a)(1) to change ``exceed'' to ``exceeded''.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\6\ in general, and furthers the objectives of Section
6(b)(5) of the Act,\7\ in particular, in that it is designed to promote
just and equitable principles of trade, to remove impediments to and
perfect the mechanism of a free and open market and a national market
system, and, in general to protect investors and the public interest.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f(b)
\7\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
The Exchange's proposal to amend Options 9, Section 13, Position
Limits, and Options 9, Section 15, Exercise Limits, to provide that the
position and exercise limits for IBIT options shall be 25,000 contracts
is consistent with the Act as it will conform NOM's IBIT options
position and exercise limits with ISE's IBIT options position and
exercise limits in order that IBIT options
[[Page 91451]]
have the same position and exercise limits on NOM and ISE.\8\
---------------------------------------------------------------------------
\8\ The Exchange believes that other exchanges will adopt
position and exercise limits of 25,000 contracts for IBIT Option
ETPs. All Nasdaq affiliated markets have filed to adopt a 25,000
contract position and exercise limit for IBIT options.
---------------------------------------------------------------------------
Amending ``exceed'' to ``exceeded'' in Options 3, Section 15(a)(1)
is a non-substantive change.
B. Self-Regulatory Organization's Statement on Burden on Competition
The proposed rule change does not impose any burden on competition
that is not necessary or appropriate in furtherance of the purposes of
the Act. Amending Options 9, Sections 13 and 15 to provide that the
position and exercise limits for IBIT options shall be 25,000 contracts
does not impose an undue burden on competition as the position and
exercise limits will apply to all trading for IBIT options on the
Exchange as well as other exchanges that file a similar proposal.\9\
Amending ``exceed'' to ``exceeded'' in Options 3, Section 15(a)(1) is a
non-substantive change.
---------------------------------------------------------------------------
\9\ All Nasdaq affiliated markets have filed to adopt a 25,000
contract position and exercise limit for IBIT options.
---------------------------------------------------------------------------
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
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; and (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 \10\ and Rule 19b-
4(f)(6) thereunder.\11\
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78s(b)(3)(A).
\11\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires a self-regulatory organization 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.
---------------------------------------------------------------------------
A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the
Act normally does not become operative for 30 days after the date of
its filing. However, Rule 19b-4(f)(6)(iii) \12\ permits the Commission
to designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has
requested that the Commission waive the 30-day operative delay so that
the proposal may become operative immediately upon filing. The
Commission notes that the proposal will conform NOM's IBIT options
position and exercise limits with ISE's IBIT options position and
exercise limits and will correct a grammatical error and therefore
raises no novel legal or regulatory issues.\13\ Thus, the Commission
believes that waiver of the 30-day operative delay is consistent with
the protection of investors and the public interest. Accordingly, the
Commission hereby waives the 30-day operative delay and designates the
proposed rule change operative upon filing.\14\
---------------------------------------------------------------------------
\12\ 17 CFR 240.19b-4(f)(6)(iii).
\13\ See supra notes 4 and 5 and accompanying text.
\14\ For purposes only of waiving the 30-day operative delay,
the Commission has also considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
---------------------------------------------------------------------------
At any time within 60 days of the filing of such 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.
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 (https://www.sec.gov/rules/sro.shtml); or
Send an email to [email protected]. Please include
file number SR-NASDAQ-2024-062 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-2024-062. 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 (https://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
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. 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-NASDAQ-2024-062 and should
be submitted on or before December 10, 2024.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\15\
---------------------------------------------------------------------------
\15\ 17 CFR 200.30-3(a)(12), (59).
---------------------------------------------------------------------------
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-26872 Filed 11-18-24; 8:45 am]
BILLING CODE 8011-01-P
