Notice2025-12299
Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend The Nasdaq Options Market LLC (“NOM”) Rules at Options 7, Section 2, Nasdaq Options Market-Fees and Rebates
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
July 2, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 125 (Wednesday, July 2, 2025)</title>
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[Federal Register Volume 90, Number 125 (Wednesday, July 2, 2025)]
[Notices]
[Pages 29082-29086]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-12299]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-103339; File No. SR-NASDAQ-2025-045]
Self-Regulatory Organizations; The Nasdaq Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend The Nasdaq Options Market LLC (``NOM'') Rules at Options 7,
Section 2, Nasdaq Options Market--Fees and Rebates
June 27, 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 June 16, 2025, The Nasdaq Stock Market LLC (``Nasdaq'' or
``Exchange'') filed with the Securities and Exchange Commission
(``SEC'' or ``Commission'') the proposed rule change as described in
Items I, II, and III, 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 amend The Nasdaq Options Market LLC
(``NOM'') Rules at Options 7, Section 2, Nasdaq Options Market--Fees
and Rebates. Specifically, NOM proposes to (1) increase the rebate for
adding liquidity in penny symbols by NOM Market Makers \3\ and remove
the corresponding note 11 incentive (2) increase the applicable monthly
percentage volume for Participants \4\ to achieve Tier 5 status, and
(3) amend the note 6 incentive for Participants.
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\3\ The term ``NOM Market Maker'' or (``M'') is a Participant
that has registered as a Market Maker on NOM pursuant to Options 2,
Section 1, and must also remain in good standing pursuant to Options
2, Section 9. In order to receive NOM Market Maker pricing in all
securities, the Participant must be registered as a NOM Market Maker
in at least one security. See Options 7, Section 1(a).
\4\ The term ``Options Participant'' or ``Participant'' mean a
firm, or organization that is registered with the Exchange pursuant
to Options 2A of the NOM Rules for purposes of participating in
options trading on NOM as a ``Nasdaq Options Order Entry Firm'' or
``Nasdaq Options Market Maker''. See Options 1, Section 1(39).
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The text of the proposed rule change is available on the Exchange's
website at <a href="https://listingcenter.nasdaq.com/rulebook/nasdaq/rulefilings">https://listingcenter.nasdaq.com/rulebook/nasdaq/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
The Exchange proposes to amend NOM's Pricing Schedule at Options 7,
Section 2, Nasdaq Options Market--Fees and Rebates.
Background
Today, NOM assesses certain fees and rebates for execution of
contracts on NOM as follows:
Rebates To Add Liquidity in Penny Symbols
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Tier 1 Tier 2 Tier 3 Tier 4 Tier 5 Tier 6
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Customer........................ ($0.20)........... ($0.25)........... ($0.43)........... ($0.44)........... ($0.45)........... ($0.48)
Professional.................... (0.20)............ (0.25)............ (0.43)............ (0.44)............ (0.45)............ (0.47)
Broker-Dealer................... (0.10)............ (0.10)............ (0.10)............ (0.10)............ (0.10)............ (0.10)
Firm............................ (0.10)............ (0.10)............ (0.10)............ (0.10)............ (0.10)............ (0.10)
Non-NOM Market Maker............ (0.10)............ (0.10)............ (0.10)............ (0.10)............ (0.10)............ (0.10)
NOM Market Maker................ (0.20)............ (0.25)............ (0.30)............ (0.32)............ (0.44)............ (0.48)
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[[Page 29083]]
Fees and Rebates to Add Liquidity in Non-Penny Symbols
------------------------------------------------------------------------
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Customer................................................... ($0.80)
Professional............................................... (0.80)
Broker-Dealer.............................................. 0.45
Firm....................................................... 0.45
Non-NOM Market Maker....................................... 0.45
NOM Market Maker........................................... 0.35/$0.00/
($0.20)/
($0.40)
------------------------------------------------------------------------
Fees to Remove Liquidity in Penny and Non-Penny Symbols
------------------------------------------------------------------------
Penny Non-penny
symbols symbols
------------------------------------------------------------------------
Customer...................................... $0.49 $0.85
Professional.................................. 0.49 0.85
Broker-Dealer................................. 0.50 1.25
Firm.......................................... 0.50 1.25
Non-NOM Market Maker.......................... 0.50 1.25
NOM Market Maker.............................. 0.50 1.25
------------------------------------------------------------------------
Further, Customer \5\ and Professional \6\ Rebates to Add Liquidity
in Penny Symbols are paid per the highest tier achieved below. To
determine the applicable percentage of total industry customer equity
and ETF option average daily volume, unless otherwise stated, the
Participant's Penny Symbol and Non-Penny Symbol Customer and/or
Professional volume that adds liquidity will be included.
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\5\ The term ``Customer'' or (``C'') applies to any transaction
that is identified by a Participant for clearing in the Customer
range at The Options Clearing Corporation (``OCC'') which is not for
the account of broker or dealer or for the account of a
``Professional'' (as that term is defined in Options 1, Section
1(a)(47)). See Options 7, Section 1(a).
\6\ The term ``Professional'' or (``P'') means any person or
entity that (i) is not a broker or dealer in securities, and (ii)
places more than 390 orders in listed options per day on average
during a calendar month for its own beneficial account(s) pursuant
to Options 1, Section 1(a)(47). All Professional orders shall be
appropriately marked by Participants. See Options 7, Section 1(a).
Monthly Volume
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------------------------------------------------------------------------
Tier 1..................... Participant adds Customer, Professional,
Firm, Non-NOM Market Maker and/or Broker-
Dealer liquidity in Penny Symbols and/or
Non-Penny Symbols of up to 0.10% of total
industry customer equity and ETF option
average daily volume (``ADV'') contracts
per day in a month.
Tier 2..................... Participant adds Customer, Professional,
Firm, Non-NOM Market Maker and/or Broker-
Dealer liquidity in Penny Symbols and/or
Non-Penny Symbols above 0.10% of total
industry customer equity and ETF option
ADV contracts per day in a month.
Tier 3..................... Participant: (a) adds Customer,
Professional, Firm, Non-NOM Market Maker
and/or Broker-Dealer liquidity in Penny
Symbols and/or Non-Penny Symbols above
0.20% of total industry customer equity
and ETF option ADV contracts per day in a
month; or (b) adds Customer and/or
Professional liquidity in Penny Symbols
and/or Non-Penny Symbols above 0.05% of
total industry customer equity and ETF
option ADV contracts per day in a month
and qualifies for MARS.
Tier 4..................... Participant adds Customer, Professional,
Firm, Non-NOM Market Maker and/or Broker-
Dealer liquidity in Penny Symbols and/or
Non-Penny Symbols above 0.30% of total
industry customer equity and ETF option
ADV contracts per day in a month.
Tier 5..................... Participant adds Customer, Professional,
Firm, Non-NOM Market Maker and/or Broker-
Dealer liquidity in Penny Symbols and/or
Non-Penny Symbols above 0.40% of total
industry customer equity and ETF option
ADV contracts per day in a month.
Tier 6..................... Participant adds Customer, Professional,
Firm, Non-NOM Market Maker and/or Broker-
Dealer liquidity in Penny Symbols and/or
Non-Penny Symbols above 0.70% or more of
total industry customer equity and ETF
option ADV contracts per day in a month,
or Participant : (1) adds Customer and/or
Professional liquidity in Penny Symbols
and/or Non-Penny Symbols of 0.10% or more
of total industry customer equity and ETF
option ADV contracts per day in a month,
and (2) has added liquidity in all
securities through one or more of its
Nasdaq Market Center MPIDs that represent
1.00% or more of Consolidated Volume in a
month or qualifies for MARS (defined
below).
------------------------------------------------------------------------
Finally, NOM Market Makers Rebates to Add Liquidity in Penny
Symbols are paid per the highest tier achieved based on the below 6
tiers.\7\
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\7\ ``Total Volume'' is defined as Customer, Professional, Firm,
Broker-Dealer, Non-NOM Market Maker and NOM Market Maker volume in
Penny Symbols and/or Non-Penny Symbols which either adds or removes
liquidity on NOM.
Monthly Volume
------------------------------------------------------------------------
------------------------------------------------------------------------
Tier 1..................... Participant adds NOM Market Maker liquidity
in Penny Symbols and/or Non-Penny Symbols
of up to 0.10% of total industry customer
equity and ETF option average daily volume
(``ADV'') contracts per day in a month.
Tier 2..................... Participant adds NOM Market Maker liquidity
in Penny Symbols and/or Non-Penny Symbols
above 0.10% of total industry customer
equity and ETF option ADV contracts per
day in a month.
Tier 3..................... Participant: (a) adds NOM Market Maker
liquidity in Penny Symbols and/or Non-
Penny Symbols above 0.20% of total
industry customer equity and ETF option
ADV contracts per day in a month; or
(b)(1) adds NOM Market Maker liquidity in
Penny Symbols and/or Non-Penny Symbols
above 0.15% of total industry customer
equity and ETF option ADV contracts per
day in a month, (2) transacts in all
securities through one or more of its
Nasdaq Market Center MPIDs that represent
(i) 0.50% or more of Consolidated Volume
(``CV'') which adds liquidity in the same
month on The Nasdaq Stock Market or (ii)
50 million shares or more ADV which adds
liquidity in the same month on The Nasdaq
Stock Market, and (3) executes 1.5 million
shares or more ADV in the same month
utilizing the M-ELO order type on The
Nasdaq Stock Market.
Tier 4..................... Participant adds NOM Market Maker liquidity
in Penny Symbols and/or Non-Penny Symbols
of above 0.60% of total industry customer
equity and ETF option ADV contracts per
day in a month.
Tier 5..................... Participant: (a) adds NOM Market Maker
liquidity in Penny Symbols and/or Non-
Penny Symbols above 1.00% of total
industry customer equity and ETF option
ADV contracts per day in a month; or (b)
adds NOM Market Maker liquidity in Penny
Symbols and/or Non-Penny Symbols of above
0.40% of total industry customer equity
and ETF option ADV contracts per day in a
month and transacts in all securities
through one or more of its Nasdaq Market
Center MPIDs that represent 0.40% or more
of Consolidated Volume (``CV'') which adds
liquidity in the same month on The Nasdaq
Stock Market.
[[Page 29084]]
Tier 6..................... Participant: (a)(1) adds NOM Market Maker
liquidity in Penny Symbols and/or Non-
Penny Symbols above 0.95% of total
industry customer equity and ETF option
ADV contracts per day in a month, (2)
executes Total Volume of 250,000 or more
contracts per day in a month, of which
30,000 or more contracts per day in a
month must be removing liquidity, and (3)
adds Firm, Broker-Dealer and Non-NOM
Market Maker liquidity in Non-Penny
Symbols of 10,000 or more contracts per
day in a month; or (b)(1) adds NOM Market
Maker liquidity in Penny Symbols and/or
Non-Penny Symbols above 1.40% of total
industry customer equity and ETF option
ADV contracts per day in a month, and (2)
executes Total Volume of 250,000 or more
contracts per day in a month, of which
15,000 or more contracts per day in a
month must be removing liquidity.
------------------------------------------------------------------------
Proposal
First, NOM proposes to increase the rebate for adding liquidity in
penny symbols by NOM Market Makers from $0.44 to $0.46 and remove the
corresponding note 11 incentive, which states that ``NOM Participants
that qualify for the Tier 5(b) NOM Market Maker Rebate to Add Liquidity
in Penny Symbols and add NOM Market Maker liquidity in Penny Symbols
and/or Non-Penny Symbols of above 0.50% of total industry customer
equity and ETF option ADV contracts per day in a month, will receive a
$0.46 per contract rebate to add liquidity in Penny Symbols as Market
Maker in lieu of the Tier 5 rebate.''
Second, for the NOM Market Maker rebate to add liquidity in penny
symbols, NOM proposes to increase the applicable monthly percentage
volume for Participants to achieve Tier 5 status from 1.00% to 1.25%.
Currently, to achieve Tier 5 status, a Participant must (a) add NOM
Market Maker liquidity in Penny Symbols and/or Non-Penny Symbols above
1.00% of total industry customer equity and ETF option ADV contracts
per day in a month; or (b) add NOM Market Maker liquidity in Penny
Symbols and/or Non-Penny Symbols above 0.40% of total industry customer
equity and ETF option ADV contracts per day in a month and transacts in
all securities through one or more of its Nasdaq Market Center MPIDs
that represent 0.40% or more of Consolidated Volume (``CV'') which adds
liquidity in the same month on The Nasdaq Stock Market. NOM proposes to
change ``1.00% of total industry customer equity and ETF option ADV
contracts per day in a month'' to 1.25% of total industry customer
equity and ETF option ADV contracts per day in a month.
Last, NOM proposes to amend the note 6 incentive to allow
Participants that qualify for either the Tier 5 or 6 NOM Market Maker
Rebate to Add Liquidity in Penny Symbols to receive a $0.86 per
contract NOM Market Maker Rebate to Add Liquidity in Non-Penny Symbols.
The Exchange believes that these above changes will attract a greater
amount of order flow to NOM to the benefit of other Participants who
may interact with that order flow.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\8\ in general, and furthers the objectives of Sections
6(b)(4) and 6(b)(5) of the Act,\9\ in particular, in that it provides
for the equitable allocation of reasonable dues, fees and other charges
among members and issuers and other persons using any facility, and is
not designed to permit unfair discrimination between customers,
issuers, brokers, or dealers.
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\8\ 15 U.S.C. 78f(b).
\9\ 15 U.S.C. 78f(b)(4) and (5).
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The Commission and the courts have repeatedly expressed their
preference for competition over regulatory intervention in determining
prices, products, and services in the securities markets. In Regulation
NMS, while adopting a series of steps to improve the current market
model, the Commission highlighted the importance of market forces in
determining prices and SRO revenues and, also, recognized that current
regulation of the market system ``has been remarkably successful in
promoting market competition in its broader forms that are most
important to investors and listed companies.'' \10\
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\10\ Securities Exchange Act Release No. 51808 (June 9, 2005),
70 FR 37496, 37499 (June 29, 2005) (``Regulation NMS Adopting
Release'').
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Likewise, in NetCoalition v. Securities and Exchange Commission
\11\ (``NetCoalition'') the D.C. Circuit upheld the Commission's use of
a market-based approach in evaluating the fairness of market data fees
against a challenge claiming that Congress mandated a cost-based
approach.\12\ As the court emphasized, the Commission ``intended in
Regulation NMS that `market forces, rather than regulatory
requirements' play a role in determining the market data . . . to be
made available to investors and at what cost.'' \13\
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\11\ NetCoalition v. SEC, 615 F.3d 525 (D.C. Cir. 2010).
\12\ See NetCoalition, at 534-535.
\13\ Id. at 537.
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Further, ``[n]o one disputes that competition for order flow is
`fierce.' . . . As the SEC explained, `[i]n the U.S. national market
system, buyers and sellers of securities, and the broker-dealers that
act as their order-routing agents, have a wide range of choices of
where to route orders for execution'; [and] `no exchange can afford to
take its market share percentages for granted' because `no exchange
possesses a monopoly, regulatory or otherwise, in the execution of
order flow from broker dealers'. . . .'' \14\ Although the court and
the SEC were discussing the cash equities markets, the Exchange
believes that these views apply with equal force to the options
markets.
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\14\ Id. at 539 (quoting Securities Exchange Act Release No.
59039 (December 2, 2008), 73 FR 74770, 74782-83 (December 9, 2008)
(SR-NYSEArca-2006-21)).
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The Exchange's proposal to increase the Tier 5 rebate for adding
liquidity in penny symbols by NOM Market Makers and remove the
corresponding note 11 incentive is reasonable because it will attract
additional order flow to NOM and all NOM Market Makers would be
eligible to receive the $0.46 per contract rebate to add liquidity in
Penny Symbols. Further, the proposal aligns with the goals of the note
6 incentive, which would allow Participants that qualify for either the
Tier 5 or 6 NOM Market Maker Rebate to Add Liquidity in Penny Symbols
to receive a $0.86 per contract NOM Market Maker Rebate to Add
Liquidity in Non-Penny Symbols. The Exchange's proposal to increase the
applicable monthly percentage volume for Participants to achieve Tier 5
status for the NOM Market Maker rebate to add liquidity in penny
symbols is reasonable because of the corresponding increase to the
rebate for adding liquidity in penny symbols by NOM Market Makers.
Additionally, the Exchange's proposal to amend the note 6 incentive for
Participants is reasonable because it would allow Participants that
qualify for the Tier 5 NOM Market Maker Rebate to receive a $0.86 per
contract NOM Market Maker Rebate to Add Liquidity in Non-Penny Symbols
which may attract additional order flow to the Exchange. To the extent
NOM Market Maker Participants continue to add liquidity in penny
symbols on NOM to meet the proposed volume threshold to
[[Page 29085]]
receive the incentive, the Exchange believes that its proposal will
benefit all market participants who will be able to interact with the
additional liquidity.
The Exchange's proposal to increase the rebate for adding liquidity
in penny symbols by all NOM Market Makers and remove the corresponding
note 11 incentive is equitable and not unfairly discriminatory because
the Exchange will uniformly assess all NOM Market Makers the applicable
penny symbol rebate for adding liquidity provided they meet the
requirements for the rebate. The Exchange's proposal to increase the
applicable monthly percentage volume for Participants to achieve Tier 5
status for the NOM Market Maker rebate to add liquidity in penny
symbols is equitable and not unfairly discriminatory because the
Exchange will uniformly assess all NOM Market Makers with the
applicable monthly percentage volume in determining whether they meet
the requirements for the rebate. The Exchange's proposal to amend the
note 6 incentive for Participants is equitable and not unfairly
discriminatory because the Exchange will uniformly assess all NOM
Market Makers the applicable penny symbol rebate for adding liquidity
provided they meet the requirements for the rebate.
The Exchange's proposed differentiation between NOM Market Makers
and other market participants is equitable and not unfairly
discriminatory because it recognizes the differing contributions of NOM
Market Makers. NOM Market Makers have obligations to the market and
regulatory requirements which do not apply to other market
participants.\15\ A NOM Market Maker has the obligation, for example,
to make continuous markets, engage in a course of dealings reasonably
calculated to contribute to the maintenance of a fair and orderly
market, and not make bids or offers or enter into transactions that are
inconsistent with a course of dealings.
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\15\ See NOM Options 2, Sections 4 and 5.
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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.
Inter-Market Competition
The proposal does not impose an undue burden on inter-market
competition. The Exchange believes its proposal remains competitive
with other options markets. The Exchange notes that it operates in a
highly competitive market in which market participants can readily
favor competing venues if they deem fee levels at a particular venue to
be excessive, or rebate opportunities available at other venues to be
more favorable. In such an environment, the Exchange must continually
adjust its fees and rebates to remain competitive with other exchanges.
Because competitors are free to modify their own fees and rebates in
response, and because market participants may readily adjust their
order routing practices, the Exchange believes that the degree to which
fee and rebate changes in this market may impose any burden on
competition is extremely limited.
Intra-Market Competition
The Exchange's proposal to (1) increase the rebate for adding
liquidity in penny symbols by NOM Market Makers and remove the
corresponding note 11 incentive (2) increase the applicable monthly
percentage volume for Participants to achieve Tier 5 status, and (3)
amend the note 6 incentive for Participants does not impose an undue
burden on competition. Offering these discounts to NOM Market Makers
does not impose an undue burden on competition because NOM Market
Makers have obligations to the market and regulatory requirements which
do not apply to other market participants.\16\ A NOM Market Maker has
the obligation, for example, to make continuous markets, engage in a
course of dealings reasonably calculated to contribute to the
maintenance of a fair and orderly market, and not make bids or offers
or enter into transactions that are inconsistent with a course of
dealings. The proposed differentiation as between NOM Market Makers and
other market participants recognizes the differing contributions of NOM
Market Makers. For the above reasons, the Exchange believes that NOM
Market Makers are entitled to discounted fees, provided they qualify
for the discount.
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\16\ See NOM Options 2, Sections 4 and 5.
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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)(ii) of the Act.\17\
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\17\ 15 U.S.C. 78s(b)(3)(A)(ii).
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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: (i)
necessary or appropriate in the public interest; (ii) for the
protection of investors; or (iii) otherwise in furtherance of the
purposes of the Act. If the Commission takes such action, the
Commission shall institute proceedings to determine whether the
proposed rule 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#4133342d246c222e2c2c242f3532013224226f262e37"><span class="__cf_email__" data-cfemail="ddafa8b1b8f0beb2b0b0b8b3a9ae9daeb8bef3bab2ab">[email protected]</span></a>. Please include
file number SR-NASDAQ-2025-045 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-2025-045. 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,
[[Page 29086]]
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-2025-045 and should
be submitted on or before July 23, 2025.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\18\
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\18\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-12299 Filed 7-1-25; 8:45 am]
BILLING CODE 8011-01-P
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