Notice2025-08456
Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Decrease the Options Regulatory Fee (ORF) and Discontinue the ORF Model Scheduled To Be Implemented in June 2025
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
May 14, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 92 (Wednesday, May 14, 2025)</title>
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[Federal Register Volume 90, Number 92 (Wednesday, May 14, 2025)]
[Notices]
[Pages 20532-20536]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-08456]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-103005; File No. SR-NASDAQ-2025-035]
Self-Regulatory Organizations; The Nasdaq Stock Market LLC;
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change
To Decrease the Options Regulatory Fee (ORF) and Discontinue the ORF
Model Scheduled To Be Implemented in June 2025
May 8, 2025.
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 April 30, 2025, 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.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to decrease The Nasdaq Options Market LLC
(``NOM'') Options Regulatory Fee or ``ORF.'' Also, the Exchange
proposes to discontinue the ORF model scheduled to be implemented in
June 2025.\3\
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\3\ See Securities Exchange Act Release No. 101892 (December 12,
2024), 89 FR 102994 (December 18, 2024) (SR-NASDAQ-2024-078) (Notice
of Filing and Immediate Effectiveness of Proposed Rule Change To
Lower the Options Regulatory Fee (ORF) and Adopt a New Approach to
ORF in 2025). See also See Securities Exchange Act Release No.
102371 (February 6, 2025), 90 FR 9450 (February 12, 2025) (SR-
NASDAQ-2025-009) (Notice of Filing and Immediate Effectiveness of a
Proposed Rule Change To Delay the Implementation of the New Options
Regulatory Fee (ORF) and ORF Methodology Proposed in SR-NASDAQ-2024-
078).
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While the changes proposed herein are effective upon filing, the
Exchange has designated the amendments become operative on May 1, 2025.
The text of the proposed rule change is available on the Exchange's
website at <a href="https://listingcenter.nasdaq.com/rulebook/nadaq/rulefilings">https://listingcenter.nasdaq.com/rulebook/nadaq/rulefilings</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 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
NOM proposes to decrease its ORF from $0.0016 to $0.0014 per
contract side effective May 1, 2025. Additionally, the Exchange
proposes to discontinue the ORF model scheduled to be implemented in
June 2025.\4\
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\4\ Id.
\5\ Today, ORF is collected from Customers, Professionals and
broker-dealers that are not affiliated with a clearing member that
clear in the ``C'' range at OCC.
\6\ The term ``Options Participant'' or ``Participant'' mean a
firm, or organization that is registered with the Exchange pursuant
to Options 2A of these Rules for purposes of participating in
options trading on NOM as a ``Nasdaq Options Order Entry Firm'' or
``Nasdaq Options Market Maker''. See Options I, Section 1(a)(39).
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Background on Current ORF
Today, NOM assesses its ORF for each Customer \5\ option
transaction that is either: (1) executed by a Participant \6\ on NOM;
or (2) cleared by a NOM Participant at OCC in the Customer
[[Page 20533]]
range,\7\ even if the transaction was executed by a non-member of NOM,
regardless of the exchange on which the transaction occurs.\8\ If the
OCC clearing member is a NOM Participant, ORF is assessed and collected
on all ultimately cleared Customer contracts (after adjustment for CMTA
\9\); and (2) if the OCC clearing member is not a NOM Participant, ORF
is collected only on the cleared Customer contracts executed at NOM,
taking into account any CMTA instructions which may result in
collecting the ORF from a non-member.\10\
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\7\ Participants must record the appropriate account origin code
on all orders at the time of entry of the order. The Exchange
represents that it has surveillances in place to verify that
Participants mark orders with the correct account origin code.
\8\ The Exchange uses reports from OCC when assessing and
collecting the ORF.
\9\ CMTA or Clearing Member Trade Assignment is a form of
``give-up'' whereby the position will be assigned to a specific
clearing firm at OCC.
\10\ By way of example, if Broker A, a NOM Participant, routes a
Customer order to CBOE and the transaction executes on CBOE and
clears in Broker A's OCC Clearing account, ORF will be collected by
NOM from Broker A's clearing account at OCC via direct debit. While
this transaction was executed on a market other than NOM, it was
cleared by a NOM Participant in the member's OCC clearing account in
the Customer range, therefore there is a regulatory nexus between
NOM and the transaction. If Broker A was not a NOM Participant, then
no ORF should be assessed and collected because there is no nexus;
the transaction did not execute on NOM nor was it cleared by a NOM
Participant.
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Today, in the case where a Participant both executes a transaction
and clears the transaction, the ORF will be assessed to and collected
from that Participant. Today, in the case where a Participant executes
a transaction and a different Participant clears the transaction, the
ORF will be assessed to and collected from the Participant who clears
the transaction and not the Participant who executes the transaction.
Today, in the case where a non-member executes a transaction at an away
market and a Participant clears the transaction, the ORF will be
assessed to and collected from the Participant who clears the
transaction. Today, in the case where a Participant executes a
transaction on NOM and a non-member clears the transaction, the ORF
will be assessed to the Participant that executed the transaction on
NOM and collected from the non-member who cleared the transaction.
Today, in the case where a Participant executes a transaction at an
away market and a non-member ultimately clears the transaction, the ORF
will not be assessed to the Participant who executed the transaction or
collected from the non-member who cleared the transaction because the
Exchange does not have access to the data to make absolutely certain
that ORF should apply. Further, the data does not allow the Exchange to
identify the Participant executing the trade at an away market.
ORF Revenue and Monitoring of ORF
Today, the Exchange monitors the amount of revenue collected from
the ORF (``ORF Regulatory Revenue'') to ensure that it, in combination
with other regulatory fees and fines, does not exceed a Options
Regulatory Costs.\11\ In determining whether an expense is considered
an Options Regulatory Cost, the Exchange reviews all costs and makes
determinations if there is a nexus between the expense and a regulatory
function. The Exchange notes that fines collected by the Exchange in
connection with a disciplinary matter offset Options Regulatory Cost.
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\11\ The regulatory costs for options comprise a subset of the
Exchange's regulatory budget that is specifically related to options
regulatory expenses and encompasses the cost to regulate all
Participants' options activity ``Options Regulatory Cost'').
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ORF Regulatory Revenue, when combined with all of the Exchange's
other regulatory fees and fines, is designed to recover the Options
Regulatory Costs to the Exchange of the supervision and regulation of
member Customer options business including performing routine
surveillances, investigations, examinations, financial monitoring, and
policy, rulemaking, interpretive, and enforcement activities. Options
Regulatory Costs include direct regulatory expenses and certain
indirect expenses in support of the regulatory function. The direct
expenses include in-house and third-party service provider costs to
support the day-to-day regulatory work such as surveillances,
investigations and examinations. The indirect expenses are only those
expenses that are in support of the regulatory functions, such areas
include Office of the General Counsel, technology, finance, and
internal audit. Indirect expenses will not exceed 35% of the total
Options Regulatory Costs, in which case direct expenses could be 65% or
more of total Options Regulatory Costs.\12\
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\12\ Direct and indirect expenses are based on the Exchange's
2025 Regulatory Budget.
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Proposal for May 1, 2025
At this time, the Exchange proposes to decrease NOM's ORF from
$0.0016 to $0.0014 per contract side, effective May 1, 2025, due to an
increase in options volume in the industry.\13\ The Exchange notes that
options volume has risen substantially in Q1 2025, particularly in
March 2025.
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\13\ The Exchange proposes to remove the current rule text that
provides that as of November 1, 2024, the ORF is $0.0014 per
contract side.
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[[Page 20534]]
[GRAPHIC] [TIFF OMITTED] TN14MY25.000
NOM notes that there can be no assurance that the Options
Regulatory Costs for the remainder of 2025 will not differ materially
from these expectations and prior practice, nor can the Exchange
predict with certainty whether options volume will remain at the
current level going forward. The Exchange notes however, that when
combined with regulatory fees and fines, the ORF Regulatory Revenue
that may be generated utilizing an ORF rate of $0.0016 per contract
side may result in ORF Regulatory Revenue which exceeds the Exchange's
estimated Options Regulatory Costs for 2025 as a result of options
volume. The Exchange therefore proposes to reduce its ORF to $0.0014
per contract side to ensure that ORF Regulatory Revenue does not exceed
the Exchange's estimated Options Regulatory Costs in 2025.
Particularly, the Exchange believes that reducing the ORF when combined
with all of the Exchange's other regulatory fees and fines, would allow
the Exchange to continue covering its Options Regulatory Costs, while
lessening the potential for generating excess revenue that may
otherwise occur using the rate of $0.0016 per contract side.\14\ The
Exchange notified Participants of the proposed decrease to the ORF
through an Options Trader Alert.\15\
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\14\ The exchange notes that its regulatory responsibilities
with respect to Participant compliance with options sales practice
rules have largely been allocated to FINRA under a 17d-2 agreement.
The ORF is not designed to cover the cost of that options sales
practice regulation.
\15\ See Options Trader Alert #2025--19.
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The Exchange will continue to monitor the amount of ORF Regulatory
Revenue collected from the ORF to ensure that ORF Regulatory Revenue,
in combination with its other regulatory fees and fines, does not
exceed Options Regulatory Costs. If the Exchange determines that to be
the case, the Exchange will adjust the ORF by submitting a fee change
filing to the Commission and notifying \16\ its Participants via an
Options Trader Alert.\17\
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\16\ The Exchange will provide Participants with such notice at
least 30 calendar days prior to the effective date of the change.
\17\ The Exchange notes that in connection with this proposal,
it provided the Commission confidential details regarding the
Exchange's projected regulatory revenue, including projected revenue
from ORF, along with a projected regulatory expense.
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Future Proposals
NOM previously filed a proposed amendment to its ORF, effective as
of January 1, 2025,\18\ to amend its methodology of collection to: (1)
exclude options transactions in proprietary products; and (2) assess
ORF in all clearing ranges except market makers who clear as ``M'' at
The Options Clearing Corporation (``OCC''). Additionally, NOM will
assess a different rate for trades executed on NOM (``Local ORF Rate'')
and trades executed on non-NOM exchanges (``Away ORF Rate'').\19\ The
Exchange also filed to delay the implementation of SR-NASDAQ-2024-078,
with respect to the new ORF and methodology therein which was effective
on January 1, 2025, so that it would now be implemented on June 1,
2025.\20\ At this time, the Exchange proposes to discontinue its June
2025 ORF.\21\ The Exchange received feedback from the Participants \22\
and SIFMA \23\ related to the implementation of its June 2025 ORF. In
particular, two fields necessary for information sharing of executing
exchange information among
[[Page 20535]]
Participants and Clearing Members will not be available after an
upcoming technology migration at OCC.\24\ In light of this information,
the Exchange has been re-evaluating its ORF model and plans to revamp
the current process of assessing and collecting ORF, which would be
subject to, and described further in, a future rule filing.
Particularly, the Exchange is exploring proposing a modified ORF model
in which ORF would only be assessed to on-exchange transactions and
would continue to be assessed only to customers. At this this time, the
Exchange expects to continue assessing ORF as it does today and will
continue to ensure that ORF Regulatory Revenue, in combination with its
other regulatory fees and fines, does not exceed Options Regulatory
Cost.
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\18\ See Securities Exchange Act Release No. 101892 (December
12, 2024), 89 FR 102994 (December 18, 2024) (SR-NASDAQ-2024-078)
(Notice of Filing and Immediate Effectiveness of Proposed Rule
Change To Lower the Options Regulatory Fee (ORF) and Adopt a New
Approach to ORF in 2025). See also Securities Exchange Act Release
No. 102371 (February 6, 2024), 90 FR 9450 (February 12, 2025) SR-
NASDAQ-2024-009) (Notice of Filing and Immediate Effectiveness of a
Proposed Rule Change To Delay the Implementation of the New Options
Regulatory Fee (ORF) and ORF Methodology Proposed in SR-NASDAQ-2024-
078) (collectively ``June 2025 ORF'').
\19\ Id.
\20\ See Securities Exchange Act Release No. 102371 (February 6,
2025), 90 FR 9450 (February 12, 2025) (SR-NASDAQ-2025-009) (Notice
of Filing and Immediate Effectiveness of a Proposed Rule Change To
Delay the Implementation of the New Options Regulatory Fee (ORF) and
ORF Methodology Proposed in SR-NASDAQ-2024-078).
\21\ See supra note 17.
\22\ The Exchange has discussed the implementation of its June
2025 ORF with various Clearing Members.
\23\ See SIFMA comment letter at <a href="https://www.sec.gov/comments/sr-nasdaq-2024-078/srnasdaq2024078-550079-1574622.pdf">https://www.sec.gov/comments/sr-nasdaq-2024-078/srnasdaq2024078-550079-1574622.pdf</a>.
\24\ See <a href="https://www.theocc.com/company-information/occ-transformation">https://www.theocc.com/company-information/occ-transformation</a>.
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To create real ORF reform, moving to a new ORF model that only
assesses a fee to transactions that occur on the Exchange would remove
any duplicative ORF billing. The Exchange believes that each exchange
should likewise adopt a similar model to ensure consistent industry
billing of ORF to the benefit of market participants. A consistent
methodology of assessing and collecting ORF will also remove confusion
and complexity in the billing of ORF. The Exchange has been engaged in
remodeling its current ORF over the last year and has held many
conversations with market participants to establish a framework that is
practical and fair. The Exchange remains committed to ORF reform and
will continue to evaluate its ORF model and seek feedback from market
participants.
2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Securities Exchange Act of 1934 (the ``Act'') and the rules and
regulations thereunder applicable to the Exchange and, in particular,
the requirements of Section 6(b) of the Act.\25\ Specifically, the
Exchange believes the proposed rule change is consistent with Section
6(b)(4) of the Act,\26\ which provides that Exchange rules may provide
for the equitable allocation of reasonable dues, fees, and other
charges among its members, and other persons using its facilities.
Additionally, the Exchange believes the proposed rule change is
consistent with the Section 6(b)(5) \27\ requirement that the rules of
an exchange not be designed to permit unfair discrimination between
customers, issuers, brokers, or dealers.
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\25\ 15 U.S.C. 78f(b).
\26\ 15 U.S.C. 78f(b)(4).
\27\ 15 U.S.C. 78f(b)(5).
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The Exchange believes the proposed reduction of ORF is reasonable
because it would help ensure that ORF Regulatory Revenue does not
exceed a material portion of the Exchange's ORF Regulatory Costs. As
noted above, the ORF is designed to recover a material portion, but not
all, of the Exchange's ORF Regulatory Costs. Further, the Exchange
believes the proposed fee change is reasonable because Customer
transactions will be subject to a lower ORF than the rate that would
otherwise be in effect on May 1, 2025.
The Exchange had designed the ORF to generate ORF Regulatory
Revenue that would be less than the amount of the Exchange's ORF
Regulatory Costs to ensure that it, in combination with its other
regulatory fees and fines, does not exceed ORF Regulatory Costs, which
is consistent with the view of the Commission that regulatory fees be
used for regulatory purposes and not to support the Exchange's business
operations. As discussed above, however, after review of its ORF
Regulatory Costs and ORF Regulatory Revenue, which includes revenues
from ORF and other regulatory fees and fines, the Exchange determined
that absent a reduction in ORF it may collect ORF Regulatory Revenue
which would exceed its ORF Regulatory Costs. Indeed, the Exchange notes
that when taking into account the potential that recent options volume
persists, it estimates the ORF may generate ORF Regulatory Revenue that
would cover more than the approximated Exchange's projected ORF
Regulatory Costs due to fines. As such, the Exchange believes it's
reasonable and appropriate to reduce the ORF amount from $0.0016 to
$0.0014 per contract side.
The Exchange also believes the proposed fee change is equitable and
not unfairly discriminatory in that it is charged to all Participants
on all their transactions that clear in the Customer range at OCC.\28\
The Exchange believes the ORF ensures fairness by assessing higher fees
to those Participants that require more Exchange regulatory services
based on the amount of Customer options business they conduct.
Regulating Customer trading activity is much more labor intensive and
requires greater expenditure of human and technical resources than
regulating non-Customer trading activity, which tends to be more
automated and less labor-intensive. For example, there are costs
associated with main office and branch office examinations (e.g., staff
expenses), as well as investigations into Customer complaints and the
terminations of registered persons. As a result, the costs associated
with administering the Customer component of the Exchange's overall
regulatory program are materially higher than the costs associated with
administering the non-Customer component of its regulatory program.
Moreover, the Exchange notes that it has broad regulatory
responsibilities with respect to activities of its Participants, a
small portion of which takes place on away exchanges. Indeed, the
Exchange cannot effectively review for such conduct without looking at
and evaluating activity regardless of where it transpires. In addition
to its own surveillance programs, the Exchange also works with other
SROs and exchanges on intermarket surveillance related issues. Through
its participation in the Intermarket Surveillance Group (``ISG'') \29\
the Exchange shares information and coordinates inquiries and
investigations with other exchanges designed to address potential
intermarket manipulation and trading abuses. Accordingly, there is a
strong nexus between the ORF and the Exchange's regulatory activities
with respect to Customer trading activity of its Participants.
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\28\ If the OCC clearing member is a NOM Participant, ORF will
be assessed and collected on all cleared Customer contracts (after
adjustment for CMTA); and (2) if the OCC clearing member is not a
NOM Participant, ORF will be collected only on the cleared Customer
contracts executed at NOM, taking into account any CMTA instructions
which may result in collecting the ORF from a non-member.
\29\ ISG is an industry organizaion formed in 1983 to coordinate
intermarket surveillance among the self-regulatory organizations by
cooperatively sharing regulatory information pursuant to a written
agreement beween the parties. The goal of the ISG's information
sharing is to coordinate regulatory efforts to address potential
intermarket trading abuses and manipulations.
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The Exchange's proposal to discontinue its June 2025 ORF is
reasonable because it has come to light that certain information
necessary for billing of ORF would not be available later in 2025. In
light of this information, the Exchange has been re-evaluating its ORF
model and plans to revamp the current process of assessing and
collecting ORF, which would be subject to, and described further in, a
future rule filing. Particularly, the Exchange anticipates moving to a
modified ORF model in which ORF would only be assessed to on-exchange
transactions and would continue to be assessed only to customers. At
this this time, the Exchange expects to continue assessing ORF as it
does today and will
[[Page 20536]]
continue to ensure that ORF Regulatory Revenue, in combination with its
other regulatory fees and fines, does not exceed Options Regulatory
Cost. The Exchange's proposal to discontinue its June 2025 ORF is
equitable and not unfairly discriminatory as the proposal would not
apply to any Participant.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act. This proposal does not create
an unnecessary or inappropriate intra-market burden on competition
because ORF applies to all customer activity, thereby raising ORF
Regulatory Revenue to offset Options Regulatory Cost. It also
supplements the regulatory revenue derived from non-customer activity.
The Exchange notes, however, the proposed change is not designed to
address any competitive issues. Indeed, this proposal does not create
an unnecessary or inappropriate inter-market burden on competition
because it is a regulatory fee that supports regulation in furtherance
of the purposes of the Act. The Exchange is obligated to ensure that
the amount of ORF Regulatory Revenue collected from the ORF, in
combinations with its other regulatory fees and fines, does not exceed
Options Regulatory Cost.
Further, no Participant would be subject to the June 2025 ORF as a
result of this proposal.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were either solicited or received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) of the Act \30\ and paragraph (f)(2) of Rule 19b-4 \31\
thereunder.
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\30\ 15 U.S.C. 78s(b)(3)(A).
\31\ 17 CFR 240.19b-4(f)(2).
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At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is 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 will institute proceedings to
determine whether the proposed rule change should be approved or
disapproved.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
<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#bdcfc8d1d890ded2d0d0d8d3c9cefdced8de93dad2cb"><span class="__cf_email__" data-cfemail="6715120b024a04080a0a020913142714020449000811">[email protected]</span></a>. Please include
file number SR-NASDAQ-2025-035 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-NASDAQ-2025-035. 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-NASDAQ-2025-035 and should
be submitted on or before June 4, 2025.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\32\
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\32\ 17 CFR 200.30-3(2)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-08456 Filed 5-13-25; 8:45 am]
BILLING CODE 8011-01-P
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