Notice2025-11183
Self-Regulatory Organizations; NYSE American LLC; Notice of Filing and Immediate Effectiveness of Proposed Change To Amend Rule 928NYP
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
June 18, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 116 (Wednesday, June 18, 2025)</title>
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[Federal Register Volume 90, Number 116 (Wednesday, June 18, 2025)]
[Notices]
[Pages 26076-26080]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-11183]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-103252; File No. SR-NYSEAMER-2025-32]
Self-Regulatory Organizations; NYSE American LLC; Notice of
Filing and Immediate Effectiveness of Proposed Change To Amend Rule
928NYP
June 13, 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 June 10, 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
[[Page 26077]]
been prepared by the self-regulatory organization. The Commission is
publishing this notice to solicit comments on the proposed rule change
from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 15 U.S.C. 78a.
\3\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend Rule 928NYP (Pre-Trade and Activity-
Based Risk Controls) to adopt ``Gross Risk Credit Limits,'' which
optional pre-trade risk control will be available to Entering Firms.
The proposed rule change is available on the Exchange's website at
<a href="http://www.nyse.com">www.nyse.com</a>, at the principal office of the Exchange, and at the
Commission's Public Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the self-regulatory organization
included statements concerning the purpose of, and basis for, the
proposed rule change and discussed any comments it received on the
proposed rule change. The text of those statements may be examined at
the places specified in Item IV below. The Exchange has prepared
summaries, set forth in sections A, B, and C below, of the most
significant parts of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend Rule 928NYP (Pre-Trade and Activity-
Based Risk Controls) to adopt ``Gross Risk Credit Limits,'' which
optional pre-trade risk control will be available to Entering Firms.\4\
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\4\ The term ``Entering Firm'' refers to an ATP Holder
(including those acting as Market Makers). See Rule 928NYP(a)(1).
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Background and Proposal
In 2023, in connection with the Exchange's migration to Pillar and
to better assist ATP Holders in managing their risk, the Exchange
adopted Rule 928NYP (the ``Rule''), which included pre-trade risk
controls, among other activity-based controls, wherein an Entering Firm
had the option of establishing limits or restrictions on certain of its
trading behavior on the Exchange and authorizing the Exchange to take
action if those limits or restrictions were exceeded.\5\
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\5\ See Securities Exchange Act Release No. 97869 (July 10,
2023), 88 FR 45730 (July 17, 2023) (Notice of Filing and Immediate
Effectiveness of Proposed Rules, including proposed Rule 928NYP)
(SR-NYSEAMER-2023-34).
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The Exchange has recently received requests from market
participants to adopt Gross Credit Limits, which would provide ATP
Holders with additional pre-trade risk controls. As detailed below,
each of the proposed additional risk controls is based on risk settings
that are already available on the Exchange's equity platform and its
affiliated equities exchanges, including NYSE Arca, Inc. (``NYSE
Arca'').\6\ The Exchange notes that similar risk controls are offered
on at least one other option exchange, Cboe EDGX Exchange, Inc. (``Cboe
EDGX''). Cboe EDGX offers its members optional risk settings to monitor
their credit exposure, including a ``Gross Credit Risk Limit--Executed
Only'', which is calculated based solely on executed orders, and an
``Aggregate Gross Credit Exposure Limit'', which is calculated based on
both executed and unexecuted orders.\7\ As such, market participants
are already familiar with these various gross credit risk checks, such
that the ones proposed by the Exchange in this filing are not novel.
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\6\ See Rule 7.19E(b)(1)(A)-(C) (providing for Gross Credit Risk
Limit--Open + Executed; Gross Credit Risk Limit--Open Only; and
Gross Credit Risk Limit--Executed Only) and (f)(1) (allowing firms
to set one of the following automated breach actions when such risk
limits are breached: Notification Only, Block Only, and Cancel and
Block). See also NYSE Arca Rule 7.19-E(b)(1) and (f)(3) (offering
identical functionality as Exchange Rule 7.19E).
\7\ See Cboe EDGX Rule 11.10, Interpretation and Policy .03
paragraphs (a)(1) and (a)(3) (describing the risk limits) and (e)
(describing automated breach actions to block all new orders or to
both block new orders and cancel open orders). Unlike the Exchange,
Cboe EDGX does not offer a risk check for open (i.e., unexecuted)
orders only. See also MEMX LLC (``MEMX'') Rule 21.17, Interpretation
and Policy .01(f) (providing optional user-configured credit
controls on gross exposure that, when breached, prevent submission
of either all new orders or Market Orders only).
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In light of these requests, the Exchange proposes to modify Rule
928NYP to adopt three ``Gross Credit Risk Limits,'' each of which would
allow Entering Firms to set pre-established maximum daily dollar
amounts for purchases and sales across all symbols where both buy and
sell orders are counted as positive values, which limits would not
apply to Market Maker interest.\8\ ``Market Maker interest'' refers
solely to interest submitted by a Market Maker acting in its registered
capacity (i.e., for its own account and in fulfillment of its quoting
obligations).\9\
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\8\ See proposed Rule 928NYP(a)(2)(B). The Exchange notes that
Market Maker interest is not excluded from the Gross Credit Risk
Limits per Rule 7.19E(b)(1). As discussed infra, the Exchange does
not believe it is necessary to offer the proposed checks to Market
Makers because their risk management practices and capital adequacy
requirements are designed to mitigate their credit risk. Further,
options Market Makers are subject to mandatory Activity-Based Risk
Controls for their orders and quotes that are tailored to the high-
frequency, high-volume nature of options market making. See, e.g.,
Rule 928NYP(c)(2)(A). The Exchange notes that the Activity-Based and
Global Risk Controls are unique to the options market and the
Exchange's equities platform does not offer analogous controls.
\9\ A Market Maker is an individual who is registered with the
Exchange for the purpose of making transactions as a dealer-
specialist. See Rule 920NY(a). ``Market Maker interest'' as used in
the proposed Rule does not include interest submitted by a market-
making firm for an account other than its own (i.e., on behalf of a
client).
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As described below, an Entering Firm will receive notifications if
it is approaching or has breached its limit.
<bullet> Proposed subsection (i) of Rule 928NYP(a)(2)(B) would
define the ``Gross Credit Risk Limit--Open + Executed'' risk check to
include unexecuted orders in the Consolidated Book, orders routed on
arrival pursuant to Rule 964NYP(k), and executed orders.
<bullet> Proposed subsection (ii) of Rule 928NY (a)(2)(B) would
define the ``Gross Credit Risk Limit--Open Only'' risk check to include
unexecuted orders in the Consolidated Book and orders routed on arrival
pursuant to Rule 964NYP(k).
<bullet> Proposed subsection (iii) of Rule 928NYP(a)(2)(B) would
define the ``Gross Credit Risk Limit--Executed Only'' risk check to
include executed orders only.
Consistent with current Pre-Trade Risk Controls, the Entering Firm
can set the proposed Gross Credit Risk Limits at the MPID level or at
one or more sub-IDs associated with that MPID, or both.\10\ The
Exchange proposes to add new rule text specifying that, consistent with
current functionality, ``[i]f a Pre-Trade Risk Control set at the MPID
level is breached, the Automated Breach Action specified at the MPID
level will be applied to all sub-IDs associated with that MPID.'' \11\
The Exchange believes this additional text, which is included in the
Exchange's equities rule will add clarity and transparency to the Rule.
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\10\ See Rule 928NYP(b)(2).
\11\ See proposed Rule 928NYP(b)(2) (describing the options for
setting and adjusting Pre-Trade Risk Controls). The Exchange notes
that this rule text is included in the Exchange's analogous equities
rule (i.e., Rule 7.19E(f)(4)).
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Proposed Rule 928NYP(c)(1)(B) would set forth the potential Breach
Actions the Entering Firms would authorize the Exchange to take if a
designated Gross Credit Risk Limit is breached, which automated action
will be applied to its orders in the affected class of options.
[[Page 26078]]
As proposed, the Entering Firm would select one of the following
automated breach actions that the Exchange would take in the event of a
breach:
<bullet> ``Notification Only.'' As set forth in proposed Rule
928NYP(c)(1)(B)(i), if this option is selected, the Exchange would
continue to accept new order messages and related instructions and
would not cancel any unexecuted orders in the Consolidated Book.
Instead, the Exchange would only notify the Entering Firm of the
breach.\12\
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\12\ This proposed automated breach action is substantially
similar to the risk check of the same name on the Exchange's
equities platform. Compare proposed Rule 928NYP(c)(1)(B)(i) with
Rule 7.19E(f)(3)(A)(i).
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<bullet> ``Block Only.'' As set forth in proposed Rule
928NYP(c)(1)(B)(ii), if this option is selected, the Exchange would
reject new order messages and related instructions. The Exchange would
continue to process instructions from the Entering Firm to cancel one
or more orders in full (including Auction-Only Orders) or any of the
instructions specified in paragraph (e) of this Rule. The Exchange
would not, however, take any automated action to cancel orders.\13\
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\13\ This proposed automated breach action is substantially
similar to the risk check of the same name on the Exchange's
equities platform. Compare proposed Rule 928NYP(c)(1)(B)(ii) with
Rule 7.19E(f)(3)(A)(ii).
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<bullet> ``Cancel and Block.'' As set forth in proposed Rule
928NYP(c)(1)(B)(iii), if this option is selected, in addition to the
Block actions described above, the Exchange would also cancel all
unexecuted orders in the Consolidated Book other than Auction-Only
Orders as well as orders designated as GTC.\14\
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\14\ This proposed automated breach action is substantially
similar to the risk check of the same name on the Exchange's
equities platform (except that the proposed Rule includes reference
to GTC orders, which order type is not available on the Exchange's
equities platform). Compare proposed Rule 928NYP(c)(1)(B)(iii) with
Rule 7.19E(f)(3)(A)(iii).
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Current Rule 928NYP(d) describes the requirements for reinstating
Entering Firms following the trigger of the ``Block Only'' or ``Cancel
and Block'' automated breach actions. The Exchange proposes to modify
this provision to include the reinstatement of Entering Firms taken out
of the market for breach of a Gross Credit Risk Limits, which will add
clarity and internal consistency to the Rule.\15\
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\15\ See proposed Rule 928NYP(d) (adding reference to breach of
Gross Credit Risk Limit).
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As is the case with the existing Pre-Trade Risk Controls, all
orders on the Exchange would pass through these risk checks regardless
of whether a firm opts to utilize them. As such, there would be no
difference in the latency experienced by ATP Holders who have opted to
use the proposed risk checks versus those who have not. In addition,
like the existing Pre-Trade Risk Controls, the Exchange expects that
any latency added by the proposed risk controls would be de minimis.
Technical Change
The Exchange proposes to modify Rule 928NYP(c)(1)(A) to specify
that it describes the breach action applicable to the Single-Order
(pre-trade) Risk Controls, which distinguishes it from the breach
actions applicable to the new Gross Credit Risk Limits described in
proposed Rule 928NYP(c)(1)(B).\16\ This proposed change is non-
substantive and is meant to add clarity and transparency to the Rule.
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\16\ See proposed Rule 928NYP(c)(1)(A) (specifying ``Breach
Action for Single-Order Risk Controls'').
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Continuing Obligations of ATP Holders Under Rule 15c3-5
Like the existing Pre-Trade Risk Controls, the proposed Gross
Credit Risk Limits are meant to supplement, and not replace, the ATP
Holders' own internal systems, monitoring, and procedures related to
risk management.\17\ As such, the Exchange does not guarantee that
these Pre-Trade Controls (including the proposed Credit Risk Limits)
will be sufficiently comprehensive to meet all of an ATP Holder's needs
as these controls are not designed to be the sole means of risk
management and use of these controls will not necessarily meet an ATP
Holder's obligations required by Exchange or federal rules (including,
without limitation, the Rule 15c3-5 under the Act \18\ (``Rule 15c3-
5'')).\19\ Further, as is the case today, use of the Exchange's Pre-
Trade Risk Controls (including the proposed Gross Credit Risk Limits)
will not automatically constitute compliance with Exchange or federal
rules and responsibility for compliance with all Exchange and SEC rules
remains with the ATP Holder.\20\
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\17\ See Commentary .01 to Rule 928NYP.
\18\ See 17 CFR 240.15c3-5.
\19\ See id.
\20\ See id.
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Timing and Implementation
The Exchange anticipates implementing the proposed change in the
second quarter of 2025 and, in any event, will implement the proposed
rule change no later than the end of September 2025. The Exchange will
announce the timing of such changes by Trader Update.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\21\ in general, and furthers the
objectives of Section 6(b)(5) of the Act,\22\ in particular, because it
is designed to prevent fraudulent and manipulative acts and practices,
to promote just and equitable principles of trade, to foster
cooperation and coordination with persons engaged in regulating,
clearing, settling, processing information with respect to, and
facilitating transactions in securities, to remove impediments to and
perfect the mechanism of a free and open market and a national market
system, and, in general, to protect investors and the public interest,
and because it is not designed to permit unfair discrimination between
customers, issuers, brokers, or dealers.
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\21\ 15 U.S.C. 78f(b).
\22\ 15 U.S.C. 78f(b)(5).
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Specifically, the Exchange believes that the proposed rule change
will remove impediments to and perfect the mechanism of a free and open
market and a national market system because the proposed additional
Gross Credit Risk Limits would provide Entering Firms with enhanced
abilities to manage their risk with respect to orders on the Exchange.
As noted herein, these new Pre-Trade Risk Controls are not novel; they
are based on existing risk settings already in place on the Exchange's
(and its affiliates) equities platform, and similar to those on Cboe
EDGX.\23\ Accordingly, market participants are already familiar with
the types of protections that the proposed risk controls afford. As
such, the Exchange believes that the proposed additional Pre-Trade Risk
Controls would provide a means to address potentially market-impacting
events, helping to ensure the proper functioning of the market.
Moreover, the proposed Gross Credit Risk Limits (like the existing Pre-
Trade Risk Controls) are optional, and Entering Firms are free to
utilize them or not at their discretion. In addition, because all
orders on the Exchange would pass through the proposed risk checks,
there would be no difference in the latency experienced by ATP Holders
that opt to use the proposed Gross Credit Risk Limits versus those that
opt not to use them. In addition, the Exchange expects that any latency
added by the proposed pre-trade risk controls would be de minimis.
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\23\ See supra notes 6-7.
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The Exchange believes that the proposed rule change will protect
investors and the public interest because the proposed Gross Credit
Risk Limits are a form of impact mitigation that will aid Entering
Firms in minimizing their risk exposure and
[[Page 26079]]
reduce the potential for disruptive, market-wide events. As such, the
Exchange believes that the proposed risk checks will help to ensure the
proper functioning of the market.
The Exchange believes that excluding Market Maker interest from the
proposed Gross Credit Risk Limits will remove impediments to and
perfect the mechanism of a free and open market and a national market
system because, while they may accumulate credit risk from their
trading activities, Market Makers' risk management practices and
capital adequacy requirements are designed to mitigate this risk. More
importantly, Market Makers must utilize real-time Activity-Based Risk
Controls for their orders and quotes that dynamically manage exposure
at the transaction level.\24\ Market Makers often quote across
thousands of strikes simultaneously. The Activity-Based Controls are
tailored to the high-frequency, high-volume nature of options market
making as they allow Market Makers to track (and limit) their exposure
across all strikes and sides of the market.\25\ The Exchange believes
these mandatory risk controls offer robust and layered safeguards and
thus neutralize the need for Market Makers to avail themselves of the
(static) pre-trade Gross Credit Risk Limits.
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\24\ See Rule 928NYP(c)(2)(A). Market Makers must set limits on
transactions, contracts, or market volume percentages for each
symbol within a defined interval. See Rule 928NYP(a)(3). If these
controls are breached repeatedly, Market Makers are removed from the
market to reassess risk. See Rule 928NYP(c)(3)(A).
\25\ As noted supra, Activity-Based and Global Risk Controls are
unique to the options market and are not offered on the Exchange's
equities platform.
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The Exchange understands that ATP Holders implement a number of
different risk-based controls, including those required by Rule 15c3-5.
The controls proposed here will serve as an additional tool for
Entering Firms to assist them in identifying any risk exposure. The
Exchange believes the proposed additional Pre-Trade Risk Controls will
assist Entering Firms in managing their financial exposure which, in
turn, could enhance the integrity of trading on the securities markets
and help to assure the stability of the financial system.
Finally, the Exchange believes the proposed (non-substantive)
technical change to delineate the automated breach actions for Single-
Order Risk Controls as opposed to the new Gross Credit Risk Limits will
remove impediments to a free and open market because it will add
clarity and transparency to the Rule, which benefits investors and the
investing public.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. In fact, the Exchange
believes that the proposal will have a positive effect on competition
because, by providing Entering Firms additional means to monitor and
control risk, the proposed rule will increase confidence in the proper
functioning of the markets. The Exchange believes the proposed
additional Gross Credit Risk Limits will assist Entering Firms in
managing their financial exposure which, in turn, could enhance the
integrity of trading on the securities markets and help to assure the
stability of the financial system. As a result, the level of
competition should increase as public confidence in the markets is
solidified.
The Exchange believes that excluding Market Makers interest from
the proposed risk checks will not impose an undue burden on intra-
market competition because Market Makers' risk management practices and
capital adequacy requirements are designed to mitigate their credit
risk. Further, as discussed herein, Market Makers are subject to
mandatory Activity-Based Risk Controls designed to dynamically manage
their exposure in the high-frequency, high-volume options market. The
Exchange believes these mandatory real-time risk controls neutralize
the need to offer the Gross Credit Risk Limit to Market Makers.
Finally, the Exchange believes the proposed (non-substantive)
technical change does not raise any competitive issue but instead will
benefit investors and the investing public by adding clarity and
transparency to the Rule.
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 Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \26\ and Rule 19b-4(f)(6) thereunder.\27\
Because the proposed rule change does not: (i) significantly affect the
protection of investors or the public interest; (ii) impose any
significant burden on competition; and (iii) become operative prior to
30 days from the date on which it was filed, or such shorter time as
the Commission may designate, if consistent with the protection of
investors and the public interest, the proposed rule change has become
effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b-
4(f)(6)(iii) thereunder.\28\
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\26\ 15 U.S.C. 78s(b)(3)(A)(iii).
\27\ 17 CFR 240.19b-4(f)(6).
\28\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change, along
with a brief description and text of the proposed rule change, at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
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A proposed rule change filed under Rule 19b-4(f)(6) \29\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\30\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has
requested that the Commission waive the 30-day operative delay so that
it may offer the proposed Gross Credit Risk Limits immediately. The
Commission believes that waiver of the operative delay would be
consistent with the protection of investors and the public interest
because the proposal raises no novel issues and would assist Entering
Firms in managing their financial exposure which, in turn, could
enhance the integrity of trading on the securities markets.
Accordingly, the Commission hereby waives the 30-day operative delay
and designates the proposed rule change as operative upon filing.\31\
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\29\ 17 CFR 240.19b-4(f)(6).
\30\ 17 CFR 240.19b-4(f)(6)(iii).
\31\ For purposes only of waiving the 30-day operative delay,
the Commission also has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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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) \32\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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\32\ 15 U.S.C. 78s(b)(2)(B).
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[[Page 26080]]
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#6614130a034b05090b0b030812152615030548010910"><span class="__cf_email__" data-cfemail="abd9dec7ce86c8c4c6c6cec5dfd8ebd8cec885ccc4dd">[email protected]</span></a>. Please include
file number SR-NYSEAMER-2025-32 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-2025-32. 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-2025-32 and should
be submitted on or before July 9, 2025.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\33\
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\33\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-11183 Filed 6-17-25; 8:45 am]
BILLING CODE 8011-01-P
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