Notice2025-08926
Joint Industry Plan; Notice of Filing and Immediate Effectiveness of the Twenty-Fourth Amendment to the National Market System Plan To Address Extraordinary Market Volatility by Cboe BZX Exchange, Inc., Cboe BYX Exchange, Inc., Cboe EDGA Exchange, Inc., Cboe EDGX Exchange, Inc., Financial Industry Regulatory Authority, Inc., Investors Exchange LLC, Long-Term Stock Exchange, MEMX LLC, MIAX PEARL, LLC, NASDAQ BX, Inc., 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.
Primary source
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Published
May 20, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 96 (Tuesday, May 20, 2025)</title>
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[Federal Register Volume 90, Number 96 (Tuesday, May 20, 2025)]
[Notices]
[Pages 21529-21531]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-08926]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-103042; File No. 4-631]
Joint Industry Plan; Notice of Filing and Immediate Effectiveness
of the Twenty-Fourth Amendment to the National Market System Plan To
Address Extraordinary Market Volatility by Cboe BZX Exchange, Inc.,
Cboe BYX Exchange, Inc., Cboe EDGA Exchange, Inc., Cboe EDGX Exchange,
Inc., Financial Industry Regulatory Authority, Inc., Investors Exchange
LLC, Long-Term Stock Exchange, MEMX LLC, MIAX PEARL, LLC, NASDAQ BX,
Inc., 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.
May 14, 2025.
I. Introduction
On May 12, 2025, NYSE Group, Inc., on behalf of the following
parties to the National Market System Plan to Address Extraordinary
Market Volatility (``Plan'' or ``LULD Plan''): \1\ Cboe BZX Exchange,
Inc., Cboe BYX Exchange, Inc., Cboe EDGA Exchange, Inc., Cboe EDGX
Exchange, Inc., Financial Industry Regulatory Authority, Inc.,
Investors Exchange LLC, Long Term Stock Exchange, MEMX LLC, MIAX PEARL,
LLC, NASDAQ BX, Inc., 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,
``Participants'') filed with the Securities and Exchange Commission
(``Commission'') pursuant to Section 11A(a)(3) of the Securities
Exchange Act of 1934 (``Exchange Act'') \2\ and Rule 608 thereunder,\3\
a proposal to amend the Plan (``Twenty-Fourth Amendment'').\4\
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\1\ On May 31, 2012, the Commission approved the Plan, as
modified by Amendment No. 1. See Securities Exchange Act Release No.
67091, 77 FR 33498 (June 6, 2012). On February 20, 2013, the
Commission noticed for immediate effectiveness the Second Amendment
to the Plan. See Securities Exchange Act Release No. 68953, 78 FR
13113 (Feb. 26, 2013). On April 3, 2013, the Commission approved the
Third Amendment to the Plan. See Securities Exchange Act Release No.
69287, 78 FR 21483 (Apr. 10, 2013). On August 27, 2013, the
Commission noticed for immediate effectiveness the Fourth Amendment
to the Plan. See Securities Exchange Act Release No. 70273, 78 FR
54321 (Sept. 3, 2013). On September 26, 2013, the Commission
approved the Fifth Amendment to the Plan. See Securities Exchange
Act Release No. 70530, 78 FR 60937 (Oct. 2, 2013). On January 7,
2014, the Commission noticed for immediate effectiveness the Sixth
Amendment to the Plan. See Securities Exchange Act Release No.
71247, 79 FR 2204 (Jan. 13, 2014). On April 3, 2014, the Commission
approved the Seventh Amendment to the Plan. See Securities Exchange
Act Release No. 71851, 79 FR 19687 (Apr. 9, 2014). On February 19,
2015, the Commission approved the Eight Amendment to the Plan. See
Securities Exchange Act Release No. 74323, 80 FR 10169 (Feb. 25,
2015). On October 22, 2015, the Commission approved the Ninth
Amendment to the Plan. See Securities Exchange Act Release No.
76244, 80 FR 66099 (Oct. 28, 2015). On April 21, 2016, the
Commission approved the Tenth Amendment to the Plan. See Securities
Exchange Act Release No. 77679, 81 FR 24908 (Apr. 27, 2016). On
August 26, 2016, the Commission noticed for immediate effectiveness
the Eleventh Amendment to the Plan. See Securities Exchange Act
Release No. 78703, 81 FR 60397 (Sept. 1, 2016). On January 19, 2017,
the Commission approved the Twelfth Amendment to the Plan. See
Securities Exchange Act Release No. 79845, 82 FR 8551 (Jan. 26,
2017). On April 13, 2017, the Commission approved the Thirteenth
Amendment to the Plan. See Securities Exchange Act Release No.
80455, 82 FR 18519 (Apr. 19, 2017). On April 28, 2017, the
Commission noticed for immediate effectiveness the Fourteenth
Amendment to the Plan. See Securities Exchange Act Release No.
80549, 82 FR 20928 (May 4, 2017). On September 26, 2017, the
Commission noticed for immediate effectiveness the Fifteenth
Amendment to Plan. See Securities Exchange Act Release No. 81720, 82
FR 45922 (Oct. 2, 2017). On March 15, 2018, the Commission noticed
for immediate effectiveness the Sixteenth Amendment to the Plan. See
Securities Exchange Act Release No. 82887, 83 FR 12414 (Mar. 21,
2018). On April 12, 2018, the Commission approved the Seventeenth
Amendment to the Plan. See Securities Exchange Act Release No.
83044, 83 FR 17205 (Apr. 18, 2018). On April 11, 2019, the
Commission approved the Eighteenth Amendment to the Plan. See
Securities Exchange Act Release No. 85623, 84 FR 16086 (Apr. 17,
2019). On February 5, 2020, the Commission noticed for immediate
effectiveness the Nineteenth Amendment to the Plan. See Securities
Exchange Act Release No. 88122, 85 FR 7805 (Feb. 11, 2020). On April
21, 2020, the Commission approved the Twentieth Amendment to the
Plan. See Securities Exchange Act Release No. 88704, 85 FR 23383
(Apr. 27, 2020). On July 29, 2020, the Commission noticed for
immediate effectiveness the Twenty-First Amendment to the Plan. See
Securities Exchange Act Release No. 89420, 85 FR 46762 (Aug. 3,
2020). On October 1, 2020, the Commission noticed for immediate
effectiveness the Twenty-Second Amendment to the Plan. See
Securities Exchange Act Release No. 90068, 85 FR 63322 (Oct. 7,
2020). On September 16, 2024, the Commission disapproved the Twenty-
Third Amendment to the Plan. See Securities Exchange Act Release No.
101036, 89 FR 77203 (Sept. 20, 2024).
\2\ 15 U.S.C 78k-1(a)(3).
\3\ 17 CFR 242.608.
\4\ See Letter from Jaime Klima, General Counsel, NYSE, to
Vanessa Countryman, Secretary, Commission, dated May 12, 2025.
(``Transmittal Letter'').
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The Twenty-Fourth Amendment proposes a non-substantive amendment to
the Plan to reflect the name change of NYSE Chicago, Inc. to NYSE
Texas, Inc.\5\ A copy of the Plan, as proposed to be amended is
attached as Exhibit A hereto. The Participants are filing the Twenty-
Fourth Amendment for immediate effectiveness pursuant to Rule
608(b)(3)(iii) of Regulation NMS under the Exchange Act.\6\
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\5\ See Securities Exchange Act Release No. 102507 (Feb. 28,
2025), 90 FR 11445 (Apr. 28, 2025) (SR-NYSECHX-2025-01).
\6\ 17 CFR 242.608(b)(3)(iii).
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II. Description of the Plan
Set forth in this Section II is the statement of the purpose and
summary of the Twenty-Fourth Amendment, along with the information
required by Rule 608(a)(4) and (5) under the Exchange Act,\7\ prepared
and submitted by the Participants to the Commission.\8\
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\7\ See 17 CFR 242.608(a)(4) and (a)(5).
\8\ See Transmittal Letter, supra note 4.
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A. Statement of Purpose and Summary of the Plan Amendment
The Participants submit this amendment to propose a non-substantive
amendment to the LULD Plan to reflect the name change of NYSE Chicago,
Inc. to NYSE Texas, Inc.
B. Governing or Constituent Documents
Not applicable.
C. Implementation of Plan
Because the amendment involves solely ministerial matters, the
Participants are filing this proposal for immediate effectiveness
pursuant to Rule 608(b)(3)(iii) of Regulation NMS under the Exchange
Act.
D. Development and Implementation Phases
Not applicable.
E. Analysis of Impact on Competition
The amendment does not impose any burden on competition because it
simply effectuates a change to the name of one of the Participants. For
the same reason, the Participants do not believe
[[Page 21530]]
that the amendment introduces terms that are unreasonably
discriminatory for purposes of Section 11A(c)(1)(D) of the Exchange
Act.
F. Written Understanding or Agreements relating to Interpretation of,
or Participation in, Plan
Not applicable.
G. Approval of Amendment of the Plan
Each of the Plan's Participants has executed a written amended
Plan.
H. Description of Operation of Facility Contemplated by the Proposed
Amendment
Not applicable.
I. Terms and Conditions of Access
Section II(C) of the Plan provides that any entity registered as a
national securities exchange or national securities association under
the Exchange Act may become a Participant by: (1) becoming a
participant in the applicable Market Data Plans, as defined in Section
I(F) of the Plan; (2) executing a copy of the Plan, as then in effect;
(3) providing each then-current Participant with a copy of such
executed Plan; and (4) effecting an amendment to the Plan as specified
in Section III(B) of the Plan.
J. Method of Determination and Imposition, and Amount of, Fees and
Charges
Not applicable.
K. Method and Frequency of Processor Evaluation
Not applicable.
L. Dispute Resolution
Section III(C) of the Plan provides that each Participant shall
designate an individual to represent the Participant as a member of an
Operating Committee. No later than the initial date of the Plan, the
Operating Committee shall designate one member of the Operating
Committee to act as the Chair of the Operating Committee. Any
recommendation for an amendment to the Plan from the Operating
Committee that receives an affirmative vote of at least two-thirds of
the Participants, but is less than unanimous, shall be submitted to the
Commission as a request for an amendment to the Plan initiated by the
Commission under Rule 608.
III. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the amendment is
consistent with the Exchange Act and the rules thereunder. 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 send an email to <a href="/cdn-cgi/l/email-protection#156760797038767a7878707b6166556670763b727a63"><span class="__cf_email__" data-cfemail="5f2d2a333a723c3032323a312b2c1f2c3a3c71383029">[email protected]</span></a>. Please include File Number 4-631 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 4-631.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 plan amendment that are filed
with the Commission, and all written communications relating to the
amendment 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 10:00 a.m. and
3:00 p.m. Copies of such filing also will be available for inspection
and copying at the Participants' offices.
All comments received will be posted without change. Persons
submitting comments are cautioned that we do not redact or edit
personal identifying information from comment submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number 4-631 and should be submitted
on or before June 10, 2025.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\9\
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\9\ 17 CFR 200.30-3(a)(85).
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Sherry R. Haywood,
Assistant Secretary.
Exhibit A
Proposed Amendments to the Plan Marked To Show Changes From Existing
Plan
(Additions are in italics; Deletions are [bracketed]).
* * * * *
II. Parties
(A) List of Parties
The parties to the Plan are as follows:
(1) Cboe BZX Exchange, Inc., 400 South LaSalle Street, Chicago,
Illinois 60605
(2) Cboe BYX Exchange, Inc., 400 South LaSalle Street, Chicago,
Illinois 60605
(3) Cboe EDGA Exchange, Inc., 400 South LaSalle Street, Chicago,
Illinois 60605
(4) Cboe EDGX Exchange, Inc., 400 South LaSalle Street, Chicago,
Illinois 60605
(5) Financial Industry Regulatory Authority, Inc., 1735 K Street NW,
Washington, DC 20006
(6) Investors Exchange LLC, 4 World Trade Center, 44th Floor, New York,
New York 10007
(7) Long Term Stock Exchange, 101 Greenwich St., Suite 11A, New York,
NY 10006
(8) MEMX LLC (``MEMX''), 111 Town Square Place, Suite 520, Jersey City,
NJ 07310
(9) MIAX PEARL, LLC, 7 Roszel Road, Suite 1A, Princeton, NJ 08540
(10) NASDAQ BX, Inc., One Liberty Plaza, New York, New York 10006
NASDAQ PHLX LLC, 1900 Market Street, Philadelphia, Pennsylvania 19103
(12) The Nasdaq Stock Market LLC, 1 Liberty Plaza, 165 Broadway, New
York, NY 10006
(13) NYSE National, Inc., 11 Wall Street, New York, NY 10005
(14) New York Stock Exchange LLC, 11 Wall Street, New York, New York
10005
(15) NYSE American LLC, 11 Wall Street, New York, New York 10005
(16) NYSE Arca, Inc., 11 Wall Street, New York, New York 10005
(17) NYSE Texas [Chicago], Inc., 11 Wall Street, New York, New York
10005
* * * * *
X. Counterparts and Signatures
The Plan may be executed in any number of counterparts, no one of
which need contain all signatures of all Participants, and as many of
such counterparts as shall together contain all such signatures shall
constitute one and the same instrument.
In witness thereof, this Plan has been executed as of the 8th day
of September 2020 by each of the parties hereto.
Cboe BZX EXCHANGE, INC.
BY:--------------------------------------------------------------------
Cboe EDGA EXCHANGE, INC.
BY:--------------------------------------------------------------------
FINANCIAL INDUSTRY REGULATORY AUTHORITY, INC.
[[Page 21531]]
BY:--------------------------------------------------------------------
LONG TERM STOCK EXCHANGE
BY:--------------------------------------------------------------------
MIAX PEARL, LLC
BY:--------------------------------------------------------------------
NASDAQ PHLX LLC
BY:--------------------------------------------------------------------
NYSE NATIONAL, INC.
BY:--------------------------------------------------------------------
Cboe BYX EXCHANGE, INC.
BY:--------------------------------------------------------------------
Cboe EDGX EXCHANGE, INC.
BY:--------------------------------------------------------------------
INVESTORS EXCHANGE LLC
BY:--------------------------------------------------------------------
MEMX LLC
BY:--------------------------------------------------------------------
NASDASQ BX, INC.
BY:--------------------------------------------------------------------
THE NASDAQ STOCK MARKET LLC
BY:--------------------------------------------------------------------
NEW YORK STOCK EXCHANGE LLC
BY:--------------------------------------------------------------------
NYSE American LLC
BY:--------------------------------------------------------------------
NYSE TEXAS [CHICAGO], INC.
BY:--------------------------------------------------------------------
NYSE ARCA, INC.
BY:--------------------------------------------------------------------
[FR Doc. 2025-08926 Filed 5-19-25; 8:45 am]
BILLING CODE 8011-01-P
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