Notice2025-15738
Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Options 7, Section 2
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
August 19, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
<html>
<head>
<title>Federal Register, Volume 90 Issue 158 (Tuesday, August 19, 2025)</title>
</head>
<body><pre>
[Federal Register Volume 90, Number 158 (Tuesday, August 19, 2025)]
[Notices]
[Pages 40440-40444]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-15738]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-103710; File No. SR-NASDAQ-2025-058]
Self-Regulatory Organizations; The Nasdaq Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend Options 7, Section 2
August 14, 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 August 1, 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.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
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.
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>
and at the principal office of the Exchange.
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 to: (1) increase a
NOM Marker Maker \3\ Rebate to add Liquidity in Non-Penny Symbols; and
(2) amend the note 5 incentive for the NOM Market Maker Fee for Adding
Liquidity in Non-Penny Symbols.
---------------------------------------------------------------------------
\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. Options 7, Section 1(a).
---------------------------------------------------------------------------
Background
Today, NOM assesses certain fees and rebates for execution of
contracts on NOM as follows:
Rebates To Add Liquidity in Penny Symbols
----------------------------------------------------------------------------------------------------------------
Tier 1 Tier 2 Tier 3 Tier 4 Tier 5 Tier 6
----------------------------------------------------------------------------------------------------------------
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.................. (.20) (0.25) (0.30) (0.32) (0.46) (0.48)
----------------------------------------------------------------------------------------------------------------
Fees and Rebates To Add Liquidity in Non-Penny Symbols
------------------------------------------------------------------------
------------------------------------------------------------------------
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)
------------------------------------------------------------------------
[[Page 40441]]
Fees To Remove Liquidity in Penny and Non-Penny Symbols
------------------------------------------------------------------------
Penny symbols Non-penny 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 \4\ and Professional \5\ 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.
---------------------------------------------------------------------------
\4\ 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).
\5\ 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
------------------------------------------------------------------------
------------------------------------------------------------------------
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.\6\
---------------------------------------------------------------------------
\6\ ``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.
[[Page 40442]]
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.
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.
------------------------------------------------------------------------
Today, pursuant to note 5 of Options 7, Section 2, the NOM Market
Maker Fee for Adding Liquidity in Non-Penny Symbols of $0.35 per
contract will apply unless Participants meet the volume thresholds set
forth in note 5.
[ssquf] Today, Participants that add NOM Market Maker liquidity in
Non-Penny Symbols of 0.03% to 0.05% of total industry customer equity
and ETF option ADV contracts per day in a month are assessed a $0.00
per contract Non-Penny Options Fee for Adding Liquidity in that month.
[ssquf] Participants that add NOM Market Maker liquidity in Non-
Penny Symbols of above 0.05% to 0.08% of total industry customer equity
and ETF option ADV contracts per day in a month receive a Non-Penny
Rebate to Add Liquidity of $0.20 per contract for that month instead of
paying the Non-Penny Fee for Adding Liquidity.
[ssquf] Participants that add NOM Market Maker liquidity in Non-
Penny Symbols of above 0.08% of total industry customer equity and ETF
option ADV contracts per day in a month receive a Non-Penny Rebate to
Add Liquidity of $0.40 per contract for that month instead of paying
the Non-Penny Fee for Adding Liquidity.
Proposal
At this time, the Exchange proposes to replace certain percentage
thresholds in note 5 of Options 7, Section 2 with new percentage
thresholds and increase the $0.20 per contract Non-Penny Rebate to Add
Liquidity to $0.30 per contract.\7\
---------------------------------------------------------------------------
\7\ The Exchange would also amend the rebates noted in the Fees
and Rebates to Add Liquidity in Non-Penny Symbols table in Options
7, Section 2.
---------------------------------------------------------------------------
[ssquf] Participants that add NOM Market Maker liquidity in Non-
Penny Symbols of 0.03% to 0.07% of total industry customer equity and
ETF option ADV contracts per day in a month would be assessed a $0.00
per contract Non-Penny Options Fee for Adding Liquidity in that month.
[ssquf] Participants that add NOM Market Maker liquidity in Non-
Penny Symbols of above 0.07% to 0.10% of total industry customer equity
and ETF option ADV contracts per day in a month would receive a Non-
Penny Rebate to Add Liquidity of $0.30 per contract for that month
instead of paying the Non-Penny Fee for Adding Liquidity.
[ssquf] Participants that add NOM Market Maker liquidity in Non-
Penny Symbols of above 0.10% of total industry customer equity and ETF
option ADV contracts per day in a month would receive a Non-Penny
Rebate to Add Liquidity of $0.40 per contract for that month instead of
paying the Non-Penny Fee for Adding Liquidity.
As proposed, note 5 will state:
The NOM Market Maker Fee for Adding Liquidity in Non-Penny
Symbols will apply unless Participants meet the volume thresholds
set forth in this note. Participants that add NOM Market Maker
liquidity in Non-Penny Symbols of 0.03% to 0.07% of total industry
customer equity and ETF option ADV contracts per day in a month will
be assessed a $0.00 per contract Non-Penny Options Fee for Adding
Liquidity in that month. Participants that add NOM Market Maker
liquidity in Non-Penny Symbols of above 0.07% to 0.10% of total
industry customer equity and ETF option ADV contracts per day in a
month will receive a Non-Penny Rebate to Add Liquidity of $0.30 per
contract for that month instead of paying the Non-Penny Fee for
Adding Liquidity. Participants that add NOM Market Maker liquidity
in Non-Penny Symbols of above 0.10% of total industry customer
equity and ETF option ADV contracts per day in a month will receive
a Non-Penny Rebate to Add Liquidity of $0.40 per contract for that
month instead of paying the Non-Penny Fee for Adding Liquidity.
With this proposal, the Exchange would require a greater amount of
add NOM Market Maker liquidity in Non-Penny Symbols in order to receive
the increased Non-Penny Rebate to Add Liquidity of $0.30 per contract
or the current Non-Penny Rebate to Add Liquidity of $0.40 per contract.
Some Participants that currently receive the Non-Penny Rebate to Add
Liquidity of $0.20 per contract may receive no rebate as a result of
this change. Some Participants that currently receive the Non-Penny
Rebate to Add Liquidity of $0.40 per contract may receive the proposed
$0.30 per contract rebate as a result of this change. Also, other
Participants may remain unaffected. The Exchange believes that the
revised note 5 incentives will encourage NOM Market Makers to add more
Non-Penny Symbol liquidity on NOM to the benefit of all market
participants that may interact with that liquidity. Also, the Exchange
believes that NOM Market Makers will be encouraged to add liquidity to
receive the increase $0.30 Non-Penny Rebate to Add Liquidity.
2. Statutory Basis
The Exchange believes that its proposal is consistent
[[Page 40443]]
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.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78f(b).
\9\ 15 U.S.C. 78f(b)(4) and (5).
---------------------------------------------------------------------------
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\
---------------------------------------------------------------------------
\10\ Securities Exchange Act Release No. 51808 (June 9, 2005),
70 FR 37496, 37499 (June 29, 2005) (``Regulation NMS Adopting
Release'').
---------------------------------------------------------------------------
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\
---------------------------------------------------------------------------
\11\ NetCoalition v. SEC, 615 F.3d 525 (D.C. Cir. 2010).
\12\ See NetCoalition, at 534-535.
\13\ Id. at 537.
---------------------------------------------------------------------------
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.
---------------------------------------------------------------------------
\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)).
---------------------------------------------------------------------------
The Exchange's proposal to replace certain percentage thresholds in
note 5 of Options 7, Section 2 with new percentage thresholds related
to the Non-Penny Options Fee for Adding Liquidity and the Non-Penny
Rebates to Add Liquidity and increase the $0.20 per contract Non-Penny
Rebate to Add Liquidity is reasonable because the amended note 5
incentives will encourage NOM Market Makers to add more Non-Penny
Symbol liquidity on NOM to the benefit of all market participants that
may interact with that liquidity. Also, the Exchange believes that NOM
Market Makers will be encouraged to add liquidity to receive the
increase $0.30 Non-Penny Rebate to Add Liquidity. As proposed, the
Exchange will require a greater amount of add NOM Market Maker
liquidity in Non-Penny Symbols to be assessed no Non-Penny Options Fee
for Adding Liquidity. As proposed, the Exchange will require a greater
amount of add NOM Market Maker liquidity in Non-Penny Symbols in order
to receive the increased Non-Penny Rebate to Add Liquidity of
$0.20[sic] per contract and the current Non-Penny Rebate to Add
Liquidity of $0.40 per contract. Some Participants that currently
receive the Non-Penny Rebate to Add Liquidity of $0.20 per contract may
receive no rebate as a result of this change. Some Participants that
currently receive the Non-Penny Rebate to Add Liquidity of $0.40 per
contract may receive the proposed $0.30 per contract rebate as a result
of this change. Also, other Participants may remain unaffected.
The Exchange's proposal to replace certain percentage thresholds in
note 5 of Options 7, Section 2 with new percentage thresholds related
to the Non-Penny Options Fee for Adding Liquidity and the Non-Penny
Rebates to Add Liquidity and increase the $0.20 per contract Non-Penny
Rebate to Add Liquidity is equitable and not unfairly discriminatory
because the Exchange will apply the proposed requirements uniformly to
all qualifying NOM Market Makers. Additionally, all NOM Market Makers
that qualify for the increased $0.30 per contract Non-Penny Rebate to
Add Liquidity would be paid the rebate uniformly. The Exchange does not
believe that it is unfairly discriminatory to offer the note 5
incentives to only NOM Market Makers because these market participants
add value through continuous quoting and the commitment of capital.\15\
Because NOM Market Makers have these obligations to the market and
regulatory requirements that normally do not apply to other market
participants, the Exchange believes that offering the note 5 incentives
to only NOM Market Makers is equitable and not unfairly discriminatory
in light of their obligations. Finally, encouraging NOM Market Makers
to add greater liquidity benefits all market participants in the
quality of order interaction.
---------------------------------------------------------------------------
\15\ See Options 2, Sections 4 and 5.
---------------------------------------------------------------------------
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 and will offer market participants with
another venue in which to submit orders. 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 to remain competitive with other
exchanges. Because competitors are free to modify their own fees in
response, and because market participants may readily adjust their
order routing practices, the Exchange believes that the degree to which
fee changes in this market may impose any burden on competition is
extremely limited.
Intra-market Competition
The Exchange's proposal to replace certain percentage thresholds in
note 5 of Options 7, Section 2 with new percentage thresholds related
to the Non-Penny Options Fee for Adding Liquidity and the Non-Penny
Rebates to Add Liquidity and increase the $0.20 per contract Non-Penny
Rebate to Add Liquidity does not impose an undue burden on competition
because the Exchange will apply the proposed requirements uniformly to
all qualifying NOM Market Makers. Additionally, all NOM Market Makers
that qualify for the increased $0.30 per contract Non-Penny Rebate to
Add Liquidity would be paid
[[Page 40444]]
the rebate uniformly. NOM Market Maker add value through continuous
quoting and the commitment of capital.\16\ Because NOM Market Makers
have these obligations to the market and regulatory requirements that
normally do not apply to other market participants, the Exchange
believes that offering the note 5 incentives to only NOM Market Makers
does not impose an undue burden on competition in light of their
obligations. Finally, encouraging NOM Market Makers to add greater
liquidity benefits all market participants in the quality of order
interaction.
---------------------------------------------------------------------------
\16\ See Options 2, Sections 4 and 5.
---------------------------------------------------------------------------
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\
---------------------------------------------------------------------------
\17\ 15 U.S.C. 78s(b)(3)(A)(ii).
---------------------------------------------------------------------------
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#641611080149070b0909010a1017241701074a030b12"><span class="__cf_email__" data-cfemail="087a7d646d256b6765656d667c7b487b6d6b266f677e">[email protected]</span></a>. Please include
file number SR-NASDAQ-2025-058 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-2025-058. 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 filing 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-2025-058 and should be submitted
on or before September 9, 2025.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\18\
---------------------------------------------------------------------------
\18\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2025-15738 Filed 8-18-25; 8:45 am]
BILLING CODE 8011-01-P
</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body>
</html>Indexed from Federal Register on August 19, 2025.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.