Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change To Amend Its Rules To Permit Orders Comprised of Options and Futures Legs, 92726 [2024-27351]
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92726
Federal Register / Vol. 89, No. 226 / Friday, November 22, 2024 / Notices
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.6
Sherry R. Haywood,
Assistant Secretary.
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–101646; File No. SR–
CBOE–2024–042]
[FR Doc. 2024–27351 Filed 11–21–24; 8:45 am]
Self-Regulatory Organizations; Cboe
Exchange, Inc.; Notice of Designation
of a Longer Period for Commission
Action on a Proposed Rule Change To
Amend Its Rules To Permit Orders
Comprised of Options and Futures
Legs
ddrumheller on DSK120RN23PROD with NOTICES1
November 18, 2024.
On September 27, 2024, Cboe
Exchange, Inc. (‘‘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 its rules to permit
orders comprised of options and futures
legs. The proposed rule change was
published for comment in the Federal
Register on October 8, 2024.3 The
Commission has received no comment
letters regarding the proposed rule
change.
Section 19(b)(2) of the Act 4 provides
that within 45 days of the publication of
notice of the filing of a proposed rule
change, or within such longer period up
to 90 days as the Commission may
designate if it finds such longer period
to be appropriate and publishes its
reasons for so finding, or as to which the
self-regulatory organization consents,
the Commission shall either approve the
proposed rule change, disapprove the
proposed rule change, or institute
proceedings to determine whether the
proposed rule change should be
disapproved. The 45th day after
publication of the notice for this
proposed rule change is November 22,
2024. The Commission is extending this
45-day time period.
The Commission finds it appropriate
to designate a longer period within
which to take action on the proposed
rule change so that it has sufficient time
to consider the proposed rule change.
Accordingly, the Commission, pursuant
to Section 19(b)(2) of the Act,5
designates January 6, 2025, as the date
by which the Commission shall either
approve or disapprove, or institute
proceedings to determine whether to
disapprove, the proposed rule change
(File No. SR–CBOE–2024–042).
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 101228
(Oct. 1, 2024), 89 FR 81592.
4 15 U.S.C. 78s(b)(2).
5 Id.
2 17
VerDate Sep<11>2014
19:28 Nov 21, 2024
Jkt 265001
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–101648; File No. 4–698]
Joint Industry Plan; Order Instituting
Proceedings To Determine Whether To
Approve or Disapprove an Amendment
to the National Market System Plan
Governing the Consolidated Audit Trail
Regarding Reporting of Certain Verbal
Activity, Floor and Upstairs Activity
November 18, 2024.
I. Introduction
On August 2, 2024, the Consolidated
Audit Trail, LLC (‘‘CAT LLC’’), on
behalf of the following parties to the
National Market System Plan Governing
the Consolidated Audit Trail (the ‘‘CAT
NMS Plan’’ or ‘‘Plan’’):1 BOX Exchange
LLC, Cboe BYX Exchange, Inc., Cboe
BZX Exchange, Inc., Cboe EDGA
Exchange, Inc., Cboe EDGX Exchange,
Inc., Cboe C2 Exchange, Inc., Cboe
Exchange, Inc., Financial Industry
Regulatory Authority, Inc., Investors
Exchange LLC, Long-Term Stock
Exchange, Inc., MEMX, LLC, Miami
International Securities Exchange LLC,
MIAX Emerald, LLC, MIAX PEARL,
LLC, Nasdaq BX, Inc., Nasdaq GEMX,
LLC, Nasdaq ISE, LLC, Nasdaq MRX,
LLC, Nasdaq PHLX LLC, The NASDAQ
Stock Market LLC, New York Stock
Exchange LLC, NYSE American LLC,
NYSE Arca, Inc., NYSE Chicago, Inc.,
and NYSE National, Inc. (collectively,
the ‘‘Participants’’)) filed with the
Securities and Exchange Commission
(‘‘SEC’’ or ‘‘Commission’’) pursuant to
Section 11A(a)(3) of the Securities
Exchange Act of 1934 (‘‘Exchange
Act’’),2 and Rule 608 thereunder,3 a
proposed amendment to the CAT NMS
Plan to amend existing requirements for
the consolidated audit trail (‘‘CAT’’)
regarding the reporting of certain verbal
6 17
CFR 200.30–3(a)(31).
CAT NMS Plan is a national market system
plan approved by the Commission pursuant to
Section 11A of the Exchange Act and the rules and
regulations thereunder. See Securities Exchange Act
Release No. 79318 (Nov. 15, 2016), 81 FR 84696
(Nov. 23, 2016). The full text of the CAT NMS Plan
is available at www.catnmsplan.com. Unless
otherwise defined herein, capitalized terms used
herein are defined as set forth in the CAT NMS
Plan.
2 15 U.S.C 78k–1(a)(3).
3 17 CFR 242.608.
1 The
PO 00000
Frm 00110
Fmt 4703
Sfmt 4703
activity, floor and upstairs activity (the
‘‘Verbal Quotes Amendment’’).4 Notice
of the Verbal Quotes Amendment was
published in the Federal Register on
August 20, 2024.5
This order institutes proceedings,
under Rule 608(b)(2)(i) of Regulation
NMS,6 to determine whether to
disapprove the Verbal Quotes
Amendment or to approve the Verbal
Quotes Amendment with any changes
or subject to any conditions the
Commission deems necessary or
appropriate.
II. Background
Rule 613(j)(9) of Regulation NMS and
Section 1.1 of the CAT NMS Plan define
the term ‘‘reportable event’’ as
including, but not limited to, the
original receipt or origination,
modification, cancellation, routing, and
execution (in whole or in part) of an
order, and receipt of a routed order.7
The term ‘‘order’’ is defined in Rule
613(j)(8) of Regulation NMS and Section
1.1 of the CAT NMS Plan as including:
(i) any order received by a member of
a national securities exchange or
national securities association from any
person; (ii) any order originated by a
member of a national securities
exchange or national securities
association; or (iii) any bid or offer.8
‘‘Bid’’ and ‘‘offer’’ are defined in Rule
600(b)(16) of Regulation NMS as the bid
price or offer price communicated by a
member of an exchange or association to
any broker-dealer or to any customer, at
which it is willing to buy or sell one or
more round lots of an NMS security, as
principal or agent, but excluding
indications of interest.9
Rule 613 and the CAT NMS Plan both
require that the Industry Members and
the Participants capture and report
quotes and orders that meet the
definition of a CAT reportable event,
with no exclusion for verbal quotes and
orders.10 The Commission previously
4 See Letter from Brandon Becker, CAT NMS Plan
Operating Committee Chair, to Vanessa
Countryman, Secretary, Commission, dated August
2, 2024.
5 See Securities Exchange Act Release No. 100727
(Aug. 14, 2024), 89 FR 67499 (Aug. 20, 2024) (the
‘‘Notice’’).
6 17 CFR 242.608(b)(2)(i).
7 17 CFR 242.613(j)(9).
8 17 CFR 242.613(j)(9).
9 17 CFR 242.600(b)(8).
10 Unstructured verbal or manual
communications on exchange floors and ‘‘upstairs’’
are reportable events under Rule 613 and the CAT
NMS Plan because firm verbal quotes and orders,
whether they occur on an exchange floor or
‘‘upstairs,’’ are reportable to CAT if they are a firm
bid or offer. See Securities Exchange Act Release
No. 90405 (Nov. 12, 2020), 85 FR 73544, at 73546–
547 (Nov. 18, 2020) (‘‘November 2020 Exemptive
Order’’).
E:\FR\FM\22NON1.SGM
22NON1
]]>Agencies
[Federal Register Volume 89, Number 226 (Friday, November 22, 2024)]
[Notices]
[Page 92726]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-27351]
[[Page 92726]]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-101646; File No. SR-CBOE-2024-042]
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of
Designation of a Longer Period for Commission Action on a Proposed Rule
Change To Amend Its Rules To Permit Orders Comprised of Options and
Futures Legs
November 18, 2024.
On September 27, 2024, Cboe Exchange, Inc. (``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 its rules to permit orders comprised of options and futures legs.
The proposed rule change was published for comment in the Federal
Register on October 8, 2024.\3\ The Commission has received no comment
letters regarding the proposed rule change.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release No. 101228 (Oct. 1,
2024), 89 FR 81592.
---------------------------------------------------------------------------
Section 19(b)(2) of the Act \4\ provides that within 45 days of the
publication of notice of the filing of a proposed rule change, or
within such longer period up to 90 days as the Commission may designate
if it finds such longer period to be appropriate and publishes its
reasons for so finding, or as to which the self-regulatory organization
consents, the Commission shall either approve the proposed rule change,
disapprove the proposed rule change, or institute proceedings to
determine whether the proposed rule change should be disapproved. The
45th day after publication of the notice for this proposed rule change
is November 22, 2024. The Commission is extending this 45-day time
period.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------
The Commission finds it appropriate to designate a longer period
within which to take action on the proposed rule change so that it has
sufficient time to consider the proposed rule change. Accordingly, the
Commission, pursuant to Section 19(b)(2) of the Act,\5\ designates
January 6, 2025, as the date by which the Commission shall either
approve or disapprove, or institute proceedings to determine whether to
disapprove, the proposed rule change (File No. SR-CBOE-2024-042).
---------------------------------------------------------------------------
\5\ Id.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\6\
---------------------------------------------------------------------------
\6\ 17 CFR 200.30-3(a)(31).
---------------------------------------------------------------------------
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-27351 Filed 11-21-24; 8:45 am]
BILLING CODE 8011-01-P
