Notice2024-31090
Self-Regulatory Organizations; NYSE American LLC; Notice of Filing of Proposed Change To Amend Certain Rules Related to Flexible Exchange Options
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
December 27, 2024
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 89 Issue 248 (Friday, December 27, 2024)</title>
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[Federal Register Volume 89, Number 248 (Friday, December 27, 2024)]
[Notices]
[Pages 105669-105673]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-31090]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-102014; File No. SR-NYSEAMER-2024-78]
Self-Regulatory Organizations; NYSE American LLC; Notice of
Filing of Proposed Change To Amend Certain Rules Related to Flexible
Exchange Options
December 20, 2024.
Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given
that, on December 13, 2024, NYSE American LLC (``Exchange'') filed with
the Securities and Exchange Commission (``Commission'') the proposed
rule change as described in Items I, II, and III below, which Items
have been prepared by the self-regulatory organization. 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\ 15 U.S.C. 78a.
\3\ 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 certain rules related to Flexible
Exchange (``FLEX'') Options to permit FLEX Options on the Grayscale
Bitcoin Trust (BTC) (``GBTC''). The proposed rule change is available
on the Exchange's website at <a href="http://www.nyse.com">www.nyse.com</a>, 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 self-regulatory organization
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 those 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 parts of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule Change
1. Purpose
FLEX Options are customized equity or index contracts that allow
investors to tailor contract terms for exchange-listed equity and index
options.\4\
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\4\ A ``FLEX Equity Option'' is an option on a specified
underlying equity security that is subject to the rules of Section
15. See Rule 900G(b)(10).
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GBTC is an Exchange-Traded Fund (or ETF) that holds bitcoin and is
listed on NYSE Arca, Inc., the Exchange's affiliated equities
exchange.\5\ Recently, the Commission approved options trading on GBTC
and, on November 22, 2024, the Exchange began trading GBTC options.\6\
The position and exercise
[[Page 105670]]
limits established for GBTC options is 25,000 contracts, the lowest
limit available in options.\7\ Additionally, GBTC options are currently
not approved for FLEX trading.\8\ Except for a few enumerated
exceptions, FLEX Options are not subject to position limits.\9\ The
Exchange proposes to permit FLEX Equity Options on GBTC (``FLEX GBTC'')
and to impose position limits on FLEX GBTC. As proposed, FLEX GBTC
options would have the same 25,000-contract position limit as Non-FLEX
Options on GBTC, and positions in FLEX GBTC will be aggregated with
positions in Non-FLEX GBTC. In other words, the position limit for
options on GBTC--both FLEX GBTX and non-FLEX GBTC--will be 25,000
contracts.\10\
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\5\ On January 11, 2024, GBTC began trading on NYSE Arca after
the Commission approved rule changes to list and trade shares of
``Bitcoin-Based Commodity-Based Trust Shares'' pursuant to NYSE Arca
Rule 8.201-E(c)(1) (Commodity-Based Trust Shares), including GBTC.
See Securities Exchange Act Release No. 99306 (January 10, 2024)
(Order Granting Accelerated Approval of Proposed Rule Changes, as
Modified by Amendments Thereto, to List and Trade Bitcoin-Based
Commodity-Based Trust Shares and Trust Units), 89 FR 3008 (January
17, 2024) (SR-NYSEARCA-2021-90).
\6\ See Securities Exchange Act Release No. 101386 (October 18,
2024), 89 FR 84960 (October 24, 2024) (SR-NYSEAMER-2024-49) (Order
approving the listing and trading of options on GBTC, among other
funds that hold bitcoin, pursuant to Rule 915, Commentary .10(a)
(the ``GBTC Options Approval Order''). See also Trader Update,
November 21, 2024 (announcing that on November 22, 2024, the
Exchange would begin listing and trading options on GBTC, among
other funds that hold bitcoin), available here, <a href="https://www.nyse.com/trader-update/history#110000945911">https://www.nyse.com/trader-update/history#110000945911</a>.
\7\ See Rule 904, Commentary .07(f). The Exchange notes that
this 25,000-contract exercise and position limit applies to all
options on ETFs the hold bitcoin. See id.
\8\ See Rule 903G(a)(1) (excluding GBTC from the general
principle that the Exchange may approve and open for trading any
FLEX Equity Options series on any equity security that is eligible
for Non-FLEX Options trading, ``except those set forth in Commentary
.10(a) to Rule 915'', which includes GBTC).
\9\ See Rule 906G(b) (subject to the exceptions enumerated in
the rule ``there shall be no position limits for FLEX Equity
options.'')
\10\ See proposed Rules 903G(a)(1) (excepting GBTC from the
prohibition of FLEX trading) and 906G(b)(iv) (providing that
position limits for FLEX GBTC ``will be the same as Non-FLEX Options
on GBTC, as set forth in Rule 906G, Commentary .07(f), except that
positions in FLEX GBTC shall be aggregated with positions in Non-
FLEX GBTC for the purpose of calculating position limits.''). The
Exchange notes there is precedent for aggregating position limits of
FLEX options with non-FLEX options for purposes of calculating
position limits. See Rule 906G(b)(iii) (proving that ``FLEX ByRDs
[Binary Return Derivatives] shall be the same as Non-FLEX ByRDs, as
set forth in Rule 904ByRDs(a), except that positions in FLEX ByRDs
shall be aggregated with positions in Non-FLEX ByRDs on the same or
similar underlying (`comparable Non-FLEX ByRDs') for the purpose of
calculating position limits.'').
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Per the Commission ``rules regarding position and exercise limits
are intended to prevent the establishment of options positions that can
be used or might create incentives to manipulate or disrupt the
underlying market so as to benefit the options positions.'' \11\ For
this reason, the Commission requires that ``position and exercise
limits must be sufficient to prevent investors from disrupting the
market for the underlying security by acquiring and exercising a number
of options contracts disproportionate to the deliverable supply and
average trading volume of the underlying security.'' \12\ Based on its
review of the data and analysis provided by the Exchange, the
Commission concluded that the 25,000-contract position limit for non-
FLEX GBTC options satisfied these objectives.\13\
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\11\ See supra note 6, GBTC Options Approval Order, 89 FR 84971.
\12\ See id.
\13\ See id. (noting that the Commission considered and reviewed
the Exchange's analysis that, based on the number of GBTC shares
outstanding as of August 30th, ``if 114 market participants had
25,000 same side positions in options on GBTC, each of them would
have to simultaneously exercise all of those options to create a
scenario that may put the underlying security under stress.'').
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As proposed, the Exchange will aggregate position (and exercise)
limits for all GBTC options, thus limiting positions for options on all
GBTC options--FLEX and non-FLEX--to 25,000 contracts. This proposed
aggregated limit effectively restricts a market participant from
holding positions that could result in the receipt of more than
2,500,000 shares, aggregated for FLEX GBTC and non-FLEX GBTC (if that
market participant exercised all its GBTC options). The Exchange
believes that capping the aggregated position limit at 25,000
contracts, the lowest limit available in options, would be sufficient
to address concerns related to manipulation and the protection of
investors. The Exchange notes that this number is conservative for GBTC
and therefore appropriate given its liquidity.
While the Exchange proposes an aggregated 25,000-contract position
limit for all GBTC options, it nonetheless believes that, for the
reasons set forth below, evidence exists to support a much higher
position limit.\14\ For example, GBTC currently qualifies for the
250,000-contract position limit available to other ETFs pursuant to the
criteria in Rule 904, Commentary .07(a)(i), which requires that, for
the most recent six-month period, trading volume for the underlying
security be at least 100,000,000 shares.\15\ As of September 30, 2024,
GBTC had traded 723,758,100 shares during the six-month period from
March 30, 2024 to September 30, 2024, well above the requisite minimum
of 100,000,000 shares necessary to qualify for the 250,000-contract
position limit. By comparison, other options symbols with six-month
trading volume less than GBTC are currently eligible and do in fact
have position and exercise limits of at least 250,000 contracts.\16\
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\14\ The Exchange may file a subsequent rule change to increase
the position and exercise limit for options on GBTC based on
additional data regarding trading activity, to continue to balance
any concerns regarding manipulation. A higher position limit would
allow institutional investors to utilize GBTC options for prudent
risk management purposes. In this regard, the Exchange would address
the impact of higher position (and exercise) limits on the proposed
FLEX GBTC options.
\15\ Per Commentary .07(a) to Rule 904, to qualify for the
250,000-contract position limit for options, the underlying security
must (i) have trading volume of at least 100,000,000 shares during
the most recent six-month trading period; or (ii) have trading
volume of at least 75,000,000 shares during the most recent six-
month trading period and have at least 300,000,000 shares currently
outstanding.
\16\ See <a href="https://www.theocc.com/Market-Data/Market-Data-Reports/Series-and-Trading-Data/Series-Search">https://www.theocc.com/Market-Data/Market-Data-Reports/Series-and-Trading-Data/Series-Search</a> (including the following
symbols that have a position limit of 250,000: GLD, IAU, SLV, SIVR,
SGOL).
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Further, the Exchange believes that the share creation and
redemption process unique to ETFs would mitigate any potential risk of
manipulation in FLEX trading in GBTC options. The creation and
redemption process is designed to ensure that an ETF's price closely
tracks the value of its underlying asset(s). For example, if a market
participant exercised a long call position for 25,000 contracts and
purchased 2,500,000 shares of GBTC and this purchase resulted in the
value of GBTC shares to trade at a premium to the value of the
(underlying) bitcoin held by GBTC, the Exchange believes that other
market participants would attempt to arbitrage this price difference by
selling short GBTC shares while concurrently purchasing bitcoin. Those
market participants (arbitrageurs) would then deliver cash to GBTC and
receive shares of GBTC, which would be used to close out any previously
established short position in GBTC. Thus, this creation and redemptions
process would significantly reduce the potential risk of price
dislocation between the value of GBTC shares and the value of bitcoin
holdings.
The Exchange understands that FLEX Options on ETFs are currently
traded in the over-the-counter (``OTC'') market by a variety of market
participants, e.g., hedge funds, proprietary trading firms, and pension
funds, to name a few. The Exchange believes there is room for
significant growth if a comparable product were introduced for trading
on a regulated market. The Exchange expects that users of these OTC
products would be among the primary users of FLEX GBTC options. The
Exchange also believes that the trading of FLEX GBTC options would
allow these same market participants to better manage the risk
associated with the volatility of GBTC (the underlying ETF) positions
given the enhanced liquidity that an exchange-traded product would
bring.
Additionally, the Exchange believes that FLEX GBTC options traded
on the Exchange would have three important
[[Page 105671]]
advantages over the contracts that are traded in the OTC market. First,
as a result of greater standardization of contract terms, exchange-
traded contracts should develop more liquidity. Second, counter-party
credit risk would be mitigated by the fact that the contracts are
issued and guaranteed by The Options Clearing Corporation (``OCC'').
Finally, the price discovery and dissemination provided by the Exchange
and its members would lead to more transparent markets. The Exchange
believes that its ability to offer FLEX GBTC options would aid it in
competing with the OTC market and at the same time expand the universe
of products available to interested market participants. The Exchange
believes that an exchange-traded alternative may provide a useful risk
management and trading vehicle for market participants and their
customers.
The Exchange has analyzed its capacity and represents that it and
The Options Price Reporting Authority (``OPRA'') have the necessary
systems capacity to handle the additional traffic associated with the
listing of FLEX GBTC options. The Exchange believes any additional
traffic that would be generated from the trading of FLEX GBTC options
would be manageable. The Exchange believes ATP Holders will not have a
capacity issue as a result of this proposed rule change. The Exchange
also represents that it does not believe this proposed rule change will
cause fragmentation of liquidity. The Exchange will monitor the trading
volume associated with the additional options series listed as a result
of this proposed rule change and the effect (if any) of these
additional series on market fragmentation and on the capacity of the
Exchange's automated systems.
The Exchange represents that the same surveillance procedures
applicable to the Exchange's other options products listed and traded
on the Exchange, including non-FLEX GBTC options, will apply to FLEX
GBTC options, and that it has the necessary systems capacity to support
such options. FLEX options products (and their respective symbols) are
integrated into the Exchange's existing surveillance system
architecture and are thus subject to the relevant surveillance
processes. The Exchange's market surveillance staff (including staff of
the Financial Industry Regulatory Authority (``FINRA'') who perform
surveillance and investigative work on behalf of the Exchange pursuant
a regulatory services agreement) conducts surveillances with respect to
GBTC (the underlying ETF) and, as appropriate, would review activity in
GBTC when conducting surveillances for market abuse or manipulation in
the FLEX GBTC options.\17\ The Exchange does not believe that allowing
FLEX GBTC options would render the marketplace for non-FLEX GBTC
options, or equity options in general, more susceptible to manipulative
practices.
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\17\ See supra note 6, GBTC Options Approval Order, 89 FR at
84966-68 (regarding surveillance procedures applicable to GBTC and
other funds that hold bitcoin).
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The Exchange represents that its existing trading surveillances are
adequate to monitor the trading in GBTC and subsequent trading of FLEX
GBTC options on the Exchange. Additionally, the Exchange is a member of
the Intermarket Surveillance Group (``ISG'') under the Intermarket
Surveillance Group Agreement. ISG members work together to coordinate
surveillance and investigative information sharing in the stock,
options, and futures markets. For surveillance purposes, the Exchange
would therefore have access to information regarding trading activity
in the pertinent underlying securities. In addition, and as referenced
above, the Exchange has a regulatory services agreement with FINRA,
pursuant to which FINRA conducts certain surveillances on behalf of the
Exchange. Further, pursuant to a multi-party 17d-2 joint plan, all
options exchanges allocate regulatory responsibilities to FINRA to
conduct certain options-related market surveillances.\18\ The Exchange
will implement any additional surveillance procedures it deems
necessary to effectively monitor the trading of GBTC options.
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\18\ Section 19(g)(1) of the Act, among other things, requires
every SRO registered as a national securities exchange or national
securities association to comply with the Act, the rules and
regulations thereunder, and the SRO's own rules, and, absent
reasonable justification or excuse, enforce compliance by its
members and persons associated with its members. See 15 U.S.C.
78q(d)(1) and 17 CFR 240.17d-2. Section 17(d)(1) of the Act allows
the Commission to relieve an SRO of certain responsibilities with
respect to members of the SRO who are also members of another SRO.
Specifically, Section 17(d)(1) allows the Commission to relieve an
SRO of its responsibilities to: (i) receive regulatory reports from
such members; (ii) examine such members for compliance with the Act
and the rules and regulations thereunder, and the rules of the SRO;
or (iii) carry out other specified regulatory responsibilities with
respect to such members.
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The proposed rule change is designed to allow investors seeking to
trade options on GBTC to utilize FLEX GBTC options. The Exchange
believes that offering innovative products flows to the benefit of the
investing public. A robust and competitive market requires that
exchanges respond to member's evolving needs by constantly improving
their offerings. Such efforts would be stymied if exchanges were
prohibited from offering innovative products such as the proposed FLEX
GBTC options. The Exchange believes that introducing FLEX GBTC options
would further broaden the base of investors that use FLEX Options (and
options on GBTC in general) to manage their trading and investment
risk, including investors that currently trade in the OTC market for
customized options. The proposed rule change is also designed to
encourage market makers to shift liquidity from the OTC market on the
Exchange, which, it believes, will enhance the process of price
discovery conducted on the Exchange through increased order flow.
Finally, as discussed herein, the Exchange does not believe that
this proposed rule change raises any unique regulatory concerns because
the proposal to aggregate FLEX and non-FLEX GBTC options at the (most
conservative) 25,000-contract limit, which currently applies solely to
non-FLEX GBTC options, should provide an adequate safeguard.
Implementation
The Exchange will announce the implementation date by Trader Update
within sixty (60) days of the rule approval.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Securities Exchange Act of 1934 (the ``Act''),\19\ in
general, and furthers the objectives of Section 6(b)(5) of the Act,\20\
in particular, in that it is designed to prevent fraudulent and
manipulative acts and practices, 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. Specifically,
the Exchange believes that introducing FLEX GBTC options will increase
order flow to the Exchange, increase the variety of options products
available for trading, and provide a valuable tool for investors to
manage risk. The proposed rule change is designed to allow investors
seeking to trade options on GBTC to utilize FLEX GBTC options.
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\19\ 15 U.S.C. 78f(b).
\20\ 15 U.S.C. 78f(b)(5).
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The Exchange believes that the proposal to permit FLEX GBTC options
would remove impediments to and perfect the mechanism of a free and
open market. The Exchange believes that offering FLEX GBTC options will
benefit investors by providing them
[[Page 105672]]
with an additional, relatively lower cost investing tool to gain
exposure to the price of bitcoin and provide a hedging vehicle to meet
their investment needs in connection with a bitcoin-related product.
Moreover, the proposal would broaden the base of investors that use
FLEX Options to manage their trading and investment risk, including
investors that currently trade in the OTC market for customized
options. By trading a product in an exchange-traded environment (that
is currently being used in the OTC market), the Exchange would be able
to compete more effectively with the OTC market. The Exchange believes
the proposed rule change is designed to prevent fraudulent and
manipulative acts and practices in that it would lead to the migration
of options currently trading in the OTC market to trading to the
Exchange. Also, any migration to the Exchange from the OTC market would
result in increased market transparency and enhance the process of
price discovery conducted on the Exchange through increased order flow.
The Exchange also believes that offering FLEX GBTC options may open up
the market for options on GBTC to more retail investors.
Additionally, the Exchange believes the proposed rule change is
designed to remove impediments to and to perfect the mechanism for a
free and open market and a national market system, and, in general, to
protect investors and the public interest in that it should create
greater trading and hedging opportunities and flexibility. The proposed
rule change should also result in enhanced efficiency in initiating and
closing out positions and heightened contra-party creditworthiness due
to the role of OCC as issuer and guarantor of FLEX GBTC options.
Further, the proposed rule change would result in increased competition
by permitting the Exchange to offer products that are currently used in
the OTC market.
The Exchange does not believe that this proposed rule change raises
any unique regulatory concerns because the proposal to aggregate FLEX
and non-FLEX GBTC options at the (most conservative) 25,000-contract
limit should provide an adequate safeguard. The purpose of position
limits is to address potential manipulative schemes and adverse market
impacts surrounding the use of options, such as disrupting the market
in the security underlying the options. The Exchange believes the
proposal will benefit investors and public interest because the
aggregated position limit for all options on GBTC (FLEX and non-FLEX)
at 25,000 contracts, the lowest limit available in options, would
address concerns related to manipulation and protection of investors as
this number is conservative for GBTC and therefore appropriate given
its liquidity.
The Exchange believes that offering innovative products flows to
the benefit of the investing public. A robust and competitive market
requires that exchanges respond to member's evolving needs by
constantly improving their offerings. Such efforts would be stymied if
exchanges were prohibited from offering innovative products such as the
proposed FLEX GBTC options. The Exchange does not believe that allowing
FLEX GBTC options would render the marketplace for equity options more
susceptible to manipulative practices.
Finally, the Exchange represents that it has an adequate
surveillance program in place to detect manipulative trading in FLEX
GBTC options. Regarding the proposed FLEX GBTC options, the Exchange
would use the same surveillance procedures currently utilized for FLEX
Options listed on the Exchange (as well as for non-FLEX GBTC options).
For surveillance purposes, the Exchange would have access to
information regarding trading activity in GBTC (the underlying
ETF).\21\ In light of surveillance measures related to both options and
GBTC (the underlying ETF), the Exchange believes that existing
surveillance procedures are designed to deter and detect possible
manipulative behavior which might potentially arise from listing and
trading the proposed FLEX GBTC options.
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\21\ See supra note 6, GBTC Options Approval Order, 89 FR at
84966-68 (regarding surveillance procedures applicable to GBTC and
other funds that hold bitcoin).
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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 that is not necessary or appropriate
in furtherance of the purposes of the Act.
Intra-market competition. The Exchange does not believe that its
proposed rule change will impose any burden on intra-market competition
as all market participants would have the option of utilizing the FLEX
GBTC options. The proposed rule change is designed to allow investors
seeking option exposure to bitcoin to trade FLEX GBTC options.
Moreover, the Exchange believes that the proposal to permit FLEX GBTC
options would broaden the base of investors that use FLEX Options to
manage their trading and investment risk, including investors that
currently trade in the OTC market for customized options.
Inter-market competition. The Exchange does not believe that its
proposed rule change will impose any burden on inter-market competition
as all market participants would have the option of utilizing the FLEX
GBTC options. The Exchange notes that it operates in a highly
competitive market in which market participants can readily direct
order flow to competing venues. The proposed rule change would support
that intermarket competition by allowing the Exchange to offer
additional functionality to ATP Holders. The Exchange believes that the
proposed FLEX GBTC options will increase the variety of options
products available for trading in general and bitcoin-related products
in particular and, as such, will provide a valuable tool for investors
to manage risk.
As such, the Exchange believes that this proposal does not create
an undue burden on intermarket competition. Rather, the Exchange
believes that the proposed rule would bolster intermarket competition
by promoting fair competition among individual markets. The Exchange
notes that, upon approval of this proposal, competing options exchanges
will be free to offer products like the proposed FLEX GBTC options.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were solicited or received with respect to the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period up to 90 days (i) as the
Commission may designate if it finds such longer period to be
appropriate and publishes its reasons for so finding or (ii) as to
which the self-regulatory organization consents, the Commission will:
(A) by order approve or disapprove the proposed rule change, or
(B) institute proceedings to determine whether the proposed rule
change should be 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:
[[Page 105673]]
Electronic Comments
<bullet> Use the Commission's internet comment form (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#e496918881c9878b8989818a9097a4978187ca838b92"><span class="__cf_email__" data-cfemail="2c5e594049014f4341414942585f6c5f494f024b435a">[email protected]</span></a>. Please include
file number SR-NYSEAMER-2024-78 on the subject line.
Paper Comments
<bullet> 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-NYSEAMER-2024-78. 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 (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>). 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-NYSEAMER-2024-78 and should
be submitted on or before January 17, 2025.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\22\
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\22\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2024-31090 Filed 12-26-24; 8:45 am]
BILLING CODE 8011-01-P
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