Notice2025-12424
Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Its Price List
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 3, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 126 (Thursday, July 3, 2025)</title>
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[Federal Register Volume 90, Number 126 (Thursday, July 3, 2025)]
[Notices]
[Pages 29609-29613]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-12424]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-103354; File No. SR-NYSE-2025-23]
Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend Its Price List
June 30, 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, New York Stock Exchange LLC (``NYSE'' or the
``Exchange'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have 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\ 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 its Price List to introduce
additional monthly quoting incentives for Designated Market Makers
(``DMM'') in assigned Exchange Traded Products (``ETP'') after the
first 12 months, and up to the first 36 months, following listing on
the Exchange. The Exchange proposes to implement the fee changes
effective June 16, 2025. 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.
[[Page 29610]]
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes additional monthly quoting incentives for
DMMs in assigned ETPs after the first 12 months, and up to the first 36
months, following listing on the Exchange.
The proposed change responds to the current competitive environment
where order flow providers have a choice of where to direct orders by
offering incentives to DMMs to quote and trade at the national best bid
or offer (``NBBO'') \3\ in assigned ETPs for a specified period
following the ETP's listing on the Exchange. The Exchange also hopes
thereby to encourage additional ETPs to list and trade, and to maintain
their listing, on the Exchange.
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\3\ See Rule 1.1(r) (definition of NBBO, Best Protected Bid,
Best Protected Offer, Protected Best Bid and Offer (PBBO)).
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The Exchange proposes to implement the fee changes effective June
16, 2025.\4\
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\4\ The Exchange originally filed to amend the Price List on
June 3, 2025 (SR-NYSE-2025-19). SR-NYSE-2025-84 was withdrawn on
June 16, 2025 and replaced by this filing.
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Background
Current Market and Competitive Environment
The Exchange operates in a highly competitive market. The
Commission has repeatedly expressed its preference for competition over
regulatory intervention in determining prices, products, and services
in the securities markets. Specifically, in Regulation NMS, 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.'' \5\
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\5\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496, 37499 (June 29, 2005) (S7-10-04) (Final Rule)
(``Regulation NMS'').
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While Regulation NMS has enhanced competition, it has also fostered
a ``fragmented'' market structure where trading in a single stock can
occur across multiple trading centers. When multiple trading centers
compete for order flow in the same stock, the Commission has recognized
that ``such competition can lead to the fragmentation of order flow in
that stock.'' \6\ Indeed, cash equity trading is currently dispersed
across 16 exchanges,\7\ numerous alternative trading systems,\8\ and
broker-dealer internalizers and wholesalers, all competing for order
flow. Based on publicly-available information, no single exchange
currently has more than 20% market share.\9\ Therefore, no exchange
possesses significant pricing power in the execution of cash equity
order flow. More specifically, the Exchange's share of executed volume
of equity trades in Tapes A, B and C securities is less than 12%.\10\
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\6\ See Securities Exchange Act Release No. 61358, 75 FR 3594,
3597 (January 21, 2010) (File No. S7-02-10) (Concept Release on
Equity Market Structure).
\7\ See Cboe U.S Equities Market Volume Summary, available at
<a href="https://markets.cboe.com/us/equities/market_share">https://markets.cboe.com/us/equities/market_share</a>. See generally
<a href="https://www.sec.gov/fast-answers/divisionsmarketregmrexchangesshtml.html">https://www.sec.gov/fast-answers/divisionsmarketregmrexchangesshtml.html</a>.
\8\ See FINRA ATS Transparency Data, available at <a href="https://otctransparency.finra.org/otctransparency/AtsIssueData">https://otctransparency.finra.org/otctransparency/AtsIssueData</a>. A list of
alternative trading systems registered with the Commission is
available at <a href="https://www.sec.gov/foia/docs/atslist.htm">https://www.sec.gov/foia/docs/atslist.htm</a>.
\9\ See Cboe Global Markets U.S. Equities Market Volume Summary,
available at <a href="https://markets.cboe.com/us/equities/market_share/">https://markets.cboe.com/us/equities/market_share/</a>.
\10\ See id.
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The Exchange believes that the ever-shifting market share among the
exchanges from month to month demonstrates that market participants can
move order flow, or discontinue or reduce use of certain categories of
products, in response to fee changes. With respect to non-marketable
order flow that would provide displayed liquidity on an Exchange,
member organizations can choose from any one of the 16 currently
operating registered exchanges to route such order flow. Accordingly,
competitive forces constrain exchange transaction fees that relate to
orders that would provide liquidity on an exchange.
In response to the competitive environment described above, the
Exchange proposes additional monthly credits for DMMs that meet certain
quoting and volume requirements in assigned ETPs during the first 12
months, and up to the first 36 months, following the assigned ETP's
listing on the Exchange while that ETP is listed on the Exchange.
Proposed Rule Change
In order to encourage quoting on the Exchange in listed ETPs, the
Exchange currently offers monthly quoting credits to DMMs in assigned
ETPs. Specifically, DMMs quoting 30% or more of the time in a billing
month in an ETP assigned to that DMM on the last day of that billing
month are eligible for a credit of $4,000 per assigned ETP for that
billing month. DMMs quoting less than 30% of the time in a billing
month in an ETP assigned to that DMM on the last day of that billing
month are eligible for a credit of $2,000 per assigned ETP for that
billing month. DMMs are eligible for these credits for the first 12
months following the listing of the ETP on the Exchange while that ETP
is listed on the Exchange.
The Exchange proposes to retain these incentives and introduce
additional tiered incentives to encourage quoting on the Exchange in
listed ETPs by DMMs in assigned securities, as follows.
First, a DMM quoting 30% or more of the time in a billing month in
an ETP assigned to that DMM on the last day of that billing month that
also has (1) a CADV of 100,000 shares or more, and (2) a DMM Providing
Liquidity \11\ of 15% or more in that ETP in DMM assigned securities
will be eligible for a $2,000 credit for that billing month for that
ETP after the first 12 months and up to the first 36 months of listing
on the NYSE.
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\11\ The terms ``ADV'' and ``CADV'' are defined in footnote * of
the Price List. The term ``DMM Providing Liquidity'' is defined in
the section of the Price List titled ``Fees and Credits applicable
to Designated Market Makers (``DMMs'')'' under the ``General''
heading.
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Second, DMMs quoting 30% or more of the time in a billing month in
an ETP assigned to that DMM on the last day of that billing month that
has (1) a CADV of less than 100,000 shares, and (2) a DMM Providing
Liquidity of 40% or more in that ETP will be eligible for a $2,000
credit for that billing month after the first 12 months and up to the
first 36 months of that ETP's listing on the NYSE.
DMMs not meeting the above requirements for quoting or DMM
Providing Liquidity in an ETP assigned to that DMM on the last day of
that billing month would be eligible for a credit of $500 per assigned
ETP for that billing month after the first 12 months and up to the
first 36 months of listing on the NYSE.
As noted above, DMMs currently quoting under 30% of the time in a
billing month in an ETP assigned to that DMM on the last day of that
billing month are eligible for a credit of $2,000 per assigned ETP for
that billing month. With respect to eligibility for the $2,000 credit
per assigned ETP, the Exchange would change ``Under 30%'' to ``ETP
symbols not meeting the above requirements'' in order to reflect the
proposed introduction of additional DMM requirements.
Finally, as set forth in proposed footnote *, DMMs with 1-20
assigned ETPs as of June 30, 2025, would be eligible for a one-time
$15,000 incentive. DMMs with over 20 assigned ETPs as of June 30, 2025,
will be eligible for a one-time incentive of $60,000.
[[Page 29611]]
For example, ETP 1 lists on the Exchange and is assigned to DMM A
in August 2024. Further assume that for ETP1, DMM A quotes at the NBBO
35% of the time and has DMM Providing Liquidity of 25% every month.
Based on this quoting activity, DMM A would be eligible for the
following credits for these billing months:
<bullet> $4,000 credit in July 2025 since DMM A meets the 30% DMM
quoting requirement and ETP1 is in its 12th month of listing on NYSE.
<bullet> $2,000 credit in August 2025 if ETP 1 has a CADV of at
least 100,000 as DMM A meets both the 30% DMM quoting requirement and
15% DMM Providing Liquidity requirement, and ETP1 is in its 13th month
of listing on the Exchange.
<bullet> $500 credit in August 2025 if ETP 1 has a CADV of less
than 100,000 as DMM A meets the 30% DMM quoting requirement but does
not meet the 40% DMM Providing Liquidity requirement insofar as ETP 1
is in its 13th month of listing on the Exchange.
<bullet> The DMM would be eligible for these credits each month
through July 2027 assuming the DMM meets the proposed requirements each
billing month. The DMM would not be eligible for any credit in August
2027 since ETP 1 would be in its 37th month of listing on the Exchange.
As another example, assume ETP 2 lists on the Exchange and is
assigned to DMM B in August 2023. Further assume that for ETP 2, DMM B
quotes at the NBBO 35% of the time and has a DMM Providing Liquidity of
25% every month. Based on this quoting activity, DMM B would be
eligible for a $2,000 credit in June 2025 if ETP 2 has a CADV of at
least 100,000, or a $500 credit if ETP 2 has a CADV of less than
100,000, as ETP 2 is in its 23rd month of listing on the Exchange. In
addition, assume that DMM B has 7 assigned ETPs as of June 30, 2025.
Pursuant to proposed footnote *, DMM B would be eligible to receive a
one-time credit of $15,000.
The purpose of the proposed change is to encourage higher quoting
and adding levels by DMMs on the Exchange in a listed ETP's in the
period after the first 12 months, and up to the first 36 months,
following listing, which would support the quality of price discovery
on the Exchange and is consistent with the overall goals of enhancing
market quality. As noted above, the Exchange operates in a competitive
environment, and member organizations have a choice of where to send
order flow. Because the proposal permits DMMs to receive a monthly
credit if the DMM quotes a certain percentage at the NBBO on the
Exchange during the first 12 months and up to the first 36 months
following an ETP's listing while the ETP is listed, and meets the
proposed per symbol CADV and DMM Providing Liquidity requirements, the
Exchange believes that the proposed credits would provide incentives
for DMMs to increase quoting on the Exchange in their listed ETPs in
order to qualify for the proposed incentives. The Exchange believes
that incentivizing DMMs on the Exchange to add liquidity at the NBBO to
meet the higher quote and adding levels could contribute to price
discovery and improve quoting on the Exchange. In addition, additional
liquidity providing quotes benefit all market participants because they
provide greater execution opportunities on the Exchange and improve the
public quotation, which benefits all member organizations. Moreover,
the Exchange believes that offering an additional one-time incentive to
DMMs based on the number of assigned ETPs as of June 30, 2025, together
with the other proposed incentives, is a reasonable means to
incentivize DMMs in assigned ETPs, which will improve market quality,
attract additional order flow to a public market, and enhance execution
opportunities for member organizations on the Exchange, to the benefit
of all market participants.
The proposed change is not otherwise intended to address other
issues, and the Exchange is not aware of any significant problems that
market participants would have in complying with the proposed changes.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\12\ in general, and furthers the
objectives of Sections 6(b)(4) and (5) of the Act,\13\ in particular,
because it provides for the equitable allocation of reasonable dues,
fees, and other charges among its members, issuers and other persons
using its facilities and does not unfairly discriminate between
customers, issuers, brokers or dealers.
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\12\ 15 U.S.C. 78f(b).
\13\ 15 U.S.C. 78f(b)(4) & (5).
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The Proposed Change Is Reasonable
As discussed above, the Exchange operates in a highly competitive
market. The Commission has repeatedly expressed its preference for
competition over regulatory intervention in determining prices,
products, and services in the securities markets. In Regulation NMS,
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.'' \14\ While Regulation
NMS has enhanced competition, it has also fostered a ``fragmented''
market structure where trading in a single stock can occur across
multiple trading centers. When multiple trading centers compete for
order flow in the same stock, the Commission has recognized that ``such
competition can lead to the fragmentation of order flow in that
stock.'' \15\
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\14\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37495, 37499 (June 29, 2005) (S7-10-04) (Final Rule)
(``Regulation NMS'').
\15\ See Securities Exchange Act Release No. 61358, 75 FR 3594,
3597 (January 21, 2010) (File No. S7-02-10) (Concept Release on
Equity Market Structure).
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The new proposed incentives are reasonable. Specifically, the
Exchange believes that a new DMM credits would provide an incentive for
DMMs to increase liquidity-providing orders at the NBBO on the Exchange
following the first year and up to 36 months after the listing of an
ETP. The proposed credits are thus intended to encourage higher levels
of liquidity and quoting by DMMs on the Exchange in listed ETPs for
longer following listing, which would support the quality of price
discovery on the Exchange and is consistent with the overall goals of
enhancing market quality. To the extent that the proposed change leads
to an increase in overall liquidity activity and quoting on the
Exchange and more competitive quoting, this will improve the quality of
the Exchange's market, improve quote spreads and increase its
attractiveness to existing and prospective participants. The proposed
incentives will also support new ETPs listing on the Exchange by
incentivizing DMMs in those ETP listed issues that meet the specified
CADV levels to quote at the NBBO more often and provide more liquidity
to meet the new requirements. In addition, the proposed change would
incentivize DMMs quoting less than 30% of the time in a billing month
in an ETP assigned to that DMM on the last day of that billing month
that are currently receiving a $2,000 credit to be eligible for the
proposed $500 credit after the first 12 months and up to the first 36
months based on the same trading profile.
As noted above, the Exchange operates in a competitive environment,
and member organizations have a choice of where to send order flow.
Because the proposed credits require DMMs to meet
[[Page 29612]]
certain quoting requirements at the NBBO and providing liquidity
requirements at specified CADV levels in order to qualify for the
credits, the Exchange believes that the proposed credit would provide
an incentive for all DMMs to increase quoting on the Exchange in order
to qualify for the base credit and increase quoting and providing in
order to qualify for the higher credit. The Exchange believes that
incentivizing DMMs on the Exchange to add liquidity to meet the higher
quote levels at the NBBO for more months following listing on the
Exchange could contribute to improved price discovery and quoting on
the Exchange. In addition, additional liquidity providing quotes
benefit all market participants because they provide greater execution
opportunities on the Exchange and improve the public quotation. The
proposal would also reward DMM units, who have greater risks and
heightened quoting and other obligations than other market
participants.
The Proposal Is An Equitable Allocation of Fees
The Exchange believes that the proposed credits are an equitable
allocation of fees because the proposed credits would be available to
all DMMs on an equal basis. The Exchange believes that the proposal
will allocate the proposed credits fairly among DMMs and allow DMMs to
qualify for a credit by adding liquidity and improving quoting at the
NBBO during the first 12 months and up to the first 36 months following
an ETP's listing on the Exchange. The Exchange believes the proposed
rule change would improve market quality by providing incentives for
all DMMs to increase aggressively priced liquidity-providing orders at
the NBBO on the Exchange, thereby encouraging higher levels of
liquidity by DMMs on the Exchange, which would support the quality of
price discovery on the Exchange and is consistent with the overall
goals of enhancing market quality. Moreover, the proposal is an
equitable allocation of fees because it would incentivize DMM units for
their increased risks and heightened quoting and other obligations in
assigned ETPs. As such, it is equitable to offer DMM units an
additional flat, one-time credit based on the number of assigned ETPs
as of June 30, 2025.
The Proposal Is Not Unfairly Discriminatory
The Exchange believes it is not unfairly discriminatory to provide
credits for adding liquidity that encourage DMMs on the Exchange to
quote at the NBBO as the proposed credits would be provided on an equal
basis to all similarly situated DMMs that add liquidity in assigned
ETPs after the first year and up to 36 months following listing and by
meeting the proposed quoting, CADV, and DMM Providing Liquidity
requirements. For the same reason, the Exchange believes it is not
unfairly discriminatory to provide a lower credit for quoting at the
NBBO less than 30% during that same time period because the proposed
credit would equally encourage all similarly-situated DMMs to provide
additional liquidity on the Exchange. As noted, the Exchange intends
for the proposal to further improve market quality for all members on
the Exchange in listed ETPs and by extension attract more liquidity to
the market, thereby encouraging higher levels of liquidity by DMMs on
the Exchange in listed ETPs, which would support the quality of price
discovery on the Exchange and is consistent with the overall goals of
enhancing market quality. The Exchange also believes that basing the
additional incentive on the number of assigned ETPs as of June 30,
2025, is not unfairly discriminatory because it would apply equally to
all member organizations that choose to maintain DMM units on the
Exchange.
For the foregoing reasons, the Exchange believes that the proposal
is consistent with the Act.
B. Self-Regulatory Organization's Statement on Burden on Competition
In accordance with Section 6(b)(8) of the Act,\16\ the Exchange
believes that the proposed rule change would not impose any burden on
competition that is not necessary or appropriate in furtherance of the
purposes of the Act. Instead, as discussed above, the Exchange believes
that the proposed changes would encourage the submission of additional
liquidity to a public exchange, thereby promoting market depth, price
discovery and transparency and enhancing order execution opportunities
for member organizations. As a result, the Exchange believes that the
proposed change furthers the Commission's goal in adopting Regulation
NMS of fostering integrated competition among orders, which promotes
``more efficient pricing of individual stocks for all types of orders,
large and small.'' \17\
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\16\ 15 U.S.C. 78f(b)(8).
\17\ Regulation NMS, 70 FR at 37498-99.
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Intramarket Competition. The proposed changes are designed to
incentivize market participants to direct displayed order flow to the
Exchange by encouraging DMMs to provide additional liquidity on the
Exchange in listed ETPs. Greater liquidity benefits all market
participants on the Exchange by providing more trading opportunities
and encourages member organizations to send orders, thereby
contributing to robust levels of liquidity, which benefits all market
participants on the Exchange. The proposed credits would be available
to all similarly-situated market participants, and, as such, the
proposed change would not impose a disparate burden on competition
among market participants on the Exchange. As noted, the proposal would
apply to all similarly situated member organizations on the same and
equal terms, who would benefit from the change on the same basis.
Accordingly, the proposed change would not impose a disparate burden on
competition among market participants on the Exchange.
Intermarket Competition. The Exchange operates in a highly
competitive market in which market participants can readily choose to
send their orders to other exchange and off-exchange venues if they
deem fee levels at those other venues to be more favorable. In such an
environment, the Exchange must continually adjust its fees and rebates,
including fees and rebates for market makers on the Exchange, to remain
competitive with other exchanges and with off-exchange venues. Because
competitors are free to modify their own fees and credits in response,
and because market participants may readily adjust their order routing
practices, the Exchange does not believe its proposed fee change can
impose any burden on intermarket competition.
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
Pursuant to Section 19(b)(3)(A)(ii) of the Act,\18\ and Rule 19b-
4(f)(2) thereunder \19\ the Exchange has designated this proposal as
establishing or changing a due, fee, or other charge imposed on any
person, whether or not the person is a member of the self-regulatory
organization, which renders the proposed rule change effective upon
[[Page 29613]]
filing. At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act.
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\18\ 15 U.S.C. 78s(b)(3)(A)(ii).
\19\ 17 CFR 240.19b-4.
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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#0173746d642c626e6c6c646f7572417264622f666e77"><span class="__cf_email__" data-cfemail="186a6d747d357b7775757d766c6b586b7d7b367f776e">[email protected]</span></a>. Please include
file number SR-NYSE-2025-23 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-NYSE-2025-23. 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-NYSE-2025-23 and should be
submitted on or before July 24, 2025.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\20\
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\20\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2025-12424 Filed 7-2-25; 8:45 am]
BILLING CODE 8011-01-P
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