Notice2025-11099
Joint Industry Plan; Notice of Filing of Amendment to the National Market System Plan Establishing Procedures Under Rule 605 of Regulation NMS To Reflect Recent Amendments to Rule 605 of Regulation NMS
Primary source
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Published
June 17, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 115 (Tuesday, June 17, 2025)</title>
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[Federal Register Volume 90, Number 115 (Tuesday, June 17, 2025)]
[Notices]
[Pages 25721-25725]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-11099]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-103243; File No. 4-518]
Joint Industry Plan; Notice of Filing of Amendment to the
National Market System Plan Establishing Procedures Under Rule 605 of
Regulation NMS To Reflect Recent Amendments to Rule 605 of Regulation
NMS
June 12, 2025.
I. Introduction
Pursuant to Section 11A of the Securities Exchange Act of 1934
(``Exchange Act'') \1\ and Rule 608 thereunder,\2\ notice is hereby
given that on May 30, 2025, the Financial Industry Regulatory
Authority, Inc. (``FINRA''), on behalf of the parties \3\ to the
National Market System Plan Establishing Procedures Under Rule 605 of
Regulation NMS (the ``Rule 605 NMS Plan'' or ``Plan''),\4\ filed with
the Securities and Exchange Commission (``Commission'' or ``SEC'') a
proposed amendment to the Rule 605 NMS Plan.\5\ The amendment proposes
to reflect the Commission's recent amendments to Rule 605 of Regulation
NMS (``Rule 605'') and to make certain technical updates to modernize
the operation of the Plan.\6\ The Commission is publishing this notice
to solicit comments from interested persons on the proposed amendment.
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\1\ 15 U.S.C. 78k-1.
\2\ 17 CFR 242.608.
\3\ The current parties to the Plan are: Cboe BZX Exchange,
Inc.; Cboe BYX Exchange, Inc.; Cboe EDGA Exchange, Inc.; Cboe EDGX
Exchange, Inc.; FINRA; Investors Exchange LLC; Long-Term Stock
Exchange, Inc.; 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 Texas, Inc.; and NYSE
National Inc. (collectively, the ``Participants'').
\4\ On April 21, 2001, the Commission approved a national market
system plan for the purpose of establishing procedures for market
centers to follow in making their monthly reports available to the
public under Rule 11 Ac1-5 under the Exchange Act (n/k/a Rule 605 of
Regulation NMS). See Securities Exchange Act Release No. 44177
(April 12, 2001), 66 FR 19814 (April 17, 2001). The Plan has been
amended nine times since it was approved by the Commission, in each
case solely to add new Participants to the Plan and most recently in
September 2020. See Securities Exchange Act Release No. 90070
(October 1, 2020), 85 FR 63324 (October 7, 2020) (adding MIAX PEARL,
LLC as a Participant in the Plan). The Plan has not been
substantively amended since it was originally approved by the
Commission in 2001.
\5\ See Letter from Robert McNamee, Vice President and Associate
General Counsel, FINRA, to Vanessa Countryman, Secretary,
Commission, dated May 30, 2025. (``Transmittal Letter'').
\6\ See also Securities Exchange Act Release No. 99679 (March 6,
2024), 89 FR 26428, 26429 (April 15, 2024) (Disclosure of Order
Execution Information; Final Rule) (``Rule 605 Amendments''). The
amendments to Rule 605 became effective on June 14, 2024, and the
compliance date is December 14, 2025.
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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 Plan amendment, along with the information required by
Rule 608(a) 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 originally filed the Plan with the Commission
pursuant to Exchange Act Rule 11Ac1-5 (later redesignated as Rule 605
of Regulation NMS),\9\ which required the self-regulatory organizations
(``SROs'') that trade NMS stocks to act jointly in establishing
procedures for market centers to follow in making their monthly reports
on execution quality in NMS stocks available to the public in a
uniform, readily accessible, and usable electronic format. The Plan was
approved as proposed and has not been substantively amended since it
was originally approved.
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\9\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496 (June 29, 2005).
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As set forth in more detail in the Plan, Section IV of the Plan
provides an overview of the procedures under the Plan for market
centers to make available to the public their Rule 605 reports in the
form of electronic data files that meet the requirements set forth
[[Page 25722]]
in Sections V and VI of the Plan. Section V of the Plan specifies the
file type, compression, and naming requirements for Rule 605 reports,
and Section VI of the Plan sets forth the file structure that market
centers must use to publish their monthly reports. Sections VII, VIII,
and IX of the Plan set forth requirements for making reports available
to the public, including through arrangements with a Designated
Participant. Sections I, II, III, X, XI and XII of the Plan deal with
administrative and operational matters, including definitions used in
the Plan, specifying regular trading hours under the Plan, procedures
for amending the Plan, and withdrawal of a Participant from the Plan.
On March 6, 2024, the Commission adopted amendments to Rule 605,
which, among other things, expand the scope of entities subject to Rule
605 (including larger broker-dealers, in addition to market centers),
modify the categorization and content of information required to be
disclosed in the detailed execution quality reports published under
Rule 605 (including by modifying the scope of covered orders subject to
disclosures), and require reporting entities to produce a summary
report of execution quality in addition to the existing detailed
disclosures regarding execution quality for covered orders in NMS
stocks.\10\ In adopting the Rule 605 Amendments, the Commission noted
that, because of the Rule 605 Amendments, ``the Rule 605 NMS Plan will
need to be updated to: (1) incorporate references to broker-dealers
subject to Rule 605; (2) account for summary reports that will be
required under Rule 605(a)(2); and (3) incorporate the new data fields
that will be required under Rule 605(a)(1) for the detailed reports.''
\11\
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\10\ See Securities Exchange Act Release No. 99679 (March 6,
2024), 89 FR 26428 (April 15, 2024) (``Rule 605 Amendments'').
\11\ See Rule 605 Amendments, 89 FR 26428, 26496.
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Accordingly, the Participants now propose to amend the Plan to
conform to the Rule 605 Amendments, as well as to make certain other
technical updates to modernize the operation of the Plan.
Addition of References to Broker-Dealers
The Rule 605 Amendments expanded the scope of reporting entities
subject to Rule 605 to include, in addition to market centers, broker-
dealers who introduce or carry 100,000 or more customer accounts.\12\
Accordingly, the Participants propose to amend the Plan to add
references to brokers and dealers, in addition to market centers, in
each instance where such reporting entities are referenced in the
Plan.\13\
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\12\ See Rule 605 Amendments, 89 FR 26428, 26434.
\13\ The Rule 605 Amendments also clarify the separate treatment
of single dealer platforms and alternative trading systems for
purposes of Rule 605 reports. The proposed amendment would also
update footnotes in the Plan to reflect these clarifications.
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Addition of New Summary Reports
The Rule 605 Amendments added a requirement for all reporting
entities subject to Rule 605 to publish, in addition to the existing
detailed monthly execution quality reports, a new monthly summary
report.\14\ Accordingly, the Participants proposed to amend the Plan to
include references to the new summary reports required under paragraph
(a)(2) of Rule 605 in the sections of the Plan establishing procedures
to make Rule 605 reports publicly available. Specifically, the
Participants propose to amend Section IV (Overview of Plan Procedures),
VII (Internet Sites for Downloading Files),\15\ and VIII (Functions of
Designated Participant) to include references to the new summary
reports, in addition to the detailed monthly files required under
paragraph (a)(1) of Rule 605. The new summary reports would thus be
made available in the same place, and in accordance with the same
procedures, as the detailed reports.\16\
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\14\ See Rule 605 Amendments, 89 FR 26428, 26435.
\15\ The Participants also propose to amend Section VII to
clarify that a market center, broker, or dealer shall make available
the files containing the monthly reports for a period of three years
from the initial date of posting on the internet site of the market
center, broker, or dealer, as required by Rule 605(a)(5).
\16\ As noted by the Commission in the Rule 605 Amendments,
``final Rule 605(a)(2) requires the use of the Commission's schema
for CSV format and associated PDF renderer, and therefore the Rule
605 NMS Plan does not establish the formats and fields for the
summary report.'' See Rule 605 Amendments, 89 FR 26428, 26490 n.846.
Accordingly, the Participants are not proposing any specifications
with respect to the summary reports in Sections V (File Type,
Compression, and Naming) and VI (File Structure) of the Plan.
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Modifications to Data Fields in Detailed Reports
The Rule 605 Amendments updated and modernized the scope of the
detailed monthly reports required under paragraph (a)(1) of Rule 605,
including by (i) amending the definition of ``covered order'' to
include any non-marketable limit order (``NMLO'') (including an order
submitted with a stop price) received outside of regular trading hours
that become executable after the opening or reopening of trading during
regular trading hours; certain orders submitted with stop prices, and
non-exempt short sales orders when a short sale price test is not in
effect; (ii) modifying existing order size categories to base them on a
notional dollar value range with an indication that the category
reflects orders that were for an odd-lot, a round lot, or less than a
share; (iii) establishing four new order type categories: marketable
immediate-or cancel orders, executable market orders submitted with
stop prices, executable market limit orders submitted with stop prices,
and executable non-marketable limit orders with stop prices; and (iv)
replacing the three existing categories of nonmarketable order types
with four new order types (midpoint-or-better limit orders, midpoint-
or-better immediate-or-cancel orders, non-marketable limit orders, and
non-marketable immediate-or-cancel orders). Further, the Rule 605
Amendments amended the content of the detailed monthly reports to
require more granular time-to-execution buckets measured in
milliseconds or finer; realized spread statistics calculated using
additional time horizons; and new statistical measures of execution
quality including: (1) average effective spread divided by quoted
spread; (2) percentage-based effective and realized spread statistics;
(3) a size improvement benchmark and statistic; (4) statistical
measures that could be used to measure execution quality of NMLOs; and
(5) additional price improvement statistics for market and marketable
orders.\17\
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\17\ See Rule 605 Amendments, 89 FR 26428, 26447-83.
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Accordingly, the Participants propose to amend Section VI (File
Structure) of the Plan to incorporate and reflect these modifications
to the scope and content of the detailed monthly reports. The proposed
amendments to Section VI, discussed in greater detail below, were
designed by the Participants, in consultation with market participants,
in an effort to develop a detailed data file format that provides the
execution quality information required to be disclosed under paragraph
(a)(1) of Rule 605 in the most useful and efficient manner for users of
the data consistent with current industry standards.
Generally, the Participants propose to amend Section VI(a) to
remove obsolete data fields and reflect the specific order types and
data fields set forth in paragraphs (a)(1)(i), (ii), and (iii) of Rule
605, as amended. In doing so, the Participants made several
determinations regarding the content and format of the data files that
the Participants believe will make the files both more efficient to
populate for reporting parties and more useful for users of the data.
[[Page 25723]]
First, based on consultation with market participants, the
Participants believe that presenting the detailed file structure
requirements in a chart format, rather than in descriptive text, would
facilitate implementation by reporting entities by presenting the data
fields in a format that is more usable and familiar for producers and
users of structured data. Accordingly, the Participants propose to
remove the existing text of Section VI(a) and instead incorporate by
reference a new Exhibit A to the Plan. Exhibit A sets forth, in tabular
format, each of the required data fields, including the Column # in the
file, the Rule 605 reference (if applicable), the required name of the
Field Header (see below), the Field Description, the Data Type (i.e.,
String, Integer, or Decimal), Valid Values, and Additional Notes
(including, e.g., required rounding methodology as discussed below).
Second, based on consultation with market participants, the
Participants believe that including column headers in the detailed data
files would facilitate readability and use of the information.
Accordingly, the Participants propose to add field headers for each
data field included in the detailed reports required under paragraph
(a)(1) of Rule 605, as specified in Exhibit A to the Plan.
Third, the Participants agreed that a consistent rounding
methodology would facilitate reporting by market centers, brokers, and
dealers, as well make the data more useful and comparable for users of
the data. Specifically, the Participants believe that rounding to six
decimal places would provide a reasonable balance between providing
sufficient accuracy and maintaining readability. Additionally,
requiring rounding to six decimal places will help mitigate rounding
errors and methodological differences in the practices of market
centers, brokers, and dealers. The Participants note that rounding to
six decimal places is also consistent with industry practice and other
regulatory requirements, including, for example, reporting to the
Consolidated Audit Trail. Accordingly, the Participants propose ``up to
six decimal places'' as an appropriate level for reporting values as
specified in Exhibit A to the Plan.
Finally, to enhance the utility of the execution quality
statistics, the Participants are proposing an order type categorization
that the Participants believe will facilitate users' ability to analyze
the Rule 605 reports. Specifically, based on industry feedback \18\ and
subsequent discussions with industry members, the Participants propose
order type codes that correspond to a tabular layout as follows: Market
Orders--``MXXNN''; Marketable Limit Orders--``LYNNN''; Marketable IOC
Orders--``LYNYN''-; Midpoint-or-better Limit Orders--``LNYNN'';
Midpoint-or-better Limit IOC Orders--``LNYYN''; Executable non-
marketable Limit Orders--``LNNNN''; Executable non-marketable IOC
Orders--``LNNYN''; Executable Stop Market Orders--``MXXNY''; Executable
Stop marketable Limit Orders--``LYNNY''; Executable Stop non-marketable
Limit Orders--``LNNNY.'' \19\ The Participants believe that this
symbology, coupled with the tabular layout below corresponding to
specific order type attributes, would provide the order type detail
required by Rule 605 in a format that would enable users of the data to
more easily discern the specific order type attributes for each order
type reported.
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\18\ See, e.g., Letter from Howard Meyerson, Managing Director,
Financial Information Forum, to Kathleen Gross, Senior Special
Counsel, Division of Trading and Markets, SEC, dated June 24, 2024.
\19\ In this symbology, ``M'' means market, ``L'' means limit,
``X'' means not relevant to the order type (i.e., it cannot occur),
``Y'' means yes (i.e., the attribute applies), and ``N'' means no
(i.e., the attribute does not apply).
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Midpoint-or- Immediate-or-
Market/limit Marketable better cancel Stop
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Market Orders............................. M X X N N
Marketable Limit Orders................... L Y N N N
Marketable IOC Orders..................... L Y N Y N
Midpoint-or-better Limit Orders........... L N Y N N
Midpoint-or-better Limit IOC Orders....... L N Y Y N
Executable nonmarketable Limit Orders..... L N N N N
Executable nonmarketable IOC Orders....... L N N Y N
Executable Stop Market Orders............. M X X N Y
Executable Stop marketable Limit Orders... L Y N N Y
Executable Stop nonmarketable Limit Orders L N N N Y
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In addition, Section VI(b) of the Plan requires that the detailed
data files have separate records for each combination of security,
order type, and order size by which a market center, broker, or dealer
must categorize its report under the Rule. Prior to the Rule 605
Amendments, there were five order types that could each be broken down
into four size buckets, for a maximum of 20 records for each individual
security. Under amended Rule 605, there are ten order types that could
each be broken down into 24 order size buckets. Accordingly, the
Participants propose to increase the maximum number of records to 240
for each individual security.\20\ As was the case prior to the Rule 605
Amendments, no record would need to be displayed if a market center,
broker, or dealer did not receive any covered orders that fall within a
particular combination of security, order type, and order size.
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\20\ The Participants also propose to update Section VI(b) to
remove outdated examples of when there may be no data for a
particular field.
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Technical Updates To Modernize Operation of the Plan
As noted above, the Plan has not been substantively amended since
it was originally approved by the Commission in 2001. Therefore, in
addition to the proposed changes relating to the Rule 605 Amendments
discussed above, the Participants propose limited technical updates to
modernize operation of the Plan.
First, the Participants propose to amend Section V of the Plan to
modernize the file types required for the detailed monthly files
required under paragraph (a)(1) of the Rule. Specifically, the
Participants propose to change the file type convention for
uncompressed files to ``.txt'' rather than ``.dat'' format. The
Participants believe that the ``.txt'' format would enhance readability
and compatibility of the files, as ``.txt'' files are supported by most
operating systems and applications and do not require specialized
software to enable viewing as compared with the
[[Page 25724]]
``.dat'' format. Additionally, the Participants proposed to add Gzip as
an alternative compression standard, in addition to Zip, with the
accompanying file extension of ``.gz''. The Participants believe that
adding ``.gz'' compression in addition to ``.zip'' offers several
benefits, including potentially smaller file sizes which may aid in the
storage and transfer of the detailed monthly files required by Rule
605.
Second, the Participants propose to amend Section III(c) of the
Plan, which currently provides that each Participant select a
representative to form an Advisory Committee on Plan Amendments. Since
this committee is formed by representatives of the Participants
themselves, the Participants propose to rename it the Operating
Committee of the Plan, in line with other, more recently adopted NMS
plans. The Participants further propose to clarify that the Operating
Committee will (i) monitor the operation of the procedures established
pursuant to the Plan; (ii) consider any feedback or recommendations
that it may receive from market participants regarding the procedures
established pursuant to the Plan; and (iii) in consultation with market
participants, as appropriate, recommend any amendments to the Plan as
the Operating Committee may deem appropriate to correct any
deficiencies or problems observed in, or otherwise improve, the
operation of the procedures established pursuant to this Plan. The
proposed amendment would also clarify that any recommendation for an
amendment to the Plan from the Operating Committee that receives a
unanimous vote would be submitted to the SEC as a proposed amendment to
the Plan.\21\ The Participants believe these proposed changes will
clarify the role of the Operating Committee going forward and ensure
that the Plan Participants consider feedback from market participants
with respect to the need for, or content of, any future amendments to
the Plan.
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\21\ This proposed change would not substantively alter the
threshold for submission of a proposed amendment to the Plan, as the
current Plan already requires that a proposed amendment be executed
on behalf of each Participant. Further, the Participants also
propose to update Section III(c) to remove the current requirement
that any recommendation receiving less than a unanimous vote (but at
least a two-thirds vote), shall be submitted to the SEC as a request
for rulemaking. The Participants do not believe this provision is
needed, as each Participant, or any subset of Participants, has the
independent ability to submit to the SEC a petition for rulemaking
irrespective of any vote of the Operating Committee.
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Third, the Participants propose to add new Section IV(d) of the
Plan to avoid duplicative efforts in circumstances where a reporting
entity subject to Rule 605 is required by SRO rules to submit Rule 605
reports to the SRO for publication intended to facilitate centralized
access to Rule 605 reports. Specifically, Section IV(d) would clarify
that a reporting entity would not be subject to the requirement to
provide a hyperlink to its Rule 605 reports to its Designated
Participant, and such Designated Participant would not be required to
post that reporting entity's hyperlink, to the extent the reporting
entity is required by the rules of an SRO to submit its Rule 605
reports for centralized publication on a public website. The
Participants believe this clarification will mitigate the likelihood of
duplication where the purpose of the Designated Participant hyperlink
posting is already fulfilled through other means. However, because
Designated Participants are responsible for assigning and maintaining
reporting entity identification codes, those provisions of the Plan
would still apply to such a reporting entity and Designated
Participant.
Fourth, the Participants propose to amend Section VIII of the Plan
to modernize and provide greater flexibility regarding the method by
which Designated Participants assign and publish the unique
identification codes assigned to each market center, broker, or dealer.
Accordingly, the Participants propose to remove existing Section
VIII(b) of the Plan, which sets forth prescriptive and outdated
requirements for the maintenance and identification of files, and
revise Section VIII(a) of the Plan to provide for both the assignment
and publication of identification codes by Designated Participants.
Specifically, revised Section VIII(a) would provide that the unique
identification codes assigned to each market center, broker, or dealer
shall be made available on a free and publicly accessible website, and
would continue to require that the Designated Participants act jointly
to assure that no market center, broker, or dealer is assigned a code
that previously has been assigned.
Finally, the Participants propose to make non-substantive changes
to (i) add a formal title to the text of the Plan; (ii) add a title to
the Preamble to the Plan, (iii) update cross-references to Rule 605 and
other provisions of Regulation NMS throughout the Plan; and (iv) update
the list of Participants and associated addresses in Section II(a) of
the Plan.
B. Governing or Constituent Documents
Not applicable.
C. Implementation of Amendment
After Commission approval of the proposed amendment, the
Participants propose to announce to market participants the future date
on which the changes will be implemented. To the extent feasible, the
Participants intend to implement the proposed amendment to align with
the Commission's compliance date for the Rule 605 Amendments.
D. Development and Implementation Phases
The Participants propose to implement the proposed amendment on a
permanent basis following Commission approval.
E. Analysis of Impact on Competition
The Participants believe that the proposed amendment does not
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Exchange Act. The proposed
amendment to the Plan would apply to all market participants subject to
Rule 605 equally and would not impose a competitive burden on one
category of market participants in favor of another category of market
participant. The Participants do not believe that the proposed
amendment introduces terms that are unreasonably discriminatory for the
purposes of Section 11A(c)(1)(D) of the Exchange Act because it would
apply to all market participants subject to Rule 605 equally.
F. Written Understanding or Agreements Relating to Interpretation of,
or Participation in, Plan
The Participants have no written understandings or agreements
relating to interpretation of the Plan. Section II(c) of the Plan sets
forth how any entity registered as a national securities exchange or
national securities association may become a Participant.
G. Approval of Amendment of the Plan
Pursuant to Section III(a) of the Plan, the proposed amendment has
been executed on behalf of each Participant in the 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: (i) executing a copy of
the Plan, as then in effect; (ii) providing each then-
[[Page 25725]]
current Participant with a copy of such executed Plan; and (iii)
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 any recommendation for an
amendment to the Plan from the Operating Committee that receives a
unanimous vote shall be submitted to the SEC as a proposed amendment to
the Plan pursuant to Section III(a) of the Plan.
III. Solicitation of Comments
The Commission seeks comment on the amendment. 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="http://www.sec.gov/rules/sro.shtml">http://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#2a585f464f07494547474f445e596a594f49044d455c"><span class="__cf_email__" data-cfemail="f183849d94dc929e9c9c949f8582b1829492df969e87">[email protected]</span></a>. Please include
file number 4-518 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 4-518. 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="http://www.sec.gov/rules/sro.shtml">http://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
proposed 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
a.m. and 3 p.m. Copies of such filing also will be available for
inspection and copying at the principal offices of the Participants. 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 4-518 and should be
submitted on or before July 8, 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)(85).
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J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2025-11099 Filed 6-16-25; 8:45 am]
BILLING CODE 8011-01-P
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