Notice2025-18934
Consolidated Tape Association; Notice of Filing and Immediate Effectiveness of the Thirty-Ninth Amendment to the Second Restatement of the CTA Plan and Thirtieth Amendment to the Restated CQ Plan
Primary source
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Published
September 30, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 187 (Tuesday, September 30, 2025)</title>
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[Federal Register Volume 90, Number 187 (Tuesday, September 30, 2025)]
[Notices]
[Pages 46972-46973]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-18934]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-104044; File No. SR-CTA/CQ-2025-02]
Consolidated Tape Association; Notice of Filing and Immediate
Effectiveness of the Thirty-Ninth Amendment to the Second Restatement
of the CTA Plan and Thirtieth Amendment to the Restated CQ Plan
September 25, 2025.
Pursuant to Section 11A of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 608 thereunder,\2\ notice is hereby given that
on September 24, 2025, the Participants \3\ in the Second Restatement
of the Consolidated Tape Association (``CTA'') Plan and the Restated
Consolidated Quotation (``CQ'') Plan (``CTA/CQ Plans'' or ``Plans'')
filed with the Securities and Exchange Commission (``Commission'') a
proposal to amend the Plans. The amendments represent the Thirty-Ninth
Amendment to the Second Restatement to the CTA Plan and Thirtieth
Amendment to the Restated CQ Plan (``Amendments''). Under the
Amendments, the Participants propose to add 24X National Exchange LLC
(``24X'') as a Participant to the Plans.\4\
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\1\ 15 U.S.C. 78k-1(a)(3).
\2\ 17 CFR 242.608.
\3\ The Participants are: Cboe BYX Exchange, Inc., Cboe BZX
Exchange, Inc., Cboe EDGA Exchange, Inc., Cboe EDGX Exchange, Inc.,
Cboe Exchange, Inc., Financial Industry Regulatory Authority, Inc.,
Investors' Exchange LLC, Long Term Stock Exchange, Inc., MEMX LLC,
MIAX PEARL, LLC, Nasdaq BX, Inc., Nasdaq ISE, LLC, Nasdaq PHLX LLC,
The Nasdaq Stock Market LLC, New York Stock Exchange LLC, NYSE
American LLC, NYSE Arca, Inc., NYSE National, Inc., and NYSE Texas,
Inc.
\4\ See Letter from Jeff Kimsey, Chair, to Vanessa Countryman,
Secretary, Commission dated September 23, 2025.
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The proposed Amendments have been filed by the Participants
pursuant to Rule 608(b)(3)(ii) under Regulation NMS \5\ as concerned
solely with the administration of the Plans and as ``Ministerial
Amendments'' under both Section IV(b) of the CTA Plan and Section IV(c)
of the CQ Plan. As a result, the Amendments can be submitted by the
Chairman of the Plans' Operating Committee and become effective upon
filing.
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\5\ 17 CFR 242.608(b)(3)(ii).
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The Commission is publishing this notice to solicit comments on the
Amendments from interested persons. Set forth in Sections I and II is
the statement of the purpose and summary of the Amendments, along with
the information required by Rules 608(a) and 601(a) under the Act, as
prepared and submitted by the Participants.
I. Rule 608(a)
1. Purpose of the Amendments
The above-captioned amendments add 24X as a Participant to the
Plans.
2. Governing or Constituent Documents
Not applicable.
3. Implementation of Amendments
Because the amendments constitute ``Ministerial Amendments'' under
both Section IV(b) of the CTA Plan and Section IV(c) under the CQ Plan,
the Chair of the Plans' Operating Committee may submit the amendments
to the Commission on behalf of the Participants in the Plans. Because
the Participants designate the amendments as concerned solely with the
administration of the Plans, the amendments become effective upon
filing with the Commission.
4. Development and Implementation Phases
Not applicable.
5. Analysis of Impact on Competition
The amendments do not impose any burden on competition because they
simply add 24X as a Participant to the Plans. 24X has completed the
required steps to be added to the Plans.
[[Page 46973]]
6. Written Understanding or Agreements Relating to Interpretation of,
or Participation in, Plan
Not applicable
7. Approval by Sponsors in Accordance With Plan
See Item 3 above.
8. Description of Operation of Facility Contemplated by the Proposed
Amendment
Not applicable.
9. Terms and Conditions of Access
Not applicable.
10. Method of Determination and Imposition, and Amount of, Fees and
Charges
Not applicable.
11. Method and Frequency of Processor Evaluation
Not applicable.
12. Dispute Resolution
Not applicable.
II. Rule 601(a)
1. Equity Securities For Which Transaction Reports Shall Be Required by
the Plan
Not applicable.
2. Reporting Requirements
Not applicable.
3. Manner of Collecting, Processing, Sequencing, Making Available and
Disseminating Last Sale Information
Not applicable.
4. Manner of Consolidation
Not applicable.
5. Standards and Methods Ensuring Promptness, Accuracy and Completeness
of Transaction Reports
6.
Not applicable.
7. Rules and Procedures Addressed to Fraudulent or Manipulative
Dissemination
Not applicable.
8. Terms of Access to Transaction Reports
Not applicable.
9. Identification of Marketplace of Execution
Not applicable.
III. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed
Amendments are 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="http://www.sec.gov/rules/sro.shtml">http://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#5a282f363f77393537373f342e291a293f39743d352c"><span class="__cf_email__" data-cfemail="255750494008464a4848404b5156655640460b424a53">[email protected]</span></a>. Please include
file number SR-CTA/CQ-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-CTA/CQ-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="http://www.sec.gov/rules/sro.shtml">http://www.sec.gov/rules/sro.shtml</a>).
Copies of the filing will be available for inspection and copying at
the principal offices of the Participants. 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-CTA/CQ-2025-02 and should be submitted on or
before October 21, 2025.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\6\
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\6\ 17 CFR 200.30-3(a)(85).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-18934 Filed 9-29-25; 8:45 am]
BILLING CODE 8011-01-P
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