Notice2025-17714
Joint Industry Plan; Order Approving an Amendment to the National Market System Plan Establishing Procedures Under Rule 605 of Regulation NMS, as Modified by the Commission, To Reflect Recent Amendments to Rule 605 of Regulation NMS
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Published
September 15, 2025
Issuing agencies
Securities and Exchange Commission
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<title>Federal Register, Volume 90 Issue 176 (Monday, September 15, 2025)</title>
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[Federal Register Volume 90, Number 176 (Monday, September 15, 2025)]
[Notices]
[Pages 44438-44442]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-17714]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-103939; File No. 4-518]
Joint Industry Plan; Order Approving an Amendment to the National
Market System Plan Establishing Procedures Under Rule 605 of Regulation
NMS, as Modified by the Commission, To Reflect Recent Amendments to
Rule 605 of Regulation NMS
September 10, 2025.
I. Introduction
On May 30, 2025,\1\ FINRA, on behalf of itself and the parties \2\
to the National Market System Plan Establishing Procedures Under Rule
605 of Regulation NMS (the ``Rule 605 NMS Plan'' or ``Plan''), filed
with the
[[Page 44439]]
Securities and Exchange Commission (``Commission''), pursuant to
Section 11A of the Securities Exchange Act of 1934 (``Exchange Act'' or
``Act'') \3\ and Rule 608 of Regulation National Market System
(``NMS'') thereunder,\4\ a proposal to amend the Rule 605 NMS Plan.\5\
The proposal represents the first substantive amendment to the Plan
(``Proposed Amendment'') and proposes to reflect the Commission's
recent amendments to Rule 605 \6\ and to make certain technical updates
to modernize the operation of the Plan. These changes were unanimously
approved by the Participants. The Proposed Amendment was published for
comment in the Federal Register on June 17, 2025.\7\ The Commission has
not received any comments on the Proposed Amendment. This order
approves the Proposed Amendment to the Plan, as modified herein with
changes that the Commission deems are appropriate to reflect the
addition of 24X as a Participant.\8\ The Commission finds that the
Proposed Amendment, as modified, is appropriate in the public interest,
for the protection of investors and the maintenance of fair and orderly
markets, to remove impediments to, and perfect the mechanism of a
national market system, or is otherwise in furtherance of the purposes
of the Act.\9\ A copy of the Proposed Amendment, marked to reflect the
technical modifications the Commission has made, is attached in
Appendix A to this order.
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\1\ See letter from Robert McNamee, Vice President and Associate
General Counsel, Financial Industry Regulatory Authority, Inc.
(``FINRA'') dated May 30, 2025 (``Transmittal Letter'').
\2\ The current parties to the Plan (``Participants'') are: 24X
National Exchange LLC (``24X''); Cboe BZX Exchange, Inc.; Cboe BYX
Exchange, Inc.; Cboe EDGA Exchange, Inc.; Cboe EDGX Exchange, Inc.;
FINRA; Investors Exchange LLC; Long-Term Stock Exchange, Inc.; MEMX
LLC; MIAX PEARL, LLC; Nasdaq BX, Inc.; Nasdaq PHLX LLC; The Nasdaq
Stock Market LLC; New York Stock Exchange, LLC; NYSE American LLC;
NYSE Arca Inc.; NYSE Texas, Inc.; and NYSE National Inc. As
discussed further below, 24X became a Participant on July 8, 2025.
\3\ 15 U.S.C. 78k-1.
\4\ 17 CFR 242.608.
\5\ On April 21, 2001, the Commission approved a NMS plan for
the purpose of establishing procedures for market centers to follow
in making their monthly reports available to the public under Rule
11Ac1-5 under the Exchange Act (n/k/a Rule 605 of Regulation NMS
(``Rule 605'')) (``Original Rule 605 NMS Plan Order''). See
Securities Exchange Act Release No. 44177 (April 12, 2001), 66 FR
19814 (April 17, 2001). The Plan has been amended ten times since it
was approved by the Commission, in each case solely to add new
Participants to the Plan and most recently in July 2025. See
Securities Exchange Act Release No. 103482 (July 17, 2025), 90 FR
34528 (July 22, 2025) (adding 24X as a Participant in the Plan)
(``24X Amendment''). The Plan has not been substantively amended
since it was originally approved by the Commission in 2001.
\6\ See infra note 11 and accompanying text.
\7\ See Securities Exchange Act Release No. 103243 (June 12,
2025), 90 FR 25721 (June 17, 2025) (``Notice'').
\8\ On July 8, 2025, 24X filed the 24X Amendment, which modified
the Plan to add 24X as a Participant by adding 24X's name in Section
II(a) of the Plan and adding its single-digit code in Section
VI(a)(1) of the Plan. The 24X Amendment became effective immediately
upon filing pursuant to Rule 608(b)(3)(iii) of Regulation NMS, 17
CFR 242.608(b)(3)(iii), because it involved solely technical or
ministerial matters. See 24X Amendment, supra note 5.
\9\ 17 CFR 242.608(b)(2).
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II. Background and Description of the Proposal
A. Background
The Plan sets forth procedures for Rule 605 reporting entities to
follow in making available to the public their monthly reports on
execution quality in NMS stocks in a uniform, readily accessible, and
usable electronic format. Currently, Section IV of the Plan provides an
overview of the procedures under the Plan for reporting entities to
make available to the public their Rule 605 reports in the form of
electronic data files that meet the requirements set forth in Sections
V and VI of the Plan. Section V of the Plan specifies the file type,
compression, and naming requirements for Rule 605 reports, and Section
VI of the Plan sets forth the required file structure to be used to
publish the monthly reports. Sections VII, VIII, and IX of the Plan set
forth requirements for making reports available to the public and
detail the functions of a Designated Participant.\10\ Sections I, II,
III, X, XI, and XII of the Plan pertain to administrative and
operational matters, including definitions used in the Plan,
specification of regular trading hours under the Plan, procedures for
amending the Plan, and withdrawal of a Participant from the Plan.
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\10\ See Section I of the Plan (defining the term ``Designated
Participant'' as the Participant with which each reporting entity
``has made the arrangements set forth in Section VIII of the
Plan'').
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B. Description of the Proposal
On March 6, 2024, the Commission adopted amendments to Rule 605,
which, among other things, expand the scope of entities subject to Rule
605 (including larger broker-dealers, in addition to market centers),
modify the categorization and content of information required to be
disclosed in the detailed execution quality reports published under
Rule 605 (including by modifying the scope of covered orders subject to
disclosures), and require reporting entities to produce a summary
report of execution quality in addition to the existing detailed
disclosures regarding execution quality for covered orders in NMS
stocks.\11\
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\11\ See Securities Exchange Act Release No. 99679 (March 6,
2024), 89 FR 26428 (April 15, 2024) (``Rule 605 Amendments''). When
adopting the Rule 605 Amendments, the Commission stated that ``the
Rule 605 NMS Plan will need to be updated to: (1) incorporate
references to broker-dealers subject to Rule 605; (2) account for
summary reports that will be required under Rule 605(a)(2); and (3)
incorporate the new data fields that will be required under Rule
605(a)(1) for the detailed reports.'' Id. at 26496.
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1. Changes To Incorporate Rule 605 Amendments
The Participants propose to amend the Plan to conform to the recent
amendments to Rule 605 in several aspects. The Participants propose to
amend the Plan to add references to brokers and dealers, in addition to
market centers, in each instance where such reporting entities are
referenced in the Plan.\12\ In addition, the Participants propose to
amend the Plan to include references to the new summary reports
required under paragraph (a)(2) of Rule 605 in Sections IV, VII,\13\
and VIII of the Plan establishing procedures to make Rule 605 reports
publicly available. The new summary reports would be made available in
the same place, and in accordance with the same procedures, as the
detailed reports.\14\
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\12\ The Rule 605 Amendments also clarify the separate treatment
of single dealer platforms and alternative trading systems for
purposes of Rule 605 reports. The Proposed Amendment would also
update footnotes in the Plan to reflect these clarifications.
\13\ The Participants also propose to amend Section VII to
clarify that a market center, broker, or dealer shall make available
the files containing the monthly reports for a period of three years
from the initial date of posting on the internet site of the market
center, broker, or dealer, as required by Rule 605(a)(5).
\14\ The Commission stated in the Rule 605 Amendments that
``final Rule 605(a)(2) requires the use of the Commission's schema
for CSV format and associated PDF renderer, and therefore the Rule
605 NMS Plan does not establish the formats and fields for the
summary report.'' See Rule 605 Amendments, 89 FR 26428, 26490 n.846.
Accordingly, the Participants are not proposing any specifications
with respect to the summary reports in Sections V and VI of the
Plan.
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The Participants also propose to remove obsolete data fields and
incorporate the new data fields required by Rule 605(a)(1) to be
reflected in the detailed monthly reports. Specifically, the
Participants propose to remove the existing text of Section VI(a) and
instead incorporate by reference a new Exhibit A to the Plan. Exhibit A
sets forth, in tabular format, each of the required data fields for the
detailed monthly report, including the Column # in the file, the Rule
605 reference (if applicable), the required name of the Field Header
(as described below), the Field Description, the Data Type (i.e.,
String, Integer, or Decimal), Valid Values, and Additional Notes
(including, e.g., required rounding methodology as discussed below).
The Participants also propose to add field headers for each data field
included in the detailed reports required under Rule 605(a)(1), as
specified in Exhibit A to the Plan. Within Exhibit A, the Participants
propose a consistent rounding methodology to six decimal places for
reporting values. The Participants also
[[Page 44440]]
propose an order type categorization in Exhibit A that the Participants
believe will facilitate users' ability to analyze the Rule 605
reports.\15\ Finally, the Participants propose to increase the maximum
number of records to 240 for each individual security.\16\
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\15\ The Participants propose order type codes that correspond
to a tabular layout as follows: Market Orders--``MXXNN''; Marketable
Limit Orders--``LYNNN''; Marketable IOC Orders--``LYNYN''; Midpoint-
or-better Limit Orders--``LNYNN''; Midpoint-or-better Limit IOC
Orders--``LNYYN''; Executable non-marketable Limit Orders--
``LNNNN''; Executable non-marketable IOC Orders--``LNNYN'';
Executable Stop Market Orders--``MXXNY''; Executable Stop marketable
Limit Orders--``LYNNY''; Executable Stop non-marketable Limit
Orders--``LNNNY.'' In this symbology, ``M'' means market, ``L''
means limit, ``X'' means not relevant to the order type (i.e., it
cannot occur), ``Y'' means yes (i.e., the attribute applies), and
``N'' means no (i.e., the attribute does not apply).
\16\ The Participants also propose to update Section VI(b) to
remove outdated examples of when there may be no data for a
particular field.
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2. Changes to the Operation of the Plan
The Participants also propose to make certain changes regarding the
technical operation of the Plan. The Participants first propose to
amend Section V of the Plan to modernize the file types required for
the detailed monthly files required under Rule 605(a)(1). Specifically,
the Participants propose to change the file type convention for
uncompressed files to ``.txt'' rather than ``.dat'' format.
Additionally, the Participants propose to add Gzip as an alternative
compression standard, in addition to Zip, with the accompanying file
extension of ``.gz''.
The Participants also propose to amend Section III(c) of the Plan,
which currently provides that each Participant select a representative
to form an Advisory Committee on Plan Amendments. Since this committee
is formed by representatives of the Participants themselves, the
Participants propose to rename it the Operating Committee of the Plan,
in line with other, more recently adopted NMS plans. The Participants
further propose to clarify that the Operating Committee will (i)
monitor the operation of the procedures established pursuant to the
Plan; (ii) consider any feedback or recommendations that it may receive
from market participants regarding the procedures established pursuant
to the Plan; and (iii) in consultation with market participants, as
appropriate, recommend any amendments to the Plan as the Operating
Committee may deem appropriate to correct any deficiencies or problems
observed in, or otherwise improve, the operation of the procedures
established pursuant to the Plan. The Proposed Amendment would also
clarify that any recommendation for an amendment to the Plan from the
Operating Committee that receives a unanimous vote would be submitted
to the Commission as a proposed amendment to the Plan.\17\
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\17\ The Participants also propose to update Section III(c) to
remove the current requirement that any recommendation receiving
less than a unanimous vote (but at least a two-thirds vote) shall be
submitted to the Commission as a request for rulemaking. The
Participants do not believe this provision is needed, as each
Participant, or any subset of Participants, has the independent
ability to submit to the Commission a petition for rulemaking
irrespective of any vote of the Operating Committee.
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In addition, the Participants propose to add new Section IV(d) of
the Plan to avoid duplicative efforts in circumstances where a
reporting entity subject to Rule 605 is required by the rules of a
self-regulatory organization (``SRO'') to submit Rule 605 reports to
the SRO for publication intended to facilitate centralized access to
Rule 605 reports. Specifically, Section IV(d) would state that a
reporting entity would not be subject to the requirement to provide a
hyperlink to its Rule 605 reports to its Designated Participant, and
such Designated Participant would not be required to post that
reporting entity's hyperlink, to the extent the reporting entity is
required by the rules of an SRO to submit its Rule 605 reports for
centralized publication on a public website.
Last, the Participants propose to amend the requirements for the
maintenance and identification of files by removing existing Section
VIII(b) of the Plan and revising Section VIII(a) of the Plan to provide
for both the assignment and publication of identification codes by
Designated Participants. Specifically, amended Section VIII(a) would
provide that the unique identification codes assigned to each market
center, broker, or dealer shall be made available on a free and
publicly accessible website, and would continue to require that the
Designated Participants act jointly to assure that no market center,
broker, or dealer is assigned a code that previously has been assigned.
3. Administrative Changes
The Participants propose to make several administrative changes to
the Plan to (1) add a formal title to the Plan text; (2) add a preamble
to the Plan; (3) update cross-references to Commission rules throughout
the Plan; and (4) update the list of Plan Participants and associated
addresses.
III. Discussion, Modifications by the Commission, and Commission
Findings
After careful review, the Commission is approving the Proposed
Amendment, as modified, for the reasons discussed below. Section 11A of
the Act authorizes the Commission, by rule or order, to authorize or
require the self-regulatory organizations to act jointly with respect
to matters as to which they share authority under the Act in planning,
developing, operating, or regulating a facility of the national market
system.\18\ Rule 608 of Regulation NMS authorizes two or more SROs,
acting jointly, to file with the Commission proposed amendments to an
effective NMS Plan,\19\ and further provides that the Commission shall
approve an amendment to an effective NMS Plan, with such changes or
subject to such conditions as the Commission may deem necessary or
appropriate, if it finds that the amendment is necessary or appropriate
in the public interest, for the protection of investors and the
maintenance of fair and orderly markets, to remove impediments to, and
perfect the mechanisms of, a national market system, or otherwise in
furtherance of the purposes of the Act.\20\
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\18\ See 15 U.S.C. 78k-1(a)(3)(B).
\19\ See 17 CFR 242.608.
\20\ See 17 CFR 242.608(b)(2).
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The Proposed Amendment, as modified, is consistent with the Act
and, for the reasons described below, meets the applicable standard
provided in Rule 608 of Regulation NMS.\21\ The original Rule 605 Plan
was approved in 2001 \22\ and the Plan has not been updated since that
time, except to add new Participants to the Plan. Rule 605(a)(3)
provides that every national securities exchange on which NMS stocks
are traded and each national securities association shall act jointly
in establishing procedures for market centers, brokers, and dealers to
follow in making available to the public the reports required by Rule
605 in a uniform, readily accessible, and usable electronic form.\23\
Accordingly, the Plan must be amended to incorporate changes made to
Rule 605 in the recent Rule 605 Amendments.\24\ Overall, the Proposed
Amendment ensures the Plan continues to provide appropriate procedures
for market centers, brokers, and dealers to follow in making their
monthly reports required pursuant to Rule 605 available to the public
in a uniform, readily accessible, and usable
[[Page 44441]]
electronic format. The Proposed Amendment will therefore promote
uniform public disclosure of order execution information by all
reporting entities. Moreover, the Proposed Amendment will update and
modernize operation of the Plan.
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\21\ See 17 CFR 242.608.
\22\ See Original Rule 605 NMS Plan Order, supra note 5.
\23\ 17 CFR 242.605(a)(3).
\24\ See supra note 11.
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The Participants propose to amend the Plan to conform to the Rule
605 Amendments in several aspects. The Participants propose to include
throughout the Plan references to broker-dealers subject to Rule 605
and references to the summary reports that are required under Rule
605(a)(2). The Participants also propose to incorporate the new data
fields required under Rule 605(a)(1) for detailed reports and remove
obsolete data fields, in part by providing new Exhibit A to the Plan,
which will set forth the required data fields in tabular format rather
than descriptive text.
The Proposed Amendment updates the Plan to reflect the recent Rule
605 Amendments.\25\ In the Rule 605 Amendments, the Commission, among
other things, expanded the scope of reporting entities subject to Rule
605 to include, in addition to market centers, broker-dealers who
introduce or carry 100,000 or more customer accounts.\26\ The
Commission also required all reporting entities subject to Rule 605 to
publish, in addition to the existing detailed monthly execution quality
report, a new monthly summary report.\27\ In addition, the Commission
adopted new execution quality statistics to be provided in the Rule
605(a)(1) detailed monthly reports of market center, brokers, and
dealers.\28\ The Participants proposed new Exhibit A to present the
file structure requirements for the data required by Rule 605(a)(1) in
a chart format and included new column headers, a proposed rounding
methodology, and a proposed order type categorization. According to the
Participants, the proposed requirements were designed, in consultation
with market participants,\29\ in an effort to develop a detailed data
file format that provides the execution quality information required to
be disclosed under Rule 605(a)(1) in the most useful and efficient
manner for users of the data consistent with current industry
standards.\30\ The proposed changes to the content and format of the
data files should make the files both more efficient to populate for
reporting entities and more readable and comparable for users of the
data.
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\25\ See Rule 605 Amendments, supra note 11, at 26496.
\26\ See Rule 605(a)(7).
\27\ See Rule 605(a)(2).
\28\ See Rule 605(a)(1). The Rule 605 Amendments amended the
scope of the detailed monthly reports required under Rule 605(a)(1),
including by amending the definition of ``covered order'' to include
any non-marketable limit order (``NMLO'') (including an order
submitted with a stop price) received outside of regular trading
hours that become executable after the opening or reopening of
trading during regular trading hours; certain orders submitted with
stop prices, and non-exempt short sales orders when a short sale
price test is not in effect; modifying existing order size
categories to base them on a notional dollar value range with an
indication that the category reflects orders that were for an odd-
lot, a round lot, or less than a share; establishing four new order
type categories: marketable immediate-or-cancel orders, executable
market orders submitted with stop prices, executable market limit
orders submitted with stop prices, and executable non-marketable
limit orders with stop prices; and replacing the three existing
categories of non-marketable order types with four new order types
(midpoint-or-better limit orders, midpoint-or-better immediate-or-
cancel orders, non-marketable limit orders, and non-marketable
immediate-or-cancel orders). Further, the Rule 605 Amendments
amended the content of the detailed monthly reports to require more
granular time-to-execution buckets measured in milliseconds or
finer; realized spread statistics calculated using additional time
horizons; and new statistical measures of execution quality,
including: average effective spread divided by quoted spread;
percentage-based effective and realized spread statistics; a size
improvement benchmark and statistic; statistical measures that could
be used to measure execution quality of NMLOs; and additional price
improvement statistics for market and marketable orders.
\29\ See, e.g., Transmittal Letter, supra note 1, at 5.
\30\ See Notice, supra note 7, at 25722.
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As discussed above, the Participants also proposed to make certain
changes to the technical operation of the Plan. These technical and
operational updates should modernize the operation of the Plan and are
consistent with the requirements of Rule 605. Among other things, the
proposed file format and addition of an alternative compression
standard could benefit users by improving readability and compatibility
of files and aiding in the storage and transfer of the detailed monthly
files required by Rule 605. The proposed changes to the former Advisory
Commission on Plan Amendments clarify the role of the Operating
Committee going forward and could help Plan Participants consider
feedback from market participants with respect to the need for, or
content of, any future amendments to the Plan.\31\ The proposed changes
provide an exception to the requirement that the reporting entity and
Designated Participant must each provide and post a hyperlink to the
reporting entity's Rule 605 reports in cases where the reporting entity
is required by the rules of an SRO to provides its Rule 605 reports for
centralized publication on a public website. This should mitigate the
likelihood of duplication where the purpose of the Designated
Participant hyperlink posting is already fulfilled through other
means.\32\ The proposed changes to the procedures regarding maintenance
and identification of files would remove outdated requirements and
provide greater flexibility to Designated Participants regarding the
method by which the Participants assign and publish the unique
identification codes assigned to each market center, broker, or dealer.
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\31\ The proposed changes regarding the Operating Committee
would not substantively alter the threshold for submission of a
proposed amendment to the Plan, as the current Plan already requires
that a proposed amendment be executed on behalf of each Participant.
Further, each Participant, or any subset of Participants, has the
independent ability to submit to the Commission a petition for
rulemaking irrespective of any vote of the Operating Committee.
\32\ See Securities Exchange Act Release No. 103325 (June 25,
2025), 90 FR 27882, 27884 (June 30, 2025) (approving SR-FINRA-2025-
002, which adopted FINRA Rule 6152 to require FINRA members to
submit their order execution reports for NMS stock to FINRA for
publication on the FINRA website, and stating that ``the creation of
a centralized electronic repository will promote greater
transparency by better enabling market participants to access and
evaluate the reports of multiple reporting entities because the
reports would be available at a single location'').
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The Participants also propose to make several administrative
changes to the Plan to (1) add a formal title to the Plan text; (2) add
a Preamble to the Plan; (3) update cross-references to Commission rules
throughout the Plan; and (4) update the list of Plan Participants and
associated addresses. These proposed changes will improve readability
of the Plan. The changes will also help avoid confusion regarding
information concerning Plan Participants.
Finally, subsequent to the date that the Participants filed the
Proposed Amendment, 24X became a Participant to the Plan.\33\
Accordingly, the Commission deems it appropriate to modify the Proposed
Amendment to (1) add 24X's name in Section II(a) of the Plan; and (2)
add 24X's single-digit code to the list of codes to be used to identify
the Participant that is acting as the reporting entity's Designated
Participant in Exhibit A to the Plan.
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\33\ See supra note 8 (stating that the 24X Amendment, which was
immediately effective pursuant to Rule 608(b)(3)(iii), added 24X's
name in Section II(a) of the Plan and added its single-digit code in
Section VI(a)(1) of the Plan). Under the Proposed Amendment, Section
VI(a) of the Plan will provide that the order and format fields
required under Rule 605(a)(1) will be set forth in Exhibit A to the
Plan. Thus, whereas Section VI(a)(1) of the original Plan set forth
the codes identifying the Participant that is acting as Designated
Participant for the market center, as proposed, Exhibit A will
specify the codes to be used to identify the Participant that is
acting as the reporting entity's Designated Participant.
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IV. Conclusion
For the reasons discussed above, the Commission finds that the
Proposed Amendment, as modified, is consistent with the requirements of
section 11A of the Exchange Act,\34\ and Rule 608 thereunder,\35\ and
that the Proposed Amendment is appropriate in the public interest, for
the protection of investors and the maintenance of fair and orderly
markets, to remove impediments to, and perfect the mechanism of, a
national market system, or otherwise in furtherance of the purposes of
the Exchange Act.
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\34\ 15 U.S.C. 78k-1.
\35\ 17 CFR 242.608(b)(2).
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It is therefore ordered, pursuant to Section 11A of the Act,\36\
and
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\36\ 15 U.S.C. 78k-1.
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Rule 608(b)(2) thereunder,\37\ that the Proposed Amendment to the
Plan (File No. 4-518), as modified herein, is approved.
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\37\ 17 CFR 242.608(b)(2).
By the Commission.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-17714 Filed 9-12-25; 8:45 am]
BILLING CODE 8011-01-P
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