Notice2025-17332
Self-Regulatory Organizations; 24X National Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Adopt the Initial Fees and Rebates Applicable to Members of the Exchange
Primary source
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Published
September 10, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 173 (Wednesday, September 10, 2025)</title>
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[Federal Register Volume 90, Number 173 (Wednesday, September 10, 2025)]
[Notices]
[Pages 43712-43716]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-17332]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-103873; File No. SR-24X-2025-02]
Self-Regulatory Organizations; 24X National Exchange LLC; Notice
of Filing and Immediate Effectiveness of Proposed Rule Change To Adopt
the Initial Fees and Rebates Applicable to Members of the Exchange
September 5, 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 August 27, 2025, 24X National Exchange LLC (``24X'' 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\ 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 adopt the initial fees and rebates
applicable to Members \4\ of the Exchange pursuant to Exchange Rule
15.1(a) and (c). The proposed rule change is available on the
Exchange's website at <a href="https://equities.24exchange.com/regulation">https://equities.24exchange.com/regulation</a> and at
the principal office of the Exchange.
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\4\ See Exchange Rule 1.5(u).
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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 implement a fee schedule (the ``Fee
Schedule'') applicable to use of the Exchange. The Exchange will
commence operations as a national securities exchange on September 29,
2025, and will implement the Fee Schedule as of that date.
The Exchange first notes that upon commencement of operations as a
national securities exchange, it will operate in a highly competitive
market in which market participants can readily direct order flow to
competing venues if they deem fee levels at a particular venue to be
excessive or incentives to be insufficient. More specifically, the
Exchange will be only one of several equities venues to which market
participants may direct their order flow. Based on publicly available
information, no single registered equities exchange currently has more
than approximately 13% of total market share.\5\ Thus, in such a
diffuse and highly competitive market, no single equities exchange
possesses significant pricing power in the execution of order flow, and
as it commences operations the Exchange anticipates representing a
small percentage of the overall market.
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\5\ Market share percentage calculated as of July 15, 2025; see
Cboe Global Markets, U.S. Equities Market Volume Summary, available
at: <a href="https://www.cboe.com/us/equities/market_share/">https://www.cboe.com/us/equities/market_share/</a>.
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Transaction Fees
Below is a description of the fees and rebates that the Exchange
intends to impose under the initial proposed Fee Schedule, which will
be applicable to transactions executed in all trading sessions. Under
the proposed Fee Schedule, the Exchange will operate a ``Maker-Taker''
model whereby it provides rebates to Members that provide liquidity and
charges fees to those that remove liquidity, as further described
below. The Exchange does not initially propose to charge different fees
or provide different rebates depending on the number of orders
submitted to, or transactions executed on or through, the Exchange.
Accordingly, all fees and rebates described below are applicable to all
Members, regardless of the overall volume of a Member's trading
activities on the Exchange.
(1) Standard Fee for Removed Volume
The Exchange proposes to charge a standard fee of $0.00295 per
share for executions of orders that remove
[[Page 43713]]
liquidity from the 24X Book \6\ (``Removed Volume'') in all securities
traded on the Exchange priced at or above $1.00 per share.
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\6\ ``24X Book'' refers to the Exchange system's electronic file
of orders. See Exchange Rule 1.5(a).
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(2) Standard Rebate for Added Displayed Volume
The Exchange proposes to provide a standard rebate of $0.00295 per
share in all securities traded on the Exchange priced at or above $1.00
per share and 0.075% of total dollar value for all securities traded on
the Exchange priced below $1.00 per share for executions of orders
that: (i) are displayed on the 24X Book and (ii) add liquidity to the
Exchange (``Added Displayed Volume'').\7\ The proposed standard rebate
for Added Displayed Volume would apply to the Reserve Quantity \8\ of
an order such that any replenishment amount of the Reserve Quantity of
an order that is executed against would be treated as Added Displayed
Volume even though such portion of the order was not displayed on the
24X Book prior to the order being replenished in accordance with the
Member's instructions and the Exchange's rules. The entire portion of
the Reserve Quantity of an order would be eligible for this rebate, but
a Member would only receive such rebate for any portions of the Reserve
Quantity that are executed against.
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\7\ Such executions will be indicated by a fee code of ``1'' in
execution reports provided by the Exchange.
\8\ ``Reserve Quantity'' refers to the portion of an order that
includes a Non-Displayed instruction in which a portion of that
order is also displayed on the 24X Book. See Exchange Rule 11.6(k).
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(3) Standard Rebate for Added Non-Displayed Volume
The Exchange proposes to provide a standard rebate of $0.0025 per
share for executions of orders that: (i) are not displayed on the 24X
Book and (ii) add liquidity to the Exchange (``Added Non-Displayed
Volume''), in all securities traded on the Exchange priced at or above
$1.00 per share that do not include a Midpoint Peg instruction.\9\ The
proposed Fee Schedule will provide a standard rebate of $0.00295 per
share for Added Non-Displayed Volume that includes a Midpoint Peg
instruction.\10\
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\9\ This pricing is referred to on the proposed Fee Schedule as
``Added non-displayed volume'' and indicated by fee code ``51'' in
execution reports provided by the Exchange.
\10\ This pricing is referred to on the proposed Fee Schedule as
``Added Midpoint'' and indicated by fee code ``52'' in execution
reports provided by the Exchange.
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The Exchange proposes to provide a higher rebate for executions of
Added Displayed Volume than for executions of Added Non-Displayed
Volume to incentivize displayed liquidity over non-displayed liquidity
on the Exchange, including orders with a displayed component and a non-
displayed component (i.e., orders with a Reserve Quantity), in order to
encourage and facilitate price discovery and price formation, which the
Exchange believes benefits all Members and investors. The Exchange
additionally proposes to provide a higher rebate for executions of
orders that include a Midpoint Peg instruction in order to encourage
Members to submit liquidity-providing orders designed to execute at the
midpoint to the Exchange, which the Exchange believes will deepen
liquidity and increase execution opportunities at the midpoint on the
Exchange, thereby improving the Exchange's market quality to the
benefit of all Members and enhancing its attractiveness as a trading
venue.
(4) Standard Fee for Routed Removed Volume
The Exchange proposes to charge a standard fee of $0.0030 per share
for all orders routed to another market that (i) are executed on an
away market and (ii) remove liquidity from the market to which it was
routed (``Routed Removed Volume''), in all securities traded on the
Exchange priced at or above $1.00 per share.\11\ All charges by the
Exchange for routing are applicable only in the event that an order is
executed; there is no charge for orders that are routed away from the
Exchange but are not filled. The Exchange notes that the fees for
routing relate to orders routed through the Exchange's third-party
broker-dealers. Routing services offered by the Exchange are completely
optional and market participants can readily select between various
providers of routing services, including other exchanges and broker-
dealers.
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\11\ This pricing is referred to on the proposed Fee Schedule as
``Routed removed volume'' and indicated by fee code ``3'' in
execution reports provided by the Exchange.
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(5) Securities Priced Below $1.00 per Share
The Exchange proposes to charge a standard fee of 0.28% of the
total dollar value of any transaction in securities priced below $1.00
per share (``Sub-Dollar Securities'') that removes liquidity from the
Exchange (``Removed Sub-Dollar Volume''). The Exchange also proposes to
provide a standard rebate of 0.075% of the total dollar value of any
transaction (including a Retail Order) in Sub-Dollar Securities that
adds displayed liquidity or non-displayed midpoint liquidity to the
Exchange (``Added Sub-Dollar Volume''). The Exchange proposes to
provide a standard rebate of 0.065% of the total dollar value of any
transaction that adds non-displayed liquidity to the Exchange and does
not include a Midpoint Peg instruction. The Exchange proposes to charge
a standard fee of 0.30% of the total dollar value of any transaction in
Sub-Dollar Securities that is routed to and executed at another market
center.
The proposed rebate for executions of Added Sub-Dollar Volume is
intended to promote order flow in Sub-Dollar Securities to the Exchange
by incentivizing Members to increase the liquidity-providing orders in
Sub-Dollar Securities they submit to the Exchange, which would support
price discovery on the Exchange and provide additional liquidity for
incoming orders.
The proposed rule change does not include different fees or rebates
for transactions in Sub-Dollar Securities that depend on the number of
orders submitted to, or transactions executed on or through, the
Exchange. Accordingly, all fees and rebates described above are
applicable to all Members, regardless of the overall volume of a
Member's trading activities on the Exchange.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the provisions of Section 6(b) \12\ of the Act in general, and
furthers the objectives of Section 6(b)(4) \13\ of the Act, in
particular, in that it is designed to provide for the equitable
allocation of reasonable dues, fees, and other charges among its
Members and other persons using its facilities. Additionally, the
Exchange believes that the proposed fees and rebates are consistent
with the objectives of Section 6(b)(5) \14\ of the Act in that they are
designed 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 national market
system, and, in general, to protect investors and the public interest,
and, particularly, are not designed to permit unfair
[[Page 43714]]
discrimination between customers, issuers, brokers, or dealers.
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\12\ 15 U.S.C. 78f.
\13\ 15 U.S.C. 78f(b)(4).
\14\ 15 U.S.C. 78f(b)(5).
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Upon its commencement of operations as a national securities
exchange, the Exchange will operate in a highly competitive market in
which market participants can readily direct order flow to competing
venues if they deem fee levels at a particular venue to be excessive or
incentives to be insufficient. The Exchange believes that the proposed
Fee Schedule reflects a simple and competitive pricing structure
designed to incentivize market participants to add aggressively priced
displayed liquidity and direct their order flow to the Exchange, which
the Exchange believes would promote price discovery and price formation
and deepen liquidity that is subject to the Exchange's transparency,
regulation, and oversight as an exchange, thereby enhancing market
quality to the benefit of all Members and investors.
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.'' \15\
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\15\ Securities Exchange Act Release No. 51808 (June 9, 2005),
70 FR 37496, 37499 (June 29, 2005) (``Regulation NMS Adopting
Release'').
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The Exchange believes that it is appropriate, reasonable, and
consistent with the Act to charge a standard fee of $0.00295 per share
for Removed Volume, and a standard fee of 0.28% of the total dollar
value for Removed Sub-Dollar Volume, because they are comparable to the
transaction fees charged by other exchanges for removing liquidity.\16\
The Exchange further believes that these fees are equitably allocated
and not unfairly discriminatory because they apply equally to all
Members and, when coupled with higher rebates for adding liquidity, as
described below, are designed to facilitate increased activity on the
Exchange to the benefit of all Members by providing more trading
opportunities and promoting price discovery.
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\16\ See MEMX Equities Fee Schedule, available at: <a href="https://info.memxtrading.com/equities-trading-resources/us-equities-fee-schedule/">https://info.memxtrading.com/equities-trading-resources/us-equities-fee-schedule/</a>.
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The Exchange believes that it is appropriate, reasonable, and
consistent with the Act to provide a standard rebate of $0.00295 per
share for Added Displayed Volume, and a standard rebate of 0.075% of
the total dollar value for Added Sub-Dollar Volume, because these
rebates are consistent with transaction rebates provided by other
exchanges.\17\ The Exchange further believes that this rebate structure
is equitably allocated and not unfairly discriminatory because it
applies equally to all Members.
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\17\ Id.
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The Exchange believes that charging a fee to the liquidity remover,
and providing a rebate to the liquidity adder, is reasonable,
equitable, and not unfairly discriminatory because it incentivizes
liquidity provision on the Exchange. The Exchange also notes that
several other exchanges charge fees for removing liquidity and provide
rebates for adding liquidity, and that this aspect of the Exchange's
proposed Fee Schedule does not raise any new or novel issues that have
not previously been considered by the Commission in connection with the
fees and rebates of other exchanges.
The Exchange also believes that it is reasonable, equitable, and
not unfairly discriminatory to provide a higher rebate for executions
of Added Displayed Volume than for executions of Added Non-Displayed
Volume as this rebate structure is designed to incentivize Members to
send the Exchange displayable orders, thereby contributing to price
discovery and price formation, consistent with the overall goal of
enhancing market quality. Moreover, the Exchange notes that there are
precedents for exchanges to provide rebates that distinguish between
displayed and non-displayed volume to incentivize displayed orders and
facilitate price discovery.\18\
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\18\ See, e.g., Long-Term Stock Exchange Inc. fee schedule,
available at: <a href="https://ltse.com/trading/fee-schedules">https://ltse.com/trading/fee-schedules</a>; MIAX PEARL LLC
fee schedule, available at: <a href="https://www.miaxglobal.com/sites/default/files/fee_schedule-files/MIAX_Pearl_Equities_Fee_Schedule_08012025.pdf">https://www.miaxglobal.com/sites/default/files/fee_schedule-files/MIAX_Pearl_Equities_Fee_Schedule_08012025.pdf</a>.
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The Exchange notes that under the initial proposed Fee Schedule it
will pay the same rebate for Added Displayed Volume as the fee it
charges for removing such volume for transactions priced at or above
$1.00 per share, and as such the Exchange will have no net capture
(i.e., will not make money) with respect to such transactions. As noted
above, the Exchange will operate in a highly competitive market, and
the Exchange believes this initial pricing structure will enable it to
effectively compete with other exchanges by attracting Members and
order flow to the Exchange, which will help the Exchange to gain market
share for executions. The Exchange may determine to modify its pricing
structure after it has gained sufficient participation from market
participants to instead be profitable with respect to such
transactions. The Exchange believes the initial pricing structure,
including the zero net capture for Added Displayed Volume transactions
priced at or above $1.00 per share, is designed to incentivize market
participants to add aggressively priced displayed liquidity and direct
their order flow to the Exchange, which the Exchange believes would
promote price discovery and price formation and deepen liquidity that
is subject to the Exchange's transparency, regulation, and oversight as
an exchange, thereby enhancing market quality to the benefit of all
Members and investors. The Exchange does not believe that the zero net
capture with respect to Added Displayed Volume transactions priced at
or above $1.00 per share will materially impact the capitalization of
the Exchange or otherwise impair the Exchange's ability to operate or
regulate itself. The Exchange is well-capitalized and the Exchange's
parent company, 24X US Holdings LLC, has agreed to provide adequate
funding for the Exchange's operations, including the regulation of the
Exchange.
With respect to orders routed to other markets, the Exchange also
believes that it is appropriate, reasonable, and consistent with the
Act to charge a standard fee of $0.0030 for Routed Removed Volume
because this fee is similar to the fees charged by other exchanges for
routed orders that remove liquidity from the destination market.\19\
The Exchange's initial fee for routing is intended to be a simple and
transparent fee for Members that wish to use routing services provided
by the Exchange. The Exchange reiterates that the routing services
offered by the Exchange are completely optional and that the Exchange
operates in a highly competitive market in which market participants
can readily select between various providers of routing services with
different product offerings and different pricing. The Exchange
believes that its flat fee structure for orders routed to all away
venues is a fair and equitable approach to pricing, as it will provide
certainty with respect to execution fees. The Exchange also believes
the standard fee for Routed
[[Page 43715]]
Removed Volume is an equitable and not an unfairly discriminatory
allocation of fees because it applies equally to all Members.
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\19\ For example, the New York Stock Exchange trading fee
schedule on its public website reflects a standard fee for routing
of $0.0035, with a tier that provides a member firm the ability to
pay a reduced routing fee of $0.0030; see <a href="https://www.nyse.com/markets/nyse/trading-info/fees">https://www.nyse.com/markets/nyse/trading-info/fees</a>.
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In conclusion, the Exchange submits that its proposed fee structure
satisfies the requirements of Sections 6(b)(4) and 6(b)(5) of the Act
for the reasons discussed above in that it provides for the equitable
allocation of reasonable dues, fees, and other charges among its
Members and other persons using its facilities, does not permit unfair
discrimination between customers, issuers, brokers, or dealers, and is
designed to promote just and equitable principles of trade, 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, particularly as the proposal neither targets nor will
it have a disparate impact on any particular category of market
participant. As described more fully below in the Exchange's statement
regarding the burden on competition, the Exchange believes that it is
subject to significant competitive forces, and that its proposed fee
and rebate structure is an appropriate effort to address such forces.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
result in any burden on competition that is not necessary or
appropriate in furtherance of the purposes of the Act. Rather, as
discussed above, the Exchange believes that the proposed change would
encourage the submission of additional order flow to a public exchange,
thereby promoting market depth, execution incentives, and enhanced
execution opportunities, as well as price discovery and transparency
for all Members. As a result, the Exchange believes that the proposed
change furthers the Commission's goal in adopting Regulation NMS of
fostering competition among orders, which promotes ``more efficient
pricing of individual stocks for all types of orders, large and
small.'' \20\
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\20\ Regulation NMS Adopting Release at 37499.
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The Exchange does not believe that the proposed rule change will
impose any burden on intermarket competition that is not necessary or
appropriate in furtherance of the purposes of the Act. To the contrary,
the Exchange believes that the proposed pricing structure will increase
competition and is intended to draw volume to the Exchange as it
commences operations. The Exchange believes that the ever-shifting
market share among the exchanges from month to month demonstrates that
market participants can shift order flow or reduce use of certain
categories of products in response to new or different pricing
structures being introduced into the market. Accordingly, competitive
forces constrain the Exchange's transaction fees and rebates, and
market participants can readily trade on competing venues if they deem
pricing levels at those other venues to be more favorable. As a new
exchange, the Exchange expects to face intense competition from
existing exchanges and other non-exchange venues that provide markets
for equities trading. With respect to the Exchange's initial pricing
whereby it will operate with no net capture with respect to
transactions involving Added Displayed Volume priced at or above $1.00
per share, the Exchange is proposing this pricing initially upon its
launch and for a limited time thereafter in an effort to encourage
market participants to join, connect to, and participate on the
Exchange. The Exchange expects to modify its pricing structure after it
has gained sufficient participation from market participants to
eliminate the negative net capture and instead be profitable with
respect to such transactions.
Although this pricing incentive is intended to attract liquidity to
the Exchange, most other exchanges in operation today already offer
multiple incentives to their participants, including tiered pricing
that provides higher rebates or discounted executions, and other
exchanges will be able to modify such incentives in order to compete
with the Exchange. With respect to the specific pricing resulting in
the negative net capture, the Exchange also notes that the proposed fee
for Removed Volume is neither the lowest fee in the market today, nor
is the proposed rebate provided to Added Displayed Volume the highest
rebate in the market today.\21\ Accordingly, with respect to a market
participant deciding to either submit an order to add or remove
liquidity, there are multiple exchanges that will continue to be
competitively priced for such orders when compared to the Exchange's
pricing. Further, while pricing incentives do cause shifts of liquidity
between trading centers, market participants make determinations on
where to provide liquidity or route orders to take liquidity based on
factors other than pricing, including technology, functionality, and
other considerations. Consequently, the Exchange believes that the
degree to which its fees and rebates could impose any burden on
competition is extremely limited, and does not believe that such fees
would burden competition of Members or competing venues in a manner
that is not necessary or appropriate in furtherance of the purposes of
the Act.
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\21\ For example, the Investors Exchange fee schedule reflects
standard fees for matched liquidity of $0.0010 for shares executed
at or above $1.00, which would apply to all orders removing
liquidity; see <a href="https://iextrading.com/trading/fees/">https://iextrading.com/trading/fees/</a>. Other markets
offering ``taker/maker'' pricing provide rebates to provide
liquidity; see, e.g., Nasdaq BX fee schedule, available at: <a href="https://www.nasdaqtrader.com/trader.aspx?id=bx_pricing">https://www.nasdaqtrader.com/trader.aspx?id=bx_pricing</a>; Cboe BYX fee
schedule, available at: <a href="https://markets.cboe.com/us/equities/membership/fee_schedule/byx/">https://markets.cboe.com/us/equities/membership/fee_schedule/byx/</a>.
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The Exchange does not believe that the proposed rule change will
impose any burden on intramarket competition that is not necessary or
appropriate in furtherance of the purposes of the Act because the
proposed fees and rebates apply equally to all Members. The proposed
pricing structure is intended to encourage market participants to add
displayed and non-displayed liquidity to the Exchange by providing
rebates that are comparable to those offered by other exchanges as well
as to provide a competitive rate charged for removing liquidity, which
the Exchange believes will help to encourage Members to send orders to
the Exchange to the benefit of all Exchange participants. As the
proposed rates are equally applicable to all market participants, the
Exchange does not believe there is any burden on intramarket
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 \22\ and Rule 19b-
4(f)(2) \23\ thereunder, the Exchange has designated this proposal as
establishing or changing a due, fee, or other charge imposed by the
self-regulatory organization on any person, whether or not the person
is a member of the self-regulatory organization, which renders the
proposed rule change effective upon filing. At any time within 60 days
of the filing of such proposed rule change, the Commission summarily
may
[[Page 43716]]
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) \24\
of the Act to determine whether the proposed rule change should be
approved or disapproved.
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\22\ 15 U.S.C. 78s(b)(3)(A)(ii).
\23\ 17 CFR 240.19b-4(f)(2).
\24\ 15 U.S.C. 78s(b)(2)(B).
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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#780a0d141d551b1715151d160c0b380b1d1b561f170e"><span class="__cf_email__" data-cfemail="6210170e074f010d0f0f070c1611221107014c050d14">[email protected]</span></a>. Please include
file number SR-24X-2025-02 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-24X-2025-02. 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-24X-2025-02 and should be submitted on
or before October 1, 2025.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\25\
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\25\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-17332 Filed 9-9-25; 8:45 am]
BILLING CODE 8011-01-P
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