Notice2025-06916
Self-Regulatory Organizations; NYSE American LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the NYSE American Options Fee Schedule Regarding Certain Fees and Rebates Applicable to Volume Executed in the CUBE Auctions
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
April 23, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
<html>
<head>
<title>Federal Register, Volume 90 Issue 77 (Wednesday, April 23, 2025)</title>
</head>
<body><pre>
[Federal Register Volume 90, Number 77 (Wednesday, April 23, 2025)]
[Notices]
[Pages 17095-17099]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-06916]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-102884; File No. SR-NYSEAMER-2025-25]
Self-Regulatory Organizations; NYSE American LLC; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
the NYSE American Options Fee Schedule Regarding Certain Fees and
Rebates Applicable to Volume Executed in the CUBE Auctions
April 17, 2025.
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 April 15, 2025, NYSE American LLC (``NYSE American'' or the
``Exchange'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I and II
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.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 15 U.S.C. 78a.
\3\ 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 NYSE American Options Fee
Schedule (``Fee Schedule'') to (1) adopt an alternative means of
qualifying for Initiating Participant Credits for the single-leg CUBE
Auction based on monthly executions of initiating Complex CUBE Orders;
and (2) to adopt, for each CUBE Auction type, a new Initiating
Participant Rebate for ATP Holders that that qualify for Tier B of the
Professional Volume Incentive Program. The Exchange proposes to
implement the fee change effective April 15, 2025.\4\ 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
---------------------------------------------------------------------------
\4\ On April 1, 2025, the Exchange filed to amend the Fee
Schedule (NYSEAMER-2025-20) and withdrew such filing on April 15,
2025.
---------------------------------------------------------------------------
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
The purpose of this filing is to modify the Fee Schedule to (1)
adopt an alternative means of qualifying for Initiating Participant
Credits for the single-leg CUBE Auction based on monthly executions of
initiating Complex CUBE Orders; and (2) to adopt a new Initiating
Participant Rebate for ATP Holders that that qualify for Tier B of the
Professional Volume Incentive Program, which rebate is available in
each CUBE Auction (i.e., single-leg, Complex, and AON CUBE).\5\
---------------------------------------------------------------------------
\5\ See generally Rules 971.1NYP and 971.2NYP and Commentaries
.04 (describing the CUBE Auction, which is an electronic crossing
mechanism for single-leg, complex, and AON orders with a price
improvement auction on the Exchange).
---------------------------------------------------------------------------
[[Page 17096]]
The Exchange offers certain ``Initiating Participant'' credits and
rebates to ATP Holders that submit ``CUBE Orders'' to its Customer Best
Execution (``CUBE'') Auctions.\6\ Currently, for the single-leg CUBE
Auction, ATP Holders receive (base level) Initiating Participant
Credits of ($0.26) per contract for Penny Issues and ($0.65) per
contract for Non-Penny Issues. However, ATP Holders that execute at
least 0.40% of TCADV \7\ in Electronic Customer Complex Orders are
eligible for enhanced Initiating Participant Credits of ($0.30) per
contract for Penny Issues and ($0.70) per contract for Non-Penny
Issues.\8\ The Exchange proposes to adopt an alternative means for ATP
Holders to achieve these same enhanced Initiating Participant credits.
Specifically, ATP Holders that execute at least 0.40% of TCADV in
monthly initiating Complex CUBE Orders (inclusive of AON Complex CUBE
Orders) are eligible to receive the enhanced Initiating Participant
Credits of ($0.30) per contract for Penny Issues and ($0.70) per
contract for Non-Penny Issues.\9\ The proposed change is designed to
encourage ATP Holders to (continue to) utilize its single-leg CUBE
Auction and to direct (and increase) their complex auction order flow
(i.e., Complex CUBE and AON Complex CUBE) to the Exchange.
---------------------------------------------------------------------------
\6\ See Fee Schedule Section I.G (CUBE Auction Fees & Credits)
(describing pricings and incentives for each of the Single-Leg CUBE
Auction, the Complex CUBE Auction, and the AON CUBE Auction).
\7\ ``TCADV'' refers to Total Industry Customer equity and ETF
option average daily volume. See id. KEY TERMS and DEFINITIONS.
\8\ Initiating Participant Credits are payable to the Initiating
Participant for each contract in a Contra Order paired with a CUBE
Order that does not trade with the CUBE Order because it is replaced
in the auction. See Fee Schedule Section I.G (CUBE Auction Fees &
Credits).
\9\ See proposed Fee Schedule, Section I.G. (CUBE Auction Fees &
Credits) (providing the alternative qualifying basis in note 1 to
the table setting for pricing for single-leg CUBE Auctions).
---------------------------------------------------------------------------
Currently, the Exchange also offers certain Initiating Participant
Rebates, payable in addition to the Initiating Participant Credits,
including (but not limited to) the American Customer Engagement
(``ACE'') Initiating Participant Rebate, which is available to ACE
participants in all CUBE Auctions.\10\ The Exchange proposes to adopt a
new Initiating Participant Rebate that will be available to ATP Holders
that qualify for Tier B of the Professional Volume Incentive program
(the ``Professional IP Rebate'').\11\
---------------------------------------------------------------------------
\10\ See Fee Schedule Sections I.E. (American Customer
Engagement (``ACE'') Program). See also Fee Schedule Section I.G
(CUBE Auction Fees & Credits) (providing in note 2 to each of the
tables setting forth pricing for the Single-Leg CUBE Auction, the
Complex CUBE Auction, and the AON CUBE Auction, the requirements to
achieve the ACE Initiating Participant Rebate, which pays ($0.12)
per contract).
\11\ For purposes of the Professional Volume Incentive program,
``Professional'' volume includes certain qualifying volume that
clears in the Professional Customer, Broker Dealer, Non-NYSE
American Options Market Maker, and Firm ranges. See Section I.H.
(Professional Volume Incentive) (describing the Incentive as well as
what constitutes ``Qualifying Volume'').
---------------------------------------------------------------------------
The Professional Volume Incentive (the ``Incentive'') offers
qualifying ATP Holders discounted rates on their total monthly
Professional Volume and credits on their monthly Customer Electronic
volume at the same rate as participants that achieve Tier 1 in the ACE
Program.\12\ The Professional IP Rebate will pay ($0.12) per contract,
be available in each of the CUBE Auctions--i.e., for the single-leg
CUBE Auction, the Complex CUBE Auction, and the AON CUBE Auction.\13\
Consistent with current practice, this proposed rebate is paid in
addition to Initiating Participant credits and ATP Holders that qualify
for more than one Initiating Participant Rebate would be entitled only
to the highest of the earned rebates.\14\ Regarding AON CUBE Orders,
the Exchange notes that the proposed Professional IP Rebate will not
apply to AON CUBE Orders executed by a Floor Broker as such volume may
be eligible for the Floor Broker Initiating Participant Rebate.\15\ The
Exchange notes that the proposed Professional IP Rebate would enable
non-ACE Program participants to qualify for an additional Rebate on
initiating CUBE Orders provided they meet certain Professional volume
requirements.
---------------------------------------------------------------------------
\12\ See id. To achieve Tier B of this Incentive, ATP Holders
must execute ``Qualifying Volume,'' that clears in the Professional
range, of at least 0.30% of TCADV. See id. ATP Holders that achieve
Tier B ``are eligible to receive a credit of $0.10 per contract on
Customer Electronic Simple and Complex executions, excluding CUBE
Auctions, QCC Transactions, and volume from orders routed to another
exchange,'' if such ATP Holders meet certain monthly qualification
levels. See id.
\13\ See proposed Fee Schedule Section I.G (CUBE Auction Fees &
Credits) (adopting the ($0.12) per contract Professional IP Rebate
in note 3 to each of the tables setting forth pricing for Single-Leg
CUBE Auction, the Complex CUBE Auction, and the AON CUBE Auction).
See supra note 10 (regarding the ACE Initiating Participant Rebate).
\14\ See Fee Schedule Section I.G (CUBE Auction Fees & Credits)
(providing in note 2 to each of the tables setting forth pricing for
the Single-Leg CUBE Auction, the Complex CUBE Auction, and the AON
CUBE Auction, that ATP Holders are eligible for only one Initiating
Participant Rebate).
\15\ See id. Consistent with the proposal, the existing ACE
Initiating Participant Rebate is likewise not applied to AON CUBE
Orders executed by a Floor Broker, as set forth in note 2 to the
table setting forth pricing for the AON CUBE Auction. See id.
---------------------------------------------------------------------------
To the extent that the proposed modifications continue to encourage
ATP Holders to initiate CUBE Auctions--whether single-leg, complex, or
AON--and to further incent ATP Holders to increase their Professional
and Customer volume on the Exchange, all market participants stand to
benefit from increased liquidity and opportunities for price
improvement. Increased order flow promotes market depth, facilitates
tighter spreads and enhances price discovery, which enhances market
quality for all participants.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\16\ in general, and furthers the
objectives of Sections 6(b)(4) and (5) of the Act,\17\ in particular,
because it provides for the equitable allocation of reasonable dues,
fees, and other charges among its members, issuers and other persons
using its facilities and does not unfairly discriminate between
customers, issuers, brokers or dealers.
---------------------------------------------------------------------------
\16\ 15 U.S.C. 78f(b).
\17\ 15 U.S.C. 78f(b)(4) and (5).
---------------------------------------------------------------------------
The proposed changes to the Fee Schedule are reasonable, equitable,
and not unfairly discriminatory. As a threshold matter, the Exchange is
subject to significant competitive forces in the market for options
securities transaction services that constrain its pricing
determinations in that market. The Commission has repeatedly expressed
its preference for competition over regulatory intervention in
determining prices, products, and services in the securities markets.
In Regulation NMS, 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.'' \18\
---------------------------------------------------------------------------
\18\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496, 37499 (June 29, 2005) (S7-10-04) (``Reg NMS
Adopting Release'').
---------------------------------------------------------------------------
There are currently 18 registered options exchanges competing for
order flow. Based on publicly-available information, and excluding
index-based options, no single exchange has more than 16% of the market
share of executed volume of multiply-listed equity and ETF options
trades.\19\ Therefore, currently no exchange possesses significant
pricing power in
[[Page 17097]]
the execution of multiply-listed equity and ETF options order flow.
More specifically, in February 2025, the Exchange had 6.65% market
share of executed volume of multiply-listed equity & ETF options
trades.\20\ In such a low-concentrated and highly competitive market,
no single options exchange possesses significant pricing power in the
execution of option order flow. Within this environment, market
participants can freely and often do shift their order flow among the
Exchange and competing venues in response to changes in their
respective pricing schedules.
---------------------------------------------------------------------------
\19\ The OCC publishes options and futures volume in a variety
of formats, including daily and monthly volume by exchange,
available here: <a href="https://www.theocc.com/Market-Data/Market-Data-Reports/Volume-and-Open-Interest/Monthly-Weekly-Volume-Statistics">https://www.theocc.com/Market-Data/Market-Data-Reports/Volume-and-Open-Interest/Monthly-Weekly-Volume-Statistics</a>.
\20\ Based on a compilation of OCC data for monthly volume of
equity-based options and monthly volume of equity-based ETF options,
see id., the Exchanges market share in equity-based options
decreased slightly from 7.64% for the month of February 2024 to
6.65% for the month of February 2025.
---------------------------------------------------------------------------
In response to these competitive forces and as discussed herein,
the Exchange has established various pricing incentives regarding its
CUBE Auctions, including (but not limited to) the (base and enhanced)
Initiating Participant credits and various Initiating Participant
rebates that are designed to encourage ATP Holders to utilize the
Auction and to direct (increased) volume to the Exchange.
The Exchange believes that the proposed fee change to offer an
alternative means to achieve an enhanced Initiating Participant
credit--in the same amount as is currently available--for the single-
leg CUBE Auction is reasonable, equitable, and not unfairly
discriminatory. First, the Exchange is merely offering ATP Holders
another way to earn the same enhanced credits, with the difference
being that the proposed credits are tied to initiating Complex CUBE
(inclusive of AON Complex CUBE) volume (rather than electronic Complex
Order volume). As such, the proposed change does not alter an ATP
Holder's ability to (continue to) qualify for the existing enhanced
Initiating Participant credit. The proposed alternative qualification
basis is reasonable because it is designed to encourage ATP Holders to
utilizes both the single-leg and Complex CUBE Auction mechanisms, which
may incent ATP Holders to direct their paired-auction volume--as well
as other volume--to the Exchange, which increased liquidity promotes
market depth and enhances market quality to the benefit of all market
participants.
The Exchange believes that the proposal represents an equitable
allocation of credits and is not unfairly discriminatory because the
proposal is based on the amount and type of business transacted on the
Exchange. ATP Holders are not obligated to participate in CUBE Auctions
or to attempt to achieve the proposed enhanced Initiating Participant
credit. In addition, the proposed change will apply equally to all
similarly-situated ATP Holders.
The Exchange believes the proposed fee change to adopt a new
Professional IP Rebate that will be available to ATP Holders that
initiate CUBE Auctions on the Exchange, is reasonable, equitable, and
not unfairly discriminatory. First, the addition of this Rebate does
not alter an ATP Holder's ability to qualify for the existing rebates,
which rebates are not being altered by this proposal. In addition, the
proposed Rebate provides all ATP Holders (including ACE program
participants) another avenue through which to earn a Rebate for their
initiating CUBE Order volume. Further, this proposed Rebate is designed
to allow ATP Holders that do not participate in the ACE Program--and
are therefore not eligible for the ACE Initiating Participant Rebate--
an opportunity to qualify for a Rebate. The Exchange notes that the
proposed Rebate would operate in the same manner as existing rebates
such that ATP Holders may only receive the highest rebate achieved and,
in the case of AON CUBE Auctions, that AON CUBE Orders executed by a
Floor Broker are not eligible for the proposed Rebate. Moreover, the
proposed Professional IP Rebate is reasonable because it is designed to
encourage ATP Holders to utilize the CUBE Auction mechanisms as well as
to increase their (qualifying) Professional volume, which may incent
ATP Holders to use the Exchange as their primary trading venue. To the
extent the proposed Rebate increases order flow directed to the
Exchange, this increased liquidity will promote market depth and
enhance market quality to the benefit of all market participants.
The Exchange believes that the proposed Professional IP Rebate
represents an equitable allocation of credits/rebates and is not
unfairly discriminatory because the proposal is based on the amount and
type of business transacted on the Exchange. ATP Holders are not
obligated to participate in CUBE Auctions or to attempt to achieve the
proposed Rebate by increasing (or directing) qualifying Professional
order flow to the Exchange. In addition, the proposed change will apply
equally to all similarly-situated ATP Holders. Further, like the
proposed Rebate, which is designed to encourage Professional order
flow, the Exchange currently offers pricing incentives designed to
encourage ATP Holders to direct certain types of order flow to the
Exchange, including the ACE Program and the ACE Initiating Participant
Rebate. In addition, the Exchange offers pricing incentives designed to
encourage activity by certain market participants (e.g., Market Makers
and Floor Brokers) that play an important role in facilitating
transactions on the Exchange.\21\ Like these other pricing incentives,
the proposed Rebate is designed to encourage participants to utilize
the Exchange as a primary trading venue (if they have not done so
previously) and increase volume sent to the Exchange, including
auction, Customer, and Professional volume.
---------------------------------------------------------------------------
\21\ See, e.g., Fee Schedule, Sections I.C. (NYSE American
Options Market Maker Sliding Scale--Electronic); I.D. ([Market
Maker] Prepayment Program); and III.E.1. (Floor Broker Fixed Cost
Prepayment Incentive Program).
---------------------------------------------------------------------------
To the extent that the proposed changes attract more executions to
the Exchange, this increased order flow would continue to make the
Exchange a more competitive venue for order execution. Thus, the
Exchange believes the proposed rule changes would improve market
quality for all market participants on the Exchange and attract more
order flow to the Exchange thereby improving market-wide quality and
price discovery. The resulting increased volume and liquidity would
provide more trading opportunities and tighter spreads to all market
participants and thus would promote just and equitable principles of
trade, 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.
B. Self-Regulatory Organization's Statement on Burden on Competition
In accordance with Section 6(b)(8) of the Act, the Exchange does
not believe that the proposed rule change would impose any burden on
competition that is not necessary or appropriate in furtherance of the
purposes of the Act. Instead, as discussed above, the Exchange believes
that the proposed changes would continue to encourage the submission of
additional liquidity to a public exchange, thereby promoting market
depth, price discovery and transparency and enhancing order execution
opportunities for all market participants. As a result, the Exchange
believes that the proposed changes further the Commission's goal in
adopting Regulation NMS of fostering integrated competition among
orders, which promotes ``more efficient pricing
[[Page 17098]]
of individual stocks for all types of orders, large and small.'' \22\
---------------------------------------------------------------------------
\22\ See Reg NMS Adopting Release, supra note 18, at 37499.
---------------------------------------------------------------------------
Intramarket Competition
The Exchange believes that this proposal to offer an alternative
means of achieving existing Initiating Participant Credits and to adopt
a new Professional IP Rebate does not impose any burden on intramarket
competition that is not necessary or appropriate in furtherance of the
purposes of the Act. The proposed changes apply equally to all
similarly-situated ATP Holders. Further, the proposal is based on the
amount and type of business transacted on the Exchange and ATP Holders
are not obligated to participate in CUBE Auctions or to avail
themselves of the proposed Rebate. In addition, the proposed Rebate is
similar to existing pricing incentives designed to increase certain
types of order flow (e.g., Customer) or to encourage participation by
certain market participants--all of which are designed to increase
liquidity and market quality on the Exchange to the benefit of all
market participants. The Exchange does not believe that the proposed
changes will adversely impact any ATP Holder's ability to qualify for
existing pricing incentives related to initiating CUBE Auctions as this
proposal does not alter (and will not impact the availability of) the
existing credits and rebates. This proposal is designed to encourage
participants to utilize the Exchange as a primary trading venue (if
they have not done so previously), particularly as relates to
initiating CUBE Auctions and directing (or increasing) their qualifying
Professional volume directed to the Exchange. As such, the Exchange
believes this proposal will help promote competition by providing
incentives for market participants to continue to submit CUBE Orders
(i.e., Customer order flow) to the Exchange and thus, create a greater
opportunity for Customers to receive additional price improvement and
access greater liquidity.
Intermarket Competition
The Exchange operates in a highly competitive market in which
market participants can readily favor one of the other 17 competing
option exchanges if they deem fee levels at a particular venue to be
excessive. In such an environment, the Exchange must continually adjust
its fees to remain competitive with other exchanges and to attract
order flow to the Exchange. Based on publicly-available information,
and excluding index-based options, no single exchange has more than 16%
of the market share of executed volume of multiply-listed equity and
ETF options trades.\23\ Therefore, currently no exchange possesses
significant pricing power in the execution of multiply-listed equity
and ETF options order flow. More specifically, in February 2025, the
Exchange had 6.65% market share of executed volume of multiply-listed
equity & ETF options trades.\24\
---------------------------------------------------------------------------
\23\ The OCC publishes options and futures volume in a variety
of formats, including daily and monthly volume by exchange,
available here: <a href="https://www.theocc.com/Market-Data/Market-Data-Reports/Volume-and-Open-Interest/Monthly-Weekly-Volume-Statistics">https://www.theocc.com/Market-Data/Market-Data-Reports/Volume-and-Open-Interest/Monthly-Weekly-Volume-Statistics</a>.
\24\ Based on a compilation of OCC data for monthly volume of
equity-based options and monthly volume of equity-based ETF options,
see id., the Exchanges market share in equity-based options
decreased slightly from 7.64% for the month of February 2024 to
6.65% for the month of February 2025.
---------------------------------------------------------------------------
The Exchange believes that the proposed rule change reflects this
competitive environment as it is designed to encourage ATP Holders to
direct trading interest to the Exchange, to provide liquidity and to
attract order flow. To the extent that this purpose is achieved, all
the Exchange's market participants should benefit from the improved
market quality and increased opportunities for price improvement.
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
The foregoing rule change is effective upon filing pursuant to
Section 19(b)(3)(A) \25\ of the Act and subparagraph (f)(2) of Rule
19b-4 \26\ thereunder, because it establishes a due, fee, or other
charge imposed by the Exchange.
---------------------------------------------------------------------------
\25\ 15 U.S.C. 78s(b)(3)(A).
\26\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
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. If the Commission
takes such action, the Commission shall institute proceedings under
Section 19(b)(2)(B) \27\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
---------------------------------------------------------------------------
\27\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------
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
<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#146661787139777b7979717a6067546771773a737b62"><span class="__cf_email__" data-cfemail="384a4d545d155b5755555d564c4b784b5d5b165f574e">[email protected]</span></a>. Please include
file number SR-NYSEAMER-2025-25 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-2025-25. 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-2025-25 and should
be submitted on or before May 14, 2025.
[[Page 17099]]
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\28\
---------------------------------------------------------------------------
\28\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-06916 Filed 4-22-25; 8:45 am]
BILLING CODE 8011-01-P
</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body>
</html>Indexed from Federal Register on April 23, 2025.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.